10-Q
Quarterly Report
26North BDC, Inc.
CIK: 1950976
File #: 000-56594
Balance Sheet
52 line items · 2 periods
XBRL
| Item | Jun 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Non-controlled/non-affiliated investments at fair value (amortized cost $218,399 and $52,628, respectively) | 218,139,000 | 52,566,000 |
Debt Investments | Penn TRGRP Holdings LLC|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.750| 9/27/2030 | (58,000) | (78,000) |
Debt Investments | Recorded Future, Inc.|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.750|11.085| 6/28/2030 | 22,764,000 | — |
Debt Investments | Recorded Future, Inc.|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.750| 6/28/2030 | (53,000) | — |
Debt Investments | Recorded Future, Inc.|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.750| 6/28/2030 | (25,000) | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.750| 5/8/2030 | (107,000) | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.750|12.085% (incl.3.375% PIK)| 5/8/2030 | 23,003,000 | — |
Debt Investments | Serrano Parent, LLC|First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|11.83| 5/13/2030 | 27,731,000 | 27,660,000 |
Debt Investments | United Flow Technologies Intermediate HoldCo II, LLC|First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|10.597| 6/23/2031 | 27,327,000 | — |
Debt Investments | Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|13.085| 9/27/2030 | 24,847,000 | 24,720,000 |
Debt Investments | Penn TRGRP Holdings LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|13.085| 9/27/2030 | 1,051,000 | 264,000 |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500| 1/25/2030 | (47,000) | — |
Debt Investments | Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|11.444| 5/16/2031 | 13,709,000 | — |
Debt Investments | Azurite Intermediate Holdings, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.500||3/19/2031 | (31,000) | — |
Debt Investments | Azurite Intermediate Holdings, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|11.844| | 8,108,000 | — |
Debt Investments | Azurite Intermediate Holdings, Inc. |First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|11.844| | 5,623,000 | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.750| 5/8/2030 | (67,000) | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 6.250|5/20/2031 | (22,000) | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 6.250| 5/20/2031 | (22,000) | — |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|11.345| 3/1/2030 | 32,380,000 | — |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000| 3/1/2030 | (75,000) | — |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000| 3/1/2030 | (196,000) | — |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|11.835| 1/25/2030 | 24,438,000 | — |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan| Multi-Utilities| SOFR + 5.250 %|6/23/203 | (231,000) | — |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan| Multi-Utilities| SOFR + 5.250% | 10.597%| 6/21/2030 | 77,000 | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250|11.576% (Inc.3.375 PIK)|5/20/2031 | 8,015,000 | — |
First Lien Senior Secured | 218,139,000 | 52,566,000 |
Cash and cash equivalents | 154,665,000 | 67,664,000 |
Expense reimbursement receivable | 5,076,000 | 6,434,000 |
Deferred financing costs | 3,692,000 | 4,121,000 |
Interest and other income receivable from non-controlled/non-affiliated investments | 802,000 | 522,000 |
Deferred offering costs | 406,000 | 1,194,000 |
Prepaid assets | 60,000 | 168,000 |
Total Assets | 382,840,000 | 132,669,000 |
Liabilities | ||
Debt | 227,050,000 | 52,250,000 |
Other liabilities and accrued expenses | 4,489,000 | 4,443,000 |
Accrued organizational costs | 2,802,000 | 2,842,000 |
Interest payable | 617,000 | 468,000 |
Management fees payable | 324,000 | 90,000 |
Advisory Agreement - Advisor | 300,000 | 100,000 |
Accrued administrative services expense payable | 243,000 | 2,012,000 |
Due to affiliate | 186,000 | 273,000 |
Total Liabilities | 235,711,000 | 62,378,000 |
Net Assets | ||
Common stock, $0.001 par value (1,000,000,000 shares authorized, 5,832,949 and 2,811,638 shares issued and outstanding, respectively) | 6,000 | 3,000 |
Additional paid-in capital | 145,819,000 | 70,288,000 |
Distributable earnings (loss) | 1,304,000 | 0 |
Total Net Assets | 147,129,000 | 70,291,000 |
Total Liabilities and Net Assets | 382,840,000 | 132,669,000 |
Net asset value per share | 25.22 | 25 |