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Delaware
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27-2326940
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
o
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Accelerated filer
þ
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Item 1.
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Financial Statements
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3
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||
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Consolidated Statements of Financial Condition as of June 30, 2011 (unaudited) and September 30, 2010
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3
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Consolidated Statements of Operations for the three and nine months ended June 30, 2011 (unaudited) and 2010 (unaudited)
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4
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Consolidated Statements of Changes in Net Assets for the nine months ended June 30, 2011 (unaudited) and 2010 (unaudited)
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5
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Consolidated Statements of Cash Flows for the nine months ended June 30, 2011 (unaudited) and 2010 (unaudited)
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6
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Consolidated Schedules of Investments as of June 30, 2011 (unaudited) and September 30, 2010
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7
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Notes to Consolidated Financial Statements
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16
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Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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33
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Item 3.
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Quantitative And Qualitative Disclosures About Market Risk
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48
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Item 4.
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Controls and Procedures
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48
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Item 1.
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Legal Proceedings
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49
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Item 1A.
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Risk Factors
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49
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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50
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Item 3.
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Defaults Upon Senior Securities
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50
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Item 4.
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Removed and Reserved
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50
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Item 5.
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Other Information
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50
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Item 6.
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Exhibits
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51
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June 30,
2011
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September 30,
2010
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|||||||
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Assets
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(unaudited)
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(audited)
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||||||
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Investments, at fair value (cost of $439,661 and $345,536 respectively)
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$ | 438,593 | $ | 344,869 | ||||
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Cash and cash equivalents
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44,117 | 61,219 | ||||||
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Restricted cash and cash equivalents
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29,279 | 31,771 | ||||||
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Interest receivable
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2,574 | 1,956 | ||||||
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Receivable for investments sold
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17,015 | - | ||||||
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Due from broker
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11,460 | - | ||||||
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Deferred financing costs
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3,836 | 2,748 | ||||||
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Other assets
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385 | 200 | ||||||
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Total Assets
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$ | 547,259 | $ | 442,763 | ||||
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Liabilities
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||||||||
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Debt
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$ | 222,300 | $ | 174,000 | ||||
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Payable for investments purchased
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- | 5,328 | ||||||
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Interest payable
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1,194 | 1,167 | ||||||
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Management and incentive fees payable
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1,617 | 1,008 | ||||||
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Due to broker
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860 | - | ||||||
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Accounts payable and accrued expenses
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765 | 719 | ||||||
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Total Liabilities
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226,736 | 182,222 | ||||||
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Net Assets
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||||||||
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Preferred stock, par value $0.001 per share, 1,000,000 shares authorized,
zero shares issued and outstanding as of June 30, 2011 and September 30, 2010
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- | - | ||||||
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Common stock, par value $0.001 per share, 100,000,000 shares authorized, 21,733,903
and 17,712,444 shares issued and outstanding as of June 30, 2011 and
September 30, 2010
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22 | 18 | ||||||
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Paid in capital in excess of par
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319,424 | 259,690 | ||||||
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Capital distributions in excess of net investment income
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(2,871 | ) | (1,122 | ) | ||||
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Net unrealized appreciation on investments
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1,991 | 1,995 | ||||||
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Net realized gains (losses) on investments
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1,957 | (40 | ) | |||||
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Total Net Assets
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320,523 | 260,541 | ||||||
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Total Liabilities and Total Net Assets
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$ | 547,259 | $ | 442,763 | ||||
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Number of common shares outstanding
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21,733,903 | 17,712,444 | ||||||
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Net asset value per common share
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$ | 14.75 | $ | 14.71 | ||||
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Three months ended June 30,
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Nine months ended June 30,
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|||||||||||||||
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2011
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2010
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2011
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2010
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Investment income
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Interest
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$ | 10,071 | $ | 7,230 | $ | 28,319 | $ | 25,718 | ||||||||
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Total investment income
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10,071 | 7,230 | 28,319 | 25,718 | ||||||||||||
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Expenses
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Interest and other debt financing expenses
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1,637 | 591 | 4,681 | 2,144 | ||||||||||||
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Base management fee
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1,497 | 903 | 4,122 | 2,237 | ||||||||||||
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Incentive fee
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113 | 55 | 525 | 55 | ||||||||||||
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Professional fees relating to registration statement
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- | 188 | - | 788 | ||||||||||||
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Professional fees
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500 | 363 | 1,558 | 734 | ||||||||||||
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Administrative service fee
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224 | 144 | 611 | 442 | ||||||||||||
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General and administrative expenses
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148 | 171 | 457 | 303 | ||||||||||||
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Total expenses
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4,119 | 2,415 | 11,954 | 6,703 | ||||||||||||
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Net investment income
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5,952 | 4,815 | 16,365 | 19,015 | ||||||||||||
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Net gain (loss) on investments
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Net realized gains on investments
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71 | - | 1,997 | - | ||||||||||||
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Net change in unrealized appreciation (depreciation) on investments
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497 | (100 | ) | (4 | ) | 985 | ||||||||||
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Net gain (loss) on investments
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568 | (100 | ) | 1,993 | 985 | |||||||||||
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Net increase in net assets resulting from operations
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$ | 6,520 | $ | 4,715 | $ | 18,358 | $ | 20,000 | ||||||||
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Per Common Share Data
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||||||||||||||||
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Basic and diluted earnings per common share
(1)
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$ | 0.31 | $ | 0.29 | $ | 0.97 | N/A | |||||||||
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Dividends and distributions declared per common share
(1)
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$ | 0.32 | $ | 0.24 | $ | 0.95 | N/A | |||||||||
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Basic and diluted weighted average common shares outstanding
(1)
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21,319,348 | 16,255,783 | 18,923,395 | N/A | ||||||||||||
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(1)
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For the nine months ended June 30, 2010, the Company did not have common shares outstanding or an an equivalent and therefore earnings per share,
dividends and distributions declared per share and weighted average shares outstanding information for this period are not provided.
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Capital
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Net | |||||||||||||||||||||||||||||||
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Distributions
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Net |
Realized
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||||||||||||||||||||||||||||||
| Paid in | in Excess |
Unrealized
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Gains | |||||||||||||||||||||||||||||
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Common Stock
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Capital
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of Net
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Appreciation
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(Losses)
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||||||||||||||||||||||||||||
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Members'
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Par
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in Excess
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Investment |
on
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on
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Total
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||||||||||||||||||||||||||
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Equity
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Shares
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Amount
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of Par
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Income
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Investments | Investments |
Net Assets
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|||||||||||||||||||||||||
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Balance at September 30, 2009
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$ | 92,752 | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 92,752 | |||||||||||||||||
| Members' equity contributions | 47,209 | - | - | - | - | - | - | 47,209 | ||||||||||||||||||||||||
| Members' equity distributions | (13,530 | ) | - | - | - | - | - | - | (13,530 | ) | ||||||||||||||||||||||
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Net increase in net assets resulting from operations for period
October 1, 2009 to April 13, 2010
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15,672 | - | - | - | - | - | - | 15,672 | ||||||||||||||||||||||||
| Golub Capital BDC Conversion (1) | 142,103 | 8,984,863 | 9 | 142,094 | - | - | - | - | ||||||||||||||||||||||||
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Issuances of common stock, net of offering and underwriting costs
(2)
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- | 8,727,581 | 9 | 117,596 | - | - | - | 117,605 | ||||||||||||||||||||||||
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Net increase in net assets resulting from operations for period
April 14, 2010 to June 30, 2010
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- | - | - | - | 4,270 | 58 | - | 4,328 | ||||||||||||||||||||||||
| Dividends and distributions | - | - | - | - | (4,251 | ) | - | - | (4,251 | ) | ||||||||||||||||||||||
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Balance at June 30, 2010
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$ | 284,206 | 17,712,444 | $ | 18 | $ | 259,690 | $ | 19 | $ | 58 | $ | - | $ | 259,785 | |||||||||||||||||
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Balance at September 30, 2010
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$ | - | 17,712,444 | $ | 18 | $ | 259,690 | $ | (1,122 | ) | $ | 1,995 | $ | (40 | ) | $ | 260,541 | |||||||||||||||
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Issuance of common stock, net of offering and underwriting costs
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3,953,257 | 4 | 58,606 | 58,610 | ||||||||||||||||||||||||||||
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Net increase in net assets resulting from operations
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- | - | - | - | 16,365 | (4 | ) | 1,997 | 18,358 | |||||||||||||||||||||||
| Distributions to stockholders: | ||||||||||||||||||||||||||||||||
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Stock issued in connection with dividend reinvestment plan
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- | 68,202 | - | 1,128 | - | - | - | 1,128 | ||||||||||||||||||||||||
| Dividends and distributions | - | - | - | - | (18,114 | ) | - | - | (18,114 | ) | ||||||||||||||||||||||
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Balance at June 30, 2011
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$ | - | 21,733,903 | $ | 22 | $ | 319,424 | $ | (2,871 | ) | $ | 1,991 | $ | 1,957 | $ | 320,523 | ||||||||||||||||
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(1)
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Immediately prior to the initial public offering, Golub Capital BDC LLC converted from a limited liability company leaving Golub Capital BDC, Inc. as the surviving entity. Golub Capital BDC, Inc. issued 8,984,863 shares of common stock to existing Golub Capital BDC LLC owners in connection with the conversion.
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(2)
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On April 14, 2010, Golub Capital BDC, Inc. priced its initial public offering, selling 7,100,000 shares of its common stock at a public offering price of $14.50 per share. Concurrent with this offering an additional 1,322,581 shares were sold through a private placement also at $14.50 per share. On May 19, 2010, an additional 305,000 shares were issued at $14.50 per share upon exercise of the underwriters' over-allotment option.
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Nine Months Ended June 30,
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||||||||
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2011
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2010
|
|||||||
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Cash flows from operating activities
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||||||||
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Net increase in net assets resulting from operations
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$ | 18,358 | $ | 20,000 | ||||
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Adjustments to reconcile net increase in net assets resulting from operations
to net cash (used in) provided by operating activities
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||||||||
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Amortization of deferred financing costs
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564 | - | ||||||
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Amortization of discount and premium
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(4,146 | ) | (6,580 | ) | ||||
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Net realized (gain) on investments
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(1,997 | ) | - | |||||
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Net change in unrealized depreciation (appreciation) on investments
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4 | (985 | ) | |||||
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(Fundings of) proceeds from revolving loans, net
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(1,696 | ) | 4,604 | |||||
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Fundings of investments
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(274,831 | ) | (16,314 | ) | ||||
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Proceeds from principal payments and sales of portfolio investments
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188,943 | 117,959 | ||||||
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Changes in operating assets and liabilities:
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||||||||
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Interest receivable
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(618 | ) | 452 | |||||
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Receivable for investments sold
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(17,015 | ) | - | |||||
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Due from broker
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(11,460 | ) | - | |||||
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Other assets
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(185 | ) | (280 | ) | ||||
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Payable for investments purchased
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(5,328 | ) | 885 | |||||
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Interest payable
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27 | (44 | ) | |||||
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Management and incentive fees payable
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609 | 344 | ||||||
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Due to broker
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860 | - | ||||||
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Accounts payable and accrued expenses
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46 | 527 | ||||||
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Other payables
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- | (565 | ) | |||||
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Net cash (used in) provided by operating activities
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(107,865 | ) | 120,003 | |||||
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Cash flows from investing activities
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||||||||
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Net change in restricted cash and cash equivalents
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2,492 | (2,114 | ) | |||||
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Net cash provided by (used in) investing activities
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2,492 | (2,114 | ) | |||||
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Cash flows from financing activities
|
||||||||
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Borrowings on debt
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48,300 | - | ||||||
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Repayments of debt
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- | (193,542 | ) | |||||
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Capitalized debt financing costs
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(1,654 | ) | - | |||||
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Proceeds from members' equity contributions
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- | 47,209 | ||||||
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Payments of members' equity distributions
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- | (13,530 | ) | |||||
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Proceeds from shares sold, net of underwriting costs
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59,420 | 119,034 | ||||||
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Offering costs paid
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(810 | ) | (1,429 | ) | ||||
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Dividends and distributions paid
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(16,985 | ) | (4,251 | ) | ||||
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Net cash provided by (used in) financing activities
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88,271 | (46,509 | ) | |||||
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Net change in cash and cash equivalents
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(17,102 | ) | 71,380 | |||||
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Cash and cash equivalents
, beginning of period
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61,219 | - | ||||||
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Cash and cash equivalents
, end of period
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$ | 44,117 | $ | 71,380 | ||||
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Supplemental information:
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||||||||
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Cash paid during the period for interest
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$ | 4,089 | $ | 2,188 | ||||
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Obligations of Company paid by members of Golub Capital BDC LLC
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- | 896 | ||||||
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Dividends and distributions declared during the period
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(18,114 | ) | - | |||||
| Spread |
Percentage
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|||||||||||||||||||||||||
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Investment
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Above
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Interest
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Maturity
|
Principal
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of
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Fair
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||||||||||||||||||||
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Type
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Index
(1)
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Rate
(2)
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Date
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Amount
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Cost
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Net Assets
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Value
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|||||||||||||||||||
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Investments, at fair value
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Canada
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||||||||||||||||||||||||||
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Debt investments
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||||||||||||||||||||||||||
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Leisure, Amusement, Motion Pictures, Entertainment
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Extreme Fitness, Inc.
(6)
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Subordinated debt
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N/A | 14.50 | % | 11/2015 | $ | 2,792 | $ | 2,737 | 0.8 | % | $ | 2,792 | |||||||||||||
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Total Canada (cost $2,737)
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$ | 2,792 | $ | 2,737 | 0.8 | % | $ | 2,792 | ||||||||||||||||||
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Fair Value as percentage of Principal Amount
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100.0 | % | ||||||||||||||||||||||||
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United States
|
||||||||||||||||||||||||||
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Debt investments
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||||||||||||||||||||||||||
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Aerospace and Defense
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||||||||||||||||||||||||||
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Whitcraft LLC
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Subordinated debt
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N/A | 12.00 | % | 12/2018 | $ | 1,877 | $ | 1,842 | 0.6 | % | $ | 1,877 | |||||||||||||
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Automobile
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||||||||||||||||||||||||||
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CLP Auto Interior Corporation*
|
Senior loan
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L + 4.75% | 4.94 | % | 06/2013 | 3,163 | 3,163 | 0.9 | 3,005 | |||||||||||||||||
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Driven Brands, Inc.*
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Senior loan
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L + 5.00% | 6.52 | % | 10/2014 | 5,472 | 5,472 | 1.7 | 5,472 | |||||||||||||||||
| 8,635 | 8,635 | 2.6 | 8,477 | |||||||||||||||||||||||
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Banking
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||||||||||||||||||||||||||
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Bonddesk Group LLC*
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Senior loan
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L + 3.00% | 3.20 | % | 08/2012 | 1,660 | 1,630 | 0.5 | 1,660 | |||||||||||||||||
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Prommis Solutions Inc.*
(5)
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Senior loan
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P + 3.25% | 5.00 | % | 02/2013 | 1,237 | 1,237 | 0.2 | 928 | |||||||||||||||||
| 2,897 | 2,867 | 0.7 | 2,588 | |||||||||||||||||||||||
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Beverage, Food and Tobacco
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||||||||||||||||||||||||||
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ABP Corporation*
|
Senior loan
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P + 4.00% | 8.00 | % | 06/2016 | 4,593 | 4,504 | 1.4 | 4,524 | |||||||||||||||||
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ABP Corporation
(3)
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Senior loan
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P + 4.00% | N/A | (4) | 06/2016 | - | (8 | ) | - | (8 | ) | |||||||||||||||
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Ameriqual Group, LLC*
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Senior loan
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L + 5.00% | 6.51 | % | 03/2016 | 1,983 | 1,945 | 0.6 | 1,963 | |||||||||||||||||
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Ameriqual Group, LLC*
|
Senior loan
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L + 7.50% | 9.00 | % | 03/2016 | 850 | 834 | 0.3 | 842 | |||||||||||||||||
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Atkins Nutrionals, Inc.
|
Second lien
|
L + 11.25% | 13.25 | % | 12/2015 | 5,028 | 4,939 | 1.6 | 5,028 | |||||||||||||||||
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Bertucci's Corporation*
|
Second lien
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L + 11.30% | 14.30 | % | 07/2012 | 1,948 | 1,919 | 0.6 | 1,948 | |||||||||||||||||
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Lone Star Beef Processors, L.P.*
|
Senior loan
|
L + 4.00% | 4.41 | % | 05/2013 | 3,490 | 3,475 | 1.1 | 3,490 | |||||||||||||||||
|
Noodles & Company*
|
Senior loan
|
L + 4.50% | 5.75 | % | 02/2016 | 1,625 | 1,610 | 0.5 | 1,625 | |||||||||||||||||
|
Richelieu Foods, Inc.*
|
Senior loan
|
L + 5.00% | 6.75 | % | 11/2015 | 2,253 | 2,200 | 0.7 | 2,253 | |||||||||||||||||
|
Richelieu Foods, Inc.
|
Senior loan
|
P + 3.25% | 7.25 | % | 11/2015 | 63 | 48 | - | 63 | |||||||||||||||||
| 21,833 | 21,466 | 6.8 | 21,728 | |||||||||||||||||||||||
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Building and Real Estate
|
||||||||||||||||||||||||||
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American Fire Protection Group, Inc.
(5)
|
Senior loan
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L + 6.75% | 9.00 | % | 06/2011 | 4,422 | 4,176 | 0.8 | 2,432 | |||||||||||||||||
|
Architectural Testing, Inc.*
|
Senior loan
|
L + 6.50% | 9.50 | % | 05/2013 | 6,514 | 6,514 | 2.0 | 6,514 | |||||||||||||||||
|
ASP PDM Acquisition Co. LLC*
|
Senior loan
|
L + 2.75% | 3.06 | % | 12/2013 | 479 | 455 | 0.1 | 440 | |||||||||||||||||
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Infiltrator Systems, Inc.*
|
Senior loan
|
L + 5.50% | 8.50 | % | 09/2012 | 7,568 | 7,388 | 2.4 | 7,568 | |||||||||||||||||
|
ITEL Laboratories, Inc.*
|
Senior loan
|
L + 5.75% | 4.50 | % | 03/2014 | 7,682 | 7,596 | 2.4 | 7,682 | |||||||||||||||||
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KHKI Acquisition, Inc.
|
Senior loan
|
L + 6.00% | 8.50 | % | 03/2012 | 178 | 177 | 0.1 | 172 | |||||||||||||||||
|
KHKI Acquisition, Inc.
|
Senior loan
|
L + 6.00% | 8.50 | % | 03/2013 | 2,600 | 2,597 | 0.6 | 2,080 | |||||||||||||||||
|
Tecta America Corp.
|
Senior loan
|
P + 5.75% | 9.00 | % | 03/2014 | 1,667 | 1,667 | 0.4 | 1,411 | |||||||||||||||||
| 31,110 | 30,570 | 8.8 | 28,299 | |||||||||||||||||||||||
|
Cargo Transport
|
||||||||||||||||||||||||||
|
TMW Systems, Inc.*
|
Senior loan
|
L + 4.25% | 5.75 | % | 08/2017 | 2,341 | 2,307 | 0.7 | 2,306 | |||||||||||||||||
|
Chemicals, Plastics and Rubber
|
||||||||||||||||||||||||||
|
Flint Trading, Inc.
|
Senior loan
|
L + 7.25% | 8.75 | % | 06/2016 | 12,512 | 12,299 | 3.8 | 12,324 | |||||||||||||||||
|
Flint Trading, Inc.
|
Senior loan
|
L + 7.25% | 8.75 | % | 06/2016 | 352 | 342 | 0.1 | 342 | |||||||||||||||||
|
Syrgis Holdings, Inc.*
|
Senior loan
|
L + 5.50% | 7.75 | % | 08/2012 | 221 | 215 | 0.1 | 221 | |||||||||||||||||
|
Syrgis Holdings, Inc.*
|
Senior loan
|
L + 6.00% | 8.25 | % | 08/2013 | 864 | 832 | 0.3 | 864 | |||||||||||||||||
|
Syrgis Holdings, Inc.*
|
Senior loan
|
L + 8.50% | 10.75 | % | 02/2014 | 474 | 455 | 0.1 | 474 | |||||||||||||||||
| 14,423 | 14,143 | 4.4 | 14,225 | |||||||||||||||||||||||
| Spread |
Percentage
|
|||||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Principal
|
of Total
|
Fair
|
||||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Amount
|
Cost
|
Net Assets
|
Value
|
|||||||||||||||||||
|
Containers, Packaging and Glass
|
||||||||||||||||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 4.75% | 6.74 | % | 08/2015 | $ | 53 | $ | 53 | - | % | $ | 53 | |||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 5.25% | 7.26 | % | 08/2016 | 120 | 118 | - | 120 | |||||||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 4.75% | 6.50 | % | 08/2015 | 1,493 | 1,468 | 0.5 | 1,493 | |||||||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 5.25% | 7.00 | % | 08/2016 | 3,266 | 3,210 | 1.0 | 3,266 | |||||||||||||||||
|
Industrial Container Services, LLC*
|
Senior loan
|
L + 4.00% | 5.75 | % | 09/2011 | 106 | 106 | - | 106 | |||||||||||||||||
| 5,038 | 4,955 | 1.5 | 5,038 | |||||||||||||||||||||||
|
Diversified Conglomerate Manufacturing
|
||||||||||||||||||||||||||
|
Heat Transfer Parent, Inc.*
|
Senior loan
|
L+ 3.00% | 3.19 | % | 06/2013 | 1,790 | 1,742 | 0.5 | 1,682 | |||||||||||||||||
|
Neptco Inc.
(6)
|
Senior loan
|
P + 5.00% | 8.25 | % | 03/2013 | 4,145 | 4,044 | 1.2 | 3,813 | |||||||||||||||||
|
OnCore Manufacturing LLC*
|
Senior loan
|
L + 8.00% | 11.00 | % | 06/2016 | 3,588 | 3,523 | 1.1 | 3,588 | |||||||||||||||||
|
Pasternack Enterprises, Inc.*
|
Senior loan
|
L + 4.50% | 6.00 | % | 02/2014 | 4,467 | 4,372 | 1.4 | 4,467 | |||||||||||||||||
|
Tecomet Inc.
(3)
|
Senior loan
|
L + 5.25% | N/A | (4) | 12/2015 | - | (7 | ) | - | - | ||||||||||||||||
|
Tecomet Inc.*
|
Senior loan
|
L + 5.25% | 7.00 | % | 12/2015 | 3,863 | 3,828 | 1.2 | 3,863 | |||||||||||||||||
|
Vintage Parts, Inc.*
|
Senior loan
|
L + 5.50% | 5.80 | % | 12/2013 | 6,840 | 6,768 | 2.6 | 6,635 | |||||||||||||||||
|
Vintage Parts, Inc.*
|
Senior loan
|
L + 6.00% | 8.50 | % | 12/2013 | 95 | 95 | - | 95 | |||||||||||||||||
|
Vintage Parts, Inc.*
|
Senior loan
|
L + 8.00% | 9.75 | % | 12/2013 | 1,430 | 1,473 | 0.5 | 1,473 | |||||||||||||||||
| 26,218 | 25,838 | 8.5 | 25,616 | |||||||||||||||||||||||
|
Diversified Conglomerate Service
|
||||||||||||||||||||||||||
|
Benetech, Inc.*
|
Senior loan
|
L + 5.00% | 5.19 | % | 12/2013 | 8,845 | 8,627 | 2.8 | 8,845 | |||||||||||||||||
|
CIBT Holdings
(3)
|
Senior loan
|
L + 5.00% | N/A | (4) | 12/2015 | - | (4 | ) | - | - | ||||||||||||||||
|
CIBT Holdings
|
Senior loan
|
L + 5.00% | 6.75 | % | 12/2015 | 1,069 | 1,049 | 0.3 | 1,069 | |||||||||||||||||
|
Compass Group Diversified Holdings, LLC*
|
Senior loan
|
L + 4.00% | 4.27 | % | 12/2013 | 4,474 | 4,474 | 1.4 | 4,474 | |||||||||||||||||
|
Cortz, Inc.*
|
Senior loan
|
L + 5.50% | 7.00 | % | 03/2014 | 6,771 | 6,728 | 2.1 | 6,771 | |||||||||||||||||
|
EAG, Inc.*
|
Senior loan
|
L + 5.00% | 7.25 | % | 07/2015 | 3,881 | 3,816 | 1.2 | 3,881 | |||||||||||||||||
|
Evolution1, Inc.
(3)
|
Senior loan
|
L + 4.75% | N/A | (4) | 06/2016 | - | (25 | ) | - | (25 | ) | |||||||||||||||
|
Evolution1, Inc.
(3)
|
Senior loan
|
L + 4.75% | N/A | (4) | 06/2016 | - | (5 | ) | - | (5 | ) | |||||||||||||||
|
Evolution1, Inc.*
|
Senior loan
|
L + 4.75% | 7.00 | % | 06/2016 | 4,666 | 4,596 | 1.4 | 4,596 | |||||||||||||||||
|
NS Holdings, Inc.*
(3)
|
Senior loan
|
L + 6.25% | N/A | (4) | 06/2015 | - | (6 | ) | - | - | ||||||||||||||||
|
NS Holdings, Inc.*
|
Senior loan
|
L + 6.29% | 7.69 | % | 06/2015 | 2,168 | 2,133 | 0.7 | 2,168 | |||||||||||||||||
|
Royall & Company*
|
Senior loan
|
L + 5.00% | 6.50 | % | 11/2015 | 780 | 766 | 0.2 | 780 | |||||||||||||||||
|
The Service Companies, Inc.*
|
Senior loan
|
L + 6.50% | 9.00 | % | 03/2014 | 5,628 | 5,628 | 1.8 | 5,628 | |||||||||||||||||
|
Sumtotal Systems, Inc.*
|
Senior loan
|
L + 4.75% | 7.00 | % | 12/2015 | 539 | 532 | 0.2 | 539 | |||||||||||||||||
| 38,821 | 38,309 | 12 | 38,721 | |||||||||||||||||||||||
|
Diversified Natural Resources, Precious
|
||||||||||||||||||||||||||
|
Metals, and Minerals
|
||||||||||||||||||||||||||
|
Metal Spinners, Inc.*
|
Senior loan
|
L + 7.00% | 10.00 | % | 12/2014 | 1,779 | 1,726 | 0.6 | 1,779 | |||||||||||||||||
|
Metal Spinners, Inc.*
(6)
|
Senior loan
|
L + 11.00% | 14.00 | % | 12/2014 | 3,136 | 3,050 | 1.0 | 3,136 | |||||||||||||||||
| 4,915 | 4,776 | 1.6 | 4,915 | |||||||||||||||||||||||
|
Electronics
|
||||||||||||||||||||||||||
|
Cape Electrical Supply LLC*
(6)
|
Senior loan
|
L + 6.25% | 7.50 | % | 11/2013 | 2,088 | 2,001 | 0.7 | 2,088 | |||||||||||||||||
|
Entrust, Inc.*
|
Senior loan
|
L + 7.62% | 9.15 | % | 03/2017 | 4,382 | 4,320 | 1.4 | 4,382 | |||||||||||||||||
|
Entrust, Inc.*
|
Senior loan
|
L + 7.60% | 9.13 | % | 03/2017 | 10,226 | 10,080 | 3.2 | 10,226 | |||||||||||||||||
|
Syncsort Incorporated
(3)
|
Senior loan
|
L + 5.50% | N/A | (4) | 03/2015 | - | (6 | ) | - | - | ||||||||||||||||
|
Syncsort Incorporated*
|
Senior loan
|
L + 5.50% | 7.50 | % | 03/2015 | 9,101 | 9,035 | 2.8 | 9,101 | |||||||||||||||||
|
Time-O-Matic, Inc.
(6)
|
Subordinated debt
|
N/A | 13.25 | % | 10/2012 | 11,379 | 11,153 | 3.5 | 11,152 | |||||||||||||||||
| 37,176 | 36,583 | 11.6 | 36,949 | |||||||||||||||||||||||
|
Finance
|
||||||||||||||||||||||||||
|
Pillar Processing LLC*
|
Senior loan
|
L + 5.50% | 5.75 | % | 11/2013 | 3,970 | 3,961 | 1.2 | 3,771 | |||||||||||||||||
|
Pillar Processing LLC*
|
Senior loan
|
N/A | 14.50 | % | 05/2014 | 3,125 | 3,125 | 0.9 | 2,969 | |||||||||||||||||
| 7,095 | 7,086 | 2.1 | 6,740 | |||||||||||||||||||||||
| Spread |
Percentage
|
|||||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Principal
|
of Total
|
Fair
|
||||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Amount
|
Cost
|
Net Assets
|
Value
|
|||||||||||||||||||
|
Healthcare, Education and Childcare
|
||||||||||||||||||||||||||
|
ADG, LLC
(3)
|
Senior loan
|
L + 4.75% | N/A | (4) | 03/2014 | $ | - | $ | (5 | ) | - | % | $ | - | ||||||||||||
|
ADG, LLC
|
Senior loan
|
P + 3.25% | 7.00 | % | 03/2014 | 22 | 18 | - | 22 | |||||||||||||||||
|
ADG, LLC*
|
Senior loan
|
L + 4.75% | 6.25 | % | 03/2014 | 3,433 | 3,433 | 1.1 | 3,433 | |||||||||||||||||
|
Advanced Pain Management Holdings, Inc.
(6)
|
Subordinated debt
|
N/A | 14.00 | % | 06/2016 | 7,759 | 7,584 | 2.4 | 7,759 | |||||||||||||||||
|
Campus Management Acquisition Corp.
|
Second lien
|
L + 9.07% | 10.82 | % | 09/2015 | 5,461 | 5,368 | 1.7 | 5,461 | |||||||||||||||||
|
CHS/Community Health Systems *
|
Senior loan
|
L + 2.25% | 2.50 | % | 07/2014 | 520 | 515 | 0.2 | 503 | |||||||||||||||||
|
Community Hospices of America, Inc.
(3)
|
Senior loan
|
L + 5.50% | N/A | (4) | 12/2015 | - | (7 | ) | - | - | ||||||||||||||||
|
Community Hospices of America, Inc.*
|
Senior loan
|
L + 5.50% | 7.25 | % | 12/2015 | 5,302 | 5,207 | 1.7 | 5,302 | |||||||||||||||||
|
Community Hospices of America, Inc.
(6)
|
Subordinated debt
|
L + 11.75% | 13.75 | % | 06/2016 | 1,810 | 1,769 | 0.6 | 1,810 | |||||||||||||||||
|
DDC Center Inc.*
|
Senior loan
|
L + 6.50% | 9.50 | % | 10/2014 | 8,917 | 8,917 | 2.7 | 8,738 | |||||||||||||||||
|
Delta Educational Systems, Inc.*
|
Senior loan
|
L + 4.00% | 6.00 | % | 06/2012 | 3,555 | 3,485 | 1.1 | 3,555 | |||||||||||||||||
|
Den-Mat Holdings, LLC
(6)
|
Senior loan
|
L + 7.50% | 8.50 | % | 06/2014 | 3,394 | 3,321 | 0.5 | 1,697 | |||||||||||||||||
|
Ernest Healthcare, Inc.*
|
Senior loan
|
L + 4.75% | 6.25 | % | 05/2016 | 2,546 | 2,522 | 0.8 | 2,521 | |||||||||||||||||
|
Excelligence Learning Corporation*
|
Second lien
|
L + 7.00% | 7.19 | % | 11/2013 | 1,600 | 1,553 | 0.5 | 1,600 | |||||||||||||||||
|
G & H Wire Company, Inc.
(3)
|
Senior loan
|
L + 5.50% | N/A | (4) | 12/2015 | - | (11 | ) | - | - | ||||||||||||||||
|
G & H Wire Company, Inc.*
|
Senior loan
|
L + 5.50% | 7.25 | % | 12/2015 | 5,850 | 5,748 | 1.8 | 5,850 | |||||||||||||||||
|
Hospitalists Management Group, LLC
(3)
|
Senior loan
|
L + 4.50% | N/A | (4) | 05/2017 | - | (13 | ) | - | (14 | ) | |||||||||||||||
|
Hospitalists Management Group, LLC
(3)
|
Senior loan
|
L + 4.50% | N/A | (4) | 05/2017 | - | (13 | ) | - | (14 | ) | |||||||||||||||
|
Hospitalists Management Group, LLC
|
Senior loan
|
L + 4.50% | 6.75 | % | 05/2017 | 4,185 | 4,083 | 1.3 | 4,122 | |||||||||||||||||
|
The Hygenic Corporation*
|
Senior loan
|
L + 2.50% | 2.69 | % | 04/2013 | 2,464 | 2,423 | 0.8 | 2,415 | |||||||||||||||||
|
Integrated DNA Technologies, Inc.
(6)
|
Subordinated debt
|
N/A | 14.00 | % | 04/2015 | 3,800 | 3,748 | 1.2 | 3,800 | |||||||||||||||||
|
Integrated DNA Technologies, Inc.
|
Subordinated debt
|
N/A | 14.00 | % | 04/2015 | 450 | 444 | 0.1 | 450 | |||||||||||||||||
|
Integrated DNA Technologies, Inc.
(3)
|
Subordinated debt
|
N/A | N/A | (4) | 04/2015 | - | (6 | ) | - | - | ||||||||||||||||
|
Maverick Healthcare Group, LLC *
|
Senior loan
|
L + 5.50% | 7.25 | % | 12/2016 | 2,268 | 2,234 | 0.7 | 2,246 | |||||||||||||||||
|
NeuroTherm, Inc.
|
Senior loan
|
P + 4.00% | 7.25 | % | 02/2016 | 257 | 249 | 0.1 | 257 | |||||||||||||||||
|
NeuroTherm, Inc.*
|
Senior loan
|
L + 5.00% | 6.50 | % | 02/2016 | 1,728 | 1,692 | 0.5 | 1,728 | |||||||||||||||||
|
Reliant Pro ReHab, LLC*
|
Senior loan
|
L + 4.75% | 7.00 | % | 06/2016 | 3,841 | 3,774 | 1.2 | 3,774 | |||||||||||||||||
|
Reliant Pro ReHab, LLC
(3)
|
Senior loan
|
L + 4.75% | N/A | (4) | 06/2016 | - | (22 | ) | - | (31 | ) | |||||||||||||||
|
Reliant Pro ReHab, LLC
(3)
|
Senior loan
|
L + 4.75% | N/A | (4) | 06/2016 | - | (10 | ) | - | (7 | ) | |||||||||||||||
|
Sterilmed, Inc.*
|
Senior loan
|
L + 8.50% | 10.00 | % | 07/2016 | 3,087 | 3,087 | 1.0 | 3,087 | |||||||||||||||||
|
Sterilmed, Inc.
(3)
|
Senior loan
|
L + 6.25% | N/A | (4) | 07/2015 | - | (8 | ) | - | - | ||||||||||||||||
|
Surgical Information Systems, LLC
|
Second lien
|
L + 8.20% | 9.70 | % | 12/2015 | 5,143 | 5,051 | 1.6 | 5,143 | |||||||||||||||||
|
TIDI Products, LLC*
|
Senior loan
|
L + 5.00% | 6.57 | % | 05/2015 | 2,363 | 2,363 | 0.7 | 2,363 | |||||||||||||||||
|
TIDI Products, LLC
(3)
|
Senior loan
|
L + 5.00% | N/A | (4) | 05/2015 | - | (5 | ) | - | - | ||||||||||||||||
|
United Surgical Partners International, Inc.*
|
Senior loan
|
L + 2.00% | 2.19 | % | 04/2014 | 1,518 | 1,518 | 0.5 | 1,490 | |||||||||||||||||
| 81,273 | 80,006 | 24.8 | 79,060 | |||||||||||||||||||||||
|
Home and Office Furnishings,
|
||||||||||||||||||||||||||
|
Housewares, and Durable Consumer
|
||||||||||||||||||||||||||
|
Amerifile, LLC*
|
Senior loan
|
L + 5.00% | 6.50 | % | 03/2016 | 4,460 | 4,398 | 1.4 | 4,460 | |||||||||||||||||
|
Top Knobs USA, Inc.*
|
Senior loan
|
L + 5.75% | 7.76 | % | 11/2016 | 1,211 | 1,189 | 0.4 | 1,211 | |||||||||||||||||
|
Zenith Products Corporation*
|
Senior loan
|
L + 5.00% | 5.44 | % | 09/2013 | 4,279 | 4,219 | 1.3 | 4,237 | |||||||||||||||||
| 9,950 | 9,806 | 3.1 | 9,908 | |||||||||||||||||||||||
|
Leisure, Amusement, Motion Pictures
|
||||||||||||||||||||||||||
|
and Entertainment
|
||||||||||||||||||||||||||
|
Competitor Group, Inc.
|
Senior loan
|
L + 7.50% | 9.50 | % | 09/2015 | 2,139 | 2,043 | 0.7 | 2,139 | |||||||||||||||||
|
Competitor Group, Inc.
(3)
|
Senior loans
|
L + 7.50% | N/A | (4) | 09/2015 | - | (20 | ) | - | - | ||||||||||||||||
|
Competitor Group, Inc.*
|
Senior loan
|
L + 7.50% | 9.50 | % | 09/2015 | 7,885 | 7,720 | 2.5 | 7,885 | |||||||||||||||||
|
Octane Fitness, LLC*
|
Senior loan
|
L + 4.60% | 4.87 | % | 03/2013 | 4,675 | 4,582 | 1.4 | 4,582 | |||||||||||||||||
|
Optronics Product Company, Inc.*
|
Senior loan
|
L + 4.50% | 5.50 | % | 12/2012 | 85 | 82 | - | 85 | |||||||||||||||||
|
Optronics Product Company, Inc.*
|
Second lien
|
L + 7.25% | 8.25 | % | 12/2013 | 2,489 | 2,403 | 0.8 | 2,489 | |||||||||||||||||
|
Premier Yachts, Inc.
(3)
|
Senior loan
|
L + 5.50% | N/A | (4) | 12/2015 | - | (3 | ) | - | - | ||||||||||||||||
|
Premier Yachts, Inc.*
|
Senior loan
|
L + 5.50% | 7.00 | % | 12/2015 | 761 | 747 | 0.2 | 761 | |||||||||||||||||
|
Pride Manufacturing Company, LLC*
|
Senior loan
|
L + 5.50% | 7.25 | % | 11/2015 | 819 | 804 | 0.3 | 819 | |||||||||||||||||
| 18,853 | 18,358 | 5.9 | 18,760 | |||||||||||||||||||||||
|
Oil and Gas
|
||||||||||||||||||||||||||
|
Tri-County Petroleum, Inc.
(6)
|
Subordinated debt
|
N/A | 14.00 | % | 08/2015 | 7,206 | 7,069 | 2.2 | 7,062 | |||||||||||||||||
|
Tri-County Petroleum, Inc.*
|
Senior loan
|
L + 5.00% | 6.50 | % | 02/2015 | 6,496 | 6,366 | 2.0 | 6,431 | |||||||||||||||||
|
Tri-County Petroleum, Inc.*
|
Senior loan
|
L + 4.50% | 6.02 | % | 02/2015 | 3,123 | 3,093 | 1.0 | 3,092 | |||||||||||||||||
| 16,825 | 16,528 | 5.2 | 16,585 | |||||||||||||||||||||||
| Spread |
Percentage
|
|||||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Principal
|
of Total
|
Fair
|
||||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Amount
|
Cost
|
Net Assets
|
Value
|
|||||||||||||||||||
|
Personal and Non-Durable Consumer
|
||||||||||||||||||||||||||
|
Products
|
||||||||||||||||||||||||||
|
Dr. Miracles, Inc.*
|
Senior loan
|
L + 5.50% | 8.00 | % | 03/2014 | $ | 3,449 | $ | 3,418 | 1.0 | % | $ | 3,311 | |||||||||||||
|
Massage Envy, LLC
(3)
|
Senior loan
|
L + 5.00% | N/A | (4) | 06/2016 | - | (1 | ) | - | (1 | ) | |||||||||||||||
|
Massage Envy, LLC
|
Senior loan
|
L + 5.00% | 6.50 | % | 06/2016 | 6,850 | 6,770 | 2.0 | 6,769 | |||||||||||||||||
|
MTS Medication Technologies, Inc.
|
Senior loan
|
P + 4.25% | 7.50 | % | 06/2016 | 18 | 17 | - | 17 | |||||||||||||||||
|
MTS Medication Technologies, Inc.*
|
Senior loan
|
L + 5.50% | 7.00 | % | 06/2016 | 1,605 | 1,593 | 0.5 | 1,593 | |||||||||||||||||
|
Strategic Partners, Inc.
(6)
|
Subordinated debt
|
N/A | 14.00 | % | 02/2017 | 9,636 | 9,403 | 3.0 | 9,636 | |||||||||||||||||
| 21,558 | 21,200 | 6.5 | 21,325 | |||||||||||||||||||||||
|
Personal, Food and Miscellaneous
|
||||||||||||||||||||||||||
|
Services
|
||||||||||||||||||||||||||
|
Affordable Care Inc.
(3)
|
Senior loan
|
L + 5.00% | N/A | (4) | 12/2015 | - | (8 | ) | - | - | ||||||||||||||||
|
Affordable Care Inc.*
|
Senior loan
|
L + 5.00% | 6.50 | % | 12/2015 | 3,696 | 3,644 | 1.2 | 3,696 | |||||||||||||||||
|
Automatic Bar Controls, Inc.*
|
Senior loan
|
L + 5.75% | 7.25 | % | 03/2017 | 1,140 | 1,123 | 0.4 | 1,122 | |||||||||||||||||
|
Automatic Bar Controls, Inc.
(3)
|
Senior loan
|
L + 5.75% | N/A | (4) | 03/2018 | - | (2 | ) | - | (2 | ) | |||||||||||||||
|
Ignite Restaurant Group, Inc.
|
Senior loan
|
L + 4.75% | 6.25 | % | 03/2016 | 6,675 | 6,580 | 2.1 | 6,608 | |||||||||||||||||
|
NVA Acquisition Company
|
Senior loan
|
L + 4.25% | 5.50 | % | 03/2017 | 1,905 | 1,886 | 0.6 | 1,886 | |||||||||||||||||
|
Restaurant Technologies, Inc.
(3)
|
Senior loan
|
L + 4.75% | N/A | (4) | 03/2018 | - | (2 | ) | - | - | ||||||||||||||||
|
Restaurant Technologies, Inc.*
|
Senior loan
|
L + 4.75% | 7.00 | % | 03/2019 | 1,119 | 1,108 | 0.3 | 1,108 | |||||||||||||||||
|
Vetcor Professional Practices LLC
(3)
|
Senior loan
|
L + 7.25% | N/A | (4) | 02/2015 | - | (173 | ) | - | - | ||||||||||||||||
|
Vetcor Professional Practices LLC*
|
Senior loan
|
L + 7.25% | 9.25 | % | 02/2015 | 1,970 | 1,970 | 0.6 | 1,970 | |||||||||||||||||
| 16,505 | 16,126 | 5.2 | 16,388 | |||||||||||||||||||||||
|
Printing and Publishing
|
||||||||||||||||||||||||||
|
Market Track, LLC
(3)
|
Senior loan
|
L + 7.75% | N/A | (4) | 11/2015 | - | (21 | ) | - | - | ||||||||||||||||
|
Market Track, LLC*
|
Senior loan
|
L + 7.75% | 9.25 | % | 11/2015 | 12,934 | 12,714 | 3.9 | 12,934 | |||||||||||||||||
|
Monotype Imaging, Inc.*
|
Senior loan
|
L + 3.75% | 3.95 | % | 07/2012 | 1,003 | 979 | 0.3 | 1,003 | |||||||||||||||||
|
Trade Service Company, LLC
(3)
|
Senior loan
|
L + 5.25% | N/A | (4) | 06/2013 | - | (1 | ) | - | - | ||||||||||||||||
|
Trade Service Company, LLC*
|
Senior loan
|
L + 5.25% | 6.75 | % | 06/2013 | 1,419 | 1,414 | 0.4 | 1,419 | |||||||||||||||||
|
Trade Service Company, LLC*
(6)
|
Senior loan
|
N/A | 14.00 | % | 06/2013 | 765 | 762 | 0.2 | 765 | |||||||||||||||||
| 16,121 | 15,847 | 4.8 | 16,121 | |||||||||||||||||||||||
|
Retail Stores
|
||||||||||||||||||||||||||
|
Chuy's OPCO, Inc.
(3)
|
Senior loan
|
L + 7.00% | N/A | (4) | 05/2016 | - | (3 | ) | - | (3 | ) | |||||||||||||||
|
Chuy's OPCO, Inc.
(3)
|
Senior loan
|
L + 7.00% | N/A | (4) | 05/2016 | - | (22 | ) | - | (22 | ) | |||||||||||||||
|
Chuy's OPCO, Inc.
|
Senior loan
|
L + 7.00% | 10.00 | % | 05/2016 | 8,639 | 8,449 | 2.6 | 8,553 | |||||||||||||||||
|
DTLR, Inc.
|
Senior loan
|
L + 8.00% | 11.00 | % | 12/2015 | 5,936 | 5,805 | 1.9 | 5,936 | |||||||||||||||||
|
Fasteners for Retail, Inc.*
|
Senior loan
|
L + 4.50% | 4.69 | % | 12/2012 | 1,964 | 1,884 | 0.6 | 1,940 | |||||||||||||||||
|
The Marshall Retail Group, LLC*
|
Senior loan
|
L + 4.50% | 7.25 | % | 04/2013 | 2,650 | 2,580 | 0.8 | 2,650 | |||||||||||||||||
|
The Marshall Retail Group, LLC*
|
Second lien
|
L + 6.50% | 9.25 | % | 04/2013 | 2,100 | 2,057 | 0.7 | 2,100 | |||||||||||||||||
|
Rubio's Restaurants, Inc.*
|
Senior loan
|
L + 7.00% | 8.75 | % | 06/2014 | 9,555 | 9,391 | 3.0 | 9,555 | |||||||||||||||||
|
Vision Source L.P.*
|
Senior loan
|
L + 6.75% | 8.00 | % | 06/2015 | 13,755 | 13,481 | 4.2 | 13,549 | |||||||||||||||||
|
Vision Source L.P.
|
Senior loan
|
L + 6.75% | 8.00 | % | 06/2015 | 142 | 130 | - | 130 | |||||||||||||||||
| 44,741 | 43,752 | 13.8 | 44,388 | |||||||||||||||||||||||
|
Telecommunications
|
||||||||||||||||||||||||||
|
Hosting.com (WCP/32 Points)
|
Senior loan
|
L + 6.75% | N/A | (4) | 05/2014 | - | - | - | - | |||||||||||||||||
|
Hosting.com (WCP/32 Points)*
|
Senior loan
|
L + 6.75% | 8.25 | % | 05/2014 | 2,145 | 2,145 | 0.6 | 2,145 | |||||||||||||||||
|
West Corporation
|
Senior loan
|
L + 2.00% | 2.19 | % | 10/2012 | 1,600 | 1,447 | 0.4 | 1,400 | |||||||||||||||||
| 3,745 | 3,592 | 1.0 | 3,545 | |||||||||||||||||||||||
|
Textiles and Leather
|
||||||||||||||||||||||||||
|
Gammill, Inc.*
|
Senior loan
|
L + 7.50% | 9.50 | % | 09/2011 | 197 | 196 | 0.1 | 197 | |||||||||||||||||
|
Gammill, Inc.*
|
Senior loan
|
L + 8.00% | 10.00 | % | 09/2012 | 4,091 | 4,037 | 1.3 | 4,091 | |||||||||||||||||
| 4,288 | 4,233 | 1.4 | 4,288 | |||||||||||||||||||||||
|
Total debt investments United States (cost $428,825)
|
$ | 436,238 | $ | 428,825 | 133.7 | % | $ | 427,847 | ||||||||||||||||||
|
Fair Value as a percentage of Principal Amount
|
98.1 | % | ||||||||||||||||||||||||
|
Spread
|
Principal
|
Percentage
|
|||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Amount / |
of Total
|
Fair
|
|||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Shares
|
Cost
|
Net Assets
|
Value
|
||||||||||||||||||
|
Equity investments
|
|||||||||||||||||||||||||
|
Aerospace and Defense
|
|||||||||||||||||||||||||
|
Whitcraft LLC
|
Common stock
|
N/A | N/A | N/A | 1 | $ | 670 | 0.2 | % | $ | 670 | ||||||||||||||
|
Whitcraft LLC
|
Warrant
|
N/A | N/A | N/A | - | - | - | 117 | |||||||||||||||||
| 670 | 0.2 | 787 | |||||||||||||||||||||||
|
Beverage, Food and Tobacco
|
|||||||||||||||||||||||||
|
Atkins Nutrionals, Inc.
|
LLC interest
|
N/A | N/A | N/A | 57 | 838 | 0.3 | 838 | |||||||||||||||||
|
Richelieu Foods, Inc.
|
LP interest
|
N/A | N/A | N/A | 220 | 220 | 0.1 | 220 | |||||||||||||||||
| 1,058 | 0.4 | 1,058 | |||||||||||||||||||||||
|
Diversified Conglomerate Manufacturing
|
|||||||||||||||||||||||||
|
Neptco Inc.
|
Warrant
|
N/A | N/A | N/A | - | - | - | - | |||||||||||||||||
|
Healthcare, Education and Childcare
|
|||||||||||||||||||||||||
|
Advanced Pain Management Holdings, Inc.
|
Common stock
|
N/A | N/A | N/A | 67 | 67 | - | 67 | |||||||||||||||||
|
Advanced Pain Management Holdings, Inc.
|
Preferred stock
|
N/A | N/A | N/A | 13 | 1,273 | 0.4 | 1,273 | |||||||||||||||||
|
G & H Wire Company, Inc
|
LP Interest
|
N/A | N/A | N/A | - | 102 | - | 102 | |||||||||||||||||
|
Hospitalists Management Group, LLC
|
Common stock
|
N/A | N/A | N/A | - | 37 | - | 37 | |||||||||||||||||
|
NeuroTherm, Inc.
|
Common stock
|
N/A | N/A | N/A | 1 | 568 | 0.2 | 568 | |||||||||||||||||
|
Reliant Pro ReHab, LLC
|
Preferred stock
|
N/A | N/A | N/A | 2 | 264 | 0.1 | 264 | |||||||||||||||||
|
Surgical Information Systems, LLC
|
Common stock
|
N/A | N/A | N/A | 4 | 414 | 0.1 | 414 | |||||||||||||||||
| 2,725 | 0.8 | 2,725 | |||||||||||||||||||||||
|
Home and Office Furnishings,
|
|||||||||||||||||||||||||
|
Housewares, and Durable Consumer
|
|||||||||||||||||||||||||
|
Top Knobs USA, Inc.
|
Common stock
|
N/A | N/A | N/A | 3 | 73 | - | 73 | |||||||||||||||||
|
Personal and Non-Durable Consumer
|
|||||||||||||||||||||||||
|
Products
|
|||||||||||||||||||||||||
|
Strategic Partners, Inc.
|
LLC interest
|
N/A | N/A | N/A | 169 | 1,691 | 0.5 | 1,691 | |||||||||||||||||
|
Retail Stores
|
|||||||||||||||||||||||||
|
Rubio's Restaurants, Inc.
|
Preferred stock
|
N/A | N/A | N/A | 199 | 945 | 0.3 | 945 | |||||||||||||||||
|
Vision Source L.P.
|
Common stock
|
N/A | N/A | N/A | 9 | 937 | 0.3 | 937 | |||||||||||||||||
| 1,882 | 0.6 | 1,882 | |||||||||||||||||||||||
|
Total equity investments United States (cost $8,099)
|
$ | 8,099 | 2.5 | % | $ | 8,216 | |||||||||||||||||||
|
Total Return Swap (Note 7)
|
Total return swap
|
N/A | N/A | 06/2014 | N/A | $ | - | (0.2 | ) % | $ | (262 | ) | |||||||||||||
|
Total United States (cost $436,924)
|
$ | 436,924 | 136.0 | % | $ | 435,801 | |||||||||||||||||||
|
Total investments (cost $439,661)
|
$ | 439,661 | 136.8 | % | $ | 438,593 | |||||||||||||||||||
|
(1)
|
The majority of the investments bear interest at a rate that may be determined by reference to LIBOR "L" or Prime "P" and which reset daily, quarterly or semiannually. For each we have provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at June 30, 2011. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
|
|
(2)
|
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect at June 30, 2011.
|
|
(3)
|
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
|
|
(4)
|
The entire commitment was unfunded at June 30, 2011. As such, no interest is being earned on this investment.
|
|
(5)
|
Loan was on non-accrual status as of June 30, 2011, meaning that the Company has ceased recognizing interest income on the loan.
|
|
(6)
|
A portion of the interest may be deferred through a payment-in-kind ("PIK") rate option.
|
| Spread |
Percentage
|
|||||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Principal
|
of
|
Fair
|
||||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Amount
|
Cost
|
Net Assets
|
Value
|
|||||||||||||||||||
|
Investments, at fair value
|
||||||||||||||||||||||||||
|
Canada
|
||||||||||||||||||||||||||
|
Debt investments
|
||||||||||||||||||||||||||
|
Diversified Conglomerate Service
|
||||||||||||||||||||||||||
|
Open Text Corporation*
|
Senior loan
|
L + 2.25% | 2.51 | % | 10/2013 | $ | 1,310 | $ | 1,146 | 0.5 | % | $ | 1,297 | |||||||||||||
|
Leisure, Amusement, Motion Pictures,
|
||||||||||||||||||||||||||
|
Entertainment
|
||||||||||||||||||||||||||
|
Extreme Fitness, Inc.*
|
Senior loan
|
L + 7.50% | 11.50 | % | 03/2012 | 4,649 | 4,649 | 1.8 | 4,649 | |||||||||||||||||
|
Total Canada (cost $5,795)
|
$ | 5,959 | $ | 5,795 | 2.3 | % | $ | 5,946 | ||||||||||||||||||
|
Fair Value as percentage of Principal Amount
|
99.8 | % | ||||||||||||||||||||||||
|
United States
|
||||||||||||||||||||||||||
|
Debt investments
|
||||||||||||||||||||||||||
|
Aerospace and Defense
|
||||||||||||||||||||||||||
|
Thermal Solutions LLC*
|
Senior loan
|
L + 4.75% | 6.00 | % | 03/2011 | $ | 38 | $ | 38 | - | % | $ | 38 | |||||||||||||
|
Thermal Solutions LLC*
|
Senior loan
|
L + 5.25% | 7.50 | % | 03/2012 | 1,875 | 1,864 | 0.7 | 1,818 | |||||||||||||||||
| 1,913 | 1,902 | 0.7 | 1,856 | |||||||||||||||||||||||
|
Automobile
|
||||||||||||||||||||||||||
|
CLP Auto Interior Corporation*
|
Senior loan
|
L + 4.75% | 5.01 | % | 06/2013 | 3,223 | 3,223 | 1.2 | 3,126 | |||||||||||||||||
|
Dealer Computer Services, Inc.*
|
Senior loan
|
L + 3.50% | 5.25 | % | 04/2017 | 2,414 | 2,402 | 0.9 | 2,420 | |||||||||||||||||
|
Driven Brands, Inc.*
|
Senior loan
|
L + 5.00% | 6.53 | % | 10/2014 | 5,944 | 5,944 | 2.3 | 5,944 | |||||||||||||||||
| 11,581 | 11,569 | 4.4 | 11,490 | |||||||||||||||||||||||
|
Banking
|
||||||||||||||||||||||||||
|
Bonddesk Group LLC*
|
Senior loan
|
L + 3.00% | 3.26 | % | 08/2012 | 1,884 | 1,827 | 0.7 | 1,847 | |||||||||||||||||
|
Prommis Solutions Inc.*
|
Senior loan
|
L + 2.75% | 3.05 | % | 02/2013 | 1,519 | 1,519 | 0.5 | 1,474 | |||||||||||||||||
| 3,403 | 3,346 | 1.2 | 3,321 | |||||||||||||||||||||||
|
Beverage, Food and Tobacco
|
||||||||||||||||||||||||||
|
Lone Star Beef Processors, L.P.*
|
Senior loan
|
L + 4.00% | 4.75 | % | 05/2013 | 3,580 | 3,559 | 1.4 | 3,580 | |||||||||||||||||
|
ABP Corporation*
|
Senior loan
|
L + 4.50% | 8.50 | % | 02/2013 | 2,322 | 2,282 | 0.9 | 2,322 | |||||||||||||||||
|
Bertucci's Corporation*
|
Senior loan
|
L + 9.00% | 12.00 | % | 07/2012 | 1,964 | 1,915 | 0.8 | 1,964 | |||||||||||||||||
|
CTI Foods Holding Co., LLC
|
Senior loan
|
L + 4.00% | 6.00 | % | 06/2015 | 893 | 885 | 0.3 | 871 | |||||||||||||||||
| 8,759 | 8,641 | 3.4 | 8,737 | |||||||||||||||||||||||
|
Building and Real Estate
|
||||||||||||||||||||||||||
|
American Fire Protection Group, Inc.
(5)
|
Senior loan
|
L + 6.75% | 9.00 | % | 06/2011 | 4,422 | 4,346 | 1.2 | 3,095 | |||||||||||||||||
|
Architectural Testing, Inc.*
|
Senior loan
|
L + 6.50% | 9.50 | % | 05/2013 | 6,497 | 6,497 | 2.5 | 6,497 | |||||||||||||||||
|
Infiltrator Systems, Inc.*
|
Senior loan
|
L + 5.50% | 8.50 | % | 09/2012 | 7,819 | 7,505 | 2.9 | 7,507 | |||||||||||||||||
|
ITEL Laboratories, Inc.*
|
Senior loan
|
L + 6.75% | 9.75 | % | 03/2014 | 7,826 | 7,764 | 3.0 | 7,826 | |||||||||||||||||
|
ASP PDM Acquisition Co. LLC*
|
Senior loan
|
L + 2.75% | 3.35 | % | 12/2013 | 608 | 570 | 0.2 | 560 | |||||||||||||||||
|
Best Lighting Products, Inc.*
|
Senior loan
|
L + 8.00% | 10.00 | % | 08/2012 | 2,432 | 2,370 | 0.9 | 2,432 | |||||||||||||||||
|
KHKI Acquisition, Inc.
|
Senior loan
|
L + 6.00% | 8.50 | % | 03/2012 | 343 | 342 | 0.1 | 332 | |||||||||||||||||
|
KHKI Acquisition, Inc.
|
Senior loan
|
L + 6.00% | 8.50 | % | 03/2013 | 2,600 | 2,596 | 0.8 | 2,080 | |||||||||||||||||
|
Tecta America Corp.
|
Senior loan
|
L + 5.75% | 6.58 | % | 12/2011 | 2,864 | 2,864 | 0.7 | 1,904 | |||||||||||||||||
| 35,411 | 34,854 | 12.3 | 32,233 | |||||||||||||||||||||||
|
Cargo Transport
|
||||||||||||||||||||||||||
|
The Kenan Advantage Group, Inc.
|
Senior loan
|
L + 4.50% | 3.59 | % | 06/2016 | 244 | 233 | 0.1 | 248 | |||||||||||||||||
|
The Kenan Advantage Group, Inc.*
|
Senior loan
|
L + 4.50% | 6.25 | % | 06/2016 | 3,327 | 3,262 | 1.3 | 3,351 | |||||||||||||||||
|
Peco Pallet, Inc.*
|
Senior loan
|
L + 3.75% | 4.01 | % | 06/2013 | 3,978 | 3,835 | 1.5 | 3,939 | |||||||||||||||||
| 7,549 | 7,330 | 2.9 | 7,538 | |||||||||||||||||||||||
|
Chemicals, Plastics and Rubber
|
||||||||||||||||||||||||||
|
Celanese Holdings LLC*
|
Senior loan
|
L + 3.00% | 3.53 | % | 10/2016 | 693 | 598 | 0.3 | 682 | |||||||||||||||||
|
Styron S.A.R.L.*
|
Senior loan
|
L + 5.75% | 7.50 | % | 06/2016 | 1,481 | 1,502 | 0.6 | 1,505 | |||||||||||||||||
|
Syrgis Holdings, Inc.*
|
Senior loan
|
L + 5.50% | 7.75 | % | 08/2012 | 326 | 312 | 0.1 | 326 | |||||||||||||||||
|
Syrgis Holdings, Inc.*
|
Senior loan
|
L + 6.00% | 8.25 | % | 08/2013 | 864 | 821 | 0.3 | 864 | |||||||||||||||||
|
Syrgis Holdings, Inc.*
|
Senior loan
|
L + 8.50% | 10.75 | % | 02/2014 | 474 | 449 | 0.2 | 474 | |||||||||||||||||
| 3,838 | 3,682 | 1.5 | 3,851 | |||||||||||||||||||||||
| Spread |
Percentage
|
|||||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Principal
|
of Total
|
Fair
|
||||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Amount
|
Cost
|
Net Assets
|
Value
|
|||||||||||||||||||
|
Containers, Packaging and Glass
|
||||||||||||||||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 5.00% | 6.86 | % | 08/2015 | $ | 102 | $ | 100 | - | % | $ | 102 | |||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 5.50% | 7.37 | % | 08/2016 | 227 | 222 | 0.1 | 227 | |||||||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 5.00% | 6.75 | % | 08/2015 | 1,553 | 1,523 | 0.6 | 1,553 | |||||||||||||||||
|
Fort Dearborn Company*
|
Senior loan
|
L + 5.50% | 7.25 | % | 08/2016 | 3,291 | 3,226 | 1.3 | 3,291 | |||||||||||||||||
|
Pelican Products, Inc.*
|
Senior loan
|
L + 5.00% | 7.75 | % | 01/2013 | 77 | 72 | - | 77 | |||||||||||||||||
|
Pelican Products, Inc.*
|
Senior loan
|
L + 5.00% | 7.75 | % | 01/2014 | 2,861 | 2,647 | 1.1 | 2,861 | |||||||||||||||||
|
Industrial Container Services, LLC*
|
Senior loan
|
L + 4.00% | 4.53 | % | 09/2011 | 754 | 743 | 0.3 | 754 | |||||||||||||||||
| 8,865 | 8,533 | 3.4 | 8,865 | |||||||||||||||||||||||
|
Diversified Conglomerate Manufacturing
|
||||||||||||||||||||||||||
|
Neptco Inc.
|
Senior loan
|
L + 5.25% | 7.25 | % | 03/2013 | 4,317 | 4,166 | 1.4 | 3,669 | |||||||||||||||||
|
Pasternack Enterprises, Inc.*
|
Senior loan
|
L + 4.50% | 6.00 | % | 02/2014 | 4,779 | 4,646 | 1.8 | 4,779 | |||||||||||||||||
|
Vintage Parts, Inc.*
|
Senior loan
|
L + 5.50% | 5.79 | % | 12/2013 | 6,551 | 6,480 | 2.5 | 6,551 | |||||||||||||||||
|
Heat Transfer Parent, Inc.*
|
Senior loan
|
L + 3.00% | 3.26 | % | 06/2013 | 1,833 | 1,766 | 0.6 | 1,595 | |||||||||||||||||
| 17,480 | 17,058 | 6.3 | 16,594 | |||||||||||||||||||||||
|
Diversified Conglomerate Service
|
||||||||||||||||||||||||||
|
Benetech, Inc.*
|
Senior loan
|
L + 5.00% | 5.26 | % | 12/2013 | 8,845 | 8,562 | 3.3 | 8,668 | |||||||||||||||||
|
Compass Group Diversified Holdings, LLC*
|
Senior loan
|
L + 4.00% | 4.50 | % | 12/2013 | 4,566 | 4,566 | 1.8 | 4,566 | |||||||||||||||||
|
Cortz, Inc.*
|
Senior loan
|
L + 5.50% | 8.50 | % | 03/2014 | 6,540 | 6,493 | 2.5 | 6,540 | |||||||||||||||||
|
NS Holdings, Inc.*
|
Senior loan
|
L + 4.63% | 6.64 | % | 06/2015 | 2,238 | 2,194 | 0.9 | 2,238 | |||||||||||||||||
|
NS Holdings, Inc.*
(3)
|
Senior loan
|
L + 6.25% | N/A | (4) | 06/2015 | - | (8 | ) | - | - | ||||||||||||||||
|
Protection One, Inc.*
|
Senior loan
|
L + 4.25% | 6.00 | % | 06/2016 | 3,142 | 3,132 | 1.2 | 3,150 | |||||||||||||||||
|
Savvis Communications Corporation*
|
Senior loan
|
L + 5.00% | 6.75 | % | 08/2016 | 2,000 | 1,978 | 0.8 | 2,012 | |||||||||||||||||
|
The Service Companies, Inc.
|
Senior loan
|
L + 6.50% | 8.50 | % | 03/2014 | 5,792 | 5,676 | 2.2 | 5,792 | |||||||||||||||||
| 33,123 | 32,593 | 12.7 | 32,966 | |||||||||||||||||||||||
|
Diversified Natural Resources, Precious
|
||||||||||||||||||||||||||
|
Metals, and Minerals
|
||||||||||||||||||||||||||
|
Metal Spinners, Inc.*
|
Senior loan
|
L + 7.00% | 10.00 | % | 12/2014 | 2,284 | 2,202 | 0.9 | 2,284 | |||||||||||||||||
|
Metal Spinners, Inc.*
(6)
|
Senior loan
|
L + 8.00% | 11.00 | % | 12/2014 | 3,085 | 2,979 | 1.1 | 2,900 | |||||||||||||||||
|
Virginia Explosives & Drilling Company, Inc.
|
Senior loan
|
L + 7.00% | 10.50 | % | 05/2011 | 170 | 162 | 0.1 | 170 | |||||||||||||||||
|
Virginia Explosives & Drilling Company, Inc.
|
Senior loan
|
L + 7.00% | 10.50 | % | 10/2011 | 2,852 | 2,739 | 1.0 | 2,709 | |||||||||||||||||
| 8,391 | 8,082 | 3.1 | 8,063 | |||||||||||||||||||||||
|
Electronics
|
||||||||||||||||||||||||||
|
Cape Electrical Supply LLC*
|
Senior loan
|
L + 5.75% | 6.75 | % | 11/2013 | 2,435 | 2,300 | 0.9 | 2,386 | |||||||||||||||||
|
The Sloan Company, Inc.*
(6)
|
Second lien loan
|
L + 7.00% | 7.26 | % | 10/2012 | 2,442 | 2,430 | 0.9 | 2,442 | |||||||||||||||||
|
Syncsort Incorporated
(3)
|
Senior loan
|
L + 5.50% | N/A | (4) | 03/2015 | - | (8 | ) | - | - | ||||||||||||||||
|
Syncsort Incorporated
|
Senior loan
|
L + 5.50% | 7.50 | % | 03/2015 | 9,875 | 9,658 | 3.8 | 9,875 | |||||||||||||||||
| 14,752 | 14,380 | 5.6 | 14,703 | |||||||||||||||||||||||
|
Finance
|
||||||||||||||||||||||||||
|
Nuveen Investments, Inc.*
|
Senior loan
|
L + 3.00% | 3.29 | % | 11/2014 | 3,000 | 2,685 | 1.0 | 2,705 | |||||||||||||||||
|
eVestment Alliance Holdings, LLC*
|
Senior loan
|
L + 6.50% | 9.50 | % | 05/2014 | 7,128 | 7,013 | 2.7 | 7,128 | |||||||||||||||||
|
Pillar Processing LLC*
|
Senior loan
|
L + 5.50% | 5.79 | % | 11/2013 | 6,216 | 6,196 | 2.4 | 6,216 | |||||||||||||||||
|
Pillar Processing LLC*
|
Senior loan
|
N/A | 14.50 | % | 05/2014 | 3,125 | 3,125 | 1.2 | 3,125 | |||||||||||||||||
|
Wall Street Systems Holdings, Inc.*
|
Senior loan
|
L + 5.00% | 8.00 | % | 05/2013 | 7,875 | 7,875 | 3.0 | 7,875 | |||||||||||||||||
| 27,344 | 26,894 | 10.3 | 27,049 | |||||||||||||||||||||||
|
Grocery
|
||||||||||||||||||||||||||
|
JRD Holdings, Inc. *
|
Senior loan
|
L + 2.25% | 2.51 | % | 07/2014 | 1,241 | 1,097 | 0.5 | 1,195 | |||||||||||||||||
| Spread |
Percentage
|
|||||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Principal
|
of Total
|
Fair
|
||||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Amount
|
Cost
|
Net Assets
|
Value
|
|||||||||||||||||||
|
Healthcare, Education and Childcare
|
||||||||||||||||||||||||||
|
ADG, LLC
|
Senior loan
|
L + 5.75% | 7.78 | % | 05/2013 | $ | 3,701 | $ | 3,652 | 1.4 | % | $ | 3,701 | |||||||||||||
|
ADG, LLC
(3)
|
Senior loan
|
L + 5.75% | N/A | (4) | 05/2013 | - | (10 | ) | - | - | ||||||||||||||||
|
Campus Management Acquisition Corp.
|
Senior loan
|
L + 5.65% | 7.40 | % | 09/2015 | 5,595 | 5,483 | 2.1 | 5,595 | |||||||||||||||||
|
CHS/Community Health Systems *
|
Senior loan
|
L + 2.25% | 2.55 | % | 07/2014 | 773 | 763 | 0.3 | 734 | |||||||||||||||||
|
Community Hospices of America, Inc.*
|
Senior loan
|
L + 5.00% | 8.00 | % | 01/2011 | 990 | 985 | 0.4 | 990 | |||||||||||||||||
|
Community Hospices of America, Inc.*
(6)
|
Second lien loan
|
L + 11.75% | 13.75 | % | 04/2011 | 4,865 | 4,846 | 1.9 | 4,865 | |||||||||||||||||
|
DaVita, Inc.*
|
Senior loan
|
L + 1.50% | 1.76 | % | 10/2012 | 5,000 | 4,646 | 1.9 | 4,989 | |||||||||||||||||
|
DDC Center Inc.*
|
Senior loan
|
L + 6.50% | 9.50 | % | 10/2014 | 9,652 | 9,652 | 3.3 | 8,687 | |||||||||||||||||
|
Delta Educational Systems, Inc.*
|
Senior loan
|
L + 4.00% | 6.00 | % | 06/2012 | 4,140 | 3,997 | 1.6 | 4,140 | |||||||||||||||||
|
Den-Mat Holdings, LLC
(6)
|
Senior loan
|
L + 7.50% | 8.50 | % | 06/2014 | 3,287 | 3,195 | 0.6 | 1,643 | |||||||||||||||||
|
Excelligence Learning Corporation*
|
Second lien loan
|
L + 7.00% | 7.26 | % | 11/2013 | 1,600 | 1,539 | 0.6 | 1,584 | |||||||||||||||||
|
The Hygenic Corporation*
|
Senior loan
|
L + 2.50% | 2.80 | % | 04/2013 | 2,483 | 2,425 | 0.9 | 2,384 | |||||||||||||||||
|
Integrated DNA Technologies, Inc.
(6)
|
Subordinated debt
|
N/A | 14.00 | % | 04/2015 | 3,800 | 3,737 | 1.5 | 3,800 | |||||||||||||||||
|
Integrated DNA Technologies, Inc.
(3)
|
Subordinated debt
|
N/A | N/A | (4) | 04/2015 | - | (14 | ) | - | - | ||||||||||||||||
|
ReachOut Healthcare America Ltd*
|
Senior loan
|
L + 5.00% | 8.00 | % | 08/2013 | 6,242 | 6,226 | 2.4 | 6,242 | |||||||||||||||||
|
Renal Advantage Holdings, Inc.*
|
Senior loan
|
L + 4.50% | 6.00 | % | 06/2016 | 1,000 | 1,005 | 0.4 | 1,006 | |||||||||||||||||
|
Sterilmed, Inc.
|
Senior loan
|
L + 6.25% | 7.75 | % | 07/2016 | 3,139 | 3,077 | 1.2 | 3,139 | |||||||||||||||||
|
Sterilmed, Inc.
(3)
|
Senior loan
|
L + 6.25% | N/A | (4) | 07/2015 | - | (9 | ) | - | - | ||||||||||||||||
|
TIDI Products, LLC
|
Senior loan
|
L + 5.00% | 6.50 | % | 05/2015 | 2,608 | 2,560 | 1.0 | 2,608 | |||||||||||||||||
|
TIDI Products, LLC
(3)
|
Senior loan
|
L + 5.00% | N/A | (4) | 05/2015 | - | (6 | ) | - | - | ||||||||||||||||
|
United Surgical Partners International, Inc.*
|
Senior loan
|
L + 2.00% | 2.26 | % | 04/2014 | 1,529 | 1,529 | 0.6 | 1,450 | |||||||||||||||||
|
Universal Health Services, Inc.*
|
Senior loan
|
L + 4.00% | 5.50 | % | 11/2016 | 1,664 | 1,639 | 0.6 | 1,675 | |||||||||||||||||
|
Warner Chilcott Corporation*
|
Senior loan
|
L + 4.25% | 6.50 | % | 02/2016 | 1,510 | 1,495 | 0.6 | 1,519 | |||||||||||||||||
|
Warner Chilcott Corporation*
|
Senior loan
|
L + 4.25% | 6.50 | % | 02/2016 | 490 | 485 | 0.2 | 493 | |||||||||||||||||
| 64,068 | 62,897 | 23.5 | 61,244 | |||||||||||||||||||||||
|
Home and Office Furnishings,
|
||||||||||||||||||||||||||
|
Housewares, and Durable Consumer
|
||||||||||||||||||||||||||
|
Top Knobs USA, Inc.*
|
Senior loan
|
L + 6.25% | 8.25 | % | 02/2014 | 2,751 | 2,669 | 1.0 | 2,724 | |||||||||||||||||
|
Zenith Products Corporation*
|
Senior loan
|
L + 5.00% | 5.49 | % | 09/2013 | 4,878 | 4,787 | 1.8 | 4,732 | |||||||||||||||||
| 7,629 | 7,456 | 2.8 | 7,456 | |||||||||||||||||||||||
|
Leisure, Amusement, Motion Pictures
|
||||||||||||||||||||||||||
|
and Entertainment
|
||||||||||||||||||||||||||
|
Competitor Group, Inc.
|
Senior loan
|
L + 7.50% | 9.50 | % | 09/2015 | 81 | 58 | - | 81 | |||||||||||||||||
|
Competitor Group, Inc.
(3)
|
Senior loans
|
L + 7.50% | N/A | (4) | 03/2012 | - | (114 | ) | - | - | ||||||||||||||||
|
Competitor Group, Inc.*
|
Senior loan
|
L + 7.50% | 9.50 | % | 09/2015 | 8,395 | 8,189 | 3.2 | 8,395 | |||||||||||||||||
|
Octane Fitness, LLC*
|
Senior loan
|
L + 4.60% | 5.11 | % | 03/2013 | 4,675 | 4,541 | 1.7 | 4,442 | |||||||||||||||||
|
Optronics Product Company, Inc.*
|
Senior loan
|
L + 3.75% | 5.75 | % | 12/2012 | 176 | 168 | 0.1 | 176 | |||||||||||||||||
|
Optronics Product Company, Inc.*
|
Second lien loan
|
L + 7.25% | 8.25 | % | 12/2013 | 2,489 | 2,377 | 1.0 | 2,489 | |||||||||||||||||
|
Premier Yachts, Inc.*
|
Senior loan
|
L + 3.75% | 4.01 | % | 08/2012 | 1,037 | 994 | 0.4 | 1,026 | |||||||||||||||||
|
Premier Yachts, Inc.*
|
Senior loan
|
L + 7.00% | 7.26 | % | 08/2013 | 568 | 547 | 0.2 | 568 | |||||||||||||||||
|
Regal Cinemas Corporation*
|
Senior loan
|
L + 3.50% | 3.79 | % | 11/2016 | 1,493 | 1,289 | 0.6 | 1,487 | |||||||||||||||||
| 18,914 | 18,049 | 7.2 | 18,664 | |||||||||||||||||||||||
|
Oil and Gas
|
||||||||||||||||||||||||||
|
Tri-County Petroleum, Inc.*
|
Senior loan
|
L + 4.25% | 4.52 | % | 08/2013 | 3,666 | 3,576 | 1.4 | 3,629 | |||||||||||||||||
|
Personal and Non-Durable Consumer
|
||||||||||||||||||||||||||
|
Products
|
||||||||||||||||||||||||||
|
Dr. Miracles, Inc.*
|
Senior loan
|
L + 5.50% | 8.00 | % | 03/2014 | 3,766 | 3,723 | 1.4 | 3,766 | |||||||||||||||||
|
Strategic Partners, Inc.
(6)
|
Subordinated debt
|
N/A | 14.00 | % | 02/2017 | 9,636 | 9,367 | 3.7 | 9,635 | |||||||||||||||||
| 13,402 | 13,090 | 5.1 | 13,401 | |||||||||||||||||||||||
|
Personal, Food and Miscellaneous
|
||||||||||||||||||||||||||
|
Services
|
||||||||||||||||||||||||||
|
Aramark Corporation*
|
Senior loan
|
L + 0.00% | 0.11 | % | 01/2014 | 64 | 55 | - | 61 | |||||||||||||||||
|
Aramark Corporation*
|
Senior loan
|
L + 0.00% | 0.11 | % | 07/2016 | 115 | 98 | - | 113 | |||||||||||||||||
|
Aramark Corporation*
|
Senior loan
|
L + 3.25% | 3.54 | % | 07/2016 | 1,752 | 1,490 | 0.7 | 1,722 | |||||||||||||||||
|
Aramark Corporation*
|
Senior loan
|
L + 1.88% | 2.16 | % | 01/2014 | 794 | 682 | 0.3 | 758 | |||||||||||||||||
|
Focus Brands, Inc.*
|
Senior loan
|
L + 5.00% | 5.29 | % | 03/2011 | 4,952 | 4,905 | 1.9 | 4,951 | |||||||||||||||||
| 7,677 | 7,230 | 2.9 | 7,605 | |||||||||||||||||||||||
| Spread |
Principal
|
Percentage
|
||||||||||||||||||||||||
|
Investment
|
Above
|
Interest
|
Maturity
|
Amount / |
of Total
|
Fair
|
||||||||||||||||||||
|
Type
|
Index
(1)
|
Rate
(2)
|
Date
|
Shares
|
Cost
|
Net Assets
|
Value
|
|||||||||||||||||||
|
Printing and Publishing
|
||||||||||||||||||||||||||
|
Monotype Imaging, Inc.*
|
Senior loan
|
L + 3.75% | 4.01 | % | 07/2012 | $ | 1,378 | $ | 1,323 | 0.5 | % | $ | 1,379 | |||||||||||||
|
Trade Service Company, LLC*
(6)
|
Senior loan
|
N/A | 14.00 | % | 01/2013 | 2,085 | 2,026 | 0.8 | 2,084 | |||||||||||||||||
| 3,463 | 3,349 | 1.3 | 3,463 | |||||||||||||||||||||||
|
Retail Stores
|
||||||||||||||||||||||||||
|
Container Store, Inc.*
|
Senior loan
|
L + 3.00% | 3.32 | % | 08/2014 | 6,794 | 6,329 | 2.4 | 6,251 | |||||||||||||||||
|
Fasteners for Retail, Inc.*
|
Senior loan
|
L + 3.50% | 4.83 | % | 12/2012 | 1,964 | 1,844 | 0.7 | 1,884 | |||||||||||||||||
|
IL Fornaio (America) Corporation*
|
Senior loan
|
L + 3.00% | 3.30 | % | 03/2013 | 4,768 | 4,490 | 1.7 | 4,434 | |||||||||||||||||
|
The Marshall Retail Group, LLC*
|
Senior loan
|
L + 4.50% | 7.25 | % | 04/2013 | 3,103 | 2,988 | 1.2 | 3,103 | |||||||||||||||||
|
The Marshall Retail Group, LLC*
|
Senior loan
|
L + 6.50% | 9.25 | % | 04/2013 | 2,100 | 2,039 | 0.8 | 2,100 | |||||||||||||||||
|
Rubio's Restaurants, Inc.*
|
Senior loan
|
L + 7.00% | 8.75 | % | 06/2015 | 9,738 | 9,539 | 3.7 | 9,738 | |||||||||||||||||
| 28,467 | 27,229 | 10.5 | 27,510 | |||||||||||||||||||||||
|
Telecommunications
|
||||||||||||||||||||||||||
|
MetroPCS Wireless, Inc.*
|
Senior loan
|
L + 2.25% | 2.56 | % | 11/2013 | 247 | 211 | 0.1 | 243 | |||||||||||||||||
|
MetroPCS Wireless, Inc.*
|
Senior loan
|
L + 3.50% | 3.81 | % | 11/2016 | 2,692 | 2,288 | 1.0 | 2,672 | |||||||||||||||||
|
Springboard Finance LLC*
|
Senior loan
|
L + 5.00% | 7.00 | % | 02/2015 | 1,997 | 1,984 | 0.8 | 2,009 | |||||||||||||||||
|
West Corporation
(3)
|
Senior loan
|
L + 2.00% | N/A | (4) | 10/2012 | - | (239 | ) | (0.3 | ) | (700 | ) | ||||||||||||||
| 4,936 | 4,244 | 1.6 | 4,224 | |||||||||||||||||||||||
|
Textiles and Leather
|
||||||||||||||||||||||||||
|
Gammill, Inc.*
|
Senior loan
|
L + 7.50% | 9.50 | % | 09/2011 | 415 | 409 | 0.2 | 415 | |||||||||||||||||
|
Gammill, Inc.*
|
Senior loan
|
L + 8.00% | 10.00 | % | 09/2012 | 4,285 | 4,193 | 1.6 | 4,284 | |||||||||||||||||
| 4,700 | 4,602 | 1.8 | 4,699 | |||||||||||||||||||||||
|
Utilities
|
||||||||||||||||||||||||||
|
Covanta Energy Corporation*
|
Senior loan
|
L + 0.00% | 0.43 | % | 02/2014 | 1,000 | 869 | 0.4 | 957 | |||||||||||||||||
|
Covanta Energy Corporation*
|
Senior loan
|
L + 1.50% | 2.00 | % | 02/2014 | 1,960 | 1,703 | 0.7 | 1,877 | |||||||||||||||||
|
Itron, Inc.*
|
Senior loan
|
L + 3.50% | 3.76 | % | 04/2014 | 875 | 793 | 0.3 | 876 | |||||||||||||||||
|
NRG Energy, Inc.*
|
Senior loan
|
L + 1.50% | 1.98 | % | 02/2013 | 2,223 | 2,057 | 0.9 | 2,221 | |||||||||||||||||
| 6,058 | 5,422 | 2.3 | 5,931 | |||||||||||||||||||||||
|
Total debt investments (cost $337,105)
|
$ | 346,630 | $ | 337,105 | 129.1 | % | $ | 336,287 | ||||||||||||||||||
|
Fair Value as a percentage of Principal Amount
|
97.0 | % | ||||||||||||||||||||||||
|
Equity investments
|
||||||||||||||||||||||||||
|
Personal and Non-Durable Consumer
|
||||||||||||||||||||||||||
|
Products
|
||||||||||||||||||||||||||
|
Strategic Partners, Inc.
|
LLC interest
|
N/A | N/A | N/A | 169 | $ | 1,691 | 0.6 | % | $ | 1,691 | |||||||||||||||
|
Retail Stores
|
||||||||||||||||||||||||||
|
Rubio's Restaurants, Inc.
|
Preferred stock
|
N/A | N/A | N/A | 199 | 945 | 0.4 | 945 | ||||||||||||||||||
|
Total equity investments (cost $2,636)
|
$ | 2,636 | 1.0 | % | $ | 2,636 | ||||||||||||||||||||
|
Total United States (cost $339,741)
|
$ | 339,741 | 130.1 | % | $ | 338,923 | ||||||||||||||||||||
|
Total investments (cost $345,536)
|
$ | 345,536 | 132.4 | % | $ | 344,869 | ||||||||||||||||||||
|
(1)
|
The majority of the investments bear interest at a rate that may be determined by reference to LIBOR "L" or Prime "P" and which reset daily, quarterly or semiannually. For each we have provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at September 30, 2010. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
|
|
(2)
|
For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect at September 30, 2010.
|
|
(3)
|
The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
|
|
(4)
|
The entire commitment was unfunded at September 30, 2010. As such, no interest is being earned on this investment.
|
|
(5)
|
Loan was on non-accrual status as of September 30, 2010, meaning that the Company has ceased recognizing interest income on the loan.
|
|
(6)
|
A portion of the interest may be deferred through a payment-in-kind ("PIK") rate option.
|
|
|
·
|
Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate;
|
|
|
·
|
100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter. This portion of the Company’s Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.5%) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Adviser with 20.0% of the Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 2.5% in any calendar quarter; and
|
|
|
·
|
20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter.
|
|
|
·
|
The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost base of such investment.
|
|
|
·
|
The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment.
|
|
|
·
|
The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment.
|
|
June 30, 2011
|
September 30, 2010
|
|||||||||||||||||||||||
|
Par
|
Cost
|
Fair Value
|
Par
|
Cost
|
Fair Value
|
|||||||||||||||||||
|
Senior secured
|
$ | 214,636 | $ | 211,155 | $ | 207,852 | $ | 235,826 | $ | 228,308 | $ | 227,048 | ||||||||||||
|
Unitranche
|
153,916 | 151,374 | 152,680 | 91,931 | 90,309 | 90,369 | ||||||||||||||||||
|
Second lien
(1)
|
23,769 | 23,290 | 23,769 | 11,396 | 11,192 | 11,380 | ||||||||||||||||||
|
Subordinated debt
|
46,709 | 45,743 | 46,338 | 13,436 | 13,091 | 13,436 | ||||||||||||||||||
|
Equity
|
N/A | 8,099 | 8,216 | N/A | 2,636 | 2,636 | ||||||||||||||||||
|
Total return swap
(2)
|
N/A | - | (262 | ) | N/A | - | - | |||||||||||||||||
|
Cash and cash equivalents
|
N/A | 44,117 | 44,117 | N/A | 61,219 | 61,219 | ||||||||||||||||||
|
Restricted cash and cash
equivalents
|
N/A | 29,279 | 29,279 | N/A | 31,771 | 31,771 | ||||||||||||||||||
|
Total
|
$ | 439,030 | $ | 513,057 | $ | 511,989 | $ | 352,589 | $ | 438,526 | $ | 437,859 | ||||||||||||
|
June 30, 2011
|
September 30, 2010
|
|||||||||||||||
|
Cost:
|
||||||||||||||||
|
United States
|
||||||||||||||||
|
Mid-Atlantic
|
$ | 74,895 | 17.0 | % | $ | 84,182 | 24.3 | % | ||||||||
|
Midwest
|
113,716 | 25.9 | 91,473 | 26.5 | ||||||||||||
|
West
|
68,378 | 15.6 | 66,670 | 19.3 | ||||||||||||
|
Southeast
|
76,059 | 17.3 | 63,180 | 18.3 | ||||||||||||
|
Southwest
|
71,241 | 16.2 | 24,551 | 7.1 | ||||||||||||
|
Northeast
|
32,635 | 7.4 | 9,685 | 2.8 | ||||||||||||
|
Canada
|
2,737 | 0.6 | 5,795 | 1.7 | ||||||||||||
|
Total
|
$ | 439,661 | 100.0 | % | $ | 345,536 | 100.0 | % | ||||||||
|
Fair Value:
|
||||||||||||||||
|
United States
|
||||||||||||||||
|
Mid-Atlantic
|
$ | 74,965 | 17.2 | % | $ | 85,412 | 24.7 | % | ||||||||
|
Midwest
|
113,694 | 25.9 | 89,516 | 26.0 | ||||||||||||
|
West
|
67,737 | 15.4 | 66,870 | 19.4 | ||||||||||||
|
Southeast
|
76,663 | 17.5 | 63,982 | 18.6 | ||||||||||||
|
Southwest
|
69,984 | 15.9 | 23,810 | 6.9 | ||||||||||||
|
Northeast
|
33,020 | 7.5 | 9,333 | 2.7 | ||||||||||||
|
Canada
|
2,792 | 0.6 | 5,946 | 1.7 | ||||||||||||
|
Total
|
$ | 438,855 | 100.0 | % | $ | 344,869 | 100.0 | % | ||||||||
|
June 30, 2011
|
September 30, 2010
|
|||||||||||||||
|
Cost:
|
||||||||||||||||
|
Aerospace and Defense
|
$ | 2,512 | 0.5 | % | $ | 1,902 | 0.6 | % | ||||||||
|
Automobile
|
8,635 | 2.0 | 11,569 | 3.3 | ||||||||||||
|
Banking
|
2,867 | 0.7 | 3,346 | 1.0 | ||||||||||||
|
Beverage, Food and Tobacco
|
22,524 | 5.1 | 8,641 | 2.5 | ||||||||||||
|
Buildings and Real Estate
|
30,570 | 7.0 | 34,854 | 10.1 | ||||||||||||
|
Cargo Transport
|
2,307 | 0.5 | 7,330 | 2.1 | ||||||||||||
|
Chemicals, Plastics and Rubber
|
14,143 | 3.2 | 3,682 | 1.0 | ||||||||||||
|
Containers, Packaging and Glass
|
4,955 | 1.1 | 8,533 | 2.5 | ||||||||||||
|
Diversified Conglomerate Manufacturing
|
25,838 | 5.9 | 17,058 | 4.9 | ||||||||||||
|
Diversified Conglomerate Service
|
38,309 | 8.7 | 33,739 | 9.8 | ||||||||||||
|
Diversified Natural Resources, Precious Metals and Minerals
|
4,776 | 1.1 | 8,082 | 2.3 | ||||||||||||
|
Electronics
|
36,583 | 8.3 | 14,380 | 4.2 | ||||||||||||
|
Finance
|
7,086 | 1.6 | 26,894 | 7.8 | ||||||||||||
|
Grocery
|
- | - | 1,097 | 0.3 | ||||||||||||
|
Healthcare, Education and Childcare
|
82,731 | 18.8 | 62,897 | 18.2 | ||||||||||||
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
9,879 | 2.2 | 7,456 | 2.2 | ||||||||||||
|
Leisure, Amusement, Motion Pictures and Entertainment
|
21,095 | 4.8 | 22,698 | 6.6 | ||||||||||||
|
Oil and Gas
|
16,528 | 3.8 | 3,576 | 1.0 | ||||||||||||
|
Personal and Non-Durable Consumer Products
|
22,891 | 5.2 | 14,781 | 4.2 | ||||||||||||
|
Personal Food and Miscellaneous Services
|
16,126 | 3.7 | 7,230 | 2.1 | ||||||||||||
|
Printing and Publishing
|
15,847 | 3.6 | 3,349 | 1.0 | ||||||||||||
|
Retail Stores
|
45,634 | 10.4 | 28,174 | 8.2 | ||||||||||||
|
Telecommunications
|
3,592 | 0.8 | 4,244 | 1.2 | ||||||||||||
|
Textiles and Leather
|
4,233 | 1.0 | 4,602 | 1.3 | ||||||||||||
|
Utilities
|
- | - | 5,422 | 1.6 | ||||||||||||
|
Total
|
$ | 439,661 | 100.0 | % | $ | 345,536 | 100.0 | % | ||||||||
|
Fair Value:
|
||||||||||||||||
|
Aerospace and Defense
|
$ | 2,664 | 0.7 | % | $ | 1,856 | 0.5 | % | ||||||||
|
Automobile
|
8,477 | 2.0 | 11,490 | 3.3 | ||||||||||||
|
Banking
|
2,588 | 0.6 | 3,321 | 1.0 | ||||||||||||
|
Beverage, Food and Tobacco
|
22,786 | 5.2 | 8,737 | 2.5 | ||||||||||||
|
Buildings and Real Estate
|
28,299 | 6.5 | 32,233 | 9.3 | ||||||||||||
|
Cargo Transport
|
2,306 | 0.6 | 7,538 | 2.2 | ||||||||||||
|
Chemicals, Plastics and Rubber
|
14,225 | 3.2 | 3,851 | 1.1 | ||||||||||||
|
Containers, Packaging and Glass
|
5,038 | 1.1 | 8,865 | 2.6 | ||||||||||||
|
Diversified Conglomerate Manufacturing
|
25,616 | 5.8 | 16,594 | 4.8 | ||||||||||||
|
Diversified Conglomerate Service
|
38,721 | 8.8 | 34,263 | 9.9 | ||||||||||||
|
Diversified Natural Resources, Precious Metals and Minerals
|
4,915 | 1.1 | 8,063 | 2.3 | ||||||||||||
|
Electronics
|
36,949 | 8.4 | 14,703 | 4.3 | ||||||||||||
|
Finance
|
6,740 | 1.5 | 27,049 | 7.8 | ||||||||||||
|
Grocery
|
- | - | 1,195 | 0.3 | ||||||||||||
|
Healthcare, Education and Childcare
|
81,785 | 18.6 | 61,244 | 17.8 | ||||||||||||
|
Home and Office Furnishings, Housewares, and Durable Consumer
|
9,981 | 2.3 | 7,456 | 2.2 | ||||||||||||
|
Leisure, Amusement, Motion Pictures and Entertainment
|
21,552 | 4.9 | 23,313 | 6.8 | ||||||||||||
|
Oil and Gas
|
16,585 | 3.8 | 3,629 | 1.1 | ||||||||||||
|
Personal and Non-Durable Consumer Products
|
23,016 | 5.2 | 15,092 | 4.4 | ||||||||||||
|
Personal, Food and Miscellaneous Services
|
16,388 | 3.7 | 7,605 | 2.2 | ||||||||||||
|
Printing and Publishing
|
16,121 | 3.7 | 3,463 | 1.0 | ||||||||||||
|
Retail Stores
|
46,270 | 10.5 | 28,455 | 8.3 | ||||||||||||
|
Telecommunications
|
3,545 | 0.8 | 4,224 | 1.2 | ||||||||||||
|
Textiles and Leather
|
4,288 | 1.0 | 4,699 | 1.4 | ||||||||||||
|
Utilities
|
- | - | 5,931 | 1.7 | ||||||||||||
|
Total
|
$ | 438,855 | 100.0 | % | $ | 344,869 | 100.0 | % | ||||||||
|
As of June 30, 2011:
|
Fair Value Measurements Using
|
|||||||||||||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Debt investments
|
$ | - | $ | - | $ | 430,639 | $ | 430,639 | ||||||||
|
Equity investments
|
- | - | 8,216 | 8,216 | ||||||||||||
|
Total return swap
(1)
|
- | - | (262 | ) | (262 | ) | ||||||||||
|
Money market account
(2)
|
68,518 | - | - | 68,518 | ||||||||||||
| $ | 68,518 | $ | - | $ | 438,593 | $ | 507,111 | |||||||||
|
As of September 30, 2010:
|
Fair Value Measurements Using
|
|||||||||||||||
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Assets:
|
||||||||||||||||
|
Debt investments
|
$ | - | $ | - | $ | 342,233 | $ | 342,233 | ||||||||
|
Equity investments
|
- | - | 2,636 | 2,636 | ||||||||||||
|
Commercial paper debt securities
(2)
|
- | 86,235 | - | 86,235 | ||||||||||||
|
Money market account
(2)
|
512 | - | - | 512 | ||||||||||||
| $ | 512 | $ | 86,235 | $ | 344,869 | $ | 431,616 | |||||||||
|
(1)
|
Refer to Note 7 for additional disclosures.
|
|
(2)
|
Included in cash and cash equivalents and restricted cash and cash equivalents on the consolidated statements of
financial condition.
|
|
Nine months ended June 30, 2011
|
||||||||||||||||
|
Debt Investments
|
Equity Investments
|
Total return swap
(1)
|
Total
|
|||||||||||||
|
Fair value, beginning of period
|
$ | 342,233 | $ | 2,636 | $ | - | $ | 344,869 | ||||||||
|
Net change in unrealized (depreciation) appreciation
on investments
|
141 | 117 | (262 | ) | (4 | ) | ||||||||||
|
Realized gain on investments
|
1,997 | - | - | 1,997 | ||||||||||||
|
Fundings of revolving loans, net
|
1,696 | - | - | 1,696 | ||||||||||||
|
Fundings of investments
|
269,369 | 5,463 | - | 274,832 | ||||||||||||
|
Proceeds from principal payments and sales of portfolio
investments
|
(188,943 | ) | - | - | (188,943 | ) | ||||||||||
|
Amortization of discount and premium
|
4,146 | - | - | 4,146 | ||||||||||||
|
Fair value, end of period
|
$ | 430,639 | $ | 8,216 | $ | (262 | ) | $ | 438,593 | |||||||
|
(1)
|
Refer to Note 7 for additional disclosures.
|
|
As of June 30, 2011
|
As of September 30, 2010
|
|||||||||||||||
|
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
|||||||||||||
|
Debt
|
$ | 222,300 | $ | 225,261 | $ | 174,000 | $ | 174,000 | ||||||||
|
Description
|
Class A Notes
|
|
|
Type
|
Senior Secured Floating Rate
|
|
|
Amount Outstanding
|
$174,000
|
|
|
Moody's Rating
|
“Aaa”
|
|
|
S&P Rating
|
“AAA”
|
|
|
Interest Rate
|
LIBOR + 2.40%
|
|
|
Stated Maturity
|
July 20, 2021
|
|
Payments Due by Period (In thousands)
|
||||||||||||||||||||
|
Less Than
|
More Than
|
|||||||||||||||||||
|
Total
|
1 Year
|
1-3 Years
|
3-5 Years
|
5 Years
|
||||||||||||||||
|
Debt Securitization
|
$ | 174,000 | $ | - | $ | - | $ | - | $ | 174,000 | ||||||||||
|
SBA Debentures
|
48,300 | - | - | - | 48,300 | |||||||||||||||
|
Total contractual obligations
|
$ | 222,300 | $ | - | $ | - | $ | - | $ | 222,300 | ||||||||||
|
Nine months ended June 30,
|
||||||||
|
Per share data
(1)
:
|
2011
|
2010
|
||||||
|
Net asset value at beginning of period
|
$ | 14.71 | N/A | (4) | ||||
|
Net increase in net assets as a result of public offering
|
0.06 | N/A | (4) | |||||
|
Costs related to public offering
|
(0.04 | ) | N/A | (4) | ||||
|
Dividends and distributions declared
|
(0.95 | ) | N/A | (4) | ||||
|
Net investment income
|
0.86 | N/A | (4) | |||||
|
Change in unrealized depreciation on investments
|
- | N/A | (4) | |||||
|
Net realized gain on investments
|
0.11 | N/A | (4) | |||||
|
Net asset value at ending of period
|
$ | 14.75 | $ | 14.67 | ||||
|
Per share market value at end of period
|
$ | 14.93 | N/A | (4) | ||||
|
Total return based on market value
(2)
|
3.79 | % | N/A | |||||
|
Total return based on average net asset value/members' equity
(3)
|
6.52 | % | 12.80 | % | ||||
|
Shares outstanding at end of period
|
21,733,903 | 17,712,444 | ||||||
|
Ratios/Supplemental Data:
|
||||||||
|
Ratio of expenses (without incentive fees) to average net assets/members' equity
(5)
|
5.43 | % | 5.69 | % | ||||
|
Ratio of incentive fees to average net assets/members' equity
(5)
|
0.25 | % | 0.03 | % | ||||
|
Ratio of total expenses to average net assets/members' equity
(5)
|
5.68 | % | 5.72 | % | ||||
|
Ratio of net investment income to average net assets/members' equity
(5)
|
7.77 | % | 16.32 | % | ||||
|
Net assets at end of period
|
$ | 320,523 | $ | 259,785 | ||||
|
Average debt outstanding
|
$ | 193,250 | $ | 230,122 | ||||
|
Average debt outstanding per share
|
$ | 8.89 | $ | 12.99 | ||||
|
Portfolio turnover
(5)
|
64.52 | % | 49.27 | % | ||||
|
(1)
|
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
|
|
(2)
|
Total return based on market value assumes dividends are reinvested.
|
|
(3)
|
Total return based on average net asset value is not annualized.
|
|
(4)
|
Per share data are not provided as the Company did not have shares of common stock outstanding or an equivalent prior to the Offering on April 14, 2010.
|
|
(5)
|
Annualized.
|
|
Three months ended June 30,
|
Nine months ended
|
|||||||||||
|
2011
|
2010
|
June 30, 2011
|
||||||||||
|
Earnings available to stockholders
|
$ | 6,520 | $ | 4,715 | $ | 18,358 | ||||||
|
Basic and diluted weighted average shares outstanding
|
21,319,348 | 16,255,783 | 18,923,395 | |||||||||
|
Basic and diluted earnings per share
|
$ | 0.31 | $ | 0.29 | $ | 0.97 | ||||||
|
Amount
|
Cash
|
DRIP Shares
|
DRIP Shares
|
||||||||||||||
|
Date Declared
|
Record Date
|
Payment Date
|
Per Share
|
Distribution
|
Issued
|
Value
|
|||||||||||
|
12/08/2010
|
12/20/2010
|
12/30/2010
|
$ | 0.31 | $ | 5,028 | 25,753 | $ | 462 | ||||||||
|
02/08/2011
|
03/18/2011
|
03/30/2011
|
$ | 0.32 | $ | 5,375 | 17,779 | $ | 303 | ||||||||
|
05/03/2011
|
06/17/2011
|
06/29/2011
|
$ | 0.32 | $ | 6,583 | 24,670 | $ | 364 | ||||||||
|
|
·
|
our future operating results;
|
|
|
·
|
our business prospects and the prospects of our portfolio companies;
|
|
|
·
|
the effect of investments that we expect to make;
|
|
|
·
|
our contractual arrangements and relationships with third parties;
|
|
|
·
|
actual and potential conflicts of interest with our investment adviser, GC Advisors LLC, or GC Advisors, and other affiliates of Golub Capital Incorporated and Golub Capital Management LLC, collectively, Golub Capital;
|
|
|
·
|
the dependence of our future success on the general economy and its effect on the industries in which we invest;
|
|
|
·
|
the ability of our portfolio companies to achieve their objectives;
|
|
|
·
|
the use of borrowed money to finance a portion of our investments;
|
|
|
·
|
the adequacy of our financing sources and working capital;
|
|
|
·
|
the timing of cash flows, if any, from the operations of our portfolio companies;
|
|
|
·
|
the ability of GC Advisors to locate suitable investments for us and to monitor and administer our investments;
|
|
|
·
|
the ability of GC Advisors or its affiliates to attract and retain highly talented professionals;
|
|
|
·
|
our ability to qualify and maintain our qualification as a RIC and as a business development company;
|
|
|
·
|
the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations issued thereunder; and
|
|
|
·
|
the effect of changes to tax legislation and our tax position.
|
|
|
·
|
organizational expenses;
|
|
|
·
|
calculating our net asset value (including the cost and expenses of any independent valuation firm);
|
|
|
·
|
fees and expenses incurred by GC Advisors payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;
|
|
|
·
|
interest payable on debt, if any, incurred to finance our investments and expenses related to unsuccessful portfolio acquisition efforts;
|
|
|
·
|
offerings of our common stock and other securities;
|
|
|
·
|
investment advisory and management fees;
|
|
|
·
|
administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement between us and GC Service based upon our allocable portion of GC Service’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our chief compliance officer, chief financial officer and their respective staffs);
|
|
|
·
|
fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with evaluating and making, investments in portfolio companies, including costs associated with meeting financial sponsors;
|
|
|
·
|
transfer agent, dividend agent and custodial fees and expenses;
|
|
|
·
|
U.S. federal and state registration and franchise fees;
|
|
|
·
|
independent directors’ fees and expenses;
|
|
|
·
|
costs of preparing and filing reports or other documents required by the SEC or other regulators;
|
|
|
·
|
costs of any reports, proxy statements or other notices to stockholders, including printing costs;
|
|
|
·
|
costs associated with individual or group stockholders;
|
|
|
·
|
our allocable portion of any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
|
|
|
·
|
direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs;
|
|
|
·
|
proxy voting expenses; and
|
|
|
·
|
all other expenses incurred by us or GC Service in connection with administering our business.
|
|
For the three months ended June 30,
|
For the nine months ended June 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
(In thousands)
|
(In thousands)
|
|||||||||||||||
|
Total investment income
|
$ | 10,071 | $ | 7,230 | $ | 28,319 | $ | 25,718 | ||||||||
|
Total expenses
|
4,119 | 2,415 | 11,954 | 6,703 | ||||||||||||
|
Net investment income
|
5,952 | 4,815 | 16,365 | 19,015 | ||||||||||||
|
Net realized gains (losses)
|
71 | - | 1,997 | - | ||||||||||||
|
Net change in unrealized (depreciation)
appreciation on investments
|
497 | (100 | ) | (4 | ) | 985 | ||||||||||
|
Net income
|
$ | 6,520 | $ | 4,715 | $ | 18,358 | $ | 20,000 | ||||||||
|
Average portfolio company investments,
at fair value
|
$ | 439,103 | $ | 281,264 | $ | 390,714 | $ | 310,495 | ||||||||
|
Average debt outstanding
|
$ | 206,471 | $ | 150,327 | $ | 193,250 | $ | 230,122 | ||||||||
|
Three months ended
|
Three months ended
|
Nine months ended
|
Nine months ended
|
|||||||||||||
|
June 30, 2011
|
June 30, 2010
|
June 30, 2011
|
June 30, 2010
|
|||||||||||||
|
Weighted average rate of new investment fundings
|
7.8 | % | 8.9 | % | 8.1 | % | 8.9 | % | ||||||||
|
Weighted average spread over LIBOR of new investment fundings
|
6.7 | % | 7.0 | % | 6.6 | % | 7.0 | % | ||||||||
|
Weighted average fees of new investment fundings
|
1.5 | % | 2.1 | % | 1.6 | % | 2.1 | % | ||||||||
|
Weighted average rate of sales and payoffs of portfolio companies
|
5.7 | % | 5.5 | % | 6.2 | % | 6.4 | % | ||||||||
|
For the three months ended June 30,
|
For the nine months ended June 30,
|
|||||||||||||||
| 2011 |
2010
|
2011
|
2010
|
|||||||||||||
|
New investment fundings
|
$ | 124,837 | $ | 16,314 | $ | 274,831 | $ | 16,314 | ||||||||
|
Payoffs of portfolio companies and sales
|
79,627 | 34,627 | 188,943 | 117,959 | ||||||||||||
|
As of June 30, 2011
(1)
|
As of September 30, 2010
(1)
|
|||||||||||||||||||||||
|
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||||||||||
|
Par
|
Cost
|
Value
|
Par
|
Cost
|
Value
|
|||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||
|
Senior Secured:
|
||||||||||||||||||||||||
|
Performing
|
$ | 208,977 | $ | 205,742 | $ | 204,492 | $ | 231,404 | $ | 223,962 | $ | 223,953 | ||||||||||||
|
Non-accrual
(2)
|
5,659 | 5,413 | 3,360 | 4,422 | 4,346 | 3,095 | ||||||||||||||||||
|
Unitranche:
|
||||||||||||||||||||||||
|
Performing
|
153,916 | 151,374 | 152,680 | 91,931 | 90,309 | 90,369 | ||||||||||||||||||
|
Non-accrual
(2)
|
- | - | - | - | - | - | ||||||||||||||||||
|
Second Lien
(3)
:
|
||||||||||||||||||||||||
|
Performing
|
23,769 | 23,290 | 23,769 | 11,396 | 11,192 | 11,380 | ||||||||||||||||||
|
Non-accrual
(2)
|
- | - | - | - | - | - | ||||||||||||||||||
|
Subordinated Debt:
|
||||||||||||||||||||||||
|
Performing
|
46,709 | 45,743 | 46,338 | 13,436 | 13,091 | 13,436 | ||||||||||||||||||
|
Non-accrual
(2)
|
- | - | - | - | - | - | ||||||||||||||||||
|
Equity
|
N/A | 8,099 | 8,216 | N/A | 2,636 | 2,636 | ||||||||||||||||||
|
Total
|
$ | 439,030 | $ | 439,661 | $ | 438,855 | $ | 352,589 | $ | 345,536 | $ | 344,869 | ||||||||||||
|
(1)
|
Twelve and six of our loans included a feature permitting a portion of the interest due on such loan to be PIK interest as of June 30, 2011 and September 30, 2010, respectively.
|
|
(2)
|
We refer to a loan as non-accrual when we cease recognizing interest income on the loan because we have stopped pursuing repayment of the loan or, in certain circumstances, it is past due 90 days or more on principal and interest or our management has reasonable doubt that principal or interest will not be collected. See "--Critical Accounting Policies--Revenue Recognition:"
|
|
(3)
|
Second lien loans included $12.6 million and zero of loans structured as first lien last out term loans as of June 30, 2011 and September 30, 2010, respectively.
|
|
Risk Ratings Definition
|
||
|
Rating
|
Definition
|
|
|
5
|
Involves the least amount of risk in our portfolio. The borrower is performing above expectations, and the trends and risk factors are generally favorable.
|
|
|
4
|
Involves an acceptable level of risk that is similar to the risk at the time of origination. The borrower is generally performing as expected, and the risk factors are neutral to favorable.
|
|
|
3
|
Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination. The borrower may be out of compliance with debt covenants; however; loan payments are generally not past due.
|
|
|
2
|
Involves a borrower performing materially below and indicates that the loan’s risk has increased materially since origination. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 180 days past due).
|
|
|
1
|
Indicates that the borrower is performing substantially below expectations and the loan risk has substantially increased since origination. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans graded 1 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.
|
|
|
June 30, 2011
|
September 30, 2010
|
|||||||||||||||||
|
Investment
|
Investments
|
Percentage of
|
Investments
|
Percentage of
|
||||||||||||||
|
Performance
|
at Fair Value
|
Total
|
at Fair Value
|
Total
|
||||||||||||||
|
Rating
|
(In thousands)
(1)
|
Investments
|
(In thousands)
|
Investments
|
||||||||||||||
| 5 | $ | 55,367 | 12.6 | % | 98,307 | 28.5 | % | |||||||||||
| 4 | 336,490 | 76.8 | % | 199,876 | 58.0 | % | ||||||||||||
| 3 | 42,607 | 9.7 | % | 41,948 | 12.2 | % | ||||||||||||
| 2 | 4,129 | 0.9 | % | 4,738 | 1.3 | % | ||||||||||||
| 1 | - | 0.0 | % | - | 0.0 | % | ||||||||||||
|
Total
|
$ | 438,593 | 100.0 | % | $ | 344,869 | 100.0 | % | ||||||||||
|
(1)
|
The fair value of the TRS at June 30, 2011 was $(0.3) million. The TRS is included in the above table with an investment performance rating of 4 as of June 30, 2011.
|
|
Payments Due by Period (In millions)
|
||||||||||||||||||||
|
Less Than
|
More Than
|
|||||||||||||||||||
|
Total
|
1 Year
|
1-3 Years
|
3-5 Years
|
5 Years
|
||||||||||||||||
|
Debt Securitization
|
$ | 174.0 | $ | - | $ | - | $ | - | $ | 174.0 | ||||||||||
|
SBA Debentures
|
48.3 | - | - | - | 48.3 | |||||||||||||||
|
Unfunded commitments
(1)
|
43.0 | 43.0 | - | - | - | |||||||||||||||
|
Total contractual obligations
|
$ | 265.3 | $ | 43.0 | $ | - | $ | - | $ | 222.3 | ||||||||||
|
(1)
|
Unfunded commitments represented all amounts unfunded as of June 30, 2011. These amounts may or may not be funded to the borrowing party now or in the future. The unfunded commitments relate to loans with various maturity dates, but we are showing this amount in the less than one-year category, as this entire amount was eligible for funding to the borrowers as of June 30, 2011.
|
|
|
·
|
We entered into an Investment Advisory Agreement with GC Advisors. Mr. Lawrence Golub, our chairman, is a manager of GC Advisors, and Mr. David Golub, our chief executive officer, is a manager of GC Advisors, and each of Messrs. Lawrence Golub and David Golub owns an indirect pecuniary interest in GC Advisors.
|
|
|
·
|
GC Service provides us with the office facilities and administrative services necessary to conduct day-to-day operations pursuant to our Administration Agreement.
|
|
|
·
|
We have entered into a license agreement with Golub Capital Management LLC, pursuant to which Golub Capital Management LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.”
|
|
|
·
|
Certain existing investors in entities advised by affiliates of Golub Capital and certain of our officers and directors, their immediate family members or entities owned by, or family trusts for the benefit of, such persons purchased in a separate private placement an aggregate of 1,322,581 shares of common stock at the initial public offering price per share of $14.50. We received the full proceeds from the sale of these shares, and no underwriting discounts or commissions were paid in respect of these shares.
|
|
|
·
|
Under a staffing agreement, or Staffing Agreement, between Golub Capital Incorporated and Golub Capital Management LLC and GC Advisors, Golub Capital has agreed to provide GC Advisors with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. The Staffing Agreement provides that Golub Capital will make available to GC Advisors experienced investment professionals and access to the senior investment personnel of Golub Capital for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. The Staffing Agreement also includes a commitment that the members of GC Advisors’ investment committee will serve in such capacity. Services under the Staffing Agreement are provided on a direct cost reimbursement basis.
|
|
|
·
|
Golub Capital and its affiliates purchased an aggregate of $2.0 million of shares in our common stock offering that closed on April 6, 2011. In addition, Mr. William M. Webster IV, one of our directors, purchased 25,000 shares in our common stock offering.
|
|
|
·
|
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of GC Advisors responsible for credit monitoring.
|
|
|
·
|
Preliminary valuation conclusions are then documented and discussed with our senior management and GC Advisors.
|
|
|
·
|
The audit committee of our Board reviews these preliminary valuations.
|
|
|
·
|
At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm.
|
|
|
·
|
The Board discusses valuations and determines the fair value of each investment in our portfolio in good faith.
|
|
Number
|
Description
|
||
|
31.1
|
Certifications by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
||
|
31.2
|
Certifications by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
||
|
32.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
||
|
Golub Capital BDC, Inc.
|
|||
|
Dated: August 8, 2011
|
By
|
/s/ David B. Golub
|
|
|
David B. Golub
|
|||
|
Chief Executive Officer
|
|||
|
(Principal Executive Officer)
|
|||
|
Dated: August 8, 2011
|
By
|
/s/ Ross A. Teune
|
|
|
Ross A. Teune
|
|||
|
Chief Financial Officer
|
|||
|
(Principal Accounting and Financial Officer)
|
|||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|