10-Q
Quarterly Report
26North BDC, Inc.
CIK: 1950976
File #: 000-56594
Balance Sheet
219 line items · 2 periods
XBRL
| Item | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
Assets | ||
Non-controlled/non-affiliated investments at fair value (amortized cost $1,236,252 and $665,676, respectively) | 1,236,829,000 | 666,141,000 |
Multi-Utilities | 67,046,000 | 52,039,000 |
Diversified Financial Services | 99,296,000 | 97,181,000 |
Debt Investments |Philz Coffee, Inc.| First Lien Senior Secured Term Revolving Loan|Hotels, Restaurants & LeisureSOFR + 4.750|8/5/2025|8/6/2031 | (118,000) | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.750|5/8/2024| 5/8/2030 | (8,000) | — |
Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 7.500|11.663|7/2/2024| 7/2/2029 | 52,622,000 | — |
Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Term Loan| Diversified Financial ServicesSOFR + 6.500|10.643%|9/13/2024|9/13/2030 | 46,010,000 | — |
Debt Investments |Plus Bidco, LLC| First Lien Senior Secured Revolving Loan|Food ProductsSOFR + 4.750|8.532%|8/26/2025|8/26/2032 | 1,028,000 | — |
Debt Investments | Gainsight Inc |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.500|9.849%|4/1/2025|7/30/2027 | 36,252,000 | — |
Non-controlled/non-affiliated Investments | 1,236,829,000 | 666,141,000 |
Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 5.000|8.752%|11/1/2024|11/3/2031 | 4,684,000 | — |
Diversified Consumer Services | 42,984,000 | 7,277,000 |
Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Term Loan|Aerospace & DefenseSOFR + 6.600|10.992%|1/17/2025|1/17/2031 | 59,595,000 | — |
Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 4.750|8.752%|10/17/2024|10/17/2030 | 16,222,000 | — |
Debt Investments | Baxter Planning Systems, LLC|First Lien Senior Secured Term Loan|Air Freight & LogisticsSOFR + 6.250(incl.3.375% PIK)|10.558%|5/20/2024|5/20/2031 | 8,391,000 | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 6.750% (Incl. 3.375% PIK)|10.752%| 5/8/2024| 5/8/2030 | 23,824,000 | — |
Debt Investments |RTI Surgical, Inc.| First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 4.750|8.750%|9/24/2025| 9/25/2032 | 50,347,000 | — |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 5.250|6/21/2024|6/21/2030 | (31,000) | — |
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 | (148,000) | (178,000) |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.000|9.488%|7/18/2025|6/23/2031 | 895,000 | — |
Semiconductors & Semiconductor Equipment | 35,818,000 | 37,077,000 |
Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.000|9.163%|8/7/2024|8/7/2031 | 34,458,000 | — |
Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|3/31/2025|3/31/2032 | (9,000) | — |
Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Revolving Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/2030 | (97,000) | — |
Food & Staples Retailing | 25,700,000 | — |
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 | Four Winds Interactive LLC |First Lien Senior Secured Delayed Draw Term Loan|Interactive Media & ServicesSOFR + 6.500|2/20/2025|2/20/2030 | (145,000) | — |
Debt Investments |Project Alliance Buyer LLC| First Lien Senior Secured Revolving Loan| PharmaceuticalSOFR + 5.000|8/27/2025| 8/27/2031 | (69,000) | — |
Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Term Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.000|8.902%|10/17/2024|10/17/2031 | 35,871,000 | — |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Revolving Loan|Diversified Financial ServicesSOFR + 4.500|1/26/2023|1/25/2030 | (18,000) | — |
Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 4.750|9.042%|10/17/2024|10/17/2030 | 298,000 | — |
Air Freight & Logistics | 8,361,000 | 8,150,000 |
Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 5.000|8.752%|11/1/2024|11/3/2031 | 494,000 | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Term Loan|Professional ServicesSOFR + 4.500|8.544%|8/9/2024|8/11/2031 | 5,948,000 | — |
Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.500|9.163%|5/15/2025|8/7/2031 | 1,242,000 | — |
Commercial Services & Supplies | 26,772,000 | 21,986,000 |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Term Loan|Multi-UtilitiesSOFR + 5.250|9.252%|6/21/2024|6/23/2031 | 27,191,000 | — |
United States | 1,236,829,000 | 666,141,000 |
Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Delayed Draw Term Loan|Health Care TechnologySOFR + 5.500|5/15/2025|8/7/2031 | 0 | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8.653%|8/9/2024|8/11/2031 | 7,798,000 | — |
Debt Investments | Goldeneye Parent, LLC |First Lien Senior Secured Term Loan|Life Sciences Tools & ServicesSOFR + 5.000|9.163%|3/31/2025|3/31/2032 | 12,682,000 | — |
Professional Services | 39,355,000 | 32,184,000 |
Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 4.500|3/12/2025|3/12/2032 | (6,000) | — |
Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 6.600|9/19/2025|12/11/2030 | (104,000) | — |
Debt Investments | CData Software, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.750|9.752%|7/18/2024|7/18/2030 | 1,631,000 | — |
Debt Investments | Dcert Buyer, Inc. |First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.750|7/30/2025|7/10/2030 | (54,000) | — |
Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Revolving Loan|Commercial Services & SuppliesSOFR + 5.000|12/11/2024|12/11/2030 | (22,000) | (33,000) |
Real Estate Management & Development | 13,606,000 | 13,709,000 |
Debt Investments | CB Buyer, Inc|First Lien Senior Secured Term Loan|SoftwareSOFR + 5.250|9.252%|7/1/2024|7/1/2031 | 23,150,000 | — |
Debt Investments | CData Software, Inc.|First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.750|9.752%|7/18/2024|7/18/2030 | 32,792,000 | — |
Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Delayed Draw Term Loan|Commercial Services & SuppliesSOFR + 6.600|9.212|12/11/2024|12/11/2030 | 4,825,000 | — |
Health Care Equipment & Supplies | 15,264,000 | 12,335,000 |
Interactive Media & Services | 36,391,000 | — |
Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Term Loan|SoftwareSOFR + 5.000|9.002%|12/17/2024| 12/17/2031 | 19,956,000 | — |
Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Delayed Draw Term Loan |Health Care Equipment & SuppliesSOFR + 5.000|9.002%|10/11/2024|10/11/2030 | 2,903,000 | — |
Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/2031 | (25,000) | (25,000) |
Equity| Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/2024 | 0 | — |
Debt Investments | CB Buyer, Inc|First Lien Senior Secured Revolving Loan|SoftwareSOFR + 5.250|7/1/2024|7/1/2031 | (6,000) | (6,000) |
Debt Investments |Project Alliance Buyer LLC| First Lien Senior Secured Term Loan| PharmaceuticalSOFR + 5.000|8/27/2025| 8/27/2031 | 23,869,000 | — |
Debt Investments | Alegeus Technologies Holdings Corp. |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 6.750|11.058%| 11/22/2024| 11/5/2029 | 67,362,000 | — |
Debt Investments |Xactly Corporation| First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 6.250|7/12/2024|7/30/2027 | (8,000) | (8,000) |
Debt Investments | CData Software, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.250|7/18/2024|7/18/2030 | (55,000) | — |
Debt Investments |United Flow Technologies Intermediate HoldCo II, LLC| First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 5.250|9.342%|6/21/2024|6/23/2031 | 15,188,000 | — |
Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Revolving Loan|Diversified Consumer ServicesSOFR + 5.500|9.502%|3/27/2025|3/27/2030 | 1,431,000 | — |
Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.750%|1/0/1900|3/27/2030 | 1,550,000 | — |
Software | 196,349,000 | 75,727,000 |
Debt Investments | FH DMI Buyer Inc |First Lien Senior Secured Term Loan|Health Care Equipment & SuppliesSOFR + 5.000|9.002%|10/11/2024|10/11/2030 | 12,008,000 | — |
Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/2024 | 384,000 | — |
IT Services | 163,217,000 | 163,612,000 |
Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Delayed Draw Term Loan|Health Care TechnologySOFR + 5.500|8/7/2024|8/7/2031 | 0 | — |
Preferred Equity | 19,450,000 | — |
Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.500|3/26/2025|3/1/2030 | 990,000 | — |
Debt Investments |Plus Bidco, LLC| First Lien Senior Secured Term Loan|Food ProductsSOFR + 4.750|8.973%|8/26/2025|8/26/2032 | 43,731,000 | — |
Aerospace & Defense | 62,208,000 | — |
Debt Investments | Guardian Restoration Partners Buyer |First Lien Senior Secured Delayed Draw Term Loan|Diversified Consumer ServicesSOFR + 5.000|8.837%|11/1/2024|11/3/2031 | 6,524,000 | — |
Debt Investments | Homecare Software Solutions LLC |First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 5.550 (Incl. 2.925% PIK)|9.708%|9/26/2024|6/16/2031 | 28,265,000 | — |
Food Products | 44,633,000 | — |
Debt Investments | Alert SRC Newco LLC |First Lien Senior Secured Term Loan|Commercial Services & SuppliesSOFR + 5.000|9.320%|12/11/2024| 12/11/2030 | 22,073,000 | — |
Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 6.000|10.163%|3/19/2024| 3/19/2031 | 12,941,000 | — |
Debt Investments |Plus Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|Food ProductsSOFR + 4.750|8/26/2025|8/26/2032 | (126,000) | — |
Common Equity | 2,967,000 | 400,000 |
First Lien Senior Secured Debt | 1,194,070,000 | 665,741,000 |
Debt Investments |Syndigo LLC| First Lien Senior Secured Term Loan|Food & Staples RetailingSOFR + 5.000|9.171%|8/29/2025|9/2//2032 | 25,735,000 | — |
Equity|Great Dane Intermediate Holding I LLC |Preferred Equity| Software|7/21/2025 | 19,450,000 | — |
Debt Investments |RTI Surgical, Inc.| First Lien Senior Secured Revolving Loan |Life Sciences Tools & ServicesSOFR + 4.750|9/24/2025| 9/25/2032 | (102,000) | — |
Debt Investments |Philz Coffee, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Hotels, Restaurants & LeisureSOFR + 4.750|8/5/2025|8/6/2031 | (177,000) | — |
Debt Investments | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 4.500|8.808%|1/26/2023| 1/25/2030 | 23,972,000 | — |
Debt Investments |Xactly Corporation| First Lien Senior Secured Term Loan|Professional ServicesSOFR + 6.250|10.549%|7/12/2024|7/30/2027 | 25,076,000 | — |
Debt Investments | Coding Solutions Acquisition Inc |First Lien Senior Secured Revolving Loan|Health Care TechnologySOFR + 5.500|8/7/2024|8/7/2031 | 0 | — |
Debt Investments |Zone & Company Software Consulting, LLC| First Lien Senior Secured Payment Delayed Draw Term Loan| Diversified Financial ServicesSOFR + 6.500|10.643%|9/13/2024|9/13/2030 | 1,673,000 | — |
Non-controlled/non-affiliated Investments - Debt Investments | 1,214,412,000 | 665,741,000 |
First Lien Last Out Unitranche Debt | 20,342,000 | — |
Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 6.000|10.126%|2/29/2024|3/1/2030 | 3,727,000 | — |
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) | (15,000) |
Debt Investments |Runway Bidco, LLC| First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.000|12/17/2024|12/17/2031 | (50,000) | (50,000) |
Debt Investments |Thunder Buyer, Inc.| First Lien Senior Secured Delayed Draw Term Loan|Life Sciences Tools & ServicesSOFR + 4.750|9.042%|10/17/2024|10/17/2030 One | 342,000 | — |
Debt Investments | Dcert Buyer, Inc. |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.750|9.913%|7/29/2025|7/10/2030 | 49,491,000 | — |
Equity|Philz Coffee, Inc. | Common Stock| Hotels, Restaurants & Leisure| 8/5/2025 | 2,583,000 | — |
Debt Investments |Serrano Parent, LLC| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.500|10.710%|10/18/2023|5/13/2030 | 27,660,000 | — |
Debt Investments | Adelaide Borrower, LLC |First Lien Senior Secured Delayed Draw Term Loan|Multi-UtilitiesSOFR + 6.750| 5/8/2024| 5/8/2030 | (13,000) | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Delayed Draw Term Loan|Professional ServicesSOFR + 4.500|8.544%|8/7/2025|8/11/2031 | 562,000 | — |
Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 6.000|10.120%|2/29/2024|3/1/2030 | 33,042,000 | — |
Debt Investments | CData Software, Inc.|First Lien Senior Secured Delayed Draw Term Loan|IT ServicesSOFR + 5.250|7/18/2024|7/18/2030 | (46,000) | — |
Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 6.000|10.163%|3/19/2024| 3/19/2031 | 5,694,000 | — |
Debt Investments |Unlimited Technology Holdings, LLC| First Lien Senior Secured Term Loan|Health Care TechnologySOFR + 4.500|8.5021%|3/12/2025|3/12/2032 | 17,123,000 | — |
Debt Investments | CB Buyer, Inc|First Lien Senior Secured Delayed Draw Term Loan|SoftwareSOFR + 5.250|9.252%|7/1/2024|7/1/2031 | 243,000 | — |
Debt Investments |Penn TRGRP Holdings LLC| First Lien Senior Secured Delayed Draw Term Loan|Diversified Financial ServicesSOFR + 7.750|11.752%|10/20/2023| 9/27/2030 | 3,097,000 | — |
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) | (58,000) |
Debt Investments | Four Winds Interactive LLC |First Lien Senior Secured Term Loan|Interactive Media & ServicesSOFR + 6.500|10.502%|2/20/2025|2/20/2030 | 36,633,000 | — |
Pharmaceuticals | 67,338,000 | — |
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) | (15,000) |
Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 5.000|9/30/2024|9/30/2031 | (27,000) | (37,000) |
Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Term Loan|SoftwareSOFR + 5.500|9.666%|3/26/2025|3/1/2030 | 1,634,000 | — |
Life Sciences Tools & Services | 79,780,000 | 16,167,000 |
Debt Investments |Univista Intermediate Holdco, LLC| First Lien First Out Term Loan|InsuranceSOFR + 3.850|8.013%|1/10/2025|1/10/2030 | 18,518,000 | — |
Insurance | 38,860,000 | — |
Debt Investments | AMI Buyer, Inc. |First Lien Senior Secured Revolving Loan|Semiconductors & Semiconductor EquipmentSOFR + 5.000|10/17/2024|10/17/2031 | (53,000) | — |
Debt Investments |Azurite Intermediate Holdings, Inc.| First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 6.000|3/19/2024|3/19/2031 | (5,000) | — |
Hotels, Restaurants & Leisure | 25,407,000 | — |
Debt Investments |Penn TRGRP Holdings LLC|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 7.750|11.752%|10/20/2023| 9/27/2030 | 24,847,000 | — |
Debt Investments |Univista Intermediate Holdco, LLC| First Lien Last Out Term Loan|InsuranceSOFR + 6.531|10.841%|1/10/2025|1/10/2030 | 20,342,000 | — |
Debt Investments | CI (MG) GROUP, LLC |First Lien Senior Secured Term Loan|Diversified Consumer ServicesSOFR + 5.500|9.502%|3/27/2025|3/27/2030 | 28,301,000 | — |
Debt Investments | Ascend Partner Services LLC |First Lien Senior Secured Revolving Loan|Professional ServicesSOFR + 4.500||8/9/2024| 8/11/2031 | (21,000) | — |
Health Care Technology | 148,444,000 | 128,697,000 |
Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Term Loan|PharmaceuticalsSOFR + 5.000|9.070%|3/10/2025|3/10/2031 | 43,674,000 | — |
Debt Investments |LogRhythm, Inc.|First Lien Senior Secured Revolving Loan|IT ServicesSOFR + 7.500|7/2/2024| 7/2/2029 | (219,000) | (151,000) |
Debt Investments | Cpex Purchaser, LLC |First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|10.163%|2/29/2024|3/1/2030 | 8,549,000 | — |
Debt Investments |Metropolis Capital Holdings, LLC|First Lien Senior Secured Term Loan|Real Estate Management & DevelopmentSOFR + 6.000|10.263%|5/16/2024| 5/16/2031 | 13,606,000 | — |
Debt Investments |Philz Coffee, Inc.| First Lien Senior Secured Term Loan|Hotels, Restaurants & LeisureSOFR + 4.750|8.913%|8/5/2025|8/6/2031 | 23,119,000 | — |
Non-controlled/non-affiliated Investments - Equity | 22,417,000 | — |
Debt Investments |RH Buyer, Inc.| First Lien Senior Secured Revolving Loan|Aerospace & DefenseSOFR + 6.600|10.826%|1/17/2025|1/17/2031 | 2,613,000 | — |
Debt Investments |Syndigo LLC| First Lien Senior Secured Revolving Loan|Food & Staples RetailingSOFR + 5.000|8/29/2025|9/2//2032 | (35,000) | — |
Debt Investments |Sapphire Software Buyer, Inc.| First Lien Senior Secured Term Loan|IT ServicesSOFR + 5.000|8.872%|9/30/2024| 9/30/2031 | 30,229,000 | — |
Debt Investments |Zone & Company Software Consulting, LLC|First Lien Senior Secured Revolving Loan| Diversified Financial ServicesSOFR + 6.000|9/13/2024|9/13/2030 | (79,000) | (95,000) |
Debt Investments | Grand River Aseptic Manufacturing, Inc. |First Lien Senior Secured Revolving Loan|PharmaceuticalsSOFR + 5.000|3/10/2025|3/10/2031 | (136,000) | — |
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 | 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 | Adelaide Borrower, LLC |First Lien Senior Secured Revolving Loan|Multi-UtilitiesSOFR + 6.250| 5/8/2024| 5/8/2030 | — | (25,000) |
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 |
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 |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 | 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 |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 |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 | 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 |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 | CPEX Purchaser, LLC| First Lien Senior Secured Revolving Loan|SoftwareSOFR + 6.000|2/29/2024| 3/1/2030 | — | (123,000) |
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 | 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 |
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 |
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 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 | 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 |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 |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 |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 | 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 | 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 | 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 | 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 |Thunder Buyer, Inc.|First Lien Senior Secured Revolving Loan|Life Sciences Tools & ServicesSOFR + 5.000|10/17/2024|10/17/2030 | — | (59,000) |
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 |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 | 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) |
Non-controlled/non-affiliated Investments - 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 |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 |
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 | 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 |
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 |
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 | 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 |
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 | 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 |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 Payment Delayed Draw Term Loan|IT ServicesSOFR + 6.250|10.575%|7/18/2024|7/18/2030 | — | 1,620,000 |
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 |
Common Equity|Excalibur Parent Holdings, L.P., LLC|Common Stock| IT Services|7/2/2024 | — | 0 |
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 | 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 |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 |
Common Equity| FH DMI Buyer, Inc |Common Stock| Health Care Equipment & Supplies|10/11/2024 | — | 400,000 |
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 |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 | 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 | 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 | Icefall Parent, Inc.|First Lien Senior Secured Term Loan|Diversified Financial ServicesSOFR + 6.500|10.857%|1/26/2024| 1/25/2030 | — | 24,563,000 |
Cash and cash equivalents | 26,319,000 | 12,923,000 |
Dreyfus Treasury Obligations Cash Management Money Market Fund | 26,319,000 | — |
Interest and other income receivable from non-controlled/non-affiliated investments | 7,468,000 | 3,509,000 |
Deferred financing costs | 5,644,000 | 4,891,000 |
Subscriptions receivable | 1,214,000 | 55,000 |
Dividend receivable from non-controlled/non-affiliated investments | 544,000 | 0 |
Prepaid assets | 190,000 | 468,000 |
Total Assets | 1,278,208,000 | 687,987,000 |
Liabilities | ||
Debt | 662,890,000 | 328,390,000 |
Interest payable | 6,392,000 | 3,667,000 |
Management fees payable | 2,123,000 | 1,107,000 |
Advisory Agreement - Advisor | 2,100,000 | 1,100,000 |
Other liabilities and accrued expenses | 1,344,000 | 846,000 |
Investment income incentive fees payable | 1,338,000 | 733,000 |
Advisory Agreement - Advisor | 0 | 0 |
Expense reimbursement payable | 1,200,000 | 558,000 |
Accrued administrative services expense payable | 674,000 | 516,000 |
Capital gains incentive fees payable | 58,000 | 47,000 |
Advisor | 58,000 | 47,000 |
Total Liabilities | 676,019,000 | 335,864,000 |
Net Assets | ||
Common stock, $0.001 par value (1,000,000,000 shares authorized, 23,801,573 and 13,909,942 shares issued and outstanding, respectively) | 24,000 | 14,000 |
Additional paid-in capital | 597,022,000 | 347,648,000 |
Distributable earnings (loss) | 5,143,000 | 4,461,000 |
Total Net Assets | 602,189,000 | 352,123,000 |
Total Liabilities and Net Assets | 1,278,208,000 | 687,987,000 |
Net asset value per share | 25.3 | 25.31 |