10-Q
Quarterly Report
26North BDC, Inc.
CIK: 1950976
File #: 000-56594
Balance Sheet
79 line items · 2 periods
XBRL
| Item | Sep 30, 2024 | Dec 31, 2023 |
|---|---|---|
Assets | ||
Non-controlled/non-affiliated investments at fair value (amortized cost $493,786 and $52,628, respectively) | 493,548,000 | 52,566,000 |
Debt Investments | CData Software, Inc |First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.750|10.354%| 7/18/2030" | 32,709,000 | — |
Debt Investments | CData Software, Inc |First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2030 | (54,000) | — |
Debt Investments | CData Software, Inc |First Lien Senior Secured Delayed Payment Draw Term Loan|IT ServicesSOFR + 5.750|7/18/2030 | 701,000 | — |
Debt Investments | CData Software, Inc |First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.750|10.354|7/18/2030 | (65,000) | — |
Debt Investments | Coding Solutions Acquisition, Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.000|9.245%| 8/7/2031 | 30,063,000 | — |
Debt Investments | Coding Solutions Acquisition, Inc |First Lien Senior Secured Delayed Draw Term Loan|Health Care TechnologySOFR + 5.000|8/7/2031 | (83,000) | — |
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 | 8,087,000 | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Delayed Draw Term Loan|Air Freight & LogisticsSOFR + 6.250|5/20/2031 | (19,000) | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Revolving Loan|Air Freight & LogisticsSOFR + 6.250| 5/20/2031 | (18,000) | — |
Debt Investments | CB Buyer, Inc |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.854%| 7/1/2031 | 21,218,000 | — |
Debt Investments | CB Buyer, Inc |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|7/1/2031 | (60,000) | — |
Debt Investments | CB Buyer, Inc |First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250| 7/1/2031 | (24,000) | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|9.345%| 8/11/2031 | 5,993,000 | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500| 8/11/2031 | (104,000) | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan| Professional ServicesSOFR + 4.500| 8/11/2031 | (21,000) | — |
Debt Investments | Azurite Intermediate Holdings, Inc. |First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|11.844| | 5,637,000 | — |
Debt Investments | Azurite Intermediate Holdings, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.500|11.844| | 8,141,000 | — |
Debt Investments | Azurite Intermediate Holdings, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.500||3/19/2031 | (26,000) | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.750|12.085% (incl.3.375% PIK)| 5/8/2030 | 23,265,000 | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.750| 5/8/2030 | (94,000) | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.750| 5/8/2030 | (58,000) | — |
Debt Investments | Penn TRGRP Holdings LLC|First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|13.085| 9/27/2030 | 1,463,000 | 264,000 |
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 | 22,879,000 | — |
Debt Investments | Recorded Future, Inc.|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.750| 6/28/2030 | 1,273,000 | — |
Debt Investments | Recorded Future, Inc.|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.750| 6/28/2030 | (12,000) | — |
Debt Investments | Sapphire Software Buyer, Inc |First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000|9.245%| 9/30/2031 | 29,848,000 | — |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|11.835| 1/25/2030 | 24,501,000 | — |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500| 1/25/2030 | (42,000) | — |
Debt Investments | LogRhythm, Inc |First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|12.104%| 7/2/2029 | 53,171,000 | — |
Debt Investments | LogRhythm, Inc |First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500| 7/2/2029 | (164,000) | — |
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 | 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 | Coding Solutions Acquisition, Inc |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.000|10.014%|8/7/2031 | 700,000 | — |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|11.345| 3/1/2030 | 32,546,000 | — |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000| 3/1/2030 | 966,000 | — |
Debt Investments | CPEX Purchaser, LLC|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000| 3/1/2030 | (147,000) | — |
Debt Investments | HHA |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.250|10.104%| 6/14/2031 | 27,487,000 | — |
Debt Investments | Sapphire Software Buyer, Inc |First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000| 9/30/2031 | (37,000) | — |
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 |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan| Multi-Utilities| SOFR + 5.250 %|6/23/203 | (77,000) | — |
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 | (46,000) | — |
Debt Investments | Xactly Corporation |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|11.407%|7/30/2027 | 25,076,000 | — |
Debt Investments | Xactly Corporation |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/31/2027 | (8,000) | — |
Debt Investments | Zone & Company Software Consulting, LLC |First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|11.596%| 9/13/2030 | 45,777,000 | — |
Debt Investments | Zone & Company Software Consulting, LLC |First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 6.500|9/13/2030 | (208,000) | — |
Debt Investments | Zone & Company Software Consulting, LLC |First Lien Senior Secured Delayed Payment Draw Term Loan|Diversified Financial ServicesSOFR + 6.500|9/13/2030 | (31,000) | — |
Debt Investments | Zone & Company Software Consulting, LLC |First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 6.500|9/13/2030 | (111,000) | — |
First Lien Senior Secured | 493,548,000 | 52,566,000 |
Cash and cash equivalents | 52,413,000 | 67,664,000 |
Expense reimbursement receivable | 3,576,000 | 6,434,000 |
Deferred financing costs | 4,329,000 | 4,121,000 |
Interest and other income receivable from non-controlled/non-affiliated investments | 1,363,000 | 522,000 |
Prepaid assets | 36,000 | 168,000 |
Subscriptions receivable | 15,000 | 0 |
Deferred offering costs | 8,000 | 1,194,000 |
Total Assets | 555,288,000 | 132,669,000 |
Liabilities | ||
Debt | 309,680,000 | 52,250,000 |
Other liabilities and accrued expenses | 4,596,000 | 4,443,000 |
Interest payable | 2,769,000 | 468,000 |
Accrued organizational costs | 1,802,000 | 2,842,000 |
Management fees payable | 681,000 | 90,000 |
Advisory Agreement - Advisor | 700,000 | 100,000 |
Accrued administrative services expense payable | 560,000 | 2,012,000 |
Incentive fee payable | 458,000 | 0 |
Advisory Agreement - Advisor | 0 | — |
Due to affiliate | 186,000 | 273,000 |
Total Liabilities | 320,732,000 | 62,378,000 |
Net Assets | ||
Common stock, $0.001 par value (1,000,000,000 shares authorized, 9,275,921 and 2,811,638 shares issued and outstanding, respectively) | 9,000 | 3,000 |
Additional paid-in capital | 232,358,000 | 70,288,000 |
Distributable earnings (loss) | 2,189,000 | 0 |
Total Net Assets | 234,556,000 | 70,291,000 |
Total Liabilities and Net Assets | 555,288,000 | 132,669,000 |
Net asset value per share | 25.29 | 25 |