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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
(State or jurisdiction of
incorporation or organization) |
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26-1219283
(I.R.S. Employer
Identification No.) |
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777 West Putnam Avenue, 3rd Floor
Greenwich, CT
(Address of principal executive office)
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06830
(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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(Do not check if a smaller reporting company)
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Item 1.
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Consolidated Financial Statements.
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December 31, 2014
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September 30, 2014
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ASSETS
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Investments at fair value:
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Control investments (cost December 31, 2014: $381,275; cost September 30, 2014: $387,625)
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$
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378,053
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$
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394,872
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Affiliate investments (cost December 31, 2014: $37,518; cost September 30, 2014: $37,757)
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40,390
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40,764
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Non-control/Non-affiliate investments (cost December 31, 2014: $2,350,146; cost September 30, 2014: $2,069,301)
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2,303,152
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2,060,278
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Total investments at fair value (cost December 31, 2014: $2,768,939; cost September 30, 2014: $2,494,683)
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2,721,595
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2,495,914
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Cash and cash equivalents
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64,259
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86,731
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Restricted cash
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46,294
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22,315
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Interest, dividends and fees receivable
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15,195
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15,224
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Due from portfolio companies
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27,225
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22,950
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Receivables from unsettled transactions
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55,853
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4,750
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Deferred financing costs
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18,985
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20,334
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Other assets
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94
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—
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Total assets
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$
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2,949,500
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$
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2,668,218
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LIABILITIES AND NET ASSETS
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Liabilities:
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Accounts payable, accrued expenses and other liabilities
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$
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3,866
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$
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3,908
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Base management fee payable
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14,044
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12,372
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Part I incentive fee payable
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8,715
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9,309
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Due to FSC CT
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3,552
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2,464
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Interest payable
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11,655
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5,797
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Amounts payable to syndication partners
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61
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3,817
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Payables from unsettled transactions
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112,114
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—
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Credit facilities payable
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617,495
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317,395
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SBA debentures payable
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225,000
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225,000
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Unsecured convertible notes payable
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115,000
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115,000
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Unsecured notes payable
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410,121
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409,878
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Secured borrowings at fair value (proceeds of $22,525 and $84,750 at December 31, 2014 and September 30, 2014, respectively)
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22,246
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84,803
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Total liabilities
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1,543,869
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1,189,743
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Commitments and contingencies (Note 3)
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Net assets:
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Common stock, $0.01 par value,
250,000 shares authorized; 153,340 shares issued and outstanding at December 31, 2014 and September 30, 2014
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1,533
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1,533
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Additional paid-in-capital
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1,649,086
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1,649,086
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Net unrealized appreciation (depreciation) on investments and secured borrowings
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(47,065
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)
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1,178
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Net realized loss on investments, secured borrowings and interest rate swap
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(170,004
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)
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(152,416
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Accumulated overdistributed net investment income
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(27,919
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)
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(20,906
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)
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Total net assets (equivalent to $9.17 and $9.64 per common share at December 31, 2014 and September 30, 2014, respectively) (Note 12)
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1,405,631
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1,478,475
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Total liabilities and net assets
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$
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2,949,500
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$
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2,668,218
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Three months
ended December 31, 2014 |
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Three months
ended December 31, 2013 |
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Interest income:
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Control investments
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$
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6,264
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$
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2,419
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Affiliate investments
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1,097
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766
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Non-control/Non-affiliate investments
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45,170
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45,296
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Interest on cash and cash equivalents
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10
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3
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Total interest income
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52,541
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48,484
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PIK interest income:
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Control investments
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1,765
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2,408
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Affiliate investments
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215
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335
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Non-control/Non-affiliate investments
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2,424
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2,870
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Total PIK interest income
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4,404
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5,613
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Fee income:
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Control investments
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623
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567
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Affiliate investments
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12
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170
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Non-control/Non-affiliate investments
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17,267
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16,401
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Total fee income
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17,902
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17,138
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Dividend and other income:
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Control investments
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1,138
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—
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Non-control/Non-affiliate investments
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307
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96
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Total dividend and other income
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1,445
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96
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Total investment income
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76,292
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71,331
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Expenses:
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Base management fee
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14,155
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12,059
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8,715
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9,054
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Professional fees
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1,164
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1,025
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Board of Directors fees
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180
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155
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Interest expense
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13,992
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10,213
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Administrator expense
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1,247
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853
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General and administrative expenses
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1,780
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1,754
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Total expenses
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41,233
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35,113
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Base management fee waived
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(111
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)
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—
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Net expenses
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41,122
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35,113
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Net investment income
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35,170
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36,218
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Unrealized appreciation (depreciation) on investments:
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||||
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Control investments
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(10,469
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)
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420
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Affiliate investments
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(135
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)
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783
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Non-control/Non-affiliate investments
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(37,971
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)
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(6,921
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)
|
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Net unrealized depreciation on investments
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(48,575
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)
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(5,718
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)
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Net unrealized appreciation on secured borrowings
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332
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—
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Realized gain (loss) on investments and secured borrowings:
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|
||||
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Affiliate investments
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43
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—
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Non-control/Non-affiliate investments
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(17,631
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)
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3,206
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Net realized gain (loss) on investments and secured borrowings
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(17,588
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)
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3,206
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Net increase (decrease) in net assets resulting from operations
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$
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(30,661
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)
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$
|
33,706
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Net investment income per common share — basic
|
|
$
|
0.23
|
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$
|
0.26
|
|
|
Earnings (loss) per common share — basic
|
|
$
|
(0.20
|
)
|
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$
|
0.24
|
|
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Weighted average common shares outstanding — basic
|
|
153,340
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|
|
139,126
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|
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Net investment income per common share — diluted
|
|
$
|
0.23
|
|
|
$
|
0.26
|
|
|
Earnings (loss) per common share — diluted
|
|
$
|
(0.20
|
)
|
|
$
|
0.24
|
|
|
Weighted average common shares outstanding — diluted
|
|
161,130
|
|
|
149,916
|
|
||
|
Distributions per common share
|
|
$
|
0.28
|
|
|
$
|
0.24
|
|
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|
|
Three months
ended December 31, 2014 |
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Three months
ended December 31, 2013 |
||||
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Operations:
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|
||||
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Net investment income
|
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$
|
35,170
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$
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36,218
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Net unrealized depreciation on investments
|
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(48,575
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)
|
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(5,718
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)
|
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Net unrealized appreciation on secured borrowings
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332
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|
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—
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||
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Net realized gain (loss) on investments and secured borrowings
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(17,588
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)
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3,206
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Net increase (decrease) in net assets resulting from operations
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(30,661
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)
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33,706
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Stockholder transactions:
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||||
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Distributions to stockholders
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(42,183
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)
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(33,613
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)
|
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Net decrease in net assets from stockholder transactions
|
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(42,183
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)
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(33,613
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)
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Capital share transactions:
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||||
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Issuance of common stock under dividend reinvestment plan
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2,061
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3,411
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Repurchase of common stock under stock repurchase program
|
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—
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(406
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)
|
||
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Repurchase of common stock under dividend reinvestment program
|
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(2,061
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)
|
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(2,002
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)
|
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Net increase (decrease) in net assets from capital share transactions
|
|
—
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|
|
1,003
|
|
||
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Total increase (decrease) in net assets
|
|
(72,844
|
)
|
|
1,096
|
|
||
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Net assets at beginning of period
|
|
1,478,475
|
|
|
1,368,872
|
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Net assets at end of period
|
|
$
|
1,405,631
|
|
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$
|
1,369,968
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Net asset value per common share
|
|
$
|
9.17
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|
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$
|
9.85
|
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Common shares outstanding at end of period
|
|
153,340
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|
|
139,138
|
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||
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|
Three months
ended December 31, 2014 |
|
Three months
ended December 31, 2013 |
||||
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Cash flows used in operating activities:
|
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|
||||
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Net increase (decrease) in net assets resulting from operations
|
|
$
|
(30,661
|
)
|
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$
|
33,706
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Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
|
|
|
|
|
||||
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Net unrealized depreciation on investments
|
|
48,575
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|
|
5,718
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|
||
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Net unrealized appreciation on secured borrowings
|
|
(332
|
)
|
|
—
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|
||
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Net realized (gains) losses on investments and secured borrowings
|
|
17,588
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|
|
(3,206
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)
|
||
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PIK interest income
|
|
(4,404
|
)
|
|
(5,613
|
)
|
||
|
Recognition of fee income
|
|
(17,902
|
)
|
|
(17,138
|
)
|
||
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Accretion of original issue discount on investments
|
|
(258
|
)
|
|
(164
|
)
|
||
|
Accretion of original issue discount on unsecured notes payable
|
|
244
|
|
|
—
|
|
||
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Amortization of deferred financing costs
|
|
1,349
|
|
|
1,405
|
|
||
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Changes in operating assets and liabilities:
|
|
|
|
|
||||
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Fee income received
|
|
17,345
|
|
|
16,920
|
|
||
|
Increase in restricted cash
|
|
(23,979
|
)
|
|
—
|
|
||
|
(Increase) decrease in interest, dividends and fees receivable
|
|
9
|
|
|
(1,342
|
)
|
||
|
Increase in due from portfolio companies
|
|
(4,275
|
)
|
|
(1,280
|
)
|
||
|
Increase in receivables from unsettled transactions
|
|
(51,103
|
)
|
|
—
|
|
||
|
Increase in other assets
|
|
(94
|
)
|
|
(135
|
)
|
||
|
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
(42
|
)
|
|
1,982
|
|
||
|
Increase in base management fee payable
|
|
1,672
|
|
|
2,435
|
|
||
|
Increase (decrease) in Part I incentive fee payable
|
|
(594
|
)
|
|
1,879
|
|
||
|
Increase in due to FSC CT
|
|
1,088
|
|
|
1,293
|
|
||
|
Increase in interest payable
|
|
5,858
|
|
|
4,072
|
|
||
|
Increase (decrease) in payables from unsettled transactions
|
|
112,114
|
|
|
(35,716
|
)
|
||
|
Decrease in amounts payable to syndication partners
|
|
(3,756
|
)
|
|
—
|
|
||
|
Purchases of investments and net revolver activity
|
|
(722,328
|
)
|
|
(650,118
|
)
|
||
|
Principal payments received on investments (scheduled payments)
|
|
5,790
|
|
|
10,346
|
|
||
|
Principal payments received on investments (payoffs)
|
|
250,483
|
|
|
43,746
|
|
||
|
PIK interest income received in cash
|
|
658
|
|
|
4,226
|
|
||
|
Proceeds from the sale of investments
|
|
178,665
|
|
|
111,556
|
|
||
|
Net cash used in operating activities
|
|
(218,290
|
)
|
|
(475,428
|
)
|
||
|
Cash flows from financing activities:
|
|
|
|
|
||||
|
Distributions paid in cash
|
|
(40,122
|
)
|
|
(30,202
|
)
|
||
|
Borrowings under SBA debentures payable
|
|
—
|
|
|
29,000
|
|
||
|
Borrowings under credit facilities
|
|
355,600
|
|
|
475,057
|
|
||
|
Repayments of borrowings under credit facilities
|
|
(55,500
|
)
|
|
(98,829
|
)
|
||
|
Repayments of secured borrowings
|
|
(62,099
|
)
|
|
—
|
|
||
|
Repurchases of common stock under stock repurchase program
|
|
—
|
|
|
(406
|
)
|
||
|
Repurchases of common stock under dividend reinvestment plan
|
|
(2,061
|
)
|
|
(2,002
|
)
|
||
|
Deferred financing costs paid
|
|
—
|
|
|
(1,432
|
)
|
||
|
Offering costs paid
|
|
—
|
|
|
(517
|
)
|
||
|
Net cash provided by financing activities
|
|
195,818
|
|
|
370,669
|
|
||
|
Net decrease in cash and cash equivalents
|
|
(22,472
|
)
|
|
(104,759
|
)
|
||
|
Cash and cash equivalents, beginning of period
|
|
86,731
|
|
|
147,359
|
|
||
|
Cash and cash equivalents, end of period
|
|
$
|
64,259
|
|
|
$
|
42,600
|
|
|
Supplemental information:
|
|
|
|
|
||||
|
Cash paid for interest
|
|
$
|
6,601
|
|
|
$
|
4,834
|
|
|
Non-cash financing activities:
|
|
|
|
|
||||
|
Issuance of shares of common stock under dividend reinvestment plan
|
|
$
|
2,061
|
|
|
$
|
3,411
|
|
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|||||
|
Control Investments (3)
|
|
|
|
|
|
|
|
|
||||||
|
Traffic Solutions Holdings, Inc.
|
|
Construction and engineering
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
|
|
$
|
15,056
|
|
|
$
|
15,045
|
|
|
$
|
14,997
|
|
|
LC Facility, 8.5% cash due 12/31/2016 (10)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
746,114 Series A Preferred Units
|
|
|
|
|
|
14,909
|
|
|
18,013
|
|
||||
|
746,114 Common Stock Units
|
|
|
|
|
|
5,316
|
|
|
5,094
|
|
||||
|
|
|
|
|
|
|
35,266
|
|
|
38,104
|
|
||||
|
TransTrade Operators, Inc. (9)
|
|
Air freight and logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
|
|
15,973
|
|
|
15,572
|
|
|
8,865
|
|
|||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
|
|
465
|
|
|
465
|
|
|
257
|
|
|||
|
596.67 Series A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
4,000,000 Series A Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
|
4,000
|
|
|
—
|
|
||||
|
5,200,000 Series B Preferred Units in TransTrade Holding LLC
|
|
|
|
|
|
5,200
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
25,237
|
|
|
9,122
|
|
||||
|
HFG Holdings, LLC (16)
|
|
Specialized finance
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 6% cash 4% PIK due 6/10/2019
|
|
|
|
96,871
|
|
|
96,871
|
|
|
95,812
|
|
|||
|
875,933 Class A Units
|
|
|
|
|
|
22,347
|
|
|
27,511
|
|
||||
|
|
|
|
|
|
|
119,218
|
|
|
123,323
|
|
||||
|
First Star Aviation, LLC
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
|
|
15,390
|
|
|
15,390
|
|
|
15,125
|
|
|||
|
10,104,401 Common Units
|
|
|
|
|
|
10,104
|
|
|
11,860
|
|
||||
|
|
|
|
|
|
|
25,494
|
|
|
26,985
|
|
||||
|
First Star Speir Aviation 1 Limited (12)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash due 12/15/2015
|
|
|
|
47,823
|
|
|
47,823
|
|
|
48,870
|
|
|||
|
2,058,411.64 Common Units
|
|
|
|
|
|
2,058
|
|
|
4,473
|
|
||||
|
|
|
|
|
|
|
49,881
|
|
|
53,343
|
|
||||
|
First Star Bermuda Aviation Limited (12)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
24,844
|
|
|
24,844
|
|
|
25,228
|
|
|||
|
4,293,042 Common Units
|
|
|
|
|
|
4,294
|
|
|
5,469
|
|
||||
|
|
|
|
|
|
|
29,138
|
|
|
30,697
|
|
||||
|
Eagle Hospital Physicians, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
|
|
12,337
|
|
|
12,337
|
|
|
12,127
|
|
|||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
|
|
3,370
|
|
|
3,370
|
|
|
3,317
|
|
|||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
|
|
2,847
|
|
|
2,847
|
|
|
2,847
|
|
|||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
4,100
|
|
|
5,795
|
|
||||
|
|
|
|
|
|
|
22,654
|
|
|
24,086
|
|
||||
|
Senior Loan Fund JV I, LLC (12)(17)
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021 (14)
|
|
|
|
61,723
|
|
|
61,723
|
|
|
61,831
|
|
|||
|
87.5% LLC equity interest (6)
|
|
|
|
|
|
6,858
|
|
|
4,756
|
|
||||
|
|
|
|
|
|
|
68,581
|
|
|
66,587
|
|
||||
|
Miche Group, LLC
|
|
Apparel, accessories
& luxury goods |
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+8% cash due 12/18/2016 (14)
|
|
|
|
500
|
|
|
500
|
|
|
500
|
|
|||
|
100 units in FSFC Miche, Inc.
|
|
|
|
|
|
|
5,306
|
|
|
5,306
|
|
|||
|
|
|
|
|
|
|
5,806
|
|
|
5,806
|
|
||||
|
Total Control Investments (26.9% of net assets)
|
|
|
|
|
|
$
|
381,275
|
|
|
$
|
378,053
|
|
||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
||||||
|
Caregiver Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
$
|
9,192
|
|
|
$
|
9,192
|
|
|
$
|
9,016
|
|
|
1,080,399 shares of Series A Preferred Stock
|
|
|
|
|
|
1,080
|
|
|
3,935
|
|
||||
|
|
|
|
|
|
|
10,272
|
|
|
12,951
|
|
||||
|
AmBath/ReBath Holdings, Inc.
|
|
Home improvement retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 4/30/2016 (14)
|
|
|
|
740
|
|
|
740
|
|
|
763
|
|
|||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
|
|
26,506
|
|
|
26,506
|
|
|
26,213
|
|
|||
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
463
|
|
||||
|
|
|
|
|
|
|
27,246
|
|
|
27,439
|
|
||||
|
Total Affiliate Investments (2.9% of net assets)
|
|
|
|
|
|
$
|
37,518
|
|
|
$
|
40,390
|
|
||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
||||||
|
Thermoforming Technology Group LLC
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
33,786 shares of Common Stock (6)
|
|
|
|
|
|
$
|
849
|
|
|
$
|
788
|
|
||
|
|
|
|
|
|
|
849
|
|
|
788
|
|
||||
|
HealthDrive Corporation (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 10% cash due 12/31/15
|
|
|
|
$
|
4,358
|
|
|
4,357
|
|
|
4,323
|
|
||
|
First Lien Term Loan B, 12% cash 1% PIK due 12/31/15
|
|
|
|
11,522
|
|
|
11,522
|
|
|
11,461
|
|
|||
|
First Lien Revolver, 12% cash due 12/31/15
|
|
|
|
2,266
|
|
|
2,266
|
|
|
2,266
|
|
|||
|
|
|
|
|
|
|
18,145
|
|
|
18,050
|
|
||||
|
Cenegenics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9.75% cash due 9/30/2019
|
|
|
|
31,726
|
|
|
31,703
|
|
|
31,166
|
|
|||
|
414,419 Common Units
|
|
|
|
|
|
598
|
|
|
1,011
|
|
||||
|
|
|
|
|
|
|
32,301
|
|
|
32,177
|
|
||||
|
Riverlake Equity Partners II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.78% limited partnership interest (12)
|
|
|
|
|
|
642
|
|
|
492
|
|
||||
|
|
|
|
|
|
|
642
|
|
|
492
|
|
||||
|
Riverside Fund IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.34% limited partnership interest (12)
|
|
|
|
|
|
643
|
|
|
629
|
|
||||
|
|
|
|
|
|
|
643
|
|
|
629
|
|
||||
|
JTC Education, Inc. (9)
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 13% cash due 11/1/2017
|
|
|
|
15,823
|
|
|
14,441
|
|
|
12,727
|
|
|||
|
17,391 Shares of Series A-1 Preferred Stock
|
|
|
|
|
|
313
|
|
|
—
|
|
||||
|
17,391 Shares of Common Stock
|
|
|
|
|
|
187
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,941
|
|
|
12,727
|
|
||||
|
Psilos Group Partners IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2.35% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Mansell Group, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 12/31/2015 (14)
|
|
|
|
4,654
|
|
|
4,636
|
|
|
4,633
|
|
|||
|
First Lien Term Loan B, LIBOR+9% (3% floor) cash 1.5% PIK due 12/31/2015 (14)
|
|
|
|
9,604
|
|
|
9,592
|
|
|
9,561
|
|
|||
|
|
|
|
|
|
|
14,228
|
|
|
14,194
|
|
||||
|
Enhanced Recovery Company, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (2% floor) cash due 8/13/2015 (14)
|
|
|
|
10,500
|
|
|
10,456
|
|
|
10,445
|
|
|||
|
First Lien Term Loan B, LIBOR+10% (2% floor) cash 1% PIK due 8/13/2015 (14)
|
|
|
|
16,014
|
|
|
15,974
|
|
|
15,969
|
|
|||
|
First Lien Revolver, LIBOR+7% (2% floor) cash due 8/13/2015 (14)
|
|
|
|
1,500
|
|
|
1,486
|
|
|
1,500
|
|
|||
|
|
|
|
|
|
|
27,916
|
|
|
27,914
|
|
||||
|
Welocalize, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
3,393,060 Common Units in RPWL Holdings, LLC
|
|
|
|
|
|
3,393
|
|
|
5,988
|
|
||||
|
|
|
|
|
|
|
3,393
|
|
|
5,988
|
|
||||
|
Bunker Hill Capital II (QP), L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.51% limited partnership interest (12)
|
|
|
|
|
|
380
|
|
|
266
|
|
||||
|
|
|
|
|
|
|
380
|
|
|
266
|
|
||||
|
Physicians Pharmacy Alliance, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% cash 1.5% PIK due 1/4/2016 (14)
|
|
|
|
10,492
|
|
|
10,422
|
|
|
10,446
|
|
|||
|
|
|
|
|
|
|
10,422
|
|
|
10,446
|
|
||||
|
Cardon Healthcare Network, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
69,487 Class A Units
|
|
|
|
|
|
265
|
|
|
647
|
|
||||
|
|
|
|
|
|
|
265
|
|
|
647
|
|
||||
|
Phoenix Brands Merger Sub LLC (9)
|
|
Household products
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5% (1.5% floor) cash due 1/31/2016 (14)
|
|
|
|
2,261
|
|
|
2,227
|
|
|
2,167
|
|
|||
|
Subordinated Term Loan, 10% cash 3.875% PIK due 2/1/2017
|
|
|
|
32,914
|
|
|
31,410
|
|
|
19,908
|
|
|||
|
First Lien Revolver, LIBOR+5% (1.5% floor) cash due 1/31/2016 (14)
|
|
|
|
3,214
|
|
|
3,178
|
|
|
3,214
|
|
|||
|
|
|
|
|
|
|
36,815
|
|
|
25,289
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
CCCG, LLC (9)
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1.75% floor) cash 1% PIK due 12/29/2017 (14)
|
|
|
|
$
|
34,748
|
|
|
$
|
34,290
|
|
|
$
|
18,125
|
|
|
First Lien Revolver, LIBOR+5.5% (1.75% floor) cash due 12/29/2017 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
34,290
|
|
|
18,125
|
|
||||
|
Maverick Healthcare Group, LLC
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+5.5% cash (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
16,636
|
|
|
16,143
|
|
|
16,442
|
|
|||
|
First Lien Term Loan B, LIBOR+9% cash (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
38,400
|
|
|
38,169
|
|
|
38,043
|
|
|||
|
CapEx Line, LIBOR+5.75% (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
1,256
|
|
|
1,168
|
|
|
1,248
|
|
|||
|
|
|
|
|
|
|
55,480
|
|
|
55,733
|
|
||||
|
Refac Optical Group (9)
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% cash due 9/30/2018 (14)
|
|
|
|
22,006
|
|
|
21,908
|
|
|
21,610
|
|
|||
|
First Lien Term Loan B, LIBOR+8.5% cash, 1.75% PIK due 9/30/2018 (14)
|
|
|
|
33,643
|
|
|
33,419
|
|
|
32,679
|
|
|||
|
First Lien Term Loan C, 12% cash due 9/30/2018
|
|
|
|
3,413
|
|
|
3,413
|
|
|
3,383
|
|
|||
|
First Lien Revolver, LIBOR+7.5% cash due 9/30/2018 (14)
|
|
|
|
1,600
|
|
|
1,567
|
|
|
1,600
|
|
|||
|
1,550.9435 Shares of Common Stock in Refac Holdings, Inc.
|
|
|
|
|
|
1
|
|
|
—
|
|
||||
|
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc.
|
|
|
|
|
|
305
|
|
|
—
|
|
||||
|
1,000 Series A Preferred Stock in Refac Holdings, Inc.
|
|
|
|
|
|
999
|
|
|
617
|
|
||||
|
|
|
|
|
|
|
61,612
|
|
|
59,889
|
|
||||
|
Baird Capital Partners V, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.4% limited partnership interest (12)
|
|
|
|
|
|
847
|
|
|
775
|
|
||||
|
|
|
|
|
|
|
847
|
|
|
775
|
|
||||
|
Discovery Practice Management, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+9.75% cash due 11/4/2018 (14)
|
|
|
|
25,069
|
|
|
24,999
|
|
|
25,466
|
|
|||
|
Senior Revolver, LIBOR+6% cash due 11/4/2018 (14)
|
|
|
|
500
|
|
|
486
|
|
|
500
|
|
|||
|
Capex Line, LIBOR+7% cash due 11/4/2018 (14)
|
|
|
|
1,250
|
|
|
1,250
|
|
|
1,250
|
|
|||
|
|
|
|
|
|
|
26,735
|
|
|
27,216
|
|
||||
|
Milestone Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.85% limited partnership interest (12)
|
|
|
|
|
|
1,334
|
|
|
1,322
|
|
||||
|
|
|
|
|
|
|
1,334
|
|
|
1,322
|
|
||||
|
National Spine and Pain Centers, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1.6% PIK due 9/27/2017
|
|
|
|
29,862
|
|
|
29,740
|
|
|
29,502
|
|
|||
|
317,282.97 Class A Units
|
|
|
|
|
|
317
|
|
|
661
|
|
||||
|
|
|
|
|
|
|
30,057
|
|
|
30,163
|
|
||||
|
RCPDirect, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.91% limited partnership interest (12)
|
|
|
|
|
|
656
|
|
|
787
|
|
||||
|
|
|
|
|
|
|
656
|
|
|
787
|
|
||||
|
Digi-Star Acquisition Holdings, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 11/18/2017
|
|
|
|
16,762
|
|
|
16,703
|
|
|
16,299
|
|
|||
|
264.37 Class A Preferred Units
|
|
|
|
|
|
115
|
|
|
125
|
|
||||
|
2,954.87 Class A Common Units
|
|
|
|
|
|
36
|
|
|
464
|
|
||||
|
|
|
|
|
|
|
16,854
|
|
|
16,888
|
|
||||
|
Riverside Fund V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.48% limited partnership interest (12)
|
|
|
|
|
|
619
|
|
|
431
|
|
||||
|
|
|
|
|
|
|
619
|
|
|
431
|
|
||||
|
World 50, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan A, LIBOR+6.25% (1.5% floor) cash due 3/30/2017 (14)
|
|
|
|
7,766
|
|
|
7,709
|
|
|
7,888
|
|
|||
|
Senior Term Loan B, 12.5% cash due 3/30/2017
|
|
|
|
7,000
|
|
|
6,963
|
|
|
6,901
|
|
|||
|
Senior Revolver, LIBOR+6.25% (1.5% floor) cash due 3/30/2017 (10)(14)
|
|
|
|
|
|
(27
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,645
|
|
|
14,789
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
ACON Equity Partners III, LP
|
|
|
|
|
|
|
|
|
||||||
|
0.13% limited partnership interest (12)
|
|
Multi-sector holdings
|
|
|
|
$
|
498
|
|
|
$
|
447
|
|
||
|
|
|
|
|
|
|
498
|
|
|
447
|
|
||||
|
BMC Acquisition, Inc.
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
499
|
|
|
615
|
|
||||
|
50,000 Common Shares (6)
|
|
|
|
|
|
1
|
|
|
53
|
|
||||
|
|
|
|
|
|
|
500
|
|
|
668
|
|
||||
|
Ansira Partners, Inc. (9)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.5% (1.5% floor) cash due 5/4/2017 (10)(14)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
250 Preferred Units & 250 Class A Common Units of Ansira Holdings, LLC
|
|
|
|
|
250
|
|
|
331
|
|
|||||
|
|
|
|
|
|
|
246
|
|
|
331
|
|
||||
|
Edmentum, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1.5% floor) cash due 5/17/2019 (14)
|
|
|
|
$
|
17,000
|
|
|
17,000
|
|
|
6,800
|
|
||
|
|
|
|
|
|
|
17,000
|
|
|
6,800
|
|
||||
|
I Drive Safely, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
75,000 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
1,000
|
|
|
766
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
766
|
|
||||
|
Yeti Acquisition, LLC (9)
|
|
Leisure products
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+8% (1.25% floor) cash due 6/15/2017 (14)
|
|
|
|
10,692
|
|
|
10,675
|
|
|
10,866
|
|
|||
|
First Lien Term Loan B, LIBOR+11.25% (1.25% floor) cash 1% PIK, due 6/15/2017 (14)
|
|
|
|
8,290
|
|
|
8,282
|
|
|
8,102
|
|
|||
|
First Lien Revolver, LIBOR+8% (1.25% floor) cash due 6/15/2017 (10)(14)
|
|
|
|
|
|
(6
|
)
|
|
—
|
|
||||
|
1,500 Common Stock Units of Yeti Holdings, Inc.
|
|
|
|
|
|
1,500
|
|
|
4,507
|
|
||||
|
|
|
|
|
|
|
20,451
|
|
|
23,475
|
|
||||
|
Specialized Education Services, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (1.5% floor) cash due 6/28/2017 (14)
|
|
|
|
8,193
|
|
|
8,193
|
|
|
7,932
|
|
|||
|
Subordinated Term Loan B, 11% cash 1.5% PIK due 6/28/2018
|
|
|
|
18,181
|
|
|
18,181
|
|
|
17,588
|
|
|||
|
|
|
|
|
|
|
26,374
|
|
|
25,520
|
|
||||
|
Vitalyst Holdings, Inc. (formerly known as PC Helps Support, LLC)
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 9/5/2018
|
|
|
|
19,165
|
|
|
19,165
|
|
|
18,671
|
|
|||
|
675 Series A Preferred Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
675
|
|
|
816
|
|
||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
75
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
19,915
|
|
|
19,487
|
|
||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (12)
|
|
|
|
|
|
567
|
|
|
515
|
|
||||
|
|
|
|
|
|
|
567
|
|
|
515
|
|
||||
|
Deltek, Inc. (9)
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.25% floor) cash due 10/10/2019 (14)
|
|
|
|
25,000
|
|
|
25,000
|
|
|
25,168
|
|
|||
|
First Lien Revolver, LIBOR+4.75% (1.25% floor) cash due 10/10/2017 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
25,000
|
|
|
25,168
|
|
||||
|
First American Payment Systems, LP
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.5% (1.25% floor) cash due 4/12/2019 (14)
|
|
|
|
23,304
|
|
|
23,304
|
|
|
23,159
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1.25% floor) cash due 10/12/2017 (14)
|
|
|
|
1,358
|
|
|
1,358
|
|
|
1,340
|
|
|||
|
|
|
|
|
|
|
24,662
|
|
|
24,499
|
|
||||
|
Dexter Axle Company
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
1,500 Common Shares in Dexter Axle Holding Company
|
|
|
|
|
|
1,500
|
|
|
3,116
|
|
||||
|
|
|
|
|
|
|
1,500
|
|
|
3,116
|
|
||||
|
Comprehensive Pharmacy Services LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.25% cash 1.5% PIK due 11/30/2019
|
|
|
|
14,416
|
|
|
14,416
|
|
|
14,171
|
|
|||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
2,000
|
|
|
2,549
|
|
||||
|
|
|
|
|
|
|
16,416
|
|
|
16,720
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Garretson Firm Resolution Group, Inc.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1.5% PIK due 6/20/2019
|
|
|
|
$
|
5,114
|
|
|
$
|
5,114
|
|
|
$
|
5,038
|
|
|
First Lien Revolver, LIBOR+5% (1.25% floor) cash due 12/20/2017 (14)
|
|
|
|
609
|
|
|
609
|
|
|
603
|
|
|||
|
4,950,000 Preferred Units in GRG Holdings, LP
|
|
|
|
|
|
495
|
|
|
501
|
|
||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
5
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
6,223
|
|
|
6,142
|
|
||||
|
Teaching Strategies, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (14)
|
|
|
|
14,861
|
|
|
14,853
|
|
|
14,861
|
|
|||
|
Senior Delayed Draw Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (14)
|
|
|
|
99
|
|
|
99
|
|
|
99
|
|
|||
|
Senior Revolver, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,951
|
|
|
14,960
|
|
||||
|
Omniplex World Services Corporation
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 12/21/2018
|
|
|
|
12,826
|
|
|
12,826
|
|
|
12,426
|
|
|||
|
500 units Class A Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
500
|
|
|
586
|
|
||||
|
|
|
|
|
|
|
13,326
|
|
|
13,012
|
|
||||
|
Dominion Diagnostics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 11% cash 2% PIK due 12/21/2018
|
|
|
|
16,031
|
|
|
16,031
|
|
|
15,931
|
|
|||
|
|
|
|
|
|
|
16,031
|
|
|
15,931
|
|
||||
|
Affordable Care, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.25% (1.25% floor) cash due 12/26/2019 (14)
|
|
|
|
23,250
|
|
|
23,250
|
|
|
23,018
|
|
|||
|
|
|
|
|
|
|
23,250
|
|
|
23,018
|
|
||||
|
Aderant North America, Inc.
|
|
Internet & software services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.25% floor) cash due 6/20/2019 (14)
|
|
|
|
7,000
|
|
|
7,000
|
|
|
6,983
|
|
|||
|
|
|
|
|
|
|
7,000
|
|
|
6,983
|
|
||||
|
AdVenture Interactive, Corp.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (14)
|
|
|
|
107,863
|
|
|
107,855
|
|
|
107,282
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
2,000 Preferred Units of AVI Holdings, L.P.
|
|
|
|
|
|
1,811
|
|
|
1,349
|
|
||||
|
|
|
|
|
|
|
109,666
|
|
|
108,631
|
|
||||
|
CoAdvantage Corporation
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.5% cash 1.25% PIK due 12/31/2018
|
|
|
|
14,939
|
|
|
14,939
|
|
|
14,939
|
|
|||
|
50,000 Class A Units in CIP CoAdvantage Investments LLC
|
|
|
|
|
|
557
|
|
|
924
|
|
||||
|
|
|
|
|
|
|
15,496
|
|
|
15,863
|
|
||||
|
EducationDynamics, LLC (9)
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 12% cash 6% PIK due 1/16/2017
|
|
|
|
13,045
|
|
|
13,045
|
|
|
12,674
|
|
|||
|
|
|
|
|
|
|
13,045
|
|
|
12,674
|
|
||||
|
Sterling Capital Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.2% limited partnership interest (12)
|
|
|
|
|
|
874
|
|
|
761
|
|
||||
|
|
|
|
|
|
|
874
|
|
|
761
|
|
||||
|
RP Crown Parent, LLC
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.5% (1.25% floor) cash due 12/21/2017 (10)(14)
|
|
|
|
|
|
(434
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
(434
|
)
|
|
—
|
|
||||
|
Advanced Pain Management
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 2/26/2018 (14)
|
|
|
|
24,000
|
|
|
24,000
|
|
|
23,712
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
23,712
|
|
||||
|
Rocket Software, Inc.
|
|
Internet & software services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.5% floor) cash due 2/8/2019 (14)
|
|
|
|
10,475
|
|
|
10,444
|
|
|
10,481
|
|
|||
|
|
|
|
|
|
|
10,444
|
|
|
10,481
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 5/6/2019
|
|
|
|
$
|
4,976
|
|
|
$
|
4,976
|
|
|
$
|
4,920
|
|
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/8/2021 (14)
|
|
|
|
10,000
|
|
|
10,000
|
|
|
9,650
|
|
|||
|
|
|
|
|
|
|
14,976
|
|
|
14,570
|
|
||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
||||||
|
1.9% limited partnership interest (12)
|
|
|
|
|
|
5,778
|
|
|
5,687
|
|
||||
|
|
|
|
|
|
|
5,778
|
|
|
5,687
|
|
||||
|
Credit Infonet, Inc. (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 10/26/2018
|
|
|
|
13,334
|
|
|
13,334
|
|
|
12,934
|
|
|||
|
|
|
|
|
|
|
13,334
|
|
|
12,934
|
|
||||
|
2Checkout.com, Inc.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5% cash due 6/26/2016 (14)
|
|
|
|
2,150
|
|
|
2,148
|
|
|
2,082
|
|
|||
|
|
|
|
|
|
|
2,148
|
|
|
2,082
|
|
||||
|
Meritas Schools Holdings, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.75% (1.25% floor) cash due 6/25/2019 (14)
|
|
|
|
2,478
|
|
|
2,478
|
|
|
2,469
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 1/23/2021 (14)
|
|
|
|
19,500
|
|
|
19,500
|
|
|
19,208
|
|
|||
|
|
|
|
|
|
|
21,978
|
|
|
21,677
|
|
||||
|
Chicago Growth Partners III, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Royal Adhesives and Sealants, LLC
|
|
Specialty chemicals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 1/31/2019 (11) (14)
|
|
|
|
13,500
|
|
|
13,500
|
|
|
13,612
|
|
|||
|
|
|
|
|
|
|
13,500
|
|
|
13,612
|
|
||||
|
Bracket Holding Corp.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 2/15/2020 (14)
|
|
|
|
32,000
|
|
|
32,000
|
|
|
31,360
|
|
|||
|
50,000 Common Units in AB Group Holdings, LP
|
|
|
|
|
|
500
|
|
|
501
|
|
||||
|
|
|
|
|
|
|
32,500
|
|
|
31,861
|
|
||||
|
Salus CLO 2012-1, Ltd.
|
|
Asset management & custody banks
|
|
|
|
|
|
|
||||||
|
Class F Deferrable Notes - A, LIBOR+11.5% cash due 3/5/2021 (12)(14)
|
|
|
|
7,500
|
|
|
7,500
|
|
|
7,439
|
|
|||
|
Class F Deferrable Notes - B, LIBOR+10.85% cash due 3/5/2021 (12)(14)
|
|
|
|
22,000
|
|
|
22,000
|
|
|
21,819
|
|
|||
|
|
|
|
|
|
|
29,500
|
|
|
29,258
|
|
||||
|
HealthEdge Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 12% cash due 9/30/2018
|
|
|
|
17,500
|
|
|
17,332
|
|
|
17,481
|
|
|||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918)
|
|
|
|
|
|
213
|
|
|
720
|
|
||||
|
|
|
|
|
|
|
17,545
|
|
|
18,201
|
|
||||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
13,813
|
|
|
13,787
|
|
|
13,730
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
2,904
|
|
|
2,899
|
|
|
2,904
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
4,240
|
|
|
4,234
|
|
|
4,240
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC (6)
|
|
|
|
|
|
1,000
|
|
|
954
|
|
||||
|
|
|
|
|
|
|
21,920
|
|
|
21,828
|
|
||||
|
BMC Software Finance, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 9/10/2018
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Thing5, LLC
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 10/11/2018 (13)(14)
|
|
|
|
44,775
|
|
|
44,742
|
|
|
44,177
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 10/11/2018 (10)(14)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
2,000,000 in T5 Investment Vehicle, LLC
|
|
|
|
|
|
2,000
|
|
|
1,887
|
|
||||
|
|
|
|
|
|
|
46,738
|
|
|
46,064
|
|
||||
|
Epic Health Services, Inc.
|
|
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1.25% floor) cash due 10/18/2019 (14)
|
|
Healthcare services
|
|
25,000
|
|
|
25,000
|
|
|
24,589
|
|
|||
|
|
|
|
|
|
|
25,000
|
|
|
24,589
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Kason Corporation
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
$
|
5,721
|
|
|
$
|
5,721
|
|
|
$
|
5,441
|
|
|
450 Class A Preferred Units in Kason Investment, LLC
|
|
|
|
|
|
450
|
|
|
493
|
|
||||
|
5,000 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
50
|
|
|
27
|
|
||||
|
|
|
|
|
|
|
6,221
|
|
|
5,961
|
|
||||
|
First Choice ER, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2018 (14)
|
|
|
|
55,000
|
|
|
54,978
|
|
|
54,804
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/31/2018 (14)
|
|
|
|
5,500
|
|
|
5,497
|
|
|
5,500
|
|
|||
|
First Lien Delayed Draw, LIBOR+7.5% (1% floor) cash due 4/30/2015 (14)
|
|
|
|
25,000
|
|
|
24,951
|
|
|
24,687
|
|
|||
|
|
|
|
|
|
|
85,426
|
|
|
84,991
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.571% limited partnership interest (12)
|
|
|
|
|
|
572
|
|
|
507
|
|
||||
|
|
|
|
|
|
|
572
|
|
|
507
|
|
||||
|
Systems Maintenance Services Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/18/2020 (14)
|
|
|
|
24,000
|
|
|
24,000
|
|
|
23,940
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
23,940
|
|
||||
|
P2 Upstream Acquisition Co.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 10/31/2018
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Vandelay Industries Merger Sub, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10.75% cash 1% PIK due 11/12/2019
|
|
|
|
39,265
|
|
|
39,265
|
|
|
38,880
|
|
|||
|
2,500,000 Class A Common Units in Vandelay Industries, L.P. (6)
|
|
|
|
|
|
958
|
|
|
1,764
|
|
||||
|
|
|
|
|
|
|
40,223
|
|
|
40,644
|
|
||||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021 (14)
|
|
|
|
8,000
|
|
|
8,000
|
|
|
7,800
|
|
|||
|
|
|
|
|
|
|
8,000
|
|
|
7,800
|
|
||||
|
The Active Network, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/15/2021 (14)
|
|
|
|
16,543
|
|
|
16,412
|
|
|
16,006
|
|
|||
|
|
|
|
|
|
|
16,412
|
|
|
16,006
|
|
||||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (14)
|
|
|
|
10,602
|
|
|
10,564
|
|
|
10,262
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(14)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
979
|
|
||||
|
|
|
|
|
|
|
11,560
|
|
|
11,241
|
|
||||
|
All Web Leads, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 11/26/2018 (14)
|
|
|
|
24,891
|
|
|
24,854
|
|
|
24,378
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 11/26/2018 (10)(14)
|
|
|
|
|
|
(5
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
24,849
|
|
|
24,378
|
|
||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.0% limited partnership interest (12)
|
|
|
|
|
|
1,008
|
|
|
970
|
|
||||
|
|
|
|
|
|
|
1,008
|
|
|
970
|
|
||||
|
Aden & Anais Merger Sub, Inc.
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 6/23/2019
|
|
|
|
12,252
|
|
|
12,252
|
|
|
12,167
|
|
|||
|
30,000 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
3,000
|
|
|
4,087
|
|
||||
|
|
|
|
|
|
|
15,252
|
|
|
16,254
|
|
||||
|
Lift Brands Holdings Inc.
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (14)
|
|
|
|
43,442
|
|
|
43,370
|
|
|
43,420
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (14)
|
|
|
|
2,000
|
|
|
1,982
|
|
|
2,000
|
|
|||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
2,000
|
|
|
2,116
|
|
||||
|
|
|
|
|
|
|
47,352
|
|
|
47,536
|
|
||||
|
Tailwind Capital Partners II, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.3% limited partnership interest (12)
|
|
|
|
|
|
301
|
|
|
301
|
|
||||
|
|
|
|
|
|
|
301
|
|
|
301
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Long's Drugs Incorporated
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 1/31/2020
|
|
|
|
$
|
9,543
|
|
|
$
|
9,543
|
|
|
$
|
9,491
|
|
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
500
|
|
|
597
|
|
||||
|
|
|
|
|
|
|
10,043
|
|
|
10,088
|
|
||||
|
Five9, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/20/2019 (14)
|
|
|
|
20,000
|
|
|
19,737
|
|
|
19,895
|
|
|||
|
118,577 Common Stock Warrants (exercise price $10.12)
|
|
|
|
|
|
321
|
|
|
18
|
|
||||
|
|
|
|
|
|
|
20,058
|
|
|
19,913
|
|
||||
|
Crealta Pharmaceuticals LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 12.75% cash due 8/21/2020
|
|
|
|
20,000
|
|
|
20,000
|
|
|
19,497
|
|
|||
|
|
|
|
|
|
|
20,000
|
|
|
19,497
|
|
||||
|
Conviva Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 2/28/2018 (14)
|
|
|
|
5,000
|
|
|
4,919
|
|
|
4,927
|
|
|||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966)
|
|
|
|
|
|
105
|
|
|
227
|
|
||||
|
|
|
|
|
|
|
5,024
|
|
|
5,154
|
|
||||
|
OnCourse Learning Corporation
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/28/2019 (14)
|
|
|
|
95,000
|
|
|
94,992
|
|
|
95,164
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 2/28/2019 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
200,000 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
2,544
|
|
|
2,839
|
|
||||
|
|
|
|
|
|
|
97,535
|
|
|
98,003
|
|
||||
|
ShareThis, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 3/5/2018 (14)
|
|
|
|
15,000
|
|
|
14,709
|
|
|
14,912
|
|
|||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395)
|
|
|
|
|
|
367
|
|
|
261
|
|
||||
|
|
|
|
|
|
|
15,076
|
|
|
15,173
|
|
||||
|
Aegis Toxicology Sciences Corporation
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/24/2021 (14)
|
|
|
|
18,000
|
|
|
18,000
|
|
|
17,820
|
|
|||
|
|
|
|
|
|
|
18,000
|
|
|
17,820
|
|
||||
|
Aptean, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/26/2021 (14)
|
|
|
|
3,000
|
|
|
3,000
|
|
|
2,880
|
|
|||
|
|
|
|
|
|
|
3,000
|
|
|
2,880
|
|
||||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 3/31/2019 (14)
|
|
|
|
22,608
|
|
|
22,601
|
|
|
21,655
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 3/31/2019 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
22,600
|
|
|
21,655
|
|
||||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
|
|
|
|
|
||||||
|
Delayed Draw Term Loan, LIBOR+5.75% (1.25% floor) cash due 3/31/2019 (14)
|
|
|
|
2,571
|
|
|
2,571
|
|
|
2,575
|
|
|||
|
|
|
|
|
|
|
2,571
|
|
|
2,575
|
|
||||
|
ExamSoft Worldwide, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 5/1/2019 (14)
|
|
|
|
15,000
|
|
|
14,843
|
|
|
14,690
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 5/1/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
181
|
|
|
149
|
|
||||
|
|
|
|
|
|
|
15,024
|
|
|
14,839
|
|
||||
|
Language Line, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.75% floor) cash due 12/20/2016 (14)
|
|
|
|
6,600
|
|
|
6,593
|
|
|
6,551
|
|
|||
|
|
|
|
|
|
|
6,593
|
|
|
6,551
|
|
||||
|
DigiCert, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 6/2/2020 (14)
|
|
|
|
42,000
|
|
|
42,000
|
|
|
41,288
|
|
|||
|
|
|
|
|
|
|
42,000
|
|
|
41,288
|
|
||||
|
Puerto Rico Cable Acquisition Company Inc.
|
|
Cable & satellite
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 5/30/2019 (12)(14)
|
|
|
|
27,000
|
|
|
27,000
|
|
|
26,663
|
|
|||
|
|
|
|
|
|
|
27,000
|
|
|
26,663
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
RCPDirect II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (12)
|
|
|
|
|
|
$
|
100
|
|
|
$
|
100
|
|
||
|
|
|
|
|
|
|
100
|
|
|
100
|
|
||||
|
PR Wireless, Inc. (12)
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% (1% floor) cash due 6/27/2020 (14)
|
|
|
|
$
|
12,942
|
|
|
12,695
|
|
|
11,648
|
|
||
|
118.4211 Common Stock Warrants (exercise price $0.01)
|
|
|
|
|
|
—
|
|
|
558
|
|
||||
|
|
|
|
|
|
|
12,695
|
|
|
12,206
|
|
||||
|
Integral Development Corporation
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (14)
|
|
|
|
15,000
|
|
|
14,893
|
|
|
14,897
|
|
|||
|
1,078,284 Common Stock Warrants (exercise price $0.9274)
|
|
|
|
|
|
113
|
|
|
113
|
|
||||
|
|
|
|
|
|
|
15,006
|
|
|
15,010
|
|
||||
|
Loftware, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
6,028
|
|
|
6,028
|
|
|
6,035
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
300
|
|
|
133
|
|
||||
|
|
|
|
|
|
|
6,328
|
|
|
6,168
|
|
||||
|
Tectum Holdings, Inc.
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 1/28/2021 (14)
|
|
|
|
15,000
|
|
|
15,000
|
|
|
15,022
|
|
|||
|
|
|
|
|
|
|
15,000
|
|
|
15,022
|
|
||||
|
TV Borrower US, LLC (12)
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/8/2021 (14)
|
|
|
|
30,000
|
|
|
30,000
|
|
|
29,049
|
|
|||
|
|
|
|
|
|
|
30,000
|
|
|
29,049
|
|
||||
|
Webster Capital III, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.754% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
L Squared Capital Partners LLC
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
ERS Acquisition Corp.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 9/10/2018 (14)
|
|
|
|
40,000
|
|
|
40,000
|
|
|
40,030
|
|
|||
|
|
|
|
|
|
|
40,000
|
|
|
40,030
|
|
||||
|
BeyondTrust Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan LIBOR+7% (1% floor) cash due 9/25/2019 (14)
|
|
|
|
65,207
|
|
|
65,158
|
|
|
64,779
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (10)(14)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
4,500,000 Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
4,500
|
|
|
4,249
|
|
||||
|
|
|
|
|
|
|
69,654
|
|
|
69,028
|
|
||||
|
Answers Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/1/2021 (14)
|
|
|
|
5,000
|
|
|
4,976
|
|
|
4,788
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/3/2022 (14)
|
|
|
|
37,000
|
|
|
36,104
|
|
|
35,335
|
|
|||
|
|
|
|
|
|
|
41,080
|
|
|
40,123
|
|
||||
|
Idera, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (0.5% floor) cash due 11/5/2020 (14)
|
|
|
|
36,200
|
|
|
36,181
|
|
|
36,200
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (0.5% floor) cash due 11/5/2019 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
36,180
|
|
|
36,200
|
|
||||
|
GOBP Holdings Inc.
|
|
Food retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 10/21/2021 (14)
|
|
|
|
5,000
|
|
|
5,000
|
|
|
5,013
|
|
|||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (14)
|
|
|
|
11,000
|
|
|
11,000
|
|
|
10,918
|
|
|||
|
|
|
|
|
|
|
16,000
|
|
|
15,931
|
|
||||
|
Kellermeyer Bergensons Services, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.00% (1% floor) cash due 10/29/2021 (14)
|
|
|
|
500
|
|
|
500
|
|
|
498
|
|
|||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (14)
|
|
|
|
13,300
|
|
|
13,300
|
|
|
13,234
|
|
|||
|
|
|
|
|
|
|
13,800
|
|
|
13,732
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Dodge Data & Analytics LLC
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 10/31/2019 (14)
|
|
|
|
$
|
20,000
|
|
|
$
|
20,000
|
|
|
$
|
20,000
|
|
|
|
|
|
|
|
|
20,000
|
|
|
20,000
|
|
||||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 11/19/2021 (14)
|
|
|
|
6,000
|
|
|
6,000
|
|
|
5,940
|
|
|||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 11/18/2022 (14)
|
|
|
|
34,000
|
|
|
34,000
|
|
|
33,490
|
|
|||
|
|
|
|
|
|
|
40,000
|
|
|
39,430
|
|
||||
|
Penn Foster, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/24/2019 (14)
|
|
|
|
30,000
|
|
|
29,975
|
|
|
30,000
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 11/24/2019 (14)
|
|
|
|
68
|
|
|
64
|
|
|
68
|
|
|||
|
|
|
|
|
|
|
30,039
|
|
|
30,068
|
|
||||
|
Tecomet Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 12/5/2022 (14)
|
|
|
|
17,000
|
|
|
16,001
|
|
|
16,065
|
|
|||
|
|
|
|
|
|
|
16,001
|
|
|
16,065
|
|
||||
|
Metamorph US 3, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/1/2020 (14)
|
|
|
|
25,000
|
|
|
24,976
|
|
|
25,000
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 12/1/2020 (10)(14)
|
|
|
|
|
|
(5
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
24,971
|
|
|
25,000
|
|
||||
|
Schulman Associates Institutional Board Review, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1% floor) cash due 6/3/2021 (14)
|
|
|
|
17,000
|
|
|
17,000
|
|
|
17,000
|
|
|||
|
|
|
|
|
|
|
17,000
|
|
|
17,000
|
|
||||
|
TransFirst Holdings Inc.
|
|
Consumer finance
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1% floor) cash due 11/11/2022 (14)
|
|
|
|
4,900
|
|
|
4,900
|
|
|
4,852
|
|
|||
|
|
|
|
|
|
|
4,900
|
|
|
4,852
|
|
||||
|
Creganna Finance (US) LLC (12)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1% floor) cash due 6/1/2022 (14)
|
|
|
|
9,000
|
|
|
9,000
|
|
|
9,045
|
|
|||
|
|
|
|
|
|
|
9,000
|
|
|
9,045
|
|
||||
|
Janrain, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 6/5/2018 (14)
|
|
|
|
5,000
|
|
|
4,956
|
|
|
4,955
|
|
|||
|
218,008 Series C Preferred Stock Warrants (exercise price $1.3761)
|
|
|
|
|
|
45
|
|
|
45
|
|
||||
|
|
|
|
|
|
|
5,001
|
|
|
5,000
|
|
||||
|
TigerText, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1% floor) cash due 12/8/2017 (14)
|
|
|
|
5,000
|
|
|
4,941
|
|
|
4,940
|
|
|||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373)
|
|
|
|
|
|
60
|
|
|
60
|
|
||||
|
|
|
|
|
|
|
5,001
|
|
|
5,000
|
|
||||
|
Compuware Holdings, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B1, LIBOR+5.25% (1% floor) cash due 12/11/2019 (14)
|
|
|
|
3,500
|
|
|
3,500
|
|
|
3,448
|
|
|||
|
First Lien Term Loan B2, LIBOR+5.25% (1% floor) cash due 12/10/2021 (14)
|
|
|
|
10,000
|
|
|
9,802
|
|
|
9,515
|
|
|||
|
Bridge Loan, LIBOR+5.25% (1% floor) cash due 12/11/2015 (14)
|
|
|
|
1,500
|
|
|
1,500
|
|
|
1,496
|
|
|||
|
|
|
|
|
|
|
14,802
|
|
|
14,459
|
|
||||
|
Survey Sampling International, LLC
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/31/2020 (14)
|
|
|
|
2,500
|
|
|
2,500
|
|
|
2,478
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (14)
|
|
|
|
18,700
|
|
|
18,700
|
|
|
18,373
|
|
|||
|
|
|
|
|
|
|
21,200
|
|
|
20,851
|
|
||||
|
Accuvant Finance, LLC
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 12/15/2021 (14)
|
|
|
|
10,500
|
|
|
10,500
|
|
|
10,395
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/15/2022 (14)
|
|
|
|
9,000
|
|
|
9,000
|
|
|
9,045
|
|
|||
|
|
|
|
|
|
|
19,500
|
|
|
19,440
|
|
||||
|
Abaco Energy Technologies LLC
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+7% (1% floor) cash due 11/21/2020 (14)
|
|
|
|
9,000
|
|
|
8,645
|
|
|
8,505
|
|
|||
|
|
|
|
|
|
|
8,645
|
|
|
8,505
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Ameritox Ltd.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 6/23/2019 (14)
|
|
|
|
$
|
115,700
|
|
|
$
|
115,639
|
|
|
$
|
115,700
|
|
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 6/23/2019 (14)
|
|
|
|
4,267
|
|
|
4,260
|
|
|
4,267
|
|
|||
|
|
|
|
|
|
|
119,899
|
|
|
119,967
|
|
||||
|
PSC Industrial Holdings Corp.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 12/3/2021 (14)
|
|
|
|
15,000
|
|
|
15,000
|
|
|
14,775
|
|
|||
|
|
|
|
|
|
|
15,000
|
|
|
14,775
|
|
||||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% cash due 11/25/2020 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
EOS Fitness Opco Holdings, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (14)
|
|
|
|
4,000
|
|
|
4,000
|
|
|
4,000
|
|
|||
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
487.5 Class A Preferred Units
|
|
|
|
|
|
488
|
|
|
488
|
|
||||
|
12,500 Class B Common Units
|
|
|
|
|
|
13
|
|
|
13
|
|
||||
|
|
|
|
|
|
|
4,501
|
|
|
4,501
|
|
||||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 12/31/2019 (14)
|
|
|
|
36,200
|
|
|
36,164
|
|
|
36,199
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 12/31/2019 (10)(14)
|
|
|
|
|
|
(8
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
36,156
|
|
|
36,199
|
|
||||
|
Total Non-Control/Non-Affiliate Investments (163.9% of net assets)
|
|
|
|
|
|
$
|
2,350,146
|
|
|
$
|
2,303,152
|
|
||
|
Total Portfolio Investments (193.6% of net assets)
|
|
|
|
|
|
$
|
2,768,939
|
|
|
$
|
2,721,595
|
|
||
|
(1)
|
All debt investments are income producing unless otherwise noted. Equity is non-income producing unless otherwise noted.
|
|
(2)
|
See Note 3 to the Consolidated Financial Statements for portfolio composition by geographic region.
|
|
(3)
|
Control Investments are defined by the Investment Company Act of 1940 (“1940 Act") as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
|
|
(4)
|
Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
|
|
(5)
|
Equity ownership may be held in shares or units of companies related to the portfolio companies.
|
|
(6)
|
Income producing through payment of dividends or distributions.
|
|
(7)
|
Non-Control/Non-Affiliate Investments are defined by the 1940 Act as investments that are neither Control Investments nor Affiliate Investments.
|
|
(8)
|
Principal includes accumulated PIK interest and is net of repayments.
|
|
Portfolio Company
|
|
Effective date
|
|
Cash interest
|
|
PIK interest
|
|
Reason
|
|
JTC Education, Inc.
|
|
November 25, 2014
|
|
-13.25% on Term Loan
|
|
+13.25% on Term Loan
|
|
Per loan amendment
|
|
Refac Optical Group
|
|
August 22, 2014
|
|
+1.0% on Revolver
|
|
+1.0% on Term Loan A
+1.0% on Term Loan B
+1.0% on Term Loan C
|
|
Per loan amendment
|
|
EducationDynamics, LLC
|
|
August 14, 2014
|
|
-12.0% on Term Loan
|
|
+12.0% on Term Loan
|
|
Per loan amendment
|
|
Cenegenics, LLC
|
|
August 14, 2014
|
|
|
|
+2.0% on Term Loan
|
|
Per loan amendment
|
|
Credit Infonet, Inc.
|
|
July 1, 2014
|
|
-1.25% on Term Loan
|
|
+1.25% on Term Loan
|
|
Per loan amendment
|
|
Dominion Diagnostics, LLC
|
|
April 8, 2014
|
|
|
|
- 1.0% on Term Loan
|
|
Per loan amendment
|
|
Phoenix Brands Merger Sub LLC
|
|
April 1, 2014
|
|
+ 0.75% on Senior Term Loan and Revolver - 10% on Subordinated Term Loan
|
|
+ 12.75% on Subordinated Term Loan
|
|
Per loan amendment
|
|
Discovery Practice Management, Inc.
|
|
November 4, 2013
|
|
+ 2.25% on Term Loan A - 1.0% on Revolver
|
|
|
|
Per loan amendment
|
|
TransTrade Operators, Inc.
|
|
August 1, 2014
|
|
- 11.0% on Term Loan
|
|
+ 7.0% on Term Loan
|
|
Per loan amendment
|
|
HealthDrive Corporation
|
|
October 1, 2013
|
|
- 1.0% on Term Loan A
- 3.0% on Term Loan B
|
|
+ 3.0% on Term Loan A
+ 4.0% on Term Loan B
|
|
Per loan amendment
|
|
Ansira Partners, Inc.
|
|
June 30, 2013
|
|
- 0.5% on Revolver
|
|
|
|
Tier pricing per loan agreement
|
|
Physicians Pharmacy Alliance, Inc.
|
|
April 1, 2013
|
|
+ 1.0% on Term Loan
|
|
+ 1.0% on Term Loan
|
|
Per loan agreement
|
|
Deltek, Inc.
|
|
February 1, 2013
|
|
- 1.0% on Revolver
|
|
|
|
Per loan amendment
|
|
CCCG, LLC
|
|
November 15, 2012
|
|
+ 0.5% on Term Loan
|
|
+ 1.0% on Term Loan
|
|
Per loan amendment
|
|
Yeti Acquisition, LLC
|
|
October 1, 2012
|
|
- 1.0% on Term Loan A,
Term Loan B and Revolver
|
|
|
|
Tier pricing per loan
agreement
|
|
(10)
|
Investment has undrawn commitments and a negative cost basis as a result of unamortized fees. Unamortized fees are classified as unearned income which reduces cost basis.
|
|
(11)
|
Represents an unfunded commitment to fund limited partnership interest. See Note 3 to the Consolidated Financial Statements.
|
|
(12)
|
Investment is not a "qualifying asset" as defined under Section 55(a) of the 1940 Act, in whole or in part.
|
|
(13)
|
The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 -
Transfers and Servicing
, and therefore, the entire debt investment remains in the Schedule of Investments. (See Note 15 in the accompanying notes to the Consolidated Financial Statements.)
|
|
(14)
|
The principal balance outstanding for all floating rate loans is indexed to LIBOR and an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR based on each respective credit agreement.
|
|
(15)
|
Each of the Company's investments are pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
|
|
(16)
|
The Company, through its investments in HFG Holdings, LLC, acquired a majority equity interest in Healthcare Finance Group, LLC, which provides financing to healthcare companies. The fair value of the Company's debt and equity investments in HFG Holdings approximates the fair value of HFG Holdings' equity investment in Healthcare Finance Group, LLC.
|
|
(17)
|
As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the consolidated financial statements for transactions
during the three months ended
December 31, 2014
in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
|
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|||||
|
Control Investments (3)
|
|
|
|
|
|
|
|
|
||||||
|
Traffic Solutions Holdings, Inc.
|
|
Construction and engineering
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
|
|
$
|
14,942
|
|
|
$
|
14,925
|
|
|
$
|
14,905
|
|
|
LC Facility, 8.5% cash due 12/31/2016 (10)
|
|
|
|
|
|
(6
|
)
|
|
—
|
|
||||
|
746,114 Series A Preferred Units
|
|
|
|
|
|
14,460
|
|
|
17,564
|
|
||||
|
746,114 Common Stock Units
|
|
|
|
|
|
5,316
|
|
|
6,113
|
|
||||
|
|
|
|
|
|
|
34,695
|
|
|
38,582
|
|
||||
|
TransTrade Operators, Inc. (9)
|
|
Air freight and logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
|
|
15,572
|
|
|
15,572
|
|
|
11,109
|
|
|||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
596.67 Series A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
1,403,922 Series A Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
2,000
|
|
|
—
|
|
|||||
|
5,200,000 Series B Preferred Units in TransTrade Holding LLC
|
|
|
|
|
5,200
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
22,772
|
|
|
11,109
|
|
||||
|
HFG Holdings, LLC (16)
|
|
Specialized finance
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 6% cash 4% PIK due 6/10/2019
|
|
|
|
96,378
|
|
|
96,378
|
|
|
96,935
|
|
|||
|
875,933 Class A Units
|
|
|
|
|
|
22,347
|
|
|
31,786
|
|
||||
|
|
|
|
|
|
|
118,725
|
|
|
128,721
|
|
||||
|
First Star Aviation, LLC
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
|
|
16,840
|
|
|
16,840
|
|
|
16,556
|
|
|||
|
10,104,401 Common Units (6)
|
|
|
|
|
|
10,105
|
|
|
10,328
|
|
||||
|
|
|
|
|
|
|
26,945
|
|
|
26,884
|
|
||||
|
First Star Speir Aviation 1 Limited (12)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash due 12/15/2015
|
|
|
|
60,773
|
|
|
60,773
|
|
|
61,155
|
|
|||
|
2,058,411.64 Common Units (6)
|
|
|
|
|
|
2,058
|
|
|
3,572
|
|
||||
|
|
|
|
|
|
|
62,831
|
|
|
64,727
|
|
||||
|
First Star Bermuda Aviation Limited (12)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
35,045
|
|
|
35,045
|
|
|
35,606
|
|
|||
|
4,293,736 Common Units
|
|
|
|
|
|
4,294
|
|
|
5,839
|
|
||||
|
|
|
|
|
|
|
39,339
|
|
|
41,445
|
|
||||
|
Eagle Hospital Physicians, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
|
|
12,088
|
|
|
12,088
|
|
|
11,924
|
|
|||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
|
|
3,301
|
|
|
3,301
|
|
|
3,262
|
|
|||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
|
|
2,847
|
|
|
2,847
|
|
|
2,847
|
|
|||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
4,100
|
|
|
5,738
|
|
||||
|
|
|
|
|
|
|
22,336
|
|
|
23,771
|
|
||||
|
Senior Loan Fund JV I, LLC (12)(17)
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021 (14)
|
|
|
|
53,984
|
|
|
53,984
|
|
|
53,984
|
|
|||
|
87.5% LLC equity interest
|
|
|
|
|
|
5,998
|
|
|
5,649
|
|
||||
|
|
|
|
|
|
|
59,982
|
|
|
59,633
|
|
||||
|
Total Control Investments (26.7% of net assets)
|
|
|
|
|
|
$
|
387,625
|
|
|
$
|
394,872
|
|
||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
||||||
|
Caregiver Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
$
|
9,145
|
|
|
$
|
9,145
|
|
|
$
|
9,062
|
|
|
1,080,399 shares of Series A Preferred Stock
|
|
|
|
|
|
1,080
|
|
|
3,805
|
|
||||
|
|
|
|
|
|
|
10,225
|
|
|
12,867
|
|
||||
|
AmBath/ReBath Holdings, Inc.
|
|
Home improvement retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 4/30/2016 (14)
|
|
|
|
1,206
|
|
|
1,203
|
|
|
1,222
|
|
|||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
|
|
26,337
|
|
|
26,329
|
|
|
26,032
|
|
|||
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
643
|
|
||||
|
|
|
|
|
|
|
27,532
|
|
|
27,897
|
|
||||
|
Total Affiliate Investments (2.8% of net assets)
|
|
|
|
|
|
$
|
37,757
|
|
|
$
|
40,764
|
|
||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
||||||
|
Fitness Edge, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
1,000 Common Units (6)
|
|
|
|
|
|
$
|
43
|
|
|
$
|
190
|
|
||
|
|
|
|
|
|
|
43
|
|
|
190
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Thermoforming Technology Group LLC
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
33,786 shares of Common Stock
|
|
|
|
|
|
$
|
849
|
|
|
$
|
819
|
|
||
|
|
|
|
|
|
|
849
|
|
|
819
|
|
||||
|
HealthDrive Corporation (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 10% cash due 12/31/15
|
|
|
|
$
|
4,325
|
|
|
4,323
|
|
|
4,287
|
|
||
|
First Lien Term Loan B, 12% cash 1% PIK due 12/31/15
|
|
|
|
11,376
|
|
|
11,376
|
|
|
11,373
|
|
|||
|
First Lien Revolver, 12% cash due 12/31/15
|
|
|
|
2,266
|
|
|
2,266
|
|
|
2,266
|
|
|||
|
|
|
|
|
|
|
17,965
|
|
|
17,926
|
|
||||
|
Cenegenics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9.75% cash due 9/30/2019
|
|
|
|
32,014
|
|
|
31,982
|
|
|
32,015
|
|
|||
|
414,419 Common Units (6)
|
|
|
|
|
|
598
|
|
|
1,019
|
|
||||
|
|
|
|
|
|
|
32,580
|
|
|
33,034
|
|
||||
|
Riverlake Equity Partners II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.78% limited partnership interest (12)
|
|
|
|
|
|
642
|
|
|
492
|
|
||||
|
|
|
|
|
|
|
642
|
|
|
492
|
|
||||
|
Riverside Fund IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.34% limited partnership interest (6)(12)
|
|
|
|
|
|
643
|
|
|
629
|
|
||||
|
|
|
|
|
|
|
643
|
|
|
629
|
|
||||
|
JTC Education, Inc. (9)
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 13% cash due 11/1/2017
|
|
|
|
14,500
|
|
|
14,436
|
|
|
14,449
|
|
|||
|
17,391 Shares of Series A-1 Preferred Stock
|
|
|
|
|
|
313
|
|
|
89
|
|
||||
|
17,391 Shares of Common Stock
|
|
|
|
|
|
187
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,936
|
|
|
14,538
|
|
||||
|
Psilos Group Partners IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2.35% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Mansell Group, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 12/31/2015
|
|
|
|
5,046
|
|
|
5,023
|
|
|
5,028
|
|
|||
|
First Lien Term Loan B, LIBOR+9% (3% floor) cash 1.5% PIK due 12/31/2015
|
|
|
|
9,568
|
|
|
9,546
|
|
|
9,537
|
|
|||
|
|
|
|
|
|
|
14,569
|
|
|
14,565
|
|
||||
|
Enhanced Recovery Company, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (2% floor) cash due 8/13/2015 (14)
|
|
|
|
10,750
|
|
|
10,688
|
|
|
10,705
|
|
|||
|
First Lien Term Loan B, LIBOR+10% (2% floor) cash 1% PIK due 8/13/2015 (14)
|
|
|
|
16,013
|
|
|
15,957
|
|
|
15,983
|
|
|||
|
First Lien Revolver, LIBOR+7% (2% floor) cash due 8/13/2015 (14)
|
|
|
|
500
|
|
|
479
|
|
|
500
|
|
|||
|
|
|
|
|
|
|
27,124
|
|
|
27,188
|
|
||||
|
Welocalize, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
3,393,060 Common Units in RPWL Holdings, LLC
|
|
|
|
|
|
3,393
|
|
|
5,835
|
|
||||
|
|
|
|
|
|
|
3,393
|
|
|
5,835
|
|
||||
|
Miche Bag, LLC (9)
|
|
Apparel, accessories
& luxury goods
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+10% (3% floor) cash 3% PIK due 12/7/2015 (14)
|
|
|
|
17,936
|
|
|
16,778
|
|
|
5,856
|
|
|||
|
First Lien Revolver, LIBOR+7% (3% floor) cash due 12/7/2015 (14)
|
|
|
|
1,000
|
|
|
974
|
|
|
500
|
|
|||
|
10,371 shares of series A preferred equity interest
|
|
|
|
|
|
1,037
|
|
|
—
|
|
||||
|
1,358.854 shares of series C preferred equity interest
|
|
|
|
|
|
136
|
|
|
—
|
|
||||
|
146,289 shares of series D common equity interest
|
|
|
|
|
|
1,463
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
20,388
|
|
|
6,356
|
|
||||
|
Bunker Hill Capital II (QP), L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.51% limited partnership interest (12)
|
|
|
|
|
|
368
|
|
|
254
|
|
||||
|
|
|
|
|
|
|
368
|
|
|
254
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Drugtest, Inc. (9)
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% (0.75% floor) cash due 6/27/2018 (14)
|
|
|
|
$
|
13,297
|
|
|
$
|
13,211
|
|
|
$
|
13,406
|
|
|
First Lien Term Loan B, LIBOR+10% (1% floor) cash 1.5% PIK due 6/27/2018 (14)
|
|
|
|
13,395
|
|
|
13,356
|
|
|
13,344
|
|
|||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/27/2018 (10)(14)
|
|
|
|
|
|
(19
|
)
|
|
—
|
|
||||
|
Acquisition Line, LIBOR+5.75% cash due 6/27/2015 (14)
|
|
|
|
9,100
|
|
|
9,100
|
|
|
9,100
|
|
|||
|
|
|
|
|
|
|
35,648
|
|
|
35,850
|
|
||||
|
Physicians Pharmacy Alliance, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% cash 1.5% PIK due 1/4/2016
|
|
|
|
10,823
|
|
|
10,722
|
|
|
10,794
|
|
|||
|
|
|
|
|
|
|
10,722
|
|
|
10,794
|
|
||||
|
Cardon Healthcare Network, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
69,487 Class A Units
|
|
|
|
|
|
265
|
|
|
602
|
|
||||
|
|
|
|
|
|
|
265
|
|
|
602
|
|
||||
|
Phoenix Brands Merger Sub LLC (9)
|
|
Household products
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5% (1.5% floor) cash due 1/31/2016 (14)
|
|
|
|
3,675
|
|
|
3,632
|
|
|
3,524
|
|
|||
|
Subordinated Term Loan, 10% cash 3.875% PIK due 2/1/2017
|
|
|
|
31,590
|
|
|
31,389
|
|
|
30,154
|
|
|||
|
First Lien Revolver, LIBOR+5% (1.5% floor) cash due 1/31/2016 (14)
|
|
|
|
3,000
|
|
|
2,955
|
|
|
3,000
|
|
|||
|
|
|
|
|
|
|
37,976
|
|
|
36,678
|
|
||||
|
CCCG, LLC (9)
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1.75% floor) cash 1% PIK due 12/29/2017 (14)
|
|
|
|
34,572
|
|
|
34,259
|
|
|
30,309
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1.75% floor) cash due 12/29/2017 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
34,259
|
|
|
30,309
|
|
||||
|
Maverick Healthcare Group, LLC
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+5.5% cash (1.75% floor) cash due 12/31/2016 (14)
|
|
|
16,722
|
|
|
16,165
|
|
|
16,576
|
|
||||
|
First Lien Term Loan B, LIBOR+9% cash (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
38,500
|
|
|
38,243
|
|
|
38,256
|
|
|||
|
CapEx Line, LIBOR+5.75% (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
1,260
|
|
|
1,160
|
|
|
1,255
|
|
|||
|
|
|
|
|
|
|
55,568
|
|
|
56,087
|
|
||||
|
Refac Optical Group (9)
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% cash due 9/30/2018 (14)
|
|
|
|
21,950
|
|
|
21,832
|
|
|
21,643
|
|
|||
|
First Lien Term Loan B, LIBOR+8.5% cash, 1.75% PIK due 9/30/2018 (14)
|
|
|
|
33,408
|
|
|
33,161
|
|
|
32,707
|
|
|||
|
First Lien Term Loan C, 12% cash due 9/30/2018
|
|
|
|
3,405
|
|
|
3,405
|
|
|
3,401
|
|
|||
|
First Lien Revolver, LIBOR+7.5% cash due 9/30/2018 (14)
|
|
|
|
1,600
|
|
|
1,557
|
|
|
1,600
|
|
|||
|
1,550.9435 Shares of Common Stock in Refac Holdings, Inc.
|
|
|
|
|
1
|
|
|
—
|
|
|||||
|
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc.
|
|
|
|
|
305
|
|
|
—
|
|
|||||
|
1,000 Series A Preferred Stock in Refac Holdings, Inc.
|
|
|
|
|
|
999
|
|
|
134
|
|
||||
|
|
|
|
|
|
|
61,260
|
|
|
59,485
|
|
||||
|
Charter Brokerage, LLC
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+6.5% (1.5% floor) cash due 10/10/2016 (14)
|
|
|
|
27,215
|
|
|
27,166
|
|
|
27,198
|
|
|||
|
Mezzanine Term Loan, 11.75% cash 2% PIK due 10/10/2017
|
|
|
|
12,217
|
|
|
12,182
|
|
|
12,190
|
|
|||
|
Senior Revolver, LIBOR+6.5% (1.5% floor) cash due 10/10/2016 (10)(14)
|
|
|
|
|
|
(26
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
39,322
|
|
|
39,388
|
|
||||
|
Baird Capital Partners V, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.4% limited partnership interest (6)(12)
|
|
|
|
|
|
826
|
|
|
753
|
|
||||
|
|
|
|
|
|
|
826
|
|
|
753
|
|
||||
|
Discovery Practice Management, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+9.75% cash due 11/4/2018 (14)
|
|
|
|
19,787
|
|
|
19,707
|
|
|
20,323
|
|
|||
|
Senior Revolver, LIBOR+6% cash due 11/4/2018 (14)
|
|
|
|
1,500
|
|
|
1,484
|
|
|
1,500
|
|
|||
|
Capex Line, LIBOR+7% cash due 11/4/2018 (14)
|
|
|
|
750
|
|
|
750
|
|
|
750
|
|
|||
|
|
|
|
|
|
|
21,941
|
|
|
22,573
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Milestone Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.85% limited partnership interest (6)(12)
|
|
|
|
|
|
$
|
1,131
|
|
|
$
|
1,118
|
|
||
|
|
|
|
|
|
|
1,131
|
|
|
1,118
|
|
||||
|
National Spine and Pain Centers, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1.6% PIK due 9/27/2017
|
|
|
|
$
|
29,740
|
|
|
29,607
|
|
|
29,726
|
|
||
|
317,282.97 Class A Units (6)
|
|
|
|
|
|
317
|
|
|
609
|
|
||||
|
|
|
|
|
|
|
29,924
|
|
|
30,335
|
|
||||
|
RCPDirect, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.91% limited partnership interest (6)(12)
|
|
|
|
|
|
656
|
|
|
787
|
|
||||
|
|
|
|
|
|
|
656
|
|
|
787
|
|
||||
|
The MedTech Group, Inc. (9)
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5.5% (1.5% floor) cash due 9/7/2016 (14)
|
|
|
|
7,460
|
|
|
7,415
|
|
|
7,427
|
|
|||
|
|
|
|
|
|
|
7,415
|
|
|
7,427
|
|
||||
|
Digi-Star Acquisition Holdings, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 11/18/2017
|
|
|
|
16,698
|
|
|
16,632
|
|
|
16,673
|
|
|||
|
264.37 Class A Preferred Units
|
|
|
|
|
|
115
|
|
|
122
|
|
||||
|
2,954.87 Class A Common Units (6)
|
|
|
|
|
|
36
|
|
|
478
|
|
||||
|
|
|
|
|
|
|
16,783
|
|
|
17,273
|
|
||||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 12.5% cash 3% PIK due 3/9/2018
|
|
|
|
27,566
|
|
|
27,421
|
|
|
27,741
|
|
|||
|
|
|
|
|
|
|
27,421
|
|
|
27,741
|
|
||||
|
Riverside Fund V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.48% limited partnership interest (6)(12)
|
|
|
|
|
|
578
|
|
|
390
|
|
||||
|
|
|
|
|
|
|
578
|
|
|
390
|
|
||||
|
World 50, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan A, LIBOR+6.25% (1.5% floor) cash due 3/30/2017 (14)
|
|
|
|
7,947
|
|
|
7,880
|
|
|
7,956
|
|
|||
|
Senior Term Loan B, 12.5% cash due 3/30/2017
|
|
|
|
7,000
|
|
|
6,958
|
|
|
7,006
|
|
|||
|
Senior Revolver, LIBOR+6.25% (1.5% floor) cash due 3/30/2017 (10)(14)
|
|
|
|
|
|
(30
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,808
|
|
|
14,962
|
|
||||
|
ACON Equity Partners III, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.13% limited partnership interest (6)(12)
|
|
|
|
|
|
498
|
|
|
447
|
|
||||
|
|
|
|
|
|
|
498
|
|
|
447
|
|
||||
|
BMC Acquisition, Inc.
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
499
|
|
|
604
|
|
||||
|
50,000 Common Shares
|
|
|
|
|
|
1
|
|
|
1
|
|
||||
|
|
|
|
|
|
|
500
|
|
|
605
|
|
||||
|
Ansira Partners, Inc. (9)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1.5% floor) cash due 5/4/2017 (14)
|
|
|
|
5,329
|
|
|
5,286
|
|
|
5,321
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1.5% floor) cash due 5/4/2017 (10)(14)
|
|
|
|
|
|
(5
|
)
|
|
—
|
|
||||
|
250 Preferred Units & 250 Class A Common Units of Ansira Holdings, LLC
|
|
|
|
|
250
|
|
|
331
|
|
|||||
|
|
|
|
|
|
|
5,531
|
|
|
5,652
|
|
||||
|
Edmentum, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1.5% floor) cash due 5/17/2019 (14)
|
|
|
|
17,000
|
|
|
17,000
|
|
|
16,815
|
|
|||
|
|
|
|
|
|
|
17,000
|
|
|
16,815
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
I Drive Safely, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
75,000 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
$
|
1,000
|
|
|
$
|
902
|
|
||
|
|
|
|
|
|
|
1,000
|
|
|
902
|
|
||||
|
Yeti Acquisition, LLC (9)
|
|
Leisure products
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+8% (1.25% floor) cash due 6/15/2017 (14)
|
|
|
|
$
|
11,007
|
|
|
10,978
|
|
|
11,010
|
|
||
|
First Lien Term Loan B, LIBOR+11.25% (1.25% floor) cash 1% PIK, due 6/15/2017 (14)
|
|
|
|
8,290
|
|
|
8,278
|
|
|
8,287
|
|
|||
|
First Lien Revolver, LIBOR+8% (1.25% floor) cash due 6/15/2017 (10)(14)
|
|
|
|
|
|
(10
|
)
|
|
—
|
|
||||
|
1,500 Common Stock Units of Yeti Holdings, Inc.
|
|
|
|
|
|
1,500
|
|
|
4,286
|
|
||||
|
|
|
|
|
|
|
20,746
|
|
|
23,583
|
|
||||
|
Specialized Education Services, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (1.5% floor) cash due 6/28/2017 (14)
|
|
|
|
8,554
|
|
|
8,554
|
|
|
8,411
|
|
|||
|
Subordinated Term Loan B, 11% cash 1.5% PIK due 6/28/2018
|
|
|
|
18,112
|
|
|
18,112
|
|
|
17,903
|
|
|||
|
|
|
|
|
|
|
26,666
|
|
|
26,314
|
|
||||
|
Vitalyst Holdings, Inc. (formerly known as PC Helps Support, LLC)
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 9/5/2018
|
|
|
|
19,092
|
|
|
19,092
|
|
|
18,999
|
|
|||
|
675 Series A Preferred Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
675
|
|
|
807
|
|
||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
75
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
19,842
|
|
|
19,806
|
|
||||
|
Olson + Co., Inc. (9)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1.5% floor) cash due 9/30/2017 (14)
|
|
|
|
8,556
|
|
|
8,556
|
|
|
8,553
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1.5% floor) cash due 9/30/2017 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
8,556
|
|
|
8,553
|
|
||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (12)
|
|
|
|
|
|
567
|
|
|
525
|
|
||||
|
|
|
|
|
|
|
567
|
|
|
525
|
|
||||
|
Deltek, Inc. (9)
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.25% floor) cash due 10/10/2019 (14)
|
|
|
|
25,000
|
|
|
25,000
|
|
|
25,127
|
|
|||
|
First Lien Revolver, LIBOR+4.75% (1.25% floor) cash due 10/10/2017 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
25,000
|
|
|
25,127
|
|
||||
|
First American Payment Systems, LP
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.5% (1.25% floor) cash due 4/12/2019 (14)
|
|
|
|
23,304
|
|
|
23,304
|
|
|
23,190
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1.25% floor) cash due 10/12/2017 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
23,304
|
|
|
23,190
|
|
||||
|
Dexter Axle Company
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
1,500 Common Shares in Dexter Axle Holding Company
|
|
|
|
|
|
1,500
|
|
|
2,507
|
|
||||
|
|
|
|
|
|
|
1,500
|
|
|
2,507
|
|
||||
|
Comprehensive Pharmacy Services LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.25% cash 1.5% PIK due 11/30/2019
|
|
|
|
14,362
|
|
|
14,362
|
|
|
14,342
|
|
|||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
2,000
|
|
|
2,570
|
|
||||
|
|
|
|
|
|
|
16,362
|
|
|
16,912
|
|
||||
|
Garretson Firm Resolution Group, Inc.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Senior Term Loan, LIBOR+5% (1.25% floor) cash due 12/20/2018 (14)
|
|
|
|
6,984
|
|
|
6,984
|
|
|
6,975
|
|
|||
|
Mezzanine Term Loan, 11% cash 1.5% PIK due 6/20/2019
|
|
|
|
5,095
|
|
|
5,095
|
|
|
5,100
|
|
|||
|
First Lien Revolver, LIBOR+5% (1.25% floor) cash due 12/20/2017 (14)
|
|
|
|
391
|
|
|
391
|
|
|
391
|
|
|||
|
4,950,000 Preferred Units in GRG Holdings, LP
|
|
|
|
|
|
495
|
|
|
432
|
|
||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
5
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
12,970
|
|
|
12,898
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Teaching Strategies, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+6% (1.25% floor) cash due 12/21/2017 (14)
|
|
|
|
$
|
46,360
|
|
|
$
|
46,355
|
|
|
$
|
46,360
|
|
|
First Lien Term Loan B, LIBOR+8.35% (1.25% floor) cash 3.15% PIK due 12/21/2017 (14)
|
|
|
27,975
|
|
|
27,973
|
|
|
27,976
|
|
||||
|
First Lien Revolver, LIBOR+6% (1.25% floor) cash due 12/21/2017 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
74,327
|
|
|
74,336
|
|
||||
|
Omniplex World Services Corporation
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 12/21/2018
|
|
|
|
12,785
|
|
|
12,785
|
|
|
12,681
|
|
|||
|
500 units Class A Common Units in Omniplex Holdings Corp.
|
|
|
|
|
500
|
|
|
575
|
|
|||||
|
|
|
|
|
|
|
13,285
|
|
|
13,256
|
|
||||
|
Dominion Diagnostics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 11% cash 2% PIK due 12/21/2018
|
|
|
|
15,990
|
|
|
15,990
|
|
|
16,053
|
|
|||
|
|
|
|
|
|
|
15,990
|
|
|
16,053
|
|
||||
|
Affordable Care, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.25% (1.25% floor) cash due 12/26/2019 (14)
|
|
|
|
21,500
|
|
|
21,500
|
|
|
21,656
|
|
|||
|
|
|
|
|
|
|
21,500
|
|
|
21,656
|
|
||||
|
Aderant North America, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.25% floor) cash due 6/20/2019 (14)
|
|
|
|
7,000
|
|
|
7,000
|
|
|
7,036
|
|
|||
|
|
|
|
|
|
|
7,000
|
|
|
7,036
|
|
||||
|
AdVenture Interactive, Corp.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (13)(14)
|
|
|
|
108,989
|
|
|
108,968
|
|
|
109,249
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
2,000 Preferred Units of AVI Holdings, L.P.
|
|
|
|
|
|
1,811
|
|
|
1,325
|
|
||||
|
|
|
|
|
|
|
110,778
|
|
|
110,574
|
|
||||
|
CoAdvantage Corporation
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.5% cash 1.25% PIK due 12/31/2018
|
|
|
|
14,893
|
|
|
14,893
|
|
|
14,934
|
|
|||
|
50,000 Class A Units in CIP CoAdvantage Investments LLC
|
|
|
|
|
|
557
|
|
|
701
|
|
||||
|
|
|
|
|
|
|
15,450
|
|
|
15,635
|
|
||||
|
EducationDynamics, LLC (9)
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 12% cash 6% PIK due 1/16/2017
|
|
|
|
12,462
|
|
|
12,462
|
|
|
12,035
|
|
|||
|
|
|
|
|
|
|
12,462
|
|
|
12,035
|
|
||||
|
Sterling Capital Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.2% limited partnership interest (6)(12)
|
|
|
|
|
|
874
|
|
|
761
|
|
||||
|
|
|
|
|
|
|
874
|
|
|
761
|
|
||||
|
Devicor Medical Products, Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (2% floor) cash due 7/8/2015 (14)
|
|
|
|
12,785
|
|
|
12,785
|
|
|
12,782
|
|
|||
|
|
|
|
|
|
|
12,785
|
|
|
12,782
|
|
||||
|
RP Crown Parent, LLC
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.5% (1.25% floor) cash due 12/21/2017 (10)(14)
|
|
|
|
|
|
(472
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
(472
|
)
|
|
—
|
|
||||
|
Advanced Pain Management
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 2/26/2018 (14)
|
|
|
|
24,000
|
|
|
24,000
|
|
|
23,914
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
23,914
|
|
||||
|
Rocket Software, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.5% floor) cash due 2/8/2019 (14)
|
|
|
|
10,475
|
|
|
10,443
|
|
|
10,452
|
|
|||
|
|
|
|
|
|
|
10,443
|
|
|
10,452
|
|
||||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 5/6/2019
|
|
|
|
4,988
|
|
|
4,988
|
|
|
4,994
|
|
|||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/8/2021 (14)
|
|
|
|
10,000
|
|
|
10,000
|
|
|
9,971
|
|
|||
|
|
|
|
|
|
|
14,988
|
|
|
14,965
|
|
||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
||||||
|
1.9% limited partnership interest (12)
|
|
|
|
|
|
4,056
|
|
|
3,966
|
|
||||
|
|
|
|
|
|
|
4,056
|
|
|
3,966
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Credit Infonet, Inc. (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 10/26/2018
|
|
|
|
$
|
13,292
|
|
|
$
|
13,292
|
|
|
$
|
13,387
|
|
|
|
|
|
|
|
|
13,292
|
|
|
13,387
|
|
||||
|
2Checkout.com, Inc.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5% cash due 6/26/2016 (14)
|
|
|
|
2,150
|
|
|
2,148
|
|
|
2,150
|
|
|||
|
|
|
|
|
|
|
2,148
|
|
|
2,150
|
|
||||
|
Meritas Schools Holdings, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.75% (1.25% floor) cash due 6/25/2019 (14)
|
|
|
|
8,345
|
|
|
8,345
|
|
|
8,336
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 1/23/2021 (14)
|
|
|
|
19,500
|
|
|
19,500
|
|
|
19,493
|
|
|||
|
|
|
|
|
|
|
27,845
|
|
|
27,829
|
|
||||
|
Chicago Growth Partners III, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Royal Adhesives and Sealants, LLC
|
|
Specialty chemicals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 1/31/2019 (11) (14)
|
|
|
|
13,500
|
|
|
13,500
|
|
|
13,580
|
|
|||
|
|
|
|
|
|
|
13,500
|
|
|
13,580
|
|
||||
|
Bracket Holding Corp.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 2/15/2020 (14)
|
|
|
|
32,000
|
|
|
32,000
|
|
|
31,767
|
|
|||
|
50,000 Common Units in AB Group Holdings, LP
|
|
|
|
|
|
500
|
|
|
294
|
|
||||
|
|
|
|
|
|
|
32,500
|
|
|
32,061
|
|
||||
|
Salus CLO 2012-1, Ltd.
|
|
Asset management & custody banks
|
|
|
|
|
|
|
||||||
|
Class F Deferrable Notes - A, LIBOR+11.5% cash due 3/5/2021 (12)(14)
|
|
|
|
7,500
|
|
|
7,500
|
|
|
7,500
|
|
|||
|
Class F Deferrable Notes - B, LIBOR+10.85% cash due 3/5/2021 (12)(14)
|
|
|
|
22,000
|
|
|
22,000
|
|
|
22,000
|
|
|||
|
|
|
|
|
|
|
29,500
|
|
|
29,500
|
|
||||
|
HealthEdge Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 12% cash due 9/30/2018
|
|
|
|
17,500
|
|
|
17,320
|
|
|
17,463
|
|
|||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918)
|
|
|
|
|
213
|
|
|
722
|
|
|||||
|
|
|
|
|
|
|
17,533
|
|
|
18,185
|
|
||||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
13,813
|
|
|
13,813
|
|
|
13,872
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
4,179
|
|
|
4,179
|
|
|
4,179
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,169
|
|
||||
|
|
|
|
|
|
|
18,992
|
|
|
19,220
|
|
||||
|
BMC Software Finance, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 9/10/2018
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
CT Technologies Intermediate Holdings, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1.25% floor) cash due 10/4/2020 (14)
|
|
|
|
12,000
|
|
|
12,000
|
|
|
11,920
|
|
|||
|
|
|
|
|
|
|
12,000
|
|
|
11,920
|
|
||||
|
Thing5, LLC
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 10/11/2018 (13)(14)
|
|
|
|
45,000
|
|
|
45,000
|
|
|
44,780
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 10/11/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
2,000,000 in T5 Investment Vehicle, LLC (6)
|
|
|
|
|
|
2,000
|
|
|
1,667
|
|
||||
|
|
|
|
|
|
|
47,000
|
|
|
46,447
|
|
||||
|
Epic Health Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1.25% floor) cash due 10/18/2019 (14)
|
|
|
|
25,000
|
|
|
25,000
|
|
|
24,877
|
|
|||
|
|
|
|
|
|
|
25,000
|
|
|
24,877
|
|
||||
|
Kason Corporation
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
5,695
|
|
|
5,695
|
|
|
5,630
|
|
|||
|
450 Class A Preferred Units in Kason Investment, LLC
|
|
|
|
|
|
450
|
|
|
396
|
|
||||
|
5,000 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
50
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
6,195
|
|
|
6,026
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
First Choice ER, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2018 (14)
|
|
|
|
$
|
55,000
|
|
|
$
|
55,000
|
|
|
$
|
55,457
|
|
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/31/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
First Lien Delayed Draw, LIBOR+7.5% (1% floor) cash due 4/30/2015 (14)
|
|
|
|
25,000
|
|
|
25,000
|
|
|
25,067
|
|
|||
|
|
|
|
|
|
|
80,000
|
|
|
80,524
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.571% limited partnership interest (6)(12)
|
|
|
|
|
|
585
|
|
|
521
|
|
||||
|
|
|
|
|
|
|
585
|
|
|
521
|
|
||||
|
Systems Maintenance Services Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/18/2020 (14)
|
|
|
|
24,000
|
|
|
24,000
|
|
|
24,353
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
24,353
|
|
||||
|
P2 Upstream Acquisition Co.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, L+4% (1% floor) cash due 10/31/2018
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Vandelay Industries Merger Sub, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10.75% cash 1% PIK due 11/12/2019
|
|
|
|
27,001
|
|
|
27,001
|
|
|
27,251
|
|
|||
|
2,500,000 Class A Common Units in Vandelay Industries, L.P.
|
|
|
|
|
|
2,500
|
|
|
3,461
|
|
||||
|
|
|
|
|
|
|
29,501
|
|
|
30,712
|
|
||||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 11/4/2020 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021 (14)
|
|
|
|
8,000
|
|
|
8,000
|
|
|
8,083
|
|
|||
|
|
|
|
|
|
|
8,000
|
|
|
8,083
|
|
||||
|
SugarSync, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+10% (0.5% floor) cash due 11/18/2016 (14)
|
|
|
|
6,500
|
|
|
6,500
|
|
|
6,500
|
|
|||
|
|
|
|
|
|
|
6,500
|
|
|
6,500
|
|
||||
|
The Active Network, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/15/2021 (14)
|
|
|
|
13,600
|
|
|
13,600
|
|
|
13,609
|
|
|||
|
|
|
|
|
|
|
13,600
|
|
|
13,609
|
|
||||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (14)
|
|
|
|
10,670
|
|
|
10,666
|
|
|
10,611
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
961
|
|
||||
|
|
|
|
|
|
|
11,666
|
|
|
11,572
|
|
||||
|
All Web Leads, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 11/26/2018 (14)
|
|
|
|
25,050
|
|
|
25,047
|
|
|
24,864
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 11/26/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
25,047
|
|
|
24,864
|
|
||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.0% limited partnership interest (6)(12)
|
|
|
|
|
|
715
|
|
|
677
|
|
||||
|
|
|
|
|
|
|
715
|
|
|
677
|
|
||||
|
Aden & Anais Merger Sub, Inc.
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 6/23/2019
|
|
|
|
12,189
|
|
|
12,189
|
|
|
12,330
|
|
|||
|
30,000 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
3,000
|
|
|
3,973
|
|
||||
|
|
|
|
|
|
|
15,189
|
|
|
16,303
|
|
||||
|
Lift Brands Holdings Inc.
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (14)
|
|
|
|
43,721
|
|
|
43,708
|
|
|
43,474
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (14)
|
|
|
|
3,500
|
|
|
3,497
|
|
|
3,500
|
|
|||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
2,000
|
|
|
2,142
|
|
||||
|
|
|
|
|
|
|
49,205
|
|
|
49,116
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Tailwind Capital Partners II, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.3% limited partnership interest (6)(12)
|
|
|
|
|
|
$
|
274
|
|
|
$
|
274
|
|
||
|
|
|
|
|
|
|
274
|
|
|
274
|
|
||||
|
Long's Drugs Incorporated
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 1/31/2020
|
|
|
|
$
|
9,519
|
|
|
9,518
|
|
|
9,530
|
|
||
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
500
|
|
|
548
|
|
||||
|
|
|
|
|
|
|
10,018
|
|
|
10,078
|
|
||||
|
American Cadastre, LLC
|
|
Systems software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 8/14/2015 (14)
|
|
|
|
5,595
|
|
|
5,592
|
|
|
5,345
|
|
|||
|
|
|
|
|
|
|
5,592
|
|
|
5,345
|
|
||||
|
Five9, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/20/2019 (14)
|
|
|
|
20,000
|
|
|
19,721
|
|
|
20,294
|
|
|||
|
118,577 Common Stock Warrants (exercise price $10.12)
|
|
|
|
|
|
321
|
|
|
69
|
|
||||
|
|
|
|
|
|
|
20,042
|
|
|
20,363
|
|
||||
|
Crealta Pharmaceuticals LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 12.75% cash due 8/21/2020
|
|
|
|
20,000
|
|
|
20,000
|
|
|
19,640
|
|
|||
|
|
|
|
|
|
|
20,000
|
|
|
19,640
|
|
||||
|
Conviva Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 2/28/2018 (14)
|
|
|
|
5,000
|
|
|
4,913
|
|
|
4,998
|
|
|||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966)
|
|
|
|
|
|
104
|
|
|
79
|
|
||||
|
|
|
|
|
|
|
5,017
|
|
|
5,077
|
|
||||
|
OnCourse Learning Corporation
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/28/2019 (14)
|
|
|
|
55,000
|
|
|
54,969
|
|
|
55,154
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 2/28/2019 (14)
|
|
|
|
2,000
|
|
|
1,998
|
|
|
2,000
|
|
|||
|
200,000 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
2,000
|
|
|
1,755
|
|
||||
|
|
|
|
|
|
|
58,967
|
|
|
58,909
|
|
||||
|
ShareThis, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 3/5/2018 (14)
|
|
|
|
15,000
|
|
|
14,686
|
|
|
15,115
|
|
|||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395)
|
|
|
|
|
|
367
|
|
|
282
|
|
||||
|
|
|
|
|
|
|
15,053
|
|
|
15,397
|
|
||||
|
Aegis Toxicology Sciences Corporation
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/24/2021 (14)
|
|
|
|
18,000
|
|
|
18,000
|
|
|
18,044
|
|
|||
|
|
|
|
|
|
|
18,000
|
|
|
18,044
|
|
||||
|
Aptean, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/26/2021 (14)
|
|
|
|
3,000
|
|
|
3,000
|
|
|
3,020
|
|
|||
|
|
|
|
|
|
|
3,000
|
|
|
3,020
|
|
||||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 3/31/2019 (14)
|
|
|
|
22,752
|
|
|
22,734
|
|
|
22,873
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 3/31/2019 (10)(14)
|
|
|
|
|
|
(3
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
22,731
|
|
|
22,873
|
|
||||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.75% (1.25% floor) cash due 3/31/2019 (14)
|
|
|
|
9,750
|
|
|
9,750
|
|
|
9,759
|
|
|||
|
Delayed Draw Term Loan, LIBOR+5.75% (1.25% floor) cash due 3/31/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
First Lien Revolver, LIBOR+5.75% (1.25% floor) cash due 3/31/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
9,750
|
|
|
9,759
|
|
||||
|
ExamSoft Worldwide, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 5/1/2019 (14)
|
|
|
|
15,000
|
|
|
14,834
|
|
|
14,992
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 5/1/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
181
|
|
|
17
|
|
||||
|
|
|
|
|
|
|
15,015
|
|
|
15,009
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Language Line, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.75% floor) cash due 12/20/2016 (14)
|
|
|
|
$
|
6,600
|
|
|
$
|
6,592
|
|
|
$
|
6,605
|
|
|
|
|
|
|
|
|
6,592
|
|
|
6,605
|
|
||||
|
DigiCert, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 6/2/2020 (14)
|
|
|
|
42,000
|
|
|
42,000
|
|
|
42,010
|
|
|||
|
|
|
|
|
|
|
42,000
|
|
|
42,010
|
|
||||
|
Puerto Rico Cable Acquisition Company Inc.
|
|
Cable & satellite
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 5/30/2019 (12)(14)
|
|
|
|
27,000
|
|
|
27,000
|
|
|
27,019
|
|
|||
|
|
|
|
|
|
|
27,000
|
|
|
27,019
|
|
||||
|
RCPDirect II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (12)
|
|
|
|
|
|
10
|
|
|
10
|
|
||||
|
|
|
|
|
|
|
10
|
|
|
10
|
|
||||
|
PR Wireless, Inc. (12)
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% (1% floor) cash due 6/27/2020 (14)
|
|
|
|
9,975
|
|
|
9,975
|
|
|
9,325
|
|
|||
|
118.4211 Common Stock Warrants (exercise price $0.01)
|
|
|
|
|
|
—
|
|
|
557
|
|
||||
|
|
|
|
|
|
|
9,975
|
|
|
9,882
|
|
||||
|
Integral Development Corporation
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (14)
|
|
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
|||
|
1,078,284 Common Stock Warrants (exercise price $0.9274)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
15,000
|
|
|
15,000
|
|
||||
|
Loftware, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
6,013
|
|
|
6,013
|
|
|
6,013
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
300
|
|
|
300
|
|
||||
|
|
|
|
|
|
|
6,313
|
|
|
6,313
|
|
||||
|
Tectum Holdings, Inc.
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 1/28/2021 (14)
|
|
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
|||
|
|
|
|
|
|
|
15,000
|
|
|
15,000
|
|
||||
|
TV Borrower US, LLC (12)
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/8/2021 (14)
|
|
|
|
30,000
|
|
|
30,000
|
|
|
30,000
|
|
|||
|
|
|
|
|
|
|
30,000
|
|
|
30,000
|
|
||||
|
Webster Capital III, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.754% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
L Squared Capital Partners LLC
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
ERS Acquisition Corp.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 9/10/2018 (14)
|
|
|
|
40,000
|
|
|
40,000
|
|
|
40,000
|
|
|||
|
|
|
|
|
|
|
40,000
|
|
|
40,000
|
|
||||
|
BeyondTrust Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan LIBOR+7% (1% floor) cash due 9/25/2019 (14)
|
|
|
|
112,500
|
|
|
112,434
|
|
|
112,500
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (10)(14)
|
|
|
|
|
|
(6
|
)
|
|
—
|
|
||||
|
4,500,000 Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
4,500
|
|
|
4,500
|
|
||||
|
|
|
|
|
|
|
116,928
|
|
|
117,000
|
|
||||
|
Total Non-Control/Non-Affiliate Investments (139.4% of net assets)
|
|
|
|
|
|
$
|
2,069,301
|
|
|
$
|
2,060,278
|
|
||
|
Total Portfolio Investments (168.8% of net assets)
|
|
|
|
|
|
$
|
2,494,683
|
|
|
$
|
2,495,914
|
|
||
|
(1)
|
All debt investments are income producing unless otherwise noted. Equity is non-income producing unless otherwise noted.
|
|
(2)
|
See Note 3 to the Consolidated Financial Statements for portfolio composition by geographic region.
|
|
(3)
|
Control Investments are defined by the 1940 Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.
|
|
(4)
|
Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
|
|
(5)
|
Equity ownership may be held in shares or units of companies related to the portfolio companies.
|
|
(6)
|
Income producing through payment of dividends or distributions.
|
|
(7)
|
Non-Control/Non-Affiliate Investments are defined by the 1940 Act as investments that are neither Control Investments nor Affiliate Investments.
|
|
(8)
|
Principal includes accumulated PIK interest and is net of repayments.
|
|
Portfolio Company
|
|
Effective date
|
|
Cash interest
|
|
PIK interest
|
|
Reason
|
|
Refac Optical Group
|
|
August 22, 2014
|
|
+1.0% on Revolver
|
|
+1.0% on Term Loan A
+1.0% on Term Loan B
+1.0% on Term Loan C
|
|
Per loan amendment
|
|
EducationDynamics, LLC
|
|
August 14, 2014
|
|
-12.0% on Term Loan
|
|
+12.0% on Term Loan
|
|
Per loan amendment
|
|
Cenegenics, LLC
|
|
August 14, 2014
|
|
|
|
+2.0% on Term Loan
|
|
Per loan amendment
|
|
Credit Infonet, Inc.
|
|
July 1, 2014
|
|
-1.25% on Term Loan
|
|
+1.25% on Term Loan
|
|
Per loan amendment
|
|
HealthDrive Corporation
|
|
July 1, 2014
|
|
-1.0% on Term Loan A
-3.0% on Term Loan B
|
|
+3.0% on Term Loan A
+4.0% on Term Loan B
|
|
Per loan amendment
|
|
Dominion Diagnostics, LLC
|
|
April 8, 2014
|
|
|
|
- 1.0% on Term Loan
|
|
Per loan amendment
|
|
Phoenix Brands Merger Sub LLC
|
|
April 1, 2014
|
|
+ 0.75% on Senior Term Loan and Revolver - 10% on Subordinated Term Loan
|
|
+ 12.75% on Subordinated Term Loan
|
|
Per loan amendment
|
|
Olson + Co., Inc.
|
|
December 13, 2013
|
|
+ 0.25% on Term Loan and Revolver
|
|
|
|
Per loan amendment
|
|
Discovery Practice Management, Inc.
|
|
November 4, 2013
|
|
+ 2.25% on Term Loan A - 1.0% on Revolver
|
|
|
|
Per loan amendment
|
|
TransTrade Operators, Inc.
|
|
August 1, 2014
|
|
- 11.0% on Term Loan
|
|
+ 7.0% on Term Loan
|
|
Per loan amendment
|
|
Miche Bag, LLC
|
|
July 26, 2013
|
|
- 3.0% on Term Loan B
|
|
- 1.0% on Term Loan B
|
|
Per loan amendment
|
|
Ansira Partners, Inc.
|
|
June 30, 2013
|
|
- 0.5% on Term Loan and Revolver
|
|
|
|
Tier pricing per loan agreement
|
|
Drugtest, Inc.
|
|
June 27, 2013
|
|
- 1.5% on Term Loan A
- 0.75% on Term Loan B - 0.25% on Revolver |
|
- 0.5% on Term Loan B
|
|
Per loan amendment
|
|
The MedTech Group, Inc.
|
|
June 21, 2013
|
|
- 0.5% on Term Loan
|
|
|
|
Per loan amendment
|
|
Physicians Pharmacy Alliance, Inc.
|
|
April 1, 2013
|
|
+ 1.0% on Term Loan
|
|
+ 1.0% on Term Loan
|
|
Per loan agreement
|
|
Deltek, Inc.
|
|
February 1, 2013
|
|
- 1.0% on Revolver
|
|
|
|
Per loan amendment
|
|
JTC Education, Inc.
|
|
January 1, 2013
|
|
+ 0.25% on Term Loan
|
|
|
|
Per loan amendment
|
|
CCCG, LLC
|
|
November 15, 2012
|
|
+ 0.5% on Term Loan
|
|
+ 1.0% on Term Loan
|
|
Per loan amendment
|
|
Yeti Acquisition, LLC
|
|
October 1, 2012
|
|
– 1.0% on Term Loan A,
Term Loan B and Revolver
|
|
|
|
Tier pricing per loan
agreement
|
|
(10)
|
Investment has undrawn commitments and a negative cost basis as a result of unamortized fees. Unamortized fees are classified as unearned income which reduces cost basis.
|
|
(11)
|
Represents an unfunded commitment to fund limited partnership interest. See Note 3 to the Consolidated Financial Statements.
|
|
(12)
|
Investment is not a "qualifying asset" as defined under Section 55(a) of the 1940 Act, in whole or in part.
|
|
(13)
|
The sale of a portion of this loan does not qualify for sale accounting under ASC Topic 860 -
Transfers and Servicing
, and therefore, the entire debt investment remains in the Schedule of Investments. (See Note 15 in the accompanying notes to the Consolidated Financial Statements.)
|
|
(14)
|
The principal balance outstanding for all floating rate loans is indexed to LIBOR and an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR based on each respective credit agreement.
|
|
(15)
|
Each of the Company's investments are pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
|
|
(16)
|
The Company, through its investments in HFG Holdings, LLC, acquired a majority equity interest in Healthcare Finance Group, LLC, which provides financing to healthcare companies. The fair value of the Company's debt and equity investments in HFG Holdings approximates the fair value of HFG Holdings' equity investment in Healthcare Finance Group, LLC.
|
|
(17)
|
As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the consolidated financial statements for transactions
during the three months ended
December 31, 2014
in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control.
|
|
Date
|
|
Transaction
|
|
Shares
|
|
Offering
price
|
|
|
|
Gross
proceeds
|
||||
|
June 17, 2008
|
|
Initial public offering
|
|
10,000,000
|
|
|
$
|
14.12
|
|
|
|
|
141.2 million
|
|
|
July 21, 2009
|
|
Follow-on public offering (including underwriters' exercise of over-allotment option)
|
|
9,487,500
|
|
|
9.25
|
|
|
|
|
87.8 million
|
||
|
September 25, 2009
|
|
Follow-on public offering (including underwriters' exercise of over-allotment option)
|
|
5,520,000
|
|
|
10.50
|
|
|
|
|
58.0 million
|
||
|
January 27, 2010
|
|
Follow-on public offering
|
|
7,000,000
|
|
|
11.20
|
|
|
|
|
78.4 million
|
||
|
February 25, 2010
|
|
Underwriters' partial exercise of over-allotment option
|
|
300,500
|
|
|
11.20
|
|
|
|
|
3.4 million
|
||
|
June 21, 2010
|
|
Follow-on public offering (including underwriters' exercise of over-allotment option)
|
|
9,200,000
|
|
|
11.50
|
|
|
|
|
105.8 million
|
||
|
December 2010
|
|
At-the-Market offering
|
|
429,110
|
|
|
11.87
|
|
|
(1
|
)
|
|
5.1 million
|
|
|
February 4, 2011
|
|
Follow-on public offering (including underwriters' exercise of over-allotment option)
|
|
11,500,000
|
|
|
12.65
|
|
|
|
|
145.5 million
|
||
|
June 24, 2011
|
|
Follow-on public offering (including underwriters' partial exercise of over-allotment option)
|
|
5,558,469
|
|
|
11.72
|
|
|
|
|
65.1 million
|
||
|
January 26, 2012
|
|
Follow-on public offering
|
|
10,000,000
|
|
|
10.07
|
|
|
|
|
100.7 million
|
||
|
September 14, 2012
|
|
Follow-on public offering (including underwriters' partial exercise of over-allotment option)
|
|
8,451,486
|
|
|
10.79
|
|
|
|
|
91.2 million
|
||
|
December 7, 2012
|
|
Follow-on public offering
|
|
14,000,000
|
|
|
10.68
|
|
|
|
|
149.5 million
|
||
|
December 14, 2012
|
|
Underwriters' partial exercise of over-allotment option
|
|
725,000
|
|
|
10.68
|
|
|
|
|
7.7 million
|
||
|
April 15, 2013
|
|
Follow-on public offering
|
|
13,500,000
|
|
|
10.85
|
|
|
|
|
146.5 million
|
||
|
April 26, 2013
|
|
Underwriters' partial exercise of over-allotment option
|
|
935,253
|
|
|
10.85
|
|
|
|
|
10.1 million
|
||
|
September 26, 2013
|
|
Follow-on public offering (including underwriters' partial exercise of over-allotment option)
|
|
17,643,000
|
|
|
10.31
|
|
|
|
|
181.9 million
|
||
|
July 11, 2014
|
|
Follow-on public offering
|
|
13,250,000
|
|
|
9.95
|
|
|
|
|
131.8 million
|
||
|
September 2014
|
|
At-the-Market offering
|
|
841,456
|
|
|
9.86
|
|
|
(1
|
)
|
|
8.3 million
|
|
|
(1)
|
Average offering price.
|
|
Rate Fix Date
|
|
Debenture
Amount
|
|
Fixed
Interest
Rate
|
|
SBA
Annual
Charge
|
||||
|
September 2010
|
|
$
|
73,000
|
|
|
3.215
|
%
|
|
0.285
|
%
|
|
March 2011
|
|
65,300
|
|
|
4.084
|
|
|
0.285
|
|
|
|
September 2011
|
|
11,700
|
|
|
2.877
|
|
|
0.285
|
|
|
|
Rate Fix Date
|
|
Debenture
Amount |
|
Fixed
Interest Rate |
|
SBA
Annual Charge |
||||
|
March 2013
|
|
$
|
31,750
|
|
|
2.351
|
%
|
|
0.804
|
%
|
|
March 2014
|
|
43,250
|
|
|
3.191
|
|
|
0.804
|
|
|
|
•
|
Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
|
|
•
|
Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities.
|
|
•
|
Level 3 — Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.
|
|
•
|
The quarterly valuation process begins with each portfolio company or investment being initially valued either by the Company's capital markets group for quoted investments or the Company's finance department for unquoted investments;
|
|
•
|
Separately, independent valuation firms engaged by the Board of Directors prepare preliminary valuations of our investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company;
|
|
•
|
The finance department compares and contrasts its preliminary valuations to the preliminary valuations of the independent valuation firms;
|
|
•
|
The finance department prepares a valuation report for the Audit Committee of the Board of Directors;
|
|
•
|
The Audit Committee of the Board of Directors is apprised of the preliminary valuations of the independent valuation firms;
|
|
•
|
The Audit Committee of the Board of Directors reviews the preliminary valuations with the portfolio managers of the Investment Adviser, and the finance department responds and supplements the preliminary valuations to reflect any comments provided by the Audit Committee;
|
|
•
|
The Audit Committee of the Board of Directors makes a recommendation to the Board of Directors regarding the fair value of the investments in the Company's portfolio; and
|
|
•
|
The Board of Directors discusses valuations and determines the fair value of each investment in the Company's portfolio in good faith.
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||||||
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Investments in debt securities
|
|
$
|
2,567,869
|
|
|
$
|
2,503,406
|
|
|
$
|
2,309,405
|
|
|
$
|
2,291,459
|
|
|
Investments in equity securities
|
|
132,489
|
|
|
151,602
|
|
|
125,296
|
|
|
144,822
|
|
||||
|
Debt investment in senior loan fund vehicle
|
|
61,723
|
|
|
61,831
|
|
|
53,984
|
|
|
53,984
|
|
||||
|
Equity investment in senior loan fund vehicle
|
|
6,858
|
|
|
4,756
|
|
|
5,998
|
|
|
5,649
|
|
||||
|
Total
|
|
$
|
2,768,939
|
|
|
$
|
2,721,595
|
|
|
$
|
2,494,683
|
|
|
$
|
2,495,914
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||||
|
|
|
Fair Value
|
|
% of Debt
Portfolio
|
|
Fair Value
|
|
% of Debt
Portfolio
|
||||||
|
Fixed rate debt securities
|
|
$
|
634,475
|
|
|
24.73
|
%
|
|
$
|
703,967
|
|
|
30.01
|
%
|
|
Floating rate debt securities, including subordinated notes of SLF JV I
|
|
1,930,762
|
|
|
75.27
|
|
|
1,641,476
|
|
|
69.99
|
|
||
|
Total
|
|
$
|
2,565,237
|
|
|
100.00
|
%
|
|
$
|
2,345,443
|
|
|
100.00
|
%
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,238,204
|
|
|
$
|
2,238,204
|
|
|
Investments in debt securities (subordinated, including subordinated notes of SLF JV I)
|
|
—
|
|
|
—
|
|
|
297,775
|
|
|
297,775
|
|
||||
|
Investments in debt securities (Collateralized loan obligation, or CLO)
|
|
—
|
|
|
—
|
|
|
29,258
|
|
|
29,258
|
|
||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
28,012
|
|
|
28,012
|
|
||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
128,346
|
|
|
128,346
|
|
||||
|
Total investments at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,721,595
|
|
|
$
|
2,721,595
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
22,246
|
|
|
22,246
|
|
||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,246
|
|
|
$
|
22,246
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,972,088
|
|
|
$
|
1,972,088
|
|
|
Investments in debt securities (subordinated, including subordinated notes of SLF JV I)
|
|
—
|
|
|
—
|
|
|
343,855
|
|
|
343,855
|
|
||||
|
Investments in debt securities (CLO)
|
|
—
|
|
|
—
|
|
|
29,500
|
|
|
29,500
|
|
||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
26,469
|
|
|
26,469
|
|
||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
124,002
|
|
|
124,002
|
|
||||
|
Total investments at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,495,914
|
|
|
$
|
2,495,914
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
84,803
|
|
|
84,803
|
|
||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84,803
|
|
|
$
|
84,803
|
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including subordinated notes of SLF JV I)
|
|
CLO Debt
|
|
Preferred
Equity
|
|
Common
Equity (including LLC equity interests of SLF JV I)
|
|
Total
|
|
Secured Borrowings
|
||||||||||||||
|
Fair value as of September 30, 2014
|
|
$
|
1,972,088
|
|
|
$
|
343,855
|
|
|
$
|
29,500
|
|
|
$
|
26,469
|
|
|
$
|
124,002
|
|
|
$
|
2,495,914
|
|
|
$
|
84,803
|
|
|
New investments & net revolver activity
|
|
705,533
|
|
|
7,739
|
|
|
—
|
|
|
2,488
|
|
|
6,568
|
|
|
722,328
|
|
|
—
|
|
|||||||
|
Redemptions/repayments
|
|
(393,187
|
)
|
|
(39,964
|
)
|
|
—
|
|
|
—
|
|
|
(2,046
|
)
|
|
(435,197
|
)
|
|
(62,630
|
)
|
|||||||
|
Net accrual of PIK interest income
|
|
1,835
|
|
|
1,463
|
|
|
—
|
|
|
448
|
|
|
—
|
|
|
3,746
|
|
|
—
|
|
|||||||
|
Accretion of original issue discount
|
|
145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
258
|
|
|
—
|
|
|||||||
|
Net change in unearned income
|
|
352
|
|
|
224
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
576
|
|
|
—
|
|
|||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
(30,625
|
)
|
|
(15,542
|
)
|
|
(242
|
)
|
|
(220
|
)
|
|
(1,946
|
)
|
|
(48,575
|
)
|
|
—
|
|
|||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
332
|
|
|||||||
|
Realized gain (loss) on investments
|
|
(17,937
|
)
|
|
—
|
|
|
—
|
|
|
(1,173
|
)
|
|
1,655
|
|
|
(17,455
|
)
|
|
—
|
|
|||||||
|
Realized gain on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(259
|
)
|
|||||||
|
Transfer into (out of) Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
Fair value as of December 31, 2014
|
|
$
|
2,238,204
|
|
|
$
|
297,775
|
|
|
$
|
29,258
|
|
|
$
|
28,012
|
|
|
$
|
128,346
|
|
|
$
|
2,721,595
|
|
|
$
|
22,246
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held at December 31, 2014 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2014
|
|
$
|
(48,562
|
)
|
|
$
|
(15,542
|
)
|
|
$
|
(242
|
)
|
|
$
|
(1,393
|
)
|
|
$
|
(291
|
)
|
|
$
|
(66,030
|
)
|
|
$
|
73
|
|
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt
|
|
CLO Debt
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
||||||||||||
|
Fair value as of September 30, 2013
|
|
$
|
1,467,665
|
|
|
$
|
296,298
|
|
|
$
|
29,500
|
|
|
$
|
25,648
|
|
|
$
|
73,935
|
|
|
$
|
1,893,046
|
|
|
New investments & net revolver activity
|
|
609,340
|
|
|
21,746
|
|
|
—
|
|
|
1,533
|
|
|
17,524
|
|
|
650,143
|
|
||||||
|
Redemptions/repayments
|
|
(148,528
|
)
|
|
(13,756
|
)
|
|
—
|
|
|
(150
|
)
|
|
(2,695
|
)
|
|
(165,129
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
1,459
|
|
|
(493
|
)
|
|
—
|
|
|
406
|
|
|
—
|
|
|
1,372
|
|
||||||
|
Accretion of original issue discount
|
|
164
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
164
|
|
||||||
|
Net change in unearned income
|
|
1
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
157
|
|
||||||
|
Net unrealized appreciation (depreciation)
|
|
(2,213
|
)
|
|
(74
|
)
|
|
—
|
|
|
(1,485
|
)
|
|
(1,946
|
)
|
|
(5,718
|
)
|
||||||
|
Unrealized adjustments due to deal exits
|
|
321
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
2,200
|
|
|
2,677
|
|
||||||
|
Transfer into (out of) Level 3
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Fair value as of December 31, 2013
|
|
$
|
1,928,209
|
|
|
$
|
304,033
|
|
|
$
|
29,500
|
|
|
$
|
25,952
|
|
|
$
|
89,018
|
|
|
$
|
2,376,712
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2013 and reported within net unrealized appreciation (depreciation) on investments in the Consolidated Statement of Operations for the three months ended December 31, 2013
|
|
$
|
(1,892
|
)
|
|
$
|
82
|
|
|
$
|
—
|
|
|
$
|
(1,485
|
)
|
|
$
|
254
|
|
|
$
|
(3,041
|
)
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
1,704,590
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.7%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(5.5)%
|
-
|
7.5%
|
|
0.9%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.3%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.5)%
|
-
|
6.4%
|
|
0.2%
|
||
|
|
|
27,247
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
27.0%
|
-
|
28.0%
|
|
27.7%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
10.0%
|
-
|
10.0%
|
|
10.0%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(28.2)%
|
-
|
39.6%
|
|
(5.5)%
|
||
|
|
|
506,367
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
216,037
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium
|
|
(a)
|
0.7%
|
-
|
10.0%
|
|
3.5%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
1.0%
|
-
|
2.0%
|
|
1.3%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(0.9)%
|
-
|
0.5%
|
|
0.1%
|
||
|
|
|
19,908
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
19.0%
|
-
|
19.0%
|
|
19.0%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
5.0%
|
-
|
5.0%
|
|
5.0%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
2.5%
|
-
|
2.5%
|
|
2.5%
|
||
|
|
|
|
|
|
|
EBITDA multiple
|
|
(b)
|
11.2x
|
-
|
11.2x
|
|
11.2x
|
||
|
SLF JV I Subordinated Debt
|
|
61,830
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium
|
|
(a)
|
(2.1)%
|
-
|
(2.1)%
|
|
(2.1)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.3)%
|
-
|
(1.3)%
|
|
(1.3)%
|
||
|
CLO Debt
|
|
29,258
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
SLF JV I Equity
|
|
4,756
|
|
|
Net asset value
|
|
Net asset value
|
|
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
151,602
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
12.0%
|
-
|
36.0%
|
|
17.0%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
1.0%
|
-
|
15.0%
|
|
2.9%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(16.6)%
|
-
|
105.7%
|
|
6.1%
|
||
|
|
|
|
|
|
|
EBITDA multiple
|
|
(b)
|
1.7x
|
-
|
23.1x
|
|
9.1x
|
||
|
|
|
|
|
|
|
Revenue multiple
|
|
(b)
|
3.5x
|
-
|
5.2x
|
|
4.3x
|
||
|
|
|
|
|
|
|
Book value multiple
|
|
(b)
|
0.9x
|
-
|
1.0x
|
|
0.9x
|
||
|
Total
|
|
$
|
2,721,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c) |
|||||
|
Secured borrowings
|
|
$
|
22,246
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(1.0)%
|
-
|
(1.0)%
|
|
(1.0)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
1.5%
|
-
|
1.5%
|
|
1.5%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
0.5%
|
-
|
0.5%
|
|
0.5%
|
||
|
Total
|
|
$
|
22,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Used when market participant would take into account this premium or discount when pricing the investment or secured borrowings.
|
|
(b)
|
Used when market participant would use such multiples when pricing the investment.
|
|
(c)
|
Weighted averages are calculated based on fair value of investments or secured borrowings.
|
|
(d)
|
The Company generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments and CLO debt investments. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Audit Committee in conjunction with additional information compiled by the Company, including financial performance, recent business developments and various other factors.
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
1,954,623
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.9%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(4.3)%
|
-
|
10.0%
|
|
1.4%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.2%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.3)%
|
-
|
1.3%
|
|
0.3%
|
||
|
|
|
17,465
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
27.0%
|
-
|
27.0%
|
|
27.0%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
10.0%
|
-
|
10.0%
|
|
10.0%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(29.5)%
|
|
(29.5)%
|
|
(29.5)%
|
||
|
Subordinated debt
|
|
343,506
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium
|
|
(a)
|
1.0%
|
-
|
11.5%
|
|
4.5%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.2%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(0.6)%
|
-
|
1.2%
|
|
0.4%
|
||
|
CLO debt
|
|
29,500
|
|
|
Bond yield approach
|
|
Market yield
|
|
|
13.3%
|
-
|
13.8%
|
|
13.5%
|
|
|
SLF JV I
|
|
5,998
|
|
|
Net asset value
|
|
N/A
|
|
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
144,822
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
14.0%
|
-
|
34.0%
|
|
17.8%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
1.0%
|
-
|
15.0%
|
|
2.8%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(29.5)%
|
-
|
78.3%
|
|
10.0%
|
||
|
|
|
|
|
|
|
EBITDA multiple
|
|
(b)
|
1.4x
|
-
|
14.0x
|
|
9.3x
|
||
|
|
|
|
|
|
|
Revenue multiple
|
|
(b)
|
3.5x
|
-
|
5.2x
|
|
4.3x
|
||
|
|
|
|
|
|
|
Book value multiple
|
|
(b)
|
0.9x
|
-
|
1.1x
|
|
0.9x
|
||
|
Total
|
|
$
|
2,495,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c) |
|||||
|
Secured borrowings
|
|
$
|
84,803
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
0.0%
|
|
0.0%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(4.3)%
|
-
|
(3.8)%
|
|
(4.1)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
1.0%
|
-
|
2.0%
|
|
1.3%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
0.4%
|
-
|
1.0%
|
|
0.9%
|
||
|
Total
|
|
$
|
84,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Used when market participant would take into account this premium or discount when pricing the investment or secured borrowings.
|
|
(b)
|
Used when market participant would use such multiples when pricing the investment.
|
|
(c)
|
Weighted averages are calculated based on fair value of investments or secured borrowings.
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facilities payable
|
|
$
|
617,495
|
|
|
$
|
617,495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
617,495
|
|
|
SBA debentures payable
|
|
225,000
|
|
|
201,654
|
|
|
—
|
|
|
—
|
|
|
201,654
|
|
|||||
|
Unsecured convertible notes payable
|
|
115,000
|
|
|
118,881
|
|
|
—
|
|
|
—
|
|
|
118,881
|
|
|||||
|
Unsecured notes payable
|
|
410,121
|
|
|
418,719
|
|
|
—
|
|
|
160,494
|
|
|
258,225
|
|
|||||
|
Total
|
|
$
|
1,367,616
|
|
|
$
|
1,356,749
|
|
|
$
|
—
|
|
|
$
|
160,494
|
|
|
$
|
1,196,255
|
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facilities payable
|
|
$
|
317,395
|
|
|
$
|
317,395
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
317,395
|
|
|
SBA debentures payable
|
|
225,000
|
|
|
197,126
|
|
|
—
|
|
|
—
|
|
|
197,126
|
|
|||||
|
Unsecured convertible notes payable
|
|
115,000
|
|
|
119,025
|
|
|
—
|
|
|
—
|
|
|
119,025
|
|
|||||
|
Unsecured notes payable
|
|
409,878
|
|
|
416,539
|
|
|
—
|
|
|
157,864
|
|
|
258,675
|
|
|||||
|
Total
|
|
$
|
1,067,273
|
|
|
$
|
1,050,085
|
|
|
$
|
—
|
|
|
$
|
157,864
|
|
|
$
|
892,221
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||
|
Senior Loan Fund JV 1, LLC
|
$
|
106,419
|
|
|
$
|
115,018
|
|
|
Yeti Acquisition, LLC
|
30,000
|
|
|
15,000
|
|
||
|
Lift Brands Holdings, Inc.
|
18,000
|
|
|
20,000
|
|
||
|
BMC Software Finance, Inc.
|
15,000
|
|
|
15,000
|
|
||
|
P2 Upstream Acquisition Co.
|
10,000
|
|
|
10,000
|
|
||
|
TigerText, Inc.
|
10,000
|
|
|
—
|
|
||
|
RP Crown Parent, LLC
|
9,868
|
|
|
10,000
|
|
||
|
Deltek, Inc.
|
9,713
|
|
|
3,213
|
|
||
|
Ameritox, Ltd.
|
8,533
|
|
|
—
|
|
||
|
Trialcard Incorporated
|
7,800
|
|
|
—
|
|
||
|
BeyondTrust Software, Inc.
|
6,495
|
|
|
9,375
|
|
||
|
Refac Optical Group
|
6,400
|
|
|
6,400
|
|
||
|
Thing5, LLC
|
6,000
|
|
|
6,000
|
|
||
|
TIBCO Software, Inc.
|
5,800
|
|
|
—
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
5,397
|
|
|
5,397
|
|
||
|
Integral Development Corporation
|
5,000
|
|
|
5,000
|
|
||
|
OnCourse Learning Corporation
|
5,000
|
|
|
3,000
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
5,000
|
|
|
—
|
|
||
|
InMotion Entertainment Group, LLC
|
4,951
|
|
|
7,916
|
|
||
|
Penn Foster, Inc.
|
4,932
|
|
|
—
|
|
||
|
Metamorph US 3, LLC
|
4,900
|
|
|
—
|
|
||
|
Adventure Interactive, Corp.
|
4,846
|
|
|
4,846
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
4,222
|
|
|
5,944
|
|
||
|
World 50, Inc.
|
4,000
|
|
|
4,000
|
|
||
|
First Choice ER, LLC (1)
|
3,681
|
|
|
9,181
|
|
||
|
First American Payment Systems, LP
|
3,642
|
|
|
5,000
|
|
||
|
All Web Leads, Inc.
|
3,500
|
|
|
3,500
|
|
||
|
Discovery Practice Management, Inc.
|
3,468
|
|
|
2,682
|
|
||
|
OmniSYS Acquisition Corporation
|
2,500
|
|
|
2,500
|
|
||
|
Teaching Strategies, LLC
|
2,400
|
|
|
5,000
|
|
||
|
Idera, Inc.
|
2,400
|
|
|
—
|
|
||
|
TransTrade Operators, Inc.
|
2,194
|
|
|
2,255
|
|
||
|
Chicago Growth Partners L.P. (limited partnership interest)
|
2,000
|
|
|
2,000
|
|
||
|
Webster Capital III, L.P. (limited partnership interest)
|
2,000
|
|
|
2,000
|
|
||
|
ExamSoft Worldwide, Inc.
|
2,000
|
|
|
—
|
|
||
|
Miche Group, LLC
|
2,000
|
|
|
—
|
|
||
|
Eagle Hospital Physicians, Inc.
|
1,820
|
|
|
1,820
|
|
||
|
Tailwind (limited partnership interest)
|
1,699
|
|
|
1,726
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
1,433
|
|
|
1,433
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
1,428
|
|
|
1,415
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
1,381
|
|
|
1,422
|
|
||
|
Ansira Partners, Inc.
|
1,190
|
|
|
1,190
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
1,126
|
|
|
1,126
|
|
||
|
Phoenix Brands Merger Sub LLC
|
1,071
|
|
|
1,286
|
|
||
|
Psilos Group Partners IV, LP (limited partnership interest)
|
1,000
|
|
|
1,000
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
1,000
|
|
|
1,000
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
992
|
|
|
1,285
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
900
|
|
|
990
|
|
||
|
Total Military Management, Inc.
|
857
|
|
|
857
|
|
||
|
HealthDrive Corporation
|
734
|
|
|
734
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
666
|
|
|
869
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
641
|
|
|
859
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
620
|
|
|
632
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
502
|
|
|
502
|
|
||
|
Enhanced Recovery Company, LLC
|
500
|
|
|
1,500
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
358
|
|
|
358
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
357
|
|
|
357
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
344
|
|
|
344
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
153
|
|
|
174
|
|
||
|
Drugtest, Inc.
|
—
|
|
|
10,900
|
|
||
|
Charter Brokerage, LLC
|
—
|
|
|
4,000
|
|
||
|
CPASS Acquisition Company
|
—
|
|
|
2,500
|
|
||
|
Olson + Co., Inc.
|
—
|
|
|
1,673
|
|
||
|
CCCG, LLC
|
—
|
|
|
1,520
|
|
||
|
2Checkout.com, Inc.
|
—
|
|
|
850
|
|
||
|
American Cadastre, LLC
|
—
|
|
|
405
|
|
||
|
Total
|
$
|
350,833
|
|
|
$
|
324,954
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
2,285,482
|
|
|
82.54
|
%
|
|
$
|
1,988,739
|
|
|
79.72
|
%
|
|
Subordinated debt
|
|
252,887
|
|
|
9.13
|
|
|
291,166
|
|
|
11.67
|
|
||
|
CLO debt
|
|
29,500
|
|
|
1.07
|
|
|
29,500
|
|
|
1.18
|
|
||
|
Subordinated notes of SLF JV I
|
|
61,723
|
|
|
2.23
|
|
|
53,984
|
|
|
2.16
|
|
||
|
LLC equity interests of SLF JV I
|
|
6,858
|
|
|
0.25
|
|
|
5,998
|
|
|
0.24
|
|
||
|
Purchased equity
|
|
114,585
|
|
|
4.14
|
|
|
107,465
|
|
|
4.31
|
|
||
|
Equity grants
|
|
3,085
|
|
|
0.11
|
|
|
5,409
|
|
|
0.22
|
|
||
|
Limited partnership interests
|
|
14,819
|
|
|
0.53
|
|
|
12,422
|
|
|
0.50
|
|
||
|
Total
|
|
$
|
2,768,939
|
|
|
100.00
|
%
|
|
$
|
2,494,683
|
|
|
100.00
|
%
|
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
2,238,204
|
|
|
82.24
|
%
|
|
$
|
1,972,088
|
|
|
79.01
|
%
|
|
Subordinated debt
|
|
235,944
|
|
|
8.67
|
|
|
289,871
|
|
|
11.61
|
|
||
|
CLO debt
|
|
29,258
|
|
|
1.08
|
|
|
29,500
|
|
|
1.18
|
|
||
|
Subordinated notes of SLF JV I
|
|
61,831
|
|
|
2.27
|
|
|
53,984
|
|
|
2.16
|
|
||
|
LLC equity interests of SLF JV I
|
|
4,756
|
|
|
0.17
|
|
|
5,649
|
|
|
0.23
|
|
||
|
Purchased equity
|
|
130,052
|
|
|
4.78
|
|
|
125,834
|
|
|
5.04
|
|
||
|
Equity grants
|
|
7,559
|
|
|
0.28
|
|
|
7,384
|
|
|
0.30
|
|
||
|
Limited partnership interests
|
|
13,991
|
|
|
0.51
|
|
|
11,604
|
|
|
0.47
|
|
||
|
Total
|
|
$
|
2,721,595
|
|
|
100.00
|
%
|
|
$
|
2,495,914
|
|
|
100.00
|
%
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
868,604
|
|
|
31.37
|
%
|
|
$
|
729,792
|
|
|
29.25
|
%
|
|
Southwest U.S.
|
|
522,443
|
|
|
18.87
|
|
|
537,232
|
|
|
21.54
|
|
||
|
Midwest U.S.
|
|
511,850
|
|
|
18.49
|
|
|
428,577
|
|
|
17.18
|
|
||
|
Southeast U.S.
|
|
361,126
|
|
|
13.04
|
|
|
361,198
|
|
|
14.48
|
|
||
|
West U.S.
|
|
347,201
|
|
|
12.54
|
|
|
268,738
|
|
|
10.77
|
|
||
|
International
|
|
157,715
|
|
|
5.69
|
|
|
169,146
|
|
|
6.78
|
|
||
|
Total
|
|
$
|
2,768,939
|
|
|
100.00
|
%
|
|
$
|
2,494,683
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
858,670
|
|
|
31.55
|
%
|
|
$
|
738,774
|
|
|
29.61
|
%
|
|
Southwest U.S.
|
|
491,267
|
|
|
18.05
|
|
|
526,115
|
|
|
21.08
|
|
||
|
Midwest U.S.
|
|
497,747
|
|
|
18.29
|
|
|
428,771
|
|
|
17.18
|
|
||
|
Southeast U.S.
|
|
365,937
|
|
|
13.44
|
|
|
369,007
|
|
|
14.78
|
|
||
|
West U.S.
|
|
346,971
|
|
|
12.75
|
|
|
260,173
|
|
|
10.42
|
|
||
|
International
|
|
161,003
|
|
|
5.92
|
|
|
173,074
|
|
|
6.93
|
|
||
|
Total
|
|
$
|
2,721,595
|
|
|
100.00
|
%
|
|
$
|
2,495,914
|
|
|
100.00
|
%
|
|
|
|
December 31, 2014
|
|
|
September 30, 2014
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
|
||||||
|
Healthcare services
|
|
$
|
539,846
|
|
|
19.50
|
%
|
|
|
$
|
374,684
|
|
|
15.03
|
%
|
|
Internet software & services
|
|
320,749
|
|
|
11.58
|
|
|
|
157,348
|
|
|
6.31
|
|
||
|
Education services
|
|
236,864
|
|
|
8.55
|
|
|
|
233,203
|
|
|
9.35
|
|
||
|
Advertising
|
|
148,989
|
|
|
5.38
|
|
|
|
164,483
|
|
|
6.59
|
|
||
|
Diversified support services
|
|
141,574
|
|
|
5.11
|
|
|
|
117,476
|
|
|
4.71
|
|
||
|
Specialized finance
|
|
119,218
|
|
|
4.31
|
|
|
|
118,726
|
|
|
4.76
|
|
||
|
Airlines
|
|
104,515
|
|
|
3.77
|
|
|
|
129,116
|
|
|
5.18
|
|
||
|
Application software
|
|
91,789
|
|
|
3.31
|
|
|
|
139,008
|
|
|
5.57
|
|
||
|
IT consulting & other services
|
|
88,415
|
|
|
3.19
|
|
|
|
96,262
|
|
|
3.86
|
|
||
|
Data processing & outsourced services
|
|
80,072
|
|
|
2.89
|
|
|
|
60,292
|
|
|
2.42
|
|
||
|
Multi-sector holdings
|
|
77,622
|
|
|
2.80
|
|
|
|
68,348
|
|
|
2.74
|
|
||
|
Healthcare equipment
|
|
71,481
|
|
|
2.58
|
|
|
|
75,767
|
|
|
3.04
|
|
||
|
Oil & gas equipment services
|
|
65,534
|
|
|
2.37
|
|
|
|
96,312
|
|
|
3.86
|
|
||
|
Industrial machinery
|
|
64,146
|
|
|
2.32
|
|
|
|
53,329
|
|
|
2.14
|
|
||
|
Specialty stores
|
|
61,614
|
|
|
2.23
|
|
|
|
61,257
|
|
|
2.46
|
|
||
|
Research & consulting services
|
|
52,846
|
|
|
1.91
|
|
|
|
14,808
|
|
|
0.59
|
|
||
|
Leisure facilities
|
|
51,851
|
|
|
1.87
|
|
|
|
49,248
|
|
|
1.97
|
|
||
|
Integrated telecommunication services
|
|
49,288
|
|
|
1.78
|
|
|
|
46,567
|
|
|
1.87
|
|
||
|
Pharmaceuticals
|
|
46,458
|
|
|
1.68
|
|
|
|
46,380
|
|
|
1.86
|
|
||
|
Household products
|
|
36,815
|
|
|
1.33
|
|
|
|
37,975
|
|
|
1.52
|
|
||
|
Construction & engineering
|
|
35,266
|
|
|
1.27
|
|
|
|
34,695
|
|
|
1.39
|
|
||
|
Asset management & custody banks
|
|
29,500
|
|
|
1.07
|
|
|
|
29,500
|
|
|
1.18
|
|
||
|
Air freight & logistics
|
|
27,808
|
|
|
1.00
|
|
|
|
32,522
|
|
|
1.30
|
|
||
|
Home improvement retail
|
|
27,245
|
|
|
0.98
|
|
|
|
27,531
|
|
|
1.10
|
|
||
|
Cable & satellite
|
|
27,000
|
|
|
0.98
|
|
|
|
27,000
|
|
|
1.08
|
|
||
|
Consumer electronics
|
|
21,920
|
|
|
0.79
|
|
|
|
18,992
|
|
|
0.76
|
|
||
|
Apparel, accessories & luxury goods
|
|
21,057
|
|
|
0.76
|
|
|
|
35,577
|
|
|
1.43
|
|
||
|
Leisure products
|
|
20,451
|
|
|
0.74
|
|
|
|
20,747
|
|
|
0.83
|
|
||
|
Auto parts & equipment
|
|
16,500
|
|
|
0.60
|
|
|
|
16,500
|
|
|
0.66
|
|
||
|
Food retail
|
|
16,000
|
|
|
0.58
|
|
|
|
—
|
|
|
—
|
|
||
|
Other diversified financial services
|
|
15,506
|
|
|
0.56
|
|
|
|
15,500
|
|
|
0.62
|
|
||
|
Human resources & employment services
|
|
15,496
|
|
|
0.56
|
|
|
|
51,097
|
|
|
2.05
|
|
||
|
Specialty chemicals
|
|
13,500
|
|
|
0.49
|
|
|
|
13,500
|
|
|
0.54
|
|
||
|
Security & alarm services
|
|
13,326
|
|
|
0.48
|
|
|
|
13,285
|
|
|
0.53
|
|
||
|
Healthcare technology
|
|
8,000
|
|
|
0.29
|
|
|
|
8,000
|
|
|
0.32
|
|
||
|
Thrift & mortgage finance
|
|
5,778
|
|
|
0.21
|
|
|
|
4,056
|
|
|
0.16
|
|
||
|
Consumer finance
|
|
4,900
|
|
|
0.18
|
|
|
|
—
|
|
|
0.00
|
|
||
|
Systems software
|
|
—
|
|
|
—
|
|
|
|
5,592
|
|
|
0.22
|
|
||
|
Total
|
|
$
|
2,768,939
|
|
|
100.00
|
%
|
|
|
$
|
2,494,683
|
|
|
100.00
|
%
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Healthcare services
|
|
$
|
542,222
|
|
|
19.92
|
%
|
|
$
|
380,347
|
|
|
15.24
|
%
|
|
Internet software & services
|
|
319,498
|
|
|
11.74
|
|
|
160,509
|
|
|
6.43
|
|
||
|
Education services
|
|
223,196
|
|
|
8.20
|
|
|
231,678
|
|
|
9.28
|
|
||
|
Advertising
|
|
147,533
|
|
|
5.42
|
|
|
164,207
|
|
|
6.58
|
|
||
|
Diversified support services
|
|
141,062
|
|
|
5.18
|
|
|
117,600
|
|
|
4.71
|
|
||
|
Specialized finance
|
|
123,323
|
|
|
4.53
|
|
|
128,721
|
|
|
5.16
|
|
||
|
Airlines
|
|
111,025
|
|
|
4.08
|
|
|
133,056
|
|
|
5.33
|
|
||
|
Application software
|
|
92,385
|
|
|
3.39
|
|
|
140,262
|
|
|
5.62
|
|
||
|
IT consulting & other services
|
|
88,035
|
|
|
3.23
|
|
|
97,027
|
|
|
3.89
|
|
||
|
Data processing & outsourced services
|
|
78,999
|
|
|
2.90
|
|
|
59,833
|
|
|
2.40
|
|
||
|
Multi-sector holdings
|
|
74,891
|
|
|
2.76
|
|
|
67,273
|
|
|
2.69
|
|
||
|
Healthcare equipment
|
|
71,797
|
|
|
2.64
|
|
|
76,296
|
|
|
3.06
|
|
||
|
Industrial machinery
|
|
64,281
|
|
|
2.36
|
|
|
54,830
|
|
|
2.20
|
|
||
|
Specialty stores
|
|
59,889
|
|
|
2.20
|
|
|
59,485
|
|
|
2.38
|
|
||
|
Research & consulting services
|
|
52,641
|
|
|
1.93
|
|
|
14,962
|
|
|
0.60
|
|
||
|
Leisure facilities
|
|
52,036
|
|
|
1.91
|
|
|
49,306
|
|
|
1.98
|
|
||
|
Oil & gas equipment services
|
|
48,285
|
|
|
1.77
|
|
|
92,571
|
|
|
3.71
|
|
||
|
Integrated telecommunication services
|
|
47,806
|
|
|
1.76
|
|
|
46,488
|
|
|
1.86
|
|
||
|
Pharmaceuticals
|
|
46,304
|
|
|
1.70
|
|
|
46,630
|
|
|
1.87
|
|
||
|
Construction & engineering
|
|
38,104
|
|
|
1.40
|
|
|
38,582
|
|
|
1.55
|
|
||
|
Asset management & custody banks
|
|
29,258
|
|
|
1.08
|
|
|
29,500
|
|
|
1.18
|
|
||
|
Home improvement retail
|
|
27,439
|
|
|
1.01
|
|
|
27,897
|
|
|
1.12
|
|
||
|
Cable & satellite
|
|
26,663
|
|
|
0.98
|
|
|
27,019
|
|
|
1.08
|
|
||
|
Household products
|
|
25,290
|
|
|
0.93
|
|
|
36,678
|
|
|
1.47
|
|
||
|
Leisure products
|
|
23,475
|
|
|
0.86
|
|
|
23,583
|
|
|
0.94
|
|
||
|
Apparel, accessories & luxury goods
|
|
22,060
|
|
|
0.81
|
|
|
22,659
|
|
|
0.91
|
|
||
|
Consumer electronics
|
|
21,829
|
|
|
0.80
|
|
|
19,220
|
|
|
0.77
|
|
||
|
Auto parts & equipment
|
|
18,138
|
|
|
0.67
|
|
|
17,507
|
|
|
0.70
|
|
||
|
Food retail
|
|
15,930
|
|
|
0.59
|
|
|
—
|
|
|
—
|
|
||
|
Human resources & employment services
|
|
15,863
|
|
|
0.58
|
|
|
51,486
|
|
|
2.06
|
|
||
|
Other diversified financial services
|
|
15,678
|
|
|
0.58
|
|
|
15,605
|
|
|
0.63
|
|
||
|
Specialty chemicals
|
|
13,612
|
|
|
0.50
|
|
|
13,580
|
|
|
0.54
|
|
||
|
Security & alarm services
|
|
13,012
|
|
|
0.48
|
|
|
13,255
|
|
|
0.53
|
|
||
|
Air freight & logistics
|
|
11,697
|
|
|
0.43
|
|
|
20,868
|
|
|
0.84
|
|
||
|
Healthcare technology
|
|
7,800
|
|
|
0.29
|
|
|
8,083
|
|
|
0.32
|
|
||
|
Thrift & mortgage finance
|
|
5,687
|
|
|
0.21
|
|
|
3,966
|
|
|
0.16
|
|
||
|
Consumer finance
|
|
4,852
|
|
|
0.18
|
|
|
—
|
|
|
—
|
|
||
|
Systems software
|
|
—
|
|
|
—
|
|
|
5,345
|
|
|
0.21
|
|
||
|
Total
|
|
$
|
2,721,595
|
|
|
100.00
|
%
|
|
$
|
2,495,914
|
|
|
100.00
|
%
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
Senior secured loans (1)
|
|
$224,841
|
|
$158,451
|
|
Weighted average current interest rate on senior secured loans (2)
|
|
7.79%
|
|
8.09%
|
|
Number of borrowers in SLF JV I
|
|
21
|
|
18
|
|
Largest loan to a single borrower (1)
|
|
$20,000
|
|
$20,000
|
|
Total of five largest loans to borrowers (1)
|
|
$75,000
|
|
$60,000
|
|
Portfolio Company
|
|
Business Description
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
All Web Leads, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+8% (1% floor)
|
|
$
|
9,873
|
|
|
$
|
9,873
|
|
|
$
|
9,670
|
|
|
AMAG Pharmaceuticals, Inc.
|
|
Diversified financial services
|
|
Senior Loan
|
|
11/2020
|
|
LIBOR+6.25% (1% floor)
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
|||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
5/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
3,382
|
|
|
3,367
|
|
|
3,351
|
|
|||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
5/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
5,329
|
|
|
5,322
|
|
|
5,281
|
|
|||
|
EOS Fitness
|
|
Leisure facilities
|
|
Senior Loan
|
|
12/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
20,000
|
|
|
20,000
|
|
|
20,000
|
|
|||
|
First Choice ER, LLC
|
|
Healthcare services
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.5% (1% floor)
|
|
20,000
|
|
|
20,018
|
|
|
19,928
|
|
|||
|
Garretson Firm Resolution Group, Inc.
|
|
Diversified support services
|
|
Senior Loan
|
|
12/2018
|
|
LIBOR+5% (1.25% floor)
|
|
6,551
|
|
|
6,543
|
|
|
6,485
|
|
|||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
5/2021
|
|
LIBOR+5% (1% floor)
|
|
9,975
|
|
|
9,741
|
|
|
9,738
|
|
|||
|
H.D. Vest, Inc.
|
|
Specialty Finance
|
|
Senior Loan
|
|
6/2019
|
|
LIBOR+8% (1.25% floor)
|
|
8,750
|
|
|
8,816
|
|
|
8,691
|
|
|||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
10,000
|
|
|
10,035
|
|
|
9,940
|
|
|||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
Senior Loan
|
|
3/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,874
|
|
|
9,874
|
|
|
9,458
|
|
|||
|
Lift Brands, Inc.
|
|
Leisure facilities
|
|
Senior Loan
|
|
12/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,874
|
|
|
9,874
|
|
|
9,869
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
Senior Loan
|
|
9/2016
|
|
LIBOR+5.25% (1.25% floor)
|
|
4,663
|
|
|
4,666
|
|
|
4,610
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
Senior Loan
|
|
9/2016
|
|
LIBOR+5.25% (1.25% floor)
|
|
7,460
|
|
|
7,430
|
|
|
7,376
|
|
|||
|
Meritas Schools Holdings LLC
|
|
Education services
|
|
Senior Loan
|
|
6/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
5,845
|
|
|
5,839
|
|
|
5,824
|
|
|||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+7.5% (1% floor)
|
|
9,873
|
|
|
9,873
|
|
|
9,556
|
|
|||
|
OnCourse Learning Corporation
|
|
Education services
|
|
Senior Loan
|
|
2/2019
|
|
LIBOR+7.5% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
10,017
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
Senior Loan
|
|
12/2020
|
|
LIBOR+5.5% (1% floor)
|
|
6,000
|
|
|
5,715
|
|
|
5,835
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
Bridge loan
|
|
12/2020
|
|
LIBOR+4.5% (1% floor)
|
|
4,900
|
|
|
4,876
|
|
|
4,876
|
|
|||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
Senior Loan
|
|
3/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
3,175
|
|
|
3,175
|
|
|
3,179
|
|
|||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
Senior Loan
|
|
3/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
9,750
|
|
|
9,758
|
|
|
9,763
|
|
|||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
Senior Loan
|
|
11/2021
|
|
LIBOR+7.5% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
9,650
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
6/2017
|
|
LIBOR+7% (1.25% floor)
|
|
5,941
|
|
|
5,983
|
|
|
6,037
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
6/2017
|
|
LIBOR+10.25% (1.25% floor) 1% PIK
|
|
3,701
|
|
|
3,719
|
|
|
3,617
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
Senior Loan
|
|
1/2021
|
|
LIBOR+5% (1% floor)
|
|
9,975
|
|
|
9,975
|
|
|
9,796
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
Senior Loan
|
|
11/2020
|
|
LIBOR+5% (1% floor)
|
|
4,950
|
|
|
4,950
|
|
|
4,925
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
224,841
|
|
|
$
|
224,422
|
|
|
$
|
222,472
|
|
|
Portfolio Company
|
|
Business Description
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
All Web Leads, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+8% (1% floor)
|
|
$
|
9,937
|
|
|
$
|
9,937
|
|
|
$
|
9,867
|
|
|
Ansira Partners, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
05/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
3,553
|
|
|
3,536
|
|
|
3,549
|
|
|||
|
Drugtest, Inc.
|
|
Human resources & employment services
|
|
Senior Loan
|
|
06/2018
|
|
LIBOR+ 5.75% (1% floor)
|
|
9,859
|
|
|
9,924
|
|
|
9,940
|
|
|||
|
First Choice ER, LLC
|
|
Healthcare services
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.5% (1% floor)
|
|
20,000
|
|
|
20,019
|
|
|
20,166
|
|
|||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
10,000
|
|
|
10,038
|
|
|
10,043
|
|
|||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
Senior Loan
|
|
03/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,937
|
|
|
9,937
|
|
|
9,987
|
|
|||
|
Lift Brands, Inc.
|
|
Leisure facilities
|
|
Senior Loan
|
|
12/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,937
|
|
|
9,937
|
|
|
9,881
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
Senior Loan
|
|
09/2016
|
|
LIBOR+5.25% (1.25% floor)
|
|
4,663
|
|
|
4,667
|
|
|
4,644
|
|
|||
|
Olson + Co., Inc.
|
|
Advertising
|
|
Senior Loan
|
|
09/2017
|
|
LIBOR+5.75% (1.5% floor)
|
|
4,257
|
|
|
4,257
|
|
|
4,257
|
|
|||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+7.5% (1% floor)
|
|
9,937
|
|
|
9,937
|
|
|
9,887
|
|
|||
|
OnCourse Learning Corporation
|
|
Education services
|
|
Senior Loan
|
|
02/2019
|
|
LIBOR+7.5% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
10,030
|
|
|||
|
Teaching Strategies, LLC
|
|
Education services
|
|
Senior Loan
|
|
12/2017
|
|
LIBOR+6% (1.25% floor)
|
|
9,490
|
|
|
9,592
|
|
|
9,490
|
|
|||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
Senior Loan
|
|
03/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
3,343
|
|
|
3,343
|
|
|
3,346
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
06/2017
|
|
LIBOR+7% (1.25% floor)
|
|
6,115
|
|
|
6,161
|
|
|
6,115
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
06/2017
|
|
LIBOR+10.25% (1.25% floor) 1% PIK
|
|
3,710
|
|
|
3,731
|
|
|
3,710
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
Senior Loan
|
|
01/2021
|
|
LIBOR+5.0% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
10,000
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
Senior Loan
|
|
11/2020
|
|
LIBOR+5% (1% floor)
|
|
4,963
|
|
|
4,963
|
|
|
4,980
|
|
|||
|
H.D. Vest, Inc.
|
|
Specialty Finance
|
|
Senior Loan
|
|
06/2019
|
|
LIBOR+8% (1.25% floor)
|
|
8,750
|
|
|
8,820
|
|
|
8,820
|
|
|||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
Senior Loan
|
|
11/2021
|
|
LIBOR+7.75% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
9,971
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
158,451
|
|
|
$
|
158,799
|
|
|
$
|
158,683
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2014: $224,422, and September 30, 2014:$158,799)
|
|
$
|
222,472
|
|
|
$
|
158,683
|
|
|
Receivables from secured financing arrangement at fair value (cost: $10,028 and $20,070, respectively)
|
|
9,857
|
|
|
19,970
|
|
||
|
Cash and cash equivalents
|
|
6,268
|
|
|
—
|
|
||
|
Restricted cash
|
|
13,499
|
|
|
2,276
|
|
||
|
Other assets
|
|
12,887
|
|
|
5,039
|
|
||
|
Total assets
|
|
$
|
264,983
|
|
|
$
|
185,968
|
|
|
|
|
|
|
|
||||
|
Senior credit facility payable
|
|
$
|
130,040
|
|
|
$
|
109,334
|
|
|
Payable for unsettled transaction
|
|
54,925
|
|
|
4,750
|
|
||
|
Subordinated notes payable at fair value (proceeds: $70,541 and $61,696, respectively)
|
|
70,663
|
|
|
61,696
|
|
||
|
Other liabilities
|
|
3,919
|
|
|
3,634
|
|
||
|
Total liabilities
|
|
$
|
259,547
|
|
|
$
|
179,414
|
|
|
Members' equity
|
|
5,436
|
|
|
6,554
|
|
||
|
Total liabilities and net assets
|
|
$
|
264,983
|
|
|
$
|
185,968
|
|
|
|
|
Three months ended December 31, 2014
|
||
|
Selected Statement of Operations Information:
|
|
|
||
|
Total revenues
|
|
$
|
4,109
|
|
|
Total expenses
|
|
2,439
|
|
|
|
Net unrealized depreciation
|
|
(2,267
|
)
|
|
|
Net realized loss
|
|
(205
|
)
|
|
|
Net loss
|
|
$
|
(802
|
)
|
|
|
|
Three months
ended December 31, 2014 |
|
Three months
ended December 31, 2013 |
||||
|
Earnings (loss) per common share — basic:
|
|
|
|
|
||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(30,661
|
)
|
|
$
|
33,706
|
|
|
Weighted average common shares outstanding — basic
|
|
153,340
|
|
|
139,126
|
|
||
|
Earnings (loss) per common share — basic:
|
|
(0.20
|
)
|
|
0.24
|
|
||
|
Earnings (loss) per common share — diluted:
(1)
|
|
|
|
|
||||
|
Net increase (decrease) in net assets resulting from operations, before adjustments
|
|
$
|
(30,661
|
)
|
|
$
|
33,706
|
|
|
Adjustments for interest on convertible notes, base management fees and incentive fees
|
|
1,361
|
|
|
1,364
|
|
||
|
Net increase (decrease) in net assets resulting from operations, as adjusted
|
|
$
|
(29,300
|
)
|
|
$
|
35,070
|
|
|
Weighted average common shares outstanding — basic
|
|
153,340
|
|
|
139,126
|
|
||
|
Adjustments for dilutive effect of convertible notes
|
|
7,790
|
|
|
7,790
|
|
||
|
Weighted average common shares outstanding — diluted
|
|
161,130
|
|
|
146,916
|
|
||
|
Earnings (loss) per common share — diluted:
|
|
$
|
(0.20
|
)
|
|
$
|
0.24
|
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value
|
||
|
August 5, 2013
|
|
October 15, 2013
|
|
October 31, 2013
|
|
0.0958
|
|
|
11.9 million
|
|
142,320,000
|
|
|
|
|
1.4 million
|
|
August 5, 2013
|
|
November 15, 2013
|
|
November 29, 2013
|
|
0.0958
|
|
|
12.0 million
|
|
145,063
|
|
|
(1)
|
|
1.4 million
|
|
November 21, 2013
|
|
December 13, 2013
|
|
December 30, 2013
|
|
0.05
|
|
|
6.3 million
|
|
69,291
|
|
|
(1)
|
|
0.6 million
|
|
November 21, 2013
|
|
January 15, 2014
|
|
January 31, 2014
|
|
0.0833
|
|
|
10.5 million
|
|
114,033
|
|
|
(1)
|
|
1.1 million
|
|
November 21, 2013
|
|
February 14, 2014
|
|
February 28, 2014
|
|
0.0833
|
|
|
10.5 million
|
|
110,486
|
|
|
(1)
|
|
1.1 million
|
|
November 21, 2013
|
|
March 14, 2014
|
|
March 31, 2014
|
|
0.0833
|
|
|
11.0 million
|
|
64,748
|
|
|
(1)
|
|
0.6 million
|
|
November 21, 2013
|
|
April 15, 2014
|
|
April 30, 2014
|
|
0.0833
|
|
|
10.5 million
|
|
120,604
|
|
|
(1)
|
|
1.1 million
|
|
November 21, 2013
|
|
May 15, 2014
|
|
May 30, 2014
|
|
0.0833
|
|
|
11.1 million
|
|
58,003
|
|
|
(1)
|
|
0.5 million
|
|
February 6, 2014
|
|
June 16, 2014
|
|
June 30, 2014
|
|
0.0833
|
|
|
11.1 million
|
|
51,692
|
|
|
|
|
0.5 million
|
|
February 6, 2014
|
|
July 15, 2014
|
|
July 31, 2014
|
|
0.0833
|
|
|
12.2 million
|
|
54,739
|
|
|
(1)
|
|
0.5 million
|
|
February 6, 2014
|
|
August 15, 2014
|
|
August 29, 2014
|
|
0.0833
|
|
|
12.1 million
|
|
59,466
|
|
|
|
|
0.6 million
|
|
July 2, 2014
|
|
September 15, 2014
|
|
September 30, 2014
|
|
0.0917
|
|
|
13.4 million
|
|
73,141
|
|
|
(1)
|
|
0.7 million
|
|
July 2, 2014
|
|
October 15, 2014
|
|
October 31, 2014
|
|
0.0917
|
|
|
13.3 million
|
|
82,390
|
|
|
(1)
|
|
0.7 million
|
|
July 2, 2014
|
|
November 14, 2014
|
|
November 28, 2014
|
|
0.0917
|
|
|
13.4 million
|
|
80,775
|
|
|
(1)
|
|
0.7 million
|
|
November 20, 2014
|
|
December 15, 2014
|
|
December 30, 2014
|
|
0.0917
|
|
|
13.4 million
|
|
79,849
|
|
|
(1)
|
|
0.6 million
|
|
|
|
Three months
ended December 31, 2014 |
|
Three months
ended December 31, 2013 |
||||
|
PIK balance at beginning of period
|
|
$
|
39,686
|
|
|
$
|
23,934
|
|
|
Gross PIK interest accrued
|
|
7,643
|
|
|
5,613
|
|
||
|
PIK income reserves (1)
|
|
(3,239
|
)
|
|
—
|
|
||
|
PIK interest received in cash
|
|
(658
|
)
|
|
(4,226
|
)
|
||
|
Loan exits and other PIK adjustments
|
|
—
|
|
|
(421
|
)
|
||
|
PIK balance at end of period
|
|
$
|
43,432
|
|
|
$
|
24,900
|
|
|
(1)
|
PIK income is generally reserved for when a loan is placed on PIK non-accrual status.
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio
|
|
Fair
Value
|
|
% of Debt
Portfolio
|
|
Cost
|
|
% of Debt
Portfolio
|
|
Fair
Value
|
|
% of Debt
Portfolio
|
|
Cost
|
|
% of Debt
Portfolio
|
|
Fair
Value
|
|
% of Debt
Portfolio
|
||||||||||||||||||
|
Accrual
|
|
$
|
2,523,714
|
|
|
95.97
|
%
|
|
$
|
2,505,354
|
|
|
97.67
|
%
|
|
$
|
2,345,637
|
|
|
99.25
|
%
|
|
$
|
2,339,087
|
|
|
99.73
|
%
|
|
$
|
2,249,767
|
|
|
100.00
|
%
|
|
$
|
2,261,742
|
|
|
100.00
|
%
|
|
PIK non-accrual
|
|
105,878
|
|
|
4.03
|
|
|
59,883
|
|
|
2.33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Cash non-accrual(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,752
|
|
|
0.75
|
|
|
6,356
|
|
|
0.27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
2,629,592
|
|
|
100.00
|
%
|
|
$
|
2,565,237
|
|
|
100.00
|
%
|
|
$
|
2,363,389
|
|
|
100.00
|
%
|
|
$
|
2,345,443
|
|
|
100.00
|
%
|
|
$
|
2,249,767
|
|
|
100.00
|
%
|
|
$
|
2,261,742
|
|
|
100.00
|
%
|
|
(1)
|
Cash non-accrual status is inclusive of PIK and other noncash income, where applicable.
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
December 31, 2013
|
|||
|
Miche Bag, LLC
|
|
—
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
Phoenix Brands Merger Sub LLC
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
TransTrade Operators, Inc.
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
CCCG, LLC
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
JTC Education, Inc.
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
(1)
|
Cash non-accrual status is inclusive of PIK and other noncash income, where applicable.
|
|
|
|
Three months ended
December 31, 2014 (1)
|
|
Three months ended
December 31, 2013
|
||||
|
Cash interest income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
PIK interest income
|
|
3,239
|
|
|
—
|
|
||
|
OID income
|
|
583
|
|
|
—
|
|
||
|
Total
|
|
$
|
3,822
|
|
|
$
|
—
|
|
|
(1)
|
Income non-accrual amounts for the year may include amounts for investments that were no longer held at the end of the period.
|
|
Net decrease in net assets resulting from operations
|
$
|
(30,661
|
)
|
|
Net unrealized depreciation on investments and secured borrowings
|
48,243
|
|
|
|
Book/tax difference due to loan fees
|
(556
|
)
|
|
|
Book/tax difference due to exit fees
|
(429
|
)
|
|
|
Book/tax difference due to organizational and deferred offering costs
|
(22
|
)
|
|
|
Book/tax difference due to interest income on certain loans
|
3,421
|
|
|
|
Book/tax difference due to capital losses not recognized
|
18,121
|
|
|
|
Other book-tax differences
|
(1,445
|
)
|
|
|
Taxable/Distributable Income(1)
|
$
|
36,672
|
|
|
(1)
|
The Company's taxable income
for the three months ended
December 31, 2014
is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ended September 30, 2015. Therefore, the final taxable income may be different than the estimate.
|
|
Undistributed ordinary income, net (RIC status)
|
$
|
—
|
|
|
Realized capital losses
|
(123,407
|
)
|
|
|
Unrealized gains, net
|
75
|
|
|
|
•
|
In October 2014, the Company restructured its investment in Miche Bag, LLC. As part of the restructuring, the Company exchanged cash and its debt and equity securities for debt and equity securities in the restructured entity, Miche Group, LLC and recorded a realized loss in the amount of $17.9 million on this transaction;
|
|
•
|
In October 2014, the Company received a cash payment of $74.4 million from Teaching Strategies, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In October 2014, the Company received a cash payment of $6.5 million from SugarSync, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction;
|
|
•
|
In November 2014, the Company received a cash payment of $8.6 million from Olson + Co., Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In November 2014, the Company received a cash payment of $5.6 million from American Cadastre, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, the Company received a cash payment of $35.8 million from Drugtest, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, the Company received a cash payment of $39.5 million from Charter Brokerage, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, the Company received a cash payment of $27.7 million from CRGT, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, the Company received a cash payment of $12.5 million from Devicor Medical Products, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, the Company received a cash payment of $12.0 million from CT Technologies Intermediate Holdings, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction; and
|
|
•
|
During the
three months ended
December 31, 2014
, the Company received payments of $178.7 million in connection with syndications of debt investments to other investors, sales of debt investments in the open market, and repayment of secured borrowings and recorded a net realized gain of $0.3 million on these transactions.
|
|
•
|
In October and December 2013, the Company received payments of $3.2 million from Stackpole Powertrain International Holding, L.P. related to the sale of its equity investment. A realized gain of $2.2 million was recorded on this transaction;
|
|
•
|
In October 2013, the Company received a payment of $8.9 million from Harden Healthcare, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on the transaction;
|
|
•
|
In October 2013, the Company received a payment of $4.0 million from Capital Equipment Group, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on the transaction. The Company also received an additional $0.9 million in connection with the sale of its common equity investment, realizing a gain of $0.6 million;
|
|
•
|
In November 2013, the Company received a payment of $10.0 million from IG Investments Holdings, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on the transaction;
|
|
•
|
In November 2013, the Company received a payment of $15.7 million from CTM Group, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on the transaction;
|
|
•
|
In December 2013, the Company received a payment of $0.4 million in connection with the exit of its debt investment in Saddleback Fence and Vinyl Products, Inc. A realized loss of $0.3 million was recorded on this transaction;
|
|
•
|
In December 2013, the Company received a payment of $7.2 million from Western Emulsions, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on the transaction;
|
|
•
|
During the
three months ended
December 31, 2013
, the Company received payments of $108.9 million in connection with sales of debt investments and recorded a net realized gain of $0.5 million.
|
|
•
|
No incentive fee is payable to the Investment Adviser in any fiscal quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2% (the "preferred return" or "hurdle");
|
|
•
|
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 or equal to 2.5% in any fiscal quarter (10% annualized) is payable to the Investment Adviser. The Company refers to this portion of its Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than or equal to 2.5%) as the "catch-up." The "catch-up" provision is intended to provide the Investment Adviser with an incentive fee of 20% on all of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when the Company's Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter; and
|
|
•
|
20% of the amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any fiscal quarter (10% annualized) is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved (20% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser).
|
|
|
|
Three months ended
December 31,
2014
|
|
Three months ended
December 31,
2013
|
|
Net asset value at beginning of period
|
|
$9.64
|
|
$9.85
|
|
Net investment income (4)
|
|
0.23
|
|
0.26
|
|
Net unrealized depreciation on investments and secured borrowings (4)
|
|
(0.31)
|
|
(0.04)
|
|
Net realized gain (loss) on investments, secured borrowings and interest rate swap (4)
|
|
(0.11)
|
|
0.02
|
|
Distributions to stockholders (4)
|
|
(0.28)
|
|
(0.24)
|
|
Net asset value at end of period
|
|
$9.17
|
|
$9.85
|
|
Per share market value at beginning of period
|
|
$9.18
|
|
$10.29
|
|
Per share market value at end of period
|
|
$8.01
|
|
$9.25
|
|
Total return (1)
|
|
(9.88)%
|
|
(7.81)%
|
|
Common shares outstanding at beginning of period
|
|
153,340
|
|
139,041
|
|
Common shares outstanding at end of period
|
|
153,340
|
|
139,138
|
|
Net assets at beginning of period
|
|
$1,478,476
|
|
$1,368,872
|
|
Net assets at end of period
|
|
$1,405,631
|
|
$1,369,968
|
|
Average net assets (2)
|
|
$1,448,626
|
|
$1,373,035
|
|
Ratio of net investment income to average net assets (5)
|
|
9.63%
|
|
10.47%
|
|
Ratio of net expenses to average net assets (excluding base management fee waiver) (5)
|
|
11.29%
|
|
10.15%
|
|
Ratio of net expenses to average net assets (5)
|
|
11.26%
|
|
10.15%
|
|
Ratio of portfolio turnover to average investments at fair value
|
|
4.90%
|
|
2.38%
|
|
Weighted average outstanding debt (3)
|
|
$1,182,007
|
|
$829,393
|
|
Average debt per share (4)
|
|
$7.71
|
|
$5.96
|
|
(1)
|
Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP.
|
|
(2)
|
Calculated based upon the weighted average net assets for the period.
|
|
(3)
|
Calculated based upon the weighted average of loans payable for the period.
|
|
(4)
|
Calculated based upon weighted average shares outstanding for the period.
|
|
(5)
|
Interim periods are annualized.
|
|
Portfolio Company/Type of Investment (1)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (2)
|
|
Fair Value
at October 1,
2014
|
|
Gross
Additions (3)
|
|
Gross
Reductions(4)
|
|
Fair Value
at December 31,
2014
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
$
|
676
|
|
|
$
|
14,905
|
|
|
$
|
217
|
|
|
$
|
(125
|
)
|
|
$
|
14,997
|
|
|
LC Facility, 8.5% cash due 12/31/2016
|
|
36
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|||||
|
746,114 Series A Preferred Units
|
|
449
|
|
|
17,564
|
|
|
449
|
|
|
—
|
|
|
18,013
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
6,113
|
|
|
—
|
|
|
(1,019
|
)
|
|
5,094
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
6
|
|
|
11,109
|
|
|
407
|
|
|
(2,651
|
)
|
|
8,865
|
|
|||||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
22
|
|
|
—
|
|
|
475
|
|
|
(218
|
)
|
|
257
|
|
|||||
|
596.67 Series A Common Units in TransTrade Holdings LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
4,000,000 Series A Preferred Units in TransTrade Holdings LLC
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|
(2,000
|
)
|
|
—
|
|
|||||
|
5,200,000 Preferred Units in TransTrade Holding LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
HFG Holdings, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 6% cash 4% PIK due 6/10/2019
|
|
2,588
|
|
|
96,935
|
|
|
618
|
|
|
(1,741
|
)
|
|
95,812
|
|
|||||
|
875,933 Class A Units
|
|
—
|
|
|
31,786
|
|
|
—
|
|
|
(4,275
|
)
|
|
27,511
|
|
|||||
|
First Star Aviation, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
578
|
|
|
16,556
|
|
|
213
|
|
|
(1,644
|
)
|
|
15,125
|
|
|||||
|
10,104,401 Common Units
|
|
—
|
|
|
10,329
|
|
|
1,531
|
|
|
—
|
|
|
11,860
|
|
|||||
|
First Star Speir Aviation 1 Limited
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2015
|
|
1,552
|
|
|
61,155
|
|
|
821
|
|
|
(13,106
|
)
|
|
48,870
|
|
|||||
|
2,058,411.64 Common Units
|
|
—
|
|
|
3,572
|
|
|
901
|
|
|
—
|
|
|
4,473
|
|
|||||
|
First Star Bermuda Aviation Limited
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
1,155
|
|
|
35,606
|
|
|
363
|
|
|
(10,741
|
)
|
|
25,228
|
|
|||||
|
4,293,736 Common Units
|
|
—
|
|
|
5,839
|
|
|
—
|
|
|
(370
|
)
|
|
5,469
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
249
|
|
|
11,924
|
|
|
249
|
|
|
(46
|
)
|
|
12,127
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
69
|
|
|
3,262
|
|
|
68
|
|
|
(13
|
)
|
|
3,317
|
|
|||||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
59
|
|
|
2,847
|
|
|
2
|
|
|
(2
|
)
|
|
2,847
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
5,738
|
|
|
57
|
|
|
—
|
|
|
5,795
|
|
|||||
|
Senior Loan Fund JV I, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Note, LIBOR+8% cash due 5/2/2021
|
|
2,301
|
|
|
53,984
|
|
|
7,847
|
|
|
—
|
|
|
61,831
|
|
|||||
|
87.5% equity interest (5)
|
|
—
|
|
|
5,650
|
|
|
860
|
|
|
(1,754
|
)
|
|
4,756
|
|
|||||
|
Miche Group, LLC
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
|
First Lien Revolver, L+8% cash due 12/18/2016
|
|
50
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
|||||
|
100 units in FSFC Miche, Inc.
|
|
—
|
|
|
—
|
|
|
5,306
|
|
|
—
|
|
|
5,306
|
|
|||||
|
Total Control Investments
|
|
$
|
9,790
|
|
|
$
|
394,874
|
|
|
$
|
22,886
|
|
|
$
|
(39,707
|
)
|
|
$
|
378,053
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
281
|
|
|
9,062
|
|
|
47
|
|
|
(93
|
)
|
|
9,016
|
|
|||||
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
3,805
|
|
|
130
|
|
|
—
|
|
|
3,935
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 4/30/2016
|
|
23
|
|
|
1,222
|
|
|
7
|
|
|
(466
|
)
|
|
763
|
|
|||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
1,020
|
|
|
26,032
|
|
|
181
|
|
|
—
|
|
|
26,213
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
643
|
|
|
—
|
|
|
(180
|
)
|
|
463
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
1,324
|
|
|
$
|
40,764
|
|
|
$
|
365
|
|
|
$
|
(739
|
)
|
|
$
|
40,390
|
|
|
Total Control & Affiliate Investments
|
|
$
|
11,114
|
|
|
$
|
435,638
|
|
|
$
|
23,251
|
|
|
$
|
(40,446
|
)
|
|
$
|
418,443
|
|
|
(1)
|
The principal amount and ownership detail as shown in the Company's Consolidated Schedules of Investments.
|
|
(2)
|
Represents the total amount of interest, fees and dividends credited to income for the portion of the year an investment was included in the Control or Non-Control/Non-Affiliate categories, respectively.
|
|
(3)
|
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on Investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
|
|
(4)
|
Gross reductions include decreases in the cost basis of investment resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
|
|
(5)
|
Together with Trinity Universal Insurance, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).
|
|
Portfolio Company/Type of Investment(1)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income(2)
|
|
Fair Value
at October 1,
2013
|
|
Gross
Additions(3)
|
|
Gross
Reductions(4)
|
|
Fair Value
at December 31,
2013
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
$
|
693
|
|
|
$
|
14,499
|
|
|
$
|
267
|
|
|
$
|
(131
|
)
|
|
$
|
14,635
|
|
|
LC Facility, 8.5% cash due 12/31/2016
|
|
86
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|||||
|
746,114 Series A Preferred Units
|
|
406
|
|
|
15,891
|
|
|
406
|
|
|
—
|
|
|
16,297
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
10,529
|
|
|
60
|
|
|
—
|
|
|
10,589
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
511
|
|
|
13,524
|
|
|
513
|
|
|
(16
|
)
|
|
14,021
|
|
|||||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
596.67 Series A Common Units in TransTrade Holding LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
3,033,333.33 Preferred Units in TransTrade Holding LLC
|
|
—
|
|
|
539
|
|
|
1,083
|
|
|
(937
|
)
|
|
685
|
|
|||||
|
HFG Holdings, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 6% cash 4% PIK due 6/10/2019
|
|
2,380
|
|
|
93,297
|
|
|
952
|
|
|
(62
|
)
|
|
94,187
|
|
|||||
|
860,000 Class A Units
|
|
—
|
|
|
22,346
|
|
|
436
|
|
|
—
|
|
|
22,782
|
|
|||||
|
First Star Aviation, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
1,012
|
|
|
19,211
|
|
|
15,100
|
|
|
(411
|
)
|
|
33,900
|
|
|||||
|
10,104,401 Common Units
|
|
—
|
|
|
5,264
|
|
|
5,793
|
|
|
—
|
|
|
11,057
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
230
|
|
|
11,149
|
|
|
229
|
|
|
(34
|
)
|
|
11,344
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
63
|
|
|
3,050
|
|
|
63
|
|
|
(10
|
)
|
|
3,103
|
|
|||||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
12
|
|
|
—
|
|
|
936
|
|
|
(4
|
)
|
|
932
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
6,203
|
|
|
—
|
|
|
(40
|
)
|
|
6,163
|
|
|||||
|
Total Control Investments
|
|
$
|
5,394
|
|
|
$
|
215,502
|
|
|
$
|
25,840
|
|
|
$
|
(1,647
|
)
|
|
$
|
239,695
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
203
|
|
|
—
|
|
|
9,173
|
|
|
(158
|
)
|
|
9,015
|
|
|||||
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
3,256
|
|
|
313
|
|
|
—
|
|
|
3,569
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 4/30/2016
|
|
77
|
|
|
3,272
|
|
|
25
|
|
|
(350
|
)
|
|
2,947
|
|
|||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
991
|
|
|
25,317
|
|
|
348
|
|
|
—
|
|
|
25,665
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
87
|
|
|
429
|
|
|
—
|
|
|
516
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
1,271
|
|
|
$
|
31,932
|
|
|
$
|
10,288
|
|
|
$
|
(508
|
)
|
|
$
|
41,712
|
|
|
Total Control & Affiliate Investments
|
|
$
|
6,665
|
|
|
$
|
247,434
|
|
|
$
|
36,128
|
|
|
$
|
(2,155
|
)
|
|
$
|
281,407
|
|
|
(1)
|
The principal amount and ownership detail as shown in the Company's Consolidated Schedules of Investments.
|
|
(2)
|
Represents the total amount of interest, fees and dividends credited to income for the portion of the year an investment was included in the Control or Non-Control/Non-Affiliate categories, respectively.
|
|
(3)
|
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on Investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
|
|
(4)
|
Gross reductions include decreases in the cost basis of investment resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
|
|
•
|
our future operating results and dividend projections;
|
|
•
|
our business prospects and the prospects of our portfolio companies;
|
|
•
|
the impact of the investments that we expect to make;
|
|
•
|
the ability of our portfolio companies to achieve their objectives;
|
|
•
|
our expected financings and investments;
|
|
•
|
the adequacy of our cash resources and working capital; and
|
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies.
|
|
•
|
changes in the economy and the financial markets;
|
|
•
|
risks associated with possible disruption in our operations or the economy generally due to terrorism or natural disasters;
|
|
•
|
future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies, SBICs or RICs; and
|
|
•
|
other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
|
|
•
|
The quarterly valuation process begins with each portfolio company or investment being initially valued by our finance department;
|
|
•
|
Preliminary valuations are then reviewed and discussed with principals of the investment adviser;
|
|
•
|
Separately, independent valuation firms are engaged by our Board of Directors to prepare preliminary valuations on a selected basis and submit the reports to us;
|
|
•
|
Our finance department compares and contrasts its preliminary valuations to the preliminary valuations of the independent valuation firms;
|
|
•
|
Our finance department prepares a valuation report for the Audit Committee of our Board of Directors;
|
|
•
|
The Audit Committee of our Board of Directors is apprised of the preliminary valuations of the independent valuation firms;
|
|
•
|
The Audit Committee of our Board of Directors reviews the preliminary valuations with the portfolio managers of the investment adviser, and our finance department responds and supplements the preliminary valuations to reflect any comments provided by the Audit Committee;
|
|
•
|
The Audit Committee of our Board of Directors makes a recommendation to the Board of Directors regarding the fair value of the investments in our portfolio; and
|
|
•
|
Our Board of Directors discusses the valuations and determines the fair value of each investment in our portfolio in good faith.
|
|
For the quarter ended December 31, 2012
|
|
79.5
|
%
|
|
For the quarter ended March 31, 2013
|
|
73.8
|
%
|
|
For the quarter ended June 30, 2013
|
|
76.4
|
%
|
|
For the quarter ended September 30, 2013
|
|
86.5
|
%
|
|
For the quarter ended December 31, 2013
|
|
78.9
|
%
|
|
For the quarter ended March 31, 2014
|
|
80.7
|
%
|
|
For the quarter ended June 30, 2014
|
|
68.5
|
%
|
|
For the quarter ended September 30, 2014
|
|
84.0
|
%
|
|
For the quarter ended December 31, 2014
|
|
78.5
|
%
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||
|
Cost:
|
|
|
|
|
||
|
Senior secured debt
|
|
82.54
|
%
|
|
79.72
|
%
|
|
Subordinated debt
|
|
9.13
|
|
|
11.67
|
|
|
CLO debt
|
|
1.07
|
|
|
1.18
|
|
|
Subordinated notes of SLF JV I
|
|
2.23
|
|
|
2.16
|
|
|
LLC equity interests of SLF JV I
|
|
0.25
|
|
|
0.24
|
|
|
Purchased equity
|
|
4.14
|
|
|
4.31
|
|
|
Equity grants
|
|
0.11
|
|
|
0.22
|
|
|
Limited partnership interests
|
|
0.53
|
|
|
0.50
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||
|
Fair value:
|
|
|
|
|
||
|
Senior secured debt
|
|
82.24
|
%
|
|
79.01
|
%
|
|
Subordinated debt
|
|
8.67
|
|
|
11.61
|
|
|
CLO debt
|
|
1.08
|
|
|
1.18
|
|
|
Subordinated notes of SLF JV I
|
|
2.27
|
|
|
2.16
|
|
|
LLC equity interests of SLF JV I
|
|
0.17
|
|
|
0.23
|
|
|
Purchased equity
|
|
4.78
|
|
|
5.04
|
|
|
Equity grants
|
|
0.28
|
|
|
0.30
|
|
|
Limited partnership interests
|
|
0.51
|
|
|
0.47
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||
|
Cost:
|
|
|
|
|
||
|
Healthcare services
|
|
19.50
|
%
|
|
15.03
|
%
|
|
Internet software & services
|
|
11.58
|
|
|
6.31
|
|
|
Education services
|
|
8.55
|
|
|
9.35
|
|
|
Advertising
|
|
5.38
|
|
|
6.59
|
|
|
Diversified support services
|
|
5.11
|
|
|
4.71
|
|
|
Specialized finance
|
|
4.31
|
|
|
4.76
|
|
|
Airlines
|
|
3.77
|
|
|
5.18
|
|
|
Application software
|
|
3.31
|
|
|
5.57
|
|
|
IT consulting & other services
|
|
3.19
|
|
|
3.86
|
|
|
Data processing & outsourced services
|
|
2.89
|
|
|
2.42
|
|
|
Multi-sector holdings
|
|
2.80
|
|
|
2.74
|
|
|
Healthcare equipment
|
|
2.58
|
|
|
3.04
|
|
|
Oil & gas equipment services
|
|
2.37
|
|
|
3.86
|
|
|
Industrial machinery
|
|
2.32
|
|
|
2.14
|
|
|
Specialty stores
|
|
2.23
|
|
|
2.46
|
|
|
Research & consulting services
|
|
1.91
|
|
|
0.59
|
|
|
Leisure facilities
|
|
1.87
|
|
|
1.97
|
|
|
Integrated telecommunication services
|
|
1.78
|
|
|
1.87
|
|
|
Pharmaceuticals
|
|
1.68
|
|
|
1.86
|
|
|
Household products
|
|
1.33
|
|
|
1.52
|
|
|
Construction & engineering
|
|
1.27
|
|
|
1.39
|
|
|
Asset management & custody banks
|
|
1.07
|
|
|
1.18
|
|
|
Air freight & logistics
|
|
1.00
|
|
|
1.30
|
|
|
Home improvement retail
|
|
0.98
|
|
|
1.10
|
|
|
Cable & satellite
|
|
0.98
|
|
|
1.08
|
|
|
Consumer electronics
|
|
0.79
|
|
|
0.76
|
|
|
Apparel, accessories & luxury goods
|
|
0.76
|
|
|
1.43
|
|
|
Leisure products
|
|
0.74
|
|
|
0.83
|
|
|
Auto parts & equipment
|
|
0.60
|
|
|
0.66
|
|
|
Food retail
|
|
0.58
|
|
|
—
|
|
|
Other diversified financial services
|
|
0.56
|
|
|
0.62
|
|
|
Human resources & employment services
|
|
0.56
|
|
|
2.05
|
|
|
Specialty chemicals
|
|
0.49
|
|
|
0.54
|
|
|
Security & alarm services
|
|
0.48
|
|
|
0.53
|
|
|
Healthcare technology
|
|
0.29
|
|
|
0.32
|
|
|
Thrift & mortgage finance
|
|
0.21
|
|
|
0.16
|
|
|
Consumer finance
|
|
0.18
|
|
|
0.00
|
|
|
Systems software
|
|
—
|
|
|
0.22
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||
|
Fair value:
|
|
|
|
|
||
|
Healthcare services
|
|
19.92
|
%
|
|
15.24
|
%
|
|
Internet software & services
|
|
11.74
|
|
|
6.43
|
|
|
Education services
|
|
8.20
|
|
|
9.28
|
|
|
Advertising
|
|
5.42
|
|
|
6.58
|
|
|
Diversified support services
|
|
5.18
|
|
|
4.71
|
|
|
Specialized finance
|
|
4.53
|
|
|
5.16
|
|
|
Airlines
|
|
4.08
|
|
|
5.33
|
|
|
Application software
|
|
3.39
|
|
|
5.62
|
|
|
IT consulting & other services
|
|
3.23
|
|
|
3.89
|
|
|
Data processing & outsourced services
|
|
2.90
|
|
|
2.40
|
|
|
Multi-sector holdings
|
|
2.76
|
|
|
2.69
|
|
|
Healthcare equipment
|
|
2.64
|
|
|
3.06
|
|
|
Industrial machinery
|
|
2.36
|
|
|
2.20
|
|
|
Specialty stores
|
|
2.20
|
|
|
2.38
|
|
|
Research & consulting services
|
|
1.93
|
|
|
0.60
|
|
|
Leisure facilities
|
|
1.91
|
|
|
1.98
|
|
|
Oil & gas equipment services
|
|
1.77
|
|
|
3.71
|
|
|
Integrated telecommunication services
|
|
1.76
|
|
|
1.86
|
|
|
Pharmaceuticals
|
|
1.70
|
|
|
1.87
|
|
|
Construction & engineering
|
|
1.40
|
|
|
1.55
|
|
|
Asset management & custody banks
|
|
1.08
|
|
|
1.18
|
|
|
Home improvement retail
|
|
1.01
|
|
|
1.12
|
|
|
Cable & satellite
|
|
0.98
|
|
|
1.08
|
|
|
Household products
|
|
0.93
|
|
|
1.47
|
|
|
Leisure products
|
|
0.86
|
|
|
0.94
|
|
|
Apparel, accessories & luxury goods
|
|
0.81
|
|
|
0.91
|
|
|
Consumer electronics
|
|
0.80
|
|
|
0.77
|
|
|
Auto parts & equipment
|
|
0.67
|
|
|
0.70
|
|
|
Food retail
|
|
0.59
|
|
|
—
|
|
|
Human resources & employment services
|
|
0.58
|
|
|
2.06
|
|
|
Other diversified financial services
|
|
0.58
|
|
|
0.63
|
|
|
Specialty chemicals
|
|
0.50
|
|
|
0.54
|
|
|
Security & alarm services
|
|
0.48
|
|
|
0.53
|
|
|
Air freight & logistics
|
|
0.43
|
|
|
0.84
|
|
|
Healthcare technology
|
|
0.29
|
|
|
0.32
|
|
|
Thrift & mortgage finance
|
|
0.21
|
|
|
0.16
|
|
|
Consumer finance
|
|
0.18
|
|
|
—
|
|
|
Systems software
|
|
—
|
|
|
0.21
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
•
|
Investment Ranking 1 is used for investments that are performing above expectations and/or capital gains are expected.
|
|
•
|
Investment Ranking 2 is used for investments that are performing substantially within our expectations, and whose risks remain materially consistent with the potential risks at the time of the original or restructured investment. All new investments are initially ranked 2.
|
|
•
|
Investment Ranking 3 is used for investments that are performing below our expectations and for which risk has materially increased since the original or restructured investment. The portfolio company may be out of compliance with debt covenants and may require closer monitoring. To the extent that the underlying agreement has a PIK interest provision, investments with a ranking of 3 are generally those on which we are not accruing PIK interest.
|
|
•
|
Investment Ranking 4 is used for investments that are performing substantially below our expectations and for which risk has increased substantially since the original or restructured investment. Investments with a ranking of 4 are those for which some loss of principal is expected and are generally those on which we are not accruing cash interest.
|
|
Investment Ranking
|
|
December 31, 2014
|
|
|
|
September 30, 2014
|
|
|
||||||||||||||||
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
||||||||||
|
1
|
|
$
|
29,463
|
|
|
1.08
|
%
|
|
0.81
|
|
|
|
|
$
|
65,268
|
|
|
2.61
|
%
|
|
1.94
|
|
|
|
|
2
|
|
2,625,449
|
|
|
96.47
|
|
|
4.71
|
|
|
|
|
2,424,290
|
|
|
97.14
|
|
|
4.84
|
|
|
|
||
|
3
|
|
66,683
|
|
|
2.45
|
|
|
9.39
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
||
|
4
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
6,356
|
|
|
0.25
|
|
|
NM
|
|
|
(1)
|
||
|
Total
|
|
$
|
2,721,595
|
|
|
100.00
|
%
|
|
4.77
|
|
|
|
|
$
|
2,495,914
|
|
|
100.00
|
%
|
|
4.75
|
|
|
|
|
(1)
|
Due to operating performance this ratio is not measurable and, as a result, is excluded from the total portfolio calculation.
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio
|
|
Fair
Value
|
|
% of Debt
Portfolio
|
|
Cost
|
|
% of Debt
Portfolio
|
|
Fair
Value
|
|
% of Debt
Portfolio
|
|
Cost
|
|
% of Debt
Portfolio
|
|
Fair
Value
|
|
% of Debt
Portfolio
|
||||||||||||||||||
|
Accrual
|
|
$
|
2,523,714
|
|
|
95.97
|
%
|
|
$
|
2,505,354
|
|
|
97.67
|
%
|
|
$
|
2,345,637
|
|
|
99.25
|
%
|
|
$
|
2,339,087
|
|
|
99.73
|
%
|
|
$
|
2,249,767
|
|
|
100.00
|
%
|
|
$
|
2,261,742
|
|
|
100.00
|
%
|
|
PIK non-accrual
|
|
105,878
|
|
|
4.03
|
|
|
59,883
|
|
|
2.33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Cash non-accrual(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,752
|
|
|
0.75
|
|
|
6,356
|
|
|
0.27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total
|
|
$
|
2,629,592
|
|
|
100.00
|
%
|
|
$
|
2,565,237
|
|
|
100.00
|
%
|
|
$
|
2,363,389
|
|
|
100.00
|
%
|
|
$
|
2,345,443
|
|
|
100.00
|
%
|
|
$
|
2,249,767
|
|
|
100.00
|
%
|
|
$
|
2,261,742
|
|
|
100.00
|
%
|
|
(1)
|
Cash non-accrual status is inclusive of PIK and other noncash income, where applicable.
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
December 31, 2013
|
|||
|
Miche Bag, LLC
|
|
—
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
Phoenix Brands Merger Sub LLC
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
TransTrade Operators, Inc.
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
CCCG, LLC
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
JTC Education, Inc.
|
|
PIK non-accrual
|
|
—
|
|
—
|
|||
|
(1)
|
We no longer hold this investment as of December 31, 2014. See “— Discussion and Analysis of Results and Operations — Comparison of the three months ended
December 31, 2014
and
December 31, 2013
.
|
|
|
|
Three months ended
December 31, 2014 (1) |
|
Three months ended
December 31, 2013 |
||||
|
Cash interest income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
PIK interest income
|
|
3,239
|
|
|
—
|
|
||
|
OID income
|
|
583
|
|
|
—
|
|
||
|
Total
|
|
$
|
3,822
|
|
|
$
|
—
|
|
|
(1)
|
Income non-accrual amounts for the year may include amounts for investments that were no longer held at the end of the period.
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
Senior secured loans (1)
|
|
$224,841
|
|
$158,451
|
|
Weighted average current interest rate on senior secured loans (2)
|
|
7.79%
|
|
8.09%
|
|
Number of borrowers in SLF JV I
|
|
21
|
|
18
|
|
Largest loan to a single borrower (1)
|
|
$20,000
|
|
$20,000
|
|
Total of five largest loans to borrowers (1)
|
|
$75,000
|
|
$60,000
|
|
Portfolio Company
|
|
Business Description
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
All Web Leads, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+8% (1% floor)
|
|
$
|
9,873
|
|
|
$
|
9,873
|
|
|
$
|
9,670
|
|
|
AMAG Pharmaceuticals, Inc.
|
|
Diversified financial services
|
|
Senior Loan
|
|
11/2020
|
|
LIBOR+6.25% (1% floor)
|
|
15,000
|
|
|
15,000
|
|
|
15,000
|
|
|||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
5/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
3,382
|
|
|
3,367
|
|
|
3,351
|
|
|||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
5/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
5,329
|
|
|
5,322
|
|
|
5,281
|
|
|||
|
EOS Fitness
|
|
Leisure facilities
|
|
Senior Loan
|
|
12/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
20,000
|
|
|
20,000
|
|
|
20,000
|
|
|||
|
First Choice ER, LLC
|
|
Healthcare services
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.5% (1% floor)
|
|
20,000
|
|
|
20,018
|
|
|
19,928
|
|
|||
|
Garretson Firm Resolution Group, Inc.
|
|
Diversified support services
|
|
Senior Loan
|
|
12/2018
|
|
LIBOR+5% (1.25% floor)
|
|
6,551
|
|
|
6,543
|
|
|
6,485
|
|
|||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
5/2021
|
|
LIBOR+5% (1% floor)
|
|
9,975
|
|
|
9,741
|
|
|
9,738
|
|
|||
|
H.D. Vest, Inc.
|
|
Specialty Finance
|
|
Senior Loan
|
|
6/2019
|
|
LIBOR+8% (1.25% floor)
|
|
8,750
|
|
|
8,816
|
|
|
8,691
|
|
|||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
10,000
|
|
|
10,035
|
|
|
9,940
|
|
|||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
Senior Loan
|
|
3/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,874
|
|
|
9,874
|
|
|
9,458
|
|
|||
|
Lift Brands, Inc.
|
|
Leisure facilities
|
|
Senior Loan
|
|
12/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,874
|
|
|
9,874
|
|
|
9,869
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
Senior Loan
|
|
9/2016
|
|
LIBOR+5.25% (1.25% floor)
|
|
4,663
|
|
|
4,666
|
|
|
4,610
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
Senior Loan
|
|
9/2016
|
|
LIBOR+5.25% (1.25% floor)
|
|
7,460
|
|
|
7,430
|
|
|
7,376
|
|
|||
|
Meritas Schools Holdings LLC
|
|
Education services
|
|
Senior Loan
|
|
6/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
5,845
|
|
|
5,839
|
|
|
5,824
|
|
|||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+7.5% (1% floor)
|
|
9,873
|
|
|
9,873
|
|
|
9,556
|
|
|||
|
OnCourse Learning Corporation
|
|
Education services
|
|
Senior Loan
|
|
2/2019
|
|
LIBOR+7.5% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
10,017
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
Senior Loan
|
|
12/2020
|
|
LIBOR+5.5% (1% floor)
|
|
6,000
|
|
|
5,715
|
|
|
5,835
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
Bridge loan
|
|
12/2020
|
|
LIBOR+4.5% (1% floor)
|
|
4,900
|
|
|
4,876
|
|
|
4,876
|
|
|||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
Senior Loan
|
|
3/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
3,175
|
|
|
3,175
|
|
|
3,179
|
|
|||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
Senior Loan
|
|
3/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
9,750
|
|
|
9,758
|
|
|
9,763
|
|
|||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
Senior Loan
|
|
11/2021
|
|
LIBOR+7.5% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
9,650
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
6/2017
|
|
LIBOR+7% (1.25% floor)
|
|
5,941
|
|
|
5,983
|
|
|
6,037
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
6/2017
|
|
LIBOR+10.25% (1.25% floor) 1% PIK
|
|
3,701
|
|
|
3,719
|
|
|
3,617
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
Senior Loan
|
|
1/2021
|
|
LIBOR+5% (1% floor)
|
|
9,975
|
|
|
9,975
|
|
|
9,796
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
Senior Loan
|
|
11/2020
|
|
LIBOR+5% (1% floor)
|
|
4,950
|
|
|
4,950
|
|
|
4,925
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
224,841
|
|
|
$
|
224,422
|
|
|
$
|
222,472
|
|
|
Portfolio Company
|
|
Business Description
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
All Web Leads, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+8% (1% floor)
|
|
$
|
9,937
|
|
|
$
|
9,937
|
|
|
$
|
9,867
|
|
|
Ansira Partners, Inc.
|
|
Advertising
|
|
Senior Loan
|
|
05/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
3,553
|
|
|
3,536
|
|
|
3,549
|
|
|||
|
Drugtest, Inc.
|
|
Human resources & employment services
|
|
Senior Loan
|
|
06/2018
|
|
LIBOR+ 5.75% (1% floor)
|
|
9,859
|
|
|
9,924
|
|
|
9,940
|
|
|||
|
First Choice ER, LLC
|
|
Healthcare services
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.5% (1% floor)
|
|
20,000
|
|
|
20,019
|
|
|
20,166
|
|
|||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
Senior Loan
|
|
10/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
10,000
|
|
|
10,038
|
|
|
10,043
|
|
|||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
Senior Loan
|
|
03/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,937
|
|
|
9,937
|
|
|
9,987
|
|
|||
|
Lift Brands, Inc.
|
|
Leisure facilities
|
|
Senior Loan
|
|
12/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,937
|
|
|
9,937
|
|
|
9,881
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
Senior Loan
|
|
09/2016
|
|
LIBOR+5.25% (1.25% floor)
|
|
4,663
|
|
|
4,667
|
|
|
4,644
|
|
|||
|
Olson + Co., Inc.
|
|
Advertising
|
|
Senior Loan
|
|
09/2017
|
|
LIBOR+5.75% (1.5% floor)
|
|
4,257
|
|
|
4,257
|
|
|
4,257
|
|
|||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
Senior Loan
|
|
11/2018
|
|
LIBOR+7.5% (1% floor)
|
|
9,937
|
|
|
9,937
|
|
|
9,887
|
|
|||
|
OnCourse Learning Corporation
|
|
Education services
|
|
Senior Loan
|
|
02/2019
|
|
LIBOR+7.5% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
10,030
|
|
|||
|
Teaching Strategies, LLC
|
|
Education services
|
|
Senior Loan
|
|
12/2017
|
|
LIBOR+6% (1.25% floor)
|
|
9,490
|
|
|
9,592
|
|
|
9,490
|
|
|||
|
Total Military Management, Inc.
|
|
Air freight and logistics
|
|
Senior Loan
|
|
03/2019
|
|
LIBOR+5.75% (1.25% floor)
|
|
3,343
|
|
|
3,343
|
|
|
3,346
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
06/2017
|
|
LIBOR+7% (1.25% floor)
|
|
6,115
|
|
|
6,161
|
|
|
6,115
|
|
|||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
Senior Loan
|
|
06/2017
|
|
LIBOR+10.25% (1.25% floor) 1% PIK
|
|
3,710
|
|
|
3,731
|
|
|
3,710
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
Senior Loan
|
|
01/2021
|
|
LIBOR+5.0% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
10,000
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
Senior Loan
|
|
11/2020
|
|
LIBOR+5% (1% floor)
|
|
4,963
|
|
|
4,963
|
|
|
4,980
|
|
|||
|
H.D. Vest, Inc.
|
|
Specialty Finance
|
|
Senior Loan
|
|
06/2019
|
|
LIBOR+8% (1.25% floor)
|
|
8,750
|
|
|
8,820
|
|
|
8,820
|
|
|||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
Senior Loan
|
|
11/2021
|
|
LIBOR+7.75% (1% floor)
|
|
10,000
|
|
|
10,000
|
|
|
9,971
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
158,451
|
|
|
$
|
158,799
|
|
|
$
|
158,683
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2014: $224,422, and September 30, 2014:$158,799)
|
|
$
|
222,472
|
|
|
$
|
158,683
|
|
|
Receivables from secured financing arrangement at fair value (cost: $10,028 and $20,070, respectively)
|
|
9,857
|
|
|
19,970
|
|
||
|
Cash and cash equivalents
|
|
6,268
|
|
|
—
|
|
||
|
Restricted cash
|
|
13,499
|
|
|
2,276
|
|
||
|
Other assets
|
|
12,887
|
|
|
5,039
|
|
||
|
Total assets
|
|
$
|
264,983
|
|
|
$
|
185,968
|
|
|
|
|
|
|
|
||||
|
Senior credit facility payable
|
|
$
|
130,040
|
|
|
$
|
109,334
|
|
|
Payable for unsettled transaction
|
|
54,925
|
|
|
4,750
|
|
||
|
Subordinated notes payable at fair value (proceeds: $70,541 and $61,696, respectively)
|
|
70,663
|
|
|
61,696
|
|
||
|
Other liabilities
|
|
3,919
|
|
|
3,634
|
|
||
|
Total liabilities
|
|
$
|
259,547
|
|
|
$
|
179,414
|
|
|
Members' equity
|
|
5,436
|
|
|
6,554
|
|
||
|
Total liabilities and net assets
|
|
$
|
264,983
|
|
|
$
|
185,968
|
|
|
|
|
Three months ended December 31, 2014
|
||
|
Selected Statement of Operations Information:
|
|
|
||
|
Total revenues
|
|
$
|
4,109
|
|
|
Total expenses
|
|
2,439
|
|
|
|
Net unrealized depreciation
|
|
(2,267
|
)
|
|
|
Net realized loss
|
|
(205
|
)
|
|
|
Net loss
|
|
$
|
(802
|
)
|
|
•
|
Base management fees (net of waivers), which was primarily attributable to a
14.5%
increase in the fair value of the investment portfolio due to an increase in net investment fundings in the year-over-year period; and
|
|
•
|
Interest expense, which was attributable to a
42.5%
increase in weighted average debt outstanding for the year-over-year period.
|
|
•
|
In October 2014, we restructured our investment in Miche Bag, LLC. As part of the restructuring, we exchanged cash and our debt and equity securities for debt and equity securities in the restructured entity, Miche Group, LLC and recorded a realized loss in the amount of $17.9 million on this transaction;
|
|
•
|
In October 2014, we received a cash payment of $74.4 million from Teaching Strategies, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In October 2014, we received a cash payment of $6.5 million from SugarSync, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction;
|
|
•
|
In November 2014, we received a cash payment of $8.6 million from Olson + Co., Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In November 2014, we received a cash payment of $5.6 million from American Cadastre, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, we received a cash payment of $35.8 million from Drugtest, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, we received a cash payment of $39.5 million from Charter Brokerage, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, we received a cash payment of $27.7 million from CRGT, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, we received a cash payment of $12.5 million from Devicor Medical Products, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on this transaction;
|
|
•
|
In December 2014, we received a cash payment of $12.0 million from CT Technologies Intermediate Holdings, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on this transaction; and
|
|
•
|
During the
three months ended
December 31, 2014
, we received payments of $178.7 million in connection with syndications of debt investments to other investors, sales of debt investments and repayment of secured borrowings and recorded a net realized gain of $0.3 million on these transactions.
|
|
•
|
In October and December 2013, we received payments of $3.2 million from Stackpole Powertrain International Holding, L.P. related to the sale of our equity investment. A realized gain of $2.2 million was recorded on this transaction;
|
|
•
|
In October 2013, we received a payment of $8.9 million from Harden Healthcare, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on the transaction;
|
|
•
|
In October 2013, we received a payment of $4.0 million from Capital Equipment Group, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par and no realized gain or loss was recorded on the transaction. We also received an additional $0.9 million in connection with the sale of our common equity investment, realizing a gain of $0.6 million;
|
|
•
|
In November 2013, we received a payment of $10.0 million from IG Investments Holdings, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on the transaction;
|
|
•
|
In November 2013, we received a payment of $15.7 million from CTM Group, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on the transaction;
|
|
•
|
In December 2013, we received a payment of $0.4 million in connection with the exit of our debt investment in Saddleback Fence and Vinyl Products, Inc. A realized loss of $0.3 million was recorded on this transaction;
|
|
•
|
In December 2013, we received a payment of $7.2 million from Western Emulsions, Inc. in full satisfaction of all obligations under the loan agreement. The debt investment was exited at par (plus additional fees) and no realized gain or loss was recorded on the transaction; and
|
|
•
|
During the
three months ended
December 31, 2013
, we received payments of $108.9 million in connection with sales of debt investments and recorded a net realized gain of $0.5 million.
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value
|
||
|
January 14, 2013
|
|
March 15, 2013
|
|
March 29, 2013
|
|
$ 0.0958
|
|
|
$ 9.1 million
|
|
100,802
|
|
|
|
|
$ 1.1 million
|
|
January 14, 2013
|
|
April 15, 2013
|
|
April 30, 2013
|
|
0.0958
|
|
|
10.3 million
|
|
111,167
|
|
|
|
|
1.2 million
|
|
January 14, 2013
|
|
May 15, 2013
|
|
May 31, 2013
|
|
0.0958
|
|
|
10.3 million
|
|
127,152
|
|
|
|
|
1.3 million
|
|
May 6, 2013
|
|
June 14, 2013
|
|
June 28, 2013
|
|
0.0958
|
|
|
10.5 million
|
|
112,821
|
|
|
|
|
1.1 million
|
|
May 6, 2013
|
|
July 15, 2013
|
|
July 31, 2013
|
|
0.0958
|
|
|
10.2 million
|
|
130,944
|
|
|
|
|
1.3 million
|
|
May 6, 2013
|
|
August 15, 2013
|
|
August 30, 2013
|
|
0.0958
|
|
|
10.3 million
|
|
136,052
|
|
|
|
|
1.3 million
|
|
August 5, 2013
|
|
September 13, 2013
|
|
September 30, 2013
|
|
0.0958
|
|
|
10.3 million
|
|
135,027
|
|
|
|
|
1.3 million
|
|
August 5, 2013
|
|
October 15, 2013
|
|
October 31, 2013
|
|
0.0958
|
|
|
11.9 million
|
|
142,320
|
|
|
|
|
1.4 million
|
|
August 5, 2013
|
|
November 15, 2013
|
|
November 29, 2013
|
|
0.0958
|
|
|
12.0 million
|
|
145,063
|
|
|
(1)
|
|
1.4 million
|
|
November 21, 2013
|
|
December 13, 2013
|
|
December 30, 2013
|
|
0.0500
|
|
|
6.3 million
|
|
69,291
|
|
|
(1)
|
|
0.6 million
|
|
November 21, 2013
|
|
January 15, 2014
|
|
January 31, 2014
|
|
0.0833
|
|
|
10.5 million
|
|
114,033
|
|
|
(1)
|
|
1.1 million
|
|
November 21, 2013
|
|
February 14, 2014
|
|
February 28, 2014
|
|
0.0833
|
|
|
10.5 million
|
|
110,486
|
|
|
(1)
|
|
1.1 million
|
|
November 21, 2013
|
|
March 14, 2014
|
|
March 31, 2014
|
|
0.0833
|
|
|
11.0 million
|
|
64,748
|
|
|
(1)
|
|
0.6 million
|
|
November 21, 2013
|
|
April 15, 2014
|
|
April 30, 2014
|
|
0.0833
|
|
|
10.5 million
|
|
120,604
|
|
|
(1)
|
|
1.1 million
|
|
November 21, 2013
|
|
May 15, 2014
|
|
May 30, 2014
|
|
0.0833
|
|
|
11.1 million
|
|
58,003
|
|
|
(1)
|
|
0.5 million
|
|
February 6, 2014
|
|
June 16, 2014
|
|
June 30, 2014
|
|
0.0833
|
|
|
11.1 million
|
|
51,692
|
|
|
|
|
0.5 million
|
|
February 6, 2014
|
|
July 15, 2014
|
|
July 31, 2014
|
|
0.0833
|
|
|
12.2 million
|
|
54,739
|
|
|
(1)
|
|
0.5 million
|
|
February 6, 2014
|
|
August 15, 2014
|
|
August 29, 2014
|
|
0.0833
|
|
|
12.1 million
|
|
59,466
|
|
|
|
|
0.6 million
|
|
July 2, 2014
|
|
September 15, 2014
|
|
September 30, 2014
|
|
0.0917
|
|
|
13.4 million
|
|
73,141
|
|
|
(1)
|
|
0.7 million
|
|
July 2, 2014
|
|
October 15, 2014
|
|
October 31, 2014
|
|
0.0917
|
|
|
13.3 million
|
|
82,390
|
|
|
(1)
|
|
0.7 million
|
|
July 2, 2014
|
|
November 14, 2014
|
|
November 28, 2014
|
|
0.0917
|
|
|
13.4 million
|
|
80,775
|
|
|
(1)
|
|
0.7 million
|
|
November 20, 2014
|
|
December 15, 2014
|
|
December 30, 2014
|
|
0.0917
|
|
|
13.4 million
|
|
79,849
|
|
|
(1)
|
|
0.6 million
|
|
November 20, 2014
|
|
January 15, 2015
|
|
January 30, 2015
|
|
0.0917
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2014
|
|
March 16, 2015
|
|
March 31, 2015
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2014
|
|
April 15, 2015
|
|
April 30, 2015
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2014
|
|
May 15, 2015
|
|
May 29, 2015
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2014
|
|
June 15, 2015
|
|
June 30, 2015
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2014
|
|
July 15, 2015
|
|
July 31, 2015
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
February 3, 2014
|
|
August 14, 2015
|
|
August 31, 2015
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Shares were purchased on the open market and distributed.
|
|
Date
|
|
Transaction
|
|
Shares
|
|
Public Offering Price
|
|
|
Gross Proceeds
|
|||
|
December 2012
|
|
Public offering (1)
|
|
14,725,000
|
|
$
|
10.68
|
|
|
|
|
$157.3 million
|
|
April 2013
|
|
Public offering (1)
|
|
14,435,253
|
|
10.85
|
|
|
|
|
156.5 million
|
|
|
September 26, 2013
|
|
Public offering (1)
|
|
17,643,000
|
|
10.31
|
|
|
|
|
181.9 million
|
|
|
July 11, 2014
|
|
Public offering
|
|
13,250,000
|
|
9.95
|
|
|
|
|
131.8 million
|
|
|
Rate Fix Date
|
|
Debenture
Amount
|
|
Fixed
Interest
Rate
|
|
|
SBA
Annual
Charge
|
|
||
|
September 2010
|
|
$
|
73,000
|
|
|
3.215
|
%
|
|
0.285
|
%
|
|
March 2011
|
|
65,300
|
|
|
4.084
|
|
|
0.285
|
|
|
|
September 2011
|
|
11,700
|
|
|
2.877
|
|
|
0.285
|
|
|
|
Rate Fix Date
|
|
Debenture
Amount |
|
Fixed
Interest Rate |
|
SBA
Annual Charge |
|
||||
|
March 2013
|
|
$
|
31,750
|
|
|
2.351
|
%
|
|
0.804
|
%
|
|
|
March 2014
|
|
43,250
|
|
|
3.191
|
|
|
0.804
|
|
|
|
|
Financial Covenant
|
|
Description
|
|
Target Value
|
|
Reported Value (1)
|
|
Minimum shareholders' equity
|
|
Net assets shall not be less than the greater of (a) 40% of total assets and (b) $825 million plus 50% of the aggregate net proceeds of all sales of equity interests after August 6, 2013
|
|
$1,067 million
|
|
$1,478 million
|
|
Asset coverage ratio
|
|
Asset coverage ratio shall not be less than 2.10:1
|
|
2.10:1
|
|
2.76:1
|
|
Interest coverage ratio
|
|
Interest coverage ratio shall not be less than 2.50:1
|
|
2.50:1
|
|
4.15:1
|
|
Facility
|
|
Date
|
|
Transaction
|
|
Total
Facility
Amount
|
|
Upfront
fee Paid
|
|
Total Facility
Availability
|
|
Amount
Drawn
|
|
Remaining
Availability
|
|
Interest Rate
|
|||||
|
Wells Fargo facility
|
|
11/16/2009
|
|
Entered into credit facility
|
|
50 million
|
|
|
0.8 million
|
|
|
|
|
|
|
|
|
LIBOR + 4.00%
|
|||
|
|
|
5/26/2010
|
|
Expanded credit facility
|
|
100 million
|
|
|
0.9 million
|
|
|
|
|
|
|
|
|
LIBOR + 3.50%
|
|||
|
|
|
2/28/2011
|
|
Amended credit facility
|
|
100 million
|
|
|
0.4 million
|
|
|
|
|
|
|
|
|
LIBOR + 3.00%
|
|||
|
|
|
11/30/2011
|
|
Amended credit facility
|
|
100 million
|
|
|
—
|
|
|
|
|
|
|
|
|
LIBOR + 2.75%
|
|||
|
|
|
4/23/2012
|
|
Amended credit facility
|
|
150 million
|
|
|
1.2 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.75%
|
|||
|
|
|
6/20/2013
|
|
Amended credit facility
|
|
150 million
|
|
|
—
|
|
|
|
|
|
|
|
|
LIBOR + 2.50%
|
|||
|
|
|
2/21/2014
|
|
Terminated credit facility
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
ING facility
|
|
5/27/2010
|
|
Entered into credit facility
|
|
90 million
|
|
|
0.8 million
|
|
|
|
|
|
|
|
|
LIBOR + 3.50%
|
|||
|
|
|
2/22/2011
|
|
Expanded credit facility
|
|
215 million
|
|
|
1.6 million
|
|
|
|
|
|
|
|
|
LIBOR + 3.50%
|
|||
|
|
|
7/8/2011
|
|
Expanded credit facility
|
|
230 million
|
|
|
0.4 million
|
|
|
|
|
|
|
|
|
LIBOR + 3.00%/3.25%
|
|||
|
|
|
2/29/2012
|
|
Amended credit facility
|
|
230 million
|
|
|
1.5 million
|
|
|
|
|
|
|
|
|
LIBOR + 3.00%/3.25%
|
|||
|
|
|
11/30/2012
|
|
Amended credit facility
|
|
385 million
|
|
|
2.2 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.75%
|
|||
|
|
|
1/7/2013
|
|
Expanded credit facility
|
|
445 million
|
|
|
0.3 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.75%
|
|||
|
|
|
8/6/2013
|
|
Amended credit facility
|
|
480 million
|
|
|
1.8 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
10/22/2013
|
|
Expanded credit facility
|
|
605 million
|
|
|
0.7 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
1/30/2014
|
|
Expanded credit facility
|
|
650 million
|
|
|
0.1 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
5/2/2014
|
|
Expanded credit facility
|
|
670 million
|
|
|
0.2 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
8/12/2014
|
|
Expanded credit facility
|
|
680 million
|
|
|
0.1 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
9/26/2014
|
|
Expanded credit facility
|
|
705 million
|
|
|
0.2 million
|
|
|
705 million
|
|
|
582 million
|
|
|
123 million
|
|
|
LIBOR (4) + 2.25%
|
|
SBA
|
|
2/16/2010
|
|
Received capital commitment
|
|
75 million
|
|
|
0.8 million
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
9/21/2010
|
|
Received capital commitment
|
|
150 million
|
|
|
0.8 million
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
7/23/2012
|
|
Received capital commitment
|
|
225 million
|
|
|
0.8 million
|
|
|
225 million
|
|
|
225 million
|
|
|
—
|
|
|
3.323% (2)
|
|
Sumitomo facility
|
|
9/16/2011
|
|
Entered into credit facility
|
|
200 million
|
|
|
2.5 million
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
10/30/2013
|
|
Reduced credit facility
|
|
125 million
|
|
|
—
|
|
|
44 million
|
|
(1)
|
36 million
|
|
|
8 million
|
|
|
LIBOR (3) + 2.25%
|
|
(1)
|
Availability to increase upon our decision to further collateralize the facility
|
|
(2)
|
Weighted average interest rate of locked debentures (excludes the SBA annual charge)
|
|
(3)
|
1-month
|
|
(4)
|
1-, 2-, 3- or 6-month LIBOR, at our option
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||
|
Senior Loan Fund JV 1, LLC
|
|
$
|
106,419
|
|
|
$
|
115,018
|
|
|
Yeti Acquisition, LLC
|
|
30,000
|
|
|
15,000
|
|
||
|
Lift Brands Holdings, Inc.
|
|
18,000
|
|
|
20,000
|
|
||
|
BMC Software Finance, Inc.
|
|
15,000
|
|
|
15,000
|
|
||
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
TigerText, Inc.
|
|
10,000
|
|
|
—
|
|
||
|
RP Crown Parent, LLC
|
|
9,868
|
|
|
10,000
|
|
||
|
Deltek, Inc.
|
|
9,713
|
|
|
3,213
|
|
||
|
Ameritox, Ltd.
|
|
8,533
|
|
|
—
|
|
||
|
Trialcard Incorporated
|
|
7,800
|
|
|
—
|
|
||
|
BeyondTrust Software, Inc.
|
|
6,495
|
|
|
9,375
|
|
||
|
Refac Optical Group
|
|
6,400
|
|
|
6,400
|
|
||
|
Thing5, LLC
|
|
6,000
|
|
|
6,000
|
|
||
|
TIBCO Software, Inc.
|
|
5,800
|
|
|
—
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
|
5,397
|
|
|
5,397
|
|
||
|
Integral Development Corporation
|
|
5,000
|
|
|
5,000
|
|
||
|
OnCourse Learning Corporation
|
|
5,000
|
|
|
3,000
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
—
|
|
||
|
InMotion Entertainment Group, LLC
|
|
4,951
|
|
|
7,916
|
|
||
|
Penn Foster, Inc.
|
|
4,932
|
|
|
—
|
|
||
|
Metamorph US 3, LLC
|
|
4,900
|
|
|
—
|
|
||
|
Adventure Interactive, Corp.
|
|
4,846
|
|
|
4,846
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
4,222
|
|
|
5,944
|
|
||
|
World 50, Inc.
|
|
4,000
|
|
|
4,000
|
|
||
|
First Choice ER, LLC (1)
|
|
3,681
|
|
|
9,181
|
|
||
|
First American Payment Systems, LP
|
|
3,642
|
|
|
5,000
|
|
||
|
All Web Leads, Inc.
|
|
3,500
|
|
|
3,500
|
|
||
|
Discovery Practice Management, Inc.
|
|
3,468
|
|
|
2,682
|
|
||
|
OmniSYS Acquisition Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Teaching Strategies, LLC
|
|
2,400
|
|
|
5,000
|
|
||
|
Idera, Inc.
|
|
2,400
|
|
|
—
|
|
||
|
TransTrade Operators, Inc.
|
|
2,194
|
|
|
2,255
|
|
||
|
Chicago Growth Partners L.P. (limited partnership interest)
|
|
2,000
|
|
|
2,000
|
|
||
|
Webster Capital III, L.P. (limited partnership interest)
|
|
2,000
|
|
|
2,000
|
|
||
|
ExamSoft Worldwide, Inc.
|
|
2,000
|
|
|
—
|
|
||
|
Miche Group, LLC
|
|
2,000
|
|
|
—
|
|
||
|
Eagle Hospital Physicians, Inc.
|
|
1,820
|
|
|
1,820
|
|
||
|
Tailwind (limited partnership interest)
|
|
1,699
|
|
|
1,726
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
1,433
|
|
|
1,433
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
1,428
|
|
|
1,415
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
1,381
|
|
|
1,422
|
|
||
|
Ansira Partners, Inc.
|
|
1,190
|
|
|
1,190
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
1,126
|
|
|
1,126
|
|
||
|
Phoenix Brands Merger Sub LLC
|
|
1,071
|
|
|
1,286
|
|
||
|
Psilos Group Partners IV, LP (limited partnership interest)
|
|
1,000
|
|
|
1,000
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
|
1,000
|
|
|
1,000
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
992
|
|
|
1,285
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
900
|
|
|
990
|
|
||
|
Total Military Management, Inc.
|
|
857
|
|
|
857
|
|
||
|
HealthDrive Corporation
|
|
734
|
|
|
734
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
666
|
|
|
869
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
641
|
|
|
859
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
620
|
|
|
632
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
502
|
|
|
502
|
|
||
|
Enhanced Recovery Company, LLC
|
|
500
|
|
|
1,500
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
358
|
|
|
358
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
357
|
|
|
357
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
344
|
|
|
344
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
|
153
|
|
|
174
|
|
||
|
Drugtest, Inc.
|
|
—
|
|
|
10,900
|
|
||
|
Charter Brokerage, LLC
|
|
—
|
|
|
4,000
|
|
||
|
CPASS Acquisition Company
|
|
—
|
|
|
2,500
|
|
||
|
Olson + Co., Inc.
|
|
—
|
|
|
1,673
|
|
||
|
CCCG, LLC
|
|
—
|
|
|
1,520
|
|
||
|
2Checkout.com, Inc.
|
|
—
|
|
|
850
|
|
||
|
American Cadastre, LLC
|
|
—
|
|
|
405
|
|
||
|
Total
|
|
$
|
350,833
|
|
|
$
|
324,954
|
|
|
|
|
Debt Outstanding
as of September 30,
2014
|
|
Debt Outstanding
as of December 31,
2014
|
|
Weighted average debt
outstanding for the
three months ended
December 31, 2014
|
|
Maximum
debt
outstanding
for the three months
December 31, 2014
|
||||||||
|
SBA debentures
|
|
$
|
225,000
|
|
|
$
|
225,000
|
|
|
$
|
225,000
|
|
|
$
|
225,000
|
|
|
ING facility
|
|
267,395
|
|
|
581,995
|
|
|
301,843
|
|
|
601,995
|
|
||||
|
Sumitomo facility
|
|
50,000
|
|
|
35,500
|
|
|
49,685
|
|
|
50,000
|
|
||||
|
Convertible Notes
|
|
115,000
|
|
|
115,000
|
|
|
115,000
|
|
|
115,000
|
|
||||
|
2019 Notes
|
|
250,000
|
|
|
250,000
|
|
|
250,000
|
|
|
250,000
|
|
||||
|
2024 Notes
|
|
75,000
|
|
|
75,000
|
|
|
75,000
|
|
|
75,000
|
|
||||
|
2028 Notes
|
|
86,250
|
|
|
86,250
|
|
|
86,250
|
|
|
86,250
|
|
||||
|
Secured borrowings
|
|
84,750
|
|
|
22,525
|
|
|
80,358
|
|
|
84,750
|
|
||||
|
Total debt
|
|
$
|
1,153,395
|
|
|
$
|
1,391,270
|
|
|
$
|
1,183,136
|
|
|
$
|
1,419,181
|
|
|
|
|
Payments due by period as of December 31, 2014
|
||||||||||||||||||
|
|
|
Total
|
|
< 1 year
|
|
1-3 years
|
|
3-5 years
|
|
> 5 years
|
||||||||||
|
SBA debentures
|
|
$
|
225,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
225,000
|
|
|
Interest due on SBA debentures
|
|
64,439
|
|
|
8,862
|
|
|
17,749
|
|
|
17,725
|
|
|
20,103
|
|
|||||
|
ING facility
|
|
581,995
|
|
|
—
|
|
|
—
|
|
|
581,995
|
|
|
—
|
|
|||||
|
Interest due on ING facility
|
|
50,992
|
|
|
14,186
|
|
|
28,372
|
|
|
8,434
|
|
|
—
|
|
|||||
|
Sumitomo facility
|
|
35,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,500
|
|
|||||
|
Interest due on Sumitomo facility
|
|
4,891
|
|
|
856
|
|
|
1,712
|
|
|
1,712
|
|
|
611
|
|
|||||
|
Convertible Notes
|
|
115,000
|
|
|
—
|
|
|
115,000
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on Convertible Notes
|
|
7,739
|
|
|
6,181
|
|
|
1,558
|
|
|
—
|
|
|
—
|
|
|||||
|
Secured borrowings
|
|
22,525
|
|
|
—
|
|
|
—
|
|
|
22,525
|
|
|
—
|
|
|||||
|
Interest due on secured borrowings
|
|
3,450
|
|
|
1,070
|
|
|
2,140
|
|
|
240
|
|
|
—
|
|
|||||
|
2019 Notes
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|||||
|
Interest due on 2019 Notes
|
|
50,787
|
|
|
12,188
|
|
|
24,375
|
|
|
14,224
|
|
|
—
|
|
|||||
|
2024 Notes
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|||||
|
Interest due on 2024 Notes
|
|
43,350
|
|
|
4,406
|
|
|
8,813
|
|
|
8,813
|
|
|
21,318
|
|
|||||
|
2028 Notes
|
|
86,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,250
|
|
|||||
|
Interest due on 2028 Notes
|
|
70,471
|
|
|
5,283
|
|
|
10,566
|
|
|
10,566
|
|
|
44,056
|
|
|||||
|
Total
|
|
$
|
1,687,389
|
|
|
$
|
53,032
|
|
|
$
|
210,285
|
|
|
$
|
916,234
|
|
|
$
|
507,838
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||||
|
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
|
Under 1%
|
|
$
|
203,601
|
|
|
10.55
|
%
|
|
$
|
181,450
|
|
|
11.05
|
%
|
|
1% to under 2%
|
|
1,684,290
|
|
|
87.23
|
|
|
1,397,913
|
|
|
85.16
|
|
||
|
2% to under 3%
|
|
27,914
|
|
|
1.45
|
|
|
39,970
|
|
|
2.44
|
|
||
|
3% and over
|
|
14,957
|
|
|
0.77
|
|
|
22,143
|
|
|
1.35
|
|
||
|
Total
|
|
$
|
1,930,762
|
|
|
100.00
|
%
|
|
$
|
1,641,476
|
|
|
100.00
|
%
|
|
Basis point increase
|
|
Interest
income
|
|
Interest
expense
|
|
Net increase
(decrease)
|
||||||
|
500
|
|
$
|
77,600
|
|
|
$
|
(31,400
|
)
|
|
$
|
46,200
|
|
|
400
|
|
58,300
|
|
|
(25,100
|
)
|
|
33,200
|
|
|||
|
300
|
|
39,000
|
|
|
(18,800
|
)
|
|
20,200
|
|
|||
|
200
|
|
19,800
|
|
|
(12,500
|
)
|
|
7,300
|
|
|||
|
100
|
|
2,400
|
|
|
(6,200
|
)
|
|
(3,800
|
)
|
|||
|
|
|
December 31, 2014
|
|
September 30, 2014
|
||||||||||||
|
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
||||||||
|
Money market rate
|
|
$
|
110,553
|
|
|
$
|
—
|
|
|
$
|
109,046
|
|
|
$
|
—
|
|
|
Prime rate
|
|
4,044
|
|
|
135,600
|
|
|
1,040
|
|
|
80,000
|
|
||||
|
LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
62,809
|
|
|
481,895
|
|
|
62,509
|
|
|
237,395
|
|
||||
|
90 day
|
|
1,909,300
|
|
|
34,775
|
|
|
1,546,536
|
|
|
84,750
|
|
||||
|
Fixed rate
|
|
664,178
|
|
|
751,250
|
|
|
709,963
|
|
|
751,250
|
|
||||
|
Total
|
|
$
|
2,750,884
|
|
|
$
|
1,403,520
|
|
|
$
|
2,429,094
|
|
|
$
|
1,153,395
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Exhibit
|
|
|
|
|
|
10.1*
|
|
Administration Agreement by and between Fifth Street Finance Corp. and FSC CT LLC dated as of January 1, 2014.
|
|
|
|
|
|
31.1*
|
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
|
|
|
|
|
31.2*
|
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
|
|
|
|
|
32.1*
|
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
|
|
|
|
32.2*
|
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
*
|
Filed herewith
|
|
|
|
|
|
|
FIFTH STREET FINANCE CORP.
|
|
|
Date: February 6, 2015
|
|
|
|
|
By:
|
/s/ Todd G. Owens
|
|
|
|
Todd G. Owens
|
|
|
|
Chief Executive Officer and Director
|
|
|
|
|
|
Date: February 6, 2015
|
By:
|
/s/ Richard A. Petrocelli
|
|
|
|
Richard A. Petrocelli
|
|
|
|
Chief Financial Officer
|
|
Exhibit
Number
|
|
Description of Exhibit
|
|
|
|
|
|
10.1*
|
|
Administration Agreement by and between Fifth Street Finance Corp. and FSC CT LLC dated as of January 1, 2015.
|
|
|
|
|
|
31.1*
|
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
|
|
|
|
|
31.2*
|
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
|
|
|
|
|
32.1*
|
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
|
|
|
|
32.2*
|
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
*
|
Filed herewith
|
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 |
|---|