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Uni Topco Holdings, LLC, Second Lien Term Loan, Due 7/26/20292023-01-012023-09-300001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282023-01-012023-09-300001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282023-01-012023-09-300001825384Williams Martson, LLC, First Lien Delayed Draw Term Loan Due 8/26/20242023-01-012023-09-300001825384Watchguard Technologies, Inc, First Lien Term Loan, Due 7/5/20292023-01-012023-09-300001825384Vision Solutions, Inc, Second Lien Term Loan, Due 4/23/20292023-01-012023-09-300001825384Two Ten Holdco, Inc, First Lien Term Loan, Due 3/26/20262023-01-012023-09-300001825384Two Ten Holdco, Inc, First Lien Revolving Loan, Due 3/26/20262023-01-012023-09-300001825384TST Intermediate Holdings, LLC, First Lien Term Loan, Due 11/27/20262023-01-012023-09-300001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 11/27/20262023-01-012023-09-300001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282023-01-012023-09-300001825384Trinity Partners Holdings Llc First Lien Delayed Draw Term Loan Due 12/21/20232023-01-012023-09-300001825384THL Fund IX Investors (Plymouth), L.P, Equity Investment2023-01-012023-09-300001825384TA/WEG Intermediate Holdings, LLC, Unsecured Note, Due 5/26/20332023-01-012023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272023-01-012023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272023-01-012023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272023-01-012023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272023-01-012023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272023-01-012023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272023-01-012023-09-300001825384Tamarack Intermediate LLC, First Lien Term Loan, Due 3/13/20282023-01-012023-09-300001825384Tamarack Intermediate LLC, First Lien Revolving Loan, Due 3/13/20282023-01-012023-09-300001825384Syntax Systems Limited, First Lien Term Loan, Due 10/29/20282023-01-012023-09-300001825384Syntax Systems Limited, First Lien Revolving Loan, Due 10/29/20262023-01-012023-09-300001825384Syntax Systems Limited, First Lien Delayed Draw Term Loan, Due 10/27/20282023-01-012023-09-300001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292023-01-012023-09-300001825384Stepping Stones Healthcare Services, LLC, First Lien Revolving Loan, Due 12/29/20262023-01-012023-09-300001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Due 1/2/20292023-01-012023-09-300001825384Spirit RR Holdings, Inc, First Lien Term Loan, Due 9/13/20282023-01-012023-09-300001825384Spirit RR Holdings, Inc, First Lien Revolving Loan, Due 9/13/20282023-01-012023-09-300001825384Spirit RR Holdings, Inc., Equity Investment2023-01-012023-09-300001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282023-01-012023-09-300001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262023-01-012023-09-300001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282023-01-012023-09-300001825384Simplifi Holdings, Inc, First Lien Term Loan, Due 10/1/20272023-01-012023-09-300001825384Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/20272023-01-012023-09-300001825384RSC Topco, Inc.2023-01-012023-09-300001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Due 2/14/20252023-01-012023-09-300001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Due 11/1/20262023-01-012023-09-300001825384Resolute Investment Managers, Inc, Second Lien Term Loan, Due 4/30/20252023-01-012023-09-300001825384Resolute Investment Managers, Inc, First Lien Revolving Loan, Due 4/30/20242023-01-012023-09-300001825384Project K BuyerCo, Inc, Unsecured Note, Due 12/10/20282023-01-012023-09-300001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272023-01-012023-09-300001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272023-01-012023-09-300001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282023-01-012023-09-300001825384Orion Advisor Solutions, Inc, Second Lien Term Loan, Due 9/24/20282023-01-012023-09-300001825384OneDigital Borrower LLC, First Lien Term Loan, Due 11/16/20272023-01-012023-09-300001825384One Digital Borrower Llc First Lien Delayed Draw Term Loan Due 9/16/20242023-01-012023-09-300001825384NFP Corp, Unsecured Note, Due 8/15/20282023-01-012023-09-300001825384Neptune BidCo US Inc, Second Lien Term Loan, Due 10/11/20292023-01-012023-09-300001825384Neptune BidCo US Inc, First Lien Term Loan, Due 5/8/20292023-01-012023-09-300001825384Neptune BidCo US Inc, First Lien Revolving Loan, Due 5/8/20292023-01-012023-09-300001825384More Cowbell I LLC, First Lien Term Loan, Due 9/2/20302023-01-012023-09-300001825384More Cowbell I LLC, First Lien Revolving Loan, Due 9/2/20302023-01-012023-09-300001825384More Cowbell I Llc First Lien Delayed Draw Term Loan Due 9/2/20252023-01-012023-09-300001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262023-01-012023-09-300001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262023-01-012023-09-300001825384Ministry Brands Purchaser, LLC, First Lien Term Loan, Due 12/28/20282023-01-012023-09-300001825384Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/30/20272023-01-012023-09-300001825384Ministry Brands Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282023-01-012023-09-300001825384Millennium Trust Co., LLC, First Lien Term Loan, Due 3/27/20262023-01-012023-09-300001825384McAfee Enterprise, First Lien Term Loan, Due 7/27/20282023-01-012023-09-300001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282023-01-012023-09-300001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282023-01-012023-09-300001825384MB2 Dental Solutions, LLC, First Lien Term Loan, Two, Due 1/29/20272023-01-012023-09-300001825384MB2 Dental Solutions, LLC, First Lien Term Loan, One, Due 1/29/20272023-01-012023-09-300001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/29/20272023-01-012023-09-300001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272023-01-012023-09-300001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 1/29/20272023-01-012023-09-300001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292023-01-012023-09-300001825384Mandolin Technology Intermediate Holdings, Inc, Second Lien Term Loan, Due 7/30/20292023-01-012023-09-300001825384Ivy Hill Asset Management, L.P., Unsecured Note, Due 6/29/20282023-01-012023-09-300001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272023-01-012023-09-300001825384Imagine Acquisitionco, LLC, First Lien Revolving Loan, Due 11/16/20272023-01-012023-09-300001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20232023-01-012023-09-300001825384Imagine Acquisitionco, LLC, Equity Investment2023-01-012023-09-300001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282023-01-012023-09-300001825384IG Investments Holdings, LLC, First Lien Term Loan, One, Due 9/22/20282023-01-012023-09-300001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Due 9/22/20272023-01-012023-09-300001825384Hyland Software, Inc, First Lien Term Loan, Due 9/19/20302023-01-012023-09-300001825384Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/20292023-01-012023-09-300001825384Helpsystems Holdings, Inc, Second Lien Term Loan, Due 11/19/20272023-01-012023-09-300001825384Harrington Reinsureance Holdings Limited, Unsecured Note, Due 6/29/20312023-01-012023-09-300001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302023-01-012023-09-300001825384GT Polaris Holdings, Inc., Equity Investment2023-01-012023-09-300001825384GS Acquisitionco, Inc, First Lien Term Loan, Due 5/22/20262023-01-012023-09-300001825384GraphPAD Sofware, LLC, First Lien Term Loan, Two, Due 4/27/20272023-01-012023-09-300001825384GraphPAD Sofware, LLC, First Lien Term Loan, Three, Due 4/27/20272023-01-012023-09-300001825384GraphPAD Sofware, LLC, First Lien Term Loan, One, Due 4/27/20272023-01-012023-09-300001825384GraphPAD Sofware, LLC, First Lien Revolving Loan, Due 4/27/20272023-01-012023-09-300001825384Graphpad Sofware Llc First Lien Delayed Draw Term Loan Due 11/29/232023-01-012023-09-300001825384GovDelivery Holdings, LLC, First Lien Term Loan, Due 1/29/20272023-01-012023-09-300001825384GovDelivery Holdings, LLC, First Lien Revolving Loan, Due 1/29/20272023-01-012023-09-300001825384GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan, Due 1/29/20272023-01-012023-09-300001825384Giving Home Health Care, Warrants2023-01-012023-09-300001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282023-01-012023-09-300001825384Geosyntec Consultants, Inc, First Lien Term Loan, Due 5/18/20292023-01-012023-09-300001825384Geosyntec Consultants, Inc, First Lien Revolving Loan, Due 5/18/20272023-01-012023-09-300001825384Geosyntec Consultants Inc First Lien Delayed Draw Term Loan Due 5/18/20292023-01-012023-09-300001825384GC Two Intermediate Holdings, Inc, Unsecured Note, Due 4/1/20292023-01-012023-09-300001825384Galway Borrower, LLC, First Lien Term Loan, Two, Due 9/29/20282023-01-012023-09-300001825384Galway Borrower, LLC, First Lien Term Loan, Due 9/29/20282023-01-012023-09-300001825384Galway Borrower, LLC, First Lien Revolving Loan, Due 9/30/20272023-01-012023-09-300001825384Galway Borrower Llc First Lien Delayed Draw Term Loan Two Due 4/29/20242023-01-012023-09-300001825384Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 9/29/20282023-01-012023-09-300001825384Galway Borrower, LLC, Equity Investment One2023-01-012023-09-300001825384Freedom Mortgage Corp, Unsecured Note, 10/1/202302023-01-012023-09-300001825384Foundation Risk Partners, Corp, First Lien Term Loan, Due 10/27/20282023-01-012023-09-300001825384Foundation Risk Partners, Corp, First Lien Delayed Draw Term Loan, Due 10/27/20282023-01-012023-09-300001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292023-01-012023-09-300001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292023-01-012023-09-300001825384Explorer Investor, Inc, First Lien Delayed Draw Term Loan, Due 6/28/20242023-01-012023-09-300001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282023-01-012023-09-300001825384Ensono, Inc, Second Lien Term Loan, Due 5/28/20292023-01-012023-09-300001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272023-01-012023-09-300001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272023-01-012023-09-300001825384Edelman Financial Center, Second Lien Term Loan, Due 7/20/20262023-01-012023-09-300001825384Diligent Corporation, First Lien Term Loan, Two, Due 8/4/20252023-01-012023-09-300001825384Diligent Corporation, First Lien Term Loan, One, Due 8/4/20252023-01-012023-09-300001825384Diligent Corporation, First Lien Revolving Loan, Due 8/4/20252023-01-012023-09-300001825384Dcert Buyer, Inc, Second Lien Term Loan, Due 2/19/20292023-01-012023-09-300001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272023-01-012023-09-300001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272023-01-012023-09-300001825384CNSI Holdings, LLC, First Lien Term Loan, Due 12/15/20282023-01-012023-09-300001825384CNSI Holdings, LLC, First Lien Revolving Loan, Due 12/17/20272023-01-012023-09-300001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 6/29/20292023-01-012023-09-300001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282023-01-012023-09-300001825384Bottomline Technologies, Inc, First Lien Term Loan, Due 5/14/20292023-01-012023-09-300001825384Bottomline Technologies, Inc, First Lien Revolving Loan, Due 5/15/20282023-01-012023-09-300001825384Belmont Buyer, Inc., First Lien Term Loan, Due 6/21/20292023-01-012023-09-300001825384Belmont Buyer, Inc., First Lien Revolving Loan, Due 6/21/20292023-01-012023-09-300001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 6/21/20292023-01-012023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/20282023-01-012023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272023-01-012023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Two, Due 12/29/20282023-01-012023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, One, Due 12/29/20282023-01-012023-09-300001825384AxiomSL Group, Inc, First Lien Term Loan, Due 12/3/20272023-01-012023-09-300001825384AxiomSL Group, Inc, First Lien Revolving Loan, Due 12/3/20252023-01-012023-09-300001825384Auctane Holdings, LLC, First Lien Term Loan, Two, Due 10/5/20282023-01-012023-09-300001825384Auctane Holdings, LLC, First Lien Term Loan, One, Due 10/5/20282023-01-012023-09-300001825384Anaplan, Inc, First Lien Term Loan, Due 6/21/20292023-01-012023-09-300001825384Anaplan, Inc, First Lien Revolving Loan, Due 6/21/20282023-01-012023-09-300001825384AmeriLife Group LLC, First Lien Term Loan, Due 8/31/20292023-01-012023-09-300001825384AmeriLife Group LLC, First Lien Revolving Loan, Due 8/31/20282023-01-012023-09-300001825384Ameri Life Group Llc First Lien Delayed Draw Term Loan Due2023-01-012023-09-300001825384ALKU Intermediate Holdings, LLC, First Lien term Loan, Due 5/23/20292023-01-012023-09-300001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272023-01-012023-09-300001825384Accuserve, First Lien Term Loan, Due 8/13/20292023-01-012023-09-300001825384Accuserve, First Lien Delayed Draw Term Loan, Due 8/13/20292023-01-012023-09-300001825384Accordion Partners LLC, First Lien Term Loan, Two, Due 8/29/20292023-01-012023-09-300001825384Accordion Partners LLC First Lien Term Loan Due 8/29/20292023-01-012023-09-300001825384Accordion Partners LLC First Lien Revolving Loan Due 8/31/20282023-01-012023-09-300001825384Accordion Partners LLC First Lien Delayed Draw Term Loan Two Due 9/2/20242023-01-012023-09-300001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan, One Due, 8/29/20292023-01-012023-09-300001825384Accordian Partners LLC, First Lien Delayed Draw Term Loan, Due 8/29/20292023-01-012023-09-300001825384WWEX Uni Topco Holdings, LLC, Second Lien Term Loan, Due 7/26/20292022-01-012022-12-310001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282022-01-012022-12-310001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282022-01-012022-12-310001825384Williams Martson, LLC, First Lien Delayed Draw Term Loan Due 8/26/20242022-01-012022-12-310001825384Watchguard Technologies, Inc, First Lien Term Loan, Due 7/5/20292022-01-012022-12-310001825384Vision Solutions, Inc, Second Lien Term Loan, Due 4/23/20292022-01-012022-12-310001825384Vaco Holdings, First Lien Term Loan, Due 1/19/20292022-01-012022-12-310001825384Two Ten Holdco, Inc, First Lien Term Loan, Due 3/26/20262022-01-012022-12-310001825384Two Ten Holdco, Inc, First Lien Revolving Loan, Due 3/26/20262022-01-012022-12-310001825384TST Intermediate Holdings, LLC, First Lien Term Loan, Due 11/27/20262022-01-012022-12-310001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 11/27/20262022-01-012022-12-310001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282022-01-012022-12-310001825384Trinity Partners Holdings LLC, First Lien Revolving Loan, Due 12/21/20282022-01-012022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272022-01-012022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272022-01-012022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272022-01-012022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272022-01-012022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272022-01-012022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272022-01-012022-12-310001825384Tamarack Intermediate LLC, First Lien Revolving Loan, Due 3/13/20282022-01-012022-12-310001825384Tamarack Intermediate Llc First Lien Delayed Draw Term Loans Due 3/13/20282022-01-012022-12-310001825384Syntax Systems Limited, First Lien Term Loan, Due 10/29/20282022-01-012022-12-310001825384Syntax Systems Limited, First Lien Revolving Loan, Due 10/29/20262022-01-012022-12-310001825384Syntax Systems Limited, First Lien Delayed Draw Term Loan, Due 10/15/20282022-01-012022-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Two, Due 1/2/20292022-01-012022-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, One, Due 1/2/20292022-01-012022-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292022-01-012022-12-310001825384Spirit RR Holdings, Inc, First Lien Term Loan, Due 9/13/20282022-01-012022-12-310001825384Spirit RR Holdings Inc First Lien Revolving Loans Due 9/13/20282022-01-012022-12-310001825384Spirit RR Holdings Inc, First Lien Delayed Draw Term Loans Due 9/13/20242022-01-012022-12-310001825384Spirit RR Holdings, Inc., Equity Investment2022-01-012022-12-310001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282022-01-012022-12-310001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262022-01-012022-12-310001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282022-01-012022-12-310001825384Simplifi Holdings, Inc, First Lien Term Loan, Due 10/1/20272022-01-012022-12-310001825384Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/20262022-01-012022-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Due 11/1/20262022-01-012022-12-310001825384Resolute Investment Managers, Inc, Second Lien Term Loan, Due 4/30/20252022-01-012022-12-310001825384Resolute Investment Managers, Inc, First Lien Revolving Loan, Due 4/30/20242022-01-012022-12-310001825384RealPage, Inc, Second Lien Term Loan, Due 4/23/20292022-01-012022-12-310001825384Project K BuyerCo, Inc, Unsecured Note, Due 12/10/20282022-01-012022-12-310001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272022-01-012022-12-310001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272022-01-012022-12-310001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282022-01-012022-12-310001825384Orion Advisor Solutions, Inc, Second Lien Term Loan, Due 9/24/20282022-01-012022-12-310001825384NFP Corp, Unsecured Note, Due 8/15/20282022-01-012022-12-310001825384NFP Corp, Unsecured Note, Due 10/1/20302022-01-012022-12-310001825384Neptune BidCo US Inc, Second Lien Term Loan, Due 10/11/20292022-01-012022-12-310001825384More Cowbell I LLC, First Lien Term Loan, Due 4/10/20282022-01-012022-12-310001825384More Cowbell I LLC, First Lien Delayed Draw Term Loan, Due 4/10/20282022-01-012022-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262022-01-012022-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262022-01-012022-12-310001825384Ministry Brands Purchaser, LLC, First Lien Term Loan, Due 12/28/20282022-01-012022-12-310001825384Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/24/20272022-01-012022-12-310001825384Ministry Brands Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282022-01-012022-12-310001825384Millennium Trust Co., LLC, First Lien Term Loan, Due 3/27/20262022-01-012022-12-310001825384Midcap Financial, Unsecured Note, Due 5/1/20282022-01-012022-12-310001825384Midcap Financial, Unsecured Note, Due 1/15/20302022-01-012022-12-310001825384McAfee Enterprise, First Lien Term Loan, Due 7/27/20282022-01-012022-12-310001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282022-01-012022-12-310001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282022-01-012022-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, Due 1/29/20272022-01-012022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/29/20272022-01-012022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272022-01-012022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 1/29/20272022-01-012022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Four, Due 1/29/20272022-01-012022-12-310001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292022-01-012022-12-310001825384Mandolin Technology Intermediate Holdings, Inc, Second Lien Term Loan, Due 7/30/20292022-01-012022-12-310001825384Ion Trading Technologies, Unsecured Note, Due 5/15/20282022-01-012022-12-310001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272022-01-012022-12-310001825384Imagine Acquisitionco, LLC, First Lien Revolving Loan, Due 11/16/20272022-01-012022-12-310001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20232022-01-012022-12-310001825384Imagine Acquisitionco, LLC, Equity2022-01-012022-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282022-01-012022-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, One, Due 9/22/20282022-01-012022-12-310001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Due 9/22/20272022-01-012022-12-310001825384Helpsystems Holdings, Inc, Second Lien Term Loan, Due 11/19/20272022-01-012022-12-310001825384Harrington Reinsureance Holdings Limited, Unsecured Note, Due 6/29/20312022-01-012022-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302022-01-012022-12-310001825384GT Polaris Holdings, Inc., Equity Investment2022-01-012022-12-310001825384GS Acquisitionco, Inc, First Lien Term Loan, Due 5/22/20262022-01-012022-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, Two, Due 4/1/20272022-01-012022-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, Three, Due 4/27/20272022-01-012022-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, One, Due 4/27/20272022-01-012022-12-310001825384GraphPAD Sofware, LLC, First Lien Revolving Loan, Due 4/27/20272022-01-012022-12-310001825384GraphPAD Sofware, LLC, First Lien Delayed Draw Term Loan, Due 4/1/20272022-01-012022-12-310001825384GovDelivery Holdings, LLC, First Lien Term Loan, Due 1/29/20272022-01-012022-12-310001825384GovDelivery Holdings, LLC, First Lien Revolving Loan, Due 1/29/20272022-01-012022-12-310001825384GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan, Due 1/29/20272022-01-012022-12-310001825384Giving Home Health Care, Warrants2022-01-012022-12-310001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282022-01-012022-12-310001825384Geosyntec Consultants, Inc, First Lien Term Loan, Due 5/18/20292022-01-012022-12-310001825384Geosyntec Consultants, Inc, First Lien Revolving Loan, Due 5/18/20272022-01-012022-12-310001825384Geosyntec Consultants, Inc, First Lien Delayed Draw Term Loan, Due 5/18/20242022-01-012022-12-310001825384GC Two Intermediate Holdings, Inc, Unsecured Note, Due 4/1/20292022-01-012022-12-310001825384Galway Borrower, LLC, First Lien Term Loan, Due 9/29/20282022-01-012022-12-310001825384Galway Borrower, LLC, First Lien Revolving Loan, Due 9/30/20272022-01-012022-12-310001825384Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 9/29/20282022-01-012022-12-310001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292022-01-012022-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292022-01-012022-12-310001825384Explorer Investor, Inc, First Lien Delayed Draw Term Loan, Due 6/28/20242022-01-012022-12-310001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282022-01-012022-12-310001825384Ensono, Inc, Second Lien Term Loan, Due 5/28/20292022-01-012022-12-310001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272022-01-012022-12-310001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272022-01-012022-12-310001825384Edelman Financial Center, Second Lien Term Loan, Due 7/20/20262022-01-012022-12-310001825384Diligent Corporation, First Lien Term Loan, Two, Due 8/4/20252022-01-012022-12-310001825384Diligent Corporation, First Lien Term Loan, One, Due 8/4/20252022-01-012022-12-310001825384Diligent Corporation, First Lien Revolving Loan, Due 8/4/20252022-01-012022-12-310001825384Dcert Buyer, Inc, Second Lien Term Loan, Due 2/19/20292022-01-012022-12-310001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272022-01-012022-12-310001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272022-01-012022-12-310001825384CNSI Holdings, LLC, First Lien Term Loan, Due 12/3/20292022-01-012022-12-310001825384CNSI Holdings, LLC, First Lien Revolving Loan, Due 12/17/20272022-01-012022-12-310001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 6/29/20292022-01-012022-12-310001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282022-01-012022-12-310001825384Bottomline Technologies, Inc, First Lien Term Loan, Due 5/14/20292022-01-012022-12-310001825384Bottomline Technologies, Inc, First Lien Revolving Loan, Due 5/15/20282022-01-012022-12-310001825384Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/20282022-01-012022-12-310001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272022-01-012022-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/20282022-01-012022-12-310001825384AxiomSL Group, Inc, First Lien Term Loan, Due 12/3/20272022-01-012022-12-310001825384AxiomSL Group, Inc, First Lien Revolving Loan, Due 12/3/20252022-01-012022-12-310001825384AxiomSL Group, Inc, First Lien Delayed Draw Term Loan, Due 12/3/20272022-01-012022-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Two, Due 10/5/20282022-01-012022-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, One, Due 10/5/20282022-01-012022-12-310001825384Assured Partners, Inc, Unsecured Note, Due 1/15/20292022-01-012022-12-310001825384Assured Partners, Inc, First Lien Term Loan, Due 2/12/20272022-01-012022-12-310001825384Anaplan, Inc, First Lien Term Loan, Due 6/21/20292022-01-012022-12-310001825384Anaplan, Inc, First Lien Revolving Loan, Due 6/21/20282022-01-012022-12-310001825384AmeriLife Group LLC, First Lien Term Loan, Due 8/31/20292022-01-012022-12-310001825384AmeriLife Group LLC, First Lien Revolving Loan, Due 8/31/20282022-01-012022-12-310001825384AmeriLife Group LLC, First Lien Delayed Draw Term Loan, Due 8/30/20242022-01-012022-12-310001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272022-01-012022-12-310001825384Advisor Group Holdings, Inc, First Lien Term Loan, Due 7/31/20262022-01-012022-12-310001825384Accordion Partners LLC First Lien Term Loan Due 8/29/20292022-01-012022-12-310001825384Accordion Partners LLC First Lien Revolving Loan Due 8/31/20282022-01-012022-12-310001825384Accordion Partners LLC First Lien Delayed Draw Term Loan Due 8/29/20292022-01-012022-12-310001825384us-gaap:RealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2023-09-300001825384us-gaap:HealthcareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:WarrantMember2023-09-300001825384none:SoftwareSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:EquitySecuritiesOtherThanWarrantsMember2023-09-300001825384none:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2023-09-300001825384none:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:EquitySecuritiesOtherThanWarrantsMember2023-09-300001825384us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2022-12-310001825384us-gaap:ConsumerSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2022-12-310001825384none:HealthCareTechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2022-12-310001825384us-gaap:TechnologySectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2022-12-310001825384us-gaap:RealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2022-12-310001825384us-gaap:InsuranceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2022-12-310001825384none:ProfessionalServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:DebtInvestmentsMember2022-12-310001825384us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-09-300001825384us-gaap:BaseRateMember2023-09-300001825384none:LondonInterbankOfferedRateLiborThreeMonthMember2023-09-300001825384none:LondonInterbankOfferedRateLiborSixMonthMember2023-09-300001825384none:LondonInterbankOfferedRateLiborOneMonthMember2023-09-300001825384us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-12-310001825384us-gaap:BaseRateMember2022-12-310001825384none:LondonInterbankOfferedRateLiborTwelveMonthMember2022-12-310001825384none:LondonInterbankOfferedRateLiborThreeMonthMember2022-12-310001825384none:LondonInterbankOfferedRateLiborSixMonthMember2022-12-310001825384none:LondonInterbankOfferedRateLiborOneMonthMember2022-12-310001825384Ion Trading Technologies, Unsecured Note, Due 5/15/20282022-12-310001825384THL Fund IX Investors (Plymouth), L.P, Equity Investment2023-09-300001825384TA/WEG Intermediate Holdings, LLC, Unsecured Note, Due 5/26/20332023-09-300001825384Spirit RR Holdings, Inc., Equity Investment2023-09-300001825384RSC Topco, Inc.2023-09-300001825384Project K BuyerCo, Inc, Unsecured Note, Due 12/10/20282023-09-300001825384NFP Corp, Unsecured Note, Due 8/15/20282023-09-300001825384Ivy Hill Asset Management, L.P., Unsecured Note, Due 6/29/20282023-09-300001825384Imagine Acquisitionco, LLC, Equity Investment2023-09-300001825384Harrington Reinsureance Holdings Limited, Unsecured Note, Due 6/29/20312023-09-300001825384GT Polaris Holdings, Inc., Equity Investment2023-09-300001825384Giving Home Health Care, Warrants2023-09-300001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282023-09-300001825384GC Two Intermediate Holdings, Inc, Unsecured Note, Due 4/1/20292023-09-300001825384Galway Borrower, LLC, Equity Investment One2023-09-300001825384Freedom Mortgage Corp, Unsecured Note, 10/1/202302023-09-300001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272023-09-300001825384Spirit RR Holdings, Inc., Equity Investment2022-12-310001825384Project K BuyerCo, Inc, Unsecured Note, Due 12/10/20282022-12-310001825384NFP Corp, Unsecured Note, Due 8/15/20282022-12-310001825384NFP Corp, Unsecured Note, Due 10/1/20302022-12-310001825384Midcap Financial, Unsecured Note, Due 5/1/20282022-12-310001825384Midcap Financial, Unsecured Note, Due 1/15/20302022-12-310001825384Imagine Acquisitionco, LLC, Equity2022-12-310001825384Harrington Reinsureance Holdings Limited, Unsecured Note, Due 6/29/20312022-12-310001825384GT Polaris Holdings, Inc., Equity Investment2022-12-310001825384Giving Home Health Care, Warrants2022-12-310001825384Giving Home Health Care, Second Lien Term Loan, Due 2/18/20282022-12-310001825384GC Two Intermediate Holdings, Inc, Unsecured Note, Due 4/1/20292022-12-310001825384Assured Partners, Inc, Unsecured Note, Due 1/15/20292022-12-310001825384Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/20272022-12-310001825384us-gaap:CommonStockMember2023-09-272023-09-270001825384us-gaap:CommonStockMember2023-06-262023-06-260001825384us-gaap:CommonStockMember2023-03-272023-03-270001825384us-gaap:CommonStockMember2022-09-262022-09-260001825384us-gaap:CommonStockMember2022-06-272022-06-270001825384us-gaap:CommonStockMember2022-03-242022-03-240001825384WWEX Uni Topco Holdings, LLC, Second Lien Term Loan, Due 7/26/20292023-09-300001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282023-09-300001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282023-09-300001825384Williams Martson, LLC, First Lien Delayed Draw Term Loan Due 8/26/20242023-09-300001825384Watchguard Technologies, Inc, First Lien Term Loan, Due 7/5/20292023-09-300001825384Vision Solutions, Inc, Second Lien Term Loan, Due 4/23/20292023-09-300001825384Two Ten Holdco, Inc, First Lien Term Loan, Due 3/26/20262023-09-300001825384Two Ten Holdco, Inc, First Lien Revolving Loan, Due 3/26/20262023-09-300001825384TST Intermediate Holdings, LLC, First Lien Term Loan, Due 11/27/20262023-09-300001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 11/27/20262023-09-300001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282023-09-300001825384Trinity Partners Holdings Llc First Lien Delayed Draw Term Loan Due 12/21/20232023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272023-09-300001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272023-09-300001825384Tamarack Intermediate LLC, First Lien Term Loan, Due 3/13/20282023-09-300001825384Tamarack Intermediate LLC, First Lien Revolving Loan, Due 3/13/20282023-09-300001825384Syntax Systems Limited, First Lien Term Loan, Due 10/29/20282023-09-300001825384Syntax Systems Limited, First Lien Revolving Loan, Due 10/29/20262023-09-300001825384Syntax Systems Limited, First Lien Delayed Draw Term Loan, Due 10/27/20282023-09-300001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292023-09-300001825384Stepping Stones Healthcare Services, LLC, First Lien Revolving Loan, Due 12/29/20262023-09-300001825384Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Due 1/2/20292023-09-300001825384Spirit RR Holdings, Inc, First Lien Term Loan, Due 9/13/20282023-09-300001825384Spirit RR Holdings, Inc, First Lien Revolving Loan, Due 9/13/20282023-09-300001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282023-09-300001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262023-09-300001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282023-09-300001825384Simplifi Holdings, Inc, First Lien Term Loan, Due 10/1/20272023-09-300001825384Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/20272023-09-300001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Due 2/14/20252023-09-300001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Due 11/1/20262023-09-300001825384Resolute Investment Managers, Inc, Second Lien Term Loan, Due 4/30/20252023-09-300001825384Resolute Investment Managers, Inc, First Lien Revolving Loan, Due 4/30/20242023-09-300001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272023-09-300001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272023-09-300001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282023-09-300001825384Orion Advisor Solutions, Inc, Second Lien Term Loan, Due 9/24/20282023-09-300001825384OneDigital Borrower LLC, First Lien Term Loan, Due 11/16/20272023-09-300001825384One Digital Borrower Llc First Lien Delayed Draw Term Loan Due 9/16/20242023-09-300001825384Neptune BidCo US Inc, Second Lien Term Loan, Due 10/11/20292023-09-300001825384Neptune BidCo US Inc, First Lien Term Loan, Due 5/8/20292023-09-300001825384Neptune BidCo US Inc, First Lien Revolving Loan, Due 5/8/20292023-09-300001825384More Cowbell I LLC, First Lien Term Loan, Due 9/2/20302023-09-300001825384More Cowbell I LLC, First Lien Revolving Loan, Due 9/2/20302023-09-300001825384More Cowbell I Llc First Lien Delayed Draw Term Loan Due 9/2/20252023-09-300001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262023-09-300001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262023-09-300001825384Ministry Brands Purchaser, LLC, First Lien Term Loan, Due 12/28/20282023-09-300001825384Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/30/20272023-09-300001825384Ministry Brands Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282023-09-300001825384Millennium Trust Co., LLC, First Lien Term Loan, Due 3/27/20262023-09-300001825384McAfee Enterprise, First Lien Term Loan, Due 7/27/20282023-09-300001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282023-09-300001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282023-09-300001825384MB2 Dental Solutions, LLC, First Lien Term Loan, Two, Due 1/29/20272023-09-300001825384MB2 Dental Solutions, LLC, First Lien Term Loan, One, Due 1/29/20272023-09-300001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/29/20272023-09-300001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272023-09-300001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 1/29/20272023-09-300001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292023-09-300001825384Mandolin Technology Intermediate Holdings, Inc, Second Lien Term Loan, Due 7/30/20292023-09-300001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272023-09-300001825384Imagine Acquisitionco, LLC, First Lien Revolving Loan, Due 11/16/20272023-09-300001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20232023-09-300001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282023-09-300001825384IG Investments Holdings, LLC, First Lien Term Loan, One, Due 9/22/20282023-09-300001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Due 9/22/20272023-09-300001825384Hyland Software, Inc, First Lien Term Loan, Due 9/19/20302023-09-300001825384Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/20292023-09-300001825384Helpsystems Holdings, Inc, Second Lien Term Loan, Due 11/19/20272023-09-300001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302023-09-300001825384GS Acquisitionco, Inc, First Lien Term Loan, Due 5/22/20262023-09-300001825384GraphPAD Sofware, LLC, First Lien Term Loan, Two, Due 4/27/20272023-09-300001825384GraphPAD Sofware, LLC, First Lien Term Loan, Three, Due 4/27/20272023-09-300001825384GraphPAD Sofware, LLC, First Lien Term Loan, One, Due 4/27/20272023-09-300001825384GraphPAD Sofware, LLC, First Lien Revolving Loan, Due 4/27/20272023-09-300001825384Graphpad Sofware Llc First Lien Delayed Draw Term Loan Due 11/29/232023-09-300001825384GovDelivery Holdings, LLC, First Lien Term Loan, Due 1/29/20272023-09-300001825384GovDelivery Holdings, LLC, First Lien Revolving Loan, Due 1/29/20272023-09-300001825384GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan, Due 1/29/20272023-09-300001825384Geosyntec Consultants, Inc, First Lien Term Loan, Due 5/18/20292023-09-300001825384Geosyntec Consultants, Inc, First Lien Revolving Loan, Due 5/18/20272023-09-300001825384Geosyntec Consultants Inc First Lien Delayed Draw Term Loan Due 5/18/20292023-09-300001825384Galway Borrower, LLC, First Lien Term Loan, Two, Due 9/29/20282023-09-300001825384Galway Borrower, LLC, First Lien Term Loan, Due 9/29/20282023-09-300001825384Galway Borrower, LLC, First Lien Revolving Loan, Due 9/30/20272023-09-300001825384Galway Borrower Llc First Lien Delayed Draw Term Loan Two Due 4/29/20242023-09-300001825384Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 9/29/20282023-09-300001825384Foundation Risk Partners, Corp, First Lien Term Loan, Due 10/27/20282023-09-300001825384Foundation Risk Partners, Corp, First Lien Delayed Draw Term Loan, Due 10/27/20282023-09-300001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292023-09-300001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292023-09-300001825384Explorer Investor, Inc, First Lien Delayed Draw Term Loan, Due 6/28/20242023-09-300001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282023-09-300001825384Ensono, Inc, Second Lien Term Loan, Due 5/28/20292023-09-300001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272023-09-300001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272023-09-300001825384Edelman Financial Center, Second Lien Term Loan, Due 7/20/20262023-09-300001825384Diligent Corporation, First Lien Term Loan, Two, Due 8/4/20252023-09-300001825384Diligent Corporation, First Lien Term Loan, One, Due 8/4/20252023-09-300001825384Diligent Corporation, First Lien Revolving Loan, Due 8/4/20252023-09-300001825384Dcert Buyer, Inc, Second Lien Term Loan, Due 2/19/20292023-09-300001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272023-09-300001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272023-09-300001825384CNSI Holdings, LLC, First Lien Term Loan, Due 12/15/20282023-09-300001825384CNSI Holdings, LLC, First Lien Revolving Loan, Due 12/17/20272023-09-300001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 6/29/20292023-09-300001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282023-09-300001825384Bottomline Technologies, Inc, First Lien Term Loan, Due 5/14/20292023-09-300001825384Bottomline Technologies, Inc, First Lien Revolving Loan, Due 5/15/20282023-09-300001825384Belmont Buyer, Inc., First Lien Term Loan, Due 6/21/20292023-09-300001825384Belmont Buyer, Inc., First Lien Revolving Loan, Due 6/21/20292023-09-300001825384Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 6/21/20292023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/20282023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Two, Due 12/29/20282023-09-300001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, One, Due 12/29/20282023-09-300001825384AxiomSL Group, Inc, First Lien Term Loan, Due 12/3/20272023-09-300001825384AxiomSL Group, Inc, First Lien Revolving Loan, Due 12/3/20252023-09-300001825384Auctane Holdings, LLC, First Lien Term Loan, Two, Due 10/5/20282023-09-300001825384Auctane Holdings, LLC, First Lien Term Loan, One, Due 10/5/20282023-09-300001825384Anaplan, Inc, First Lien Term Loan, Due 6/21/20292023-09-300001825384Anaplan, Inc, First Lien Revolving Loan, Due 6/21/20282023-09-300001825384AmeriLife Group LLC, First Lien Term Loan, Due 8/31/20292023-09-300001825384AmeriLife Group LLC, First Lien Revolving Loan, Due 8/31/20282023-09-300001825384Ameri Life Group Llc First Lien Delayed Draw Term Loan Due2023-09-300001825384ALKU Intermediate Holdings, LLC, First Lien term Loan, Due 5/23/20292023-09-300001825384Accuserve, First Lien Term Loan, Due 8/13/20292023-09-300001825384Accuserve, First Lien Delayed Draw Term Loan, Due 8/13/20292023-09-300001825384Accordion Partners LLC, First Lien Term Loan, Two, Due 8/29/20292023-09-300001825384Accordion Partners LLC First Lien Term Loan Due 8/29/20292023-09-300001825384Accordion Partners LLC First Lien Revolving Loan Due 8/31/20282023-09-300001825384Accordion Partners LLC First Lien Delayed Draw Term Loan Two Due 9/2/20242023-09-300001825384Accordion Partners LLC, First Lien Delayed Draw Term Loan, One Due, 8/29/20292023-09-300001825384Accordian Partners LLC, First Lien Delayed Draw Term Loan, Due 8/29/20292023-09-300001825384WWEX Uni Topco Holdings, LLC, Second Lien Term Loan, Due 7/26/20292022-12-310001825384Williams Martson, LLC, First Lien Term Loan, Due 8/25/20282022-12-310001825384Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/20282022-12-310001825384Williams Martson, LLC, First Lien Delayed Draw Term Loan Due 8/26/20242022-12-310001825384Watchguard Technologies, Inc, First Lien Term Loan, Due 7/5/20292022-12-310001825384Vision Solutions, Inc, Second Lien Term Loan, Due 4/23/20292022-12-310001825384Vaco Holdings, First Lien Term Loan, Due 1/19/20292022-12-310001825384Two Ten Holdco, Inc, First Lien Term Loan, Due 3/26/20262022-12-310001825384Two Ten Holdco, Inc, First Lien Revolving Loan, Due 3/26/20262022-12-310001825384TST Intermediate Holdings, LLC, First Lien Term Loan, Due 11/27/20262022-12-310001825384TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 11/27/20262022-12-310001825384Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/20282022-12-310001825384Trinity Partners Holdings LLC, First Lien Revolving Loan, Due 12/21/20282022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/20272022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/20272022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/20272022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/20272022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/20272022-12-310001825384TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/20272022-12-310001825384Tamarack Intermediate LLC, First Lien Revolving Loan, Due 3/13/20282022-12-310001825384Tamarack Intermediate Llc First Lien Delayed Draw Term Loans Due 3/13/20282022-12-310001825384Syntax Systems Limited, First Lien Term Loan, Due 10/29/20282022-12-310001825384Syntax Systems Limited, First Lien Revolving Loan, Due 10/29/20262022-12-310001825384Syntax Systems Limited, First Lien Delayed Draw Term Loan, Due 10/15/20282022-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Two, Due 1/2/20292022-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, One, Due 1/2/20292022-12-310001825384Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/20292022-12-310001825384Spirit RR Holdings, Inc, First Lien Term Loan, Due 9/13/20282022-12-310001825384Spirit RR Holdings Inc First Lien Revolving Loans Due 9/13/20282022-12-310001825384Spirit RR Holdings Inc, First Lien Delayed Draw Term Loans Due 9/13/20242022-12-310001825384SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/20282022-12-310001825384SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/20262022-12-310001825384SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/20282022-12-310001825384Simplifi Holdings, Inc, First Lien Term Loan, Due 10/1/20272022-12-310001825384Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/20262022-12-310001825384RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Due 11/1/20262022-12-310001825384Resolute Investment Managers, Inc, Second Lien Term Loan, Due 4/30/20252022-12-310001825384Resolute Investment Managers, Inc, First Lien Revolving Loan, Due 4/30/20242022-12-310001825384RealPage, Inc, Second Lien Term Loan, Due 4/23/20292022-12-310001825384Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/20272022-12-310001825384Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/20272022-12-310001825384People 2.0, Inc, First Lien Term Loan, Due 7/12/20282022-12-310001825384Orion Advisor Solutions, Inc, Second Lien Term Loan, Due 9/24/20282022-12-310001825384Neptune BidCo US Inc, Second Lien Term Loan, Due 10/11/20292022-12-310001825384More Cowbell I LLC, First Lien Term Loan, Due 4/10/20282022-12-310001825384More Cowbell I LLC, First Lien Delayed Draw Term Loan, Due 4/10/20282022-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/20262022-12-310001825384Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/20262022-12-310001825384Ministry Brands Purchaser, LLC, First Lien Term Loan, Due 12/28/20282022-12-310001825384Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/24/20272022-12-310001825384Ministry Brands Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 12/28/20282022-12-310001825384Millennium Trust Co., LLC, First Lien Term Loan, Due 3/27/20262022-12-310001825384McAfee Enterprise, First Lien Term Loan, Due 7/27/20282022-12-310001825384MBO Partners, Inc, First Lien Term Loan, Due 5/23/20282022-12-310001825384MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/20282022-12-310001825384MB2 Dental Solutions, LLC, First Lien Term Loan, Due 1/29/20272022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/29/20272022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/20272022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 1/29/20272022-12-310001825384MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Four, Due 1/29/20272022-12-310001825384Maverick 1 LLC, Second Lien Term Loan, Due 5/18/20292022-12-310001825384Mandolin Technology Intermediate Holdings, Inc, Second Lien Term Loan, Due 7/30/20292022-12-310001825384Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/20272022-12-310001825384Imagine Acquisitionco, LLC, First Lien Revolving Loan, Due 11/16/20272022-12-310001825384Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/20232022-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/20282022-12-310001825384IG Investments Holdings, LLC, First Lien Term Loan, One, Due 9/22/20282022-12-310001825384IG Investments Holdings, LLC, First Lien Revolving Loan, Due 9/22/20272022-12-310001825384Helpsystems Holdings, Inc, Second Lien Term Loan, Due 11/19/20272022-12-310001825384Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/20302022-12-310001825384GS Acquisitionco, Inc, First Lien Term Loan, Due 5/22/20262022-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, Two, Due 4/1/20272022-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, Three, Due 4/27/20272022-12-310001825384GraphPAD Sofware, LLC, First Lien Term Loan, One, Due 4/27/20272022-12-310001825384GraphPAD Sofware, LLC, First Lien Revolving Loan, Due 4/27/20272022-12-310001825384GraphPAD Sofware, LLC, First Lien Delayed Draw Term Loan, Due 4/1/20272022-12-310001825384GovDelivery Holdings, LLC, First Lien Term Loan, Due 1/29/20272022-12-310001825384GovDelivery Holdings, LLC, First Lien Revolving Loan, Due 1/29/20272022-12-310001825384GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan, Due 1/29/20272022-12-310001825384Geosyntec Consultants, Inc, First Lien Term Loan, Due 5/18/20292022-12-310001825384Geosyntec Consultants, Inc, First Lien Revolving Loan, Due 5/18/20272022-12-310001825384Geosyntec Consultants, Inc, First Lien Delayed Draw Term Loan, Due 5/18/20242022-12-310001825384Galway Borrower, LLC, First Lien Term Loan, Due 9/29/20282022-12-310001825384Galway Borrower, LLC, First Lien Revolving Loan, Due 9/30/20272022-12-310001825384Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 9/29/20282022-12-310001825384FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/20292022-12-310001825384Explorer Investor, Inc, First Lien Term Loan, Due 6/28/20292022-12-310001825384Explorer Investor, Inc, First Lien Delayed Draw Term Loan, Due 6/28/20242022-12-310001825384Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/20282022-12-310001825384Ensono, Inc, Second Lien Term Loan, Due 5/28/20292022-12-310001825384Ellkay, LLC, First Lien Term Loan, Due 9/14/20272022-12-310001825384Ellkay, LLC, First Lien Revolving Loan, Due 9/14/20272022-12-310001825384Edelman Financial Center, Second Lien Term Loan, Due 7/20/20262022-12-310001825384Diligent Corporation, First Lien Term Loan, Two, Due 8/4/20252022-12-310001825384Diligent Corporation, First Lien Term Loan, One, Due 8/4/20252022-12-310001825384Diligent Corporation, First Lien Revolving Loan, Due 8/4/20252022-12-310001825384Dcert Buyer, Inc, Second Lien Term Loan, Due 2/19/20292022-12-310001825384CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/20272022-12-310001825384CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/20272022-12-310001825384CNSI Holdings, LLC, First Lien Term Loan, Due 12/3/20292022-12-310001825384CNSI Holdings, LLC, First Lien Revolving Loan, Due 12/17/20272022-12-310001825384Captive Resources Midco, LLC, First Lien Term Loan, Due 6/29/20292022-12-310001825384Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/20282022-12-310001825384Bottomline Technologies, Inc, First Lien Term Loan, Due 5/14/20292022-12-310001825384Bottomline Technologies, Inc, First Lien Revolving Loan, Due 5/15/20282022-12-310001825384Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/20282022-12-310001825384Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/20272022-12-310001825384Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/20282022-12-310001825384AxiomSL Group, Inc, First Lien Term Loan, Due 12/3/20272022-12-310001825384AxiomSL Group, Inc, First Lien Revolving Loan, Due 12/3/20252022-12-310001825384AxiomSL Group, Inc, First Lien Delayed Draw Term Loan, Due 12/3/20272022-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, Two, Due 10/5/20282022-12-310001825384Auctane Holdings, LLC, First Lien Term Loan, One, Due 10/5/20282022-12-310001825384Assured Partners, Inc, First Lien Term Loan, Due 2/12/20272022-12-310001825384Anaplan, Inc, First Lien Term Loan, Due 6/21/20292022-12-310001825384Anaplan, Inc, First Lien Revolving Loan, Due 6/21/20282022-12-310001825384AmeriLife Group LLC, First Lien Term Loan, Due 8/31/20292022-12-310001825384AmeriLife Group LLC, First Lien Revolving Loan, Due 8/31/20282022-12-310001825384AmeriLife Group LLC, First Lien Delayed Draw Term Loan, Due 8/30/20242022-12-310001825384Advisor Group Holdings, Inc, First Lien Term Loan, 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period ended September 30, 2023
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 814-01375
Stone Point Credit Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
20 Horseneck Lane
Greenwich, Connecticut 06830
(Address of principal executive offices)
85-3149929
(I.R.S. Employer Identification No.)
(203) 862-2900
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | |
Title of each class | | Trading Symbol | | Name of each exchange on which registered |
None | | None | | None |
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $0.001 per share
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | |
| | Emerging growth company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The issuer had 47,738,090 shares of Common Stock, $0.001 par value per share, outstanding as of November 13, 2023.
Stone Point Credit Corporation
Form 10-Q for the Quarter Ended September 30, 2023
TABLE OF CONTENTS
Item 1.Consolidated Financial Statements
Stone Point Credit Corporation
Consolidated Statements of Assets and Liabilities
| | | | | | |
| | September 30, 2023 | | | |
| | (Unaudited) | | December 31, 2022 |
Assets: | | | | | | |
Investments at fair value: | | | | | | |
Non-controlled/non-affiliated investments (amortized cost of $1,952,218,944 and $1,717,895,936, respectively) | | $ | 1,932,570,887 | | $ | 1,688,521,222 |
Cash and cash equivalents | | | 49,593,498 | | | 33,791,187 |
Interest receivable | | | 19,941,217 | | | 19,132,554 |
Unsettled trades receivable | | | 7,011,545 | | | 470,520 |
Paydown receivable | | | 849,056 | | | 1,713,709 |
Deferred offering expenses | | | 41,795 | | | 52,286 |
Prepaid expenses and other assets | | | 21,762 | | | 442,973 |
Total assets | | $ | 2,010,029,760 | | $ | 1,744,124,451 |
| | | | | | |
Liabilities: | | | | | | |
Revolving credit facilities payable (net of deferred financing costs of $6,698,649 and $6,269,042, respectively) (Note 6) | | $ | 822,801,351 | | $ | 682,730,958 |
2025 Notes payable (net of debt issuance costs of $1,608,274 and $2,279,883, respectively) (Note 6) | | | 223,391,726 | | | 222,720,117 |
Interest and financing fees payable | | | 18,594,731 | | | 12,013,294 |
Unsettled trades payable | | | — | | | 1,543,754 |
Base management fees payable (Note 3) | | | 6,286,879 | | | 5,548,862 |
Accounts payable and accrued expenses | | | 3,067,167 | | | 2,381,877 |
Total liabilities | | $ | 1,074,141,854 | | $ | 926,938,862 |
| | | | | | |
Commitments and contingencies (Note 5) | | | | | | |
Net Assets: | | | | | | |
Preferred stock, $0.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2023 and December 31, 2022 | | $ | — | | $ | — |
Common Stock, $0.001 par value, 250,000,000 shares authorized, 47,738,090 and 42,294,773 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | | | 47,738 | | | 42,295 |
Paid in capital in excess of par | | | 949,297,939 | | | 844,066,477 |
Distributable (accumulated) earnings (losses) | | | (13,457,771) | | | (26,923,183) |
Total net assets | | | 935,887,906 | | | 817,185,589 |
Total liabilities and net assets | | $ | 2,010,029,760 | | $ | 1,744,124,451 |
Net asset value per share of Common Stock | | $ | 19.60 | | $ | 19.32 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Stone Point Credit Corporation
Consolidated Statements of Operations
| | | | | | | | | | | | |
| | Three Months | | Nine Months | | Three Months | | Nine Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, 2023 | | September 30, 2023 | | September 30, 2022 | | September 30, 2022 |
| | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) |
Investment income: | | | | | | | | | | | | |
Interest income from non-controlled/non-affiliated investments | | $ | 58,811,687 | | $ | 161,103,193 | | $ | 34,992,194 | | $ | 83,447,374 |
Dividend income from non-controlled/non-affiliated investments | | | 299,320 | | | 1,112,440 | | | 273,875 | | | 273,875 |
Interest income from cash and cash equivalents | | | 490 | | | 1,094 | | | 402 | | | 1,057 |
Total interest income | | | 59,111,497 | | | 162,216,727 | | | 35,266,471 | | | 83,722,306 |
| | | | | | | | | | | | |
Fee income | | | — | | | 487,500 | | | 373,750 | | | 373,750 |
Total fee income | | | — | | | 487,500 | | | 373,750 | | | 373,750 |
Total investment income | | $ | 59,111,497 | | $ | 162,704,227 | | $ | 35,640,221 | | $ | 84,096,056 |
| | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | |
Base management fees (Note 3) | | $ | 6,286,880 | | $ | 17,772,397 | | $ | 5,157,000 | | $ | 13,388,694 |
Interest and financing fees (Note 6) | | | 19,735,996 | | | 54,482,977 | | | 12,005,058 | | | 24,407,919 |
Offering costs (Note 4) | | | 24,315 | | | 76,939 | | | 33,518 | | | 77,876 |
Professional fees | | | 1,724,881 | | | 4,753,930 | | | 1,500,943 | | | 3,801,409 |
Directors fees | | | 91,875 | | | 275,625 | | | 91,875 | | | 275,625 |
Insurance expense | | | 15,629 | | | 46,471 | | | 15,544 | | | 53,899 |
Total expenses | | | 27,879,576 | | | 77,408,339 | | | 18,803,938 | | | 42,005,422 |
Net investment income (loss) | | $ | 31,231,921 | | $ | 85,295,888 | | $ | 16,836,283 | | $ | 42,090,634 |
Net realized gains (losses) and unrealized appreciation (depreciation) on investments: | | | | | | | | | | | | |
Net realized gains (losses): | | | | | | | | | | | | |
Non-controlled/non-affiliated investments | | $ | 276,340 | | $ | 1,135,647 | | $ | 657,874 | | $ | 984,078 |
Total net realized gains (losses) | | $ | 276,340 | | $ | 1,135,647 | | $ | 657,874 | | $ | 984,078 |
Net change in unrealized appreciation (depreciation): | | | | | | | | | | | | |
Non-controlled/non-affiliated investments | | $ | 8,731,313 | | $ | 9,726,657 | | $ | (14,617,098) | | $ | (20,727,283) |
Total net change in unrealized appreciation (depreciation) | | $ | 8,731,313 | | $ | 9,726,657 | | $ | (14,617,098) | | $ | (20,727,283) |
Net increase (decrease) in net assets resulting from operations | | $ | 40,239,574 | | $ | 96,158,192 | | $ | 2,877,059 | | $ | 22,347,429 |
| | | | | | | | | | | | |
Per share information - basic and diluted: | | | | | | | | | | | | |
Net investment income (loss) | | $ | 0.69 | | $ | 1.95 | | $ | 0.49 | | $ | 1.34 |
Net increase (decrease) in net assets resulting from operations | | $ | 0.89 | | $ | 2.20 | | $ | 0.08 | | $ | 0.71 |
Weighted average shares outstanding | | | 45,006,570 | | | 43,662,348 | | | 34,671,760 | | | 31,364,392 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Stone Point Credit Corporation
Consolidated Statements of Changes in Net Assets
| | | | | | | | | | | | |
| | Three Months | | Nine Months | | Three Months | | Nine Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, 2023 | | September 30, 2023 | | September 30, 2022 | | September 30, 2022 |
| | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) |
Increase (decrease) in net assets resulting from operations: | | | | | | | | | | | | |
Net investment income (loss) | | $ | 31,231,921 | | $ | 85,295,888 | | $ | 16,836,283 | | $ | 42,090,634 |
Total net realized gains (losses) | | | 276,340 | | | 1,135,647 | | | 657,874 | | | 984,078 |
Total net change in unrealized appreciation (depreciation) | | | 8,731,313 | | | 9,726,657 | | | (14,617,098) | | | (20,727,283) |
Net increase (decrease) in net assets resulting from operations | | | 40,239,574 | | | 96,158,192 | | | 2,877,059 | | | 22,347,429 |
| | | | | | | | | | | | |
Decrease in net assets resulting from Stockholder distributions: | | | | | | | | | | | | |
Shares distributed pursuant to dividend reinvestment plan | | | (4,228,747) | | | (13,536,906) | | | (2,767,536) | | | (6,532,388) |
Distributions to Stockholders from earnings | | | (25,207,617) | | | (69,155,875) | | | (14,828,054) | | | (35,498,185) |
Net decrease in net assets resulting from Stockholder distributions | | | (29,436,364) | | | (82,692,781) | | | (17,595,590) | | | (42,030,573) |
| | | | | | | | | | | | |
Increase in net assets resulting from capital share transactions: | | | | | | | | | | | | |
Issuance of Common Stock pursuant to dividend reinvestment plan | | | 4,228,747 | | | 13,536,906 | | | 2,767,536 | | | 6,532,388 |
Issuance of shares of Common Stock | | | 49,900,000 | | | 91,700,000 | | | 99,900,000 | | | 244,900,000 |
Net increase in net assets resulting from capital share transactions | | | 54,128,747 | | | 105,236,906 | | | 102,667,536 | | | 251,432,388 |
| | | | | | | | | | | | |
Total increase in net assets | | | 64,931,957 | | | 118,702,317 | | | 87,949,005 | | | 231,749,244 |
Net assets, beginning of period | | | 870,955,949 | | | 817,185,589 | | | 689,369,598 | | | 545,569,359 |
Net assets, end of period | | $ | 935,887,906 | | $ | 935,887,906 | | $ | 777,318,603 | | $ | 777,318,603 |
Net asset value per share | | $ | 19.60 | | $ | 19.60 | | $ | 19.61 | | $ | 19.61 |
Common Stock outstanding at the end of the period | | | 47,738,090 | | | 47,738,090 | | | 39,640,599 | | | 39,640,599 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Stone Point Credit Corporation
Consolidated Statements of Cash Flows
| | | | | | |
| | Nine Months Ended | | Nine Months Ended |
| | September 30, 2023 | | September 30, 2022 |
| | (Unaudited) | | (Unaudited) |
Cash flows from operating activities: | | | | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 96,158,192 | | $ | 22,347,429 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | | | | | | |
Total net change in unrealized (appreciation) depreciation | | | (9,726,657) | | | 20,727,283 |
Total net realized (gains) losses | | | (1,135,647) | | | (984,078) |
Net amortization and accretion of premiums and discounts | | | (6,346,670) | | | (4,603,631) |
Purchases of investments, net | | | (362,346,465) | | | (739,665,958) |
Sales and repayments of investments, net | | | 135,505,773 | | | 235,668,543 |
Amortization of deferred financing costs | | | 1,766,794 | | | — |
Amortization of debt issuance costs | | | 771,609 | | | — |
Changes in operating assets and liabilities: | | | | | | |
Interest receivable | | | (808,663) | | | (7,080,112) |
Dividend receivable | | | — | | | (264,500) |
Unsettled trades receivable | | | (6,541,025) | | | (11,367,702) |
Paydown receivable | | | 864,653 | | | (954,559) |
Deferred offering expenses | | | 10,491 | | | (14,610) |
Prepaid expenses and other assets | | | 421,211 | | | 4,575 |
Base management fees payable | | | 738,017 | | | 2,337,731 |
Organizational and offering expenses payable | | | — | | | (41,057) |
Accounts payable and accrued expenses | | | 685,290 | | | 188,179 |
Interest and financing fees payable | | | 6,581,437 | | | 9,058,397 |
Unsettled trades payable | | | (1,543,754) | | | 18,583,349 |
Net cash used in operating activities | | | (144,945,414) | | | (456,060,721) |
| | | | | | |
Cash flows from financing activities: | | | | | | |
Borrowings under revolving credit facilities | | | 478,000,000 | | | 811,000,000 |
Payments on revolving credit facilities | | | (337,500,000) | | | (771,000,000) |
Deferred financing costs | | | (2,196,400) | | | (926,261) |
Borrowings under 2025 Notes | | | — | | | 225,000,000 |
Debt issuances costs | | | (100,000) | | | (2,499,087) |
Distributions paid in cash | | | (69,155,875) | | | (35,498,185) |
Proceeds from issuance of shares of Common Stock | | | 91,700,000 | | | 244,900,000 |
Net cash provided by financing activities | | | 160,747,725 | | | 470,976,467 |
| | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 15,802,311 | | | 14,915,746 |
Cash and cash equivalents, beginning of period | | | 33,791,187 | | | 15,096,474 |
Cash and cash equivalents, end of period | | $ | 49,593,498 | | $ | 30,012,220 |
| | | | | | |
Supplemental and Non-Cash Information | | | | | | |
Cash paid during the period for interest | | $ | 44,984,417 | | $ | 13,376,932 |
Reinvestment of distributions during the period | | $ | 13,536,906 | | $ | 6,532,388 |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Stone Point Credit Corporation
Consolidated Schedule of Investments
As of September 30, 2023 (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Non-Controlled/Non-Affiliated Investments | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments – 202.8% | | | | | | | | | | | | | | | | | | | | | | | |
Capital Markets | | | | | | | | | | | | | | | | | | | | | | | |
Project K BuyerCo, Inc. | | First Lien Term Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 12 | | 11.52 | % | 12/10/2027 | | 75,920,455 | | $ | 74,777,980 | | $ | 75,943,231 | | 8.1 | % |
Project K BuyerCo, Inc. | | First Lien Revolving Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 8 | | 11.52 | % | 12/10/2027 | | — | | | (107,991) | | | 2,318 | | 0.0 | % |
Project K BuyerCo, Inc. | | Unsecured Note | | N/A | | | | | | 10.00 | % | 12/10/2028 | | 13,812,624 | | | 13,028,728 | | | 12,208,978 | | 1.3 | % |
Resolute Investment Managers, Inc. | | First Lien Revolving Loan | | SOFR + | 4.25 | % 12 | | | | 9.79 | % | 4/30/2024 | | 5,194,634 | | | 5,182,150 | | | 4,712,572 | | 0.5 | % |
Resolute Investment Managers, Inc. | | Second Lien Term Loan | | SOFR + | 8.00 | % 12 | | | | 13.63 | % | 4/30/2025 | | 846,853 | | | 845,141 | | | 204,600 | | 0.0 | % |
Total Capital Markets | | | | | | | | | | | | | | | | | 93,726,008 | | | 93,071,699 | | 9.9 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
Diversified Consumer Services | | | | | | | | | | | | | | | | | | | | | | | |
Harbor Purchaser Inc. | | Second Lien Term Loan | | SOFR + | 8.50 | %, | 0.50 | % Floor 12 | | 13.82 | % | 4/8/2030 | | 12,500,000 | | | 12,275,650 | | | 11,773,750 | | 1.3 | % |
Total Diversified Consumer Services | | | | | | | | | | | | | | | | | 12,275,650 | | | 11,773,750 | | 1.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
Financial Services | | | | | | | | | | | | | | | | | | | | | | | |
Advisor Group Holdings, Inc. 6 | | Unsecured Note | | N/A | | | | | | 10.75 | % | 8/1/2027 | | 5,436,487 | | | 5,351,318 | | | 5,484,573 | | 0.6 | % |
Beacon Pointe Harmony, LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.07 | % | 12/29/2028 | | 28,565,000 | | | 28,100,389 | | | 28,371,921 | | 3.0 | % |
Beacon Pointe Harmony, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.07 | % | 12/29/2028 | | 11,202,850 | | | 10,910,383 | | | 11,127,127 | | 1.2 | % |
Beacon Pointe Harmony, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 12 | | 11.07 | % | 12/29/2028 | | 2,895,011 | | | 2,866,095 | | | 2,633,241 | | 0.3 | % |
Beacon Pointe Harmony, LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 | | 11.07 | % | 12/29/2027 | | — | | | (42,446) | | | (20,278) | | 0.0 | % |
Edelman Financial Center 6 | | Second Lien Term Loan | | SOFR + | 6.75 | % 12 | | | | 12.18 | % | 7/20/2026 | | 5,121,067 | | | 4,794,835 | | | 5,114,666 | | 0.5 | % |
Freedom Mortgage Corp 6 | | Unsecured Note | | N/A | | | | | | 12.25 | % | 10/1/2030 | | 3,500,000 | | | 3,430,055 | | | 3,570,000 | | 0.4 | % |
GC Two Intermediate Holdings, Inc. 6 | | Unsecured Note | | N/A | | | | | | 7.50 | % | 4/1/2029 | | 11,888,565 | | | 10,133,686 | | | 10,454,804 | | 1.1 | % |
Ivy Hill Asset Management, L.P. | | Unsecured Note | | N/A | | | | | | 9.00 | % | 6/29/2028 | | 4,300,000 | | | 4,300,000 | | | 4,300,000 | | 0.5 | % |
Millennium Trust Co., LLC 6 | | First Lien Term Loan | | SOFR + | 4.75 | %, | 0.75 | % Floor 12 | | 10.17 | % | 3/27/2026 | | 3,938,144 | | | 3,849,289 | | | 3,929,402 | | 0.4 | % |
More Cowbell I LLC | | First Lien Term Loan | | SOFR + | 6.25 | %, | 0.75 | % Floor 12 | | 11.73 | % | 9/2/2030 | | 49,978,223 | | | 48,739,502 | | | 48,728,767 | | 5.2 | % |
More Cowbell I LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.25 | %, | 0.75 | % Floor 8 | | 11.73 | % | 9/2/2025 | | — | | | (65,276) | | | (136,106) | | 0.0 | % |
More Cowbell I LLC | | First Lien Revolving Loan | | SOFR + | 6.25 | %, | 0.75 | % Floor 8 12 | | 11.65 | % | 9/2/2029 | | 1,393,728 | | | 1,219,209 | | | 1,216,790 | | 0.1 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.26 | % | 10/4/2027 | | 22,020,455 | | | 21,881,141 | | | 21,826,675 | | 2.3 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 10.50 | % | 10/4/2027 | | 2,461,250 | | | 2,430,110 | | | 2,439,591 | | 0.3 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 10.50 | % | 10/4/2027 | | 2,466,464 | | | 2,401,055 | | | 2,444,759 | | 0.3 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 12 | | 10.50 | % | 10/4/2027 | | 18,317,371 | | | 18,284,478 | | | 18,089,238 | | 1.9 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 10.50 | % | 10/4/2027 | | — | | | — | | | (13,200) | | 0.0 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 10.50 | % | 10/4/2027 | | — | | | (1,346) | | | (4,400) | | 0.0 | % |
TA/WEG Intermediate Holdings, LLC | | Unsecured Note | | N/A | | | | | | 15.00 | % | 5/26/2033 | | 11,000,000 | | | 10,673,008 | | | 10,697,500 | | 1.1 | % |
Total Financial Services | | | | | | | | | | | | | | | | | 179,255,485 | | | 180,255,070 | | 19.3 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | |
Belmont Buyer, Inc. | | First Lien Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 12 | | 11.97 | % | 6/21/2029 | | 18,413,154 | | 17,875,073 | | 17,881,014 | | 1.9 | % |
Belmont Buyer, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 12 | | 11.97 | % | 6/21/2029 | | 1,739,826 | | 1,651,493 | | 1,613,933 | | 0.2 | % |
Belmont Buyer, Inc. | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 | | 11.97 | % | 6/21/2029 | | — | | (62,363) | | (63,009) | | 0.0 | % |
CNSI Holdings, LLC | | First Lien Term Loan | | SOFR + | 6.50 | %, | 0.50 | % Floor 12 | | 11.75 | % | 12/15/2028 | | 15,045,611 | | 14,570,603 | | 14,595,747 | | 1.6 | % |
CNSI Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 0.50 | % Floor 8 | | 11.75 | % | 12/17/2027 | | — | | (42,080) | | (43,077) | | 0.0 | % |
CORA Health Holdings Corp. | | First Lien Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.32 | % | 6/15/2027 | | 14,255,034 | | 14,110,336 | | 12,219,370 | | 1.3 | % |
CORA Health Holdings Corp. | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.32 | % | 6/15/2027 | | 238,625 | | 237,396 | | 204,548 | | 0.0 | % |
Giving Home Health Care | | Second Lien Term Loan | | N/A | | | | | | 12.50 | % | 2/18/2028 | | 4,500,000 | | 4,428,899 | | 4,479,750 | | 0.5 | % |
MB2 Dental Solutions, LLC | | First Lien Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 12 | | 11.42 | % | 1/29/2027 | | 10,756,983 | | 10,601,299 | | 10,478,193 | | 1.1 | % |
MB2 Dental Solutions, LLC | | First Lien Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 12 | | 11.42 | % | 1/29/2027 | | 3,878,675 | | 3,855,539 | | 3,778,151 | | 0.4 | % |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 12 | | 11.42 | % | 1/29/2027 | | 26,564,490 | | 26,192,599 | | 25,876,015 | | 2.8 | % |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 12 | | 11.42 | % | 1/29/2027 | | 4,960,556 | | 4,879,140 | | 4,831,992 | | 0.5 | % |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 12 | | 11.92 | % | 1/29/2027 | | 3,458,000 | | 3,190,568 | | 3,342,260 | | 0.4 | % |
Mirra-PrimeAccess Holdings, LLC | | First Lien Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 12 | | 11.93 | % | 7/29/2026 | | 24,500,000 | | 24,189,037 | | 24,037,429 | | 2.6 | % |
Mirra-PrimeAccess Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 12 | | 11.93 | % | 7/29/2026 | | 1,027,500 | | 967,448 | | 975,768 | | 0.1 | % |
SpecialtyCare, Inc. | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 10 | | 11.28 | % | 6/19/2028 | | 13,485,021 | | 13,188,221 | | 12,182,779 | | 1.3 | % |
SpecialtyCare, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.32 | % | 6/19/2028 | | 105,170 | | 103,706 | | 95,014 | | 0.0 | % |
SpecialtyCare, Inc. | | First Lien Revolving Loan | | LIBOR + | 4.00 | % 8 | | | | 4.00 | % | 6/18/2026 | | - | | (17,363) | | (102,588) | | 0.0 | % |
Stepping Stones Healthcare Services, LLC | | First Lien Term Loan | | SOFR + | 5.75 | % | 0.75 | % Floor 12 | | 11.24 | % | 1/2/2029 | | 24,132,500 | | 23,844,641 | | 23,263,847 | | 2.5 | % |
Stepping Stones Healthcare Services, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | % | 0.75 | % Floor 8 12 | | 11.24 | % | 1/2/2029 | | 4,593,190 | | 4,526,565 | | 4,342,693 | | 0.5 | % |
Stepping Stones Healthcare Services, LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 12 | | 11.17 | % | 12/29/2026 | | 490,000 | | 455,901 | | 364,017 | | 0.0 | % |
Trinity Partners Holdings LLC | | First Lien Term Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 12 | | 10.87 | % | 12/21/2028 | | 27,139,894 | | 26,762,978 | | 27,139,894 | | 2.9 | % |
Trinity Partners Holdings LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 8 | | 10.87 | % | 12/21/2023 | | — | | (48,001) | | — | | 0.0 | % |
TST Intermediate Holdings, LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.19 | % | 11/27/2026 | | 12,262,045 | | 12,138,049 | | 11,822,682 | | 1.3 | % |
TST Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 12 | | 11.19 | % | 11/27/2026 | | 3,605,769 | | 3,594,209 | | 3,159,603 | | 0.3 | % |
Total Health Care Providers & Services | | | | | | | | | | | | | | | | 211,193,893 | | 206,476,025 | | 22.1 | % |
| | | | | | | | | | | | | | | | | | | | | |
Health Care Technology | | | | | | | | | | | | | | | | | | | | | |
Ellkay, LLC | | First Lien Term Loan | | SOFR + | 6.25 | %, | 1.00 | % Floor 12 | | 11.77 | % | 9/14/2027 | | 28,311,111 | | 27,910,585 | | 26,023,860 | | 2.8 | % |
Ellkay, LLC | | First Lien Revolving Loan | | SOFR + | 6.25 | %, | 1.00 | % Floor 8 | | 11.77 | % | 9/14/2027 | | — | | (47,599) | | (291,741) | | 0.0 | % |
FINThrive Software Intermediate Holdings, Inc. | | Second Lien Term Loan | | SOFR + | 6.75 | %, | 0.50 | % Floor 12 | | 12.18 | % | 12/17/2029 | | 21,518,900 | | 21,107,355 | | 18,095,243 | | 1.9 | % |
GraphPAD Sofware, LLC | | First Lien Term Loan | | SOFR + | 5.50 | %, | 1.00 | % Floor 12 | | 11.22 | % | 4/27/2027 | | 4,100,098 | | 4,072,378 | | 4,038,186 | | 0.4 | % |
GraphPAD Sofware, LLC | | First Lien Term Loan | | SOFR + | 5.50 | %, | 1.00 | % Floor 12 | | 11.22 | % | 4/27/2027 | | 19,650,000 | | 19,512,006 | | 19,353,285 | | 2.1 | % |
GraphPAD Sofware, LLC | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 9 | | 10.87 | % | 4/27/2027 | | 17,106,250 | | 17,003,707 | | 16,847,946 | | 1.8 | % |
GraphPAD Sofware, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.50 | %, | 1.00 | % Floor 8 | | 10.87 | % | 11/29/23 | | — | | (73,816) | | (166,100) | | 0.0 | % |
GraphPAD Sofware, LLC | | First Lien Revolving Loan | | SOFR + | 5.50 | %, | 1.00 | % Floor 8 12 | | 10.87 | % | 4/27/2027 | | 1,250,000 | | 1,235,080 | | 1,212,250 | | 0.1 | % |
Imagine Acquisitionco, LLC | | First Lien Term Loan | | SOFR + | 5.25 | %, | 1.00 | % Floor 12 | | 10.72 | % | 11/16/2027 | | 28,432,476 | | 28,134,166 | | 28,151,988 | | 3.0 | % |
Imagine Acquisitionco, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.25 | %, | 1.00 | % Floor 8 | | 10.72 | % | 11/16/2023 | | — | | (22,338) | | (63,441) | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Imagine Acquisitionco, LLC | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 1.00 | % Floor 8 | | 10.72 | % | 11/16/2027 | | — | | (47,771) | | (45,677) | | 0.0 | % |
Total Health Care Technology | | | | | | | | | | | | | | | | 118,783,753 | | 113,155,799 | | 12.1 | % |
| | | | | | | | | | | | | | | | | | | | | |
Insurance | | | | | | | | | | | | | | | | | | | | | |
Accuserve | | First Lien Term Loan | | SOFR + | 7.38 | %12 | | | | 12.80 | % | 8/13/2029 | | 24,827,586 | | 24,215,833 | | 24,206,897 | | 2.6 | % |
Accuserve | | First Lien Delayed Draw Term Loan | | SOFR + | 7.38 | % 8 | | | | 12.80 | % | 8/13/2029 | | — | | (63,273) | | (129,310) | | 0.0 | % |
AmeriLife Group LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.08 | % | 8/31/2029 | | 41,865,455 | | 41,136,852 | | 41,116,063 | | 4.4 | % |
AmeriLife Group LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 12 | | 11.08 | % | 8/31/2029 | | 6,977,576 | | 6,819,775 | | 6,789,756 | | 0.7 | % |
AmeriLife Group LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 12 | | 11.08 | % | 8/31/2028 | | 878,788 | | 792,384 | | 784,406 | | 0.1 | % |
Captive Resources Midco, LLC | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 12 | | 11.08 | % | 6/29/2029 | | 30,659,434 | | 30,152,371 | | 30,208,741 | | 3.2 | % |
Captive Resources Midco, LLC | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 | | 11.08 | % | 7/1/2028 | | — | | (34,879) | | (32,381) | | 0.0 | % |
Euclid Transactional, LLC | | First Lien Term Loan | | SOFR + | 6.80 | %12 | | | | 12.23 | % | 10/2/2028 | | 79,800,000 | | 78,429,549 | | 79,807,980 | | 8.5 | % |
Foundation Risk Partners, Corp. | | First Lien Term Loan | | SOFR + | 6.75 | %, | 0.75 | % Floor 12 | | 12.24 | % | 10/27/2028 | | 38,766,477 | | 37,389,693 | | 37,971,765 | | 4.1 | % |
Foundation Risk Partners, Corp. | | First Lien Delayed Draw Term Loan | | SOFR + | 6.75 | %, | 0.75 | % Floor 12 | | 12.24 | % | 10/27/2028 | | 18,116,932 | | 17,800,642 | | 17,745,535 | | 1.9 | % |
Galway Borrower, LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.14 | % | 9/29/2028 | | 13,965,000 | | 13,697,071 | | 13,812,782 | | 1.5 | % |
Galway Borrower, LLC | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 12 | | 10.74 | % | 9/29/2028 | | 63,938,624 | | 63,394,760 | | 62,014,071 | | 6.6 | % |
Galway Borrower, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 12 | | 10.74 | % | 9/29/2028 | | 594,253 | | 584,056 | | 576,366 | | 0.1 | % |
Galway Borrower, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 | | 11.14 | % | 4/29/2024 | | — | | (194,375) | | (228,900) | | 0.0 | % |
Galway Borrower, LLC | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 | | 5.25 | % | 9/30/2027 | | — | | (35,219) | | (123,359) | | 0.0 | % |
Harrington Reinsureance Holdings Limited | | Unsecured Note | | N/A | | | | | | 7.25 | % | 6/29/2031 | | 20,000,000 | | 19,666,414 | | 19,894,897 | | 2.1 | % |
NFP Corp. 6 | | Unsecured Note | | N/A | | | | | | 6.88 | % | 8/15/2028 | | 18,820,813 | | 16,028,304 | | 16,138,847 | | 1.7 | % |
OneDigital Borrower LLC | | First Lien Term Loan | | SOFR + | 6.00 | %, | 0.50 | % Floor 12 | | 11.32 | % | 11/16/2027 | | 18,646,097 | | 18,470,389 | | 18,442,854 | | 2.0 | % |
OneDigital Borrower LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 0.50 | % Floor 8 | | 11.32 | % | 9/16/2024 | | — | | (152,917) | | (106,509) | | 0.0 | % |
RSC Acquisition, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 12 | | 11.04 | % | 11/1/2026 | | 32,793,490 | | 32,793,490 | | 32,026,122 | | 3.4 | % |
RSC Acquisition, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 8 | | 11.54 | % | 2/14/2025 | | — | | (345,939) | | (360,000) | | 0.0 | % |
Total Insurance | | | | | | | | | | | | | | | | 400,544,981 | | 400,556,623 | | 42.8 | % |
IT Services | | | | | | | | | | | | | | | | | | | | | |
Auctane Holdings, LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.17 | % | 10/5/2028 | | 39,400,000 | | 38,781,356 | | 38,565,629 | | 4.1 | % |
Auctane Holdings, LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.17 | % | 10/5/2028 | | 12,928,125 | | 12,724,256 | | 12,654,347 | | 1.4 | % |
Bottomline Technologies, Inc. | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 12 | | 10.57 | % | 5/14/2029 | | 87,500,769 | | 85,994,676 | | 86,538,260 | | 9.2 | % |
Bottomline Technologies, Inc. | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 | | 10.57 | % | 5/15/2028 | | — | | (113,303) | | (81,019) | | 0.0 | % |
Dcert Buyer, Inc. | | Second Lien Term Loan | | SOFR + | 7.00 | % 12 | | | | 12.32 | % | 2/19/2029 | | 10,202,500 | | 10,074,377 | | 9,437,313 | | 1.0 | % |
Ensono, Inc. | | Second Lien Term Loan | | SOFR + | 8.00 | % 12 | | | | 13.43 | % | 5/28/2029 | | 11,250,000 | | 11,160,633 | | 10,697,625 | | 1.1 | % |
Helpsystems Holdings, Inc. | | Second Lien Term Loan | | SOFR + | 6.75 | %, | 0.75 | % Floor 12 | | 12.35 | % | 11/19/2027 | | 10,000,000 | | 10,000,000 | | 9,239,000 | | 1.0 | % |
Ministry Brands Purchaser, LLC | | First Lien Term Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 12 | | 10.92 | % | 12/28/2028 | | 17,390,537 | | 17,249,902 | | 16,695,063 | | 1.8 | % |
Ministry Brands Purchaser, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 8 12 | | 10.92 | % | 12/28/2028 | | 902,237 | | 877,571 | | 676,458 | | 0.1 | % |
Ministry Brands Purchaser, LLC | | First Lien Revolving Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 8 12 | | 10.92 | % | 12/30/2027 | | 762,712 | | 750,708 | | 694,930 | | 0.1 | % |
Neptune BidCo US Inc. | | First Lien Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 12 | | 11.97 | % | 5/8/2029 | | 13,725,000 | | 13,482,881 | | 13,502,655 | | 1.4 | % |
Neptune BidCo US Inc. | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 | | 11.97 | % | 5/8/2029 | | — | | (12,262) | | (12,150) | | 0.0 | % |
Neptune BidCo US Inc. | | Second Lien Term Loan | | SOFR + | 9.75 | %, | 0.75 | % Floor 12 | | 15.15 | % | 10/11/2029 | | 12,500,000 | | 12,159,629 | | 12,162,500 | | 1.3 | % |
Vision Solutions, Inc. | | Second Lien Term Loan | | SOFR + | 7.25 | % 12 | | | | 12.86 | % | 4/23/2029 | | 30,000,000 | | 29,775,779 | | 27,111,000 | | 2.9 | % |
Watchguard Technologies, Inc. 6 | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 12 | | 10.57 | % | 7/5/2029 | | 3,591,555 | | 3,392,333 | | 3,376,062 | | 0.4 | % |
WWEX Uni Topco Holdings, LLC | | Second Lien Term Loan | | SOFR + | 7.00 | %, | 0.75 | % Floor 12 | | 12.65 | % | 7/26/2029 | | 20,000,000 | | 19,475,818 | | 18,258,000 | | 2.0 | % |
Total IT Services | | | | | | | | | | | | | | | | 265,774,354 | | 259,515,673 | | 27.7 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Professional Services | | | | | | | | | | | | | | | | | | | | | |
Accordion Partners LLC | | First Lien Term Loan | | SOFR + | 6.25 | %, | 0.75 | % Floor 12 | | 11.64 | % | 8/29/2029 | | 23,114,785 | | 22,651,429 | | 22,479,128 | | 2.4 | % |
Accordion Partners LLC | | First Lien Term Loan | | SOFR + | 6.50 | %, | 0.75 | % Floor 12 | | 11.91 | % | 8/29/2029 | | 2,028,929 | | 1,970,195 | | 1,998,495 | | 0.2 | % |
Accordion Partners LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.25 | %, | 0.75 | % Floor 12 | | 11.62 | % | 8/29/2029 | | 2,542,517 | | 2,487,117 | | 2,472,598 | | 0.3 | % |
Accordion Partners LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.50 | %, | 0.75 | % Floor 12 | | 11.89 | % | 8/29/2029 | | 2,028,929 | | 1,973,272 | | 1,998,495 | | 0.2 | % |
Accordion Partners LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.25 | %, | 0.75 | % Floor 8 | | 11.62 | % | 9/2/2024 | | — | | (84,779) | | (45,765) | | 0.0 | % |
Accordion Partners LLC | | First Lien Revolving Loan | | SOFR + | 6.25 | % 8 | | | | 11.62 | % | 8/31/2028 | | — | | (37,497) | | (55,935) | | 0.0 | % |
ALKU Intermediate Holdings, LLC | | First Lien Term Loan | | SOFR + | 6.25 | % 12 | | | | 11.57 | % | 5/23/2029 | | 3,695,652 | | 3,605,664 | | 3,609,543 | | 0.4 | % |
Explorer Investor, Inc. | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.50 | % Floor 12 | | 11.14 | % | 6/28/2029 | | 24,655,924 | | 23,436,320 | | 23,418,197 | | 2.5 | % |
Explorer Investor, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.50 | % Floor 8 | | 11.14 | % | 6/28/2024 | | — | | (205,505) | | (202,922) | | 0.0 | % |
IG Investments Holdings, LLC | | First Lien Term Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 12 | | 11.47 | % | 9/22/2028 | | 63,643,353 | | 62,659,285 | | 63,153,299 | | 6.7 | % |
IG Investments Holdings, LLC | | First Lien Term Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 12 | | 11.47 | % | 9/22/2028 | | 4,912,281 | | 4,874,528 | | 4,874,456 | | 0.5 | % |
IG Investments Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 8 | | 11.47 | % | 9/22/2027 | | — | | (66,976) | | (38,945) | | 0.0 | % |
Geosyntec Consultants, Inc. | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 12 | | 10.57 | % | 5/18/2029 | | 10,362,825 | | 10,205,575 | | 10,004,271 | | 1.1 | % |
Geosyntec Consultants, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 12 | | 10.57 | % | 5/18/2029 | | 2,197,538 | | 2,147,607 | | 2,045,841 | | 0.2 | % |
Geosyntec Consultants, Inc. | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 | | 10.57 | % | 5/18/2027 | | — | | (22,641) | | (55,671) | | 0.0 | % |
MBO Partners, Inc. | | First Lien Term Loan | | SOFR + | 7.75 | %, | 1.00 | % Floor 12 | | 13.29 | % | 5/23/2028 | | 44,325,000 | | 43,202,352 | | 44,014,725 | | 4.7 | % |
MBO Partners, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 7.75 | %, | 1.00 | % Floor 8 12 | | 13.29 | % | 5/23/2028 | | 12,456,969 | | 12,058,445 | | 12,317,896 | | 1.3 | % |
People 2.0, Inc. | | First Lien Term Loan | | SOFR + | 7.50 | %, | 1.00 | % Floor 12 | | 12.89 | % | 7/12/2028 | | 45,045,000 | | 44,279,971 | | 44,283,740 | | 4.7 | % |
Williams Martson, LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.27 | % | 8/25/2028 | | 15,801,923 | | 15,327,865 | | 15,395,814 | | 1.6 | % |
Williams Martson, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 11.27 | % | 8/26/2024 | | — | | (42,159) | | (65,634) | | 0.0 | % |
Williams Martson, LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 11.27 | % | 8/25/2028 | | — | | (54,945) | | (57,430) | | 0.0 | % |
Total Professional Services | | | | | | | | | | | | | | | | 250,365,123 | | 251,544,196 | | 26.9 | % |
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Real Estate Management & Development | | | | | | | | | | | | | | | | | | | | | |
2-10 Holdco, Inc. | | First Lien Term Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 12 | | 11.42 | % | 3/26/2026 | | 48,367,813 | | 47,906,448 | | 47,756,704 | | 5.1 | % |
2-10 Holdco, Inc. | | First Lien Revolving Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 8 | | 11.42 | % | 3/26/2026 | | — | | (24,294) | | (35,096) | | 0.0 | % |
Total Real Estate Management & Development | | | | | | | | | | | | | | | | 47,882,154 | | 47,721,608 | | 5.1 | % |
| | | | | | | | | | | | | | | | | | | | | |
Software | | | | | | | | | | | | | | | | | | | | | |
Anaplan, Inc. | | First Lien Term Loan | | SOFR + | 6.50 | %, | 0.75 | % Floor 12 | | 11.82 | % | 6/21/2029 | | 20,672,334 | | 20,306,180 | | 20,395,325 | | 2.2 | % |
Anaplan, Inc. | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 0.75 | % Floor 8 | | 11.82 | % | 6/21/2028 | | — | | (24,333) | | (20,717) | | 0.0 | % |
AxiomSL Group, Inc. | | First Lien Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.18 | % | 12/3/2027 | | 34,452,024 | | 33,949,370 | | 34,452,024 | | 3.7 | % |
AxiomSL Group, Inc. | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 11.18 | % | 12/3/2025 | | — | | (24,687) | | — | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | | | Percentage | |
| | Type of | | Reference Rate | Interest | | | | Amount / | | | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Diligent Corporation | | First Lien Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.27 | % | 8/4/2025 | | 29,250,000 | | | 29,110,587 | | | 28,518,750 | | 3.0 | % |
Diligent Corporation | | First Lien Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 12 | | 11.27 | % | 8/4/2025 | | 9,750,000 | | | 9,702,257 | | | 9,506,250 | | 1.0 | % |
Diligent Corporation | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 12 | | 11.27 | % | 8/4/2025 | | 2,050,000 | | | 2,028,689 | | | 1,965,500 | | 0.2 | % |
GovDelivery Holdings, LLC | | First Lien Term Loan | | SOFR + | 5.50 | %, | 1.00 | % Floor 12 | | 12.47 | % | 1/29/2027 | | 27,308,039 | | | 26,887,634 | | | 26,486,067 | | 2.8 | % |
GovDelivery Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 12 | | 11.47 | % | 1/29/2027 | | 33,658,300 | | | 33,179,969 | | | 32,389,382 | | 3.5 | % |
GovDelivery Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 12 | | 11.47 | % | 1/29/2027 | | 1,110,351 | | | 1,090,256 | | | 1,037,696 | | 0.1 | % |
GS Acquisitionco, Inc. | | First Lien Term Loan | | SOFR + | 5.75 | % 12 | | | | 11.29 | % | 5/22/2026 | | 36,845,034 | | | 36,777,440 | | | 36,368,101 | | 3.9 | % |
Hyland Software, Inc. | | First Lien Term Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 12 | | 11.32 | % | 9/19/2030 | | 25,300,905 | | | 24,922,151 | | | 24,921,391 | | 2.7 | |
Hyland Software, Inc. | | First Lien Revolving Loan | | SOFR + | 6.00 | %, | 0.75 | % Floor 8 | | 11.32 | % | 9/19/2029 | | — | | | (17,888) | | | (17,986) | | 0.0 | |
Mandolin Technology Intermediate Holdings, Inc. | | Second Lien Term Loan | | SOFR + | 6.50 | % 12 | | | | 12.04 | % | 7/30/2029 | | 17,500,000 | | | 17,356,151 | | | 15,748,250 | | 1.7 | % |
Maverick 1 LLC | | Second Lien Term Loan | | SOFR + | 6.75 | % 12 | | | | 12.27 | % | 5/18/2029 | | 9,000,000 | | | 8,965,525 | | | 8,559,000 | | 0.9 | % |
McAfee Enterprise 6 | | First Lien Term Loan | | SOFR + | 5.00 | % 12 | | | | 10.63 | % | 7/27/2028 | | 1,402,478 | | | 1,266,608 | | | 1,050,688 | | 0.1 | % |
Orion Advisor Solutions, Inc. | | Second Lien Term Loan | | SOFR + | 8.50 | %, | 1.00 | % Floor 12 | | 13.97 | % | 9/24/2028 | | 16,500,000 | | | 16,391,248 | | | 15,841,650 | | 1.7 | % |
Simplifi Holdings, Inc. | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 12 | | 10.68 | % | 10/1/2027 | | 26,634,036 | | | 26,238,906 | | | 26,524,488 | | 2.8 | % |
Simplifi Holdings, Inc. | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 12 | | 10.68 | % | 10/1/2027 | | 542,169 | | | 507,457 | | | 530,275 | | 0.1 | % |
Spirit RR Holdings, Inc. | | First Lien Term Loan | | SOFR + | 6.50 | %, | 0.75 | % Floor 12 | | 11.99 | % | 9/13/2028 | | 16,908,314 | | | 16,536,878 | | | 17,077,397 | | 1.8 | % |
Spirit RR Holdings, Inc. | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 12 | | 11.99 | % | 9/13/2028 | | 186,697 | | | 152,030 | | | 200,699 | | 0.0 | % |
Syntax Systems Limited | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.17 | % | 10/29/2028 | | 10,624,752 | | | 10,543,246 | | | 10,293,405 | | 1.1 | % |
Syntax Systems Limited | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 | | 11.17 | % | 10/27/2023 | | — | | | (21,759) | | | (92,633) | | 0.0 | % |
Syntax Systems Limited | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 12 | | 11.17 | % | 10/29/2026 | | 792,079 | | | 783,457 | | | 755,026 | | 0.1 | % |
Tamarack Intermediate LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 12 | | 11.31 | % | 3/13/2028 | | 21,215,820 | | | 20,879,045 | | | 20,895,460 | | 2.2 | % |
Tamarack Intermediate LLC | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 12 | | 11.31 | % | 3/13/2028 | | 580,357 | | | 528,280 | | | 527,271 | | 0.1 | % |
Total Software | | | | | | | | | | | | | | | | | 338,014,697 | | | 333,912,759 | | 35.7 | % |
Total Debt Investments | | | | | | | | | | | | | | | | $ | 1,917,816,098 | | $ | 1,897,983,202 | | 202.8 | % |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Par | | | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount | | | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Acquisition Date | | / Units | | Cost 4 | | Fair Value | | Assets 5 | |
Equity and Warrants – 3.7%(13) | | | | | | | | | | | | | | | | | | | |
Financial Services | | | | | | | | | | | | | | | | | | | |
THL Fund IX Investors (Plymouth), L.P.(14) | | Equity | | N/A | | N/A | | 9/1/2023 | | 4,000,000 | | | 4,000,000 | | | 4,000,000 | | 0.4 | % |
Total Financial Services | | | | | | | | | | | | | 4,000,000 | | | 4,000,000 | | 0.4 | % |
| | | | | | | | | | | | | | | | | | | |
Health Care Technology | | | | | | | | | | | | | | | | | | | |
Imagine Acquisitionco, LLC(14) | | Equity | | N/A | | N/A | | 11/16/2021 | | 2,000,000 | | | 2,000,000 | | | 2,699,738 | | 0.3 | % |
Total Health Care Tehnology | | | | | | | | | | | | | 2,000,000 | | | 2,699,738 | | 0.3 | % |
| | | | | | | | | | | | | | | | | | | |
Insurance | | | | | | | | | | | | | | | | | | | |
Galway Borrower, LLC | | Equity | | N/A | | 14.00 | % | 4/28/2023 | | 10,603,048 | | | 10,313,550 | | | 10,389,926 | | 1.1 | % |
RSC Topco, Inc. | | Equity | | N/A | | 13.25 | % | 8/14/2023 | | 5,086,493 | | | 4,937,071 | | | 4,933,898 | | 0.5 | % |
Total Insurance | | | | | | | | | | | | | 15,250,621 | | | 15,323,824 | | 1.6 | % |
| | | | | | | | | | | | | | | | | | | |
Software | | | | | | | | | | | | | | | | | | | |
GT Polaris Holdings, Inc. | | Equity | | N/A | | 12.50 | % | 6/6/2022 | | 9,669,336 | | | 9,516,878 | | | 8,809,732 | | 0.9 | % |
Spirit RR Holdings, Inc.(14) | | Equity | | N/A | | N/A | | 9/19/2022 | | 3,585,975 | | | 3,635,318 | | | 3,754,362 | | 0.4 | % |
Total Software | | | | | | | | | | | | | 13,152,196 | | | 12,564,094 | | 1.3 | % |
| | | | | | | | | | | | | | | | | | | |
Warrants – 0.0% | | | | | | | | | | | | | | | | | | | |
Health Care Providers & Services | | | | | | | | | | | | | | | | | | | |
Giving Home Health Care(14) | | Warrants | | N/A | | N/A | | 8/19/2022 | | 2,917 | | | 29 | | | 29 | | 0.0 | % |
Total Health Care Providers & Services | | | | | | | | | | | | | 29 | | | 29 | | 0.0 | % |
Total Equity and Warrants | | | | | | | | | | | | $ | 34,402,846 | | $ | 34,587,685 | | 3.7 | % |
Total Non-Controlled/Non-Affiliated Investments | | | | | | | | | | | | $ | 1,952,218,944 | | $ | 1,932,570,887 | | 206.5 | % |
| (1) | All of the Company’s investments are domiciled in the United States except for Harrington Reinsurance Holdings Limited and Syntax Systems Limited, which are domiciled in Bermuda and Canada, respectively. |
| (2) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy. |
| (3) | All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 except for Harrington Reinsurance Holdings Limited and Syntax Systems Limited. |
| (4) | Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on investments using the effective interest method. |
| (5) | Percentage is based on net assets of $935,887,906 as of September 30, 2023. |
| (6) | Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy. |
| (7) | The interest rate on this security is subject to a base rate plus 1 Month “1M“ London Inter-Bank Offered Rate (“LIBOR“), which at September 30, 2023 was 5.43%. |
| (8) | This investment has an unfunded commitment as of September 30, 2023. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment. |
| (9) | The interest rate on this security is subject to a base rate plus 6 Month “6M“ LIBOR, which at September 30, 2023 was 5.90%. |
| (10) | The interest rate on this security is subject to a base rate plus 3 Month “3M“ LIBOR, which at September 30, 2023 was 5.66%. |
| (11) | The interest rate on this security is subject to the Alternate Base Rate, which at September 30, 2023 was 8.50%. |
| (12) | The interest rate on this security is subject to the Secured Overnight Financing Rate (“SOFR“), which at September 30, 2023 was 5.31%. |
| (13) | This investment is subject to restrictions on sales. |
| (14) | Non-income producing investments. |
| (15) | As of September 30, 2023, this investment was not pledged as collateral as part of the Company’s financing facilities. |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Stone Point Credit Corporation
Consolidated Schedule of Investments
As of December 31, 2022
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | Fair | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Value | | Assets 5 | |
Non-Controlled/Non-Affiliated Investments | | | | | | | | | | | | | | | | | | | | | | | |
Debt Investments – 205.0% | | | | | | | | | | | | | | | | | | | | | | | |
Capital Markets | | | | | | | | | | | | | | | | | | | | | | | |
Project K BuyerCo, Inc. | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 0.75 | % Floor 7 | | 10.13 | % | 12/10/2027 | | 76,500,000 | | $ | 75,183,711 | | $ | 76,500,000 | | 9.4 | % |
Project K BuyerCo, Inc. | | First Lien Revolving Loan | | LIBOR + | 5.75 | %, | 0.75 | % Floor 8 | | 10.13 | % | 12/10/2027 | | — | | | (127,248) | | | — | | 0.0 | % |
Project K BuyerCo, Inc. | | Unsecured Note | | N/A | | | | | | 8.00 | % | 12/10/2028 | | 12,815,972 | | | 11,952,515 | | | 11,438,627 | | 1.4 | % |
Resolute Investment Managers, Inc. | | First Lien Term Loan | | LIBOR + | 4.25 | %, | 1.00 | % Floor 10 | | 8.98 | % | 4/30/2024 | | 5,254,404 | | | 5,225,933 | | | 5,076,190 | | 0.6 | % |
Resolute Investment Managers, Inc. | | Second Lien Term Loan | | LIBOR + | 8.00 | %, | 1.00 | % Floor 10 | | 12.41 | % | 4/30/2025 | | 846,853 | | | 844,404 | | | 782,394 | | 0.1 | % |
Total Capital Markets | | | | | | | | | | | | | | | | | 93,079,315 | | | 93,797,211 | | 11.5 | % |
Diversified Consumer Services | | | | | | | | | | | | | | | | | | | | | | | |
Harbor Purchaser, Inc. | | Second Lien Term Loan | | SOFR + | 8.50 | %, | 0.50 | % Floor 13 | | 12.82 | % | 4/8/2030 | | 12,500,000 | | | 12,260,116 | | | 12,363,750 | | 1.5 | % |
Total Diversified Consumer Services | | | | | | | | | | | | | | | | | 12,260,116 | | | 12,363,750 | | 1.5 | % |
Financial Services | | | | | | | | | | | | | | | | | | | | | | | |
Advisor Group Holdings, Inc. 6 | | First Lien Term Loan | | LIBOR + | 4.50 | % 7 | | | | 8.88 | % | 7/31/2026 | | 7,328,745 | | | 7,046,120 | | | 7,183,819 | | 0.9 | % |
Advisor Group Holdings, Inc. 6 | | Unsecured Note | | N/A | | | | | | 10.75 | % | 8/1/2027 | | 7,359,830 | | | 7,378,265 | | | 7,476,624 | | 0.9 | % |
Beacon Pointe Harmony, LLC | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 13 | | 9.38 | % | 12/29/2028 | | 28,782,500 | | | 28,268,743 | | | 27,461,588 | | 3.4 | % |
Beacon Pointe Harmony, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 13 | | 9.38 | % | 12/29/2028 | | 6,961,700 | | | 6,765,121 | | | 6,274,605 | | 0.8 | % |
Beacon Pointe Harmony, LLC | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 13 | | 9.38 | % | 12/29/2027 | | — | | | (49,922) | | | (137,679) | | 0.0 | % |
Edelman Financial Center 6 | | Second Lien Term Loan | | LIBOR + | 6.75 | % 10 | | | | 11.13 | % | 7/20/2026 | | 14,042,404 | | | 12,955,636 | | | 12,697,072 | | 1.6 | % |
GC Two Intermediate Holdings, Inc. 6 | | Unsecured Note | | N/A | | | | | | 7.50 | % | 4/1/2029 | | 10,612,237 | | | 9,186,822 | | | 8,768,945 | | 1.1 | % |
Midcap Financial 6 | | Unsecured Note | | N/A | | | | | | 6.50 | % | 5/1/2028 | | 2,118,272 | | | 1,781,409 | | | 1,823,634 | | 0.2 | % |
Midcap Financial 6 | | Unsecured Note | | N/A | | | | | | 5.63 | % | 1/15/2030 | | 5,147,168 | | | 4,052,598 | | | 4,155,566 | | 0.5 | % |
Millennium Trust Co., LLC 6 | | First Lien Term Loan | | SOFR + | 4.75 | %, | 0.75 | % Floor 13 | | 9.17 | % | 3/27/2026 | | 3,969,072 | | | 3,857,702 | | | 3,805,348 | | 0.5 | % |
More Cowbell I LLC | | First Lien Term Loan | | LIBOR + | 6.25 | %, | 1.00 | % Floor 9 | | 10.56 | % | 4/10/2028 | | 12,782,600 | | | 12,425,445 | | | 12,782,600 | | 1.6 | % |
More Cowbell I LLC | | First Lien Delayed Draw Term Loan | | LIBOR + | 6.25 | % 9 | | | | 11.18 | % | 4/10/2028 | | 12,879,900 | | | 12,429,409 | | | 12,879,900 | | 1.6 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 13 | | 9.41 | % | 10/4/2027 | | 22,189,205 | | | 21,997,655 | | | 21,993,554 | | 2.7 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | % 13 | | | | 9.41 | % | 10/4/2027 | | 2,480,000 | | | 2,444,449 | | | 2,458,133 | | 0.3 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | % 13 | | | | 10.75 | % | 10/4/2027 | | 2,485,196 | | | 2,410,199 | | | 2,463,283 | | 0.3 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | % 13 | | | | 10.75 | % | 10/4/2027 | | 12,301,714 | | | 12,272,051 | | | 12,072,463 | | 1.5 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Revolving Loan | | LIBOR + | 6.00 | %, | 1.00 | % Floor 8 | | 10.75 | % | 10/4/2027 | | — | | | (1,346) | | | (4,409) | | 0.0 | % |
TA/WEG Intermediate Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 6.00 | % 8 | | | | 10.75 | % | 10/4/2027 | | — | | | — | | | (13,226) | | 0.0 | % |
Total Financial Services | | | | | | | | | | | | | | | | | 145,220,356 | | | 144,141,820 | | 17.6 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | Fair | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Value | | Assets 5 | |
Health Care Providers & Services | | | | | | | | | | | | | | | | | | | | | |
CNSI Holdings, LLC | | First Lien Term Loan | | SOFR + | 6.50 | %, | 0.50 | % Floor 13 | | 10.62 | % | 12/3/2029 | | 15,159,698 | | 14,632,698 | | 14,628,730 | | 1.8 | % |
CNSI Holdings, LLC | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 0.50 | % Floor 8 | | 10.62 | % | 12/17/2027 | | — | | (49,549) | | (50,424) | | 0.0 | % |
CORA Health Holdings Corp. | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 10 | | 10.48 | % | 6/15/2027 | | 14,166,270 | | 13,997,725 | | 12,695,934 | | 1.6 | % |
CORA Health Holdings Corp. | | First Lien Delayed Draw Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 8 10 | | 10.48 | % | 6/15/2027 | | 240,099 | | 207,804 | | (342,847) | | 0.0 | % |
Giving Home Health Care | | Second Lien Term Loan | | N/A | | | | | | 12.50 | % | 2/18/2028 | | 4,500,000 | | | | 4,414,050 | | 0.5 | % |
MB2 Dental Solutions, LLC | | First Lien Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 13 | | 10.42 | % | 1/29/2027 | | 10,839,729 | | 10,656,338 | | 10,616,832 | | 1.3 | % |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 13 | | 10.42 | % | 1/29/2027 | | 2,146,786 | | 2,130,796 | | 2,102,639 | | 0.3 | % |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 13 | | 10.42 | % | 1/29/2027 | | 1,761,647 | | 1,748,526 | | 1,725,421 | | 0.2 | % |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 13 | | 10.42 | % | 1/29/2027 | | 26,766,990 | | 26,329,016 | | 26,216,581 | | 3.2 | % |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 8 13 | | 10.71 | % | 1/29/2027 | | 2,216,667 | | 2,149,859 | | 2,113,966 | | 0.3 | % |
Mirra-PrimeAccess Holdings, LLC | | First Lien Term Loan | | LIBOR + | 6.50 | %, | 1.00 | % Floor 7 | | 10.88 | % | 7/29/2026 | | 24,687,500 | | 24,312,668 | | 24,549,821 | | 2.9 | % |
Mirra-PrimeAccess Holdings, LLC | | First Lien Revolving Loan | | LIBOR + | 6.50 | %, | 1.00 | % Floor 7 8 | | 10.88 | % | 7/29/2026 | | 1,027,500 | | 967,448 | | 901,232 | | 0.1 | % |
SpecialtyCare, Inc. | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 10 | | 9.49 | % | 6/19/2028 | | 13,587,960 | | 13,254,345 | | 12,116,973 | | 1.5 | % |
SpecialtyCare, Inc. | | First Lien Delayed Draw Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 8 10 | | 9.49 | % | 6/19/2028 | | 105,967 | | 89,378 | | (32,009) | | 0.0 | % |
SpecialtyCare, Inc. | | First Lien Revolving Loan | | LIBOR + | 4.00 | % | | 7 8 | | 8.29 | % | 6/18/2026 | | 403,683 | | 381,537 | | 288,679 | | 0.0 | % |
Stepping Stones Healthcare Services, LLC | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 0.75 | % Floor 10 | | 10.48 | % | 1/2/2029 | | 24,316,250 | | 23,992,112 | | 23,259,053 | | 2.8 | % |
Stepping Stones Healthcare Services, LLC | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 0.75 | % Floor 8 10 | | 10.48 | % | 1/2/2029 | | 2,861,075 | | 2,803,017 | | 2,557,124 | | 0.3 | % |
Stepping Stones Healthcare Services, LLC | | First Lien Delayed Draw Term Loan | | ABR + | 4.75 | %, | 1.75 | % Floor 8 11 | | 12.25 | % | 12/29/2026 | | 2,520,000 | | 2,478,052 | | 2,367,831 | | 0.3 | % |
Trinity Partners Holdings LLC | | First Lien Term Loan | | ABR + | 4.75 | %, | 1.75 | % Floor 8 | | 9.99 | % | 12/21/2028 | | 27,346,543 | | 26,892,570 | | 26,799,612 | | 3.3 | % |
Trinity Partners Holdings LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 13 | | 9.99 | % | 12/21/2028 | | — | | (59,134) | | (148,936) | | 0.0 | % |
TST Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 10.90 | % | 11/27/2026 | | 12,355,848 | | 12,204,375 | | 12,051,461 | | 1.5 | % |
TST Intermediate Holdings, LLC | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 8 9 | | 10.90 | % | 11/27/2026 | | 3,536,779 | | 3,521,421 | | 3,229,355 | | 0.4 | % |
Total Health Care Providers & Services | | | | | | | | | | | | | | | | 187,055,914 | | 181,061,078 | | 22.2 | % |
| | | | | | | | | | | | | | | | | | | | | |
Health Care Technology | | | | | | | | | | | | | | | | | | | | | |
Ellkay, LLC | | First Lien Term Loan | | LIBOR + | 6.25 | %, | 1.00 | % Floor 10 | | 11.00 | % | 9/14/2027 | | 28,527,778 | | 28,066,130 | | 27,710,123 | | 3.4 | % |
Ellkay, LLC | | First Lien Revolving Loan | | LIBOR + | 6.25 | %, | 1.00 | % Floor 8 | | 11.00 | % | 9/14/2027 | | — | | (56,598) | | (103,501) | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
FINThrive Software Intermediate Holdings, Inc. | | Second Lien Term Loan | | LIBOR + | 6.75 | %, | 0.50 | % Floor 7 | | 11.13 | % | 12/17/2029 | | | | 21,075,642 | | 17,718,039 | | 2.2 | % |
GraphPAD Software, LLC | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 10 | | 10.23 | % | 4/27/2027 | | 4,131,476 | | 4,098,211 | | 4,062,886 | | 0.5 | % |
GraphPAD Software, LLC | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 10 | | 10.23 | % | 4/1/2027 | | 19,800,000 | | 19,634,540 | | 19,471,283 | | 2.4 | % |
GraphPAD Software, LLC | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 9 | | 10.43 | % | 4/27/2027 | | 17,237,500 | | 17,111,561 | | 16,951,325 | | 2.1 | % |
GraphPAD Software, LLC | | First Lien Delayed Draw Term Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 8 | | 10.43 | % | 4/1/2027 | | — | | (88,947) | | (182,621) | | 0.0 | % |
GraphPAD Software, LLC | | First Lien Revolving Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 8 | | 10.43 | % | 4/27/2027 | | — | | (18,043) | | (41,505) | | 0.0 | % |
Imagine Acquisitionco, LLC | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 10 | | 10.14 | % | 11/16/2027 | | 28,649,518 | | 28,292,857 | | 27,564,549 | | 3.4 | % |
Imagine Acquisitionco, LLC | | First Lien Delayed Draw Term Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 8 | | 10.14 | % | 11/16/2023 | | — | | (26,279) | | (243,540) | | 0.0 | % |
Imagine Acquisitionco, LLC | | First Lien Revolving Loan | | LIBOR + | 5.50 | %, | 1.00 | % Floor 8 | | 10.14 | % | 11/16/2027 | | — | | (56,425) | | (175,348) | | 0.0 | % |
Total Health Care Technology | | | | | | | | | | | | | | | | 118,032,649 | | 112,731,690 | | 13.8 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage of | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Insurance | | | | | | | | | | | | | | | | | | | | | |
AmeriLife Group LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 13 | | 9.01 | % | 8/31/2029 | | 42,181,818 | | 41,382,650 | | 41,346,618 | | 5.1 | % |
AmeriLife Group LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 13 | | 9.01 | % | 8/30/2024 | | 7,030,303 | | 6,860,575 | | 6,821,503 | | 0.8 | % |
AmeriLife Group LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 | | 9.01 | % | 8/31/2028 | | — | | (99,537) | | (104,400) | | 0.0 | % |
Assured Partners, Inc. 6 | | First Lien Term Loan | | SOFR + | 3.50 | %, | 0.50 | % Floor 13 | | 7.82 | % | 2/12/2027 | | 4,000 | | 3,778 | | 3,894 | | 0.0 | % |
Assured Partners, Inc. 6 | | Unsecured Note | | N/A | | | | | | 5.63 | % | 1/15/2029 | | 5,123,753 | | 4,133,391 | | 4,230,939 | | 0.5 | % |
Captive Resources Midco, LLC | | First Lien Term Loan | | SOFR + | 2.63 | %, | 0.75 | % Floor 13 | | 10.07 | % | 6/29/2029 | | 29,625,750 | | 29,057,309 | | 28,840,668 | | 3.5 | % |
Captive Resources Midco, LLC | | First Lien Revolving Loan | | SOFR + | 2.63 | %, | 0.75 | % Floor 8 | | 10.07 | % | 7/1/2028 | | — | | (40,361) | | (58,373) | | 0.0 | % |
Euclid Transactional, LLC | | First Lien Term Loan | | SOFR + | 6.80 | %, | 0.75 | % Floor 13 | | 11.23 | % | 10/2/2028 | | 80,000,000 | | 78,492,342 | | 80,800,001 | | 9.9 | % |
Galway Borrower, LLC | | First Lien Term Loan | | LIBOR + | 5.25 | %, | 0.75 | % Floor 10 | | 9.98 | % | 9/29/2028 | | 64,427,499 | | 63,819,163 | | 63,154,664 | | 7.7 | % |
Galway Borrower, LLC | | First Lien Delayed Draw Term Loan | | LIBOR + | 5.25 | %, | 0.75 | % Floor 8 | | 9.98 | % | 9/29/2028 | | — | | (11,665) | | (11,740) | | 0.0 | % |
Galway Borrower, LLC | | First Lien Revolving Loan | | LIBOR + | 5.25 | %, | 0.75 | % Floor 8 | | 9.98 | % | 9/30/2027 | | — | | (41,805) | | (80,966) | | 0.0 | % |
Harrington Reinsurance Holdings Limited | | Unsecured Note | | N/A | | | | | | 7.25 | % | 6/29/2031 | | 20,000,000 | | 19,643,101 | | 19,886,918 | | 2.4 | % |
NFP Corp. 6 | | Unsecured Note | | N/A | | | | | | 6.88 | % | 8/15/2028 | | 27,761,417 | | 23,102,618 | | 23,300,157 | | 2.9 | % |
NFP Corp. 6 | | Unsecured Note | | N/A | | | | | | 7.50 | % | 10/1/2030 | | 2,075,000 | | 2,075,000 | | 1,953,958 | | 0.2 | % |
RSC Acquisition, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 8 13 | | 10.05 | % | 11/1/2026 | | 9,652,457 | | 9,440,968 | | 9,418,311 | | 1.2 | % |
Total Insurance | | | | | | | | | | | | | | | | 277,817,527 | | 279,502,152 | | 34.2 | % |
IT Services | | | | | | | | | | | | | | | | | | | | | |
Auctane Holdings, LLC | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 0.75 | % Floor 7 | | 10.13 | % | 10/5/2028 | | 39,700,000 | | 39,010,786 | | 38,531,467 | | 4.7 | % |
Auctane Holdings, LLC | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 0.75 | % Floor 7 | | 10.13 | % | 10/5/2028 | | 13,026,563 | | 12,799,437 | | 12,643,138 | | 1.5 | % |
Bottomline Technologies, Inc. | | First Lien Term Loan | | SOFR + | 5.50 | %, | 0.75 | % Floor 13 | | 9.82 | % | 5/14/2029 | | 88,163,653 | | 86,500,958 | | 86,585,525 | | 10.6 | % |
Bottomline Technologies, Inc. | | First Lien Revolving Loan | | SOFR + | 5.50 | %, | 1.00 | % Floor 8 | | 9.82 | % | 5/15/2028 | | — | | (131,650) | | (131,840) | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | | | |
Dcert Buyer, Inc. 6 | | Second Lien Term Loan | | SOFR + | 7.00 | % 13 | | | | 11.70 | % | 2/19/2029 | | 11,660,000 | | 11,513,443 | | 10,692,220 | | 1.3 | % |
Ensono, Inc. | | Second Lien Term Loan | | LIBOR + | 8.00 | % 9 | | | | 13.15 | % | 5/28/2029 | | 11,250,000 | | 11,149,649 | | 10,461,794 | | 1.3 | % |
Helpsystems Holdings, Inc. | | Second Lien Term Loan | | SOFR + | 6.75 | %, | 1.00 | % Floor 13 | | 10.94 | % | 11/19/2027 | | 10,000,000 | | 10,000,000 | | 8,954,120 | | 1.1 | % |
Ministry Brands Purchaser, LLC | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 7 | | 9.88 | % | 12/28/2028 | | 17,522,952 | | 17,367,401 | | 16,648,917 | | 2.0 | % |
Ministry Brands Purchaser, LLC | | First Lien Delayed Draw Term Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 8 | | 9.88 | % | 12/29/2028 | | — | | (24,322) | | (281,805) | | 0.0 | % |
Ministry Brands Purchaser, LLC | | First Lien Revolving Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 7 8 | | 9.88 | % | 12/24/2027 | | 847,458 | | 833,341 | | 762,916 | | 0.1 | % |
Neptune BidCo US Inc. | | Second Lien Term Loan | | SOFR + | 9.75 | %, | 0.75 | % Floor 13 | | 13.57 | % | 10/11/2029 | | 12,500,000 | | 12,131,165 | | 12,125,000 | | 1.5 | % |
Vision Solutions, Inc. | | Second Lien Term Loan | | LIBOR + | 7.25 | %, | 0.75 | % Floor 10 | | 11.61 | % | 4/23/2029 | | 30,000,000 | | 29,748,554 | | 24,083,345 | | 2.9 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Watchguard Technologies, Inc. 6 | | First Lien Term Loan | | SOFR + | 5.25 | %, | 1.00 | % Floor 13 | | 9.57 | % | 7/5/2029 | | 5,236,875 | | 4,908,425 | | 5,019,545 | | 0.6 | % |
WWEX Uni Topco Holdings, LLC | | Second Lien Term Loan | | LIBOR + | 7.00 | %, | 0.75 | % Floor 10 | | 11.73 | % | 7/26/2029 | | 20,000,000 | | 19,428,935 | | 18,158,188 | | 2.2 | % |
Total IT Services | | | | | | | | | | | | | | | | 255,236,122 | | 244,252,530 | | 29.9 | % |
Professional Services | | | | | | | | | | | | | | | | | | | | | |
Accordion Partners LLC | | First Lien Term Loan | | SOFR + | 6.25 | %, | 1.00 | % Floor 13 | | 10.83 | % | 8/29/2029 | | 23,289,456 | | 22,780,454 | | 22,779,417 | | 2.8 | % |
Accordion Partners LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 6.25 | % 8 | | | | 10.83 | % | 8/29/2029 | | — | | (64,426) | | (100,226) | | 0.0 | % |
Accordion Partners LLC | | First Lien Revolving Loan | | SOFR + | 6.25 | % 8 | | | | 10.83 | % | 8/31/2028 | | — | | (43,197) | | (44,545) | | 0.0 | % |
Explorer Investor, Inc. | | First Lien Term Loan | | SOFR + | 6.00 | %, | 0.50 | % Floor 13 | | 10.15 | % | 6/28/2029 | | 23,822,151 | | 22,453,966 | | 22,507,168 | | 2.8 | % |
Explorer Investor, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 6.00 | %, | 0.50 | % Floor 8 | | 10.15 | % | 6/28/2024 | | — | | (288,544) | | (279,209) | | 0.0 | % |
IG Investments Holdings | | First Lien Term Loan | | LIBOR + | 6.00 | %, | 0.75 | % Floor 7 | | 10.38 | % | 9/22/2028 | | 64,130,419 | | 63,038,331 | | 63,105,923 | | 7.7 | % |
IG Investments Holdings | | First Lien Term Loan | | LIBOR + | 6.00 | %, | 0.75 | % Floor 7 | | 10.38 | % | 9/22/2028 | | 4,949,875 | | 4,906,696 | | 4,870,799 | | 0.6 | % |
IG Investments Holdings | | First Lien Revolving Loan | | LIBOR + | 6.00 | %, | 0.75 | % Floor 7 8 | | 10.38 | % | 9/22/2027 | | 2,023,121 | | 1,943,553 | | 1,942,322 | | 0.2 | % |
Geosyntec Consultants, Inc. | | First Lien Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 13 | | 9.57 | % | 5/18/2029 | | 10,441,530 | | 10,269,340 | | 10,157,520 | | 1.2 | % |
Geosyntec Consultants, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 5.25 | %, | 0.75 | % Floor 8 | | 9.57 | % | 5/18/2024 | | — | | (35,135) | | (119,598) | | 0.0 | % |
Geosyntec Consultants, Inc. | | First Lien Revolving Loan | | SOFR + | 5.25 | %, | 1.00 | % Floor 8 | | 9.57 | % | 5/18/2027 | | — | | (25,647) | | (43,765) | | 0.0 | % |
MBO Partners, Inc. | | First Lien Term Loan | | SOFR + | 7.75 | %, | 1.00 | % Floor 13 | | 12.48 | % | 5/23/2028 | | 44,662,500 | | 43,396,705 | | 43,880,906 | | 5.4 | % |
MBO Partners, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 7.75 | %, | 1.00 | % Floor 8 13 | | 12.48 | % | 5/23/2028 | | 10,038,889 | | 9,622,276 | | 9,689,772 | | 1.2 | % |
People 2.0, Inc. | | First Lien Term Loan | | SOFR + | 7.50 | %, | 1.00 | % Floor 13 | | 11.82 | % | 7/12/2028 | | 45,386,250 | | 44,519,435 | | 44,537,527 | | 5.5 | % |
Vaco Holdings | | First Lien Term Loan | | SOFR + | 5.00 | %, | 0.75 | % Floor 13 | | 9.73 | % | 1/19/2029 | | 5,759,781 | | 5,591,743 | | 5,607,723 | | 0.7 | % |
Williams Martson, LLC | | First Lien Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 13 | | 10.25 | % | 8/25/2028 | | 15,921,635 | | 15,443,986 | | 15,305,467 | | 1.9 | % |
Williams Martson, LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 10.25 | % | 8/26/2024 | | — | | (48,350) | | (98,834) | | 0.0 | % |
Williams Martson, LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 1.00 | % Floor 8 | | 10.25 | % | 8/25/2028 | | — | | (63,324) | | (86,480) | | 0.0 | % |
Total Professional Services | | | | | | | | | | | | | | | | 243,397,862 | | 243,611,887 | | 29.8 | % |
Real Estate Management & Development | | | | | | | | | | | | | | | | | | | | | |
2-10 Holdco, Inc. | | First Lien Term Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 13 | | 10.42 | % | 3/26/2026 | | 49,125,000 | | 48,547,918 | | 49,125,000 | | 6.0 | % |
2-10 Holdco, Inc. | | First Lien Revolving Loan | | SOFR + | 6.00 | %, | 1.00 | % Floor 8 | | 10.42 | % | 3/26/2026 | | — | | (30,561) | | — | | 0.0 | % |
Total Real Estate Management & Development | | | | | | | | | | | | | | | | 48,517,357 | | 49,125,000 | | 6.0 | % |
Software | | | | | | | | | | | | | | | | | | | | | |
Anaplan, Inc. | | First Lien Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 13 | | 10.82 | % | 6/21/2029 | | 20,672,334 | | 20,276,632 | | 20,263,022 | | 2.5 | % |
Anaplan, Inc. | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 | | 10.82 | % | 6/21/2028 | | — | | (28,184) | | (30,611) | | 0.0 | % |
AxiomSL Group, Inc. | | First Lien Term Loan | | LIBOR + | 6.00 | %, | 1.00 | % Floor 7 | | 10.13 | % | 12/3/2027 | | 34,716,362 | | 34,141,218 | | 33,792,492 | | 4.1 | % |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Par | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
AxiomSL Group, Inc. | | First Lien Delayed Draw Term Loan | | LIBOR + | 6.00 | %, | 1.00 | % Floor 8 | | 10.13 | % | 12/3/2027 | | — | | (17,712) | | (60,512) | | 0.0 | % |
AxiomSL Group, Inc. | | First Lien Revolving Loan | | LIBOR + | 6.00 | %, | 1.00 | % Floor 8 | | 10.13 | % | 12/3/2025 | | — | | (33,174) | | (66,027) | | 0.0 | % |
Diligent Corporation | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 7 | | 10.13 | % | 8/4/2025 | | 29,475,000 | | 29,283,815 | | 28,138,072 | | 3.4 | % |
Diligent Corporation | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 7 | | 10.13 | % | 8/4/2025 | | 9,825,000 | | 9,759,571 | | 9,379,357 | | 1.1 | % |
Diligent Corporation | | First Lien Revolving Loan | | LIBOR + | 6.25 | %, | 1.00 | % Floor 7 8 | | 10.13 | % | 8/4/2025 | | 1,500,000 | | 1,470,044 | | 1,306,250 | | 0.2 | % |
GovDelivery Holdings, LLC | | First Lien Term Loan | | LIBOR + | 6.50 | %, | 1.00 | % Floor 7 | | 11.14 | % | 1/29/2027 | | 27,241,366 | | 26,733,717 | | 26,182,580 | | 3.2 | % |
GovDelivery Holdings, LLC | | First Lien Delayed Draw Term Loan | | LIBOR + | 6.00 | %, | 1.00 | % Floor 7 8 | | 10.14 | % | 1/29/2027 | | 33,845,980 | | 33,294,989 | | 31,946,561 | | 3.9 | % |
GovDelivery Holdings, LLC | | First Lien Revolving Loan | | LIBOR + | 6.50 | %, | 1.00 | % Floor 7 8 | | 10.14 | % | 1/29/2027 | | 809,964 | | 785,357 | | 716,147 | | 0.1 | % |
GS Acquisitionco, Inc. | | First Lien Term Loan | | LIBOR + | 5.75 | %, | 1.00 | % Floor 9 | | 9.92 | % | 5/22/2026 | | 37,131,476 | | 37,038,235 | | 35,714,830 | | 4.4 | % |
Ion Trading Technologies 6 | | Unsecured Note | | N/A | | | | | | 5.75 | % | 5/15/2028 | | 1,875,000 | | 1,540,000 | | 1,565,156 | | 0.2 | % |
Mandolin Technology Intermediate Holdings, Inc. | | Second Lien Term Loan | | LIBOR + | 6.50 | %, | 0.50 | % Floor 10 | | 10.91 | % | 7/30/2029 | | 17,500,000 | | 17,337,883 | | 15,935,095 | | 1.9 | % |
Maverick 1 LLC | | Second Lien Term Loan | | LIBOR + | 6.75 | %, | 0.75 | % Floor 10 | | 11.16 | % | 5/18/2029 | | 9,000,000 | | 8,960,479 | | 8,909,263 | | 1.1 | % |
McAfee Enterprise 6 | | First Lien Term Loan | | LIBOR + | 4.75 | %, | 0.75 | % Floor 10 | | 9.17 | % | 7/27/2028 | | 5,232,836 | | 4,786,287 | | 4,505,157 | | 0.6 | % |
Orion Advisor Solutions, Inc | | Second Lien Term Loan | | LIBOR + | 8.50 | %, | 1.00 | % Floor 10 | | 12.91 | % | 9/24/2028 | | 16,500,000 | | 16,380,886 | | 15,409,941 | | 1.9 | % |
RealPage, Inc. 6 | | Second Lien Term Loan | | LIBOR + | 6.50 | %, | 0.75 | % Floor 7 | | 10.88 | % | 4/23/2029 | | 5,628,559 | | 5,518,941 | | 5,442,113 | | 0.7 | % |
Simplifi Holdings, Inc. | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 10 | | 9.25 | % | 10/1/2027 | | 26,837,349 | | 26,389,048 | | 26,445,644 | | 3.2 | % |
Simplifi Holdings, Inc. | | First Lien Revolving Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 8 | | 9.25 | % | 10/1/2026 | | — | | (43,358) | | (42,204) | | 0.0 | % |
Spirit RR Holdings, Inc. | | First Lien Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 13 | | 11.18 | % | 9/13/2028 | | 14,002,261 | | 13,588,333 | | 13,597,596 | | 1.7 | % |
Spirit RR Holdings, Inc. | | First Lien Delayed Draw Term Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 13 | | 11.18 | % | 9/13/2024 | | 3,033,823 | | 2,945,142 | | 2,946,146 | | 0.4 | % |
Spirit RR Holdings, Inc. | | First Lien Revolving Loan | | SOFR + | 6.50 | %, | 1.00 | % Floor 8 | | 11.18 | % | 9/13/2028 | | — | | (39,899) | | (40,467) | | 0.0 | % |
Syntax Systems Limited | | First Lien Term Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 7 | | 10.13 | % | 10/29/2028 | | 10,706,064 | | 10,613,050 | | 10,235,218 | | 1.3 | % |
Syntax Systems Limited | | First Lien Delayed Draw Term Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 8 | | 10.13 | % | 10/15/2028 | | — | | (24,859) | | (130,632) | | 0.0 | % |
Syntax Systems Limited | | First Lien Revolving Loan | | LIBOR + | 5.50 | %, | 0.75 | % Floor 7 8 | | 10.04 | % | 10/29/2026 | | 792,079 | | 782,190 | | 739,826 | | 0.1 | % |
Tamarack Intermediate LLC | | First Lien Revolving Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 13 | | 9.48 | % | 3/13/2028 | | 21,376,953 | | 20,995,023 | | 21,009,270 | | 2.6 | % |
Tamarack Intermediate LLC | | First Lien Delayed Draw Term Loan | | SOFR + | 5.75 | %, | 0.75 | % Floor 8 13 | | 9.48 | % | 3/13/2028 | | 625,000 | | 564,174 | | 564,531 | | 0.1 | % |
Total Software | | | | | | | | | | | | | | | | 322,997,828 | | 314,373,814 | | 38.5 | % |
Equity and Warrants—1.7% | | | | | | | | | | | | | | | | | | | | | |
Health Care Technology | | | | | | | | | | | | | | | | | | | | | |
Imagine Acquisitionco, LLC | | Equity | | N/A | | | | | | N/A | | N/A | | 2,000,000 | | 2,000,000 | | 2,103,614 | | 0.3 | % |
Total Health Care Technology | | | | | | | | | | | | | | | | 2,000,000 | | 2,103,614 | | 0.3 | % |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Par | | | | | | | | Percentage | |
| | Type of | | Reference Rate | | Interest | | | | Amount / | | | | | | | | of Net | |
Portfolio Company 1 2 3 | | Investment | | and Spread | | Rate | | Maturity | | Units | | Cost 4 | | Fair Value | | Assets 5 | |
Software | | | | | | | | | | | | | | | | | | | |
GT Polaris Holdings | | Equity | | N/A | | 12.50 | % | N/A | | 8,804,811 | | | 8,645,543 | | | 7,821,358 | | 1.0 | % |
Spirit RR Holdings, Inc. | | Equity | | N/A | | N/A | | N/A | | 3,585,975 | | | 3,635,318 | | | 3,635,318 | | 0.4 | % |
Total Software | | | | | | | | | | | | | 12,280,861 | | | 11,456,676 | | 1.4 | % |
| | | | | | | | | | | | | | | | | | | |
Warrants– 0.0% | | | | | | | | | | | | | | | | | | | |
Health Care Providers & Services | | | | | | | | | | | | | | | | | | | |
Giving Home Health Care | | Warrants | | N/A | | N/A | | N/A | | 2,917 | | | 29 | | | — | | 0.0 | % |
Total Health Care Providers & Services | | | | | | | | | | | | | 29 | | | — | | 0.0 | % |
| | | | | | | | | | | | | | | | | | | |
Total Non-Controlled/Non-Affiliated Investments | | | | | | | | | | | | $ | 1,717,895,936 | | $ | 1,688,521,222 | | 206.6 | % |
| (1) | All of the Company’s investments are domiciled in the United States except for Harrington Reinsurance Holdings Limited and Syntax Systems Limited, which are domiciled in Bermuda and Canada, respectively. |
| (2) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy. |
| (3) | All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 except for Harrington Reinsurance Holdings Limited and Syntax Systems Limited. |
| (4) | Cost represents the original cost adjusted for amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
| (5) | Percentage is based on net assets of $817,185,589 as of December 31, 2022. |
| (6) | Represents securities categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy. |
| (7) | The interest rate on this security is subject to a base rate plus 1 Month “1M“ LIBOR, which at December 31, 2022 was 4.37%. |
| (8) | This investment has an unfunded commitment as of December 31, 2022. For further details, see Note 5. Fair value includes an analysis of the unfunded commitment. |
| (9) | The interest rate on this security is subject to a base rate plus 6 Month “6M“ LIBOR, which at December 31, 2022 was 5.14%. |
| (10) | The interest rate on this security is subject to a base rate plus 3 Month “3M“ LIBOR, which at December 31, 2022 was 4.77%. |
| (11) | The interest rate on this security is subject to the Alternate Base Rate, which at December 31, 2022 was 7.50%. |
| (12) | The interest rate on this security is subject to a base rate plus 12 Month “12M“ LIBOR, which at December 31, 2022 was 5.48%. |
| (13) | The interest rate on this security is subject to the Secured Overnight Financing Rate, which at December 31, 2022 was 4.30%. |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Stone Point Credit Corporation
Notes to Consolidated Financial Statements
September 30, 2023
(unaudited)
Note 1. Organization
Organization
Stone Point Credit Corporation (the “Company“) was formed as a Delaware limited liability company on September 8, 2020 with the name Stone Point Capital Credit LLC. The Company has elected to be regulated as a business development company (a “BDC“) under the Investment Company Act of 1940, as amended (the “1940 Act“). In connection with its election to be regulated as a BDC, the Company converted to a Delaware corporation, changed its name to Stone Point Credit Corporation, and commenced operations on December 1, 2020. In addition, for tax purposes, Stone Point Credit Corporation has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC“) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code“).
The Company is managed by Stone Point Credit Adviser LLC (the “Adviser“). The Adviser is a Delaware limited liability company that is registered with the Securities Exchange Commission (“SEC“) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act“). Subject to the supervision of the Company’s board of directors (the “Board“), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. The Adviser is an affiliate of Stone Point Capital LLC (“Stone Point Capital“ or together with its credit-focused affiliates, as applicable, “Stone Point Credit“), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors.
On June 11, 2021, the Company formed SPCC Funding I LLC (the “SPV“), a wholly-owned financing subsidiary, for the purpose of holding pledged investments as collateral under a financing facility.
On April 24, 2023, the Company formed SPCC Funding II LLC (the “SPV II,” and together with the SPV, the “SPVs”), a wholly-owned financing subsidiary, for the purpose of holding pledged investments as collateral under a financing facility.
The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company intends to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, equity, and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
Interim consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. Accordingly, they may not include all information and notes required by U.S. GAAP for annual consolidated financial statements. U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2023.
The accompanying consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of the Company and the SPVs. All intercompany balances and transactions have been eliminated in consolidation. All references made to the “Company,“ “we,“ and “us“ herein include Stone Point Credit Corporation and the consolidated SPVs. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC“)
Topic 946, Financial Services — Investment Companies. The Company’s fiscal year ends on December 31. The functional currency of the Company is U.S. dollars.
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates and such differences could be material.
Cash and Cash Equivalents
Cash and cash equivalents consists of deposits in a money market account and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s deposits may, at times, exceed the insured limits under applicable law.
Deferred Financing and Debt Issuance Costs
Financing costs incurred in connection with the Company’s borrowings (see Note 6) and debt issuance are deferred and amortized over the life of the corresponding facility. The Company records origination and other expenses related to its debt obligations as deferred financing and debt issuance costs. Deferred financing and debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability.
Organizational and Offering Expenses
Organizational expenses are costs associated with the organization of the Company and are expensed as incurred. Offering expenses are costs associated with the offering of Common Stock of the Company and are capitalized as deferred offering expenses in the Consolidated Statement of Assets and Liabilities. Deferred offering expenses are amortized over a twelve-month period from incurrence.
Income Taxes
The Company has elected to be treated, and intends to qualify annually, as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to common stockholders of the Company (“Stockholders“) as dividends. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of the Company’s “investment company taxable income,“ which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income.
The Company evaluates tax positions taken or expected to be taken while preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not“ to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not“ threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted later based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions from inception through December 31, 2022. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state tax authorities.
Consolidation
As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company's wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation.
Distributions
Distributions to Stockholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board.
Dividend Reinvestment Plan
The Company has adopted an “opt out“ dividend reinvestment plan (“DRIP“), under which a Stockholder’s distributions would automatically be reinvested under the DRIP in additional whole and fractional shares, unless the Stockholder “opts out“ of the DRIP, thereby electing to receive cash dividends.
The Company uses newly issued shares of Common Stock to implement the DRIP. Shares of Common Stock are issued at a price per share equal to the most recent net asset value per share determined by the Board.
Stockholders who receive distributions in the form of additional shares of Common Stock generally will be subject to the same U.S. federal, state and local tax consequences as Stockholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a Stockholder’s capital commitment.
Valuation of Portfolio Securities
In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company’s “Valuation Designee“. The Adviser, with the assistance of the Adviser’s Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company’s investments in instances where there is no readily available market quotation. Investments for which market quotations are readily available may be priced by independent pricing services. From time to time, the Company retains an external, independent valuation firm to provide data and valuation analyses on the Company’s portfolio companies.
The Company’s investment portfolio is recorded at fair value as determined in good faith in accordance with procedures established by the Board (“Valuation Policy“) and, as a result, there is and will be uncertainty as to the value of the Company’s portfolio investments. Under the 1940 Act, the Company is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by the Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Company intends to hold and make. The Company’s investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board.
The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making fair value determinations. The types of factors that may be considered in determining the fair values of the Company’s investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with the Valuation Policy may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Company’s net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments.
Company Common Stock Share Valuation
In accordance with U.S. GAAP, the net asset value per share of the outstanding shares of Common Stock is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding.
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation
The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. During the three and nine months ended September 30, 2023, the Company recorded $276,340 and $1,135,647 of realized gains, respectively. During the three and nine months ended September 30, 2022, the Company recorded $657,874 and $984,078 of realized gains, respectively. During the three and nine months ended September 30, 2023, the Company recorded $8,731,313 and $9,726,657 of unrealized appreciation, respectively. During the three and nine months ended September 30, 2022, the Company recorded $14,617,098 and $20,727,283 of unrealized depreciation, respectively.
Revenue Recognition
The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606“), which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Significant judgments are required in the application of the five-step model including; when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.
Revenue from contracts with customers includes fee income (underwriting and arranger fees). The Company earns underwriting and arranger fees in securities offerings in which the Company acts as an underwriter or arranger, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible securities offerings. Fee revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; (iii) the Company has been informed of the number of securities that it has been allotted; and (iv) the issuer obtains control and benefits of the offering; which generally occurs on trade date.
ASC Topic 606 does not apply to revenue associated with financial instruments and interest and dividend income.
Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts to par value on securities purchased are accreted into interest income over the contractual life of the respective security using the effective interest method. Premiums to par value on securities purchased are amortized to the first call date into interest income using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Discounts and premiums to par generally include loan origination fees, original issue discount and market discounts.
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan
has sufficient collateral value and is in the process of collection. As of September 30, 2023 and December 31, 2022, no investments were on non-accrual status.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the three and nine months ended September 30, 2023, the Company earned dividend income of $299,320 and $1,112,440, respectively, that were included in the Consolidated Statements of Operations as dividend income. During the three and nine months ended September 30, 2022, the Company earned dividend income of $273,875 and $273,875, respectively, that were included in the Consolidated Statements of Operations as dividend income.
Fee Income
The Company, or its affiliates, may receive fees for capital structuring services. These fees are generally non-recurring and are recognized as fee income by the Company on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type:
| | | | | | | | | | | | |
| | Three Months | | Nine Months | | Three Months | | Nine Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, 2023 | | September 30, 2023 | | September 30, 2022 | | September 30, 2022 |
Fee Income | | $ | — | | $ | 487,500 | | $ | 373,750 | | $ | 373,750 |
| | | | | | | | | | | | |
Total revenue from contracts with customers | | $ | — | | $ | 487,500 | | $ | 373,750 | | $ | 373,750 |
Recent Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB“) issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),“ which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR“) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),“ which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),“ which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024. The Company continues to evaluate the transition of reference rates and is currently evaluating the impact of adopting ASU No. 2020-04, 2021-01 and 2022-06 on the consolidated financial statements.
In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual consolidated financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements.
Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.
Note 3. Agreements and Related Party Transactions
Investment Advisory Agreement
Subject to the supervision of the Board and pursuant to an investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement“), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. Among other things, the Adviser (i) determines the composition and allocation of the Company’s investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Company’s investments; (v) determines the securities and other assets that the Company will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Company and (vii) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its fund and (viii) to the extent permitted under the 1940 Act and the Advisers Act, on the Company’s behalf, and in coordination with any sub-adviser and any administrator, provides significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Investment Advisory Agreement is not adversely affected.
Under the Investment Advisory Agreement, the Company pays the Adviser (i) a base management fee and (ii) an incentive fee as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Company pays to the Adviser an asset-based fee (the “Management Fee“) for management services in an amount equal to an annual rate of 1.30% of the average value of the Company’s gross assets (excluding cash and cash equivalents) for the most recently completed calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year. For the three and nine months ended September 30, 2023, the Company incurred management fees of $6,286,880 and $17,772,397, respectively. For the three and nine months ended September 30, 2022, the Company incurred management fees of $5,157,000 and $13,388,694 respectively. As of September 30, 2023 and December 31, 2022, the Company recorded base management fees payable of $6,286,879 and $5,548,862, respectively.
Incentive Fee
Beginning December 21, 2024, on the fourth anniversary of the date on which Stockholders were required to fund their initial drawdown (the “Incentive Commencement Date“), the Company will pay the Adviser an incentive fee (“Incentive Fee“) as set forth below. The Incentive Fee will consist of two parts. The first part (the “Investment Income Incentive Fee“) will be calculated and payable following the Incentive Commencement Date on a quarterly basis, in arrears, and will equal 15% of “pre-incentive fee net investment income“ for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis. For purposes of computing the initial installment of the Investment Income Incentive Fee, because the Incentive Commencement Date does not fall on the first day of a calendar quarter, the initial payment of the Investment Income Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through March 31, 2025, the last day of the first complete calendar quarter immediately following the Incentive Commencement Date and, thereafter, at the end of each subsequent calendar quarter as described above. The second part (the “Capital Gains Incentive Fee“) will be an annual fee that will also commence with the period beginning on the Incentive Commencement Date and will be determined and payable following the Incentive Commencement Date, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 15% of realized capital gains, if any, determined on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Fees. Capital Gains Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through December 31, 2025.For the three and nine months ended September 30, 2023 and 2022, the Company did not incur any performance-based incentive fees.
Administration Agreement
The Adviser also serves as the administrator of the Company (in such capacity, the “Administrator“). Subject to the supervision of the Board, the Administrator provides the administrative services necessary for the Company to operate and the Company utilizes the Administrator’s office facilities, equipment and recordkeeping services. The Company reimburses the Administrator for all reasonable costs and expenses incurred by the Administrator in providing these services, facilities and personnel, as provided by the administration agreement by and between the Company and the Administrator (the “Administration Agreement“). In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and the Company reimburses the expenses of these parties incurred directly and/or paid by the Administrator on the Company’s behalf.
The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including furnishing the Company with office facilities, equipment and clerical, bookkeeping and recordkeeping services at such facilities, as well as providing the Company with other administrative services. In addition, the Company reimburses the Administrator for the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the compensation of certain of the Company’s officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any support staff. The Adviser can waive any amounts owed to it under the Administration Agreement, at its discretion.
For the three and nine months ended September 30, 2023, the Company incurred $358,264 and $1,016,264, respectively, of administrative overhead expenses that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2022, the Company incurred $333,000 and $694,618 of administrative overhead expenses, respectively. As of September 30, 2023 and December 31, 2022, $358,264 and $278,561, respectively, of administrative overhead expenses remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For the three and nine months ended September 30, 2022, the Administrator has elected to waive additional charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which are not subject to recoupment. For the three and nine months ended September 30, 2023, the Administrator did not waive any charges that were eligible for reimbursement under the terms of the Administration Agreement.
Sub-Administration and Custodian Fees
On January 22, 2021, the Adviser entered into a sub-administration agreement with U.S. Bank Global Fund Services (in such capacity, the “Sub-Administrator“) under which the Sub-Administrator provides various accounting and other administrative services with respect to the Company. The Company pays the Sub-Administrator fees for services the Administrator determines are commercially reasonable in its sole discretion. The Company also reimburses the Sub-Administrator for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions. The Sub-Administrator also serves as the Company’s custodian (the “Custodian“).
For the three and nine months ended September 30, 2023, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $284,709 and $963,859, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2022, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $237,976 and $757,281, respectively. As of September 30, 2023 and December 31, 2022, $483,504 and $489,568, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.
Transfer Agent Fees
The Company has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (in such capacity, the “Transfer Agent“). For the three and nine months ended September 30, 2023, the Company incurred expenses for services provided by the Transfer Agent of $20,000 and $49,496, respectively, that were included on the Consolidated Statements of Operations as professional fees. For the three and nine months ended September 30, 2022, the Company incurred expenses for services provided by the Transfer Agent of $20,000 and $62,890, respectively. As of September 30, 2023 and December 31, 2022, $34,504 and $27,316, respectively, remained payable and were included on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses.
Affiliated Broker-Dealer
The Adviser is an affiliate of SPC Capital Markets LLC, a Delaware limited liability company (the “Affiliated Broker-Dealer“), which is registered as a broker-dealer with the SEC and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. The Affiliated Broker-Dealer is authorized to engage in the following activities: (i) acting as broker or dealer selling corporate debt securities, (ii) acting as firm commitment underwriter, (iii) acting as real estate syndicator, (iv) investment advisory services (incidental to its role as broker-dealer), including acting as financial advisor to issuers of securities, and participants in mergers, acquisitions, sales, and dispositions of companies, and (v) private placements of securities. The Affiliated Broker Dealer may receive fees from other investors and portfolio companies in which the Company invests but will not collect fees from the Company for its portfolio investments.
To the extent permitted by the 1940 Act, the Affiliated Broker-Dealer may, among other assignments, arrange, structure, and/or place equity and debt securities to be issued by portfolio companies of the Company on a best efforts or firm commitment basis. These placements may from time to time include structuring of offerings, and placement of securities in public offerings of securities issued by portfolio companies of the Company. The Affiliated Broker-Dealer may act as a firm commitment underwriter (co-manager only) in public and private offerings of securities issued by portfolio companies of the Company. In certain limited circumstances, the Company may have a conflict resulting from the foregoing arrangements. When the Affiliated Broker-Dealer serves as underwriter with respect to the securities of a subsidiary of the Company, the Company may be subject to a “lock-up“ period following the offering under applicable regulations or agreements during which time its ability to sell any securities that it continues to hold is restricted. This restriction may prevent the Company from disposing of such securities at an opportune time. To the extent permitted by the 1940 Act, the Company may make investments from time to time in transactions where the Affiliated Broker-Dealer is acting as agent, broker, principal, arranger or syndicate manager or member on the other side of the transaction or for other parties in the transaction. The consent of the Board may be required to enter into certain of the Company’s potential investments and the failure of the Board to grant such consent would prevent the Company from consummating such investments, which could adversely affect the Company.
Co-Investment Exemptive Relief
The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On June 14, 2022, the SEC granted the Company exemptive relief (the “Order“) that permits the Company to co-invest alongside other funds managed by the Adviser or certain of its affiliates, if, among other things, a “required majority“ (as defined in Section 57(o) of the 1940 Act) of the Company’s Independent Directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and Stockholders and do not involve overreaching in respect of the Company or Stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of Stockholders and is consistent with the Company’s then-current investment objective and strategies. The Order provides that, in connection with any co-investment transaction, the Company may participate in any such co-investment transaction on terms that are same to those applicable to the other funds managed by, or certain entities affiliated with, the Adviser or certain of its affiliates. To the extent an investment by such other fund or entity, as applicable, in an applicable co-investment opportunity is based on favorable terms, the Company will benefit from investing in such co-investment opportunity based on such favorable terms. In addition, the Order provides that, in connection with any such co-investment transaction, the Company will receive its pro rata share of any transaction fees (including break-up, structuring, monitoring or commitment fees but excluding brokerage or underwriting compensation permitted by section 17(e) or 57(k) of the 1940 Act), in respect of such co-investment transaction, based on the Company’s relative share of the amount invested or committed, as applicable, in such transaction.
Note 4. Offering Costs
The Company has and may continue to bear expenses relating to its offering of its Common Stock, including the listing of its Common Stock on a national securities exchange. Offering expenses include, without limitation, legal, accounting, printing and other offering costs including those associated with the preparation of a registration statement in connection with any offering of Common Stock.
For the three and nine months ended September 30, 2023, the Company incurred offering costs of $24,315 and $76,939, respectively. For the three and nine months ended September 30, 2022, the Company incurred offering costs of $33,518 and $77,876, respectively. For the three and nine months ended September 30, 2023 and 2022, the Company did not incur any organizational expenses. As of September 30, 2023 and December 31, 2022, there was no balance payable on the Consolidated Statements of Assets and Liabilities for organizational and offering expenses payable.
Note 5. Commitments and Contingencies
Litigation and Regulatory Matters
From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with the Company’s portfolio companies. The Company and the Adviser are not currently a party to any material legal proceedings.
Unfunded Portfolio Company Commitments
From time to time, the Company may enter into commitments to fund investments. As of September 30, 2023 and December 31, 2022, the Company had the following unfunded portfolio company commitments under loan and financing agreements:
| | | | | | | | |
| | | | September 30, 2023 | | December 31, 2022 |
Portfolio Company | | Type of Investment | | Par | | Par |
2-10 Holdco, Inc. | | First Lien Revolving Loan | | $ | 2,777,778 | | $ | 2,777,778 |
Accordion Partners LLC | | First Lien Delayed Draw Term Loan | | | 3,051,020 | | | 4,576,531 |
Accordion Partners LLC | | First Lien Revolving Loan | | | 2,034,014 | | | 2,034,014 |
Accurserve | | First Lien Delayed Draw Term Loan | | | 5,172,414 | | | — |
AmeriLife Group LLC | | First Lien Delayed Draw Term Loan | | | 3,515,152 | | | 3,515,152 |
AmeriLife Group LLC | | First Lien Revolving Loan | | | 4,393,939 | | | 5,272,727 |
Anaplan, Inc. | | First Lien Revolving Loan | | | 1,546,008 | | | 1,546,008 |
AxiomSL Group, Inc. | | First Lien Delayed Draw Term Loan | | | — | | | 2,273,873 |
AxiomSL Group, Inc. | | First Lien Revolving Loan | | | 2,481,089 | | | 2,481,089 |
Beacon Pointe Harmony, LLC | | First Lien Delayed Draw Term Loan | | | 10,193,485 | | | 8,010,000 |
Beacon Pointe Harmony, LLC | | First Lien Revolving Loan | | | 3,000,000 | | | 3,000,000 |
Belmont Buyer, Inc. | | First Lien Delayed Draw Term Loan | | | 2,616,279 | | | — |
Belmont Buyer, Inc. | | First Lien Revolving Loan | | | 2,180,233 | | | — |
Bottomline Technologies, Inc. | | First Lien Revolving Loan | | | 7,365,385 | | | 7,365,385 |
Captive Resources Midco, LLC | | First Lien Revolving Loan | | | 2,202,764 | | | 2,202,764 |
CNSI Holdings, LLC | | First Lien Revolving Loan | | | 1,440,694 | | | 1,440,694 |
CORA Health Holdings Corp. | | First Lien Delayed Draw Term Loan | | | — | | | 5,376,426 |
Diligent Corporation | | First Lien Revolving Loan | | | 2,950,000 | | | 3,500,000 |
Elkay LLC | | First Lien Revolving Loan | | | 3,611,111 | | | 3,611,111 |
Explorer Investor, Inc. | | First Lien Delayed Draw Term Loan | | | 4,042,263 | | | 5,058,140 |
Galway Borrower, LLC | | First Lien Delayed Draw Term Loan | | | — | | | 594,253 |
Galway Borrower, LLC | | First Lien Delayed Draw Term Loan | | | 21,000,000 | | | — |
Galway Borrower, LLC | | First Lien Revolving Loan | | | 4,098,295 | | | 4,098,295 |
Geosyntec Consultants, Inc. | | First Lien Delayed Draw Term Loan | | | 2,186,775 | | | 4,397,000 |
Geosyntec Consultants, Inc. | | First Lien Revolving Loan | | | 1,609,000 | | | 1,609,000 |
GovDelivery Holdings, LLC | | First Lien Revolving Loan | | | 1,303,456 | | | 1,603,843 |
GraphPAD Software, LLC | | First Lien Delayed Draw Term Loan | | | 11,000,000 | | | 11,000,000 |
GraphPAD Software, LLC | | First Lien Revolving Loan | | | 1,250,000 | | | 2,500,000 |
Hyland Software, Inc. | | First Lien Revolving Loan | | | 1,199,095 | | | — |
IG Investments Holdings LLC | | First Lien Revolving Loan | | | 5,057,803 | | | 3,034,682 |
Imagine Acquisitionco, LLC | | First Lien Delayed Draw Term Loan | | | 6,430,868 | | | 6,430,868 |
Imagine Acquisitionco, LLC | | First Lien Revolving Loan | | | 4,630,225 | | | 4,630,225 |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | | — | | | 2,777,778 |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | | 6,533,333 | | | — |
MBO Partners, Inc. | | First Lien Delayed Draw Term Loan | | | 7,410,664 | | | 9,910,664 |
Ministry Brands Purchaser, LLC | | First Lien Delayed Draw Term Loan | | | 4,743,432 | | | 5,649,718 |
Ministry Brands Purchaser, LLC | | First Lien Revolving Loan | | | 932,203 | | | 847,458 |
Mirra-Prime Access Holdings, LLC | | First Lien Revolving Loan | | | 1,712,500 | | | 1,712,500 |
More Cowbell II LLC | | First Lien Delayed Draw Term Loan | | | 5,444,251 | | | — |
More Cowbell II LLC | | First Lien Revolving Loan | | | 5,683,798 | | | — |
Neptune Flood Incorporated | | First Lien Revolving Loan | | | 750,000 | | | — |
OneDigital Borrower LLC | | First Lien Delayed Draw Term Loan | | | 9,771,429 | | | — |
Project K BuyerCo, Inc. | | First Lien Revolving Loan | | | 7,727,273 | | | 7,727,273 |
RSC Acquisition, Inc. | | First Lien Delayed Draw Term Loan | | | 24,000,000 | | | 23,325,789 |
Simplifi Holdings, Inc. | | First Lien Revolving Loan | | | 2,349,398 | | | 2,891,566 |
SpecialtyCare, Inc. | | First Lien Delayed Draw Term Loan | | | — | | | 1,168,555 |
SpecialtyCare, Inc. | | First Lien Revolving Loan | | | 1,062,323 | | | 658,640 |
Spirit RR Holdings, Inc. | | First Lien Revolving Loan | | | 1,213,529 | | | 1,400,226 |
Stepping Stones Healthcare Services, LLC | | First Lien Delayed Draw Term Loan | | | 2,366,000 | | | 4,130,000 |
Stepping Stones Healthcare Services, LLC | | First Lien Revolving Loan | | | 3,010,000 | | | 980,000 |
Syntax Systems Limited | | First Lien Delayed Draw Term Loan | | | 2,970,297 | | | 2,970,297 |
Syntax Systems Limited | | First Lien Revolving Loan | | | 396,040 | | | 396,040 |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | | 7,606,857 | | | 13,698,286 |
TA/WEG Intermediate Holdings, LLC | | First Lien Revolving Loan | | | 2,000,000 | | | 2,000,000 |
Tamarack Intermediate LLC | | First Lien Revolving Loan | | | 2,935,268 | | | 2,890,625 |
Trinity Partners Holdings LLC | | First Lien Delayed Draw Term Loan | | | 7,446,809 | | | 7,446,809 |
TST Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | | 8,846,154 | | | 8,942,308 |
Williams Martson, LLC | | First Lien Delayed Draw Term Loan | | | 2,553,846 | | | 2,553,846 |
Williams Martson, LLC | | First Lien Revolving Loan | | | 2,234,615 | | | 2,234,615 |
Total Par | | | | $ | 246,039,164 | | $ | 210,252,851 |
The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the consolidated financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedule of Investments as of September 30, 2023 and December 31, 2022. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded.
The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. The Company expects to maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund.
Note 6. Borrowings
In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in the Small Business Credit Availability Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of September 30, 2023 and December 31, 2022, the Company’s asset coverage ratios were 189% and 189%, respectively.
The following tables show the Company’s outstanding debt as of September 30, 2023 and December 31, 2022, respectively:
| | | | | | | | | | | | |
| | September 30, 2023 |
| | Aggregate Principal | | Outstanding | | Amount | | Net Carrying |
| | Committed | | Principal | | Available | | Value |
Capital Call Facility | | $ | 125,000,000 | | $ | 20,000,000 | | $ | 105,000,000 | | $ | 19,889,186 |
Revolving Credit Facility | | | 750,000,000 | | | 726,000,000 | | | 24,000,000 | | | 721,521,470 |
Secured Credit Facility | | | 300,000,000 | | | 83,500,000 | | | 216,500,000 | | | 81,390,695 |
2025 Notes | | | 225,000,000 | | | 225,000,000 | | | — | | | 223,391,726 |
Total | | $ | 1,400,000,000 | | $ | 1,054,500,000 | | $ | 345,500,000 | | $ | 1,046,193,077 |
| | | | | | | | | | | | |
| | December 31, 2022 |
| | Aggregate | | | | | | Net |
| | Principal | | Outstanding | | Amount | | Carrying |
| | Committed | | Principal | | Available | | Value |
Capital Call Facility | | $ | 125,000,000 | | $ | 5,000,000 | | $ | 120,000,000 | | $ | 4,561,000 |
Revolving Credit Facility | | | 750,000,000 | | | 684,000,000 | | | 66,000,000 | | | 678,169,958 |
Secured Credit Facility | | | — | | | — | | | — | | | — |
2025 Notes | | | 225,000,000 | | | 225,000,000 | | | — | | | 222,720,117 |
Total | | $ | 1,100,000,000 | | $ | 914,000,000 | | $ | 186,000,000 | | $ | 905,451,075 |
Capital Call Facility
Effective as of December 29, 2020 (the “Initial Closing Date“), the Company entered into a revolving credit facility (as amended, the “Capital Call Facility“) by and among, inter alios, the Company as the initial borrower, the lenders from time-to-time party thereto (collectively, the “Lenders“) and Capital One, National Association, as the administrative agent (the “Administrative Agent“), sole lead arranger and a Lender. On December 28, 2021, the Company executed an amendment (the “First Amendment“) to the Capital Call Facility. The First Amendment extended the scheduled maturity date of the loans under the Capital Call Facility from December 29, 2021 to December 28, 2022 in accordance with the maturity extension feature in the Capital Call Facility that allows the Company, under certain circumstances, to extend the scheduled maturity date for one additional term, not to exceed 364 days and makes certain changes to the Capital Call Facility relating to the transition of the benchmark interest rate from LIBOR to a Secured Overnight Financing Rate (“SOFR“) based rate.
On December 27, 2022 (the “Amended Closing Date“), the Company executed a letter agreement (the “Second Amendment“) to amend its Capital Call Facility. The Second Amendment, among other things, reduced the maximum borrowing capacity of the Company under the Capital Call Facility to $125 million from $200 million and changed the applicable margin for advances under the Capital Call Facility to SOFR plus 1.95%. The Second Amendment extended the scheduled maturity date of the loans under the Capital Call Facility from December 28, 2022 to December 27, 2023. The other material terms of the Capital Call Facility were unchanged.
The Capital Call Facility provides for a maximum commitment of up to $125,000,000 for a period of up to two years (including extension terms) from the Amended Closing Date subject to the terms set forth in the Capital Call Facility. Under the Capital Call Facility, an unused commitment fee at the rate of 0.35% per annum on the unused portion of the commitment of the Lenders is payable by the Company to the Administrative Agent.
The proceeds of the loans under the Capital Call Facility may be used to acquire portfolio investments and such other uses as permitted under the Capital Call Facility. At the Company’s option, the Capital Call Facility will accrue interest at a rate per annum based on (i) a daily simple SOFR plus an applicable margin of 1.95% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 0.95%.
The maturity date is the earliest of: (a) December 28, 2023; (b) the date upon which the Administrative Agent declares the Company’s obligations under the Capital Call Facility (the “Obligations“) due and payable after the occurrence of an event of default under the Capital Call Facility; (c) 45 days prior to the termination of the Company’s Operative Documents (as defined in the Capital Call Facility); (d) 45 days prior to the date on which the Company’s ability to call capital commitments for the purpose of repaying the Obligations is terminated, and (e) the date upon which the Company terminates the commitments of the Lenders pursuant to Section 3.6 of the Capital Call Facility or otherwise.
The Capital Call Facility includes customary covenants as well as usual and customary events of default for revolving credit facilities of this nature.
As of September 30, 2023 and December 31, 2022, the carrying amount of the Company’s borrowings under the Capital Call Facility approximated its fair value. As of September 30, 2023, and December 31, 2022, unamortized financing costs of $110,814 and $439,000, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of September 30, 2023 and December 31, 2022, the Company had an outstanding balance of $20,000,000 and $5,000,000, respectively. The Capital Call Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $19,889,186 as of September 30, 2023 and $4,561,000 as of December 31, 2022. The following table shows additional information about the interest and financing costs related to the Capital Call Facility for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | |
| | Three Months | | Nine Months | | Three Months | | Nine Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, | | September 30, | | September 30, | | September 30, |
| | 2023 | | 2023 | | 2022 | | 2022 |
Interest expense related to the Capital Call Facility | | $ | 1,318,368 | | $ | 2,487,711 | | $ | 753,097 | | $ | 1,843,681 |
Financing expenses related to the Capital Call Facility | | | 114,593 | | | 340,139 | | | 141,074 | | | 416,219 |
Total interest and financing expenses related to the Capital Call Facility | | $ | 1,432,961 | | $ | 2,827,850 | | $ | 894,171 | | $ | 2,259,900 |
Revolving Credit Facility
On June 28, 2021, the SPV entered into a senior secured revolving credit facility (as amended, the “Revolving Credit Facility“) with JPMorgan Chase Bank, National Association (“JPM“). JPM serves as administrative agent and lender, U.S. Bank, National Association, serves as collateral agent, securities intermediary and collateral administrator, and Stone Point Credit Adviser LLC serves as portfolio manager under the Revolving Credit Facility.
Advances under the Revolving Credit Facility bear interest at a per annum rate equal to: (a) for advances denominated in USD, the three-month LIBOR, (b) for advances denominated in CAD, the average rate applicable to CAD bankers’ acceptances for a three-month period, (c) for advances denominated in GBP, the daily simple Sterling Overnight Index Average for each day, (d) for advances denominated in AUD, the three-month average bid reference rate administered by the Australian Financial Markets Association for Australian dollar bills, and (e) for advances denominated in Euros, the three-month Euro interbank offered rate, in each case, in effect, plus the applicable margin of 2.45% per annum (or, for advances denominated in GBP, 2.5693% per annum). The SPV paid and will pay, as applicable, a commitment fee of (x) initially, to but excluding September 28, 2021, 0.25% per annum, (y) from and including September 28, 2021 to but excluding the first anniversary of the Revolving Credit Facility, 0.50% per annum, and (z) from and including the first anniversary of the Revolving Credit Facility, 0.60% per annum, in each case, on the average daily unused amount of the financing commitments until the third anniversary of the Revolving Credit Facility.
On October 15, 2021, the SPV executed a letter agreement (the “Amendment“) to amend the Revolving Credit Facility. The Amendment increases the maximum borrowing capacity of the SPV under the Revolving Credit Facility between the SPV and JPM to $500 million from $250 million in accordance with the accordion feature in the Revolving Credit Facility that allows the SPV, under certain circumstances, to increase the size of the Revolving Credit Facility to an amount not to exceed $750 million in aggregate. The other material terms of the Revolving Credit Facility were unchanged. All amounts outstanding under the Revolving Credit Facility must be repaid by June 28, 2026.
On January 28, 2022, the SPV executed a letter agreement (the “Second Amendment“) to amend the Revolving Credit Facility. The Second Amendment increases the maximum borrowing capacity of the SPV under the Revolving Credit Facility by $250 million (the “Commitment Increase“) to an aggregate of $750 million from its previous $500 million borrowing capacity. The Second Amendment also (a) adds an accordion feature in the Revolving Credit Facility that allows the SPV, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional $250 million (the “Accordion“) to an amount not to exceed $1 billion in the aggregate and (b) establishes a new tranche consisting of the Commitment Increase and the Accordion, whereby any new advances made under such tranche bear interest at a per annum rate equal to Term SOFR for a three-month tenor in effect, plus the applicable margin of 2.55% per annum.
On June 30, 2023, the SPV executed a letter agreement (the “Third Amendment”) to amend the Revolving Credit Facility. The Third Amendment revises the Revolving Credit Agreement to provide that all borrowings in U.S. dollars now bear interest at a rate based on Term SOFR. The Third Amendment also amends the accordion feature of the Revolving Credit Agreement to increase the maximum borrowing capacity of the SPV under the Revolving Credit Agreement to an aggregate of $1 billion.
The SPV’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of the SPV’s portfolio of investments and cash. The obligations of the SPV under the Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the Revolving Credit Facility is limited to the value of the Company’s investment in the SPV.
In connection with the Revolving Credit Facility, the SPV made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of the SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders may declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable.
The occurrence of an event of default (as described above) or a Market Value Event (as defined in the Revolving Credit Facility) triggers a requirement that the SPV obtain the consent of JPM prior to entering into any sale or disposition with respect to portfolio assets, and the occurrence of a Market Value Event triggers the right of JPM to direct the SPV to enter into sales or dispositions with respect to any portfolio assets, in each case in JPM’s sole discretion.
As of September 30, 2023 and December 31, 2022, the carrying amount of the Company’s borrowings under the Revolving Credit Facility approximated its fair value. As of September 30, 2023 and December 31, 2022, unamortized financing costs of $4,478,530 and $5,830,043, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of September 30, 2023 and December 31, 2022, the Revolving Credit Facility had an outstanding balance of $726,000,000 and $684,000,000, respectively. The Revolving Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $721,521,470 as of September 30, 2023 and $678,169,958 as of December 31, 2022. The following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | |
| | Three Months | | Nine Months | | Three Months | | Nine Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, | | September 30, | | September 30, | | September 30, |
| | 2023 | | 2023 | | 2022 | | 2022 |
Interest expenses related to the Revolving Credit Facility | | $ | 13,245,470 | | $ | 38,572,482 | | $ | 7,694,768 | | $ | 16,877,852 |
Financing expenses related to the Revolving Credit Facility | | | 411,221 | | | 1,370,960 | | | 423,768 | | | 1,206,384 |
Total interest and financing expenses related to the Revolving Credit Facility | | $ | 13,656,691 | | $ | 39,943,442 | | $ | 8,118,536 | | $ | 18,084,236 |
Secured Credit Facility
On August 14, 2023, the SPV II entered into a $300 million Credit Agreement (the “Secured Credit Facility”), with the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian.
The Secured Credit Facility is comprised of (i) a $250 million asset-based revolving loan facility (the “ABL Facility”) and (ii) a $50 million asset-based revolving loan facility (the “Revolver Facility”), each of which has its own borrowing base (comprised of its respective eligible assets, as approved by the Administrative Agent from time to time) but both of which are generally subject to the same terms under the Secured Credit Facility. Borrowings from the Secured Credit Facility will be used, among other things, to finance the origination and acquisition of eligible assets by the SPV II, including the purchase of such assets from the Company; the Revolver Facility will be used, in part, to use such proceeds to acquire assets which have not yet been approved by the Administrative Agent.
The Secured Credit Facility is secured by a security interest in the assets of the SPV II and on any payments received by the SPV II in respect of those assets. Assets pledged to the lenders under the Secured Credit Facility will not be available to pay the debts of the Company if such assets have been used to repay or otherwise satisfy the obligations owed under the Secured Credit Facility.
The Secured Credit Facility will mature on August 14, 2028, unless terminated earlier as provided in the Secured Credit Facility. For each of the ABL Facility and the Revolver Facility, the SPV II may draw and redraw loans in U.S. dollars, euros or British pound sterling under the Secured Credit Facility during a commitment period ending on August 14, 2026, unless the commitments are terminated earlier as provided in the Secured Credit Facility. Loans drawn under the Secured Credit Facility will bear interest at Term SOFR plus 3.10% per annum and, in the case of loans drawn in euros or British pound sterling, an additional currency benchmark adjustment will apply. The Secured Credit Facility contains customary covenants, including certain limitations on the activities of the SPV II, and customary events of default.
In connection with the Secured Credit Facility, the Company entered into a Non-Recourse Carveout Guaranty Agreement with U.S. Bank Trust Company, National Association, on behalf of certain secured parties, and Goldman Sachs Bank USA. Pursuant to the Non-Recourse Carveout Guaranty Agreement, the Company guarantees certain losses, damages, costs, expenses, liabilities, claims and other obligations incurred in connection with certain instances of fraud or intentional misrepresentation, material encumbrances of certain collateral, misappropriation of certain funds, and the willful breach of certain provisions of the Secured Credit Facility.
As of September 30, 2023, the carrying amount of the Company’s borrowings under the Secured Credit Facility approximated its fair value. As of September 30, 2023, unamortized financing costs of $2,109,305, are being deferred and amortized over the remaining term of the Secured Credit Facility. As of September 30, 2023, the Secured Credit Facility had an outstanding balance of $83,500,000. The Secured Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $81,390,695 as of September 30, 2023. The following table shows additional information about the interest and financing costs related to the Secured Credit Facility for the three and nine months ended September 30, 2023:
| | | | | | |
| | Three Months | | Nine Months |
| | Ended | | Ended |
| | September 30, 2023 | | September 30, 2023 |
Interest expense related to the Secured Credit Facility | | $ | 1,046,256 | | $ | 1,046,256 |
Financing expenses related to the Secured Credit Facility | | | 55,695 | | | 55,695 |
Total interest and financing expenses related to the Secured Credit Facility | | $ | 1,101,951 | | $ | 1,101,951 |
2025 Notes
On May 19, 2022, the Company entered into a Note Purchase Agreement (the “NPA“) governing the issuance of $225 million in aggregate principal amount of senior unsecured notes due May 19, 2025 (the “2025 Notes“) to qualified institutional investors in a private placement. $150 million of the 2025 Notes were delivered and paid for on May 19, 2022, and $75 million of the 2025 Notes were delivered and paid for on August 18, 2022.
The 2025 Notes have a fixed interest rate of 5.83% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2025 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual consolidated financial statements and related certificates when due.
The 2025 Notes mature on May 19, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the NPA. Interest on the 2025 Notes is due semiannually in May and November of each year, beginning in November 2022. In addition, the Company is obligated to offer to repay the 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the NPA, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before February 17, 2025, a make-whole premium.
As of September 30, 2023 and December 31, 2022, the carrying amount of the Company’s borrowings under the 2025 Notes approximated its fair value. As of September 30, 2023 and December 31, 2022, unamortized debt issuance costs of $1,608,274 and $2,279,883, respectively, are being deferred and amortized over the remaining term of the 2025 Notes. As of September 30, 2023 and December 31, 2022, the 2025 Notes had an outstanding balance of $225,000,000 and $225,000,000, respectively. The 2025 Notes are presented in the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $223,391,726 as of September 30, 2023 and $222,720,117 as of December 31, 2022. The following table shows additional information about the interest and financing costs related to the 2025 Notes for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | |
| | Three Months | | Nine Months | | Three Months | | Nine Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, 2023 | | September 30, 2023 | | September 30, 2022 | | September 30, 2022 |
Interest expense related to the 2025 Notes | | $ | 3,279,375 | | $ | 9,838,125 | | $ | 2,696,375 | | $ | 3,716,625 |
Financing expenses related to the 2025 Notes | | | 265,017 | | | 771,609 | | | 239,247 | | | 349,986 |
Total interest and financing expenses related to the 2025 Notes | | $ | 3,544,392 | | $ | 10,609,734 | | $ | 2,935,622 | | $ | 4,066,611 |
Note 7. Net Assets
Unregistered Sales of Equity Securities
Since inception, the Company has completed the following issuances of Common Stock:
| | | | | |
| | Number of Common | | Aggregate |
Common Stock Issuance Date | | Stock Issued | | Offering Price |
September 29, 2023 | | 2,578,558 | | $ | 49,900,000 |
September 27, 2023(1) | | 218,518 | | | 4,228,747 |
June 28, 2023 | | 1,126,918 | | | 21,800,000 |
June 26, 2023(1) | | 252,293 | | | 4,880,557 |
April 3, 2023 | | 56,599 | | | 1,093,900 |
March 29, 2023 | | 980,749 | | | 18,906,100 |
March 27, 2023(1) | | 229,681 | | | 4,427,602 |
December 30, 2022 | | 2,467,892 | | | 48,500,000 |
December 27, 2022(1) | | 186,283 | | | 3,666,375 |
September 28, 2022 | | 5,000,901 | | | 99,900,000 |
September 26, 2022(1) | | 138,540 | | | 2,767,536 |
June 29, 2022 | | 2,498,950 | | | 50,000,000 |
June 27, 2022(1) | | 100,633 | | | 2,013,490 |
March 29, 2022 | | 1,986,561 | | | 40,000,000 |
March 25, 2022 | | 2,734,196 | | | 55,000,000 |
March 24, 2022(1) | | 87,065 | | | 1,751,362 |
December 22, 2021(1) | | 44,706 | | | 898,396 |
December 9, 2021 | | 10,296,137 | | | 210,000,000 |
September 24, 2021 | | 3,783,388 | | | 75,000,000 |
September 23, 2021(1) | | 17,842 | | | 353,695 |
August 25, 2021(1) | | 13,540 | | | 271,305 |
June 18, 2021 | | 5,025,757 | | | 100,000,000 |
March 30, 2021 | | 3,687,064 | | | 71,877,447 |
February 26, 2021 | | 1,429,493 | | | 28,121,553 |
February 4, 2021 | | 1,545,776 | | | 30,000,000 |
December 24, 2020 | | 744,307 | | | 14,886,136 |
December 21, 2020 | | 505,693 | | | 10,113,864 |
November 17, 2020 | | 50 | | | 1,000 |
Total | | 47,738,090 | | $ | 950,359,065 |
| (1) | Shares were issued to Stockholders participating in the Company’s DRIP. |
The sales of Common Stock were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten business days’ prior notice to the funding date.
Each of the sales of Common Stock is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act“), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company is still accepting new commitments. The Company has not engaged in general solicitation or advertising with regard to the issuance and sale of the Common Stock and has not offered securities to the public in connection with such issuance and sale. The Company relied, in part, upon representations from the investors in the subscription agreements that each investor was an accredited investor as defined in Regulation D under the Securities Act.
Distributions
For the three and nine months ended September 30, 2023 and 2022, the Company declared the following distributions.
| | | | | | | | |
| | | | Distribution Rate | | Distribution |
Record Date | | Payment Date | | per Share | | Paid |
September 25, 2023 | | September 27, 2023 | | $ | 0.655 | | $ | 29,436,364 |
June 23, 2023 | | June 26, 2023 | | $ | 0.640 | | $ | 27,879,553 |
March 24, 2023 | | March 27, 2023 | | $ | 0.600 | | $ | 25,376,864 |
September 23, 2022 | | September 26, 2022 | | $ | 0.510 | | $ | 17,595,590 |
June 24, 2022 | | June 27, 2022 | | $ | 0.405 | | $ | 12,970,138 |
March 23, 2022 | | March 24, 2022 | | $ | 0.425 | | $ | 11,514,845 |
Note 8. Investments
The following table presents the composition of the Company’s investment portfolio at cost and fair value as of September 30, 2023 and December 31, 2022.
| | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 | |
| | | | | | Percent of | | | | | | Percent of | |
| | Amortized | | Fair | | Total Portfolio | | | | Fair | | Total Portfolio | |
Investments: | | Cost | | Value | | at Fair Value | | Amortized Cost | | Value | | at Fair Value | |
First Lien Loans | | $ | 1,656,393,545 | | $ | 1,648,511,256 | | 85.3 | % | $ | 1,425,048,682 | | $ | 1,412,214,024 | | 83.6 | % |
Second Lien Loans | | | 178,811,040 | | | 166,722,347 | | 8.6 | | | 193,720,645 | | | 178,146,384 | | 10.6 | |
Unsecured Notes | | | 82,611,513 | | | 82,749,599 | | 4.3 | | | 84,845,719 | | | 84,600,524 | | 5.0 | |
Equity and Warrants | | | 34,402,846 | | | 34,587,685 | | 1.8 | | | 14,280,890 | | | 13,560,290 | | 0.8 | |
Total Investments | | $ | 1,952,218,944 | | $ | 1,932,570,887 | | 100.0 | % | $ | 1,717,895,936 | | $ | 1,688,521,222 | | 100.0 | % |
The geographic composition of investments based on fair value as of September 30, 2023 and December 31, 2022 was as follows:
| | | | | |
| | September 30, 2023 | | December 31, 2022 | |
U.S. | | 98.4 | % | 98.2 | % |
Non-U.S. | | 1.6 | | 1.8 | |
Total | | 100.0 | % | 100.0 | % |
The industry composition of investments based on fair value as of September 30, 2023 and December 31, 2022 was as follows:
| | | | | |
| | September 30, 2023 | | December 31, 2022 | |
Capital Markets | | 4.8 | % | 5.6 | % |
Diversified Consumer Services | | 0.6 | | 0.7 | |
Financial Services | | 9.5 | | 8.5 | |
Health Care Providers & Services | | 10.7 | | 10.7 | |
Health Care Technology | | 6.0 | | 6.8 | |
Insurance | | 22.2 | | 16.6 | |
IT Services | | 12.7 | | 14.5 | |
Professional Services | | 13.0 | | 14.4 | |
Real Estate Management & Development | | 2.5 | | 2.9 | |
Software | | 18.0 | | 19.3 | |
Total | | 100.0 | % | 100.0 | % |
Note 9. Fair Value of Investments
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). Transfers between levels, if any, will be recognized at the beginning of the period in which the transfer occurred.
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) the Adviser’s understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
The following table presents the fair value hierarchy as of September 30, 2023.
| | | | | | | | | | | | |
| | Fair Value Hierarchy as of September 30, 2023 |
Description | | Level 1 | | Level 2 | | Level 3 | | Total |
First Lien Loans | | $ | — | | $ | 8,356,152 | | $ | 1,640,155,104 | | $ | 1,648,511,256 |
Second Lien Loans | | | — | | | 5,114,666 | | | 161,607,681 | | | 166,722,347 |
Unsecured Notes | | | — | | | 35,648,224 | | | 47,101,375 | | | 82,749,599 |
Equity | | | — | | | — | | | 34,587,685 | | | 34,587,685 |
Total | | $ | — | | $ | 49,119,042 | | $ | 1,883,451,845 | | $ | 1,932,570,887 |
The following table presents the fair value hierarchy as of December 31, 2022.
| | | | | | | | | | | | |
| | Fair Value Hierarchy as of December 31, 2022 |
Description | | Level 1 | | Level 2 | | Level 3 | | Total |
First Lien Loans | | $ | — | | $ | 20,517,763 | | $ | 1,391,696,261 | | $ | 1,412,214,024 |
Second Lien Loans | | | — | | | 28,831,405 | | | 149,314,979 | | | 178,146,384 |
Unsecured Notes | | | — | | | 53,274,979 | | | 31,325,545 | | | 84,600,524 |
Equity | | | — | | | — | | | 13,560,290 | | | 13,560,290 |
Total | | $ | — | | $ | 102,624,147 | | $ | 1,585,897,075 | | $ | 1,688,521,222 |
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | |
| | First Lien | | Second Lien | | Unsecured | | | | | | |
Three Months Ended September 30, 2023 | | Loans | | Loans | | Notes | | Equity | | Total |
Fair value, beginning of period | | $ | 1,531,787,783 | | $ | 161,057,781 | | $ | 46,630,169 | | $ | 24,401,174 | | $ | 1,763,876,907 |
Purchases of investments, net | | | 139,204,504 | | | — | | | 340,544 | | | 9,597,217 | | | |
Proceeds from sales and principal payments, net | | | (38,624,668) | | | (1,348,188) | | | — | | | — | | | (39,972,856) |
Realized gain (loss) on investments | | | 37,734 | | | (105,669) | | | — | | | — | | | (67,935) |
Net change in unrealized appreciation/(depreciation) | | | 5,822,624 | | | 1,970,512 | | | 97,337 | | | 580,881 | | | 8,471,354 |
Net accretion of discount and amortization of investments | | | 1,927,127 | | | 33,245 | | | 33,325 | | | 8,413 | | | 2,002,110 |
Transfers into (out of) Level 3 | | | — | | | — | | | — | | | — | | | — |
Fair value, end of period | | $ | 1,640,155,104 | | $ | 161,607,681 | | $ | 47,101,375 | | $ | 34,587,685 | | $ | 1,883,451,845 |
| | | | | | | | | | | | | | | |
| | First Lien | | Second Lien | | Unsecured | | | | |
Nine Months Ended September 30, 2023 | | Loans | | Loans | | Notes | | Equity | | Total |
Fair value, beginning of period | | $ | 1,391,696,261 | | $ | 149,314,979 | | $ | 31,325,545 | | $ | 13,560,290 | | $ | 1,585,897,075 |
Purchases of investments, net | | | 305,559,113 | | | — | | | 15,966,651 | | | 20,104,065 | | | 341,629,829 |
Proceeds from sales and principal payments, net | | | (61,539,360) | | | (1,348,188) | | | — | | | — | | | (62,887,548) |
Realized gain (loss) on investments | | | 56,067 | | | (105,669) | | | — | | | — | | | (49,602) |
Net change in unrealized appreciation/(depreciation) | | | 5,035,878 | | | 2,830,316 | | | (296,703) | | | 905,440 | | | 8,474,931 |
Net accretion of discount and amortization of investments | | | 4,954,868 | | | 224,023 | | | 105,882 | | | 17,890 | | | 5,302,663 |
Transfers into (out of) Level 3 | | | (5,607,723) | | | 10,692,220 | | | — | | | — | | | 5,084,497 |
Fair value, end of period | | $ | 1,640,155,104 | | $ | 161,607,681 | | $ | 47,101,375 | | $ | 34,587,685 | | $ | 1,883,451,845 |
| | | | | | | | | | | | | | | |
| | First Lien | | Second Lien | | Unsecured | | | | | | |
Three Months Ended September 30, 2022 | | Loans | | Loans | | Notes | | Equity | | Total |
Fair value, beginning of period | | $ | 1,211,457,425 | | $ | 94,430,114 | | $ | 30,985,919 | | $ | 8,996,592 | | $ | 1,345,870,050 |
Purchases of investments, net | | | 270,254,229 | | | 5,756,125 | | | — | | | 4,597,403 | | | 280,607,757 |
Proceeds from sales and principal payments, net | | | (118,440,215) | | | — | | | — | | | — | | | (118,440,215) |
Realized gain (loss) on investments | | | 37,512 | | | — | | | — | | | — | | | 37,512 |
Net change in unrealized appreciation/(depreciation) | | | (8,564,355) | | | (3,327,257) | | | (138,489) | | | 352,216 | | | (11,677,885) |
Net accretion of discount and amortization of investments | | | 1,594,171 | | | 65,940 | | | 31,906 | | | (195,793) | | | 1,496,224 |
Transfers into (out of) Level 3 | | | — | | | 54,287,450 | | | — | | | — | | | 54,287,450 |
Fair value, end of period | | $ | 1,356,338,767 | | $ | 151,212,372 | | $ | 30,879,336 | | $ | 13,750,418 | | $ | 1,552,180,893 |
| | | | | | | | | | | | | | | |
| | First Lien | | Second Lien | | Unsecured | | | | | | |
Nine Months Ended September 30, 2022 | | Loans | | Loans | | Notes | | Equity | | Total |
Fair value, beginning of period | | $ | 1,011,839,638 | | $ | 102,084,353 | | $ | 20,000,000 | | $ | 2,000,000 | | $ | 1,135,923,991 |
Purchases of investments, net | | | 548,413,680 | | | 35,341,125 | | | 11,562,500 | | | 11,654,123 | | | 606,971,428 |
Proceeds from sales and principal payments, net | | | (202,617,548) | | | (15,042,500) | | | — | | | — | | | (217,660,048) |
Realized gain (loss) on investments | | | 209,782 | | | 153,934 | | | — | | | — | | | 363,716 |
Net change in unrealized appreciation/(depreciation) | | | (5,743,072) | | | (6,086,921) | | | (756,262) | | | 338,217 | | | (12,248,038) |
Net accretion of discount and amortization of investments | | | 4,286,076 | | | (154,931) | | | 73,098 | | | (241,922) | | | 4,272,183 |
Transfers into (out of) Level 3 | | | (49,789) | | | 34,607,450 | | | — | | | — | | | 34,557,661 |
Fair value, end of period | | $ | 1,356,338,767 | | $ | 151,212,372 | | $ | 30,879,336 | | $ | 13,750,418 | | $ | 1,552,180,893 |
During the three months ended September 30, 2023, there were no transfers into or out of Level 2 or Level 3. During the nine months ended September 30, 2023, there was 1 transfer into Level 3 from Level 2 because of a decrease in observable inputs and 1 transfer into Level 2 from Level 3 because of an increase in observable inputs. During the three months ended September 30, 2022, there were no transfers into Level 3 from Level 2 and 1 transfer into Level 2 from Level 3 because of an increase in observable inputs. During the nine months ended September 30, 2022, there was 1 transfer into level 3 from Level 2 because of a decrease in observable inputs and 2 transfers into Level 2 from Level 3 because of an increase in observable inputs.
The following table presents the net change in unrealized appreciation (depreciation) for the Level 3 investments that were still held at September 30, 2023 and 2022.
| | | | | | | | | | | | |
| | Three | | Nine | | Three | | Nine |
| | Months | | Months | | Months | | Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, | | September 30, | | September 30, | | September 30, |
Net Change in Unrealized Appreciation (Depreciation) | | 2023 | | 2023 | | 2022 | | 2022 |
First Lien Loans | | $ | 5,822,624 | | $ | 5,035,878 | | $ | (8,564,355) | | $ | (5,743,072) |
Second Lien Loans | | | 1,970,512 | | | 2,830,316 | | | (3,327,257) | | | (6,086,921) |
Unsecured Notes | | | 97,337 | | | (296,703) | | | (138,489) | | | (756,262) |
Equity | | | 580,881 | | | 905,440 | | | 352,216 | | | 338,217 |
Total | | $ | 8,471,354 | | $ | 8,474,931 | | $ | (11,677,885) | | $ | (12,248,038) |
The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2023. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.
| | | | | | | | | |
| | September 30, 2023 |
Type of Investment | | Fair Value | | Valuation technique | | Unobservable input | | Range (weighted average) |
First Lien Loans | | $ | 452,652,128 | | Discounted Cash Flow | | Discount Rate | | 10.3% - 15.3% (11.7%) |
First Lien Loans | | | 1,187,502,976 | | Market Transaction | | Market Transaction | | 90.7% - 101.0% (98.4%) |
Second Lien Loan | | | 161,607,681 | | Market Transaction | | Market Transaction | | 24.2% - 99.6% (92.1%) |
Unsecured Notes | | | 19,894,897 | | Discounted Cash Flow | | Discount Rate | | 11.2% - 11.2% (11.2%) |
Unsecured Notes | | | 27,206,478 | | Market Transaction | | Market Transaction | | 88.4% - 100.0% (93.7%) |
Equity | | | 31,887,947 | | Market Transaction | | Market Transaction | | 1.0% - 104.7% (97.0%) |
Equity | | | 2,699,738 | | Enterprise Value Analysis | | EBITDA Multiple | | 22.0x |
Total | | $ | 1,883,451,845 | | | | | | |
The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2022. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value.
| | | | | | | | | | |
| | December 31, 2022 | |
Type of Investment | | Fair Value | | Valuation technique | | Unobservable input | | Range (weighted average) | |
First Lien Loans | | $ | 960,204,411 | | Discounted Cash Flow | | Discount Rate | | 10.2% - 13.4% (10.5%) | |
First Lien Loans | | | 431,491,850 | | Market Transaction | | Market Transaction | | 94.5% - 99.3% (97.8%) | |
Second Lien Loan | | | 120,412,179 | | Discounted Cash Flow | | Discount Rate | | 12.0% - 17.6% (14.8%) | |
Second Lien Loan | | | 28,902,800 | | Market Transaction | | Market Transaction | | 97.0% - 98.9% (98.0%) | |
Unsecured Notes | | | 31,325,545 | | Discounted Cash Flow | | Discount Rate | | 10.7% - 11.0% (10.8%) | |
Equity | | | 7,821,359 | | Discounted Cash Flow | | Discount Rate | | 15.7% | |
Equity | | | 3,635,318 | | Market Transaction | | Market Transaction | | 101.4% | |
Equity | | | 2,103,613 | | Enterprise Value Analysis | | EBITDA Multiple | | 23.0x | |
Total | | $ | 1,585,897,075 | | | | | | | |
Increases or decreases in unobservable inputs in isolation would result in a higher or lower fair value measurement for such assets. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s investments.
Note 10. Earnings Per Share
In accordance with the provisions of ASC Topic 260, Earnings per Share (“ASC 260“), basic and diluted net increase in net assets resulting from operations per share of Common Stock is computed by dividing the net increase in net assets resulting from operations by the weighted average number of shares outstanding during the period. The methodology for the weighted average number of shares outstanding during the period utilizes the weighted average number of shares from the beginning of the period through the end of the period. Other potentially dilutive shares of Common Stock, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. For the periods ended September 30, 2023 and 2022, there were no dilutive shares.
The following table sets forth the computation of basic and diluted earnings per share of Common Stock for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | |
| | Three Months | | Nine Months | | Three Months | | Nine Months |
| | Ended | | Ended | | Ended | | Ended |
| | September 30, 2023 | | September 30, 2023 | | September 30, 2022 | | September 30, 2022 |
| | (Unaudited) | | (Unaudited) | | (Unaudited) | | (Unaudited) |
Net increase in net assets resulting from operations | | $ | 40,239,574 | | $ | 96,158,192 | | $ | 2,877,059 | | $ | 22,347,429 |
Weighted average shares of Common Stock outstanding—basic and diluted | | | 45,006,570 | | | 43,662,348 | | | 34,671,760 | | | 31,364,392 |
Basic and diluted net increase in net assets resulting from operations per share of Common Stock | | $ | 0.89 | | $ | 2.20 | | $ | 0.08 | | $ | 0.71 |
Note 11. Taxes
The Company has elected to be treated and intends to qualify annually as a RIC, to distribute substantially all of its income and to comply with the other requirements of the Code applicable to RICs. Accordingly, no provision for federal taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Company intends not to be subject to a material federal excise tax. The Company did not have any liabilities for uncertain tax positions or unrecognized tax benefits as of September 30, 2023.
As of September 30, 2023 and December 31, 2022, the tax cost of the Company’s investments approximates its amortized cost.
Note 12. Financial Highlights
The following per share of Common Stock data has been derived from information provided in the consolidated financial statements. The following is a schedule of financial highlights for the nine months ended September 30, 2023 and 2022:
| | | | | | | |
| | Nine Months | | Nine Months | |
| | Ended | | Ended | |
| | September 30, 2023 | | September 30, 2022 | |
| | (Unaudited) | | (Unaudited) | |
Per share of Common Stock operating performance: | | | | | | | |
Net asset value, beginning of year/period | | $ | 19.32 | | $ | 20.14 | |
Results of operations: | | | | | | | |
Net investment income 1 | | | 1.95 | | | 1.34 | |
Net realized gains (losses) and unrealized appreciation (depreciation) 2 | | | 0.23 | | | (0.53) | |
Net increase (decrease) in net assets resulting from operations | | | 2.18 | | | 0.81 | |
| | | | | | | |
Distributions to Common Stockholders | | | | | | | |
Distributions from net income3 | | | (1.90) | | | (1.34) | |
Net decrease in net assets resulting from distributions | | | (1.90) | | | (1.34) | |
Net asset value, end of year/period | | $ | 19.60 | | $ | 19.61 | |
| | | | | | | |
Shares outstanding, end of year/period | | | 47,738,090 | | | 39,640,599 | |
Ratio/Supplemental data: | | | | | | | |
Net assets, end of year/period | | $ | 935,887,906 | | $ | 777,318,603 | |
Weighted average shares outstanding | | | 43,662,348 | | | 31,364,392 | |
Total return 4 | | | 11.73 | % | | 4.03 | % |
Portfolio turnover | | | 7.01 | % | | 14.30 | % |
Ratio of operating expenses to average net assets 5 | | | 11.93 | % | | 6.38 | % |
Ratio of net investment income (loss) to average net assets 5 | | | 13.16 | % | | 6.39 | % |
| 1 | The per share of Common Stock data was derived by using weighted average shares outstanding during the period. |
| 2 | The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the year/period does not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. |
| 3 | Distributions from net income is based on the distribution amount per share as of the date of distribution. |
| 4 | Total return is based upon the change in net asset value per share between the opening and ending net asset values per share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load. |
| 5 | The ratios reflect an annualized amount. Non-recurring expenses were not annualized. During the nine months ended September 30, 2023 and 2022, the Company incurred $76,939 and $77,876 of Organizational and Offering Expenses, respectively, which were deemed to be non-recurring. |
Note 13. Equity
For the three months ended September 30, 2023, the Company issued 2,797,077 shares of Common Stock at an average price of $19.35 through private placement offerings resulting in gross proceeds to the Company of $54.1 million. For the nine months ended September 30, 2023, the Company issued 5,443,316 shares of Common Stock at an average price of $19.33 through private placement offerings resulting in gross proceeds to the Company of $105.2 million. The Company had 47,738,090 shares outstanding as of September 30, 2023 and 42,294,773 shares outstanding as of December 31, 2022. As of September 30, 2023, the Company has received capital commitments totaling $1,203 million, of which, $278 million remains unfunded. As of December 31, 2022, the Company had received capital commitments totaling $1,152 million, of which, $319 million remained unfunded.
Note 14. Subsequent Events
Management has evaluated subsequent events and transactions for potential recognition and/or disclosure through the date the consolidated financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and nine months ended September 30, 2023.
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Unless indicated otherwise, the “Company,“ “we,“ “us,“ and “our“ refer to Stone Point Credit Corporation, and the “Adviser“ refers to Stone Point Credit Adviser LLC, an affiliate of Stone Point Capital LLC (“Stone Point Capital“) (together with the Adviser and their other affiliates, collectively, “Stone Point“).
Overview
We were incorporated under the laws of the State of Delaware on September 8, 2020. The Company has elected to be treated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act“) and has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC“) for federal income tax purposes. As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,“ source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.
As of September 30, 2023, the Company has called equity capital in the amount of $925.1 million. See “Subscriptions and Drawdowns“ under “Financial Condition, Liquidity and Capital Resources“ below for further details. Management anticipates calling additional equity capital for investment purposes through drawdowns in respect of capital commitments made by investors pursuant to private placements (“Private Offering“) of the Company’s common stock (“Common Stock“).
Investment Objective and Strategy
The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans, equity, and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity.
The Company generally expects to invest in middle market companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA,“ between $30 million and $250 million annually. Typical middle market senior loans may be issued by middle market companies in the context of leveraged buyouts, acquisitions, debt refinancings, recapitalizations, and other similar transactions. Notwithstanding the foregoing, the Adviser may determine whether companies qualify as “middle market“ in its sole discretion, and the Company may from time to time invest in larger or smaller companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets, including the high yield and syndicated loan markets. The Company’s target credit investments typically have maturities between 3 and 6 years and generally range in size between $20 million and $100 million. The investment size will vary with the size of the Company’s capital base. The Company has adopted a non-fundamental policy to invest, under normal market conditions, at least 75% of the value of its total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) in portfolio companies that are in the financial services, business services, software and technology or healthcare services sectors. The remaining 25% of the value of the Company’s total assets (measured at the time of each such investment taking into account certain initial assumptions regarding the expected amount of total assets of the Company once fully invested) may be invested across a wide range of sectors (although the Company expects to avoid businesses which at the time of the Company’s investment participate in certain sectors such as payday lending, pawn shops, automobile title and tax refund anticipation loans, credit repair services, strip mining, drug paraphernalia, marijuana related businesses, tax evasion gaming and pornography).
Market Opportunity and Competitive Advantages
The Adviser believes the Company presents an attractive investment opportunity for several reasons:
Increasing Demand for Debt Capital. Private equity sponsors have significant levels of capital available for investment, which the Adviser believes will continue to drive demand for direct lending over the coming years as private equity firms seek to deploy capital through leveraged buyouts. The Company believes this dynamic, coupled with the Adviser’s strong relationships in the middle market, will provide significant investment opportunities for the Company.
Proactive Sourcing and Relationship-Driven Deal Flow. The Adviser believes that focusing its activities on proactive, outbound, multi-year searches produces higher quality investment opportunities. The Adviser seeks investment opportunities in sectors that it believes are attractive using a focused three-prong origination strategy. In sourcing investments for the Company, the Adviser leverages (i) its dedicated team of origination professionals and Stone Point’s broker-dealer professionals focusing on sponsor communities and financial intermediaries within targeted sectors, (ii) its extensive network of private equity investment professionals, focused on more than 70 financial services-related end markets, and (iii) its longstanding relationships with commercial banks who may provide investment opportunities to the Company.
Disciplined Underwriting Process. The Adviser seeks investment opportunities that it believes are attractive using a rigorous “top-down“ and “bottom-up“ process. The Adviser regularly evaluates and selects sectors on which to focus based on an investment thesis (top-down approach) and designates a team of investment professionals to identify leading companies and managers in these sectors (bottom-up approach). For more than 70 identified sectors of the financial services industry, this process includes:
| ● | Firm-wide discussions to prioritize the identified sectors; |
| ● | Dedicating small teams of investment professionals to study these sectors; |
| ● | Interaction with industry experts and attendance at key industry conferences; and |
| ● | Proactive outbound calling efforts and meetings with private equity sponsors and management teams. |
The Adviser employs a “triangulation“ approach in evaluating the quality of a credit, focused on borrower characteristics, loan structure and quality of sponsorship. The Adviser generally seeks to invest in companies that are led by experienced management teams, have market-leading positions and high barriers to entry, and generate predictable free cash flow across market cycles. In structuring a loan, the Adviser generally focuses on determining appropriate leverage levels (with a significant focus on adjustments and free cash flow), ensuring sufficient minimum sponsor equity and seeking to mitigate downside risk through structural protections. Finally, the Adviser seeks to invest in companies with strong financial sponsor ownership, focused on underwriting a sponsor’s ability to support the borrower.
Sector Focus. The Company makes its investments primarily in sectors in which Stone Point has developed a longstanding network and can leverage real-time insights from private portfolio companies to provide a discernible origination and underwriting edge. The Adviser currently focuses the Company’s investments in the financial services, business services, software and technology, and healthcare services sectors. As a result of this specialization by the investment team at the Adviser, the Adviser believes that it is well positioned to source proprietary deals and evaluate a broad range of investments with a deep understanding of the market dynamics and cycles for these sectors.
Further, the Adviser believes the Company’s focus on the financial services, business services, software and technology, and healthcare services sectors provides strong downside protection, given the low default rates in these industries, as well as Stone Point’s investment experience. The Company’s targeted sectors have performed well across market cycles, consistently generating lower cumulative default rates compared with non-financial sectors, which should contribute to enhanced risk-adjusted returns.
Ability to Leverage Stone Point’s Experienced Investment Team. The Adviser intends to utilize Stone Point Capital’s significant resources and knowledge throughout the life cycle of each investment to support the Stone Point Credit Investment Team’s Credit Activities. On an as-needed basis, the Stone Point Capital Private Equity Team contributes a portion of its time, effort and resources to support Credit Activities. Stone Point Capital has a long, successful record of making investments and managing businesses in the financial services industry. Stone Point Capital has raised nine private equity funds with an investment track record of over 25 years and a focus on investments in companies in the global financial services industry and related sectors. Stone Point Capital and its affiliates have invested in 26 asset management platforms over 15 years and Stone Point believes that its experience investing in and building businesses across a variety of credit strategies, positions the Company for success in the direct lending middle market. The Stone Point Credit Investment Team is responsible for making all investment and disposition recommendations to the Adviser’s investment committee (the “Investment Committee”). The Investment Committee makes all investment and disposition decisions, subject to Board oversight. As of September 30, 2023, the Investment Team is comprised of 85 investment professionals, operating partners and senior advisors who bring to Stone Point considerable experience with Stone Point and/or from other leading private equity, private debt, investment banking, financial services, corporate law, and accounting firms. A majority of the Investment Team is focused on the private equity markets; however, Stone Point intends to continue to expand the Stone Point Credit Investment Team to support the ongoing growth of the Company and expansion of the Credit Activities. As of September 30, 2023, the Stone Point Credit Investment Team was comprised of 15 dedicated investment professionals1.
Experienced Investment Committee2. The Investment Committee for the Adviser is comprised of Scott J. Bronner, James D. Carey, Eric L. Rosenzweig, David J. Wermuth and Nicolas D. Zerbib. The Investment Committee currently leads the investment activities of the Credit Funds and has worked together at Stone Point for more than ten years investing across multiple credit cycles and different investing environments.
| ● | Mr. Bronner is the President of the Company, Head of Stone Point Credit, and a member of the Investment Committee, Allocation Committee and Valuation Committee of the Adviser. Prior to joining Stone Point in 2009, he was in the Private Equity Division at Lehman Brothers Inc. |
| ● | Mr. Carey is President of Stone Point, a member of the Investment Committees of the Adviser and the Trident Funds, and a member of the Allocation Committee of the Adviser. Prior to joining the Firm in 1997, he was in the Financial Institutions Investment Banking Group at Merrill Lynch & Co. and prior to that time was an attorney with Kelley Drye & Warren LLP. |
| ● | Mr. Rosenzweig is a Managing Director of Stone Point and a member of the Investment Committee and Valuation Committee of the Adviser. Prior to joining the Firm in 2006, he was in the Financial Institutions Investment Banking Group at UBS Investment Bank. |
| ● | Mr. Wermuth is the Chairman of the Company, Chief Operating Officer of Stone Point, a member of the Investment Committees of the Adviser and the Trident Funds, and a member of the Allocation Committee and Valuation Committee of the Adviser. Prior to joining the Firm in 1999, he was an attorney specializing in mergers and acquisitions at Cleary, Gottlieb, Steen & Hamilton LLP and prior to that time an auditor for KPMG Peat Marwick. |
| ● | Mr. Zerbib is Chief Investment Officer of Stone Point, a member of the Investment Committees of the Adviser and the Trident Funds, and a member of the Valuation Committee of the Adviser. Prior to joining the Firm in 1998, he was in the Financial Institutions Group at Goldman Sachs. |
All investment decisions are reviewed and approved by the Investment Committee, which has principal responsibility for approving new investments and overseeing the management of existing investments. This senior management team is supported by a team of investment professionals who bring to Stone Point considerable experience with Stone Point and/or from other leading private equity, investment banking, financial services, corporate law and accounting firms.
| 1 | Includes one employee whose focus is shared across Stone Point Credit and Stone Point Capital. |
| 2 | From the Commencement of Operations through February 28, 2022, the Investment Committee for the Adviser was comprised of James D. Carey, Charles A. Davis, Stephen Friedman, David J. Wermuth and Nicolas D. Zerbib. Effective March 1, 2022, Scott J. Bronner and Eric L. Rosenzweig joined the Investment Committee and Charles A. Davis and Stephen Friedman have each assumed an advisory role to the Investment Committee. |
The following table sets forth the experience of the Adviser’s Investment Committee.
| | | | |
| | Years in | | |
| | Financial | | Years at |
The Adviser’s Investment Committee | | Services | | Stone Point |
Scott J. Bronner, Head of Stone Point Credit | | | | |
Member of the Investment Committee | | 17 | | 14 |
James D. Carey, President of Stone Point | | | | |
Member of the Investment Committee | | 29 | | 26 |
Eric L. Rosenzweig, Managing Director | | | | |
Member of the Investment Committee | | 19 | | 17 |
David J. Wermuth, Chief Operating Officer of Stone Point | | | | |
Member of the Investment Committee | | 27 | | 24 |
Nicolas D. Zerbib, Chief Investment Officer of Stone Point | | | | |
Member of the Investment Committee | | 28 | | 25 |
Key Components of Operations
Investments
Our level of investment activity can and will vary substantially from period to period depending on many factors, including the amount of debt available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the type of investments we make.
As a BDC, the Company must invest at least 70% of its assets in “qualifying assets,“ which may include investments in “eligible portfolio companies.“ Under the relevant SEC rules, the term “eligible portfolio company“ includes all U.S. private operating companies and small U.S. public operating companies with a market capitalization of less than $250 million.
As a BDC, we may also invest up to 30% of our portfolio opportunistically in “non-qualifying“ portfolio investments, such as investments in non-U.S. companies.
Revenues
The Company expects to generate revenues primarily through receipt of interest and dividend income from its investments. In addition, the Company may generate income from capital gains on the sales of loans and debt and equity related securities and various loan origination and other fees and dividends on direct equity investments.
Expenses
The Company’s day-to-day investment operations are managed by the Adviser, and services necessary for the Company’s business, including the origination and administration of its investment portfolio, are provided by individuals who are employees of the Adviser, Administrator, and Sub-Administrator, pursuant to the terms of the Investment Advisory Agreement, the Administration Agreement, and Sub-Administration Agreement. The Company will reimburse the Administrator for its allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including its allocable portion of the cost of certain of the Company’s officers and their respective staff, and the Adviser for certain expenses under the Investment Advisory Agreement. The Company bears its allocable portion of the compensation paid by Stone Point to the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staff (based on a percentage of time such individuals devote, on an estimated basis, to the Company’s business affairs). The Company bears all other costs and expenses of the Company’s operations, administration and transactions, including, but not limited to (i) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory Agreement; (ii) the Company’s allocable portion of overhead and other expenses incurred by Administrator in performing its administrative obligations under the Administration Agreement, (iii) fees for services rendered by the Sub-Administrator that the Administrator determines are commercially reasonable; and (iv) all other expenses of its operations and transactions including, without limitation, those relating to:
| ● | the cost of calculating the Company’s net asset value, including the cost of any third-party valuation services; |
| ● | the cost of effecting sales and repurchases of shares of the Common Stock and other securities, including, as otherwise noted below, in connection with the Private Offering; |
| ● | fees payable to third parties relating to making investments, including the Adviser’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments; |
| ● | interest expense and other costs associated with the Company’s indebtedness; |
| ● | transfer agent, dividend reinvestment plan administrator, sub-administrator and custodial fees; |
| ● | out-of-pocket fees and expenses associated with marketing efforts; |
| ● | federal and state registration fees and any stock exchange listing fees; |
| ● | U.S. federal, state and local taxes; |
| ● | Independent Directors’ fees and expenses; |
| ● | brokerage commissions and markups; |
| ● | fidelity bond, directors’ and officers’ liability insurance and other insurance premiums; |
| ● | direct costs, such as printing, mailing, long distance telephone and staff; |
| ● | fees and expenses associated with independent audits and outside legal costs; |
| ● | costs associated with the Company’s reporting and compliance obligations U.S. federal and state securities laws, including, the Securities Act of 1933, as amended (the “Securities Act“), the Securities Exchange Act of 1934, as amended (the “Exchange Act“) and the 1940 Act; and |
| ● | other expenses incurred by the Administrator or the Company in connection with administering the Company’s business, including payments under the Administration Agreement that will be based upon the Company’s allocable portion (subject to the review and approval of the Board) of overhead. |
The Administrator can waive any amounts owed to it under the Administration Agreement, at its discretion. From time to time, the Adviser and the Administrator or its affiliates may pay third-party providers of goods or services. The Company will subsequently reimburse the Adviser or the Administrator, as applicable, for such amounts paid on the Company’s behalf. The Adviser has agreed to bear the aggregate organizational and offering costs in connection with the Private Offering in excess of $1,250,000.
The Company has entered into credit facilities to partially fund the Company’s operations, and may incur costs and expenses including commitment, origination, legal and/or structuring fees and the related interest costs associated with any amounts borrowed. See “Financing Facilities“ under “Financial Condition, Liquidity and Capital Resources“ below for further details.
Leverage
The amount of leverage that the Company employs will depend on the Adviser’s and the Board’s assessment of market and other factors at the time of any proposed borrowing. In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in the Small Business Credit Availability Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of September 30, 2023 and December 31, 2022, the Company’s asset coverage ratio was 189% and 189%, respectively.
In any period, our interest expense will depend largely on the extent of our borrowing and we expect interest expense will increase as we increase our leverage over time within the limits of the 1940 Act. In addition, we may dedicate assets or capital commitments as collateral to financing facilities.
Financial and Operating Highlights
| | | | | | |
| | Three | | Nine |
| | Months | | Months |
| | Ended | | Ended |
| | September 30, | | September 30, |
| | 2023 | | 2023 |
Total investment income | | $ | 59,111,497 | | $ | 162,704,227 |
Total expenses | | | 27,879,576 | | | 77,408,339 |
Net investment income (loss) | | | 31,231,921 | | | 85,295,888 |
Total net realized gains (losses) | | | 276,340 | | | 1,135,647 |
Total net change in unrealized appreciation (depreciation) | | | 8,731,313 | | | 9,726,657 |
| | | | | | |
Net increase (decrease) in net assets resulting from operations | | $ | 40,239,574 | | $ | 96,158,192 |
| | | | | | |
Per share information - basic and diluted: | | | | | | |
Net investment income (loss) | | $ | 0.69 | | $ | 1.95 |
Net increase (decrease) in net assets resulting from operations | | $ | 0.89 | | $ | 2.20 |
Distributions declared per share | | $ | 0.66 | | $ | 1.90 |
| | | | | | | |
| | As of | | As of | |
| | September 30, | | December 31, | |
Consolidated balance sheet data | | 2023 | | 2022 | |
Cash and cash equivalents | | $ | 49,593,498 | | $ | 33,791,187 | |
Investments at fair value | | | 1,932,570,887 | | | 1,688,521,222 | |
Total assets | | | 2,010,029,760 | | | 1,744,124,451 | |
Total debt (net of unamortized debt issuance costs) | | | 1,046,193,077 | | | 905,451,075 | |
Total liabilities | | | 1,074,141,854 | | | 926,938,862 | |
Total net assets | | $ | 935,887,906 | | $ | 817,185,589 | |
Net asset value per share | | $ | 19.60 | | $ | 19.32 | |
Other data: | | | | | | | |
Number of portfolio companies | | | 70 | | | 66 | |
Distributions declared per share | | | 1.90 | | | 1.89 | |
Total return based on net asset value 1 | | | 11.73 | % | | 5.35 | % |
| 1 | Total return is based upon the change in net asset value per share between the opening and ending net asset values per share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load. |
Portfolio and Investment Activity
Our investment activity for the three months ended September 30, 2023 is presented below (information presented herein is at par value unless otherwise indicated).
| | | | |
| | Three Months Ended | |
| | September 30, 2023 | |
New investment commitments: | | | | |
Total new investment commitments | | $ | 160,182,749 | |
Principal amount of investments funded: | | | | |
First lien loans | | $ | 135,802,099 | |
Second lien loans | | | — | |
Unsecured notes | | | 3,500,000 | |
Total principal amount of investments funded | | $ | 139,302,099 | |
Principal amount of investments sold or repaid: | | | | |
First lien loans | | | 41,415,865 | |
Second lien loans | | | 16,007,396 | |
Unsecured loans | | | 22,630,848 | |
Total principal amount of investments sold or repaid | | $ | 80,054,109 | |
Number of new investment commitments in new portfolio companies | | | 3 | |
Average new investment commitment amount in new portfolio companies | | $ | 20,000,000 | |
Percentage of new debt investment commitments at floating rates | | | 97.8 | % |
Percentage of new debt investment commitments at fixed rates | | | 2.2 | % |
Weighted average yield to maturity on funded debt and other income producing investments to new portfolio companies during the period1 | | | 12.6 | % |
Weighted average yield to maturity on debt and other income producing securities sold or repaid in full during the period | | | 12.2 | % |
| 1 | Weighted average yield to maturity is calculated by weighting the yield to maturity of each investment by its ending funded par amount. Yield to maturity is calculated inclusive of a portfolio company’s spread, reference rate floor (if any) or actual reference rate in effect and original issue discount through maturity and excludes any upfront fees or present value adjustments. |
As of September 30, 2023, the Company had 148 debt investments in 70 portfolio companies with an aggregate fair value of $1,898.0 million. As of December 31, 2022, the Company had 135 debt investments in 66 portfolio companies with an aggregate value of $1,675.0 million.
As of September 30, 2023 and December 31, 2022, the Company’s investments consisted of the following:
| | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 | |
| | | | | | | | Percent of | | | | | | | | Percent of | |
| | Amortized | | Fair | | Total Portfolio | | Amortized | | Fair | | Total Portfolio | |
Investments: | | Cost | | Value | | at Fair Value | | Cost | | Value | | at Fair Value | |
First Lien Loans | | $ | 1,656,393,545 | | $ | 1,648,511,256 | | 85.3 | % | $ | 1,425,048,682 | | $ | 1,412,214,024 | | 83.6 | % |
Second Lien Loans | | | 178,811,040 | | | 166,722,347 | | 8.6 | % | | 193,720,645 | | | 178,146,384 | | 10.6 | % |
Unsecured Notes | | | 82,611,513 | | | 82,749,599 | | 4.3 | % | | 84,845,719 | | | 84,600,524 | | 5.0 | % |
Equity | | | 34,402,846 | | | 34,587,685 | | 1.8 | % | | 14,280,890 | | | 13,560,290 | | 0.8 | % |
Total Investments | | $ | 1,952,218,944 | | $ | 1,932,570,887 | | 100.0 | % | $ | 1,717,895,936 | | $ | 1,688,521,222 | | 100.0 | % |
The industry composition of investments based on fair value as of September 30, 2023 and December 31, 2022 was as follows:
| | | | | |
| | September 30, 2023 | | December 31, 2022 | |
Capital Markets | | 4.8 | % | 5.6 | % |
Diversified Consumer Services | | 0.6 | | 0.7 | |
Financial Services | | 9.5 | | 8.5 | |
Health Care Providers & Services | | 10.7 | | 10.7 | |
Health Care Technology | | 6.0 | | 6.8 | |
Insurance | | 22.2 | | 16.6 | |
IT Services | | 12.7 | | 14.5 | |
Professional Services | | 13.0 | | 14.4 | |
Real Estate Management & Development | | 2.5 | | 2.9 | |
Software | | 18.0 | | 19.3 | |
Total | | 100.0 | % | 100.0 | % |
The geographic composition of investments based on fair value as of September 30, 2023 and December 31, 2022 was as follows:
| | | | | |
| | September 30, 2023 | | December 31, 2022 | |
U.S. | | 98.4 | % | 98.2 | % |
Non-U.S. | | 1.6 | | 1.8 | |
Total | | 100.0 | % | 100.0 | % |
The following table presents certain selected information regarding our investment portfolio as of September 30, 2023 and December 31, 2022:
| | | | | | | |
| | As of | | As of | |
| | September 30, 2023 | | December 31, 2022 | |
Number of portfolio companies | | | 70 | | | 66 | |
Weighted Average EBITDA (based on par) | | $ | 185 million | | $ | 186 million | |
Percentage of performing debt bearing a floating rate | | | 95.4 | % | | 94.7 | % |
Percentage of performing debt bearing a fixed rate | | | 4.6 | % | | 5.3 | % |
Weighted average yield to maturity on funded debt and other income producing investments1 | | | 12.3 | % | | 11.1 | % |
| 1 | Weighted average yield to maturity is calculated by weighting the yield to maturity of each investment by its ending funded par amount. Yield to maturity is calculated inclusive of a portfolio company’s spread, reference rate floor (if any) or actual reference rate in effect and original issue discount through maturity and excludes any upfront fees or present value adjustments. |
The following table presents the maturity schedule of our debt investments based on fair value as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 | |
| | | | | Percentage | | | | | Percentage | |
Maturity Year | | Fair Value | | of Portfolio | | Fair Value | | of Portfolio | |
2023 | | $ | (322,174) | | 0.0 | % | $ | — | | — | % |
2024 | | | 4,062,842 | | 0.2 | | | 15,146,311 | | 0.9 | |
2025 | | | 39,698,994 | | 2.1 | | | 39,540,046 | | 2.4 | |
2026 | | | 166,171,836 | | 8.8 | | | 160,230,268 | | 9.6 | |
2027 | | | 431,748,797 | | 22.7 | | | 403,461,929 | | 24.1 | |
2028 | | | 664,256,718 | | 35.0 | | | 598,245,358 | | 35.7 | |
2029 | | | 472,779,884 | | 24.9 | | | 419,976,828 | | 25.0 | |
2030 | | | 88,993,908 | | 4.7 | | | 18,473,274 | | 1.1 | |
2031 | | | 19,894,897 | | 1.0 | | | 19,886,918 | | 1.2 | |
2032 | | | — | | — | | | — | | — | |
2033 | | | 10,697,500 | | 0.6 | | | — | | — | |
Total | | $ | 1,897,983,202 | | 100.0 | % | $ | 1,674,960,932 | | 100.0 | % |
Our Adviser monitors our portfolio companies on an ongoing basis. The Adviser believes that actively managing an investment allows it to identify problems early and work with companies to develop constructive solutions when necessary. The Adviser will monitor our portfolio with a focus toward anticipating negative credit events. In seeking to maintain portfolio company performance and help to ensure a successful exit, the Adviser will work closely with, as applicable, the lead equity sponsor, portfolio company management, consultants, advisers and other security holders to discuss financial position, compliance with covenants, financial requirements and execution of the company’s business plan. In addition, the Adviser’s personnel may occupy a seat or serve as an observer on a portfolio company’s board of directors or similar governing body.
Typically, the Adviser receives financial reports detailing operating performance, sales volumes, margins, cash flows, financial position and other key operating metrics on a quarterly basis from portfolio companies. The Adviser will use this data, combined with the knowledge gained through due diligence of the company’s customers, suppliers, competitors, market research and other methods, to conduct an ongoing assessment of the company’s operating performance and prospects.
As part of the monitoring process, the Adviser rates the risk of all portfolio investments on a scale of 1 to 5, no less frequently than quarterly. This internal performance rating is primarily intended to assess the underlying risk of a portfolio investment relative to such investments’ cost taking into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The Adviser’s internal performance ratings do not constitute any rating of investments by a nationally recognized rating organization or reflect any third-party assessment. The Adviser’s internal performance rating scale is as follows:
| | |
Investment
Performance
Rating | | Description |
1 | | The portfolio company is performing above expectations, and the business trends and risk factors for this investment since origination or acquisition are generally favorable. |
2 | | The portfolio company is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2. |
3 | | The portfolio company is performing below expectations and the investment’s risk has increased somewhat since origination or acquisition. For debt investments rated 3, the portfolio company could be out of compliance with debt covenants; however, loan payments are generally not past due. |
4 | | The portfolio company is performing materially below expectations and indicates that the investment’s risk has increased materially since origination or acquisition. For debt investments rated 4, in addition to the portfolio company being generally out of compliance with debt covenants, loan payments may be past due. |
5 | | The portfolio company is performing substantially below expectations and indicates that the investment’s risk has increased substantially since origination or acquisition. For debt investments rated 5, most or all of the debt covenants are out of compliance and payments are substantially delinquent. It is anticipated that we will not recoup our initial cost basis and may realize a substantial loss upon exit of the investment. |
It is possible that the rating of a portfolio investment may change over time. For investments rated 3, 4 or 5, the Adviser enhances its level of scrutiny over the monitoring of such portfolio company.
The following table shows the composition of our portfolio investments on the Adviser’s internal performance rating scale:
| | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 | |
| | | | Percentage | | | | | Percentage | |
Investment Rating | | Fair Value | | of Portfolio | | Fair Value | | of Portfolio | |
1 | | $ | 187,275,447 | | 9.7 | % | $ | 126,349,419 | | 7.5 | % |
2 | | | 1,656,203,533 | | 85.7 | | | 1,509,838,451 | | 89.4 | |
3 | | | 88,887,307 | | 4.6 | | | 52,333,352 | | 3.1 | |
4 | | | 204,600 | | 0.0 | | | — | | — | |
5 | | | — | | — | | | — | | — | |
Total | | $ | 1,932,570,887 | | 100.0 | % | $ | 1,688,521,222 | | 100.0 | % |
The following table presents the amortized cost of our performing and non-accrual investments as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 | |
| | Amortized | | | | Amortized | | | |
| | Cost | | Percentage | | Cost | | Percentage | |
Performing | | $ | 1,952,218,944 | | 100.0 | % | $ | 1,703,615,046 | | 100.0 | % |
Non-accrual | | | — | | — | | | — | | — | |
Total | | $ | 1,952,218,944 | | 100.0 | % | $ | 1,703,615,046 | | 100.0 | % |
The following table presents the fair value of our performing and non-accrual investments as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 | |
| | Fair Value | | Percentage | | Fair Value | | Percentage | |
Performing | | $ | 1,932,570,887 | | 100.0 | % | $ | 1,674,960,932 | | 100.0 | % |
Non-accrual | | | — | | — | | | — | | — | |
Total | | $ | 1,932,570,887 | | 100.0 | % | $ | 1,674,960,932 | | 100.0 | % |
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Results of Operations
The following table presents the operating results for the three and nine months ended September 30, 2023:
| | | | | | |
| | Three Months | | Nine Months |
| | Ended | | Ended |
| | September 30, | | September 30, |
| | 2023 | | 2023 |
Total investment income | | $ | 59,111,497 | | $ | 162,704,227 |
Less: total expenses | | | 27,879,576 | | | 77,408,339 |
Net investment income (loss) | | | 31,231,921 | | | 85,295,888 |
Total net realized gains (losses) | | | 276,340 | | | 1,135,647 |
Net change in unrealized appreciation (depreciation) on investments | | | 8,731,313 | | | 9,726,657 |
Net increase (decrease) in net assets resulting from operations | | $ | 40,239,574 | | $ | 96,158,192 |
Investment Income
Total investment income was $59,111,497 and $162,704,227 for the three and nine months ended September 30, 2023, respectively. Total investment income consisted of interest income from investments, interest from cash and cash equivalents and fee income.
| | | | | | |
| | Three Months | | Nine Months |
| | Ended | | Ended |
| | September 30, | | September 30, |
| | 2023 | | 2023 |
Interest income from investments | | $ | 58,811,687 | | $ | 161,103,193 |
Dividend income from investments | | | 299,320 | | | 1,112,440 |
Interest from cash and cash equivalents | | | 490 | | | 1,094 |
Fee income | | | — | | | 487,500 |
Total investment income | | $ | 59,111,497 | | $ | 162,704,227 |
Expenses
Operating expenses for the three and nine months ended September 30, 2023 were as follows:
| | | | | | |
| | Three Months | | Nine Months |
| | Ended | | Ended |
| | September 30, | | September 30, |
| | 2023 | | 2023 |
Base management fees | | $ | 6,286,880 | | $ | 17,772,397 |
Interest and credit facility fees | | | 19,735,996 | | | 54,482,977 |
Offering costs | | | 24,315 | | | 76,939 |
Professional fees | | | 1,724,881 | | | 4,753,930 |
Directors fees | | | 91,875 | | | 275,625 |
Insurance expenses | | | 15,629 | | | 46,471 |
Total expenses | | $ | 27,879,576 | | $ | 77,408,339 |
Under the Administration Agreement, we will reimburse the Administrator for all reasonable costs and expenses incurred for services performed for us. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and we will reimburse the expenses of these parties incurred directly and/or paid by the Administrator on the Company’s behalf. The Administrator can waive any amounts owed to it under the Administration Agreement, at its discretion.
For the three and nine months ended September 30, 2023, the Company incurred $358,264 and $1,016,264 of administrative overhead expenses, respectively.
Income Taxes, Including Excise Taxes
We have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code“), and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our Stockholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our Stockholders, which generally relieve us from corporate-level U.S. federal income taxes.
Net Realized Gains (Losses) and Unrealized Appreciation (Depreciation) on Investments
The following table summarizes our net realized gains (losses) and unrealized appreciation (depreciation) for the three and nine months ended September 30, 2023:
| | | | | | |
| | Three Months | | Nine Months |
| | Ended | | Ended |
| | September 30, | | September 30, |
| | 2023 | | 2023 |
Net realized gains (losses) and unrealized appreciation (depreciation) on investments | | | | | | |
Total net realized gains (losses) | | $ | 276,340 | | $ | 1,135,647 |
Total net change in unrealized appreciation (depreciation) | | | 8,731,313 | | | 9,726,657 |
| | | | | | |
Net realized gains (losses) and unrealized appreciation (depreciation) on investments | | $ | 9,007,653 | | $ | 10,862,304 |
The Adviser determines the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation.
Financial Condition, Liquidity and Capital Resources
The Company intends to generate further cash from (1) future offerings of the Company’s common or preferred stock, (2) cash flows from operations and (3) borrowings from banks or other lenders. The Company will seek to enter into bank debt, credit facility or other financing arrangements on at least customary market terms; however, the Company cannot assure you it will be able to do so.
The Company’s primary use of cash will be for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying the Adviser), (3) debt service of any borrowings and (4) cash distributions to the holders of the Company’s stock.
Equity
Subscriptions and Drawdowns
On November 17, 2020, the Adviser committed to contribute $1,000 of capital to the Company. In exchange for this contribution, the Adviser received 50 shares of the Company’s Common Stock.
Since inception, the Company has completed the following share issuances:
| | | | | |
| | Number of Common | | Aggregate |
Common Stock Issuance Date | | Stock Issued | | Offering Price |
September 29, 2023 | | 2,578,558 | | $ | 49,900,000 |
September 27, 2023(1) | | 218,518 | | | 4,228,747 |
June 28, 2023 | | 1,126,918 | | | 21,800,000 |
June 26, 2023(1) | | 252,293 | | | 4,880,557 |
April 3, 2023 | | 56,599 | | | 1,093,900 |
March 29, 2023 | | 980,749 | | | 18,906,100 |
March 27, 2023(1) | | 229,681 | | | 4,427,602 |
December 30, 2022 | | 2,467,892 | | | 48,500,000 |
December 27, 2022(1) | | 186,283 | | | 3,666,375 |
September 28, 2022 | | 5,000,901 | | | 99,900,000 |
September 26, 2022(1) | | 138,540 | | | 2,767,536 |
June 29, 2022 | | 2,498,950 | | | 50,000,000 |
June 27, 2022(1) | | 100,633 | | | 2,013,490 |
March 29, 2022 | | 1,986,561 | | | 40,000,000 |
March 25, 2022 | | 2,734,196 | | | 55,000,000 |
March 24, 2022(1) | | 87,065 | | | 1,751,362 |
December 22, 2021(1) | | 44,706 | | | 898,396 |
December 9, 2021 | | 10,296,137 | | | 210,000,000 |
September 24, 2021 | | 3,783,388 | | | 75,000,000 |
September 23, 2021(1) | | 17,842 | | | 353,695 |
August 25, 2021(1) | | 13,540 | | | 271,305 |
June 18, 2021 | | 5,025,757 | | | 100,000,000 |
March 30, 2021 | | 3,687,064 | | | 71,877,447 |
February 26, 2021 | | 1,429,493 | | | 28,121,553 |
February 4, 2021 | | 1,545,776 | | | 30,000,000 |
December 24, 2020 | | 744,307 | | | 14,886,136 |
December 21, 2020 | | 505,693 | | | 10,113,864 |
November 17, 2020 | | 50 | | | 1,000 |
Total | | 47,738,090 | | $ | 950,359,065 |
| (1) | Shares were issued to Stockholders participating in the Company’s DRIP. |
The sales of Common Stock were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten business days’ prior notice to the funding date.
Each of the sales of Common Stock is exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company has not engaged in general solicitation or advertising with regard to the issuance and sale of the Common Stock and has not offered securities to the public in connection with such issuance and sale. The Company relied, in part, upon representations from the investors in the subscription agreements that each investor was an accredited investor as defined in Regulation D under the Securities Act.
Debt
Financing Facilities
| | | | | | | | | | | | |
| | September 30, 2023 |
| | Aggregate Principal | | Outstanding | | Amount | | Net Carrying |
| | Committed | | Principal | | Available | | Value |
Capital Call Facility | | $ | 125,000,000 | | $ | 20,000,000 | | $ | 105,000,000 | | $ | 19,889,186 |
Revolving Credit Facility | | | 750,000,000 | | | 726,000,000 | | | 24,000,000 | | | 721,521,470 |
Secured Credit Facility | | | 300,000,000 | | | 83,500,000 | | | 216,500,000 | | | 81,390,695 |
2025 Notes | | | 225,000,000 | | | 225,000,000 | | | — | | | 223,391,726 |
Total | | $ | 1,400,000,000 | | $ | 1,054,500,000 | | $ | 345,500,000 | | $ | 1,046,193,077 |
| | | | | | | | | | | | |
| | December 31, 2022 |
| | Aggregate Principal | | Outstanding | | Amount | | Net Carrying |
| | Committed | | Principal | | Available | | | Value |
Capital Call Facility | | $ | 125,000,000 | | $ | 5,000,000 | | $ | 120,000,000 | | $ | 4,561,000 |
Revolving Credit Facility | | | 750,000,000 | | | 684,000,000 | | | 66,000,000 | | | 678,169,958 |
Secured Credit Facility | | | — | | | — | | | — | | | — |
2025 Notes | | | 225,000,000 | | | 225,000,000 | | | — | | | 222,720,117 |
Total | | $ | 1,100,000,000 | | $ | 914,000,000 | | $ | 186,000,000 | | $ | 905,451,075 |
Liquidity
Operating liquidity is our ability to meet our short-term liquidity needs. The following table presents our operating liquidity position as of September 30, 2023 and December 31, 2022:
| | | | | | |
| | As of |
| | September 30, 2023 | | December 31, 2022 |
Cash and cash equivalents | | $ | 49,593,498 | | $ | 33,791,187 |
Unused borrowing capacity | | | 345,500,000 | | | 186,000,000 |
Unfunded portfolio company commitments | | | (246,039,164) | | | (210,252,851) |
Undrawn capital commitments | | | 278,196,156 | | | 318,611,256 |
Total operational liquidity | | $ | 427,250,490 | | $ | 328,149,592 |
Distributions
For the three and nine months ended September 30, 2023 and 2022, the Company declared the following distributions:
| | | | | | | | |
| | Payment | | Distribution Rate | | Annualized Distribution | | |
Record Date | | Date | | per Share | | Rate1 | | Distribution Paid |
September 25, 2023 | | September 27, 2023 | | 0.655 | | 13.4 | % | 29,436,364 |
June 23, 2023 | | June 26, 2023 | | 0.640 | | 13.2 | % | 27,879,553 |
March 24, 2023 | | March 27, 2023 | | 0.600 | | 12.6 | % | 25,376,864 |
September 23, 2022 | | September 26, 2022 | | 0.510 | | 10.1 | % | 17,595,590 |
June 24, 2022 | | June 27, 2022 | | 0.405 | | 8.1 | % | 12,970,138 |
March 23, 2022 | | March 24, 2022 | | 0.425 | | 8.5 | % | 11,514,845 |
| 1 | Annualized distribution yield is calculated as annualized quarterly declared distribution divided by weighted average net asset value over the period. Weighted average net asset value is based on the net asset value at the beginning of the quarter plus capital called and distributions reinvested during the quarter. |
Commitments and Off-Balance Sheet Arrangements
Litigation and Regulatory Matters
From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with the Company’s portfolio companies. The Company and the Adviser are not currently a party to any material legal proceedings.
Unfunded Portfolio Company Commitments
From time to time, the Company may enter into commitments to fund investments. As of September 30, 2023 and December 31, 2022, the Company had the following unfunded portfolio company commitments under loan and financing agreements:
| | | | | | | | |
| | | | September 30, 2023 | | December 31, 2022 |
Portfolio Company | | Type of Investment | | Par | | Par |
2-10 Holdco, Inc. | | First Lien Revolving Loan | | $ | 2,777,778 | | $ | 2,777,778 |
Accordion Partners LLC | | First Lien Delayed Draw Term Loan | | | 3,051,020 | | | 4,576,531 |
Accordion Partners LLC | | First Lien Revolving Loan | | | 2,034,014 | | | 2,034,014 |
Accurserve | | First Lien Delayed Draw Term Loan | | | 5,172,414 | | | — |
AmeriLife Group LLC | | First Lien Delayed Draw Term Loan | | | 3,515,152 | | | 3,515,152 |
AmeriLife Group LLC | | First Lien Revolving Loan | | | 4,393,939 | | | 5,272,727 |
Anaplan, Inc. | | First Lien Revolving Loan | | | 1,546,008 | | | 1,546,008 |
AxiomSL Group, Inc. | | First Lien Delayed Draw Term Loan | | | — | | | 2,273,873 |
AxiomSL Group, Inc. | | First Lien Revolving Loan | | | 2,481,089 | | | 2,481,089 |
Beacon Pointe Harmony, LLC | | First Lien Delayed Draw Term Loan | | | 10,193,485 | | | 8,010,000 |
Beacon Pointe Harmony, LLC | | First Lien Revolving Loan | | | 3,000,000 | | | 3,000,000 |
Belmont Buyer, Inc. | | First Lien Delayed Draw Term Loan | | | 2,616,279 | | | — |
Belmont Buyer, Inc. | | First Lien Revolving Loan | | | 2,180,233 | | | — |
Bottomline Technologies, Inc. | | First Lien Revolving Loan | | | 7,365,385 | | | 7,365,385 |
Captive Resources Midco, LLC | | First Lien Revolving Loan | | | 2,202,764 | | | 2,202,764 |
CNSI Holdings, LLC | | First Lien Revolving Loan | | | 1,440,694 | | | 1,440,694 |
CORA Health Holdings Corp. | | First Lien Delayed Draw Term Loan | | | — | | | 5,376,426 |
Diligent Corporation | | First Lien Revolving Loan | | | 2,950,000 | | | 3,500,000 |
Elkay LLC | | First Lien Revolving Loan | | | 3,611,111 | | | 3,611,111 |
Explorer Investor, Inc. | | First Lien Delayed Draw Term Loan | | | 4,042,263 | | | 5,058,140 |
Galway Borrower, LLC | | First Lien Delayed Draw Term Loan | | | — | | | 594,253 |
Galway Borrower, LLC | | First Lien Delayed Draw Term Loan | | | 21,000,000 | | | — |
Galway Borrower, LLC | | First Lien Revolving Loan | | | 4,098,295 | | | 4,098,295 |
Geosyntec Consultants, Inc. | | First Lien Delayed Draw Term Loan | | | 2,186,775 | | | 4,397,000 |
Geosyntec Consultants, Inc. | | First Lien Revolving Loan | | | 1,609,000 | | | 1,609,000 |
GovDelivery Holdings, LLC | | First Lien Revolving Loan | | | 1,303,456 | | | 1,603,843 |
GraphPAD Software, LLC | | First Lien Delayed Draw Term Loan | | | 11,000,000 | | | 11,000,000 |
GraphPAD Software, LLC | | First Lien Revolving Loan | | | 1,250,000 | | | 2,500,000 |
Hyland Software, Inc. | | First Lien Revolving Loan | | | 1,199,095 | | | — |
IG Investments Holdings LLC | | First Lien Revolving Loan | | | 5,057,803 | | | 3,034,682 |
Imagine Acquisitionco, LLC | | First Lien Delayed Draw Term Loan | | | 6,430,868 | | | 6,430,868 |
Imagine Acquisitionco, LLC | | First Lien Revolving Loan | | | 4,630,225 | | | 4,630,225 |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | | — | | | 2,777,778 |
MB2 Dental Solutions, LLC | | First Lien Delayed Draw Term Loan | | | 6,533,333 | | | — |
MBO Partners, Inc. | | First Lien Delayed Draw Term Loan | | | 7,410,664 | | | 9,910,664 |
Ministry Brands Purchaser, LLC | | First Lien Delayed Draw Term Loan | | | 4,743,432 | | | 5,649,718 |
Ministry Brands Purchaser, LLC | | First Lien Revolving Loan | | | 932,203 | | | 847,458 |
Mirra-Prime Access Holdings, LLC | | First Lien Revolving Loan | | | 1,712,500 | | | 1,712,500 |
More Cowbell II LLC | | First Lien Delayed Draw Term Loan | | | 5,444,251 | | | — |
More Cowbell II LLC | | First Lien Revolving Loan | | | 5,683,798 | | | — |
Neptune Flood Incorporated | | First Lien Revolving Loan | | | 750,000 | | | — |
OneDigital Borrower LLC | | First Lien Delayed Draw Term Loan | | | 9,771,429 | | | — |
Project K BuyerCo, Inc. | | First Lien Revolving Loan | | | 7,727,273 | | | 7,727,273 |
RSC Acquisition, Inc. | | First Lien Delayed Draw Term Loan | | | 24,000,000 | | | 23,325,789 |
Simplifi Holdings, Inc. | | First Lien Revolving Loan | | | 2,349,398 | | | 2,891,566 |
SpecialtyCare, Inc. | | First Lien Delayed Draw Term Loan | | | — | | | 1,168,555 |
SpecialtyCare, Inc. | | First Lien Revolving Loan | | | 1,062,323 | | | 658,640 |
Spirit RR Holdings, Inc. | | First Lien Revolving Loan | | | 1,213,529 | | | 1,400,226 |
Stepping Stones Healthcare Services, LLC | | First Lien Delayed Draw Term Loan | | | 2,366,000 | | | 4,130,000 |
Stepping Stones Healthcare Services, LLC | | First Lien Revolving Loan | | | 3,010,000 | | | 980,000 |
Syntax Systems Limited | | First Lien Delayed Draw Term Loan | | | 2,970,297 | | | 2,970,297 |
Syntax Systems Limited | | First Lien Revolving Loan | | | 396,040 | | | 396,040 |
TA/WEG Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | | 7,606,857 | | | 13,698,286 |
TA/WEG Intermediate Holdings, LLC | | First Lien Revolving Loan | | | 2,000,000 | | | 2,000,000 |
Tamarack Intermediate LLC | | First Lien Revolving Loan | | | 2,935,268 | | | 2,890,625 |
Trinity Partners Holdings LLC | | First Lien Delayed Draw Term Loan | | | 7,446,809 | | | 7,446,809 |
TST Intermediate Holdings, LLC | | First Lien Delayed Draw Term Loan | | | 8,846,154 | | | 8,942,308 |
Williams Martson, LLC | | First Lien Delayed Draw Term Loan | | | 2,553,846 | | | 2,553,846 |
Williams Martson, LLC | | First Lien Revolving Loan | | | 2,234,615 | | | 2,234,615 |
Total Par | | | | $ | 246,039,164 | | $ | 210,252,851 |
The Company expects to maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund.
Investor Commitments
As of September 30, 2023, the Company had received capital commitments totaling $1,203 million, of which, $278 million remained unfunded. As of December 31, 2022, the Company had received capital commitments totaling $1,152 million, of which, $319 million remained unfunded.
Contractual Obligations
Our payment obligations for repayment of debt, which total our contractual obligations on September 30, 2023, include $20 million of financing under the Capital Call Facility maturing in less than one year, $726 million of financing under the Revolving Credit Facility maturing in three to five years, $83.5 million of financing under the Secured Credit Facility maturing in three to five years and $225 million of financing under the 2025 Notes maturing in one to three years.
| | | | | | | | | | | | | | | |
| | Payments Due by Period |
| | | | | Less Than | | 1 – 3 | | 3 – 5 | | More Than |
| | Total | | 1 Year | | Years | | Years | | 5 Years |
Capital Call Facility | | $ | 20,000,000 | | $ | 20,000,000 | | $ | — | | $ | — | | $ | — |
Revolving Credit Facility | | | 726,000,000 | | | — | | | — | | | 726,000,000 | | | — |
Secured Credit Facility | | | 83,500,000 | | | — | | | — | | | 83,500,000 | | | — |
2025 Notes | | | 225,000,000 | | | — | | | 225,000,000 | | | — | | | — |
Total Contractual Obligations | | $ | 1,054,500,000 | | $ | 20,000,000 | | $ | 225,000,000 | | $ | 809,500,000 | | $ | — |
Hedging
In connection with certain portfolio investments, the Company may employ hedging techniques designed to reduce the risk of adverse movements in interest rates, securities prices and currency exchange rates. While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Company may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates and other factors may result in a poorer overall performance for the Company than if it had not entered into such hedging transactions. The successful utilization of hedging and risk management transactions requires skills that are separate from the skills used in selecting and monitoring investments. There were no hedging transactions through the three months ended September 30, 2023.
Critical Accounting Policies
This discussion of the Company’s operating plan is based upon the Company’s consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP“). The preparation of these consolidated financial statements requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, the Company describes its critical accounting policies in the notes to the Company’s consolidated financial statements.
Valuation of Investments
The Board has designated the Adviser as the Company’s “Valuation Designee“ under Rule 2a-5 under the 1940 Act. The Adviser, with the assistance of the Adviser’s Valuation Committee, subject to oversight by the Board, determines the value of the Company’s investments in accordance with fair value accounting guidance promulgated under U.S. GAAP, which establishes a hierarchical disclosure framework which ranks the observability inputs used in measuring financial instruments at fair value. See the Notes to Consolidated Financial Statements for a description of the hierarchy for fair value measurements and a description of the Company’s valuation procedures.
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation
Investment transactions are recorded on the trade date. The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation and depreciation, when gains or losses are realized.
Revenue Recognition
The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. The Company does not accrue as a receivable interest on loans and debt securities for accounting purposes if the Company has reason to doubt the Company’s ability to collect such interest. Original issue discounts, market discounts or are accreted over the life of the respective security using the effective interest method as interest income. Premiums to par value on securities purchased are amortized to the first call date into interest income using the effective interest method. The Company records prepayment premiums on loans and debt securities as interest income.
Other Income
Other income may include income such as consent, waiver, amendment, unused, syndication and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee.
Offering and Organizational Expenses
The Company has and will continue to bear expenses relating to the organization of the Company and the Private Offering and any subsequent offering of Common Stock, including the listing of the Company’s Common Stock on a national securities exchange. Offering expenses include, without limitation, legal, accounting, printing and other offering costs including those associated with the preparation of a registration statement in connection with any subsequent offering of Common Stock. The Adviser has agreed to bear the aggregate organizational and offering costs in connection with the Private Offering in excess of $1,250,000. Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. Offering costs in connection with the offering of shares of Common Stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months beginning with the latter of either the commencement of operations or from incurrence. These expenses consist primarily of legal fees and other costs incurred with the Company’s stock offerings, the preparation of the Company’s registration statement, and registration fees.
U.S. Federal Income Taxes
The Company has elected to be treated, and intends to qualify annually, to be taxed as a RIC under Subchapter M of the Code. As a RIC, the Company generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to stockholders. To qualify as a RIC, the Company must maintain an election under the 1940 Act to be regulated as a BDC, meet specified source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes generally of an amount at least equal to 90% of the Company’s “investment company taxable income,“ which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid. See “Note 11. Taxes.”
Item 3.Quantitative and Qualitative Disclosures about Market Risk
The Company is subject to financial market risks, including valuation risk and interest rate risk.
Valuation Risk
The Company plans to invest primarily in illiquid debt securities of private companies. Most of the Company’s investments will not have a readily available market price, and the Adviser will value these investments at fair value as determined in good faith in accordance with procedures approved by the Board. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments the Company makes.
Interest Rate Risk
Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
As of September 30, 2023, 95.4% of our debt investments based on fair value were at floating rates. Our credit facilities, including our Capital Call Facility, Revolving Credit Facility and Secured Credit Facility, also bear interest at floating rates.
Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2023, the following table shows the approximate annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors and assuming no changes in our investment portfolio and borrowing structure):
| | | | | | | | | |
| | Change in |
| | | | | | | | Net Investment |
Basis point change | | Interest Income (1) | | Interest Expense | | Income (Loss) |
300 | | $ | 55,883,960 | | $ | (24,885,000) | | $ | 30,998,960 |
200 | | | 37,255,973 | | | (16,590,000) | | | 20,665,973 |
100 | | | 18,627,987 | | | (8,295,000) | | | 10,332,987 |
(100) | | | (18,627,987) | | | 8,295,000 | | | (10,332,987) |
(200) | | | (37,255,973) | | | 16,590,000 | | | (20,665,973) |
(300) | | | (55,883,960) | | | 24,885,000 | | | (30,998,960) |
| (1) | Assumes no defaults or prepayments by portfolio companies over the next twelve months. |
We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments. We did not engage in interest rate hedging activities during the three months ended September 30, 2023.
Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of September 30, 2023 (the end of the period covered by this report), our management, including our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the Principal Executive Officer and Principal Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
Changes in Internal Control over Financial Reporting
During the most recent fiscal quarter, there was no change in our internal controls over financial reporting, as defined under Rule 13a-af(f) under the Exchange Act, that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or the Adviser. From time to time, we or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors
There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K, as filed with the SEC on March 30, 2023, except as provided below.
Potential Failures in the Financial Services Industry
The Company’s cash and the Adviser’s cash is held in accounts controlled by U.S. banking institutions that we believe are of high quality. Cash held by the Company, its portfolio companies and the Adviser in interest-bearing and non-interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, the Company, its portfolio companies and the Adviser could lose a portion or all of those amounts held in excess of such FDIC insurance limitations. Additionally, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to liquidity problems throughout the market, which could adversely affect the Company’s, its portfolio companies’ and the Adviser’s business, financial condition, results of operations, or prospects. For example, on March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank and appointed the FDIC as receiver. Similarly, on March 12, 2023, the New York State Department of Financial Services closed Signature Bank and appointed the FDIC as receiver.
Although the Company and the Adviser assess the Company’s and its portfolio companies’ banking relationships as believed necessary or appropriate, the Company’s, its portfolio companies’ and the Adviser’s access to funding sources and other credit arrangements in amounts adequate to finance or capitalize its respective current and projected future business operations could be significantly impaired by factors that affect the Company, its portfolio companies or the Adviser or the financial institutions with which the Company, its portfolio companies or the Adviser have arrangements directly or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which the Company, its portfolio companies or the Adviser have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.
In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher costs or interest rates and tighter financial and operating covenants, or systemic limitations on access to liquidity sources or credit, thereby making it more difficult for the Company, its portfolio companies or the Adviser to acquire financing on generally acceptable terms or at all.
LIBOR
LIBOR, the London Interbank Offered Rate, was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish new or alternative reference rates to be used in place of LIBOR. We generally expect to use an alternative reference rate as the reference rate in term loans we extend to portfolio companies such that the interest due to us pursuant to a term loan extended to a portfolio company is calculated using the alternative reference rate. The terms of our debt investments generally include minimum interest rate floors which are calculated based on the applicable alternative reference rate.
To identify a successor rate for USD LIBOR, the Alternative Reference Rates Committee (“ARRC”), a U.S.-based group convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, was formed. The ARRC has identified the Secured Overnight Financing Rate (“SOFR”), or other rates derived from SOFR, as its preferred alternative rate for USD LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR, which may affect the value or liquidity or return on certain of the Company’s investments and result in costs incurred in connection with closing out positions and entering into new trades. At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR or any other alternative reference rates that may be enacted or adopted in the United States, United Kingdom or elsewhere.
The elimination of LIBOR, the adoption of one or more alternative reference rates such as SOFR or any other changes or reforms to the determination or supervision of LIBOR or any of these alternative reference rates could have an adverse impact on the market for or value of any securities, loans, and other financial obligations or extensions of credit held by or due to the Company linked to any such reference rate or on the Company’s overall financial condition or results of operations. The replacement of LIBOR with an alternative reference rate on the Company’s debt investments could have an adverse effect on the Company’s overall financial condition or results of operations. Following the replacement of LIBOR or as a result of using any alternative reference rate, some or all of the agreements governing the Company’s debt investments in place could bear interest a lower interest rate than would have otherwise been in effect had the use of LIBOR continued, which could have an adverse impact on the Company’s results of operations.
Recent Developments
None
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Except as previously reported by the Company on its current reports on Form 8-K, the Company did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.
Item 3.Defaults Upon Senior Securities
None.
Item 4.Mine Safety Disclosure
Not applicable.
Item 5.Other Information
Rule 10b5-1 Trading Plans
During the fiscal quarter ended September 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Item 6.Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
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3.1 | | Amended and Restated Certificate of Incorporation1 |
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3.2 | | Bylaws2 |
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10.1 | | Amendment to Loan and Security Agreement between SPCC Funding I LLC and JPMorgan Chase Bank, National Association3 |
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10.2 | | Credit Agreement among SPCC Funding II, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian, dated August 14, 20234 |
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10.3 | | Loan Sale and Contribution Agreement between the Company, as the seller, and SPCC Funding II, as the buyer, dated August 14, 20235 |
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10.4 | | Non-Recourse Carveout Guaranty Agreement among the Company, U.S. Bank Trust Company, National Association, on behalf of certain secured parties, and Goldman Sachs Bank USA, dated August 14, 20236 |
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31.1 | | Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended* |
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31.2 | | Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended* |
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32.1 | | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
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32.2 | | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* |
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101.INS | | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.SCH | | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* Filed herewith.
1 Previously filed as an exhibit to Amendment No. 1 to the Company’s registration statement on Form 10 (File No. 000-56209) filed with the SEC on November 25, 2020.
2 Previously filed as Exhibit 10.1 to the Company’s Form 8-K filed on January 4, 2021.
3 Previously filed as Exhibit 10.1 to the Company’s Form 8-K filed on July 7, 2023.
4 Previously filed as Exhibit 10.1 to the Company’s Form 8-K filed on August 17, 2023.
5 Previously filed as Exhibit 10.2 to the Company’s Form 8-K filed on August 17, 2023.
6 Previously filed as Exhibit 10.3 to the Company’s Form 8-K filed on August 17, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| | | Stone Point Credit Corporation |
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Date: November 13, 2023 | | By: | /s/ Scott J. Bronner |
| | | Name: Scott J. Bronner |
| | | Title: Principal Executive Officer |
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Date: November 13, 2023 | | By: | /s/ Gene Basov |
| | | Name: Gene Basov |
| | | Title: Principal Financial Officer |