10-K
Annual Report
AB Private Lending Fund
CIK: 1982701
File #: 814-01744
Balance Sheet
378 line items
XBRL
| Item | Dec 31, 2024 |
|---|---|
Assets | |
Investments, at fair value | |
Total investments, at fair value | 279,777,506 |
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.66% (S + 6.00%; 1.00% Floor) | 8/15/2025 | 405,271 |
AppViewX, Inc. - Revolver - 1st Lien/Senior Secured Debt | (997) |
U.S. 1st Lien/Senior Secured Debt | 271,442,476 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/2028 | 192,125 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 10.61% (S + 6.25%; 0.50% Floor) | 3/26/2026 | 1,489,614 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | Two | 919,088 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | (S + 5.75%; 1.00% Floor) | 10/15/2027 | 0 |
Brightspot Buyer, Inc - Revolver - 1st Lien/Senior Secured Debt | (3,025) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Revolver | (S + 6.50%; 0.75% Floor) | 11/16/2027 | (3,025) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 3/26/2026 | 2,151,684 |
Ranger Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Revolver | 10.20% (S + 5.75%; 1.00% Floor) | 4/1/2027 | 136,436 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | 86,317 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Diversified Consumer Services | Revolver | (S + 0.25%; 0.75% Floor) | 10/19/2028 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Revolver | 9.58% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 29,091 |
UK Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Systems Limited | Pharmaceuticals | Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 12/23/2030 | 912,604 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.32%(S + 5.00%; 1.00% Floor) | 12/31/2027 | One | 1,158,726 |
NET ASSETS — 100.00% | 116,526,076 |
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 9.70% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 2,831,589 |
AppViewX, Inc. - PIK Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 | 312,118 |
Telcor Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 10/17/2029 | 4,479,061 |
US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc.| Diversified Financial Services | Revolver | 11.29% (S + 6.75%; 1.00% Floor) | 5/3/2029 | 338,393 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Revolver | (S + 5.00%; 1.00% Floor) | 10/2/2028 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Delayed Draw Term Loan | 10.42% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 321,171 |
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 9.95% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 3,311,416 |
GS AcquisitionCo, Inc. - 2024 7th Supplemental DDTL - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 |One | 861,344 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030 | 88,112 |
Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Delayed Draw | 10.70% (S + 6.25%; 1.00% Floor) | 12/4/2025 | 416,495 |
Puerto Rico 1st Lien/Senior Secured Debt | 1,002,940 |
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Term Loan | 9.60% (S + 2.50%; 0.75% Floor; 2.75% PIK) | 9/1/2031 | 1,352,330 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mastery Acquisition Corp. | Diversified Consumer Services | Term Loan | 9.49% (S + 5.25%; 1.00% Floor) | 9/7/2029 | 1,225,586 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Delayed Draw Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 | 3,047,848 |
Vectra AI, Inc - Revolver - 1st Lien/Senior Secured Debt | (1,413) |
Livtech Purchaser, Inc. - 2024 Revolver - 1st Lien/Senior Secured Debt | (1,176) |
EET Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Revolver | (S + 5.00%; 1.00% Floor) | 12/1/2027 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 0.75% Floor) | 8/28/2026 | 4,827,347 |
Saab Purchaser, Inc - Revolver - 1st Lien/Senior Secured Debt | (957) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Revolver | (S + 5.25%; 1.00% Floor) | 3/2/2028 | (1,414) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026 | One | 547,428 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Term Loan | 9.60% (S + 5.25%; 0.75% Floor) | 5/24/2028 | 4,285,714 |
Zendesk, Inc. - 2024 Incrmentl Delayed Draw TL - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Term Loan | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 2,848,052 |
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Revolver | (S + 5.25%; 0.75% Floor) | 12/22/2027 | (4,235) |
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Revolver | (S + 5.25%; 1.00% Floor) | 5/25/2028 | (77) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Term Loan | 9.52% (S + 5.00%; 0.75% Floor) | 11/12/2031 | 705,638 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030| One | 895,649 |
NMI AcquisitionCo, Inc. - Revolver - 1st Lien/Senior Secured Debt | (2,962) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Revolver | 11.32%(S + 7.00%; 0.75% Floor) | 9/8/2027 | 110,055 |
Saab Purchaser, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | (957) |
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 5/25/2028 | 9,057 |
Hirevue, Inc. - Revolver - 1st Lien/Senior Secured Debt | (1,970) |
Visionary Buyer LLC - Revolver - 1st Lien/Senior Secured Debt | (1,077) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 11/12/2031 | (957) |
NC Topco, LLC - 2024 PIK Revolver - 1st Lien/Senior Secured Debt | (1,168) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.92% (S + 5.50%; 1.00% Floor) | 9/16/2027 | 1,074,078 |
US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/28/2028 | 471,887 |
OPOC Acquisition, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | (1,311) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030| One | 4,118,084 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Revolver | (S + 5.75%; 1.00% Floor) | 4/30/2027 | (87) |
LIABILITIES IN EXCESS OF OTHER ASSETS — (150.17%) | (174,988,221) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Revolver | (S + 5.25%; 0.75% Floor) | 10/29/2029 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Revolver | (S + 2.50%; 0.75% Floor) | 9/1/2031 | (1,168) |
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Revolver | (S + 5.00%; 0.75% Floor) | 9/6/2028 | (2,961) |
Cash | US Dollar | USD | 915,285 |
Soladoc, LLC - Revolver - 1st Lien/Senior Secured Debt | (7,490) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ping Identity Holding Corp. | Software | Revolver | (S + 4.75%; 0.75% Floor) | 10/17/2028 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 11.11%(S + 6.50%; 0.75% Floor) | 11/16/2027 | 340,154 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Term Loan | 9.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 | 2,409,753 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 | 756,973 |
Mist Holding Co. - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | (1,364) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Iodine Software, LLC | Health Care Technology | Revolver | (S + 5.25%; 1.00% Floor) | 5/19/2027 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Delayed Draw Term Loan | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/2027 | 427,128 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Foundation Risk Partners, Corp. | Insurance | Delayed Draw Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 10/29/2030 | 356,094 |
US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Term Loan | 9.01% (S + 4.50%; 0.75% Floor) | 11/24/2031 | 407,647 |
MSP Global Holdings, Inc - Revolver - 1st Lien/Senior Secured Debt | (1,041) |
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Three | 2,374,726 |
US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Revolver | 9.35% (S + 5.00%; 1.00% Floor) | 12/20/2030 | 5,944 |
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Revolver | 10.20%(S + 5.75%; 1.00% Floor) | 11/23/2027 | 64,544 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Delayed Draw Term Loan | 9.58% (S + 5.25%; 0.75% Floor) | 5/24/2028 | 1,190,476 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | One | 69,977 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | 726,195 |
Wealth Enhancement Group, LLC - 2021 Incremental RC - 1st Lien/Senior Secured Debt | 0 |
Visionary Buyer LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 11.73% (S + 6.00%; 1.00% Floor) | 1/22/2027 | 33,296 |
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Delayed Draw Term Loan | (S + 5.25%; 0.75%% Floor) | 12/24/2031 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | AAH Topco, LLC | Health Care Providers & Services | Term Loan | 9.70% (S + 5.25%; 0.75% Floor) | 12/22/2027 | 2,544,596 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Revolver | (S + 5.50%; 1.00% Floor) | 6/1/2027 | 0 |
Cash | Total Cash | 915,285 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Delayed Draw Term Loan | 9.98% (S + 5.25%; 1.00% Floor) | 3/2/2028 | 525,899 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Delayed Draw Term Loan | (S + 5.75%; 1.00% Floor) | 3/17/2027 | 0 |
Azurite Intermediate Holdings, Inc - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Term Loan | 10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/2027 | 5,024,876 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Revolver | (S + 4.75%; 0.75% Floor) | 11/18/2027 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | NC Topco, LLC | Banks | Delayed Draw Term Loan | (S + 2.50%; 0.75% Floor) | 8/29/2031 | (2,920) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 | One | 567,596 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Delayed Draw Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 4/21/2031 | 262,381 |
Avant Communications, LLC - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Revolver | 10.10% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 288,779 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Term Loan | 9.97% (S + 5.50%; 0.75% Floor) | 6/1/2028 | 2,436,811 |
Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Revolver | 12.75% (S + 5.25%; 1.00% Floor) | 12/4/2025 | 29,357 |
Mavenlink, Inc - Revolver - 1st Lien/Senior Secured Debt | (1,366) |
US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC. | Hotels, Restaurants & Leisurey | Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 2/15/2029 | 3,773,668 |
U.S. 2nd Lien/Junior Secured Debt | 891,979 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Revolver | (S + 5.75%; 0.75% Floor) | 9/10/2030 | (4,737) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 11/22/2028 | 4,948,908 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Revolver | (S + 6.50%; 1.00% Floor) | 5/13/2030 | (10,820) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Delayed Draw Term Loan | 8.82% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 1,045,740 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One | 38,855 |
Towerco IV Holdings, LLC - 2023 Last Out DDTL - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 10.47% (S + 6.00%; 1.00% Floor) | 1/22/2027 | 3,980,783 |
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | 354,591 |
Canada 1st Lien/Senior Secured Debt | 5,527,507 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Term Loan | 10.35% (S + 6.00%; 1.00% Floor) | 3/13/2029 | 5,500,000 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Telesoft Holdings, LLC | Diversified Telecommunication Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 1,408,759 |
Medical Management Resource Group, L.L.C. - 2021 Revolver - 1st Lien/Senior Secured Debt | (379) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | (S + 5.25%; 1.00% Floor) | 10/4/2030 | (7,676) |
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | Two | 1,282,743 |
Honor HN Buyer, Inc - 2024 4th A Delayed Draw TL 4 - 1st Lien/Senior Secured Debt | 0 |
U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Symplr Software, Inc. | Health Care Technology | Term Loan | 12.56% (S + 7.87%; 0.75% Floor) | 12/22/2028 | 891,979 |
Livtech Purchaser, Inc. - 2024 Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | (2,353) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/2027 | One | 989,507 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Term Loan | 8.82% (S + 4.50%; 1.00% Floor) | 9/15/2028 | 4,371,588 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Term Loan | 8.82% (S + 4.50%; 0.75% Floor) | 9/30/2031 | 767,124 |
BV EMS Buyer, Inc. - 2024 5th Amendment Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | MBS Holdings, Inc. | Diversified Telecommunication Services | Term Loan | 10.59% (S + 5.75%; 1.00% Floor) | 4/16/2027 | 4,391,180 |
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 10.14% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 1,600,211 |
UK 1st Lien/Senior Secured Debt | 912,604 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Term Loan | 10.20% (S + 5.75%; 1.00% Floor) | 3/17/2027 | Two | 1,757,236 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Labvantage Solutions Inc. | Pharmaceuticals | Revolver | 9.58% (S + 5.25%; 1.00% Floor) | 12/23/2030 | 25,624 |
US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | (S + 4.50%; 0.75% Floor) | 11/24/2031 | (2,353) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Cerifi, LLC | Banks | Term Loan | 10.20%(S + 5.75%; 1.00% Floor) | 3/31/2028 | 2,580,036 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Vehlo Purchaser, LLC | Automobiles | Revolver | (S + 5.25%; 0.75% Floor) | 5/24/2028 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Revolver | 10.39% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/2027 | 177,103 |
US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 12/20/2030 | (1,311) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | 9.55% (S + 5.00%; 1.00% Floor) | 10/2/2028 | One | 526,193 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32%(S + 5.00%; 1.00% Floor) | 12/31/2027 | One | 703,979 |
Puerto Rico Corporate Debt | 1,002,940 |
Vectra AI, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | (3,534) |
Puerto Rico Corporate Debt | 1st Lien/Senior Secured Debt | CORAL US CO BORROWER LLC | Cable/Satellite TV | Term Loan | 7.45% (S + 3.00%) | 9/23/2029 | 1,002,940 |
Mist Holding Co. - Revolver - 1st Lien/Senior Secured Debt | (909) |
Vehlo Purchaser LLC - 2022 Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Term Loan | 9.60% (S + 5.25%; 0.75% Floor) | 12/23/2030 | 481,050 |
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Revolver | (S + 5.25%; 0.75%% Floor) | 12/24/2031 | (997) |
Rep Tec Intermediate Holdings, Inc. - Revolver - 1st Lien/Senior Secured Debt | 0 |
Navigate360, LLC - Revolver - 1st Lien/Senior Secured Debt | (1,951) |
LabVantage Solutions, Inc. - Revolver - 1st Lien/Senior Secured Debt | (667) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sako and Partners Lower Holdings LLC | Real Estate Management & Development | Revolver | (S + 4.50%; 1.00% Floor) | 9/15/2028 | (2,809) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Delayed Draw Term Loan | 10.85%(S + 6.50%; 0.75% Floor) | 3/19/2031 | 2,090,347 |
Joink, LLC - Revolver - 1st Lien/Senior Secured Debt | (1,316) |
Zendesk, Inc. - 2024 1st Amendment Revolver - 1st Lien/Senior Secured Debt | 0 |
Aggregate Fair Value Securities | 7,253,672 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 10/4/2030 | 1,212,629 |
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/2025 | One | 367,385 |
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Delayed Draw Term Loan | 10.20%(S + 5.75%; 1.00% Floor) | 11/23/2027 | 1,298,162 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Revolver | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/2026 | 52,784 |
Ridge Trail US Bidco, Inc - Revolver - 1st Lien/Senior Secured Debt | (980) |
Revolver - 1st Lien/Senior Secured Debt | (113,131) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/2026 | One | 1,223,254 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Delayed Draw Term Loan | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 310,190 |
GS AcquisitionCo, Inc. - Revolver - 1st Lien/Senior Secured Debt | (77) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Revolver | (S + 6.50%; 0.75% Floor) | 3/19/2031 | 0 |
MSP Global Holdings, Inc - 2024 1st Amendment DDTL - 1st Lien/Senior Secured Debt | (557) |
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/2025 | 228,143 |
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | (S + 5.50%; 1.00% Floor) | 4/9/2029 | (557) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Exterro, Inc. | Software | Term Loan | 10.11% (S + 5.50%; 1.00% Floor) | 6/1/2027 | 3,635,986 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Term Loan | 10.57% (S + 6.25%; 0.75% Floor) | 9/14/2029 | 5,308,127 |
US Corporate Debt | 1st Lien/Senior Secured Debt | AppViewX, Inc. | Software | Term Loan | 9.57%(S + 5.25%; 0.75%% Floor) | 12/24/2031 | 789,369 |
Canadian Corporate Debt | 1st Lien/Senior Secured Debt | Versaterm Public Safety Inc. | Commercial Services & Supplies | Term Loan | 10.70% (S + 6.25%; 1.00% Floor) | 12/4/2025 | 5,081,655 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.89%(S + 5.50%; 0.75% Floor) | 5/8/2028 | 201,498 |
Thrive Buyer, Inc. - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Delayed Draw Term Loan | 9.92%(S + 5.50%; 0.75% Floor) | 12/1/2027 | 110,144 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Term Loan | 8.70% (S + 4.25%; 1.00% Floor) | 8/20/2027 | 2,960,596 |
Banneker V Acquisition, Inc. - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/2026 | 1,968,961 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Avalara, Inc. | Diversified Consumer Services | Term Loan | 10.57%(S + 6.25%; 0.75% Floor) | 10/19/2028 | 3,975,452 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Delayed Draw Term Loan | 9.85%(S + 5.50%; 0.75% Floor) | 5/8/2028 | 29,094 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenhouse Software, Inc. | Professional Services | Term Loan | 10.57% (S+ 6.25%; 1.00% Floor) | 9/1/2028 | 5,500,000 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 3,179,411 |
Joink, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | (7,676) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Moon Buyer, Inc. | Software | Term Loan | 9.32% (S + 5.00%; 0.75% Floor) | 4/21/2031 | 2,842,020 |
Priority Ondemand Midco 2,L.P - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Revolver | (S + 5.25%; 1.00% Floor) | 9/16/2027 | (1,664) |
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Revolver | (S + 5.00%; 0.75% Floor) | 11/8/2027 | 0 |
Amercaroyal LLC - 2024 Revolver - 1st Lien/Senior Secured Debt | (122) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Higginbotham Insurance Agency, Inc. | Insurance | Term Loan | 8.86% (S + 4.50%; 1.00% Floor) | 11/24/2028 | 4,869,173 |
Amercaroyal LLC - 2024 Delayed Draw Term Loan A - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Diversified Telecommunication Services | Revolver | (S + 5.00%; 1.00% Floor) | 11/30/2026 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32%(S + 5.00%; 1.00% Floor) | 12/31/2027 | Two | 917,367 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Businessolver.com, Inc. | Professional Services | Term Loan | 9.92%(S + 5.50%; 0.75% Floor) | 12/1/2027 | 3,082,876 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Greenlight Intermediate II, Inc. | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.97% (S + 5.50%; 0.75% Floor) | 6/1/2028 | 3,063,189 |
US Corporate Debt | 1st Lien/Senior Secured Debt | UNIVISION COMMUNICATIONS INC. | Broadcast Serv/Program | Term Loan | 7.85% (S + 2.00%; 0.50% Floor) | 1/31/2029 | 1,001,234 |
Ping Identity Corporation - 2022 Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Serrano Parent, LLC | Software | Term Loan | 10.92% (S + 6.50%; 1.00% Floor) | 5/13/2030 | 5,390,000 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | 9.55% (S + 5.00%; 1.00% Floor) | 10/2/2028 | 2,376,082 |
US Corporate Debt | 1st Lien/Senior Secured Debt | VIRGIN MEDIA BRISTOL LLC | Cable/Satellite TV | Term Loan | 8.18% (S + 5.00%) | 1/31/2029 | 946,067 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Term Loan | 11.17% (S + 2.00%; 0.75% Floor; 4.50% PIK) | 6/3/2027 | 2,595,414 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Term Loan | 9.67% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2,112,719 |
US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Revolver | 9.74%(S + 5.00%; 0.75% Floor) | 6/30/2028 | 103,712 |
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Two | 757,962 |
Datacor, Inc. - 2020 Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Delayed Draw Term Loan | (S + 6.00%; 1.00% Floor) | 3/13/2029 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Brightspot Buyer, Inc. | Media | Term Loan | 11.11%(S + 6.50%; 0.75% Floor) | 11/16/2027 | One | 1,679,421 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Azurite Intermediate Holdings, Inc. | Software | Term Loan | 10.85%(S + 6.50%; 0.75% Floor) | 3/19/2031 | 919,753 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | 37,142 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Term Loan | 9.32%(S + 5.00%; 1.00% Floor) | 12/31/2027 | 807,383 |
AAH Topco, LLC - Revolver - 1st Lien/Senior Secured Debt | (4,235) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Delayed Draw Term Loan | (S + 4.75%; 0.75% Floor) | 9/30/2031 | (2,014) |
Sako and Partners Lower Holdings LLC - 2022 Revolver - 1st Lien/Senior Secured Debt | (2,809) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026 | 1,633,346 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Pinnacle Treatment Centers, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 10.01% (S + 5.50%; 1.00% Floor) | 1/4/2027 | 77,303 |
Foundation Risk Partners, Corp. - 2021 Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1,051,510 |
Navigate360, LLC - 2024 Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Delayed Draw Term Loan | (S + 6.25%; 1.00% Floor) | 5/1/2029 | 0 |
Canadian Corporate Debt | 5,527,507 |
Datacor, Inc. - 2020 First Lien DDTL - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Joink, LLC | Diversified Telecommunication Services | Revolver | (S + 5.25%; 1.00% Floor) | 10/4/2030 | (1,316) |
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Three | 142,859 |
Veracross LLC - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Term Loan | 9.57% (S + 5.25%; 0.75% Floor) | 3/21/2031 | 1,719,537 |
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.73% (S + 6.00%; 1.00% Floor) | 8/15/2025 | 967,680 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Nasuni Corporation | Software | Term Loan | 10.17% (S + 5.75%; 0.75% Floor) | 9/10/2030 | 1,493,100 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Revolver | (S + 6.25%; 1.00% Floor) | 5/1/2029 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 12/23/2030 | One | (601) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Delayed Draw Term Loan | 10.22% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 663,261 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Wealth Enhancement Group, LLC | Diversified Financial Services | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 10/2/2028 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ranger Buyer, Inc. | Commercial Services & Supplies | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 11/20/2028 | 5,457,908 |
US Corporate Debt | 1st Lien/Senior Secured Debt | GS AcquisitionCo, Inc. | Diversified Financial Services | Term Loan | 9.57% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 789,297 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Delayed Draw Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/2028 | One | 480,774 |
BSI2 Hold Nettle, LLC - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Fusion Holding, Corp. | Software | Revolver | (S + 6.25%; 0.75% Floor) | 9/15/2027 | (12,503) |
US Corporate Debt | 1st Lien/Senior Secured Debt | HireVue, Inc.| Diversified Financial Services | Term Loan | 11.33% (S + 6.75%; 1.00% Floor) | 5/3/2029 | 4,175,134 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Velocity Holdco III Inc. | Commercial Services & Supplies | Term Loan | 10.11% (S + 5.50%; 1.00% Floor) | 4/22/2027 | 4,471,703 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Towerco IV Holdings, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 8.20% (S + 3.75%; 1.00% Floor) | 8/31/2028 | 6,155,393 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Revolver | 10.68% (S + 5.50%; 1.00% Floor; 0.50% PIK) | 8/16/2027 | 740,915 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Revolver | (S + 5.50%; 0.75% Floor) | 5/8/2028 | 0 |
Non-controlled/non-affiliated investments | 279,777,506 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Term Loan | 11.42%(S + 7.00%; 0.75% Floor) | 9/8/2027 | 72,923 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mavenlink, Inc. | Professional Services | Revolver | 11.03% (S + 2.00%; 0.75% Floor; 4.50% PIK) | 6/3/2027 | 206,788 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Redwood Family Care Network, Inc. | Health Care Providers & Services | Term Loan | 9.97% (S + 5.50%; 1.00% Floor) | 6/18/2026 | 2,251,995 |
Ridge Trail US Bidco, Inc - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | (2,014) |
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Revolver | 10.14% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 124,444 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Community Based Care Acquisition, Inc. | Health Care Providers & Services | Delayed Draw Term Loan | 9.67% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 807,107 |
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.20%(S + 5.75%; 1.00% Floor) | 11/23/2027 | 963,320 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Transtelco Holding, Inc. | Diversified Telecommunication Services | Term Loan | 10.61% (S + 5.75%; 0.50% Floor) | 3/26/2026 | 1,834,936 |
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 0.75% Floor) | 8/28/2026 | Two | 31,132 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Thrive Buyer, Inc. | Technology Hardware, Storage & Peripherals | Term Loan | 10.47% (S + 6.00%; 1.00% Floor) | 1/22/2027 | 1,460,516 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Revolver | (S + 5.00%; 0.75% Floor) | 11/22/2028 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sauce Labs Inc | Software | Revolver | (S + 5.50%; 1.00% Floor) | 8/16/2027 | (11,255) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bridgepointe Technologies, LLC | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 9.32%(S + 5.00%; 1.00% Floor) | 12/31/2027 | 1,806,612 |
Admiral Buyer, Inc - 2024 Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Zendesk, Inc. | Software | Delayed Draw Term Loan | (S + 5.00%; 0.75% Floor) | 11/22/2028 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ampler QSR Holdings LLC | Hotels, Restaurants & Leisure | Term Loan | 10.20%(S + 5.75%; 1.00% Floor) | 7/21/2027 | 4,721,032 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Navigate360, LLC | Diversified Consumer Services | Revolver | (S + 5.75%; 1.00% Floor) | 3/17/2027 | (1,951) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Pace Health Companies, LLC | Health Care Providers & Services | Term Loan | 9.72% (S + 5.25%; 1.00% Floor) | 8/3/2026 | 2,782,656 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Bonterra LLC | Diversified Financial Services | Term Loan | 11.32%(S + 7.00%; 0.75% Floor) | 9/8/2027 | 2,670,800 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Term Loan | 9.35%(S + 5.00%; 1.00% Floor) | 9/10/2030 | 1,005,651 |
BusinesSolver.com, Inc. - 2021 Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Revolver | (S + 5.00%; 0.75% Floor) | 6/12/2028 | (7,491) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Soladoc, LLC | Health Care Equipment & Supplies | Term Loan | 9.39% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 2,229,795 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Datacor, Inc. | Chemicals | Revolver | 10.35% (S + 6.00%; 1.00% Floor) | 3/13/2029 | 34,479 |
Serrano Parent, LLC - Revolver - 1st Lien/Senior Secured Debt | (10,820) |
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Delayed Draw Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | 1,266,731 |
US Corporate Debt | 1st Lien/Senior Secured Debt | The Center for Orthopedic and Research Excellence, Inc. | Health Care Providers & Services | Term Loan | 10.67% (S + 6.00%; 1.00% Floor) | 8/15/2025 | 760,336 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ridge Trail US Bidco, Inc. | Capital Markets | Revolver | 8.82% (S + 4.50%; 0.75% Floor) | 3/30/2031 | 22,827 |
Nasuni Corporation - 2024 Revolver - 1st Lien/Senior Secured Debt | (4,737) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw Term Loan | (S + 5.00%; 1.00% Floor) | 9/10/2030 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Peter C. Foy & Associates Insurance Services, LLC | Insurance | Delayed Draw Term Loan | 9.82% (S + 5.50%; 0.75% Floor) | 11/1/2028 | 2,700,755 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Saab Purchaser, Inc. | Banks | Revolver | (S + 5.00%; 0.75% Floor) | 11/12/2031 | (958) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | Two | 123,191 |
US Corporate Debt | 1st Lien/Senior Secured Debt | ASURION CORPORATION | Property/Casualty Ins | Term Loan | 8.62%(S + 0.00%) | 8/19/2028 | 999,601 |
Community Based Care Acquisition, Inc. - Revolver - 1st Lien/Senior Secured Debt | (1,664) |
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 85,482 |
Mr. Greens Intermediate, LLC - Delayed Draw Term Loan - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc.| Health Care Technology | Revolver | (S + 4.75%; 0.75% Floor) | 12/16/2031 | (1,957) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Ungerboeck Systems International, LLC | Leisure Products | Delayed Draw Term Loan | 10.26% (S + 5.75%; 1.00% Floor) | 4/30/2027 | One | 181,890 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Delayed Draw Term Loan | 9.35%(S + 5.00%; 1.00% Floor) | 9/10/2030 | 160,159 |
Delorean Purchaser, Inc - Revolver - 1st Lien/Senior Secured Debt | (1,957) |
US Corporate Debt | 1st Lien/Senior Secured Debt | MSP Global Holdings, Inc. | Technology Hardware, Storage & Peripherals | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 258,667 |
Wealth Enhancement Group, LLC - 2024 13th Amendment DDTL - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Sandstone Care Holdings, LLC | Health Care Providers & Services | Term Loan | 10.18% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 1,608,909 |
Bonterra, LLC - Revolver - 1st Lien/Senior Secured Debt | (155) |
US Corporate Debt | 1st Lien/Senior Secured Debt | MMP Intermediate, LLC. | Hotels, Restaurants & Leisurey | Revolver | (S + 6.25%; 1.00% Floor) | 2/15/2029 | (595) |
UK Corporate Debt | 912,604 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Admiral Buyer, Inc. | Diversified Financial Services | Term Loan | 9.82%(S + 5.50%; 0.75% Floor) | 5/8/2028 | 3,995,398 |
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Delayed Draw Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 150,735 |
US Corporate Debt | 1st Lien/Senior Secured Debt | GHA Buyer, Inc. | Health Care Technology | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 6/24/2026 | Four | 736,780 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Revolver | (S + 5.25%; 0.75% Floor) | 3/21/2030 | (1,078) |
Honor HN Buyer, Inc - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Priority OnDemand Midco 2, L.P. | Health Care Providers & Services | Delayed Draw Term Loan | 9.77% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 50,089 |
Cash Equivalents | STATE STREET INSTITUTIONAL US | Money Market Portfolio | 5,517,240 |
Fusion Holding Corp - Revolver - 1st Lien/Senior Secured Debt | (12,503) |
Mr. Greens Intermediate, LLC - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Visionary Buyer, LLC | Diversified Telecommunication Services | Delayed Draw Term Loan | 9.76% (S + 5.25%; 0.75% Floor) | 3/21/2031 | 603,347 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Salisbury House, LLC | Diversified Consumer Services | Term Loan | 10.48% (S + 5.75%; 1.00% Floor) | 2/27/2026 | Two | 474,585 |
US Corporate Debt | 1st Lien/Senior Secured Debt | BV EMS Buyer, Inc | Health Care Technology | Term Loan | 10.20%(S + 5.75%; 1.00% Floor) | 11/23/2027 | One | 1,287,367 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mist Holding Co. | Health Care Technology | Delayed Draw Term Loan | (S + 5.25%; 0.75% Floor) | 12/23/2030 | (1,363) |
US Corporate Debt | 1st Lien/Senior Secured Debt | BSI2 Hold Nettle, LLC | Real Estate Management & Development | Term Loan | 9.32%(S + 5.00%; 0.75% Floor) | 6/30/2028 | 1,802,273 |
NC Topco, LLC - 2024 PIK Delayed Draw TL - 1st Lien/Senior Secured Debt | (2,920) |
US Corporate Debt | 1st Lien/Senior Secured Debt | OPOC Acquisition, LLC | Insurance | Term Loan | 9.35% (S + 5.00%; 1.00% Floor) | 12/20/2030 | 743,916 |
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Term Loan | 9.27% (S + 4.75%; 0.75% Floor) | 11/8/2027| One | 2,776,295 |
US Corporate Debt | 1st Lien/Senior Secured Debt | NI Topco, Inc. | Diversified Telecommunication Services | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/28/2028 | One | 3,262,080 |
TOTAL CASH AND CASH EQUIVALENTS | 11,736,791 |
US Corporate Debt | 1st Lien/Senior Secured Debt | LeadVenture, Inc. | Auto Components | Term Loan | 9.35% (S + 5.00%; 0.75% Floor) | 8/28/2026 | One | 556,903 |
Exterro, Inc. - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Amercare Royal LLC | Commercial Services & Supplies | Revolver | 9.35%(S + 5.00%; 1.00% Floor) | 9/10/2030 | 124,653 |
Iodine Software, LLC - Revolver - 1st Lien/Senior Secured Debt | 0 |
Sauce Labs, Inc - Revolver - 1st Lien/Senior Secured Debt | (11,256) |
US Corporate Debt | 1st Lien/Senior Secured Debt | NMI Acquisitionco, Inc. | Internet and Direct Marketing Retail | Term Loan | 9.45% (S + 5.00%; 0.75% Floor) | 9/6/2028 | One | 96,263 |
US Corporate Debt | 1st Lien/Senior Secured Debt | DeLorean Purchaser, Inc.| Health Care Technology | Term Loan | 9.07% (S + 4.75%; 0.75% Floor) | 12/16/2031 | 856,522 |
Avalara, Inc - Revolver - 1st Lien/Senior Secured Debt | 0 |
Cash Equivalents | US BANK MMDA GCTS | Money Market Portfolio | 5,304,266 |
US Corporate Debt | 1st Lien/Senior Secured Debt | REP TEC Intermediate Holdings, Inc. | Professional Services | Term Loan | 9.82% (S + 5.50%; 1.00% Floor) | 12/1/2027 | 5,458,649 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Medical Management Resource Group, L.L.C. | Health Care Providers & Services | Term Loan | 10.42% (S + 6.00%; 0.75% Floor) | 9/30/2027 | 1,025,355 |
Ungerboeck Systems International, LLC - Revolver - 1st Lien/Senior Secured Debt | (88) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Mr. Greens Intermediate, LLC | Food & Staples Retailing | Term Loan | 10.74% (S + 6.25%; 1.00% Floor) | 5/1/2029 | 2,042,680 |
U.S. Corporate Debt | 272,334,455 |
Cash Equivalents | Total Cash Equivalents | 10,821,506 |
US Corporate Debt | 1st Lien/Senior Secured Debt | EET Buyer, Inc. | Construction & Engineering | Term Loan | 9.27% (S + 4.75%; 0.75% Floor) | 11/8/2027 | 1,346,347 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Veracross LLC | Diversified Consumer Services | Delayed Draw Term Loan | 10.95% (S + 2.00%; 1.00% Floor; 4.50% PIK) | 12/28/2027 | 645,835 |
US Corporate Debt | 1st Lien/Senior Secured Debt | LivTech Purchaser, Inc. | Health Care Providers & Services | Revolver | (S + 4.50%; 0.75% Floor) | 11/24/2031 | (1,176) |
Sauce Labs, Inc - 2022 PIK 2nd AMD INC DDTL - 1st Lien/Senior Secured Debt | (7,038) |
US Corporate Debt | 1st Lien/Senior Secured Debt | Telcor Buyer, Inc. | Health Care Technology | Revolver | (S + 4.25%; 1.00% Floor) | 8/20/2027 | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Vectra AI, Inc. | Software | Term Loan | 9.97% (S + 5.25%; 1.00% Floor) | 11/22/2028 | 2,743,280 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Avant Communications, LLC | Diversified Telecommunication Services | Term Loan | 9.47%(S + 5.00%; 1.00% Floor) | 11/30/2026 | 5,457,973 |
OPOC Acquisition, LLC - Revolver - 1st Lien/Senior Secured Debt | (944) |
Admiral Buyer, Inc - Revolver - 1st Lien/Senior Secured Debt | 0 |
US Corporate Debt | 1st Lien/Senior Secured Debt | Honor HN Buyer, Inc.| Health Care Providers & Services | Revolver | 12.25% (S + 4.75%; 1.00% Floor) | 10/15/2027 | 14,643 |
MMP Intermediate, LLC - Revolver - 1st Lien/Senior Secured Debt | (595) |
Cash and cash equivalents | 11,736,791 |
Deferred financing cost | 1,361,338 |
Deferred offering cost | 534,442 |
Interest receivable | 943,796 |
Prepaid expenses | 61,458 |
Receivable for investments sold | 2,920 |
Total assets | 294,418,251 |
Liabilities | |
Term loan payable (net of debt issuance costs of $972,384 and $0, respectively) | 124,027,616 |
Credit facility payable | 47,750,000 |
Revolving Credit Facility - ABPLF Credit Facility | 33,750,000 |
Revolving Credit Facility | 172,750,000 |
Revolving Credit Facility - Scotia Term Loan | 25,000,000 |
Revolving Credit Facility - ABPLF Term Loan | 100,000,000 |
Revolving Credit Facility - Scotia Credit Facility | 14,000,000 |
Interest and borrowing expenses payable | 1,756,459 |
Professional fees payable | 354,708 |
Management fees payable | 949,652 |
Incentive fee payable | 692,450 |
Adviser | 148,778 |
Capital Gains Incentive Fee - Related Party | 692,450 |
Transfer Agent Fees - Related Party | 14,460 |
Accrued expenses and other liabilities | 47,250 |
Administrator and custodian fees payable | 161,300 |
Payable for investments purchased | 1,938,188 |
Transfer agent fees payable | 14,460 |
Offering cost payable | 0 |
Organizational expense payable | 0 |
Trustees' fees payable | 51,314 |
Total Liabilities | 177,892,175 |
Net Assets | |
Common shares, par value $0.01 per share (unlimited shares authorized, 4,595,221 and 0 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively) | 45,953 |
Paid-in capital in excess of par value | 113,839,437 |
Reclassifications To Fund Accounts | (1,048,958) |
Distributable earnings (accumulated loss) | 2,640,686 |
Reclassifications To Fund Accounts | 149,739 |
Total net assets | 116,526,076 |
Common Units | 45,953 |
Distributable Earnings | 2,640,686 |
Paid in Capital in Excess of Par | 113,839,437 |
Total liabilities and net assets | 294,418,251 |
Net asset value per share | 25.36 |