10-Q
Quarterly Report
26North BDC, Inc.
CIK: 1950976
File #: 000-56594
Balance Sheet
43 line items · 2 periods
XBRL
| Item | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Non-controlled/non-affiliated investments at fair value (amortized cost $115,130 and $52,628, respectively) | 114,847,000 | 52,566,000 |
Debt Investments|Penn TRGRP Holdings LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial Services|SOFR + 6.750%|12.098%|09/27/2030 | — | 264,000 |
Debt Investments|Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial Services|SOFR + 7.750%|13.098%|09/27/2030 | — | 24,720,000 |
Debt Investments|Serrano Parent, LLC|First Lien Senior Secured Term Loan|IT Services|SOFR + 6.500%|11.880%|05/12/2030 | — | 27,660,000 |
Debt Investments|Penn TRGRP Holdings LLC|First Lien Senior Secured Revolving Loan|Diversified Financial Services|SOFR + 6.750%|09/27/2030 | (78,000) | (78,000) |
First Lien Senior Secured | 114,847,000 | 52,566,000 |
Debt Investments|Serrano Parent, LLC|First Lien Senior Secured Term Loan|IT Services|SOFR + 6.500%|11.810%|05/13/2030 | 27,660,000 | — |
Debt Investments|CPEX Purchaser, LLC|First Lien Senior Secured Term Loan|Software|SOFR + 6.000%|11.331%|03/01/2030 | 32,382,000 | — |
Debt Investments|Azurite Intermediate Holdings, Inc.|First Lien Senior Secured Revolving Loan|IT Services|SOFR + 6.500%|03/19/2031 | (31,000) | — |
Debt Investments|Azurite Intermediate Holdings, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT Services|SOFR + 6.500%|03/19/2031 | (195,000) | — |
Debt Investments|Azurite Intermediate Holdings, Inc.|First Lien Senior Secured Term Loan|IT Services|SOFR + 6.500%|11.826%|03/19/2031 | 5,623,000 | — |
Debt Investments|Penn TRGRP Holdings LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial Services|SOFR + 7.750%|13.059 %|09/27/2030 | 646,000 | — |
Debt Investments|Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial Services|SOFR + 7.750%|13.059%|09/27/2030 | 24,720,000 | — |
Debt Investments|Icefall Parent,Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial Services|SOFR + 6.500%|01/25/2030 | (47,000) | — |
Debt Investments|Icefall Parent,Inc.|First Lien Senior Secured Term Loan|Diversified Financial Services|SOFR + 6.500%|11.802 %|01/25/2030 | 24,438,000 | — |
Debt Investments|CPEX Purchaser, LLC|First Lien Senior Secured Revolving Loan|Software|SOFR + 6.000%|03/01/2030 | (75,000) | — |
Debt Investments|CPEX Purchaser, LLC|First Lien Senior Secured Delayed Draw Term Loan|Software|SOFR + 6.000%|03/01/2030 | (196,000) | — |
Cash and cash equivalents | 102,982,000 | 67,664,000 |
Expense reimbursement receivable | 7,890,000 | 6,434,000 |
Deferred financing costs | 3,907,000 | 4,121,000 |
Debt Issuance Cost | 3,900,000 | 4,300,000 |
Subscription receivable | 3,481,000 | 0 |
Interest and other income receivable from non-controlled/non-affiliated investments | 950,000 | 522,000 |
Deferred offering costs | 801,000 | 1,194,000 |
Prepaid assets | 114,000 | 168,000 |
Total Assets | 234,972,000 | 132,669,000 |
Liabilities | ||
Debt | 77,730,000 | 52,250,000 |
Other liabilities and accrued expenses | 4,918,000 | 4,443,000 |
Accrued organizational costs | 2,812,000 | 2,842,000 |
Accrued administrative services expense payable | 2,524,000 | 2,012,000 |
Interest payable | 556,000 | 468,000 |
Due to affiliate | 407,000 | 273,000 |
Management fees payable | 170,000 | 90,000 |
Total Liabilities | 89,117,000 | 62,378,000 |
Net Assets | ||
Common stock, $0.001 par value (1,000,000,000 shares authorized, 5,800,895 and 2,811,638 shares issued and outstanding, respectively) | 6,000 | 3,000 |
Additional paid-in capital | 145,016,000 | 70,288,000 |
Distributable earnings (loss) | 833,000 | 0 |
Total Net Assets | 145,855,000 | 70,291,000 |
Total Liabilities and Net Assets | 234,972,000 | 132,669,000 |
Net asset value per share | 25.14 | 25 |