Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-55660

 

Goldman Sachs Private Middle Market Credit LLC

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

Delaware

81-3233378

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

200 West Street, New York, New York

10282

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (212) 902-0300

 

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

Not Applicable

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange

on which registered

None

 

None

 

None

 

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 the 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 Act). YES NO

 

The number of the registrant’s limited liability company common units outstanding as of November 5, 2020 was 10,687,877.

 

 


Table of Contents

 

GOLDMAN SACHS PRIVATE MIDDLE MARKET CREDIT LLC

 

 

 

 

 

 

 

 

 

 

  

INDEX

 

PAGE

 

 

Cautionary Statement Regarding Forward-Looking Statements

 

3

PART I

  

FINANCIAL INFORMATION

  

4

ITEM 1.

  

Financial Statements

  

4

 

  

Consolidated Statements of Financial Condition as of September 30, 2020 (Unaudited) and December 31, 2019

  

4

 

  

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

  

5

 

  

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

  

6

 

  

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

  

7

 

  

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

  

8

 

  

Notes to the Consolidated Financial Statements (Unaudited)

  

18

ITEM 2.

  

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

  

35

ITEM 3.

  

Quantitative and Qualitative Disclosures About Market Risk

  

49

ITEM 4.

  

Controls and Procedures

  

50

 

 

 

PART II

  

OTHER INFORMATION

  

50

ITEM 1.

  

Legal Proceedings

  

50

ITEM 1A.

  

Risk Factors

  

50

ITEM 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

53

ITEM 3.

  

Defaults Upon Senior Securities

  

53

ITEM 4.

  

Mine Safety Disclosures

  

53

ITEM 5.

  

Other Information

  

53

ITEM 6.

  

Exhibits

  

53

 

 

SIGNATURES

  

55

 

 

 

 

2


Table of Contents

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2019 and our quarterly report on Form 10-Q for the quarter ended June 30, 2020, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ, from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Under Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to statements made in periodic reports we file under the Exchange Act, such as this quarterly report on Form 10-Q.

The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

 

our future operating results;

 

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

 

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

 

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

 

our business prospects and the prospects of our portfolio companies;

 

the impact of investments that we expect to make;

 

the impact of increased competition;

 

our contractual arrangements and relationships with third parties;

 

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

 

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

 

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

 

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

 

our ability to make distributions;

 

the adequacy of our cash resources and working capital;

 

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

 

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

 

the impact of future acquisitions and divestitures;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3


Table of Contents

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

Goldman Sachs Private Middle Market Credit LLC

Consolidated Statements of Financial Condition

(in thousands, except unit and per unit amounts)

 

 

 

September 30, 2020 (Unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments (cost of $1,323,338 and $1,389,030)

 

$

1,263,774

 

 

$

1,358,034

 

Non-controlled affiliated investments (cost of $38,388 and $38,303)

 

 

43,921

 

 

 

42,477

 

Investments in affiliated money market fund (cost of $88,821 and $22,297)

 

 

88,821

 

 

 

22,297

 

Cash

 

 

24,563

 

 

 

17,681

 

Receivable for investments sold

 

 

466

 

 

 

112

 

Interest and dividends receivable

 

 

10,364

 

 

 

6,199

 

Deferred financing costs

 

 

4,063

 

 

 

3,113

 

Unrealized appreciation on foreign currency forward contracts

 

 

 

 

 

45

 

Other assets

 

 

259

 

 

 

123

 

Total assets

 

$

1,436,231

 

 

$

1,450,081

 

Liabilities

 

 

 

 

 

 

 

 

Debt

 

$

468,571

 

 

$

511,988

 

Interest and other debt expenses payable

 

 

4,660

 

 

 

7,283

 

Management fees payable

 

 

3,489

 

 

 

3,395

 

Incentive fees payable

 

 

31,769

 

 

 

26,747

 

Distribution payable

 

 

 

 

 

20,368

 

Unrealized depreciation on foreign currency forward contracts

 

 

108

 

 

 

 

Directors’ fees payable

 

 

61

 

 

 

 

Accrued expenses and other liabilities

 

 

2,084

 

 

 

2,167

 

Total liabilities

 

$

510,742

 

 

$

571,948

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

Members’ Capital

 

 

 

 

 

 

 

 

Preferred units (0 units issued and outstanding)

 

$

 

 

$

 

Common units (10,687,877 and 10,185,396 units issued and outstanding as of September 30, 2020 and December 31, 2019)

 

 

984,924

 

 

 

966,027

 

Distributable earnings

 

 

(59,435

)

 

 

(87,894

)

TOTAL MEMBERS’ CAPITAL

 

$

925,489

 

 

$

878,133

 

TOTAL LIABILITIES AND MEMBERS’ CAPITAL

 

$

1,436,231

 

 

$

1,450,081

 

Net asset value per unit

 

$

86.59

 

 

$

86.21

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

4


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Goldman Sachs Private Middle Market Credit LLC

Consolidated Statements of Operations

(in thousands, except unit and per unit amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30,

2020

 

 

September 30,

2019

 

 

September 30,

2020

 

 

September 30,

2019

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

29,969

 

 

$

36,948

 

 

$

92,521

 

 

$

113,375

 

Other income

 

 

880

 

 

 

516

 

 

 

1,372

 

 

 

1,615

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

596

 

 

 

692

 

 

 

1,837

 

 

 

2,101

 

Dividend income

 

 

36

 

 

 

167

 

 

 

162

 

 

 

418

 

Other income

 

 

6

 

 

 

8

 

 

 

70

 

 

 

21

 

Total investment income

 

$

31,487

 

 

$

38,331

 

 

$

95,962

 

 

$

117,530

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

$

4,996

 

 

$

8,580

 

 

$

19,793

 

 

$

26,460

 

Management fees

 

 

3,489

 

 

 

3,514

 

 

 

10,186

 

 

 

10,203

 

Incentive fees

 

 

18,908

 

 

 

2,100

 

 

 

5,022

 

 

 

6,755

 

Professional fees

 

 

338

 

 

 

334

 

 

 

1,002

 

 

 

1,115

 

Directors’ fees

 

 

62

 

 

 

95

 

 

 

185

 

 

 

277

 

Other general and administrative expenses

 

 

490

 

 

 

557

 

 

 

1,457

 

 

 

1,588

 

Total expenses

 

$

28,283

 

 

$

15,180

 

 

$

37,645

 

 

$

46,398

 

NET INVESTMENT INCOME BEFORE TAXES

 

$

3,204

 

 

$

23,151

 

 

$

58,317

 

 

$

71,132

 

Excise tax

 

$

 

 

$

(37

)

 

$

 

 

$

 

NET INVESTMENT INCOME AFTER TAXES

 

$

3,204

 

 

$

23,188

 

 

$

58,317

 

 

$

71,132

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

$

 

 

$

(9

)

 

$

1

 

 

$

(21,846

)

Foreign currency forward contracts

 

 

35

 

 

 

46

 

 

 

131

 

 

 

56

 

Foreign currency transactions

 

 

36

 

 

 

(11

)

 

 

11

 

 

 

17

 

Net change in unrealized appreciation (depreciation) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

22,001

 

 

 

(9,313

)

 

 

(28,568

)

 

 

(13,242

)

Non-controlled affiliated investments

 

 

409

 

 

 

508

 

 

 

1,359

 

 

 

2,140

 

Foreign currency forward contracts

 

 

(148

)

 

 

69

 

 

 

(153

)

 

 

109

 

Foreign currency translations

 

 

(2,473

)

 

 

2,359

 

 

 

(2,552

)

 

 

2,804

 

Net realized and unrealized gains (losses)

 

$

19,860

 

 

$

(6,351

)

 

$

(29,771

)

 

$

(29,962

)

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

 

$

 

 

$

 

 

$

 

 

$

182

 

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

 

 

(94

)

 

 

(151

)

 

 

(87

)

 

 

(622

)

NET INCREASE IN MEMBERS’ CAPITAL FROM OPERATIONS

 

$

22,970

 

 

$

16,686

 

 

$

28,459

 

 

$

40,730

 

Weighted average units outstanding

 

 

10,687,877

 

 

 

10,134,067

 

 

 

10,530,164

 

 

 

9,626,310

 

Net investment income per unit (basic and diluted)

 

$

0.30

 

 

$

2.29

 

 

$

5.54

 

 

$

7.39

 

Earnings per unit (basic and diluted)

 

$

2.15

 

 

$

1.65

 

 

$

2.70

 

 

$

4.23

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

5


Table of Contents

 

Goldman Sachs Private Middle Market Credit LLC

Consolidated Statements of Changes in Members’ Capital

(in thousands, except unit and per unit amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

 

September 30,

2020

 

 

September 30,

2019

 

 

September 30,

2020

 

 

September 30,

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Members’ Capital at beginning of period

 

$

927,519

 

 

$

940,703

 

 

$

878,133

 

 

$

807,461

 

Increase in Members’ Capital from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

3,204

 

 

$

23,188

 

 

$

58,317

 

 

$

71,132

 

Net realized gain (loss)

 

 

71

 

 

 

26

 

 

 

143

 

 

 

(21,773

)

Net change in unrealized appreciation (depreciation)

 

 

19,789

 

 

 

(6,377

)

 

 

(29,914

)

 

 

(8,189

)

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

 

 

 

 

 

 

 

 

 

 

 

182

 

(Provision) benefit for unrealized appreciation/depreciation on investments

 

 

(94

)

 

 

(151

)

 

 

(87

)

 

 

(622

)

Net increase in Members’ Capital from operations

 

$

22,970

 

 

$

16,686

 

 

$

28,459

 

 

$

40,730

 

Distributions to Unitholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return of capital

 

$

(25,000

)

 

$

 

 

$

(25,000

)

 

$

 

Distributable earnings

 

$

 

 

$

(33,311

)

 

$

 

 

$

(77,753

)

Total distributions to Unitholders

 

$

(25,000

)

 

$

(33,311

)

 

$

(25,000

)

 

$

(77,753

)

Capital transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of units

 

$

 

 

$

5,487

 

 

$

43,897

 

 

$

159,127

 

Net increase in Members’ Capital from capital transactions

 

$

 

 

$

5,487

 

 

$

43,897

 

 

$

159,127

 

TOTAL INCREASE (DECREASE) IN MEMBERS’ CAPITAL

 

$

(2,030

)

 

$

(11,138

)

 

$

47,356

 

 

$

122,104

 

Members’ Capital at end of period

 

$

925,489

 

 

$

929,565

 

 

$

925,489

 

 

$

929,565

 

Distributions declared per unit

 

$

2.34

 

 

$

3.27

 

 

$

2.34

 

 

$

7.77

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

6


Table of Contents

 

Goldman Sachs Private Middle Market Credit LLC

Consolidated Statements of Cash Flows

(in thousands, except unit and per unit amounts)

(Unaudited)

 

 

 

For the Nine Months Ended

 

 

 

September 30,

2020

 

 

September 30,

2019

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net increase in Members’ Capital from operations:

 

$

28,459

 

 

$

40,730

 

Adjustments to reconcile net increase in Members’ Capital from operations to net cash provided by (used for) operating activities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(34,463

)

 

 

(321,935

)

Payment-in-kind interest capitalized

 

 

(2,211

)

 

 

(1,147

)

Investments in affiliated money market fund, net

 

 

(66,524

)

 

 

(20,274

)

Proceeds from sales of investments and principal repayments

 

 

106,959

 

 

 

224,983

 

Net realized (gain) loss

 

 

4

 

 

 

21,854

 

Net change in unrealized (appreciation) depreciation on investments

 

 

27,209

 

 

 

11,102

 

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

 

 

126

 

 

 

(61

)

Amortization of premium and accretion of discount, net

 

 

(4,682

)

 

 

(6,771

)

Amortization of deferred financing costs

 

 

1,107

 

 

 

1,359

 

(Increase) decrease in receivable for investments sold

 

 

(354

)

 

 

7

 

(Increase) decrease in receivable for common units sold

 

 

 

 

 

(6

)

(Increase) decrease in interest and dividends receivable

 

 

(4,165

)

 

 

743

 

(Increase) decrease in other assets

 

 

(136

)

 

 

65

 

Increase (decrease) in interest and other debt expenses payable

 

 

(2,623

)

 

 

1,517

 

Increase (decrease) in management fees payable

 

 

94

 

 

 

604

 

Increase (decrease) in incentive fees payable

 

 

5,022

 

 

 

6,755

 

Increase (decrease) in directors’ fees payable

 

 

61

 

 

 

88

 

Increase (decrease) in accrued expenses and other liabilities

 

 

(83

)

 

 

(391

)

Net cash provided by (used for) operating activities

 

$

53,800

 

 

$

(40,778

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of common units

 

$

43,897

 

 

$

159,127

 

Distributions paid

 

 

(45,368

)

 

 

(69,942

)

Financing costs paid

 

 

(2,057

)

 

 

(950

)

Borrowings on debt

 

 

2,583

 

 

 

130,710

 

Repayments of debt

 

 

(46,000

)

 

 

(155,250

)

Net cash provided by (used for) financing activities

 

$

(46,945

)

 

$

63,695

 

Net increase (decrease) in cash

 

 

6,855

 

 

 

22,917

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

27

 

 

 

(48

)

Cash, beginning of period

 

 

17,681

 

 

 

25,548

 

Cash, end of period

 

$

24,563

 

 

$

48,417

 

Supplemental and non-cash activities

 

 

 

 

 

 

 

 

Interest expense paid

 

$

19,869

 

 

$

23,069

 

Accrued but unpaid deferred financing and debt issuance costs

 

$

 

 

$

14

 

Accrued but unpaid distributions

 

$

 

 

$

33,311

 

Exchange of investments

 

$

13,769

 

 

$

15,844

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

7


Table of Contents

 

Goldman Sachs Private Middle Market Credit LLC

Consolidated Schedule of Investments as of September 30, 2020

(in thousands, except unit and per unit amounts)

(Unaudited)

 

Investment

 

Industry

 

Interest

Rate (+)

 

 

Reference Rate

and Spread (+)

 

Maturity

 

Par

Amount/

Shares

(++)

 

 

Cost

 

 

Fair

Value

 

Investments at Fair Value  - 141.29% #

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt - 86.72%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accuity Delivery Systems, LLC^ (1) (2) (3)

 

Health Care Providers & Services

 

8.00%

 

 

L + 7.00%; 1.00% Floor

 

06/13/2023

 

$

15,350

 

 

$

15,076

 

 

$

15,734

 

Associations, Inc.(1) (2) (3)

 

Real Estate Management & Development

 

8.00%

 

 

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

 

07/30/2024

 

 

20,933

 

 

 

20,761

 

 

 

20,095

 

Associations, Inc.(1) (2) (3) (4)

 

Real Estate Management & Development

 

8.23%

 

 

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

 

07/30/2024

 

 

4,582

 

 

 

4,479

 

 

 

4,332

 

Associations, Inc.(1) (2) (3)

 

Real Estate Management & Development

 

7.00%

 

 

L + 6.00%; 1.00% Floor

 

07/30/2024

 

 

886

 

 

 

879

 

 

 

851

 

Brillio, LLC(1) (2) (3)

 

IT Services

 

5.75%

 

 

L + 4.75%; 1.00% Floor

 

02/06/2025

 

 

6,903

 

 

 

6,850

 

 

 

6,747

 

Brillio, LLC(1) (3) (4)

 

IT Services

 

5.75%

 

 

L + 4.75%; 1.00% Floor

 

02/06/2025

 

 

2,330

 

 

 

1,165

 

 

 

1,113

 

Businessolver.com, Inc.(1) (2) (3)

 

Health Care Technology

 

8.50%

 

 

L + 7.50%; 1.00% Floor

 

05/15/2023

 

 

31,875

 

 

 

31,504

 

 

 

31,078

 

Businessolver.com, Inc.(1) (2) (3)

 

Health Care Technology

 

8.50%

 

 

L + 7.50%; 1.00% Floor

 

05/15/2023

 

 

4,781

 

 

 

4,721

 

 

 

4,662

 

Businessolver.com, Inc.(1) (2) (3) (4)

 

Health Care Technology

 

 

 

 

 

L + 7.50%; 1.00% Floor

 

05/15/2023

 

 

3,984

 

 

 

(43

)

 

 

(100

)

Collaborative Imaging, LLC (dba Texas Radiology Associates)^^^ (1) (2) (3)

 

Health Care Providers & Services

 

7.50%

 

 

L + 6.50%; 1.00% Floor

 

03/28/2025

 

 

13,400

 

 

 

13,258

 

 

 

12,998

 

CorePower Yoga LLC(1) (2)

 

Diversified Consumer Services

 

7.00%

 

 

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

 

05/14/2025

 

 

15,268

 

 

 

15,071

 

 

 

12,978

 

CorePower Yoga LLC(1) (2) (4)

 

Diversified Consumer Services

 

7.00%

 

 

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

 

05/14/2025

 

 

1,070

 

 

 

201

 

 

 

54

 

Datacor Holdings, Inc.(2) (3)

 

Chemicals

 

9.50%

 

 

 

 

08/12/2022

 

 

13,693

 

 

 

13,590

 

 

 

13,488

 

Datacor Holdings, Inc.(3)

 

Chemicals

 

9.50%

 

 

 

 

08/12/2022

 

 

1,200

 

 

 

1,184

 

 

 

1,182

 

Datacor Holdings, Inc.(3) (4)

 

Chemicals

 

9.50%

 

 

 

 

08/12/2022

 

 

1,600

 

 

 

784

 

 

 

776

 

DDS USA Holding, Inc.(1) (2) (3)

 

Health Care Equipment & Supplies

 

6.75%

 

 

L + 5.75%; 1.00% Floor

 

06/30/2022

 

 

5,687

 

 

 

5,673

 

 

 

5,630

 

DDS USA Holding, Inc.(1) (2) (3)

 

Health Care Equipment & Supplies

 

6.75%

 

 

L + 5.75%; 1.00% Floor

 

06/30/2022

 

 

5,375

 

 

 

5,361

 

 

 

5,321

 

DDS USA Holding, Inc.(1) (2) (3) (4)

 

Health Care Equipment & Supplies

 

6.75%

 

 

L + 5.75%; 1.00% Floor

 

06/30/2022

 

 

1,625

 

 

 

809

 

 

 

796

 

Diligent Corporation(1) (2)

 

Professional Services

 

7.25%

 

 

L + 6.25%; 1.00% Floor

 

08/04/2025

 

24,018

 

 

 

27,422

 

 

 

27,456

 

Diligent Corporation(1)

 

Professional Services

 

7.25%

 

 

L + 6.25%; 1.00% Floor

 

08/04/2025

 

 

15,518

 

 

 

15,306

 

 

 

15,130

 

Diligent Corporation(1) (2) (4)

 

Professional Services

 

 

 

 

 

L + 6.25%; 1.00% Floor

 

08/04/2025

 

 

1,900

 

 

 

(36

)

 

 

(47

)

DocuTAP, Inc.(1) (2) (3)

 

Health Care Technology

 

6.50%

 

 

L + 5.50%; 1.00% Floor

 

05/12/2025

 

 

36,935

 

 

 

36,191

 

 

 

35,919

 

Empirix, Inc.(1) (2) (3)

 

Diversified Telecommunication Services

 

7.25%

 

 

L + 6.25%; 1.00% Floor

 

09/25/2024

 

 

33,129

 

 

 

32,714

 

 

 

32,135

 

Empirix, Inc.(1) (2) (3) (4)

 

Diversified Telecommunication Services

 

 

 

 

 

L + 6.25%; 1.00% Floor

 

09/25/2023

 

 

1,900

 

 

 

(20

)

 

 

(57

)

Fenergo Finance 3 Limited(1) (2) (3) (5)

 

Diversified Financial Services

 

7.00%

 

 

L + 6.00%; 1.00% Floor

 

09/05/2024

 

26,900

 

 

 

30,876

 

 

 

31,145

 

Fenergo Finance 3 Limited(1) (2) (3) (4) (5)

 

Diversified Financial Services

 

 

 

 

 

L + 6.00%; 1.00% Floor

 

09/05/2024

 

 

1,785

 

 

 

(21

)

 

 

(22

)

Fenergo Finance 3 Limited(1) (2) (3) (4) (5)

 

Diversified Financial Services

 

 

 

 

 

L + 6.00%; 1.00% Floor

 

09/05/2024

 

2,300

 

 

 

(31

)

 

 

(34

)

FWR Holding Corporation (dba First Watch Restaurants)(2) (3) (4)

 

Hotels, Restaurants & Leisure

 

 

 

 

 

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

 

08/21/2023

 

 

67

 

 

 

 

 

 

(2

)

FWR Holding Corporation (dba First Watch Restaurants)(2) (3)

 

Hotels, Restaurants & Leisure

 

8.00%

 

 

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

 

08/21/2023

 

 

13,234

 

 

 

13,056

 

 

 

12,770

 

FWR Holding Corporation (dba First Watch Restaurants)(2) (3)

 

Hotels, Restaurants & Leisure