Barings Corporate Investors : Quarter Ended March 2025 – Barings Corporate Investors

Published: 2025-06-02 05:01:05 ET MCI

Published on 06/02/2025 at 05:01

Report for the Three Months Ended March 31, 2025

Adviser

Barings LLC

300 S Tryon St., Suite 2500

Charlotte, NC 28202

Independent Registered Public Accounting Firm

KPMG LLP

New York, NY 10154

Counsel to the Trust

Ropes & Gray LLP

Boston, Massachusetts 02199

Custodian

State Street Bank and Trust Company Boston, Massachusetts 02110

Investment Objective and Policy

Barings Corporate Investors (the "Trust") is a closed-end management investment company, first offered to the public in 1971, whose shares are traded on the New York Stock Exchange under the trading symbol "MCI". The Trust's share price can be found in the financial section of most newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings.

The Trust's investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust's principal investments are privately placed, below-investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such private placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities), marketable common stocks and special situations investments. The Trust's special situations investments generally consist of investments in corporate debt instruments and equity instruments of issuers that are stressed or distressed. Below-investment grade or high yield securities (including securities of stressed or distressed issuers) have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay principal.

The Trust distributes substantially all of its net income to shareholders each year. Accordingly, the Trust pays dividends to shareholders four times per year. The Trust pays dividends to its shareholders in cash, unless the shareholder elects to participate in the Dividend Reinvestment and Share Purchase Plan.

Form N-PORT

The Trust files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on part F of Form N-PORT. This information is available (i) on the SEC's website at https://http://www.sec.gov; and (ii) at the SEC's Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330). A complete schedule of portfolio holdings as of each quarter-end is available upon request by calling, toll-free, 866-399-1516.

Transfer Agent & Registrar

SS&C Global Investor & Distribution Solutions, Inc., ("SS&C GIDS")

P.O. Box 219086

Kansas City, Missouri 64121-9086 1-800-647-7374

Internet Website

https://www.barings.com/mci

Barings Corporate Investors c/o Barings LLC

300 S Tryon St., Suite 2500 Charlotte, NC

28202

1-866-399-1516

Proxy Voting Policies & Procedures; Proxy Voting Record

The Trustees of the Trust have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC ("Barings"). A description of Barings' proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 866-399-1516; (2) on the Trust's website at https:// https://www.barings.com/mci; and (3) on the SEC's website at http:// https://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on the Trust's website at https:// https://www.barings.com/mci; and (2) on the SEC's website at http:// https://www.sec.gov.

Legal Matters

The Trust has entered into contractual arrangements with an investment adviser, transfer agent and custodian (collectively "service providers") who each provide services to the Trust. Shareholders are not parties to, or intended beneficiaries of, these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

Under the Trust's Bylaws, any claims asserted against or on behalf of the Trust, including claims against Trustees and officers must be brought in courts located within the Commonwealth of Massachusetts.

The Trust's registration statement and this shareholder report are not contracts between the Trust and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

TO OUR SHAREHOLDERS

April 30, 2025

We are pleased to present the March 31, 2025, Quarterly Report of Barings Corporate Investors (the "Trust").

PORTFOLIO PERFORMANCE

The Board of Trustees declared a quarterly dividend of $0.40 per share, payable on June 13, 2025, to shareholders of record on May 30, 2025. The Trust earned $0.35 per share of net investment income, net of taxes, for the first quarter of 2025, compared to $0.52 per share in the previous quarter. The decrease in net investment income was predominantly related to non-recurring dividend income related to an equity investment in the portfolio from the fourth quarter coupled with decreasing base rates in the quarter.

March 31, 2025(1)(2)

December 31, 2024(1)

% Change

Quarterly Dividend per share

0.40(3)

0.40

- %

Net Investment Income(4)

$ 7,057,100

$ 10,560,460

(33.2)%

Net Assets

$ 350,383,118

$ 343,563,104

2.0 %

Net Assets per share(5)

$ 17.07

$ 16.84

1.4 %

Share Price

$ 23.44

$ 20.35

15.2 %

Dividend Yield at Share Price

9.4 %

9.5 %

(1.1)%

(Discount) / Premium

37.3 %

21.0 %

Past performance is no guarantee of future results

Figures are unaudited

Payable on June 13, 2025

Figures are shown net of excise tax

Based on shares outstanding at the end of the period of 20,444,621 and 20,404,204 as of 3/31/2025 and 12/31/2024, respectively.

Quarterly total returns at March 31, 2025 and December 31, 2024 were 1.37% and 3.16%, respectively. Longer term, the Trust returned 8.9%, 8.9%, 11.4%, 9.4% and 10.9% for the 1, 3, 5, 10, and 25-year periods, respectively, based on the change in the Trust's net assets assuming the reinvestment of all dividends

The Trust's average quarter-end (discount) / premium for the 1, 3, 5 and 10-year periods was 20.59%, 0.16%, (3.50)%, and 1.27%

respectively

U.S. fixed income markets, as approximated by the Bloomberg Barclays U.S. Corporate High Yield Index and the S&P UBS Leveraged Loan Index, returned 1.0% and 0.6% for the quarter, respectively.

PORTFOLIO BENEFITS

We believe the Trust benefits from being part of the larger Barings North American Private Finance ("NAPF") platform, which as of March 31, 2025, has over 30 years of experience and had commitments of over $25 billion to private credit.

The NAPF platform has provided two primary benefits to the Trust: Direct deal origination and credit underwriting. NAPF has

served as the Lead or Co-Lead on over 80% of its originated transactions and has a senior loan loss rate of 0.03% since inception. The benefit of being the Lead or Co-Lead lender is the ability to lead negotiations on terms and have influence over the credit agreement.

The Trust has continued to benefit from NAPF's strong origination relationships with private equity sponsors. Every private

placement investment in the portfolio was directly originated by Barings via a sponsor (without a financial intermediary), where one hundred percent of the economics are passed through to investors.

The Trust has consistently generated a stable dividend yield for investors, which to date has been paid exclusively from

investment income and capital gains - no return of capital, all while employing a limited amount of leverage 0.12x.

The Trust continues to invest in what we believe are high-quality companies in defensive sectors and remains well diversified with 27 different industries across 179 assets, where over 65% of those investments are first lien senior secured loans that we believe provide strong risk adjusted returns. The Trust continues to invest in senior subordinated debt when we believe the risk adjusted return is appropriate. Approximately 14% of the market value of the Trust was equity, generating ~$25.0 million ($1.23 per share) in unrealized appreciation as of March 31, 2025.

(Continued)

TARIFFS AND RATE CUTS

Two of the biggest questions in 2025 involve the Fed and tariffs. In 2024, the Fed initiated 3 rate cuts. This was fewer cuts than the market expected heading into 2024. With CPI and PPI numbers often surprising to the upside, the Fed was limited in its ability to bring rates down further. Further complicating the Fed's dual mandate of maintaining low inflation and full employment is the current unprecedented repositioning of international trade relations. The tariffs and retaliatory tariffs have created a dynamic environment where the impact to businesses will vary, with certain sectors and business models faring worse than others. As part of our continued diligence on tariff-related impact to the Trust's portfolio, we recently executed a bottom-up analysis of the entire portfolio to assess both the degree of exposure to tariffs from the U.S. administration as well as the potential impact of a trade-induced economic slowdown.

As of March 31, 2025, only 10% (by issuer) of the Trust's portfolio is facing significant tariff exposure and proactive measures like price increases are being implemented. The private equity sponsors and management teams of these issuers are working diligently to mitigate the impact of the tariffs. Additionally, over 70% of the Trust's issuers expect minimal cost increases (less than 5%) due to tariffs. By maintaining a diverse portfolio across various issuers and industries, the Trust is well-prepared to handle potential tariff impacts.

PORTFOLIO ACTIVITY

Consistent with the stated investment objective of the Trust, we continued to search for relative value across the capital structure of potential investments that provide current yield with an opportunity for capital gains. During the three months ended March 31, 2025, the Trust made nine new private investments totaling $9.2 million and 30 add-on investments in existing portfolio companies totaling

$4.3 million. During the three months ended March 31, 2025, the Trust had 5 private investment loans repaid at par totaling $4.3 million and realized four equity investments that generated realized losses of $2.5 million.

PORTFOLIO LIQUIDITY

The Trust maintained a liquidity position comprised of a combination of its available cash balance and short-term investments of $10.2 million or 2.6% of total assets, in addition to a low leverage profile at 0.12x as of March 31, 2025. The available credit facility balance coupled with the current cash balance provides liquidity to support our current portfolio companies as well as invest in new portfolio companies. As always, the Trust continues to benefit from strong relationships with our carefully chosen financial sponsor partners. These relationships provide clear benefits to the portfolio companies including potential access to additional capital if needed and strategic thinking to compliment a company's management team. High-quality and timely information about portfolio companies, which is only available in a private market setting, allows us to work constructively with financial sponsors and maximize the portfolio companies' long-term health and value.

The Trust's recently announced dividend of $0.40 per share remains consistent with the prior quarter. With more than 65% of the Trust in first lien floating rate loans, the Trust's net investment income has decreased slightly given lower interest rates. While recurring investment income remains stable, it may not be sufficient to fully fund the current dividend rate in the future. The level of recurring investment income expected to be generated by the Trust in 2025, combined with the availability of earnings carry forwards and other non-recurring income, is currently expected to be sufficient to maintain the current dividend rate over the next several quarters. We believe the strong credit quality and diverse portfolio construction positions the Trust to continue to maximize shareholder value in determining the quarterly dividend, the Board of Trustees seeks to ensure that the Trust will be able to pay sustainable dividends over the long term.

Thank you for your continued interest in and support of Barings Corporate Investors.

Sincerely,

Christina Emery President

Public Bank Loans 4.0%

Private Debt 5.3%

Private / Restricted Equity 13.1%

Cash & Short-Term Investments

2.6%

Public Debt 0.6%

Public Equity

Cash & Short-Term Investments

4.1%

Fixed Rate 11.5%

Equity 13.1%

Private Bank Loans 74.4%

Floating Rate 71.4%

* Based on market value of total investments

Cautionary Notice: Certain statements contained in this report may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the Trust's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the Trust's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.

Hypothetical growth of $10,000 Investment (unaudited)

$35,000

$32,887

$30,000

$25,000

$20,000

$15,000

$16,307

$10,000

$5,000

Barings Corporate Investors

Bloomberg Barclays U.S. Corporate High Yield Index

4/1/2015

3/31/2016

3/31/2017

3/31/2018

3/31/2019

3/31/2020

3/31/2021

3/31/2022

3/31/2023

3/31/2024

3/31/2025

Average Annual Returns March 31, 2025 1 Year 5 Year 10 Year

Barings Corporate Investors 49.20% 24.51% 12.64%

Bloomberg Barclays U.S. Corporate High Yield Index 7.69% 7.29% 5.01%

Data for Barings Corporate Investors (the "Trust") represents returns based on the change in the Trust's market price assuming the reinvestment of all dividends and distributions. Past performance is no guarantee of future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on distributions from the Trust or the sale of shares.

March 31, 2025 (Unaudited)

Investments

(See Consolidated Schedule of Investments)

Corporate restricted securities - private placement investments at fair value $ 347,812,921 (Cost - $ 327,753,248)

Corporate restricted securities - rule 144A securities at fair value 18,728,842 (Cost - $ 19,592,579)

Corporate public securities at fair value

(Cost - $ 18,939,150)

18,498,348

Total investments (Cost - $ 366,284,977)

385,040,111

Cash

10,207,714

Foreign currencies (Cost - $ 14,921)

13,108

Receivable for investments sold

1,696,333

Dividend and interest receivable

3,599,312

Other assets

211,498

Total assets

400,768,076

Note payable

30,000,000

Credit facility (net of deferred financing fees of $140,421)

15,859,579

Payable for investments purchased

3,386,104

Investment advisory fee payable

1,090,382

Deferred tax liability

547,071

Interest payable

283,557

Accrued expenses

679,092

Total liabilities

51,845,785

Commitments and Contingencies (See Note 7)

Common shares, par value $1.00 per share

$ 20,444,621

Additional paid-in capital

279,233,423

Total distributable earnings

49,244,247

Total net assets

$ 348,922,291

Common shares issued and outstanding (28,054,782 authorized)

20,444,621

Net asset value per share

$ 17.07

Interest

$ 8,830,773

Dividends

61,512

Other

158,530

Total investment income

9,050,815

Expenses:

Investment advisory fees

1,090,382

Interest and other financing fees

573,548

Trustees' fees and expenses

121,800

Professional fees

104,476

Reports to shareholders

69,000

Custodian fees

8,400

Other

26,109

Total expenses

1,993,715

Investment income - net

7,057,100

Income tax, including excise tax benefit

Net investment income after taxes

7,057,100

Net realized and unrealized loss on investments and foreign currency:

Net realized loss on investments before taxes

(4,497,100)

Income tax expense

(12,439)

Net realized loss on investments after taxes

(4,509,539)

Net increase in unrealized appreciation of investments before taxes

2,118,204

Net decrease in unrealized depreciation of foreign currency translation before taxes

(9)

Deferred income tax benefit (expense)

(104,396)

Net increase in unrealized appreciation of investments and foreign currency transactions after taxes

2,013,799

Cash flows from operating activities:

Purchases of portfolio securities

$ (18,425,757)

Proceeds from disposition of portfolio securities

14,136,556

Interest, dividends and other income received

9,602,716

Interest expenses paid

(587,248)

Operating expenses paid

(1,349,965)

Income taxes paid

(962,439)

Net cash provided by operating activities

2,413,863

Cash flows from financing activities:

Cash dividends paid from net investment income

(10,202,102)

Receipts for shares issued on reinvestment of dividends

797,827

Financing fees paid

9,341

Net cash used for financing activities

(9,394,934)

Net decrease in cash & foreign currencies

(6,981,071)

Cash & foreign currencies - beginning of period

17,201,902

Effects of foreign currency exchange rate changes on cash and cash equivalents

(9)

Cash & foreign currencies - end of period

$ 10,220,822

Net increase in net assets resulting from operations

$ 4,561,360

Increase in investments

(8,817,860)

Decrease in interest receivable

1,558,051

Decrease in receivable for investments sold

3,235,811

Decrease in payment-in-kind non-cash income received

1,404,446

Decrease in amortization

1,063,899

Decrease in other assets

49,166

Decrease in tax payable

(950,000)

Increase in deferred tax liability

104,396

Increase in payable for investments purchased

148,083

Increase in investment advisory fee payable

16,747

Decrease in interest payable

(13,700)

Increase in accrued expenses

53,455

Total adjustments to net assets from operations

(2,147,506)

Effects of foreign currency exchange rate changes on cash and cash equivalents

Net cash provided by operating activities

$ 2,413,863

Operations:

For the three months

ended 03/31/2025

(Unaudited)

For the year ended 12/31/2024

Investment income - net

$ 7,057,100

$ 34,809,105

Net realized gain / (loss) on investments and foreign currency after taxes

(4,509,539)

97,601

Net change in unrealized appreciation / (depreciation) of investments and foreign currency after taxes

2,013,799

675,620

Net increase in net assets resulting from operations

4,561,360

35,582,326

Net investment income

(34,400,811)

Total increase / (decrease) in net assets

5,359,187

3,737,010

Net assets, beginning of period/year

343,563,104

339,826,094

Net assets, end of period/year

$ 348,922,291

$ 343,563,104

Increase from common shares issued on reinvestment of dividends 797,827 2,555,495 Dividends to shareholders from:

Selected data for each share of beneficial interest outstanding:

For the three months ended

For the years ended December 31,

03/31/2025

(Unaudited)

2024

2023

2022

2021

2020

Net asset value: Beginning of period / year

$ 16.84

$ 16.77

$ 16.37

$ 16.68

$ 15.04

$15.24

Net investment income (a)

0.35

1.71

1.61

1.03

0.93

1.20

Net realized and unrealized gain / (loss) on investments

(0.12)

0.04

0.21

(0.32)

1.67

(0.44)

Total from investment operations

0.23

1.75

1.82

0.71

2.60

0.76

Dividends from net investment income to common shareholders

(1.69)

(1.42)

(0.88)

(0.96)

Dividends from realized gain on investments to common shareholders

(0.14)

Increase from dividends reinvested

0.01

Total dividends

(1.68)

(1.42)

(1.02)

(0.96)

Net asset value: End of period / year

$ 17.07

$ 16.84

$ 16.77

$ 16.37

$ 16.68

$15.04

Per share market value: End of period / year

$ 23.44

$ 20.38

$ 18.43

$ 13.96

$ 15.98

$13.18

Total investment return

Net asset value (b)

1.37%

10.73%

11.62%

4.34%

17.57%

5.36%

Market value (b)

15.01%

20.99%

43.84%

(5.66%)

29.13%

(15.95%)

Net assets (in millions): End of period / year

$ 348.92

$ 343.56

$ 339.83

$331.64

$338.04

$304.68

Ratio of total expenses to average net assets (c)

2.34% (d)

2.60 %

2.57 %

2.33 %

2.78 %

1.53 %

Ratio of operating expenses to average net assets

1.66% (d)

1.65 %

1.58 %

1.61 %

1.54 %

Ratio of interest expense to average net assets

0.67% (d)

0.51 %

0.61 %

0.51 %

0.33 %

0.35 %

Ratio of income tax expense to average net assets

0.01% (d)

0.44 %

0.31 %

0.24 %

0.84 %

(0.36)%

Ratio of net investment income to average net assets

8.25% (d)

9.99 %

9.56 %

6.17 %

5.84 %

8.17 %

Portfolio turnover

4 %

31 %

12 %

45 %

33 %

Calculated using average shares.

Net asset value return represents portfolio returns based on change in the Trust's net asset value assuming the reinvestment of all dividends and distributions which differs from the total investment return based on the Trust's market value due to the difference distributions which differs from the total investment return based on the Trust's market value due to the difference between the Trust's net asset value and the market value of its shares outstanding; past performance is no guarantee of future results.

Total expenses include income tax expense.

Annualized.

For the three months ended

For the years ended December 31,

Senior borrowings:

(Unaudited)

2024

2023

2022

2021

2020

Total principal amount (in millions)

$ 46

$ 46 $

$ 46

$ 38

$ 30

Asset coverage per $1,000 of indebtedness

$ 8,585

$ 8,469 $

8,996

$ 8,210

$ 9,896

$ 11,156

03/31/2025

March 31, 2025 (Unaudited)

Corporate Restricted Securities - 105.05%: (A) Private Placement Investments - 99.98%: (C)

Principal Amount, Shares, Units or Ownership Percentage

Acquisition

Date Cost Fair Value

A product information sharing platform that connects manufacturers/suppliers and key retailers via the Global Data Synchronization Network.

9.20% Term Loan due 06/24/2025 (SOFR+ 4.750%) $ 4,773,768 * $ 4,769,092 $ 4,773,767

* 07/01/19 and 12/09/20.

A vertically integrated designer, producer and installer of customized data center facility solutions and services, predominately in the U.S market. The Company's revenue streams consist of design and installation of customized electrical, power solutions, air flow containment, and layout of critical infrastructure systems at data centers.

9.32% Senior Term Loan due 01/02/2031 (SOFR + 5.000%)

(G) $ 582,812 01/02/25 349,576 349,221

5.750%) (G)

$ 977,220

04/05/22

963,241

951,235

Limited Liability Company Unit (B)

17,505 uts.

12/01/22

17,505

980,746

951,235

A supplier of highly engineered metallic parts, kits and assemblies, and processing services. 10.19% First Lien Term Loan due 03/31/2028 (SOFR +

A provider of a software development toolkit that helps software developers to write code for embedded systems using a number of programming languages, including Ada, C/C++, Rust, and SPARK.

9.55% First Lien Term Loan due 03/13/2030 (SOFR +

5.250%) (G) $ 2,418,643 03/13/24 1,585,472 1,635,340

A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies.

Limited Liability Company Unit Class A (B) (F)

1,556 uts.

10/01/21

50,720

103,621

Limited Liability Company Unit Class A (B) (F)

401 uts.

10/01/21

13,103

26,725

Limited Liability Company Unit Class B (B) (F)

1,556 uts.

10/01/21

1,630

Limited Liability Company Unit Class B (B) (F)

401 uts.

10/01/21

420

65,873

130,346

Aero Accessories

A fuel system, hydraulic, pneumatic and power generation system aftermarket services provider.

9.79% Term Loan due 11/01/2029 (SOFR + 5.500%) (G)

$ 2,998,302

2,547,581

2,550,362

9.79% Incremental Term Loan due 11/08/2028 (SOFR + 5.500%)

$ 1,984,125

02/15/24

1,946,319

1,958,332

* 11/01/22, 11/01/24 and 11/08/24.

4,493,900

4,508,694

AIT Worldwide Logistics, Inc.

A provider of domestic and international third-party logistics services.

Limited Liability Company Unit (B)

113 uts.

04/06/21

112,903

189,914

A provider of customized specialty chemical solutions and services for pretreatment of metal surfaces and related applications.

9.32% First Lien Term Loan due 04/28/2029 (SOFR +

5.000%) (G)

$ 1,066,116

04/28/23

$ 798,463

$ 797,367

9.32% Senior Term Loan due 12/02/2029 (SOFR + 5.000%)

$ 564,676

12/10/24

556,798

554,512

Limited Liability Company Unit (B) (F)

46,734 uts.

04/28/23

46,734

63,558

1,401,995

1,415,437

A leading multi-channel direct marketer of high-value collectible coins and proprietary-branded jewelry and watches. Limited Liability Company Unit Class A

Preferred (B) (F) 273 uts. 10/04/12 272,727 8,978

A leading provider of specialized large-scale composite and metal-bonded structures for platforms in the aircraft, space, and land/sea end markets.

9.05% Term Loan due 11/22/2028 (SOFR + 4.750%) (G)

$ 1,938,805

12/01/22

1,283,130

1,283,201

Limited Liability Company Common Unit (B)

18 uts.

12/01/22

18,000

37,175

1,301,130

1,320,376

ASC Communications, LLC (Becker's Healthcare)

An operator of trade shows and controlled circulation publications targeting the healthcare market.

9.17% Term Loan due 07/15/2027 (SOFR + 4.750%) (G)

$ 600,916

07/15/22

551,164

555,587

Limited Liability Company Unit (B) (F)

1,070 uts.

07/15/22

22,442

38,910

573,606

594,497

Audio Precision

A provider of high-end audio test and measurement sensing instrumentation software and accessories.

11.42% Term Loan due 10/31/2025 (SOFR+ 7.000%)

$ 3,566,965

10/30/18

3,561,030

3,245,938

A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America.

Preferred Stock (B)

425 shs.

08/17/15

424,875

Common Stock (B)

425 shs.

08/17/15

425

528,575

425,300

953,450

9.000%)

$ 909,091

07/25/22

884,911

843,636

Limited Liability Company Unit (B)

91 uts.

07/25/22

91,000

90,082

975,911

933,718

A supplier of remanufactured and new parts to the North American automotive aftermarket. 13.39% Second Lien Term Loan due 07/25/2030 (SOFR +

A provider of event monitoring and emergency response solutions for critical use cases including commercial and residential fire and security, video surveillance, remote guarding, personal health & safety, and workforce safety.

9.30% Senior Term Loan due 12/06/2030 (SOFR+ 5.000%)

(G) $ 2,085,250 12/05/24 1,595,540 1,597,220

5.250%) (G)

$ 2,451,941

11/30/21

$ 2,205,804

$ 2,227,582

12.00% HoldCo PIK Note due 05/19/2028

$ 871,709

11/30/21

866,015

871,709

Limited Liability Company Unit (B)

89,744 uts.

11/30/21

89,744

140,897

3,161,563

3,240,188

A global digital media company that provides ranking and marketing services to the legal community. 9.68% First Lien Term Loan due 11/19/2027 (SOFR +

A provider of civil engineering, land surveying, and land planning services for government agencies, institutions, devlopers, design professionals, contractors, school district and corporations throughout the west coast.

9.32% Senior Term Loan due 07/19/2027 (SOFR + 5.000%)

(G)

$ 1,281,461

08/23/24

918,581

918,364

Limited Liability Company Unit (B)

115,884 uts.

08/23/24

115,884

122,837

1,034,465

1,041,201

A provider of comprehensive solutions to combat wildfires in the United States including fire suppression, air attack and unmanned aircraft systems.

Series C Convertible Preferred Equity (7.00% PIK) 365 shs. 07/18/22 417,598 371,402

A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment.

9.92% Term Loan due 10/14/2027 (SOFR + 5.500%) (G)

$ 2,883,565

10/14/21

2,820,155

2,832,370

Limited Liability Company Unit (B) (F)

232,701 uts.

10/14/21

232,701

262,952

3,052,856

3,095,322

A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry.

10.45% Term Loan due 10/04/2025 (SOFR + 6.000%) $ 1,631,521 10/03/18 1,629,872 1,496,105

A full-service contract manufacturer ("CMO") and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies.

9.44% First Lien Term Loan due 04/30/2025 (SOFR +

5.000%)

$ 2,132,480

05/14/18

2,126,414

2,077,036

9.55% Incremental Term Loan due 05/26/2026 (SOFR + 5.250%)

$ 909,495

10/02/23

899,686

887,667

3,026,100

2,964,703

CAi Software

A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors.

9.56% Term Loan due 12/10/2028 (SOFR + 5.000%) (G)

$ 4,864,145

12/13/21

4,576,966

4,628,398

A commercial laundry leasing company for multi-unit housing and universities. 9.05% First Lien Term Loan due 09/30/2027 (SOFR +

4.750%) (G) $ 3,486,634 09/30/24 2,659,953 2,664,301

Develops and manufactures value-added, custom-formulated processed fruit and flavor bases for various customers across the Private Label, Branded, Direct Grocery, and Food-Service channels.

9.28% Term Loan due 02/11/2030 (SOFR + 5.000%) (G)

$ 909,522

02/26/24 $

628,292

$ 631,612

Limited Liability Company Unit (B)

25 uts.

02/26/24

25,000

25,583

653,292

657,195

A residential services platform that provides HVAC repair and replacement work for single-family homes in southern geographies.

10.29% First Lien Term Loan due 09/30/2029 (SOFR +

6.000%) (G) $ 1,984,152 10/4/2023 1,688,804 1,626,856

A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions.

9.29% Term Loan due 12/27/2027 (SOFR + 5.000%) (G)

$ 1,919,592

12/28/21

1,812,500

1,809,308

Limited Liability Company Unit (B) (F)

24,016 uts.

07/22/22

25,331

26,898

1,837,831

1,836,206

6.500%)

$ 2,553,186

11/18/24

2,508,475

2,512,334

10.82% Senior Term Loan due 03/10/2029 (SOFR + 6.500%) (G)

$ 1,913,943

03/20/23

1,392,230

1,398,472

Limited Liability Company Unit (B)

606,358 uts.

03/20/23

293,969

505,754

4,194,674

4,416,560

A janitorial services provider focused on high end restaurants in NYC, Florida, and Texas. 10.99% Senior Term Loan due 10/31/2027 (SOFR +

Cloudbreak

A language translation and interpretation services provider to approximately 970 hospitals and outpatient clinics across the U.S.

9.60% Term Loan due 03/15/2030 (SOFR + 5.000%) (G)

$ 1,498,413

03/15/24

1,229,388

1,260,317

9.60% Incremental Term Loan due 03/15/2030 (SOFR + 5.000%)

$ 1,865,688

08/19/24

1,844,671

1,865,689

Limited Liability Company Unit Class A (B) (F)

98 shs.

03/15/24

97,500

105,909

Limited Liability Company Unit Class B (B) (F) (I)

98 shs.

03/15/24

109,052

3,171,559

3,340,967

CloudWave

A provider of managed cloud hosting and IT services for hospitals.

9.45% Term Loan due 01/04/2027 (SOFR + 5.000%)

$ 3,251,613

01/29/21

3,229,307

3,251,612

Limited Liability Company Unit (B) (F)

112,903 uts.

01/29/21

112,903

299,194

3,342,210

3,550,806

A special purpose vehicle whose primary assets are comprised of royalty rights on two pharmaceuticals developed by Coherus Biosciences.

Limited Liability Company Unit (F) 580,688 uts. 05/07/24 580,688 1,068,467

Cogency Global

4.500%)

$ 1,563,993

$ 1,538,477

$ 1,548,353

8.80% Term Loan due 12/28/2027 (SOFR+ 4.500%) (G)

$ 1,638,045

02/14/22

1,512,157

1,511,462

Preferred Stock (B)

66 shs.

02/14/22

72,216

190,880

* 12/30/22 and 09/13/23.

3,122,850

3,250,695

A provider of statutory representation and compliance services for corporate and professional services clients. 8.79% Incremental Term Loan due 02/14/2028 (SOFR +

A commercial-stage biopharmaceutical company focused on the research, development, and commercialization of innovative cancer treatments and the commercialization of its portfolio of approved biosimilars.

12.30% First Lien Term Loan due 05/08/2029 (SOFR +

8.000%) $ 598,648 05/07/24 583,914 585,478

A provider of consulting advisory services to healthcare organizations with the goal of enabling client transformation. 9.05% Senior Term Loan due 03/20/2030 (SOFR + 4.750%)

(G) $ 2,881,190 03/20/25 479,522 479,238

Command Alkon

A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers.

Limited Liability Company Unit B (B) (I)

13,449 uts.

04/23/20

60,926

Compass Precision

A manufacturer of custom metal precision components.

11.00% (1.00% PIK) Senior Subordinated Note due 10/16/2025

$ 2,703,417

04/15/22

2,695,271

2,680,438

Limited Liability Company Unit (B) (F)

322,599 uts.

04/19/22

875,000

1,800,104

3,570,271

4,480,542

Comply365

A provider of proprietary enterprise SaaS and mobile solutions for content management and document distribution in highly regulated industries, including Aviation and Rail.

9.44% First Lien Term Loan due 04/19/2028 (SOFR + 5.000%)

(G) $ 1,412,473 04/15/22 1,288,125 1,270,231

Concept Machine Tool Sales, LLC

A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest.

9.77% Term Loan due 01/31/2025 (SOFR + 5.250%)

$ 1,196,183

01/30/20

1,195,420

856,468

9.76% Incremental Term Loan due 01/31/2027 (SOFR + 5.250%)

$ 159,069

09/14/23

157,350

113,893

Limited Liability Company Unit (B) (F)

3,497 uts.

140,032

* 01/30/2020, 03/05/21 and 09/14/23.

1,492,802

970,361

A provider of maintenance, repair and overhaul services within the aerospace & defense market.

10.15% Term Loan due 12/22/2026 (SOFR + 5.750%) $ 2,885,177 12/22/20 $ 2,868,491 $ 2,631,822

A managed IT services provider serving Ohio's state, local, and education ("SLED") market (79% of FY21 Revenue), as

well as small and medium-sized businesses ("SMB", 8%) and enterprise clients (13%).

9.93% First Lien Term Loan due 09/30/2028 (SOFR + 5.500%)

(G)

$ 470,294

11/02/22

368,007

374,140

Preferred Stock (B)

19,231 shs.

11/02/22

19,231

23,462

387,238

397,602

Decks Direct

An eCommerce direct-to-consumer seller of specialty residential decking products in the United States.

10.96% Term Loan due 12/28/2026 (SOFR + 6.500%) (G)

$ 2,862,310

12/29/21

2,561,715

2,106,961

10.95% Incremental Term Loan due 12/28/2026 (SOFR + 6.500%)

$ 501,538.00

07/31/23

495,029

418,282

10.96% Incremental Term Loan due 12/28/2026 (SOFR + 6.500%)

$ 224,875.00

12/21/23

222,006

187,546

Preferred Stock (B)

23 shs.

03/18/25

22,933

Limited Liability Company Unit Class A (B)

1,019 uts.

04/29/24

47,094

Common Stock (B)

4,483 shs.

12/29/21

190,909

3,539,686

2,712,789

A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music.

9.19% Senior Term Loan due 09/30/2027 (SOFR + 4.750%)

$ 4,190,404

10/01/21

4,163,471

4,190,405

Limited Liability Company Unit (B) (F)

148,791 uts.

10/01/21

148,936

183,013

4,312,407

4,373,418

A provider of pre-press products and services to the packaging industry, serving customers in the upper Midwest U.S. The Company operates under two divisions: plate manufacturing and material distribution.

11.00% (1.50%PIK) Second Lien Term Loan due

06/27/2029

$ 1,617,073

1,589,644

1,584,732

Limited Liability Company Unit (B) (F)

5,538 uts.

06/27/24

553,800

761,641

* 06/27/24 and 01/02/25.

2,143,444

2,346,373

Door & Window Guard Systems

A provider of modular, high-grade steel guards (or "panels") used to cover door and window openings on vacant residential, commercial, and government buildings.

8.80% Term Loan due 03/03/2032 (SOFR + 4.500%) (G)

$ 1,076,506

03/28/25

818,447

818,429

Common Stock (B)

42 shs.

03/28/25

41,640

860,087

860,069

A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases. 9.05% First Lien Term Loan due 07/01/2027 (SOFR +

4.750%) $ 3,415,889 07/20/21 3,377,025 3,376,606

A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services.

11.42% Second Lien Term Loan due 11/05/2029 (SOFR +

7.000%)

$ 3,407,080

11/22/21 $

3,372,464

$ 3,407,080

Limited Liability Company Unit (B)

93 uts.

11/22/21

92,920

65,633

3,465,384

3,472,713

A St. Louis-based global distributor (40% of revenue ex-US) of branded, highly engineered fasteners and specialty components.

11.00% (2.50% PIK) Term Loan due 02/28/2030

$ 2,027,250

03/01/23

1,986,758

2,008,600

Limited Liability Company Unit (B) (F)

410 uts.

03/01/23

576,923

792,982

2,563,681

2,801,582

EFI Productivity Software

A provider of ERP software solutions purpose-built for the print and packaging industry.

10.06% Term Loan due 12/30/2027 (SOFR + 5.500%) (G)

$ 2,033,247

12/30/21

1,774,538

1,764,850

9.80% Incremental Term Loan due 12/30/2027 (SOFR +

5.500%) (G)

$ 1,442,324

05/23/24

790,484

791,989

2,565,022

2,556,839

Electric Equipment and Engineering

Engineers and manufactures alternating current and direct current electrical power distribution products.

10.50% Senior Term Loan due 12/02/2030

$ 1,735,825

12/02/24

1,703,333

1,704,928

Common Stock (B)

1,031,250 shs.

12/02/24

1,031,250

1,072,500

2,734,583

2,777,428

A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally.

Limited Liability Company Unit (B) (F) 2,471,843 uts. 10/14/16 324,074 519,087

A provider of data interoperability solutions for labs, hospitals and healthcare providers.

10.02% Term Loan due 09/14/2027 (SOFR + 5.500%) $ 1,442,411 09/14/21 1,430,773 1,318,363

ECI designs, manufactures, assembles, and integrates electrical wire harnesses, control boxes, and other components for specialty industrial and home appliance end markets.

10.81% First Lien Term Loan due 05/10/2029 (SOFR +

6.500%) (G) $ 1,489,335 05/01/24 1,387,918 1,386,016

A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs.

10.05% Term Loan due 12/15/2025 (SOFR + 5.750%)

$ 1,784,609

02/09/21

1,779,129

1,779,255

10.05% Incremental Term Loan due 12/15/2025 (SOFR + 5.750%)

$ 306,733

9/1/2023

304,839

305,812

2,083,968

2,085,067

An asset-life third party logistics Company that serves a broad variety of end markets and offers service across all major transportation modes.

9.32% Term Loan due 11/05/2027 (SOFR + 5.000%) (G) $ 2,312,866 11/05/21 $ 1,946,022 $ 1,966,037

A professional services firm providing engineering, surveying and planning services to infrastructure projects.

Limited Liability Company Unit (B) 684 uts. * 741,480 1,721,432

* 06/29/18 and 12/29/20.

A healthcare-focused outsourced B2B legal services provider that connects plaintiff attorney law firms with high-quality expert witnesses, offers medical record review from in-house medical professionals, provides background checks on allied and opposing witnesses, and utilizes AI-enabled diligence solutions to enable more efficient case outcomes.

8.80% SeniorTerm Loan due 03/04/2032 (SOFR + 4.500%)

(G) $ 811,114 03/04/25 311,608 311,519

7.250%)

$ 952,381

05/04/22

940,275

922,857

Limited Liability Company Common Unit (B) (F)

67 uts.

05/24/22

67,263

39,210

1,007,538

962,067

Follett School Solutions

A provider of software for K-12 school libraries.

9.32% First Lien Term Loan due 07/09/2028 (SOFR + 5.000%)

$ 3,356,339

08/31/21

3,323,577

3,356,339

LP Units (B) (F)

1,787 uts.

08/30/21

17,865

25,922

LP Interest (B) (F)

406 uts.

08/30/21

4,063

5,896

3,345,505

3,388,157

FragilePAK

A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products.

10.20% Term Loan due 05/24/2027 (SOFR + 5.750%)

$ 2,105,469

05/21/21

2,084,739

2,105,468

Limited Liability Company Unit (B) (F)

219 uts.

05/21/21

218,750

158,568

2,303,489

2,264,036

Gojo Industries

A manufacturer of hand hygiene and skin health products.

13.82% First Lien Term Loan due 10/20/2028 (SOFR +

9.500%)

$ 1,286,660

10/24/23

1,260,177

1,259,125

A fully integrated platform of specialty packaging brands that manufactures flexible packaging solutions. 11.56% Second Lien Term Loan due 04/27/2030 (SOFR +

6.000%) (G)

$ 2,639,189

08/21/24

1,845,775

1,845,484

Limited Liability Company Unit (B) (F)

851,351 uts.

08/21/24

851,351

1,098,243

2,697,126

2,943,727

A full service dental lab offering removable, crown and bridge, implants, orthodontics and sleep appliances in-house. 10.30% Senior Term Loan due 08/07/2027 (SOFR +

A provider of data analysis, statistics and graphing software solution for scientific research applications, with a focus on the life sciences and academic end-markets.

Preferred Stock (B) (F) 7,474 shs. 04/27/21 $ 206,294 $ 345,019

A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market.

Limited Liability Company Unit Preferred (B)

Limited Liability Company Unit Common Class A (B) (I)

754 uts.

7,541 uts.

12/19/14

754,061

66,877

* 12/19/14 and 04/29/16.

754,061

66,877

A provider of eDiscovery, advisory, and review services that help 500+ corporations (58% of revenue) and law firms (42%) manage complex, data intensive investigations and litigation.

9.04% SeniorTerm Loan due 01/31/2028 (SOFR + 4.750%)

(G) $ 2,107,202 01/31/25 1,197,411 1,196,256

A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming.

11.00% Opco PIK Note due 11/09/2028 $ 5,034,796 11/17/21 4,989,479 4,657,186

(G)

$ 2,017,032

08/31/23

1,559,931

1,597,037

Limited Liability Company Unit (B)

23,529 uts.

08/31/23

23,529

29,882

1,583,460

1,626,919

Home Care Assistance, LLC

A provider of private pay non-medical home care assistance

services.

9.53% Term Loan due 03/31/2027 (SOFR + 5.000%)

$ 1,717,013

03/26/21

1,705,602

1,516,122

A technology-enabled distributor of consumable medical products to plasma collection centers. 9.07% Senior Term Loan due 08/31/2029 (SOFR + 4.750%)

A provider of post production equipment and services to producers of television shows and motion pictures.

Limited Liability Company Unit Class F (B) (F) (I) 89 uts.

10/14/11

Limited Liability Company Unit Class G (B) (F) (I) 215 uts.

10/14/11

Limited Liability Company Unit Class H (B) (F) (I) 89 uts.

10/14/11

Limited Liability Company Unit Class I (B) (F) (I) 89 uts.

10/14/11

HTI Technology & Industries Inc.

A designer and manufacturer of powered motion solutions to industrial customers.

13.01% Term Loan due 07/07/2025 (SOFR + 8.500%) (G) $ 1,449,980

07/27/22

1,106,882

1,014,822

13.01% Incremental Term Loan due 07/27/2025 (SOFR +

8.500%) $ 489,965

02/15/23

488,039

458,118

1,594,921

1,472,940

A manufacturer and operator of automated ice and water vending units with an installed base of 4,200+ units in service (including Company-owned fleet of 165 units) primarily located in the Southeastern United States.

9.80% Term Loan due 12/28/2029 (SOFR + 5.500%) (G)

$ 2,337,230

01/12/24 $

1,921,174

$ 1,922,551

Limited Liability Company Unit (B) (F)

1,157 uts.

01/12/24

115,677

112,265

2,036,851

2,034,816

Illumifin

A leading provider of third-party administrator ("TPA") services and software for life and annuity insurance providers.

10.55% Term Loan due 02/04/2028 (SOFR + 6.000%)

$ 880,722

04/05/22

872,979

814,668

In the orthobioligic space, providing solutions in autologous therapies and bone grafts for spine, orthopedics and sports medicine.

9.05% Senior Term Loan due 12/31/2028 (SOFR + 4.750%)

(G) $ 1,315,649 10/18/23 1,165,862 1,189,194

A provider of repair, maintenance, installation and projection management services to the US fueling infrastructure industry.

9.90% Term Loan due 04/20/2026 (SOFR + 5.500%) $ 1,371,566 05/04/21 1,362,597 1,371,566

5.500%) (G)

$ 3,119,996

02/28/22

2,726,735

2,760,166

9.80% Term Loan due 02/28/2029 (SOFR + 5.500%)

$ 548,524

03/16/23

537,717

548,524

10.03% Incremental Term Loan due 02/28/2028 (SOFR + 5.500%)

$ 407,502

04/28/23

401,273

407,502

Common Stock (B) (F)

802 shs.

02/28/22

83,943

331,601

3,749,668

4,047,793

Kings III

A provider of emergency phones and monitoring services.

9.81% First Lien Term Loan due 07/07/2028 (SOFR + 5.500%) (G)

$ 982,071

08/31/22

854,373

865,556

9.81% Incremental Term Loan due 08/31/2028 (SOFR + 5.500%) (G)

$ 999,818

02/16/24

954,169

960,876

1,808,542

1,826,432

A provider of lake management services, fish stocking and pond aeration sales and services. 9.84% First Lien Term Loan due 12/20/2027 (SOFR +

A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses.

9.05% Term Loan due 12/23/2027 (SOFR + 4.750%) (G)

$ 3,401,302

02/07/22

2,918,042

2,942,368

Limited Liability Company Unit (B) (F)

14,305 uts.

02/07/22

14,816

36,763

2,932,858

2,979,131

A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services.

10.70% Term Loan due 12/18/2026 (SOFR + 6.250%) $ 4,815,637 * $ 4,786,873 $ 4,767,481

* 12/22/2020 and 09/09/2021

A manufacturer and distributor of heating, dehumidification and other air quality solutions.

Limited Liability Company Unit (B) 1,474,759 uts. 02/20/19 4,663,773 25,454,338

An express car wash consolidator primarily in the Southeastern US.

11.07% Term Loan due 07/08/2028 (SOFR + 6.500%) (G) $ 1,107,663 07/14/22 1,076,297 1,066,271

A global manufacturer and developer of shock, temperature, vibration, and other condition indicators and monitors for in-transit and storage applications.

8.80% Senior Term Loan due 09/30/2027 (SOFR + 4.500%)

(G) $ 2,616,926 09/30/24 $ 2,030,873 $ 2,034,136

A leading provider of high-performance solid-state power amplifiers and block upconverters to support ground-based, maritime, airborne, and space-based satellite communication applications.

9.80% Senior Term Loan due 12/31/2029 (SOFR + 5.500%)

(G)

$ 1,444,314

03/01/24

1,278,029

1,215,036

Limited Liability Company Unit (B)

614 uts.

03/01/24

61,400

27,716

1,339,429

1,242,752

5.000%)

$ 1,716,000

08/09/21

1,702,600

1,716,000

Limited Liability Company Unit (B)

200,000 uts.

08/09/21

200,000

282,000

1,902,600

1,998,000

Mobile Pro Systems

A manufacturer of creative mobile surveillance systems for real-time monitoring in nearly any environment.

11.00% Second Lien Term Loan due 06/23/2027

$ 1,213,622

06/27/22

1,205,652

1,213,622

Common Stock (B) (F)

8,235 uts.

06/27/22

823,529

1,402,387

2,029,181

2,616,009

A consulting firm that provides civil engineering, construction management and land surveying services. 9.42% First Lien Term Loan due 07/30/2027 (SOFR +

A leading value-added distributor of design-focused textiles and wallcoverings to hospitality, workplace, healthcare, and other commercial end markets (no residential exposure).

9.83% Senior Term Loan due 03/28/2029 (SOFR + 5.500%)

(G) $ 990,561 03/28/25 869,913 869,885

A contract manufacturer and packager of shelf-stable food and beverages for major consumer packaged goods. 9.05% Senior Term Loan due 03/24/2031 (SOFR + 4.750%)

(G) $ 1,143,862 03/24/25 $ 731,775 $ 731,713

An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers.

10.70% Incremental Term Loan due 08/21/2026 (SOFR +

6.250%)

$ 1,630,439

11/05/21

1,620,992

1,555,439

10.70% Term Loan due 08/21/2026 (SOFR + 6.250%)

$ 1,141,668

08/25/20

1,135,008

1,089,151

2,756,000

2,644,590

4.750%) (G)

$ 2,106,464

12/28/21

1,664,870

1,681,487

9.17% First Lien Term Loan due 11/30/2027 (SOFR + 4.750%)

$ 1,030,409

12/06/21

1,022,352

1,030,409

Limited Liability Company Unit Class A Preferred (B)

1,614 uts.

12/06/21

161,392

207,373

Limited Liability Company Unit Class B Common (B)

179 uts.

12/06/21

17,932

238,263

2,866,546

3,157,532

A manufacturer of radio frequency and microwave components and assemblies. 9.17% Incremental Term Loan due 12/06/2027 (SOFR +

A third-party administrator of employee-directed healthcare benefits.

8.82% Term Loan due 02/01/2026 (SOFR + 4.500%)

$ 2,303,154

02/10/21

2,290,626

2,303,154

8.92% Incremental Term Loan due 02/01/2027 (SOFR + 4.500%)

$ 1,023,750

11/14/22

1,012,645

1,023,750

3,303,271

3,326,904

An SMB-focused IT service provider specializing in software sales, implementation, managed services and hosting services.

9.80% Term Loan due 09/13/2029 (SOFR + 5.500%) (G)

$ 3,415,019 9/13/2023

2,052,462

2,115,776

Limited Liability Company Unit (B) (F)

66,152 uts. 9/13/2023

66,152

76,075

2,118,614

2,191,851

Newforma

A leader in Project Information Management software for the construction industry.

10.80% Term Loan due 04/02/2029 (SOFR + 6.500%) (G)

$ 1,832,890

03/31/23

1,590,218

1,626,859

Limited Liability Company Unit (B)

203,181 uts.

08/15/23

209,327

142,227

1,799,545

1,769,086

A managed service provider for waste and recycling services, primarily targeting food and beverage end markets. 8.94% Senior Term Loan due 12/16/2029 (SOFR + 4.645%)

(G) $ 3,048,739 12/13/24 2,057,174 2,093,210

An electric power services provider that focuses on construction and maintenance services, installing electrical distribution systems and substation infrastructure.

10.00% Term Loan due 10/20/2027

$ 391,772

10/24/23

$ 391,772

Preferred Stock

27 shs.

10/24/23

224,740

333,368

Common Stock (I)

21 shs.

10/24/23

101,578

616,512

826,718

A provider of medical claims clearinghouse software to office-based physician providers and healthcare insurance payers.

8.82% Term Loan due 12/10/2028 (SOFR + 4.500%) (G)

$ 1,915,348

12/20/21

1,628,740

1,649,100

8.82% Incremental Term Loan due 12/20/2028 (SOFR + 4.500%)

$ 1,495,282

06/06/24

1,487,565

1,495,282

Limited Liability Company Unit (B)

42,184 uts.

09/29/17

42,184

165,361

3,158,489

3,309,743

A distributor of aftermarket automotive air conditioning products.

9.46% Term Loan due 03/31/2029 (SOFR + 5.000%) (G) $ 1,258,199 03/31/22 1,007,692 1,021,531

A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you, "free from" healthy and gluten-free categories.

Common Stock Class A (B)

772,121 shs.

772,121

1,026,921

* 01/29/16 and 02/17/17.

A dental service organization focused in the southwest Florida market.

12.57% Term Loan due 10/12/2029 (SOFR + 8.300%) (G)

$ 1,904,762

10/20/23

1,219,771

1,225,782

Limited Liability Company Unit (B)

61,982 uts.

10/20/23

619,823

499,941

1,839,594

1,725,723

A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carriers in Florida.

6.000%)

$ 3,769,573

12/20/21

3,742,358

3,739,039

Warrant - Class A, to purchase common stock at $.01 per share (B)

1,874 uts.

12/22/21

88,078

Warrant - Class B, to purchase common stock at $.01 per share (B)

633 uts.

12/22/21

29,751

Warrant - Class CC, to purchase common stock at $.01 per share (B)

65 uts.

12/22/21

Warrant - Class D, to purchase common stock at $.01 per share (B)

181 uts.

12/22/21

8,507

3,742,358

3,865,375

10.56% First Lien Term Loan due 12/16/2026 (SOFR +

A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles.

10.32% Term Loan due 11/17/2026 (SOFR + 6.000%)

$ 2,871,372

11/14/17 $

2,858,378

$ 2,871,372

10.32% Term Loan due 08/31/2026 (SOFR + 6.000%)

$ 579,935

09/29/20

575,077

579,935

3,433,455

3,451,307

A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, "push to walk" buttons, and related "traffic" control units.

9.17% First Lien Term Loan due 12/03/2027 (SOFR +

4.750%) (G)

$ 1,520,582

12/03/21

1,288,941

1,302,489

Limited Liability Company Unit (B) (F)

2,963 uts.

12/03/21

296,343

596,951

1,585,284

1,899,440

12/31/2027 (D)

$ 4,791,674

07/31/14

2,159,212

2,093,961

Limited Liability Company Unit (B)

300,485 uts.

07/31/14

300,485

Limited Liability Company Unit Class F (B)

75,022 uts.

50,322

* 09/28/17 and 02/15/18.

2,510,019

2,093,961

A manufacturer of water based inks and related products serving primarily the wall covering market. 2.50% (2.500% PIK) Senior Subordinated Note due

A provider of professional finance and insurance products to automobile dealerships, delivering a suite of offerings that supplement earnings derived from vehicle transactions.

10.45% First Lien Term Loan due 12/02/2025 (SOFR +

6.000%) (G) $ 2,577,925 11/15/21 2,569,354 2,430,983

A leading mobile video technology solutions provider, including vehicle video recording systems, body-worn cameras, data management and cloud based storage solutions for commercial, transit, and public safety organizations.

8.82% Senior Term Loan due 09/19/2029 (SOFR + 4.500%)

(G)

$ 1,882,888

09/23/24

1,527,830

1,529,781

Limited Liability Company Unit (B)

451 uts.

09/23/24

45,156

44,516

1,572,986

1,574,297

A designer and assembler of highly engineered, mission critical instruments and sensors that provide compositional analyses to measure contaminants and impurities within gases and liquids.

10.57% Term Loan due 06/30/2029 (SOFR + 6.250%) (G)

$ 1,694,669

07/18/23

1,441,003

1,434,046

Limited Liability Company Unit (B)

66 uts.

07/18/23

66,000

46,481

1,507,003

1,480,527

Specializes in the design, manufacturing, installation, maintenance and repair of parts and equipment for blue chip industrial customers in the Southern US.

9.72% Term Loan due 03/06/2026 (SOFR + 5.250%) $ 1,404,659 03/06/19 1,404,659 1,362,519

A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst.

10.17% Term Loan due 02/15/2028 (SOFR + 5.750%) (G)

$ 1,673,548

03/15/22

$ 1,463,577

$ 1,480,001

8.00% Senior Subordinated Note due 02/15/2029

$ 64,516

03/15/22

64,516

61,161

Limited Liability Company Unit (B)

193,548 uts.

03/15/22

129,032

253,548

1,657,125

1,794,710

A two-sided platform that provides a cloud-based compliance reporting software to fire departments, water municipalities, and state building departments, which is used by authorities having jurisdictions to ensure commercial properties within its jurisdiction maintain compliance with fire codes and annual / semi-annual inspection requirements for fire alarms, sprinklers, fire extinguishers, etc.

9.30% SeniorTerm Loan due 02/06/2032 (SOFR + 5.000%)

(G) $ 2,000,000 02/06/25 1,138,130 1,137,602

A designer and distributor of automotive aftermarket parts serving the repair/replacement, off-road and racing/ performance segments.

9.30% First Lien Term Loan due 10/31/2028 (SOFR +

5.000%) (G)

$ 480,172

11/01/22

397,397

404,001

Limited Liability Company Unit Class A (B)

133 uts.

12/01/22

13,300

16,726

410,697

420,727

An asset-light manufacturer of branded compressed air products, including fittings, accessories, aluminum piping, filtration, and other adjacent products/services.

9.03% Senior Term Loan due 10/15/2030 (SOFR + 4.750%)

(G)

$ 1,133,242

10/15/24

608,606

609,909

Limited Liability Company Unit (B)

61 uts.

10/15/24

61,000

61,383

669,606

671,292

Recovery Point Systems, Inc.

A provider of IT infrastructure, colocation and cloud based resiliency services.

10.44% Term Loan due 07/31/2026 (SOFR + 6.000%)

$ 2,695,546

08/12/20

2,683,292

2,695,546

Limited Liability Company Unit (B) (F)

44,803 uts.

03/05/21

44,803

19,713

2,728,095

2,715,259

A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel.

9.94% Senior Term Loan due 08/16/2027 (SOFR + 5.500%)

$ 1,888,350

11/15/21

1,858,106

1,745,257

Limited Liability Company Unit (B)

80,957 uts.

09/29/17

80,957

38,050

1,939,063

1,783,307

A provider of intermodal logistics and solutions including drayage (moving containers at port/rail locations), dedicated trucking services, warehousing, storage, and transloading (unloading, storing, and repackaging freight), among other services.

10.49% First Lien Term Loan due 12/30/2028 (SOFR +

6.250%) (G) $ 1,306,819 12/30/22 1,154,029 1,170,772

A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries.

9.42% Term Loan due 07/31/2026 (SOFR + 5.000%) $ 4,853,780 07/30/18 $ 4,834,251 $ 4,839,218

A provider of live entertainment event labor in the United States.

9.82% Term Loan due 09/14/2029 (SOFR + 5.500%) (G)

$ 829,854

09/14/23

691,281

698,971

Limited Liability Company Unit (B) (F)

$ 25,455

09/14/23

136,294

130,839

827,575

829,810

Call center outsourcing and end user engagement services provider. 9.28% Senior Term Loan due 09/13/2029 (SOFR + 5.000%)

(G) $ 2,970,426 10/03/24 2,132,669 2,136,109

A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation.

9.56% Term Loan due 08/02/2030 (SOFR + 5.250%) (G) $ 4,977,520 08/02/24 4,407,022 4,415,201

A provider of enrollment management, student retention and career services, and fundraising management for colleges and universities.

10.93% Term Loan due 12/31/2026 (SOFR + 4.000% PIK)

(D)

$ 2,665,053

01/08/19

2,656,790

1,180,618

Safety Products Holdings, Inc.

A manufacturer of highly engineered safety cutting tools.

9.31% Term Loan due 12/15/2026 (SOFR + 5.000%)

$ 4,025,910

4,004,868

4,025,910

Common Stock (B)

60 shs.

12/16/20

60,667

84,117

* 12/15/20 and 07/24/24.

4,065,535

4,110,027

Sandvine Corporation

A provider of active network intelligence solutions.

Class A Units (B) (I)

1,397 uts

06/28/24

Class B Units (B) (I)

4,858 uts

06/28/24

Class C Units (B) (I)

63,636 uts

06/28/24

A provider of frozen bakery products, desserts and sweet baked goods. 9.19% First Lien Term Loan due 07/30/2025 (SOFR +

4.750%) $ 3,616,328 07/27/18 3,595,287 3,580,165

A specialty product distribution platform which provides mission-critical products, services, and technical expertise across industrial rubber and fluid power segments.

9.32% Term Loan due 01/31/2028 (SOFR + 5.000%) (G) $ 2,482,448 03/27/23 $ 1,327,739 $ 1,358,706

A provider of training and certifications for IT professionals focused on software development.

9.90% Term Loan due 12/15/2027 (SOFR + 5.500%) $ 2,960,704 12/16/21 2,929,336 2,563,970

A third-party logistics provider of ground, ocean, air and home delivery forwarding services.

9.32% Senior Term Loan due 11/27/2029 (SOFR + 5.000%) $

1,063,557

11/27/24

1,058,276

1,063,556

Common Stock (B)

373 shs.

11/27/24

1,639,660

1,112,954

2,697,936

2,176,510

Smartling, Inc.

A provider in SaaS-based translation management systems and related translation services.

8.97% Term Loan due 10/26/2027 (SOFR + 4.500%) (G)

$ 3,398,088

11/03/21

3,162,909

3,192,206

5.000%) (G)

$ 3,074,979

09/01/23

2,669,689

2,726,293

Common Stock (B)

58 shs.

09/01/23

58,000

109,539

2,727,689

2,835,832

A provider of technology-enabled services for the SAP ERP ecosystem. 9.29% First Lien Term Loan due 09/30/2029 (SOFR +

(G)

$ 3,411,289

07/23/24

2,426,436

2,434,281

Limited Liability Company Unit (B) (F)

95,980 uts.

07/23/24

95,980

2,522,416

2,530,261

Stackline

An e-commerce data company that tracks products sold through online retailers.

11.99% Term Loan due 07/30/2028 (SOFR + 7.750%)

$ 5,081,054

07/29/21

5,048,576

5,081,053

Common Stock (B)

2,720 shs.

07/30/21

85,374

142,528

5,133,950

5,223,581

A provider of mission-critical services to maintain, test, inspect, certify, and install fueling station infrastructure. 9.29% Senior Term Loan due 07/23/2030 (SOFR + 5.000%)

A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO.

5.750%) (G)

$ 2,491,478

12/02/21

2,226,084

2,096,278

10.20% Incremental Term Loan due 12/02/2027 (SOFR + 5.750%)

$ 971,791

04/02/24

957,639

912,512

3,183,723

3,008,790

10.19% First Lien Term Loan due 12/02/2027 (SOFR +

A nationwide provider of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair.

9.89% Term Loan due 06/08/2027 (SOFR + 5.500%) (G)

$ 1,840,983

07/02/21

$ 1,710,234

$ 1,702,811

9.64% Incremental Term Loan due 06/30/2027 (SOFR + 5.250%) (G)

$ 1,487,361

06/07/24

751,201

738,101

Limited Liability Company Unit (B)

149 uts.

06/30/21

149,332

136,158

2,610,767

2,577,070

A supplier of aftermarket repair parts and accessories for automotive lifts, automotive shop equipment, and other specialty equipment (hospital bed lifts, boat lifts, etc.).

11.04% First Lien Term Loan due 03/31/2030 (SOFR +

6.750%) (G)

$ 2,208,416

03/04/24

1,726,625

1,762,872

Limited Liability Company Unit (B) (F)

623,762 shs.

03/04/24

623,762

848,316

2,350,387

2,611,188

Tank Holding

A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.

10.17% Term Loan due 03/31/2028 (SOFR + 5.750%) (G)

$ 973,700

03/31/22

919,120

918,964

10.42% Incremental Term Loan due 03/31/2028 (SOFR +

6.000%) (G)

$ 447,352

05/22/23

439,059

442,252

1,358,179

1,361,216

A leading manufacturer, distributor, service provider and software provider of intelligent transportations safety systems in North America.

9.31% Term Loan due 11/15/2030 (SOFR + 5.000%) (G)

$ 3,468,610

11/15/24

$ 1,889,565

$ 1,892,902

Limited Liability Company Unit (B) (F)

35 uts.

11/15/24

35,000

36,285

1,924,565

1,929,187

Team Air (Swifty Holdings LLC)

A leading HVAC wholesale distributor headquartered in Nashville, Tennessee.

14.00% Senior Subordinated Note due 05/02/2030

$ 2,100,000

05/25/23

2,073,563

2,061,991

14.00% Senior Subordinated Note due 08/31/2027

$ 408,333

08/30/24

401,448

400,942

14.00% Senior Subordinated Note due 12/16/2029

$ 124,444

12/19/24

122,160

122,192

Limited Liability Company Unit (B) (F)

1,808,241 uts.

1,829,395

2,007,147

* 05/25/23 and 08/30/24.

4,426,566

4,592,272

A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets.

(G)

$ 4,044,190

12/20/21

3,351,547

3,323,200

9.20% Term Loan due 12/04/2029 (SOFR + 4.750%) (G)

$ 937,370

01/02/25

371,891

370,735

3,723,438

3,693,935

9.20% Senior Term Loan due 12/20/2027 (SOFR + 4.750%)

Terrybear

A designer and wholesaler of cremation urns and memorial products for people and pets.

10.00% (4.00% PIK) Term Loan due 04/27/2028

$ 2,016,498

04/29/22 $

1,998,107

$ 1,861,228

Limited Liability Company Unit (B) (F)

170,513 uts.

04/29/22

1,671,026

555,872

3,669,133

2,417,100

The Caprock Group (aka TA/TCG Holdings, LLC)

A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average.

12.18% Holdco PIK Note due 10/21/2028 (SOFR + 7.750%)

$ 2,653,453

10/28/21

2,629,671

2,653,453

8.55% Term Loan due 12/15/2027 (SOFR + 4.250%) (G)

$ 903,078

12/21/21

680,350

688,043

3,310,021

3,341,496

An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard.

9.07% Term Loan due 10/31/2031 (SOFR + 4.750%) (G) $ 1,621,452 10/31/24 1,181,204 1,182,510

A global provider of digital music and media and introduced the play-for-play digital jukebox in 1998.

Limited Liability Company Unit (B) 51,282 uts. 04/01/22 51,282 165,128

A fluid solution supplier for industrial, hydraulic and high-purity applications. 9.55% Senior Term Loan due 09/03/2027 (SOFR + 5.250%)

(G) 1,205,452 09/03/24 1,130,479 1,130,507

A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide.

11.90% Incremental Term Loan due 02/19/2026 (SOFR +

7.500%)

$ 3,404,577

02/25/21

3,385,838

3,132,212

9.90% Incremental Term Loan due 03/31/2027 (SOFR + 5.500%)

$ 115,983

10/19/23

113,974

106,704

3,499,812

3,238,916

Trintech, Inc.

An international provider of core, cloud-based financial close

software.

9.82% Term Loan due 07/25/2029 (SOFR + 5.500%) (G)

$ 3,459,375

07/25/23

3,206,187

3,239,291

Turnberry Solutions, Inc.

A provider of technology consulting services.

10.42% Term Loan due 07/30/2026 (SOFR + 6.000%)

$ 3,270,862

07/29/21

3,252,608

3,270,862

A top 30 US CPA firm providing tax, audit and consulting advisory services primarily to middle market customers. 9.06% Senior Term Loan due 11/21/2031 (SOFR + 4.750%)

(G) $ 4,065,776 11/22/24 1,862,293 1,900,883

Disclaimer

Barings Corporate Investors published this content on June 02, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 02, 2025 at 09:00 UTC.