10-K
Annual Report
26North BDC, Inc.
CIK: 1950976
File #: 000-56594
Balance Sheet
120 line items · 2 periods
XBRL
| Item | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Non-controlled/non-affiliated investments at fair value (amortized cost $665,676 and $52,628, respectively) | 666,141,000 | 52,566,000 |
Life Sciences Tools & Services | 16,167,000 | — |
First Lien Senior Secured | 665,741,000 | 52,566,000 |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|10.345|2/29/2024|3/1/2030 | 32,634,000 | — |
Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/2030 | (109,000) | — |
Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/2031 | 1,208,000 | — |
Diversified Consumer Services | 7,277,000 | — |
Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.250|9.693%|10/17/2024|10/17/2031 | 35,869,000 | — |
Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.457|5/16/2024| 5/16/2031 | 13,709,000 | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/2030 | (40,000) | — |
Debt Investments | FH DMI Buyer, Inc.|First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|9.329|10/11/2024| 10/11/2030 | 12,068,000 | — |
Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/2031 | (50,000) | — |
Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.304%| 11/22/2024| 11/5/2029 | 67,783,000 | — |
Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/2027 | (8,000) | — |
Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/2030 | (178,000) | — |
Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024| 10/11/2030 | (102,000) | — |
Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.920|10/18/2023|5/13/2030 | 27,731,000 | — |
Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/2031 | 5,651,000 | — |
Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/2030 | 400,000 | — |
Real Estate Management & Development | 13,709,000 | — |
Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/2029 | (151,000) | — |
Software | 75,727,000 | — |
Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 4.750|10.010%|11/1/2024|11/3/2031 | 2,584,000 | — |
Common Equity | 400,000 | — |
Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079|10/20/2023| 9/27/2030 | 24,847,000 | — |
Debt Investments | Guardian Restoration Partners Buyer, LLC|First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 4.750|9.079|11/1/2024| 11/3/2031 | 4,708,000 | — |
Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.859|9/13/2024|9/13/2030 | 45,894,000 | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/2031 | (15,000) | — |
IT Services | 163,612,000 | 27,660,000 |
Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/2024 | 0 | — |
Common Equity | 400,000 | — |
Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|12.079|10/20/2023| 9/27/2030 | 1,844,000 | — |
Semiconductors & Semiconductor Equipment | 37,077,000 | — |
Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|10.857%|3/19/2024| 3/19/2031 | 12,844,000 | — |
Debt Investments | Homecare Software Solutions, LLC|First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550|9.925%(incl. 2.925%PIK)|9/26/2024| 6/16/2031 | 27,628,000 | — |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500|1/26/2024|1/25/2030 | (36,000) | — |
Debt Investments | CData Software, Inc.|First Lien Senior Secured Payment Delayed Draw Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/2030 | 1,620,000 | — |
Debt Investments | FH DMI Buyer, Inc.| First Lien Senior Secured Revolving Loan|Health Care Equipment & SuppliesSOFR + 5.000|10/11/2024|10/11/2030 | (31,000) | — |
Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.857|7/2/2024| 7/2/2029 | 53,308,000 | — |
Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/2031 | (25,000) | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8/9/2024|8/11/2031 | (104,000) | — |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.345|2/29/2024| 3/1/2030 | 1,931,000 | — |
Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/2031 | (6,000) | — |
Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.329|12/17/2024| 12/17/2031 | 20,056,000 | — |
Debt Investments | CData Software, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/2030 | (65,000) | — |
Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/2030 | (110,000) | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250|10.677% (incl.3.375% PIK)|5/20/2024|5/20/2031 | 8,180,000 | — |
Health Care Technology | 128,697,000 | — |
Debt Investments |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/2030 | (59,000) | — |
United States | 666,141,000 | 52,566,000 |
Debt Investments | CPEX Purchaser, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|2/29/2024| 3/1/2030 | (123,000) | — |
Debt Investments | Coding Solutions Acquisition, Inc |First Lien Senior Secured Payment Delayed Draw Term Loan|Health Care TechnologySOFR + 5.000|8/7/2024|8/7/2031 | (71,000) | — |
Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.500|3/19/2024|3/19/2031 | (21,000) | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500|8.838%|8/9/2024| 8/11/2031 | 1,227,000 | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 5.750|5/20/2024|5/20/2031 | (15,000) | — |
Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2024|7/18/2030 | (54,000) | — |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/23/2030 | (39,000) | — |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.579|6/21/2024|6/23/2031 | 27,327,000 | — |
Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/2031 | (15,000) | — |
Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.750|10/20/2023|9/27/2030 | (58,000) | — |
Debt Investments | 665,741,000 | — |
Professional Services | 32,184,000 | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.857%|8/9/2024|8/11/2031 | 5,993,000 | — |
Commercial Services & Supplies | 21,986,000 | — |
Debt Investments | Coding Solutions Acquisition, Inc |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.000|9.318%|8/7/2024|8/7/2031 | 2,561,000 | — |
Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/2024 | 400,000 | — |
Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/2030 | (33,000) | — |
Air Freight & Logistics | 8,150,000 | — |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.875|1/26/2024| 1/25/2030 | 24,563,000 | — |
Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.452%|12/11/2024| 12/11/2030 | 22,128,000 | — |
Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/2030 | 32,709,000 | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.250|10.579%| 5/8/2024| 5/8/2030 | 23,502,000 | — |
Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/2031 | (37,000) | — |
Health Care Equipment & Supplies | 12,335,000 | — |
Diversified Financial Services | 97,181,000 | 24,906,000 |
Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000|9.745% (incl. 3.000%PIK)|9/30/2024| 9/30/2031 | 30,077,000 | — |
Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.864|7/12/2024|7/30/2027 | 25,076,000 | — |
Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.607%|7/1/2024|7/1/2031 | 21,325,000 | — |
Debt Investments | Coding Solutions Acquisition, Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.000|9.245%|8/7/2024|8/7/2031 | 30,796,000 | — |
Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.647|10/17/2024|10/17/2030 | 16,336,000 | — |
Multi-Utilities | 52,039,000 | — |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.886|6/21/2024|6/23/2031 | 1,314,000 | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/2030 | (25,000) | — |
Debt Investments | Guardian Restoration Partners Buyer, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 4.750|11/1/2024|11/3/2031 | (15,000) | — |
Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial Services SOFR + 6.000|9/13/2024|9/13/2030 | (95,000) | — |
Debt Investments | Penn TRGRP Holdings LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 6.750|12.098| 9/27/2030 | — | 264,000 |
Debt Investments | Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|13.098| 9/27/2030 | — | 24,720,000 |
Debt Investments | Penn TRGRP Holdings LLC|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.750| 9/27/2030 | — | (78,000) |
Debt Investments | Serrano Parent, LLC|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|11.880| 5/12/2030 | — | 27,660,000 |
Cash and cash equivalents | 12,923,000 | 67,664,000 |
Expense reimbursement receivable | 0 | 6,434,000 |
Deferred financing costs | 4,891,000 | 4,121,000 |
Interest and other income receivable from non-controlled/non-affiliated investments | 3,509,000 | 522,000 |
Prepaid assets | 468,000 | 168,000 |
Subscriptions receivable | 55,000 | 0 |
Deferred offering costs | 0 | 1,194,000 |
Total Assets | 687,987,000 | 132,669,000 |
Liabilities | ||
Debt | 328,390,000 | 52,250,000 |
Interest payable | 3,667,000 | 468,000 |
Management fees payable | 1,107,000 | 90,000 |
Advisory Agreement - Advisor | 1,100,000 | 100,000 |
Other liabilities and accrued expenses | 846,000 | 4,443,000 |
Accrued organizational costs | 0 | 2,842,000 |
Expense reimbursement payable | 558,000 | 0 |
Accrued administrative services expense payable | 516,000 | 2,012,000 |
Investment income incentive fees payable | 733,000 | 0 |
Advisory Agreement - Advisor | — | 0 |
Capital gains incentive fees payable | 47,000 | 0 |
Advisory Agreement - Advisor | 0 | — |
Due to affiliate | 0 | 273,000 |
Total Liabilities | 335,864,000 | 62,378,000 |
Net Assets | ||
Common stock, $0.001 par value (1,000,000,000 shares authorized, 13,909,942 and 2,811,638 shares issued and outstanding, respectively) | 14,000 | 3,000 |
Additional paid-in capital | 347,648,000 | 70,288,000 |
Distributable earnings (loss) | 4,461,000 | 0 |
Total Net Assets | 352,123,000 | 70,291,000 |
Total Liabilities and Net Assets | 687,987,000 | 132,669,000 |
Net asset value per share | 25.31 | 25 |