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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 3.
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Item 4.
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Item 5.
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Item 1.
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Consolidated Financial Statements.
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June 30, 2016
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September 30, 2015
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ASSETS
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Investments at fair value:
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Control investments (cost June 30, 2016:
$453,520; cost September 30, 2015: $333,520)
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$
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396,022
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$
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318,893
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Affiliate investments (cost June 30, 2016: $35,240; cost September 30, 2015: $36,637)
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40,110
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40,606
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Non-control/Non-affiliate investments (cost June 30, 2016: $1,903,313; cost September 30, 2015: $2,102,781)
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1,811,323
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2,042,996
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Total investments at fair value (cost June 30, 2016: $2,392,073; cost September 30, 2015: $2,472,938)
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2,247,455
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2,402,495
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Cash and cash equivalents
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138,111
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138,377
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Restricted cash
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19,975
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5,107
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Interest, dividends and fees receivable
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18,797
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15,687
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Due from portfolio companies
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4,994
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2,641
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Receivables from unsettled transactions
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12,395
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5,168
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Deferred financing costs
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12,345
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16,051
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Insurance recoveries receivable
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19,079
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—
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Other assets
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877
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131
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Total assets
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$
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2,474,028
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$
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2,585,657
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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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4,029
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$
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5,006
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Base management fee and Part I incentive fee payable
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17,832
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16,531
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Due to FSC CT
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1,906
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2,965
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Interest payable
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9,762
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4,300
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Amounts payable to syndication partners
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14,608
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1,316
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Payables from unsettled transactions
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—
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3,648
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Legal settlements payable
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19,150
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—
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Credit facilities payable
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568,295
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427,295
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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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—
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115,000
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Unsecured notes payable
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410,519
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410,320
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Secured borrowings at fair value (proceeds June 30, 2016: $19,289; proceeds September 30, 2015: $21,787)
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18,551
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21,182
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Total liabilities
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1,289,652
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1,232,563
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Commitments and contingencies (Note 16)
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Net assets:
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Common stock, $0.01 par value, 250,000 shares authorized; 145,304
and 150,668 shares issued and outstanding at June 30, 2016 and September 30, 2015, respectively
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1,453
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1,507
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Additional paid-in-capital
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1,603,947
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1,631,523
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Treasury stock, 423
shares at September 30, 2015
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—
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(2,538
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)
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Net unrealized depreciation on investments and secured borrowings
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(143,880
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)
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(69,838
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Net realized loss on investments and secured borrowings
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(251,058
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)
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(180,945
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)
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Accumulated overdistributed net investment income
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(26,086
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)
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(26,615
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)
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Total net assets (equivalent to $8.15
and $9.00 per common share at June 30, 2016 and September 30, 2015, respectively) (Note 12)
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1,184,376
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1,353,094
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Total liabilities and net assets
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$
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2,474,028
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$
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2,585,657
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Three months ended
June 30, 2016 |
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Three months ended
June 30, 2015 (see Note 2) |
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Nine months
ended June 30, 2016 |
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Nine months ended
June 30, 2015 (see Note 2) |
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Interest income:
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Control investments
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$
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4,863
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$
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4,190
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$
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12,518
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$
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12,073
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Affiliate investments
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1,016
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1,085
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3,092
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3,254
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Non-control/Non-affiliate investments
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43,650
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49,388
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134,265
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148,583
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Interest on cash and cash equivalents
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111
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16
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262
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35
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||||
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Total interest income
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49,640
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54,679
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150,137
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163,945
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PIK interest income:
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Control investments
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1,517
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1,340
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3,577
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4,079
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Affiliate investments
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203
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216
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618
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643
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Non-control/Non-affiliate investments
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1,820
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1,582
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5,772
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5,675
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||||
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Total PIK interest income
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3,540
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3,138
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9,967
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10,397
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Fee income:
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Control investments
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1,183
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561
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2,402
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1,569
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||||
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Affiliate investments
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37
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12
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308
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36
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||||
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Non-control/Non-affiliate investments
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2,220
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7,500
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14,730
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15,670
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||||
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Total fee income
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3,440
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8,073
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17,440
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17,275
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||||
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Dividend and other income:
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Control investments
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2,255
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3,581
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6,373
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9,179
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||||
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Non-control/Non-affiliate investments
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5,151
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429
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4,795
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909
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|
||||
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Total dividend and other income
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7,406
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|
|
4,010
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|
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11,168
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10,088
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||||
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Total investment income
|
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64,026
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|
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69,900
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188,712
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201,705
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||||
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Expenses:
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||||||||
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Base management fee
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10,049
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12,145
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31,847
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39,364
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|
||||
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Part I incentive fee
|
|
7,864
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8,035
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15,689
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21,562
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|
||||
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Professional fees
|
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1,971
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|
849
|
|
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13,395
|
|
|
2,995
|
|
||||
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Board of Directors fees
|
|
176
|
|
|
175
|
|
|
775
|
|
|
544
|
|
||||
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Interest expense
|
|
13,149
|
|
|
14,191
|
|
|
41,034
|
|
|
42,995
|
|
||||
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Administrator expense
|
|
488
|
|
|
611
|
|
|
1,602
|
|
|
2,606
|
|
||||
|
General and administrative expenses
|
|
1,233
|
|
|
1,822
|
|
|
3,525
|
|
|
5,259
|
|
||||
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Loss on legal settlements
|
|
19,150
|
|
|
—
|
|
|
19,150
|
|
|
—
|
|
||||
|
Total expenses
|
|
54,080
|
|
|
37,828
|
|
|
127,017
|
|
|
115,325
|
|
||||
|
Base management fee waived
|
|
(81
|
)
|
|
(179
|
)
|
|
(258
|
)
|
|
(401
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)
|
||||
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Insurance recoveries
|
|
(19,079
|
)
|
|
—
|
|
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(19,079
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)
|
|
—
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|
||||
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Net expenses
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34,920
|
|
|
37,649
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|
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107,680
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|
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114,924
|
|
||||
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Net investment income
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29,106
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32,251
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81,032
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86,781
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Unrealized appreciation (depreciation) on investments:
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Control investments
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(24,024
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)
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(1,271
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)
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(42,872
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)
|
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(16,552
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)
|
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Affiliate investments
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1,237
|
|
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1,184
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|
901
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|
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1,381
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||||
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Non-control/Non-affiliate investments
|
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33,651
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|
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(1,480
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)
|
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(32,204
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)
|
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(25,512
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)
|
||||
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Net unrealized appreciation (depreciation) on investments
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10,864
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(1,567
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)
|
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(74,175
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)
|
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(40,683
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)
|
||||
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Net unrealized (appreciation) depreciation on secured borrowings
|
|
(374
|
)
|
|
79
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|
|
133
|
|
|
184
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|
||||
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Realized gain (loss) on investments and secured borrowings:
|
|
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Control investments
|
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—
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|
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(4,384
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)
|
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(8,148
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)
|
|
(4,384
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)
|
||||
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Affiliate investments
|
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3
|
|
|
—
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|
3
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|
|
72
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|
||||
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Non-control/Non-affiliate investments
|
|
(44,817
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)
|
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(5,868
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)
|
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(61,968
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)
|
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(24,186
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)
|
||||
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Net realized loss on investments and secured borrowings
|
|
(44,814
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)
|
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(10,252
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)
|
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(70,113
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)
|
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(28,498
|
)
|
||||
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Net increase (decrease) in net assets resulting from operations
|
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$
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(5,218
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)
|
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$
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20,511
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|
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$
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(63,123
|
)
|
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$
|
17,784
|
|
|
Net investment income per common share — basic
|
|
$
|
0.20
|
|
|
$
|
0.21
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|
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$
|
0.55
|
|
|
$
|
0.57
|
|
|
Earnings (loss) per common share — basic
|
|
$
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(0.04
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)
|
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$
|
0.13
|
|
|
$
|
(0.43
|
)
|
|
$
|
0.12
|
|
|
Weighted average common shares outstanding — basic
|
|
145,569
|
|
|
153,340
|
|
|
148,354
|
|
|
153,340
|
|
||||
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Net investment income per common share — diluted
|
|
$
|
0.20
|
|
|
$
|
0.21
|
|
|
$
|
0.53
|
|
|
$
|
0.56
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|
|
Earnings (loss) per common share — diluted (Note 5)
|
|
$
|
(0.04
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)
|
|
$
|
0.13
|
|
|
$
|
(0.43
|
)
|
|
$
|
0.12
|
|
|
Weighted average common shares outstanding — diluted
|
|
145,569
|
|
|
161,130
|
|
|
153,585
|
|
|
161,130
|
|
||||
|
Distributions per common share
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.54
|
|
|
$
|
0.61
|
|
|
|
|
Nine months
ended June 30, 2016 |
|
Nine months
ended June 30, 2015 (see Note 2) |
||||
|
Operations:
|
|
|
|
|
||||
|
Net investment income
|
|
$
|
81,032
|
|
|
$
|
86,781
|
|
|
Net unrealized depreciation on investments
|
|
(74,175
|
)
|
|
(40,683
|
)
|
||
|
Net unrealized depreciation on secured borrowings
|
|
133
|
|
|
184
|
|
||
|
Net realized loss on investments and secured borrowings
|
|
(70,113
|
)
|
|
(28,498
|
)
|
||
|
Net increase (decrease) in net assets resulting from operations
|
|
(63,123
|
)
|
|
17,784
|
|
||
|
Stockholder transactions:
|
|
|
|
|
||||
|
Distributions to stockholders
|
|
(80,503
|
)
|
|
(93,046
|
)
|
||
|
Net decrease in net assets from stockholder transactions
|
|
(80,503
|
)
|
|
(93,046
|
)
|
||
|
Capital share transactions:
|
|
|
|
|
||||
|
Issuance of common stock under dividend reinvestment plan
|
|
5,095
|
|
|
4,334
|
|
||
|
Repurchases of common stock under stock repurchase program
|
|
(25,092
|
)
|
|
—
|
|
||
|
Repurchases of common stock under dividend reinvestment program
|
|
(5,095
|
)
|
|
(4,334
|
)
|
||
|
Net decrease in net assets from capital share transactions
|
|
(25,092
|
)
|
|
—
|
|
||
|
Total decrease in net assets
|
|
(168,718
|
)
|
|
(75,262
|
)
|
||
|
Net assets at beginning of period
|
|
1,353,094
|
|
|
1,478,475
|
|
||
|
Net assets at end of period
|
|
$
|
1,184,376
|
|
|
$
|
1,403,213
|
|
|
Net asset value per common share
|
|
$
|
8.15
|
|
|
$
|
9.15
|
|
|
Common shares outstanding at end of period
|
|
145,304
|
|
|
153,340
|
|
||
|
|
|
Nine months
ended June 30, 2016 |
|
Nine months
ended June 30, 2015 (see Note 2) |
||||
|
Operating activities:
|
|
|
|
|
||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(63,123
|
)
|
|
$
|
17,784
|
|
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities:
|
|
|
|
|
||||
|
Net unrealized depreciation on investments
|
|
74,175
|
|
|
40,683
|
|
||
|
Net unrealized depreciation on secured borrowings
|
|
(133
|
)
|
|
(184
|
)
|
||
|
Net realized loss on investments and secured borrowings
|
|
70,113
|
|
|
28,498
|
|
||
|
PIK interest income
|
|
(9,967
|
)
|
|
(10,397
|
)
|
||
|
Recognition of fee income
|
|
(17,440
|
)
|
|
(17,275
|
)
|
||
|
Accretion of original issue discount on investments
|
|
(2,821
|
)
|
|
(6,192
|
)
|
||
|
Accretion of original issue discount on unsecured notes payable
|
|
199
|
|
|
376
|
|
||
|
Amortization of deferred financing costs
|
|
3,706
|
|
|
3,863
|
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
||||
|
Fee income received
|
|
16,874
|
|
|
16,698
|
|
||
|
(Increase) decrease in restricted cash
|
|
(14,868
|
)
|
|
21,144
|
|
||
|
(Increase) decrease in interest, dividends and fees receivable
|
|
(2,982
|
)
|
|
1,658
|
|
||
|
(Increase) decrease in due from portfolio companies
|
|
(2,353
|
)
|
|
19,958
|
|
||
|
Increase in receivables from unsettled transactions
|
|
(7,227
|
)
|
|
(56,195
|
)
|
||
|
Increase in insurance recoveries receivable
|
|
(19,079
|
)
|
|
—
|
|
||
|
Increase in other assets
|
|
(746
|
)
|
|
(319
|
)
|
||
|
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
(977
|
)
|
|
265
|
|
||
|
Increase (decrease) in base management fee and Part I incentive fee payable
|
|
1,301
|
|
|
(4,207
|
)
|
||
|
Increase (decrease) in due to FSC CT
|
|
(1,059
|
)
|
|
663
|
|
||
|
Increase in interest payable
|
|
5,462
|
|
|
4,878
|
|
||
|
Increase (decrease) in payables from unsettled transactions
|
|
(3,648
|
)
|
|
74,301
|
|
||
|
Increase in legal settlements payable
|
|
19,150
|
|
|
—
|
|
||
|
Increase in amounts payable to syndication partners
|
|
13,292
|
|
|
6,452
|
|
||
|
Purchases of investments and net revolver activity
|
|
(633,561
|
)
|
|
(1,133,116
|
)
|
||
|
Principal payments received on investments (scheduled payments)
|
|
23,913
|
|
|
20,998
|
|
||
|
Principal payments received on investments (payoffs)
|
|
404,004
|
|
|
577,699
|
|
||
|
PIK interest income received in cash
|
|
1,480
|
|
|
1,783
|
|
||
|
Proceeds from the sale of investments
|
|
228,142
|
|
|
641,724
|
|
||
|
Net cash provided by operating activities
|
|
81,827
|
|
|
251,540
|
|
||
|
Financing activities:
|
|
|
|
|
||||
|
Distributions paid in cash
|
|
(75,408
|
)
|
|
(88,712
|
)
|
||
|
Borrowings under credit facilities
|
|
591,000
|
|
|
621,400
|
|
||
|
Repayments of borrowings under credit facilities
|
|
(450,000
|
)
|
|
(623,500
|
)
|
||
|
Repayments of secured borrowings
|
|
(2,498
|
)
|
|
(62,549
|
)
|
||
|
Repayments of unsecured convertible notes
|
|
(115,000
|
)
|
|
—
|
|
||
|
Repurchases of common stock under stock repurchase program
|
|
(25,092
|
)
|
|
—
|
|
||
|
Repurchases of common stock under dividend reinvestment plan
|
|
(5,095
|
)
|
|
(4,334
|
)
|
||
|
Net cash used by financing activities
|
|
(82,093
|
)
|
|
(157,695
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
|
(266
|
)
|
|
93,845
|
|
||
|
Cash and cash equivalents, beginning of period
|
|
138,377
|
|
|
86,731
|
|
||
|
Cash and cash equivalents, end of period
|
|
$
|
138,111
|
|
|
$
|
180,576
|
|
|
Supplemental information:
|
|
|
|
|
||||
|
Cash paid for interest
|
|
$
|
31,667
|
|
|
$
|
33,992
|
|
|
Non-cash operating activities:
|
|
|
|
|
||||
|
Purchases of investments from restructurings
|
|
$
|
(78,834
|
)
|
|
$
|
—
|
|
|
Proceeds from investment restructurings
|
|
$
|
78,834
|
|
|
$
|
—
|
|
|
Non-cash financing activities:
|
|
|
|
|
||||
|
Issuance of shares of common stock under dividend reinvestment plan
|
|
$
|
5,095
|
|
|
$
|
4,334
|
|
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|||||
|
Control Investments (3)
|
|
|
|
|
|
|
|
|
||||||
|
Traffic Solutions Holdings, Inc.
|
|
Construction and engineering
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 (13)
|
|
|
|
$
|
36,083
|
|
|
$
|
36,041
|
|
|
$
|
36,083
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021 (13)
|
|
|
|
1,500
|
|
|
1,495
|
|
|
1,500
|
|
|||
|
LC Facility, 6.0% cash due 4/1/2021
|
|
|
|
1,444
|
|
|
1,438
|
|
|
1,444
|
|
|||
|
746,114 Series A Preferred Units
|
|
|
|
|
|
17,930
|
|
|
16,843
|
|
||||
|
746,114 Common Stock Units
|
|
|
|
|
|
5,316
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
62,220
|
|
|
55,870
|
|
||||
|
TransTrade Operators, Inc. (9)
|
|
Air freight & logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
|
|
15,973
|
|
|
15,572
|
|
|
6,937
|
|
|||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
|
|
5,615
|
|
|
5,615
|
|
|
—
|
|
|||
|
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 Holdings LLC
|
|
|
|
|
|
5,200
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
30,387
|
|
|
6,937
|
|
||||
|
First Star Aviation, LLC (16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
|
|
3,389
|
|
|
3,389
|
|
|
3,305
|
|
|||
|
10,104,401 Common Units (6)
|
|
|
|
|
|
10,104
|
|
|
6,891
|
|
||||
|
|
|
|
|
|
|
13,493
|
|
|
10,196
|
|
||||
|
First Star Speir Aviation 1 Limited (11)(16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
55,395
|
|
|
52,419
|
|
|
53,339
|
|
|||
|
2,058,411.64 Common Units (6)
|
|
|
|
|
|
—
|
|
|
1,363
|
|
||||
|
|
|
|
|
|
|
52,419
|
|
|
54,702
|
|
||||
|
First Star Bermuda Aviation Limited (11)(16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
11,868
|
|
|
11,868
|
|
|
11,822
|
|
|||
|
4,293,736 Common Units (6)
|
|
|
|
|
|
2,137
|
|
|
2,880
|
|
||||
|
|
|
|
|
|
|
14,005
|
|
|
14,702
|
|
||||
|
Eagle Hospital Physicians, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
|
|
13,609
|
|
|
13,610
|
|
|
13,508
|
|
|||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
|
|
3,809
|
|
|
3,809
|
|
|
3,784
|
|
|||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
|
|
1,913
|
|
|
1,913
|
|
|
1,913
|
|
|||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
4,100
|
|
|
6,690
|
|
||||
|
|
|
|
|
|
|
23,432
|
|
|
25,895
|
|
||||
|
Senior Loan Fund JV I, LLC (11)(15)(17)
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021 (13)
|
|
|
|
144,841
|
|
|
144,841
|
|
|
131,040
|
|
|||
|
87.5% LLC equity interest (6)
|
|
|
|
|
|
16,093
|
|
|
12,297
|
|
||||
|
|
|
|
|
|
|
160,934
|
|
|
143,337
|
|
||||
|
Express Group Holdings LLC (18)
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 9/3/2019 (13)
|
|
|
|
12,073
|
|
|
12,073
|
|
|
12,022
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019 (13)
|
|
|
|
3,267
|
|
|
3,267
|
|
|
3,267
|
|
|||
|
14,033,391 Series B Preferred Units
|
|
|
|
|
|
3,982
|
|
|
3,659
|
|
||||
|
280,668 Series A Preferred Units
|
|
|
|
|
|
1,593
|
|
|
1,464
|
|
||||
|
1,456,344 Common Stock Units
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
20,915
|
|
|
20,412
|
|
||||
|
Ameritox Ltd. (19)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)
|
|
|
|
31,021
|
|
|
30,974
|
|
|
31,021
|
|
|||
|
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
|
14,090
|
|
|
14,716
|
|
|||
|
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
|
1,602
|
|
|
1,673
|
|
|||
|
4,930.03 Class A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
|
29,049
|
|
|
16,561
|
|
|||
|
|
|
|
|
|
|
$
|
75,715
|
|
|
$
|
63,971
|
|
||
|
Total Control Investments (33.4% of net assets)
|
|
|
|
|
|
$
|
453,520
|
|
|
$
|
396,022
|
|
||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
||||||
|
Caregiver Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
9,475
|
|
|
$
|
9,475
|
|
|
$
|
9,404
|
|
|
|
1,080,399 Shares of Series A Preferred Stock
|
|
|
|
|
|
1,080
|
|
|
4,053
|
|
||||
|
|
|
|
|
|
|
10,555
|
|
|
13,457
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
||||||
|
AmBath/ReBath Holdings, Inc.
|
|
Home improvement retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2017
|
|
|
|
24,709
|
|
|
24,685
|
|
|
24,481
|
|
|||
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
2,172
|
|
||||
|
|
|
|
|
|
|
24,685
|
|
|
26,653
|
|
||||
|
Total Affiliate Investments (3.4% of net assets)
|
|
|
|
|
|
$
|
35,240
|
|
|
$
|
40,110
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
HealthDrive Corporation (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 10% cash due 12/31/2016
|
|
|
|
$
|
4,158
|
|
|
$
|
4,158
|
|
|
$
|
4,156
|
|
|
First Lien Term Loan B, 12% cash 1% PIK due 12/31/2016
|
|
|
|
11,877
|
|
|
11,877
|
|
|
11,875
|
|
|||
|
First Lien Revolver, 12% cash due 12/31/2016
|
|
|
|
666
|
|
|
666
|
|
|
666
|
|
|||
|
|
|
|
|
|
|
16,701
|
|
|
16,697
|
|
||||
|
Cenegenics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9.75% cash due 9/30/2019
|
|
|
|
29,961
|
|
|
29,954
|
|
|
29,743
|
|
|||
|
First Lien Revolver, 15% cash due 9/30/2019
|
|
|
|
600
|
|
|
600
|
|
|
600
|
|
|||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
598
|
|
|
1,288
|
|
||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
300
|
|
|
300
|
|
||||
|
|
|
|
|
|
|
31,452
|
|
|
31,931
|
|
||||
|
Riverlake Equity Partners II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.78% limited partnership interest
|
|
|
|
|
|
823
|
|
|
689
|
|
||||
|
|
|
|
|
|
|
823
|
|
|
689
|
|
||||
|
Riverside Fund IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.34% limited partnership interest
|
|
|
|
|
|
643
|
|
|
435
|
|
||||
|
|
|
|
|
|
|
643
|
|
|
435
|
|
||||
|
JTC Education, Inc. (9)
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 13% cash due 11/1/2017
|
|
|
|
16,006
|
|
|
14,436
|
|
|
—
|
|
|||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 5/1/2017 (13)
|
|
|
|
40,180
|
|
|
1,304
|
|
|
5,765
|
|
|||
|
First Lien Revolver, LIBOR+5% cash due 5/1/2017 (13)
|
|
|
|
9,715
|
|
|
315
|
|
|
—
|
|
|||
|
17,391 Shares of Series A-1 Preferred Stock
|
|
|
|
|
|
313
|
|
|
—
|
|
||||
|
17,391 Shares of Common Stock
|
|
|
|
|
|
187
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
16,555
|
|
|
5,765
|
|
||||
|
Mansell Group, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+9% (3% floor) cash 1.5% PIK due 4/1/2017 (13)
|
|
|
|
7,773
|
|
|
7,773
|
|
|
7,615
|
|
|||
|
|
|
|
|
|
|
7,773
|
|
|
7,615
|
|
||||
|
Bunker Hill Capital II (QP), L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.51% limited partnership interest
|
|
|
|
|
|
810
|
|
|
739
|
|
||||
|
|
|
|
|
|
|
810
|
|
|
739
|
|
||||
|
Cardon Healthcare Network, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
69,487 Class A Units
|
|
|
|
|
|
241
|
|
|
1,113
|
|
||||
|
|
|
|
|
|
|
241
|
|
|
1,113
|
|
||||
|
Phoenix Brands Merger Sub LLC (9)
|
|
Household products
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5% (1.5% floor) cash due 9/14/2016 (13)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Subordinated Term Loan, 10% cash 3.875% PIK due 2/1/2017
|
|
|
|
42,014
|
|
|
31,389
|
|
|
—
|
|
|||
|
First Lien Revolver, LIBOR+5% (1.5% floor) cash due 9/14/2016 (13)
|
|
|
|
4,986
|
|
|
4,986
|
|
|
4,901
|
|
|||
|
DIP Facility, L+7.5% (1% floor) cash due 9/14/2016 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
36,375
|
|
|
4,901
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Maverick Healthcare Group, LLC (9)
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+5.5% cash (1.75% floor) cash due 12/31/2016 (13)
|
|
|
|
$
|
16,154
|
|
|
$
|
16,046
|
|
|
$
|
16,160
|
|
|
First Lien Term Loan B, LIBOR+9% cash (1.75% floor) cash due 12/31/2016 (13)
|
|
|
|
38,379
|
|
|
38,310
|
|
|
37,693
|
|
|||
|
CapEx Line, LIBOR+5.75% (1.75% floor) cash due 12/31/2016 (13)
|
|
|
|
1,256
|
|
|
1,237
|
|
|
1,241
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 4/30/2017
|
|
|
|
4,406
|
|
|
4,406
|
|
|
4,406
|
|
|||
|
|
|
|
|
|
|
59,999
|
|
|
59,500
|
|
||||
|
Refac Optical Group
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
6,832
|
|
|
6,768
|
|
|
6,805
|
|
|||
|
First Lien Term Loan B, LIBOR+8.5% cash, 1.75% PIK due 9/30/2018 (13)
|
|
|
|
34,208
|
|
|
34,042
|
|
|
34,158
|
|
|||
|
First Lien Term Loan C, 12% cash due 9/30/2018
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,395
|
|
|||
|
First Lien Revolver, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
1,600
|
|
|
1,599
|
|
|
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
|
|
|
718
|
|
||||
|
|
|
|
|
|
|
47,130
|
|
|
46,676
|
|
||||
|
Baird Capital Partners V, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.4% limited partnership interest (11)
|
|
|
|
|
|
1,000
|
|
|
576
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
576
|
|
||||
|
Discovery Practice Management, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+7.5% cash due 11/4/2018 (13)
|
|
|
|
25,115
|
|
|
25,080
|
|
|
25,106
|
|
|||
|
Senior Revolver, LIBOR+7% cash due 11/4/2018 (13)
|
|
|
|
2,000
|
|
|
1,999
|
|
|
2,000
|
|
|||
|
Capex Line A, LIBOR+7% cash due 11/4/2018 (13)
|
|
|
|
1,125
|
|
|
1,125
|
|
|
1,125
|
|
|||
|
Capex Line B, LIBOR+7% cash due 11/4/2018 (13)
|
|
|
|
2,000
|
|
|
2,000
|
|
|
2,000
|
|
|||
|
|
|
|
|
|
|
30,204
|
|
|
30,231
|
|
||||
|
Milestone Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.85% limited partnership interest (11)
|
|
|
|
|
|
1,727
|
|
|
1,887
|
|
||||
|
|
|
|
|
|
|
1,727
|
|
|
1,887
|
|
||||
|
National Spine and Pain Centers, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1.6% PIK due 9/27/2020
|
|
|
|
30,595
|
|
|
30,542
|
|
|
30,596
|
|
|||
|
317,282.97 Class A Units
|
|
|
|
|
|
317
|
|
|
545
|
|
||||
|
|
|
|
|
|
|
30,859
|
|
|
31,141
|
|
||||
|
RCPDirect, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.91% limited partnership interest (11)
|
|
|
|
|
|
802
|
|
|
991
|
|
||||
|
|
|
|
|
|
|
802
|
|
|
991
|
|
||||
|
Riverside Fund V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.48% limited partnership interest (11)
|
|
|
|
|
|
1,147
|
|
|
771
|
|
||||
|
|
|
|
|
|
|
1,147
|
|
|
771
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
ACON Equity Partners III, LP
|
|
|
|
|
|
|
|
|
||||||
|
0.13% limited partnership interest
|
|
Multi-sector holdings
|
|
|
|
$
|
806
|
|
|
$
|
612
|
|
||
|
|
|
|
|
|
|
806
|
|
|
612
|
|
||||
|
BMC Acquisition, Inc.
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
500
|
|
|
644
|
|
||||
|
50,000 Common Shares
|
|
|
|
|
|
1
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
501
|
|
|
644
|
|
||||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/5/2021 (13)
|
|
|
|
$
|
38,000
|
|
|
38,000
|
|
|
37,764
|
|
||
|
250 Preferred Units of Ansira Holdings, LLC (6)
|
|
|
|
|
209
|
|
|
227
|
|
|||||
|
250 Class A Common Units of Ansira Holdings, LLC
|
|
|
|
|
|
—
|
|
|
301
|
|
||||
|
|
|
|
|
|
|
38,209
|
|
|
38,292
|
|
||||
|
Edmentum, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020
|
|
|
|
2,187
|
|
|
2,187
|
|
|
2,061
|
|
|||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020
|
|
|
9,972
|
|
|
9,972
|
|
|
8,238
|
|
||||
|
Unsecured Revolver, 5% cash due 6/9/2020
|
|
|
|
2,184
|
|
|
2,184
|
|
|
2,184
|
|
|||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
126
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,469
|
|
|
12,483
|
|
||||
|
I Drive Safely, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
1,000
|
|
|
700
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
700
|
|
||||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
|
|
|
|
|
||||||
|
1,500 Common Stock Units of Yeti Holdings, Inc. (6)
|
|
|
|
|
|
—
|
|
|
27,463
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
27,463
|
|
||||
|
Vitalyst Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 9/5/2018
|
|
|
|
19,606
|
|
|
19,606
|
|
|
19,457
|
|
|||
|
675 Series A Preferred Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
675
|
|
|
432
|
|
||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
75
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
20,356
|
|
|
19,889
|
|
||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest
|
|
|
|
|
|
1,302
|
|
|
1,397
|
|
||||
|
|
|
|
|
|
|
1,302
|
|
|
1,397
|
|
||||
|
First American Payment Systems, LP
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.5% (1.25% floor) cash due 4/12/2019 (13)
|
|
|
|
23,304
|
|
|
23,304
|
|
|
22,488
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1.25% floor) cash due 10/12/2017 (13)
|
|
|
|
2,625
|
|
|
2,625
|
|
|
2,590
|
|
|||
|
|
|
|
|
|
|
25,929
|
|
|
25,078
|
|
||||
|
Dexter Axle Company
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
1,500 Common Shares in Dexter Axle Holding Company
|
|
|
|
|
|
1,643
|
|
|
2,980
|
|
||||
|
|
|
|
|
|
|
1,643
|
|
|
2,980
|
|
||||
|
Comprehensive Pharmacy Services LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.25% cash 1.5% PIK due 11/30/2019
|
|
|
|
14,743
|
|
|
14,743
|
|
|
14,707
|
|
|||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
2,000
|
|
|
2,210
|
|
||||
|
|
|
|
|
|
|
16,743
|
|
|
16,917
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Garretson Firm Resolution Group, Inc.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 5/22/2020 (13)
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
|
4,950,000 Preferred Units in GRG Holdings, LP
|
|
|
|
|
|
495
|
|
|
652
|
|
||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
5
|
|
|
120
|
|
||||
|
|
|
|
|
|
|
500
|
|
|
772
|
|
||||
|
Teaching Strategies, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (13)
|
|
|
|
$
|
7,300
|
|
|
7,297
|
|
|
7,297
|
|
||
|
Senior Revolver, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (13)
|
|
|
|
480
|
|
|
480
|
|
|
480
|
|
|||
|
|
|
|
|
|
|
7,777
|
|
|
7,777
|
|
||||
|
Omniplex World Services Corporation (9)
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 8/19/2021
|
|
|
|
11,166
|
|
|
11,166
|
|
|
11,240
|
|
|||
|
500 units of Class A Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
500
|
|
|
517
|
|
||||
|
64.041 units of Class A-1 Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
104
|
|
|
33
|
|
||||
|
|
|
|
|
|
|
11,770
|
|
|
11,790
|
|
||||
|
Dominion Diagnostics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 11% cash 2% PIK due 10/8/2019
|
|
|
|
16,277
|
|
|
16,195
|
|
|
1,228
|
|
|||
|
|
|
|
|
|
|
16,195
|
|
|
1,228
|
|
||||
|
AdVenture Interactive, Corp. (9)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (13)
|
|
|
|
89,814
|
|
|
89,782
|
|
|
86,351
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (10)(13)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
2,599.32 Preferred Units of AVI Holdings, L.P.
|
|
|
|
|
|
1,820
|
|
|
4
|
|
||||
|
|
|
|
|
|
|
91,601
|
|
|
86,355
|
|
||||
|
Sterling Capital Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.2% limited partnership interest
|
|
|
|
|
|
1,587
|
|
|
1,325
|
|
||||
|
|
|
|
|
|
|
1,587
|
|
|
1,325
|
|
||||
|
RP Crown Parent, LLC
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.5% (1.25% floor) cash due 12/21/2017 (10)(13)
|
|
|
|
|
|
|
(229
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
(229
|
)
|
|
—
|
|
||||
|
Advanced Pain Management
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 2/26/2018 (13)
|
|
|
|
24,000
|
|
|
24,000
|
|
|
23,814
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
23,814
|
|
||||
|
Rocket Software, Inc.
|
|
Internet & software services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.5% floor) cash due 2/8/2019 (13)
|
|
|
|
10,475
|
|
|
10,455
|
|
|
10,455
|
|
|||
|
|
|
|
|
|
|
10,455
|
|
|
10,455
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13)
|
|
|
|
$
|
4,450
|
|
|
$
|
3,970
|
|
|
$
|
4,139
|
|
|
|
|
|
|
|
|
3,970
|
|
|
4,139
|
|
||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
||||||
|
1.9% limited partnership interest
|
|
|
|
|
|
8,522
|
|
|
8,904
|
|
||||
|
|
|
|
|
|
|
8,522
|
|
|
8,904
|
|
||||
|
Credit Infonet, Inc. (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 10/26/2018
|
|
|
|
13,713
|
|
|
13,713
|
|
|
13,073
|
|
|||
|
|
|
|
|
|
|
13,713
|
|
|
13,073
|
|
||||
|
Bracket Holding Corp. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 2/15/2020 (9)(13)
|
|
|
|
32,000
|
|
|
32,000
|
|
|
31,243
|
|
|||
|
50,000 Common Units in AB Group Holdings, LP
|
|
|
|
|
|
500
|
|
|
758
|
|
||||
|
|
|
|
|
|
|
32,500
|
|
|
32,001
|
|
||||
|
HealthEdge Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918)
|
|
|
|
|
|
213
|
|
|
643
|
|
||||
|
|
|
|
|
|
|
213
|
|
|
643
|
|
||||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
13,122
|
|
|
13,114
|
|
|
12,950
|
|
|||
|
First Lien Term Loan B, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
5,720
|
|
|
5,531
|
|
|
5,617
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
4,604
|
|
|
4,603
|
|
|
4,604
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
850
|
|
|
848
|
|
|
850
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,160
|
|
||||
|
|
|
|
|
|
|
25,096
|
|
|
25,181
|
|
||||
|
BMC Software Finance, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 9/10/2018 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Thing5, LLC (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 10/11/2018 (12)(13)
|
|
|
|
54,039
|
|
|
54,028
|
|
|
51,855
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 10/11/2018 (13)
|
|
|
|
1,000
|
|
|
999
|
|
|
1,000
|
|
|||
|
2,000,000 in T5 Investment Vehicle, LLC
|
|
|
|
|
|
2,000
|
|
|
62
|
|
||||
|
|
|
|
|
|
|
57,027
|
|
|
52,917
|
|
||||
|
Epic Health Services, Inc.
|
|
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/17/2021 (13)
|
|
Healthcare services
|
|
24,667
|
|
|
24,290
|
|
|
24,450
|
|
|||
|
|
|
|
|
|
|
24,290
|
|
|
24,450
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Kason Corporation
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
$
|
5,875
|
|
|
$
|
5,875
|
|
|
$
|
5,705
|
|
|
498.6 Class A Preferred Units in Kason Investment, LLC
|
|
|
|
|
|
499
|
|
|
555
|
|
||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
55
|
|
|
202
|
|
||||
|
|
|
|
|
|
|
6,429
|
|
|
6,462
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.571% limited partnership interest
|
|
|
|
|
|
1,280
|
|
|
1,270
|
|
||||
|
|
|
|
|
|
|
1,280
|
|
|
1,270
|
|
||||
|
Systems Maintenance Services Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/18/2020 (13)
|
|
|
|
19,000
|
|
|
18,930
|
|
|
18,810
|
|
|||
|
|
|
|
|
|
|
18,930
|
|
|
18,810
|
|
||||
|
P2 Upstream Acquisition Co.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 10/31/2018 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Vandelay Industries Merger Sub, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10.75% cash 1% PIK due 11/12/2019
|
|
|
|
39,265
|
|
|
39,091
|
|
|
39,446
|
|
|||
|
2,500,000 Class A Common Units in Vandelay Industries, L.P.
|
|
|
|
|
|
958
|
|
|
5,466
|
|
||||
|
|
|
|
|
|
|
40,049
|
|
|
44,912
|
|
||||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021 (13)
|
|
|
|
8,000
|
|
|
7,899
|
|
|
7,080
|
|
|||
|
|
|
|
|
|
|
7,899
|
|
|
7,080
|
|
||||
|
The Active Network, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/15/2021 (13)
|
|
|
|
16,543
|
|
|
16,371
|
|
|
16,274
|
|
|||
|
|
|
|
|
|
|
16,371
|
|
|
16,274
|
|
||||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13)
|
|
|
|
5,500
|
|
|
5,485
|
|
|
5,463
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(13)
|
|
|
|
|
|
(2
|
)
|
|
—
|
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,097
|
|
||||
|
|
|
|
|
|
|
6,483
|
|
|
6,560
|
|
||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.0% limited partnership interest
|
|
|
|
|
|
1,524
|
|
|
1,813
|
|
||||
|
|
|
|
|
|
|
1,524
|
|
|
1,813
|
|
||||
|
Aden & Anais Merger Sub, Inc.
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 6/23/2019
|
|
|
|
12,629
|
|
|
12,629
|
|
|
12,485
|
|
|||
|
30,000 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
3,000
|
|
|
2,219
|
|
||||
|
|
|
|
|
|
|
15,629
|
|
|
14,704
|
|
||||
|
Lift Brands Holdings Inc.
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
|
|
22,417
|
|
|
22,384
|
|
|
22,283
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
|
|
4,500
|
|
|
4,492
|
|
|
4,500
|
|
|||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
2,000
|
|
|
2,785
|
|
||||
|
|
|
|
|
|
|
28,876
|
|
|
29,568
|
|
||||
|
Tailwind Capital Partners II, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.3% limited partnership interest (11)
|
|
|
|
|
|
889
|
|
|
926
|
|
||||
|
|
|
|
|
|
|
889
|
|
|
926
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Long's Drugs Incorporated
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+11% cash due 2/19/2022 (13)
|
|
|
|
$
|
26,909
|
|
|
$
|
26,909
|
|
|
$
|
26,909
|
|
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
813
|
|
|
1,233
|
|
||||
|
|
|
|
|
|
|
27,722
|
|
|
28,142
|
|
||||
|
Five9, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/20/2019 (13)
|
|
|
|
18,333
|
|
|
18,167
|
|
|
18,440
|
|
|||
|
118,577 Common Stock Warrants (exercise price $10.12)
|
|
|
|
|
|
321
|
|
|
425
|
|
||||
|
|
|
|
|
|
|
18,488
|
|
|
18,865
|
|
||||
|
Conviva Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966)
|
|
|
|
|
|
105
|
|
|
110
|
|
||||
|
|
|
|
|
|
|
105
|
|
|
110
|
|
||||
|
OnCourse Learning Corporation
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/28/2019 (13)
|
|
|
|
19,206
|
|
|
19,152
|
|
|
18,772
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 2/28/2019 (13)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
254,422 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
2,544
|
|
|
2,940
|
|
||||
|
|
|
|
|
|
|
21,692
|
|
|
21,712
|
|
||||
|
ShareThis, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395)
|
|
|
|
|
|
367
|
|
|
274
|
|
||||
|
|
|
|
|
|
|
367
|
|
|
274
|
|
||||
|
Aptean, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/26/2021 (13)
|
|
|
|
3,000
|
|
|
3,000
|
|
|
2,944
|
|
|||
|
|
|
|
|
|
|
3,000
|
|
|
2,944
|
|
||||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 3/31/2019 (13)
|
|
|
|
19,060
|
|
|
19,031
|
|
|
7,202
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 3/31/2019 (10)(13)
|
|
|
|
|
|
(5
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
19,026
|
|
|
7,202
|
|
||||
|
ExamSoft Worldwide, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
14,625
|
|
|
14,523
|
|
|
14,265
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
181
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,704
|
|
|
14,265
|
|
||||
|
Language Line, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75 (1% floor) cash due 7/7/2022 (13)
|
|
|
|
25,964
|
|
|
25,964
|
|
|
25,877
|
|
|||
|
|
|
|
|
|
|
25,964
|
|
|
25,877
|
|
||||
|
DigiCert, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 6/2/2020 (13)
|
|
|
|
61,500
|
|
|
60,772
|
|
|
61,193
|
|
|||
|
|
|
|
|
|
|
60,772
|
|
|
61,193
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
RCPDirect II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest
|
|
|
|
|
|
$
|
326
|
|
|
$
|
321
|
|
||
|
|
|
|
|
|
|
326
|
|
|
321
|
|
||||
|
PR Wireless, Inc.
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% (1% floor) cash due 6/27/2020 (13)
|
|
|
|
$
|
12,747
|
|
|
12,437
|
|
|
9,054
|
|
||
|
118.4211 Common Stock Warrants (exercise price $0.01)
|
|
|
|
|
|
—
|
|
|
443
|
|
||||
|
|
|
|
|
|
|
12,437
|
|
|
9,497
|
|
||||
|
Integral Development Corporation
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (13)
|
|
|
|
15,000
|
|
|
14,927
|
|
|
14,795
|
|
|||
|
1,078,284 Common Stock Warrants (exercise price $0.9274)
|
|
|
|
|
|
113
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
15,040
|
|
|
14,795
|
|
||||
|
Loftware, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
6,120
|
|
|
6,120
|
|
|
6,097
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
300
|
|
|
318
|
|
||||
|
|
|
|
|
|
|
6,420
|
|
|
6,415
|
|
||||
|
Tectum Holdings, Inc.
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 1/28/2021 (13)
|
|
|
|
15,000
|
|
|
15,000
|
|
|
14,786
|
|
|||
|
|
|
|
|
|
|
15,000
|
|
|
14,786
|
|
||||
|
TV Borrower US, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/8/2021 (13)
|
|
|
|
30,000
|
|
|
29,354
|
|
|
27,400
|
|
|||
|
|
|
|
|
|
|
29,354
|
|
|
27,400
|
|
||||
|
Webster Capital III, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.754% limited partnership interest
|
|
|
|
|
|
983
|
|
|
1,090
|
|
||||
|
|
|
|
|
|
|
983
|
|
|
1,090
|
|
||||
|
L Squared Capital Partners LLC
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2% limited partnership interest
|
|
|
|
|
|
577
|
|
|
577
|
|
||||
|
|
|
|
|
|
|
577
|
|
|
577
|
|
||||
|
ERS Acquisition Corp.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 9/10/2018 (13)
|
|
|
|
40,187
|
|
|
40,187
|
|
|
36,690
|
|
|||
|
|
|
|
|
|
|
40,187
|
|
|
36,690
|
|
||||
|
BeyondTrust Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan LIBOR+7% (1% floor) cash due 9/25/2019 (13)
|
|
|
|
29,950
|
|
|
29,172
|
|
|
29,566
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (10)(13)
|
|
|
|
|
|
(79
|
)
|
|
—
|
|
||||
|
4,500,000 Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
4,500
|
|
|
6,007
|
|
||||
|
|
|
|
|
|
|
33,593
|
|
|
35,573
|
|
||||
|
Answers Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/1/2021 (13)
|
|
|
|
4,925
|
|
|
4,906
|
|
|
2,967
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/3/2022 (13)
|
|
|
|
37,000
|
|
|
35,190
|
|
|
5,550
|
|
|||
|
|
|
|
|
|
|
40,096
|
|
|
8,517
|
|
||||
|
Idera, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/9/2021 (13)
|
|
|
|
29,850
|
|
|
28,555
|
|
|
27,910
|
|
|||
|
|
|
|
|
|
|
28,555
|
|
|
27,910
|
|
||||
|
GOBP Holdings Inc.
|
|
Food retail
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)
|
|
|
|
11,000
|
|
|
10,870
|
|
|
10,560
|
|
|||
|
|
|
|
|
|
|
10,870
|
|
|
10,560
|
|
||||
|
Kellermeyer Bergensons Services, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13)
|
|
|
|
6,105
|
|
|
5,853
|
|
|
5,800
|
|
|||
|
|
|
|
|
|
|
5,853
|
|
|
5,800
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
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 (13)
|
|
|
|
$
|
7,679
|
|
|
$
|
7,679
|
|
|
$
|
7,688
|
|
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
500
|
|
|
598
|
|
||||
|
|
|
|
|
|
|
8,179
|
|
|
8,286
|
|
||||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 11/18/2022 (13)
|
|
|
|
44,837
|
|
|
44,577
|
|
|
43,492
|
|
|||
|
|
|
|
|
|
|
44,577
|
|
|
43,492
|
|
||||
|
Penn Foster, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/24/2019 (13)
|
|
|
|
29,100
|
|
|
29,095
|
|
|
29,731
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 11/24/2019 (10)(13)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
29,094
|
|
|
29,731
|
|
||||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 12/31/2023 (13)
|
|
|
|
12,250
|
|
|
11,765
|
|
|
11,710
|
|
|||
|
|
|
|
|
|
|
11,765
|
|
|
11,710
|
|
||||
|
Tecomet Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 12/5/2022 (13)
|
|
|
|
17,000
|
|
|
15,788
|
|
|
14,960
|
|
|||
|
|
|
|
|
|
|
15,788
|
|
|
14,960
|
|
||||
|
Metamorph US 3, LLC (9)
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/1/2020 (13)
|
|
|
|
10,156
|
|
|
10,145
|
|
|
9,484
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 12/1/2020 (13)
|
|
|
|
1,225
|
|
|
1,223
|
|
|
1,225
|
|
|||
|
|
|
|
|
|
|
11,368
|
|
|
10,709
|
|
||||
|
Schulman Associates Institutional Board Review, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1% floor) cash due 6/3/2021 (13)
|
|
|
|
17,000
|
|
|
17,000
|
|
|
16,936
|
|
|||
|
|
|
|
|
|
|
17,000
|
|
|
16,936
|
|
||||
|
Janrain, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
218,008 Series C Preferred Stock Warrants (exercise price $1.3761)
|
|
|
|
|
|
45
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
45
|
|
|
—
|
|
||||
|
TigerText, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1% floor) cash due 12/8/2017 (13)
|
|
|
|
5,000
|
|
|
4,972
|
|
|
4,795
|
|
|||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373)
|
|
|
|
|
|
60
|
|
|
272
|
|
||||
|
|
|
|
|
|
|
5,032
|
|
|
5,067
|
|
||||
|
Survey Sampling International, LLC
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (13)
|
|
|
|
18,700
|
|
|
18,409
|
|
|
18,326
|
|
|||
|
|
|
|
|
|
|
18,409
|
|
|
18,326
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
PSC Industrial Holdings Corp.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 12/3/2021 (13)
|
|
|
|
$
|
7,000
|
|
|
$
|
6,786
|
|
|
$
|
6,685
|
|
|
|
|
|
|
|
|
6,786
|
|
|
6,685
|
|
||||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% cash due 11/25/2020 (13)
|
|
|
|
928
|
|
|
928
|
|
|
742
|
|
|||
|
|
|
|
|
|
|
928
|
|
|
742
|
|
||||
|
EOS Fitness Opco Holdings, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
3,857
|
|
|
3,857
|
|
|
3,726
|
|
|||
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
487.5 Class A Preferred Units
|
|
|
|
|
|
488
|
|
|
510
|
|
||||
|
12,500 Class B Common Units
|
|
|
|
|
|
13
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
4,358
|
|
|
4,236
|
|
||||
|
TrialCard Incorporated (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 12/31/2019 (10)(13)
|
|
|
|
|
|
(44
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
(44
|
)
|
|
—
|
|
||||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (13)
|
|
|
|
272
|
|
|
262
|
|
|
272
|
|
|||
|
|
|
|
|
|
|
262
|
|
|
272
|
|
||||
|
WeddingWire, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
27,156
|
|
|
27,156
|
|
|
27,041
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
483,645 Common Shares of WeddingWire, Inc.
|
|
|
|
|
|
1,200
|
|
|
921
|
|
||||
|
|
|
|
|
|
|
28,356
|
|
|
27,962
|
|
||||
|
xMatters, Inc. (9)
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+10% (1% floor) cash due 2/26/2019 (13)
|
|
|
|
15,000
|
|
|
14,517
|
|
|
14,907
|
|
|||
|
200,000 Common Stock Warrants (exercise price $1.78)
|
|
|
|
|
|
709
|
|
|
215
|
|
||||
|
|
|
|
|
|
|
15,226
|
|
|
15,122
|
|
||||
|
Edge Fitness, LLC (9)
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 12/31/2019 (13)
|
|
|
|
3,398
|
|
|
3,398
|
|
|
3,396
|
|
|||
|
|
|
|
|
|
|
3,398
|
|
|
3,396
|
|
||||
|
Golden State Medical Supply, Inc.
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
15,001
|
|
|
15,001
|
|
|
15,094
|
|
|||
|
|
|
|
|
|
|
15,001
|
|
|
15,094
|
|
||||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan D, LIBOR+8% (1% floor) cash due 1/9/2019 (13)
|
|
|
|
1,428
|
|
|
1,428
|
|
|
1,398
|
|
|||
|
First Lien Term Revolver, LIBOR+8% (1% floor) cash due 1/9/2019 (13)
|
|
|
|
70
|
|
|
70
|
|
|
70
|
|
|||
|
|
|
|
|
|
|
1,498
|
|
|
1,468
|
|
||||
|
AirStrip Technologies, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+10% (1% floor) cash due 5/12/2018 (13)
|
|
|
|
16,000
|
|
|
15,942
|
|
|
15,883
|
|
|||
|
`
|
|
|
|
|
|
90
|
|
|
71
|
|
||||
|
|
|
|
|
|
|
16,032
|
|
|
15,954
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Legalzoom.com, Inc.
|
|
Specialized consumer services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 5/13/2020 (13)
|
|
|
|
$
|
6,417
|
|
|
$
|
6,382
|
|
|
$
|
6,460
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 5/13/2020 (10)(13)
|
|
|
|
|
|
(11
|
)
|
|
—
|
|
||||
|
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 5/13/2020 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
6,371
|
|
|
6,460
|
|
||||
|
Access Medical Acquisition, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 1/2/2022
|
|
|
|
12,475
|
|
|
12,475
|
|
|
12,754
|
|
|||
|
450,000 Class A Common Stock in CMG Holding Company, LLC
|
|
|
|
|
|
450
|
|
|
1,129
|
|
||||
|
|
|
|
|
|
|
12,925
|
|
|
13,883
|
|
||||
|
QuorumLabs, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 1/8/2019 (13)
|
|
|
|
7,500
|
|
|
7,205
|
|
|
3,000
|
|
|||
|
2,045,954 Common Stock Warrants (exercise price $0.0001)
|
|
|
|
|
|
375
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
7,580
|
|
|
3,000
|
|
||||
|
Worley Claims Services, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 10/31/2020 (13)
|
|
|
|
7,683
|
|
|
7,579
|
|
|
7,645
|
|
|||
|
|
|
|
|
|
|
7,579
|
|
|
7,645
|
|
||||
|
Poseidon Merger Sub, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (13)
|
|
|
|
30,000
|
|
|
28,945
|
|
|
30,101
|
|
|||
|
|
|
|
|
|
|
28,945
|
|
|
30,101
|
|
||||
|
American Seafoods Group LLC
|
|
Food distributors
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 8/19/2021 (13)
|
|
|
|
5,869
|
|
|
5,818
|
|
|
5,781
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/19/2022 (13)
|
|
|
|
12,000
|
|
|
11,898
|
|
|
11,760
|
|
|||
|
|
|
|
|
|
|
17,716
|
|
|
17,541
|
|
||||
|
Valet Merger Sub, Inc.
|
|
Environmental & facilities services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
49,547
|
|
|
48,684
|
|
|
50,018
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
5,596
|
|
|
5,447
|
|
|
5,596
|
|
|||
|
|
|
|
|
|
|
54,131
|
|
|
55,614
|
|
||||
|
Swipely, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 9/30/2019 (13)
|
|
|
|
12,500
|
|
|
12,500
|
|
|
12,209
|
|
|||
|
252,119 Common Stock Warrants (exercise price $1.77)
|
|
|
|
|
|
—
|
|
|
83
|
|
||||
|
|
|
|
|
|
|
12,500
|
|
|
12,292
|
|
||||
|
Baart Programs, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.75% cash due 10/9/2021 (13)
|
|
|
|
32,256
|
|
|
31,756
|
|
|
31,449
|
|
|||
|
First Lien Revolver, LIBOR+7.75% cash due 10/9/2021 (10)(13)
|
|
|
|
|
|
(64
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
31,692
|
|
|
31,449
|
|
||||
|
Argon Medical Devices, Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 6/23/2022 (13)
|
|
|
|
43,000
|
|
|
43,000
|
|
|
43,053
|
|
|||
|
|
|
|
|
|
|
43,000
|
|
|
43,053
|
|
||||
|
Lytx, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/15/2023 (13)
|
|
|
|
21,925
|
|
|
21,925
|
|
|
21,925
|
|
|||
|
3,500 Class A Units in Lytx Holdings, LLC
|
|
|
|
|
|
3,500
|
|
|
3,529
|
|
||||
|
|
|
|
|
|
|
25,425
|
|
|
25,454
|
|
||||
|
Onvoy, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 4/29/2021 (13)
|
|
|
|
15,000
|
|
|
14,705
|
|
|
14,705
|
|
|||
|
|
|
|
|
|
|
14,705
|
|
|
14,705
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
|
See notes to Consolidated Financial Statements.
|
||||||||||||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Precyse Acquisition Corp.
|
|
Healthcare technology
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 10/20/2022 (13)
|
|
|
|
$
|
3,600
|
|
|
$
|
3,547
|
|
|
$
|
3,589
|
|
|
|
|
|
|
|
|
3,547
|
|
|
3,589
|
|
||||
|
Accruent, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 5/16/2022 (13)
|
|
|
|
5,000
|
|
|
4,951
|
|
|
4,951
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 5/16/2022 (10)(13)
|
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
4,933
|
|
|
4,951
|
|
||||
|
4 Over International, LLC
|
|
Commercial printing
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13)
|
|
|
|
6,200
|
|
|
6,139
|
|
|
6,139
|
|
|||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (13)
|
|
|
|
1,041
|
|
|
1,019
|
|
|
1,019
|
|
|||
|
|
|
|
|
|
|
7,158
|
|
|
7,158
|
|
||||
|
OBHG Management Services, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 6/28/2022 (13)
|
|
|
|
14,900
|
|
|
14,893
|
|
|
14,900
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 6/28/2021 (10)(13)
|
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
14,891
|
|
|
14,900
|
|
||||
|
Ping Identity Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
37,500
|
|
|
36,394
|
|
|
36,394
|
|
|||
|
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13)
|
|
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
36,320
|
|
|
36,394
|
|
||||
|
Ancile Solutions, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
11,500
|
|
|
11,161
|
|
|
11,155
|
|
|||
|
|
|
|
|
|
|
11,161
|
|
|
11,155
|
|
||||
|
Total Non-Control/Non-Affiliate Investments (152.9% of net assets)
|
|
|
|
|
|
$
|
1,903,313
|
|
|
$
|
1,811,323
|
|
||
|
Total Portfolio Investments (189.8% of net assets)
|
|
|
|
|
|
$
|
2,392,073
|
|
|
$
|
2,247,455
|
|
||
|
(1)
|
All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
|
|
(2)
|
See Note 3 to the Consolidated Financial Statements for portfolio composition by geographic region.
|
|
(3)
|
Control Investments generally are defined by the Investment Company Act of 1940, as amended ("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 generally 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 investments that are neither Control Investments nor Affiliate Investments.
|
|
(8)
|
Principal includes accumulated payment in kind ("PIK") interest and is net of repayments.
|
|
Portfolio Company
|
|
Effective date
|
|
Cash interest
|
|
PIK interest
|
|
Reason
|
|
Phoenix Brands Merger Sub LLC
|
|
May 24, 2016
|
|
+ 0.75% on Revolver
|
|
|
|
Per loan amendment
|
|
Edge Fitness, LLC
|
|
April 18, 2016
|
|
+ 1.0% on Term Loan
|
|
|
|
Per loan amendment
|
|
xMatters, Inc.
|
|
March 31, 2016
|
|
+ 2.0% on Term Loan
|
|
|
|
Per loan amendment
|
|
Metamorph US 3, LLC
|
|
March 29, 2016
|
|
+ 1.0% on Term Loan & Revolver
|
|
|
|
Per loan amendment
|
|
Maverick Healthcare Group, LLC
|
|
January 20, 2016
|
|
+ 2.0% on First Lien Term Loan A, First Lien Term Loan B and CapEx Line
|
|
|
|
Default pricing per loan agreement
|
|
Maverick Healthcare Group, LLC
|
|
October 1, 2015
|
|
|
|
+ 2.0% on First Lien Term Loan A, First Lien Term Loan B and CapEx Line
|
|
Per loan amendment
|
|
TrialCard Incorporated
|
|
November 4, 2015
|
|
- 0.75% on Revolver
|
|
|
|
Tier pricing per loan
agreement |
|
Omniplex World Services Corporation
|
|
October 1, 2015
|
|
|
|
+ 1.0% on Term Loan
|
|
Per loan amendment
|
|
JTC Education, Inc.
|
|
September 7, 2015
|
|
- 6.0% on First Lien Term Loan
- 5.0% on Revolver
|
|
+ 6.0% on Term Loan
+ 5.0% on Revolver
|
|
Per loan amendment
|
|
Bracket Holding Corp.
|
|
September 1, 2015
|
|
+ 1.0% on Term Loan
|
|
|
|
Tier pricing per loan
agreement |
|
Credit Infonet, Inc.
|
|
February 15, 2015
|
|
- 1.0% on Subordinated Term Loan
|
|
+ 0.5% on Subordinated Term Loan
|
|
Per loan amendment
|
|
JTC Education, Inc.
|
|
February 2, 2015
|
|
+ 0.25% on Subordinated Term Loan
|
|
|
|
Per loan amendment
|
|
Thing5, LLC
|
|
January 20, 2015
|
|
+ 0.5% on Term Loan
|
|
|
|
Per loan amendment
|
|
AdVenture Interactive, Corp.
|
|
January 1, 2015
|
|
+ 0.75% on Term Loan & Revolver
|
|
|
|
Per loan amendment
|
|
TransTrade Operators, Inc.
|
|
January 1, 2015
|
|
- 6.0% on Term Loan
|
|
- 3.0% on Term Loan
|
|
Per loan amendment
|
|
HealthDrive Corporation
|
|
January 1, 2015
|
|
+ 2.0% on Term Loan A
|
|
+ 1.0% on Term Loan B
|
|
Per loan amendment
|
|
Cenegenics, LLC
|
|
August 14, 2014
|
|
|
|
+ 2.0% 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
|
|
- 10.0% 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
|
|
(10)
|
Investment has undrawn commitments. A negative cost basis may result from unamortized fees. Unamortized fees are classified as unearned income which reduces cost basis.
|
|
(11)
|
Investment is not a "qualifying asset" as defined under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2016, qualifying assets represent 86.2% of the Company's total assets.
|
|
(12)
|
The sale of a portion of this loan does not qualify for true sale accounting under ASC Topic 860 -
Transfers and Servicing
, and therefore, the entire debt investment remains in the Consolidated Schedule of Investments. Accordingly, the fair value of the Company's debt investments includes
$18.6 million
related to the Company's secured borrowings. (See Note 15 in the accompanying notes to the Consolidated Financial Statements.)
|
|
(13)
|
The interest rate on 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.
|
|
(14)
|
Each of the Company's investments is 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.
|
|
(15)
|
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 nine months ended
June 30, 2016
in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
|
|
(16)
|
First Star Aviation, LLC, First Star Bermuda Aviation Limited and First Star Speir Aviation 1 Limited are wholly-owned holding companies formed by the Company in order to facilitate its investment strategy. In accordance with Accounting Standards Update ("ASU") 2013-08, the Company has deemed the holding companies to be investment companies under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding companies and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding companies are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
|
|
(17)
|
See Note 3 to the Consolidated Financial Statements for portfolio composition.
|
|
(18)
|
In March 2016, the Company restructured its investment in CCCG, LLC. As part of the restructuring, the Company exchanged cash and its debt securities for debt and equity securities in a newly restructured entity, Express Group Holdings LLC.
|
|
(19)
|
In April 2016, the Company
restructured its debt investment in Ameritox Ltd. As a part of the restructuring, the Company exchanged cash and its debt securities for debt and equity securities in the newly restructured entity.
|
|
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
|
|
|
|
$
|
16,923
|
|
|
$
|
16,906
|
|
|
$
|
16,878
|
|
|
LC Facility, 8.5% cash due 12/31/2016
|
|
|
|
1,444
|
|
|
1,438
|
|
|
1,444
|
|
|||
|
746,114 Series A Preferred Units
|
|
|
|
|
|
16,310
|
|
|
19,414
|
|
||||
|
746,114 Common Stock Units
|
|
|
|
|
|
5,316
|
|
|
5,930
|
|
||||
|
|
|
|
|
|
|
39,970
|
|
|
43,666
|
|
||||
|
TransTrade Operators, Inc. (9)
|
|
Air freight & logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
|
|
15,973
|
|
|
15,572
|
|
|
8,713
|
|
|||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
|
|
2,850
|
|
|
2,850
|
|
|
1,555
|
|
|||
|
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 Holdings LLC
|
|
|
|
|
|
5,200
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
27,622
|
|
|
10,268
|
|
||||
|
First Star Aviation, LLC (17)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
|
|
5,390
|
|
|
5,389
|
|
|
5,313
|
|
|||
|
10,104,401 Common Units
|
|
|
|
|
|
10,104
|
|
|
9,500
|
|
||||
|
|
|
|
|
|
|
15,493
|
|
|
14,813
|
|
||||
|
First Star Speir Aviation 1 Limited (12) (17)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash due 12/15/2015
|
|
|
|
46,321
|
|
|
46,321
|
|
|
47,824
|
|
|||
|
2,058,411.64 Common Units
|
|
|
|
|
|
—
|
|
|
1,965
|
|
||||
|
|
|
|
|
|
|
46,321
|
|
|
49,789
|
|
||||
|
First Star Bermuda Aviation Limited (12) (17)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
24,869
|
|
|
24,869
|
|
|
24,836
|
|
|||
|
4,293,736 Common Units
|
|
|
|
|
|
2,894
|
|
|
2,773
|
|
||||
|
|
|
|
|
|
|
27,763
|
|
|
27,609
|
|
||||
|
Eagle Hospital Physicians, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
|
|
13,106
|
|
|
13,106
|
|
|
13,066
|
|
|||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
|
|
3,582
|
|
|
3,582
|
|
|
3,574
|
|
|||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
|
|
2,847
|
|
|
2,847
|
|
|
2,847
|
|
|||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
4,100
|
|
|
5,464
|
|
||||
|
|
|
|
|
|
|
23,635
|
|
|
24,951
|
|
||||
|
Senior Loan Fund JV I, LLC (12)(16)
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021 (14)
|
|
|
|
129,879
|
|
|
129,879
|
|
|
128,917
|
|
|||
|
87.5% LLC equity interest (6)
|
|
|
|
|
|
14,431
|
|
|
12,205
|
|
||||
|
|
|
|
|
|
|
144,310
|
|
|
141,122
|
|
||||
|
Miche Group, LLC
|
|
Apparel, accessories
& luxury goods |
|
|
|
|
|
|
||||||
|
First Lien Revolver, 8% cash due 12/18/2016
|
|
|
|
2,500
|
|
|
2,500
|
|
|
2,500
|
|
|||
|
100 units in FSFC Miche, Inc.
|
|
|
|
|
|
5,906
|
|
|
4,175
|
|
||||
|
|
|
|
|
|
|
8,406
|
|
|
6,675
|
|
||||
|
Total Control Investments (23.6% of net assets)
|
|
|
|
|
|
$
|
333,520
|
|
|
$
|
318,893
|
|
||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
||||||
|
Caregiver Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
$
|
9,332
|
|
|
$
|
9,332
|
|
|
$
|
9,389
|
|
|
1,080,399 shares of Series A Preferred Stock
|
|
|
|
|
|
1,080
|
|
|
4,213
|
|
||||
|
|
|
|
|
|
|
10,412
|
|
|
13,602
|
|
||||
|
AmBath/ReBath Holdings, Inc.
|
|
Home improvement retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
|
|
26,233
|
|
|
26,225
|
|
|
26,240
|
|
|||
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
764
|
|
||||
|
|
|
|
|
|
|
26,225
|
|
|
27,004
|
|
||||
|
Total Affiliate Investments (3.0% of net assets)
|
|
|
|
|
|
$
|
36,637
|
|
|
$
|
40,606
|
|
||
|
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
|
|
|
$
|
969
|
|
||
|
|
|
|
|
|
|
849
|
|
|
969
|
|
||||
|
HealthDrive Corporation (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 10% cash due 12/31/15
|
|
|
|
$
|
4,358
|
|
|
4,358
|
|
|
4,401
|
|
||
|
First Lien Term Loan B, 12% cash 1% PIK due 12/31/15
|
|
|
|
11,698
|
|
|
11,698
|
|
|
11,764
|
|
|||
|
First Lien Revolver, 12% cash due 12/31/15
|
|
|
|
2,266
|
|
|
2,266
|
|
|
2,266
|
|
|||
|
|
|
|
|
|
|
18,322
|
|
|
18,431
|
|
||||
|
Cenegenics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9.75% cash due 9/30/2019
|
|
|
|
30,849
|
|
|
30,817
|
|
|
31,042
|
|
|||
|
414,419 Common Units
|
|
|
|
|
|
598
|
|
|
1,031
|
|
||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
300
|
|
|
300
|
|
||||
|
|
|
|
|
|
|
31,715
|
|
|
32,373
|
|
||||
|
Riverlake Equity Partners II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.78% limited partnership interest (12)
|
|
|
|
|
|
642
|
|
|
536
|
|
||||
|
|
|
|
|
|
|
642
|
|
|
536
|
|
||||
|
Riverside Fund IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.34% limited partnership interest (6)(12)
|
|
|
|
|
|
643
|
|
|
604
|
|
||||
|
|
|
|
|
|
|
643
|
|
|
604
|
|
||||
|
JTC Education, Inc. (9)
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 13% cash due 11/1/2017
|
|
|
|
16,006
|
|
|
14,436
|
|
|
—
|
|
|||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 5/1/2017 (14)
|
|
|
|
42,500
|
|
|
3,624
|
|
|
7,174
|
|
|||
|
First Lien Revolver, LIBOR+5% cash due 5/1/2017 (14)
|
|
|
|
10,276
|
|
|
876
|
|
|
—
|
|
|||
|
17,391 Shares of Series A-1 Preferred Stock
|
|
|
|
|
|
313
|
|
|
—
|
|
||||
|
17,391 Shares of Common Stock
|
|
|
|
|
|
187
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
19,436
|
|
|
7,174
|
|
||||
|
Psilos Group Partners IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.22% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Mansell Group, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 12/31/2015 (14)
|
|
|
|
4,054
|
|
|
4,049
|
|
|
4,057
|
|
|||
|
First Lien Term Loan B, LIBOR+9% (3% floor) cash 1.5% PIK due 12/31/2015 (14)
|
|
|
|
9,715
|
|
|
9,715
|
|
|
9,719
|
|
|||
|
|
|
|
|
|
|
13,764
|
|
|
13,776
|
|
||||
|
Bunker Hill Capital II (QP), L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.51% limited partnership interest (12)
|
|
|
|
|
|
602
|
|
|
488
|
|
||||
|
|
|
|
|
|
|
602
|
|
|
488
|
|
||||
|
Cardon Healthcare Network, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
69,487 Class A Units
|
|
|
|
|
|
265
|
|
|
1,105
|
|
||||
|
|
|
|
|
|
|
265
|
|
|
1,105
|
|
||||
|
Phoenix Brands Merger Sub LLC (9)
|
|
Household products
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5% (1.5% floor) cash due 1/31/2016 (14)
|
|
|
|
2,038
|
|
|
2,027
|
|
|
2,033
|
|
|||
|
Subordinated Term Loan, 10% cash 3.875% PIK due 2/1/2017
|
|
|
|
37,178
|
|
|
31,389
|
|
|
7,666
|
|
|||
|
First Lien Revolver, LIBOR+5% (1.5% floor) cash due 1/31/2016 (14)
|
|
|
|
3,000
|
|
|
2,989
|
|
|
3,000
|
|
|||
|
|
|
|
|
|
|
36,405
|
|
|
12,699
|
|
||||
|
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)
|
|
|
|
$
|
35,278
|
|
|
$
|
34,259
|
|
|
$
|
17,600
|
|
|
|
|
|
|
|
|
34,259
|
|
|
17,600
|
|
||||
|
Maverick Healthcare Group, LLC
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+5.5% cash (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
16,251
|
|
|
15,951
|
|
|
16,181
|
|
|||
|
First Lien Term Loan B, LIBOR+9% cash (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
38,100
|
|
|
37,950
|
|
|
37,964
|
|
|||
|
CapEx Line, LIBOR+5.75% (1.75% floor) cash due 12/31/2016 (14)
|
|
|
|
1,247
|
|
|
1,193
|
|
|
1,245
|
|
|||
|
|
|
|
|
|
|
55,094
|
|
|
55,390
|
|
||||
|
Refac Optical Group
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% cash due 9/30/2018 (14)
|
|
|
|
18,710
|
|
|
18,632
|
|
|
18,520
|
|
|||
|
First Lien Term Loan B, LIBOR+8.5% cash, 1.75% PIK due 9/30/2018 (14)
|
|
|
|
33,951
|
|
|
33,755
|
|
|
33,607
|
|
|||
|
First Lien Term Loan C, 12% cash due 9/30/2018
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,362
|
|
|||
|
First Lien Revolver, LIBOR+7.5% cash due 9/30/2018 (14)
|
|
|
|
1,600
|
|
|
1,583
|
|
|
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
|
|
|
757
|
|
||||
|
|
|
|
|
|
|
58,691
|
|
|
57,846
|
|
||||
|
Baird Capital Partners V, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.4% limited partnership interest (6)(12)
|
|
|
|
|
|
1,000
|
|
|
851
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
851
|
|
||||
|
Discovery Practice Management, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+7.5% cash due 11/4/2018 (14)
|
|
|
|
24,117
|
|
|
24,054
|
|
|
24,459
|
|
|||
|
Senior Revolver, LIBOR+7% cash due 11/4/2018 (14)
|
|
|
|
500
|
|
|
491
|
|
|
500
|
|
|||
|
Capex Line A, LIBOR+7% cash due 11/4/2018 (14)
|
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|||
|
Capex Line B, LIBOR+7% cash due 11/4/2018 (14)
|
|
|
|
500
|
|
|
500
|
|
|
500
|
|
|||
|
|
|
|
|
|
|
26,045
|
|
|
26,459
|
|
||||
|
Milestone Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.85% limited partnership interest (6)(12)
|
|
|
|
|
|
1,571
|
|
|
1,647
|
|
||||
|
|
|
|
|
|
|
1,571
|
|
|
1,647
|
|
||||
|
National Spine and Pain Centers, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1.6% PIK due 9/27/2017
|
|
|
|
30,226
|
|
|
30,138
|
|
|
29,700
|
|
|||
|
317,282.97 Class A Units (6)
|
|
|
|
|
|
317
|
|
|
520
|
|
||||
|
|
|
|
|
|
|
30,455
|
|
|
30,220
|
|
||||
|
RCPDirect, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.91% limited partnership interest (6)(12)
|
|
|
|
|
|
812
|
|
|
1,005
|
|
||||
|
|
|
|
|
|
|
812
|
|
|
1,005
|
|
||||
|
Riverside Fund V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.48% limited partnership interest (12)
|
|
|
|
|
|
953
|
|
|
953
|
|
||||
|
|
|
|
|
|
|
953
|
|
|
953
|
|
||||
|
World 50, Inc. (9)
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan A, LIBOR+6.25% (1.5% floor) cash due 3/30/2017 (14)
|
|
|
|
14,220
|
|
|
14,176
|
|
|
14,049
|
|
|||
|
Senior Revolver, LIBOR+6.25% (1.5% floor) cash due 3/30/2017 (10)(14)
|
|
|
|
|
|
(20
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,156
|
|
|
14,049
|
|
||||
|
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 (6)(12)
|
|
Multi-sector holdings
|
|
|
|
$
|
682
|
|
|
$
|
602
|
|
||
|
|
|
|
|
|
|
682
|
|
|
602
|
|
||||
|
BMC Acquisition, Inc.
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
500
|
|
|
653
|
|
||||
|
50,000 Common Shares (6)
|
|
|
|
|
|
1
|
|
|
114
|
|
||||
|
|
|
|
|
|
|
501
|
|
|
767
|
|
||||
|
Ansira Partners, Inc. (9)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.5% (1.5% floor) cash due 5/4/2017 (10)(14)
|
|
|
|
|
|
(3
|
)
|
|
—
|
|
||||
|
250 Preferred Units of Ansira Holdings, LLC
|
|
|
|
|
250
|
|
|
371
|
|
|||||
|
250 Class A Common Units of Ansira Holdings, LLC
|
|
|
|
|
|
—
|
|
|
107
|
|
||||
|
|
|
|
|
|
|
247
|
|
|
478
|
|
||||
|
Edmentum, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020
|
|
|
|
$
|
2,052
|
|
|
2,052
|
|
|
2,012
|
|
||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020
|
|
|
9,250
|
|
|
9,250
|
|
|
9,043
|
|
||||
|
Unsecured Revolver, 5% cash due 6/9/2020
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
126
|
|
|
3
|
|
||||
|
|
|
|
|
|
|
11,428
|
|
|
11,058
|
|
||||
|
I Drive Safely, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
1,000
|
|
|
869
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
869
|
|
||||
|
Yeti Acquisition, LLC (9)
|
|
Leisure products
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+8% (1.25% floor) cash due 6/15/2017 (14)
|
|
|
|
29,618
|
|
|
29,591
|
|
|
29,479
|
|
|||
|
First Lien Term Loan B, LIBOR+11.25% (1.25% floor) cash 1% PIK, due 6/15/2017 (14)
|
|
|
|
3,375
|
|
|
3,363
|
|
|
3,367
|
|
|||
|
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
|
|
|
12,335
|
|
||||
|
|
|
|
|
|
|
34,444
|
|
|
45,181
|
|
||||
|
Vitalyst Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 9/5/2018
|
|
|
|
19,384
|
|
|
19,384
|
|
|
18,820
|
|
|||
|
675 Series A Preferred Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
675
|
|
|
455
|
|
||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
75
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
20,134
|
|
|
19,275
|
|
||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (12)
|
|
|
|
|
|
802
|
|
|
749
|
|
||||
|
|
|
|
|
|
|
802
|
|
|
749
|
|
||||
|
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
|
|
|
23,187
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1.25% floor) cash due 10/12/2017 (14)
|
|
|
|
775
|
|
|
775
|
|
|
767
|
|
|||
|
|
|
|
|
|
|
24,079
|
|
|
23,954
|
|
||||
|
Dexter Axle Company
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
1,500 Common Shares in Dexter Axle Holding Company
|
|
|
|
|
|
1,500
|
|
|
3,459
|
|
||||
|
|
|
|
|
|
|
1,500
|
|
|
3,459
|
|
||||
|
Comprehensive Pharmacy Services LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.25% cash 1.5% PIK due 11/30/2019
|
|
|
|
14,578
|
|
|
14,578
|
|
|
14,691
|
|
|||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
2,000
|
|
|
1,865
|
|
||||
|
|
|
|
|
|
|
16,578
|
|
|
16,556
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Garretson Firm Resolution Group, Inc.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 5/22/2020 (14)
|
|
|
|
$
|
73
|
|
|
$
|
73
|
|
|
$
|
72
|
|
|
4,950,000 Preferred Units in GRG Holdings, LP
|
|
|
|
|
|
495
|
|
|
546
|
|
||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
5
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
573
|
|
|
618
|
|
||||
|
Teaching Strategies, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (14)
|
|
|
|
7,659
|
|
|
7,659
|
|
|
7,636
|
|
|||
|
Senior Revolver, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
7,659
|
|
|
7,636
|
|
||||
|
Omniplex World Services Corporation
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 12/21/2018
|
|
|
|
12,948
|
|
|
12,948
|
|
|
12,766
|
|
|||
|
500 units Class A Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
500
|
|
|
328
|
|
||||
|
|
|
|
|
|
|
13,448
|
|
|
13,094
|
|
||||
|
Dominion Diagnostics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 11% cash 2% PIK due 12/21/2018
|
|
|
|
16,153
|
|
|
16,153
|
|
|
16,184
|
|
|||
|
|
|
|
|
|
|
16,153
|
|
|
16,184
|
|
||||
|
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
|
|
|
23,250
|
|
|||
|
|
|
|
|
|
|
23,250
|
|
|
23,250
|
|
||||
|
AdVenture Interactive, Corp. (9)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (14)
|
|
|
|
95,141
|
|
|
95,121
|
|
|
94,987
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
2,419.7 Preferred Units of AVI Holdings, L.P.
|
|
|
|
|
|
2,046
|
|
|
1,461
|
|
||||
|
|
|
|
|
|
|
97,166
|
|
|
96,448
|
|
||||
|
CoAdvantage Corporation
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.5% cash 1.25% PIK due 12/31/2018
|
|
|
|
15,080
|
|
|
15,080
|
|
|
15,080
|
|
|||
|
50,000 Class A Units in CIP CoAdvantage Investments LLC
|
|
|
|
|
|
557
|
|
|
1,136
|
|
||||
|
|
|
|
|
|
|
15,637
|
|
|
16,216
|
|
||||
|
EducationDynamics, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 12% cash 6% PIK due 1/16/2017
|
|
|
|
13,786
|
|
|
13,786
|
|
|
13,782
|
|
|||
|
|
|
|
|
|
|
13,786
|
|
|
13,782
|
|
||||
|
Sterling Capital Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.2% limited partnership interest (12)
|
|
|
|
|
|
1,238
|
|
|
1,238
|
|
||||
|
|
|
|
|
|
|
1,238
|
|
|
1,238
|
|
||||
|
RP Crown Parent, LLC
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.5% (1.25% floor) cash due 12/21/2017 (10)(14)
|
|
|
|
|
|
(349
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
(349
|
)
|
|
—
|
|
||||
|
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
|
|
|
23,943
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
23,943
|
|
||||
|
Rocket Software, Inc.
|
|
Internet & software services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1.5% floor) cash due 2/8/2019 (14)
|
|
|
|
10,475
|
|
|
10,450
|
|
|
10,475
|
|
|||
|
|
|
|
|
|
|
10,450
|
|
|
10,475
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/8/2021 (14)
|
|
|
|
$
|
4,450
|
|
|
$
|
3,948
|
|
|
$
|
4,389
|
|
|
|
|
|
|
|
|
3,948
|
|
|
4,389
|
|
||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
||||||
|
1.9% limited partnership interest (12)
|
|
|
|
|
|
9,684
|
|
|
9,604
|
|
||||
|
|
|
|
|
|
|
9,684
|
|
|
9,604
|
|
||||
|
Credit Infonet, Inc. (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 10/26/2018
|
|
|
|
13,501
|
|
|
13,501
|
|
|
13,064
|
|
|||
|
|
|
|
|
|
|
13,501
|
|
|
13,064
|
|
||||
|
Chicago Growth Partners III, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (11)(12)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Bracket Holding Corp. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 2/15/2020 (14)
|
|
|
|
32,000
|
|
|
32,000
|
|
|
31,385
|
|
|||
|
50,000 Common Units in AB Group Holdings, LP
|
|
|
|
|
|
500
|
|
|
612
|
|
||||
|
|
|
|
|
|
|
32,500
|
|
|
31,997
|
|
||||
|
HealthEdge Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918)
|
|
|
|
|
|
213
|
|
|
724
|
|
||||
|
|
|
|
|
|
|
213
|
|
|
724
|
|
||||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
13,640
|
|
|
13,640
|
|
|
13,406
|
|
|||
|
First Lien Term Loan B, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
5,946
|
|
|
5,693
|
|
|
5,882
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
4,904
|
|
|
4,904
|
|
|
4,904
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (14)
|
|
|
|
883
|
|
|
883
|
|
|
883
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC (6)
|
|
|
|
|
|
1,000
|
|
|
975
|
|
||||
|
|
|
|
|
|
|
26,120
|
|
|
26,050
|
|
||||
|
BMC Software Finance, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 9/10/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Thing5, LLC
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 10/11/2018 (13)(14)
|
|
|
|
56,538
|
|
|
56,538
|
|
|
55,088
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 10/11/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
2,000,000 in T5 Investment Vehicle, LLC
|
|
|
|
|
|
2,000
|
|
|
425
|
|
||||
|
|
|
|
|
|
|
58,538
|
|
|
55,513
|
|
||||
|
Epic Health Services, Inc.
|
|
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1.25% floor) cash due 10/18/2019 (14)
|
|
Healthcare services
|
|
24,667
|
|
|
24,236
|
|
|
24,666
|
|
|||
|
|
|
|
|
|
|
24,236
|
|
|
24,666
|
|
||||
|
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
|
|
|
|
$
|
5,797
|
|
|
$
|
5,797
|
|
|
$
|
5,790
|
|
|
498.6 Class A Preferred Units in Kason Investment, LLC
|
|
|
|
|
|
499
|
|
|
523
|
|
||||
|
5,540 Class A Common Units in Kason Investment, LLC (6)
|
|
|
|
|
|
55
|
|
|
84
|
|
||||
|
|
|
|
|
|
|
6,351
|
|
|
6,397
|
|
||||
|
First Choice ER, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2018 (14)
|
|
|
|
40,000
|
|
|
40,000
|
|
|
40,394
|
|
|||
|
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)
|
|
|
|
79,000
|
|
|
79,000
|
|
|
80,056
|
|
|||
|
|
|
|
|
|
|
119,000
|
|
|
120,450
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.571% limited partnership interest (12)
|
|
|
|
|
|
572
|
|
|
467
|
|
||||
|
|
|
|
|
|
|
572
|
|
|
467
|
|
||||
|
Systems Maintenance Services Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/18/2020 (14)
|
|
|
|
19,000
|
|
|
18,912
|
|
|
18,905
|
|
|||
|
|
|
|
|
|
|
18,912
|
|
|
18,905
|
|
||||
|
P2 Upstream Acquisition Co.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 10/31/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Vandelay Industries Merger Sub, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10.75% cash 1% PIK due 11/12/2019
|
|
|
|
39,265
|
|
|
39,052
|
|
|
39,513
|
|
|||
|
2,500,000 Class A Common Units in Vandelay Industries, L.P. (6)
|
|
|
|
|
|
958
|
|
|
4,801
|
|
||||
|
|
|
|
|
|
|
40,010
|
|
|
44,314
|
|
||||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021 (14)
|
|
|
|
8,000
|
|
|
7,886
|
|
|
7,800
|
|
|||
|
|
|
|
|
|
|
7,886
|
|
|
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
|
|
|
16,347
|
|
|
15,730
|
|
|||
|
|
|
|
|
|
|
16,347
|
|
|
15,730
|
|
||||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (14)
|
|
|
|
6,482
|
|
|
6,478
|
|
|
6,501
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,244
|
|
||||
|
|
|
|
|
|
|
7,478
|
|
|
7,745
|
|
||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.0% limited partnership interest (6)(12)
|
|
|
|
|
|
1,076
|
|
|
1,116
|
|
||||
|
|
|
|
|
|
|
1,076
|
|
|
1,116
|
|
||||
|
Aden & Anais Merger Sub, Inc.
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 6/23/2019
|
|
|
|
12,439
|
|
|
12,439
|
|
|
12,465
|
|
|||
|
30,000 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
3,000
|
|
|
3,302
|
|
||||
|
|
|
|
|
|
|
15,439
|
|
|
15,767
|
|
||||
|
Lift Brands Holdings Inc.
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (14)
|
|
|
|
22,866
|
|
|
22,852
|
|
|
22,746
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (14)
|
|
|
|
3,000
|
|
|
2,997
|
|
|
3,000
|
|
|||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
2,000
|
|
|
3,506
|
|
||||
|
|
|
|
|
|
|
27,849
|
|
|
29,252
|
|
||||
|
Tailwind Capital Partners II, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.3% limited partnership interest (6)(12)
|
|
|
|
|
|
604
|
|
|
622
|
|
||||
|
|
|
|
|
|
|
604
|
|
|
622
|
|
||||
|
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
|
|
|
|
$
|
9,615
|
|
|
$
|
9,615
|
|
|
$
|
9,776
|
|
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
500
|
|
|
733
|
|
||||
|
|
|
|
|
|
|
10,115
|
|
|
10,509
|
|
||||
|
Five9, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/20/2019 (14)
|
|
|
|
20,000
|
|
|
19,786
|
|
|
19,834
|
|
|||
|
118,577 Common Stock Warrants (exercise price $10.12)
|
|
|
|
|
|
321
|
|
|
7
|
|
||||
|
|
|
|
|
|
|
20,107
|
|
|
19,841
|
|
||||
|
Crealta Pharmaceuticals LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 12.75% cash due 8/21/2020
|
|
|
|
20,000
|
|
|
20,000
|
|
|
20,391
|
|
|||
|
|
|
|
|
|
|
20,000
|
|
|
20,391
|
|
||||
|
Conviva Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 2/28/2018 (14)
|
|
|
|
5,000
|
|
|
4,939
|
|
|
4,950
|
|
|||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966)
|
|
|
|
|
|
105
|
|
|
180
|
|
||||
|
|
|
|
|
|
|
5,044
|
|
|
5,130
|
|
||||
|
OnCourse Learning Corporation
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/28/2019 (14)
|
|
|
|
24,625
|
|
|
24,594
|
|
|
24,670
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 2/28/2019 (10)(14)
|
|
|
|
|
|
(2
|
)
|
|
—
|
|
||||
|
254,422 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
2,544
|
|
|
3,248
|
|
||||
|
|
|
|
|
|
|
27,136
|
|
|
27,918
|
|
||||
|
ShareThis, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395)
|
|
|
|
|
|
367
|
|
|
319
|
|
||||
|
|
|
|
|
|
|
367
|
|
|
319
|
|
||||
|
Aptean, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/26/2021 (14)
|
|
|
|
3,000
|
|
|
3,000
|
|
|
2,892
|
|
|||
|
|
|
|
|
|
|
3,000
|
|
|
2,892
|
|
||||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 3/31/2019 (14)
|
|
|
|
21,030
|
|
|
21,012
|
|
|
18,751
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 3/31/2019 (10)(14)
|
|
|
|
|
|
(3
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
21,009
|
|
|
18,751
|
|
||||
|
ExamSoft Worldwide, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 5/1/2019 (14)
|
|
|
|
15,000
|
|
|
14,870
|
|
|
14,943
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 5/1/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
181
|
|
|
167
|
|
||||
|
|
|
|
|
|
|
15,051
|
|
|
15,110
|
|
||||
|
Language Line, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 7/7/2021 (14)
|
|
|
|
20,000
|
|
|
20,000
|
|
|
20,042
|
|
|||
|
Second Lien Term Loan, LIBOR+9.75 (1% floor) cash due 7/7/2022 (14)
|
|
|
|
26,000
|
|
|
26,000
|
|
|
26,130
|
|
|||
|
|
|
|
|
|
|
46,000
|
|
|
46,172
|
|
||||
|
DigiCert, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 6/2/2020 (14)
|
|
|
|
33,250
|
|
|
33,250
|
|
|
33,250
|
|
|||
|
|
|
|
|
|
|
33,250
|
|
|
33,250
|
|
||||
|
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)
|
|
|
|
|
|
$
|
246
|
|
|
$
|
246
|
|
||
|
|
|
|
|
|
|
246
|
|
|
246
|
|
||||
|
PR Wireless, Inc. (12)
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% (1% floor) cash due 6/27/2020 (14)
|
|
|
|
$
|
12,845
|
|
|
12,476
|
|
|
11,366
|
|
||
|
118.4211 Common Stock Warrants (exercise price $0.01)
|
|
|
|
|
|
—
|
|
|
516
|
|
||||
|
|
|
|
|
|
|
12,476
|
|
|
11,882
|
|
||||
|
Integral Development Corporation
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (14)
|
|
|
|
15,000
|
|
|
14,910
|
|
|
15,127
|
|
|||
|
1,078,284 Common Stock Warrants (exercise price $0.9274)
|
|
|
|
|
|
113
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
15,023
|
|
|
15,127
|
|
||||
|
Loftware, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
6,074
|
|
|
6,074
|
|
|
6,159
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
300
|
|
|
232
|
|
||||
|
|
|
|
|
|
|
6,374
|
|
|
6,391
|
|
||||
|
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
|
|
|
15,048
|
|
|||
|
|
|
|
|
|
|
15,000
|
|
|
15,048
|
|
||||
|
TV Borrower US, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/8/2021 (12)(14)
|
|
|
|
30,000
|
|
|
29,259
|
|
|
29,300
|
|
|||
|
|
|
|
|
|
|
29,259
|
|
|
29,300
|
|
||||
|
Webster Capital III, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.754% limited partnership interest (12)
|
|
|
|
|
|
851
|
|
|
851
|
|
||||
|
|
|
|
|
|
|
851
|
|
|
851
|
|
||||
|
L Squared Capital Partners LLC
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2% limited partnership interest (12)
|
|
|
|
|
|
562
|
|
|
562
|
|
||||
|
|
|
|
|
|
|
562
|
|
|
562
|
|
||||
|
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
|
|
|
38,262
|
|
|||
|
|
|
|
|
|
|
40,000
|
|
|
38,262
|
|
||||
|
BeyondTrust Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan LIBOR+7% (1% floor) cash due 9/25/2019 (14)
|
|
|
|
40,998
|
|
|
40,001
|
|
|
40,951
|
|
|||
|
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
|
|
|
7,285
|
|
||||
|
|
|
|
|
|
|
44,495
|
|
|
48,236
|
|
||||
|
Answers Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/1/2021 (14)
|
|
|
|
4,963
|
|
|
4,941
|
|
|
3,652
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/3/2022 (14)
|
|
|
|
37,000
|
|
|
35,190
|
|
|
20,479
|
|
|||
|
|
|
|
|
|
|
40,131
|
|
|
24,131
|
|
||||
|
Idera, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (0.5% floor) cash due 11/5/2020 (14)
|
|
|
|
7,406
|
|
|
7,052
|
|
|
7,406
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (0.5% floor) cash due 11/5/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
7,052
|
|
|
7,406
|
|
||||
|
GOBP Holdings Inc.
|
|
Food retail
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (14)
|
|
|
|
11,000
|
|
|
10,855
|
|
|
10,973
|
|
|||
|
|
|
|
|
|
|
10,855
|
|
|
10,973
|
|
||||
|
Kellermeyer Bergensons Services, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (14)
|
|
|
|
6,105
|
|
|
5,821
|
|
|
6,136
|
|
|||
|
|
|
|
|
|
|
5,821
|
|
|
6,136
|
|
||||
|
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)
|
|
|
|
$
|
7,847
|
|
|
$
|
7,847
|
|
|
$
|
7,879
|
|
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
500
|
|
|
758
|
|
||||
|
|
|
|
|
|
|
8,347
|
|
|
8,637
|
|
||||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 11/19/2021 (14)
|
|
|
|
1,962
|
|
|
1,962
|
|
|
1,952
|
|
|||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 11/18/2022 (14)
|
|
|
|
30,755
|
|
|
30,704
|
|
|
30,448
|
|
|||
|
|
|
|
|
|
|
32,666
|
|
|
32,400
|
|
||||
|
Penn Foster, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/24/2019 (14)
|
|
|
|
29,550
|
|
|
29,548
|
|
|
29,576
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 11/24/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
29,548
|
|
|
29,576
|
|
||||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/30/2021 (14)
|
|
|
|
3,699
|
|
|
3,649
|
|
|
3,671
|
|
|||
|
|
|
|
|
|
|
3,649
|
|
|
3,671
|
|
||||
|
Tecomet Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 12/5/2022 (14)
|
|
|
|
17,000
|
|
|
15,645
|
|
|
15,300
|
|
|||
|
|
|
|
|
|
|
15,645
|
|
|
15,300
|
|
||||
|
Metamorph US 3, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/1/2020 (14)
|
|
|
|
12,266
|
|
|
12,260
|
|
|
12,139
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 12/1/2020 (14)
|
|
|
|
1,225
|
|
|
1,224
|
|
|
1,225
|
|
|||
|
|
|
|
|
|
|
13,484
|
|
|
13,364
|
|
||||
|
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
|
|
|
16,949
|
|
|||
|
|
|
|
|
|
|
17,000
|
|
|
16,949
|
|
||||
|
Janrain, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 6/5/2018 (14)
|
|
|
|
5,000
|
|
|
4,966
|
|
|
4,971
|
|
|||
|
218,008 Series C Preferred Stock Warrants (exercise price $1.3761)
|
|
|
|
|
|
45
|
|
|
57
|
|
||||
|
|
|
|
|
|
|
5,011
|
|
|
5,028
|
|
||||
|
TigerText, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1% floor) cash due 12/8/2017 (14)
|
|
|
|
5,000
|
|
|
4,956
|
|
|
4,940
|
|
|||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373)
|
|
|
|
|
|
60
|
|
|
664
|
|
||||
|
|
|
|
|
|
|
5,016
|
|
|
5,604
|
|
||||
|
Survey Sampling International, LLC
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (14)
|
|
|
|
18,700
|
|
|
18,369
|
|
|
18,513
|
|
|||
|
|
|
|
|
|
|
18,369
|
|
|
18,513
|
|
||||
|
Abaco Energy Technologies LLC
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+7% (1% floor) cash due 11/21/2020 (14)
|
|
|
|
8,831
|
|
|
8,293
|
|
|
6,031
|
|
|||
|
|
|
|
|
|
|
8,293
|
|
|
6,031
|
|
||||
|
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)
|
|
|
|
$
|
93,906
|
|
|
$
|
93,895
|
|
|
$
|
84,980
|
|
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 6/23/2019 (14)
|
|
|
|
6,400
|
|
|
6,399
|
|
|
6,400
|
|
|||
|
|
|
|
|
|
|
100,294
|
|
|
91,380
|
|
||||
|
PSC Industrial Holdings Corp.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 12/3/2021 (14)
|
|
|
|
7,000
|
|
|
6,745
|
|
|
6,895
|
|
|||
|
|
|
|
|
|
|
6,745
|
|
|
6,895
|
|
||||
|
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)
|
|
|
|
3,970
|
|
|
3,970
|
|
|
3,925
|
|
|||
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
487.5 Class A Preferred Units
|
|
|
|
|
|
488
|
|
|
533
|
|
||||
|
12,500 Class B Common Units
|
|
|
|
|
|
13
|
|
|
30
|
|
||||
|
|
|
|
|
|
|
4,471
|
|
|
4,488
|
|
||||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 12/31/2019 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(14)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
WeddingWire, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (14)
|
|
|
|
27,500
|
|
|
27,500
|
|
|
27,530
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (14)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
483,645 Common Shares of WeddingWire, Inc.
|
|
|
|
|
|
1,200
|
|
|
923
|
|
||||
|
|
|
|
|
|
|
28,700
|
|
|
28,453
|
|
||||
|
xMatters, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+10% (1% floor) cash due 2/26/2019 (14)
|
|
|
|
15,000
|
|
|
14,381
|
|
|
14,241
|
|
|||
|
200,000 Common Stock Warrants (exercise price $1.78)
|
|
|
|
|
|
709
|
|
|
645
|
|
||||
|
|
|
|
|
|
|
15,090
|
|
|
14,886
|
|
||||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 12/31/2019 (14)
|
|
|
|
765
|
|
|
765
|
|
|
765
|
|
|||
|
|
|
|
|
|
|
765
|
|
|
765
|
|
||||
|
Golden State Medical Supply, Inc.
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
15,001
|
|
|
15,001
|
|
|
15,017
|
|
|||
|
|
|
|
|
|
|
15,001
|
|
|
15,017
|
|
||||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+8% (1% floor) cash due 1/9/2018 (14)
|
|
|
|
3,000
|
|
|
3,000
|
|
|
3,000
|
|
|||
|
First Lien Term Loan B, LIBOR+8% (1% floor) cash due 1/9/2018 (14)
|
|
|
|
4,756
|
|
|
4,756
|
|
|
4,784
|
|
|||
|
First Lien Term Loan C, LIBOR+8% (1% floor) cash due 1/9/2018 (14)
|
|
|
|
928
|
|
|
928
|
|
|
927
|
|
|||
|
First Lien Term Revolver, LIBOR+8% (1% floor) cash due 1/9/2018 (14)
|
|
|
|
200
|
|
|
200
|
|
|
200
|
|
|||
|
|
|
|
|
|
|
8,884
|
|
|
8,911
|
|
||||
|
AirStrip Technologies, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+10% (1% floor) cash due 5/12/2018 (14)
|
|
|
|
16,000
|
|
|
15,918
|
|
|
15,917
|
|
|||
|
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757)
|
|
|
|
|
|
90
|
|
|
81
|
|
||||
|
|
|
|
|
|
|
16,008
|
|
|
15,998
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(15)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Legalzoom.com, Inc.
|
|
Specialized consumer services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 5/13/2020 (14)
|
|
|
|
$
|
16,490
|
|
|
$
|
16,466
|
|
|
$
|
16,525
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 5/13/2020 (10)(14)
|
|
|
|
|
|
(7
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
16,459
|
|
|
16,525
|
|
||||
|
All Metro Health Care Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 3/11/2020
|
|
|
|
15,701
|
|
|
15,680
|
|
|
15,685
|
|
|||
|
Delayed Draw Term Loan, 10% cash 2% PIK due 3/11/2020 (10)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
15,676
|
|
|
15,685
|
|
||||
|
Access Medical Acquisition, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 1/2/2022
|
|
|
|
12,413
|
|
|
12,412
|
|
|
12,412
|
|
|||
|
450,000 Class A Common Stock in CMG Holding Company, LLC
|
|
|
|
|
|
450
|
|
|
450
|
|
||||
|
|
|
|
|
|
|
12,862
|
|
|
12,862
|
|
||||
|
QuorumLabs, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 1/8/2019 (14)
|
|
|
|
7,500
|
|
|
7,152
|
|
|
7,125
|
|
|||
|
2,045,954 Common Stock Warrants (exercise price $0.0001)
|
|
|
|
|
|
375
|
|
|
375
|
|
||||
|
|
|
|
|
|
|
7,527
|
|
|
7,500
|
|
||||
|
Worley Claims Services, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 10/31/2020 (14)
|
|
|
|
13,317
|
|
|
13,187
|
|
|
13,250
|
|
|||
|
|
|
|
|
|
|
13,187
|
|
|
13,250
|
|
||||
|
Poseidon Merger Sub, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 8/18/2022 (14)
|
|
|
|
1,000
|
|
|
997
|
|
|
1,000
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (14)
|
|
|
|
30,000
|
|
|
28,810
|
|
|
30,000
|
|
|||
|
|
|
|
|
|
|
29,807
|
|
|
31,000
|
|
||||
|
American Seafoods Group LLC
|
|
Food distributors
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 8/19/2021 (14)
|
|
|
|
6,000
|
|
|
5,942
|
|
|
5,970
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/19/2022 (14)
|
|
|
|
12,000
|
|
|
11,883
|
|
|
12,000
|
|
|||
|
|
|
|
|
|
|
17,825
|
|
|
17,970
|
|
||||
|
Accentcare, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 9/3/2021 (14)
|
|
|
|
5,000
|
|
|
4,950
|
|
|
4,975
|
|
|||
|
|
|
|
|
|
|
4,950
|
|
|
4,975
|
|
||||
|
Valet Merger Sub, Inc.
|
|
Environmental & facilities services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (14)
|
|
|
|
79,450
|
|
|
79,434
|
|
|
79,450
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (10)(14)
|
|
|
|
|
|
(3
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
79,431
|
|
|
79,450
|
|
||||
|
Swipely, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 9/30/2019 (14)
|
|
|
|
12,500
|
|
|
12,500
|
|
|
12,500
|
|
|||
|
252,119 Common Stock Warrants (exercise price $1.77)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
12,500
|
|
|
12,500
|
|
||||
|
Total Non-Control/Non-Affiliate Investments (151.0% of net assets)
|
|
|
|
|
|
2,102,781
|
|
|
2,042,996
|
|
||||
|
Total Portfolio Investments (177.6% of net assets)
|
|
|
|
|
|
$
|
2,472,938
|
|
|
$
|
2,402,495
|
|
||
|
(1)
|
All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
|
|
(2)
|
See Note 3 to the Consolidated Financial Statements for portfolio composition by geographic region.
|
|
(3)
|
Control Investments generally 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 generally 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 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.
|
|
September 7, 2015
|
|
- 6.0% on First Lien Term Loan
- 5.0% on Revolver
|
|
+ 6.0% on Term Loan and Revolver
|
|
Per loan amendment
|
|
Bracket Holding Corp.
|
|
September 1, 2015
|
|
+ 1.0% on Term Loan
|
|
|
|
Tier pricing per loan
agreement |
|
World 50, Inc.
|
|
May 22, 2015
|
|
+ 1.75% on Term Loan A
|
|
|
|
Merger of debt tranches per loan amendment
|
|
Phoenix Brands Merger Sub LLC
|
|
May 1, 2015
|
|
+ 2.75% on Term Loan A & Revolver
|
|
|
|
Per loan amendment
|
|
Credit Infonet, Inc.
|
|
February 15, 2015
|
|
- 1.0% on Subordinated Term Loan
|
|
+ 0.5% on Subordinated Term Loan
|
|
Per loan amendment
|
|
JTC Education, Inc.
|
|
February 2, 2015
|
|
+ 0.25% on Subordinated Term Loan
|
|
|
|
Per loan amendment
|
|
AdVenture Interactive, Corp.
|
|
January 1, 2015
|
|
+ 0.75% on Term Loan & Revolver
|
|
|
|
Per loan amendment
|
|
TransTrade Operators, Inc.
|
|
January 1, 2015
|
|
- 6.0% on Term Loan
|
|
- 3.0% on Term Loan
|
|
Per loan amendment
|
|
HealthDrive Corporation
|
|
January 1, 2015
|
|
+ 2.0% on Term Loan A
|
|
+ 1.0% on Term Loan B
|
|
Per loan amendment
|
|
Cenegenics, LLC
|
|
August 14, 2014
|
|
|
|
+ 2.0% 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
|
|
- 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
|
|
Ansira Partners, Inc.
|
|
June 30, 2013
|
|
- 0.5% on Revolver
|
|
|
|
Tier pricing per loan
agreement
|
|
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 & 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. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
|
|
(13)
|
The sale of a portion of this loan does not qualify for true sale accounting under ASC Topic 860 -
Transfers and Servicing
, and therefore, the entire debt investment remains in the Consolidated Schedule of Investments. Accordingly, the fair value of the Company's debt investments includes $21.8 million related to the Company's secured borrowings. (See Note 15 in the accompanying notes to the Consolidated Financial Statements.)
|
|
(14)
|
The interest rate on 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)
|
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).
|
|
(17)
|
First Star Aviation, LLC, First Star Bermuda Aviation Limited and First Star Speir Aviation 1 Limited are wholly-owned holding companies formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding companies to be investment companies under US GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding companies and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding companies are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
|
|
•
|
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 by the Investment Adviser's valuation team in conjunction with the Investment Adviser's portfolio management and capital markets teams;
|
|
•
|
Separately, independent valuation firms engaged by the Board of Directors prepare valuations of the Company's 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 and provide such reports to the Investment Adviser and the Audit Committee of the Board of Directors;
|
|
•
|
The Investment Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee of the Board of Directors;
|
|
•
|
The Audit Committee of the Board of Directors reviews the preliminary valuations with the portfolio managers of the Investment Adviser and the Investment Adviser responds and supplements the preliminary valuations to reflect any discussions between the Investment Adviser and 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 for which market quotations are not readily available; and
|
|
•
|
The Board of Directors discusses valuations and determines the fair value of each investment in the Company's portfolio for which market quotations are not readily available in good faith.
|
|
|
|
Three months ended June 30, 2015
|
||||||||||
|
Consolidated Statement of Operations:
|
|
As previously reported
|
|
Adjustment
|
|
As revised(1)
|
||||||
|
Interest income
|
|
$
|
55,894
|
|
|
$
|
(1,215
|
)
|
|
$
|
54,679
|
|
|
PIK income
|
|
3,429
|
|
|
(291
|
)
|
|
3,138
|
|
|||
|
Fee income
|
|
8,173
|
|
|
(100
|
)
|
|
8,073
|
|
|||
|
Dividend and other income
|
|
2,703
|
|
|
1,307
|
|
|
4,010
|
|
|||
|
Total investment income
|
|
70,199
|
|
|
(299
|
)
|
|
69,900
|
|
|||
|
Part I incentive fee
|
|
8,095
|
|
|
(60
|
)
|
|
8,035
|
|
|||
|
Net expenses
|
|
37,709
|
|
|
(60
|
)
|
|
37,649
|
|
|||
|
Net investment income
|
|
32,490
|
|
|
(239
|
)
|
|
32,251
|
|
|||
|
Net unrealized depreciation on investments and secured borrowings
|
|
(1,702
|
)
|
|
214
|
|
|
(1,488
|
)
|
|||
|
Net realized loss on investments and secured borrowings
|
|
(10,337
|
)
|
|
85
|
|
|
(10,252
|
)
|
|||
|
Net increase in net assets resulting from operations
|
|
$
|
20,451
|
|
|
$
|
60
|
|
|
$
|
20,511
|
|
|
Total investment income per common share - basic
|
|
$
|
0.46
|
|
|
$
|
—
|
|
|
$
|
0.46
|
|
|
Net investment income per common share - basic and diluted
|
|
$
|
0.21
|
|
|
$
|
—
|
|
|
$
|
0.21
|
|
|
Earnings per common share - basic and diluted
|
|
$
|
0.13
|
|
|
$
|
—
|
|
|
$
|
0.13
|
|
|
|
|
Nine months ended June 30, 2015
|
||||||||||||||
|
Consolidated Statement of Operations:
|
|
As previously reported
|
|
Out of period adjustment
|
|
Current period adjustment
|
|
As revised(1)
|
||||||||
|
Interest income
|
|
$
|
165,358
|
|
|
$
|
3,634
|
|
|
$
|
(5,047
|
)
|
|
$
|
163,945
|
|
|
PIK income
|
|
11,388
|
|
|
—
|
|
|
(991
|
)
|
|
10,397
|
|
||||
|
Fee income
|
|
31,736
|
|
|
(8,450
|
)
|
|
(6,011
|
)
|
|
17,275
|
|
||||
|
Dividend and other income
|
|
6,159
|
|
|
—
|
|
|
3,929
|
|
|
10,088
|
|
||||
|
Total investment income
|
|
214,641
|
|
|
(4,816
|
)
|
|
(8,120
|
)
|
|
201,705
|
|
||||
|
|
|
24,149
|
|
|
(963
|
)
|
|
(1,624
|
)
|
|
21,562
|
|
||||
|
Net expenses
|
|
117,512
|
|
|
(963
|
)
|
|
(1,624
|
)
|
|
114,924
|
|
||||
|
Net investment income
|
|
97,129
|
|
|
(3,853
|
)
|
|
(6,496
|
)
|
|
86,781
|
|
||||
|
Net unrealized depreciation on investments and secured borrowings
|
|
(52,116
|
)
|
|
3,556
|
|
|
8,061
|
|
|
(40,499
|
)
|
||||
|
Net realized loss on investments and secured borrowings
|
|
(29,817
|
)
|
|
1,260
|
|
|
59
|
|
|
(28,498
|
)
|
||||
|
Net increase in net assets resulting from operations
|
|
$
|
15,196
|
|
|
$
|
963
|
|
|
$
|
1,625
|
|
|
$
|
17,784
|
|
|
Total investment income per common share - basic
|
|
$
|
1.40
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
1.32
|
|
|
Net investment income per common share - basic
|
|
$
|
0.63
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.57
|
|
|
Net investment income per common share - diluted
|
|
$
|
0.63
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.56
|
|
|
Earnings per common share - basic and diluted
|
|
$
|
0.10
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.12
|
|
|
|
|
Nine months ended June 30, 2015
|
||||||||||||||
|
Consolidated Statement of Changes in Net Assets:
|
|
As previously reported
|
|
Out of period adjustment
|
|
Current period adjustment
|
|
As revised (1)
|
||||||||
|
Net investment income
|
|
$
|
97,129
|
|
|
$
|
(3,853
|
)
|
|
$
|
(6,495
|
)
|
|
$
|
86,781
|
|
|
Net unrealized depreciation on investments and secured borrowings
|
|
(52,116
|
)
|
|
3,556
|
|
|
8,061
|
|
|
(40,499
|
)
|
||||
|
Net realized loss on investments and secured borrowings
|
|
(29,817
|
)
|
|
1,260
|
|
|
59
|
|
|
(28,498
|
)
|
||||
|
Net increase in net assets resulting from operations
|
|
15,196
|
|
|
963
|
|
|
1,625
|
|
|
17,784
|
|
||||
|
Total decrease in net assets
|
|
(77,850
|
)
|
|
963
|
|
|
1,625
|
|
|
(75,262
|
)
|
||||
|
Net assets at beginning of period
|
|
1,478,475
|
|
|
—
|
|
|
—
|
|
|
1,478,475
|
|
||||
|
Net assets at end of period
|
|
$
|
1,400,625
|
|
|
$
|
963
|
|
|
$
|
1,625
|
|
|
$
|
1,403,213
|
|
|
Net asset value per common share at period end
|
|
$
|
9.13
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
9.15
|
|
|
|
|
Nine months ended June 30, 2015
|
||||||||||||||
|
Consolidated Statement of Cash Flows:
|
|
As previously reported
|
|
Out of period adjustment
|
|
Current period adjustment
|
|
As revised (1)
|
||||||||
|
Net increase in net assets resulting from operations
|
|
$
|
15,196
|
|
|
$
|
963
|
|
|
$
|
1,625
|
|
|
$
|
17,784
|
|
|
Net unrealized depreciation on investments and secured borrowings
|
|
52,116
|
|
|
(3,556
|
)
|
|
(8,061
|
)
|
|
40,499
|
|
||||
|
Net realized loss on investments and secured borrowings
|
|
29,817
|
|
|
(1,260
|
)
|
|
(59
|
)
|
|
28,498
|
|
||||
|
PIK interest income
|
|
(11,388
|
)
|
|
—
|
|
|
991
|
|
|
(10,397
|
)
|
||||
|
Recognition of fee income
|
|
(31,736
|
)
|
|
8,450
|
|
|
6,011
|
|
|
(17,275
|
)
|
||||
|
Accretion of original issue discount on investments
|
|
(1,047
|
)
|
|
(3,634
|
)
|
|
(1,511
|
)
|
|
(6,192
|
)
|
||||
|
Fee income received
|
|
31,160
|
|
|
(8,450
|
)
|
|
(6,011
|
)
|
|
16,698
|
|
||||
|
Decrease in base management and Part I incentive fee payable
|
|
(1,620
|
)
|
|
(963
|
)
|
|
(1,624
|
)
|
|
(4,207
|
)
|
||||
|
Purchases of investments and net revolver activity
|
|
(1,147,577
|
)
|
|
8,450
|
|
|
6,011
|
|
|
(1,133,116
|
)
|
||||
|
Principal payments received on investments (payoffs)
|
|
575,070
|
|
|
—
|
|
|
2,629
|
|
|
577,699
|
|
||||
|
Net cash provided by operating activities
|
|
251,540
|
|
|
—
|
|
|
—
|
|
|
251,540
|
|
||||
|
Net increase in cash and cash equivalents
|
|
93,845
|
|
|
—
|
|
|
—
|
|
|
93,845
|
|
||||
|
Cash and cash equivalents, beginning of period
|
|
86,731
|
|
|
—
|
|
|
—
|
|
|
86,731
|
|
||||
|
Cash and cash equivalents, end of period
|
|
$
|
180,576
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
180,576
|
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||||
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Investments in debt securities
|
|
$
|
2,065,894
|
|
|
$
|
1,926,558
|
|
|
$
|
2,211,728
|
|
|
$
|
2,123,246
|
|
|
Investments in equity securities
|
|
165,245
|
|
|
177,560
|
|
|
116,900
|
|
|
138,127
|
|
||||
|
Debt investment in SLF JV I
|
|
144,841
|
|
|
131,040
|
|
|
129,879
|
|
|
128,917
|
|
||||
|
Equity investment in SLF JV I
|
|
16,093
|
|
|
12,297
|
|
|
14,431
|
|
|
12,205
|
|
||||
|
Total
|
|
$
|
2,392,073
|
|
|
$
|
2,247,455
|
|
|
$
|
2,472,938
|
|
|
$
|
2,402,495
|
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||
|
|
|
Fair Value
|
|
% of Debt
Portfolio
|
|
Fair Value
|
|
% of Debt
Portfolio
|
||||||
|
Fixed rate debt securities
|
|
$
|
374,735
|
|
|
18.21
|
%
|
|
$
|
507,027
|
|
|
22.51
|
%
|
|
Floating rate debt securities, including subordinated notes of SLF JV I
|
|
1,682,863
|
|
|
81.79
|
|
|
1,745,136
|
|
|
77.49
|
|
||
|
Total
|
|
$
|
2,057,598
|
|
|
100.00
|
%
|
|
$
|
2,252,163
|
|
|
100.00
|
%
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,771,641
|
|
|
$
|
1,771,641
|
|
|
Investments in debt securities (subordinated, including subordinated notes of SLF JV I)
|
|
—
|
|
|
—
|
|
|
285,957
|
|
|
285,957
|
|
||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
49,927
|
|
|
49,927
|
|
||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
139,930
|
|
|
139,930
|
|
||||
|
Total investments at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,247,455
|
|
|
$
|
2,247,455
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
18,551
|
|
|
18,551
|
|
||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,551
|
|
|
$
|
18,551
|
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,893,135
|
|
|
$
|
1,893,135
|
|
|
Investments in debt securities (subordinated, including subordinated notes of SLF JV I)
|
|
—
|
|
|
—
|
|
|
359,028
|
|
|
359,028
|
|
||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
30,806
|
|
|
30,806
|
|
||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
119,526
|
|
|
119,526
|
|
||||
|
Total investments at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,402,495
|
|
|
$
|
2,402,495
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
21,182
|
|
|
21,182
|
|
||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,182
|
|
|
$
|
21,182
|
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including subordinated notes of SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity (including LLC equity interests of SLF JV I)
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of March 31, 2016
|
|
$
|
1,800,988
|
|
|
$
|
292,195
|
|
|
$
|
36,437
|
|
|
$
|
125,513
|
|
|
$
|
2,255,133
|
|
|
$
|
18,521
|
|
|
New investments & net revolver activity
|
|
222,892
|
|
|
1,251
|
|
|
16,129
|
|
|
28,876
|
|
|
269,148
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(242,531
|
)
|
|
(2,000
|
)
|
|
—
|
|
|
(1,978
|
)
|
|
(246,509
|
)
|
|
(344
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
1,298
|
|
|
778
|
|
|
578
|
|
|
—
|
|
|
2,654
|
|
|
—
|
|
||||||
|
Accretion of original issue discount
|
|
870
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
870
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
96
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
33,008
|
|
|
(6,280
|
)
|
|
(3,217
|
)
|
|
(12,647
|
)
|
|
10,864
|
|
|
—
|
|
||||||
|
Net unrealized appreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
374
|
|
||||||
|
Realized gain (loss) on investments
|
|
(44,980
|
)
|
|
—
|
|
|
—
|
|
|
166
|
|
|
(44,814
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2016
|
|
$
|
1,771,641
|
|
|
$
|
285,957
|
|
|
$
|
49,927
|
|
|
$
|
139,930
|
|
|
$
|
2,247,455
|
|
|
$
|
18,551
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held at June 30, 2016 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended June 30, 2016
|
|
$
|
(12,863
|
)
|
|
$
|
(5,233
|
)
|
|
$
|
(3,217
|
)
|
|
$
|
(12,647
|
)
|
|
$
|
(33,960
|
)
|
|
$
|
374
|
|
|
|
|
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 March 31, 2015
|
|
$
|
2,033,631
|
|
|
$
|
315,184
|
|
|
$
|
28,901
|
|
|
$
|
28,425
|
|
|
$
|
132,002
|
|
|
$
|
2,538,143
|
|
|
$
|
22,248
|
|
|
New investments & net revolver activity
|
|
190,519
|
|
|
34,261
|
|
|
—
|
|
|
630
|
|
|
1,378
|
|
|
226,788
|
|
|
—
|
|
|||||||
|
Redemptions/repayments
|
|
(383,735
|
)
|
|
(12,860
|
)
|
|
—
|
|
|
(631
|
)
|
|
(23,880
|
)
|
|
(421,106
|
)
|
|
(225
|
)
|
|||||||
|
Net accrual of PIK interest income
|
|
450
|
|
|
840
|
|
|
—
|
|
|
466
|
|
|
—
|
|
|
1,756
|
|
|
—
|
|
|||||||
|
Accretion of original issue discount
|
|
335
|
|
|
747
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,082
|
|
|
—
|
|
|||||||
|
Net change in unearned income
|
|
510
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
567
|
|
|
—
|
|
|||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
6,771
|
|
|
(10,566
|
)
|
|
446
|
|
|
1,568
|
|
|
214
|
|
|
(1,567
|
)
|
|
—
|
|
|||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79
|
)
|
|||||||
|
Realized gain (loss) on investments
|
|
(8,957
|
)
|
|
85
|
|
|
—
|
|
|
516
|
|
|
(1,896
|
)
|
|
(10,252
|
)
|
|
—
|
|
|||||||
|
Fair value as of June 30, 2015
|
|
$
|
1,839,524
|
|
|
$
|
327,748
|
|
|
$
|
29,347
|
|
|
$
|
30,974
|
|
|
$
|
107,818
|
|
|
$
|
2,335,411
|
|
|
$
|
21,944
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held at June 30, 2015 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended June 30, 2015
|
|
$
|
(2,437
|
)
|
|
$
|
(10,571
|
)
|
|
$
|
446
|
|
|
$
|
1,579
|
|
|
$
|
2,691
|
|
|
$
|
(8,292
|
)
|
|
$
|
(79
|
)
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including subordinated notes of SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity (including LLC equity interests of SLF JV I)
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2015
|
|
$
|
1,893,135
|
|
|
$
|
359,028
|
|
|
$
|
30,806
|
|
|
$
|
119,526
|
|
|
$
|
2,402,495
|
|
|
$
|
21,182
|
|
|
New investments & net revolver activity
|
|
634,122
|
|
|
17,146
|
|
|
22,074
|
|
|
39,053
|
|
|
712,395
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(670,496
|
)
|
|
(56,355
|
)
|
|
(761
|
)
|
|
(7,281
|
)
|
|
(734,893
|
)
|
|
(2,498
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
4,229
|
|
|
2,637
|
|
|
1,621
|
|
|
—
|
|
|
8,487
|
|
|
—
|
|
||||||
|
Accretion of original issue discount
|
|
2,821
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,821
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
378
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
438
|
|
|
—
|
|
||||||
|
Net unrealized depreciation on investments
|
|
(27,134
|
)
|
|
(36,559
|
)
|
|
(3,813
|
)
|
|
(6,669
|
)
|
|
(74,175
|
)
|
|
—
|
|
||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(133
|
)
|
||||||
|
Realized loss on investments
|
|
(65,414
|
)
|
|
—
|
|
|
—
|
|
|
(4,699
|
)
|
|
(70,113
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2016
|
|
$
|
1,771,641
|
|
|
$
|
285,957
|
|
|
$
|
49,927
|
|
|
$
|
139,930
|
|
|
$
|
2,247,455
|
|
|
$
|
18,551
|
|
|
Net unrealized depreciation relating to Level 3 assets and liabilities still held at June 30, 2016 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the nine months ended June 30, 2016
|
|
$
|
(88,271
|
)
|
|
$
|
(35,697
|
)
|
|
$
|
(3,813
|
)
|
|
$
|
(6,189
|
)
|
|
$
|
(133,970
|
)
|
|
$
|
(133
|
)
|
|
|
|
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
|
|
1,053,213
|
|
|
61,264
|
|
|
—
|
|
|
3,118
|
|
|
15,521
|
|
|
1,133,116
|
|
|
—
|
|
|||||||
|
Redemptions/repayments
|
|
(1,158,362
|
)
|
|
(52,825
|
)
|
|
—
|
|
|
(631
|
)
|
|
(28,601
|
)
|
|
(1,240,419
|
)
|
|
(62,548
|
)
|
|||||||
|
Net accrual of PIK interest income
|
|
3,925
|
|
|
3,323
|
|
|
—
|
|
|
1,366
|
|
|
—
|
|
|
8,614
|
|
|
—
|
|
|||||||
|
Accretion of original issue discount
|
|
5,445
|
|
|
747
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,192
|
|
|
—
|
|
|||||||
|
Net change in unearned income
|
|
978
|
|
|
324
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,302
|
|
|
—
|
|
|||||||
|
Net unrealized depreciation on investments
|
|
(9,938
|
)
|
|
(29,025
|
)
|
|
(153
|
)
|
|
1,308
|
|
|
(2,875
|
)
|
|
(40,683
|
)
|
|
—
|
|
|||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(184
|
)
|
|||||||
|
Realized gain (loss) on investments
|
|
(27,825
|
)
|
|
85
|
|
|
—
|
|
|
(656
|
)
|
|
(229
|
)
|
|
(28,625
|
)
|
|
—
|
|
|||||||
|
Realized gain on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|||||||
|
Fair value as of June 30, 2015
|
|
$
|
1,839,524
|
|
|
$
|
327,748
|
|
|
$
|
29,347
|
|
|
$
|
30,974
|
|
|
$
|
107,818
|
|
|
$
|
2,335,411
|
|
|
$
|
21,944
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held at June 30, 2015 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the nine months ended June 30, 2015
|
|
$
|
(20,367
|
)
|
|
$
|
(27,954
|
)
|
|
$
|
(153
|
)
|
|
$
|
2,232
|
|
|
$
|
8,019
|
|
|
$
|
(38,223
|
)
|
|
$
|
(75
|
)
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
1,121,848
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.7%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(6.0)%
|
-
|
8.5%
|
|
1.1%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.2%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.8)%
|
-
|
5.8%
|
|
0.1%
|
||
|
|
|
22,904
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
18.0%
|
-
|
24.0%
|
|
20.7%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
2.0%
|
-
|
10.0%
|
|
4.4%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
43.1%
|
-
|
43.1%
|
|
43.1%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
(b)
|
0.7x
|
-
|
6.2x
|
|
3.2x
|
||
|
|
|
302,300
|
|
|
Transactions precedent approach
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
324,589
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
153,689
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium (discount)
|
|
(a)
|
(2.4)%
|
-
|
3.3%
|
|
2.2%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.0%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.0)%
|
-
|
1.1%
|
|
0.3%
|
||
|
|
|
1,228
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
13.0%
|
-
|
13.0%
|
|
13.0%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(13.9)%
|
-
|
(13.9)%
|
|
(13.9)%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
(b)
|
1.3x
|
-
|
1.3x
|
|
1.3x
|
||
|
SLF JV I subordinated debt
|
|
131,040
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk discount
|
|
(a)
|
(1.0)%
|
-
|
(1.0)%
|
|
(1.0)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
0.5%
|
-
|
0.5%
|
|
0.5%
|
||
|
SLF JV I equity
|
|
12,297
|
|
|
Net asset value
|
|
Net asset value
|
|
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
177,560
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
7.0%
|
-
|
30.0%
|
|
14.5%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
1.0%
|
-
|
15.0%
|
|
2.3%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
1.0%
|
-
|
128.2%
|
|
26.1%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
(b)
|
0.7x
|
-
|
18.0x
|
|
7.5x
|
||
|
Total
|
|
$
|
2,247,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c) |
|||||
|
Secured borrowings
|
|
$
|
18,551
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
1.0%
|
|
0.8%
|
|
|
|
|
|
|
|
Tranche specific risk discount
|
|
(a)
|
(4.5)%
|
-
|
(0.5)%
|
|
(1.2)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
0.9%
|
-
|
0.9%
|
|
0.9%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total
|
|
$
|
18,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
Used when there is an observable transaction or pending event for the investment.
|
|
(e)
|
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. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors 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
|
|
$
|
1,544,898
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.6%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(3.5)%
|
-
|
8.5%
|
|
1.9%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.1%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(2.2)%
|
-
|
7.3%
|
|
(0.5)%
|
||
|
|
|
55,521
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
20.0%
|
-
|
27.0%
|
|
23.7%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
5.0%
|
-
|
15.0%
|
|
9.4%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(29.3)%
|
-
|
30.8%
|
|
(1.7)%
|
||
|
|
|
292,716
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
222,445
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium
|
|
(a)
|
0.7%
|
-
|
8.2%
|
|
3.7%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
1.0%
|
-
|
2.0%
|
|
1.1%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(2.2)%
|
-
|
0.6%
|
|
(0.4)%
|
||
|
|
|
7,666
|
|
|
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
|
|
|
(12.7)%
|
-
|
(12.7)%
|
|
(12.7)%
|
||
|
|
|
|
|
|
|
EBITDA multiple
|
|
(b)
|
11.7x
|
-
|
11.7x
|
|
11.7x
|
||
|
SLF JV I subordinated debt
|
|
128,917
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk discount
|
|
(a)
|
(1.0)%
|
-
|
(1.0)%
|
|
(1.0)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
(1.9)%
|
-
|
(1.9)%
|
|
(1.9)%
|
||
|
SLF JV I equity
|
|
12,205
|
|
|
Net asset value
|
|
Net asset value
|
|
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
138,127
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
6.0%
|
-
|
29.0%
|
|
14.1%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
1.0%
|
-
|
15.0%
|
|
2.4%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
1.8%
|
-
|
131.4%
|
|
26.1%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
(b)
|
1.4x
|
-
|
29.8x
|
|
7.9x
|
||
|
Total
|
|
$
|
2,402,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c) |
|||||
|
Secured borrowings
|
|
$
|
21,182
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
1.0%
|
|
0.8%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(3.5)%
|
-
|
0.5%
|
|
(0.3)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
0.6%
|
-
|
0.6%
|
|
0.6%
|
||
|
Total
|
|
$
|
21,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by the Company, including financial performance, recent business developments and various other factors.
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facilities payable
|
|
$
|
568,295
|
|
|
$
|
568,295
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
568,295
|
|
|
SBA debentures payable
|
|
225,000
|
|
|
208,125
|
|
|
—
|
|
|
—
|
|
|
208,125
|
|
|||||
|
Unsecured notes payable
|
|
410,519
|
|
|
410,921
|
|
|
—
|
|
|
163,421
|
|
|
247,500
|
|
|||||
|
Total
|
|
$
|
1,203,814
|
|
|
$
|
1,187,341
|
|
|
$
|
—
|
|
|
$
|
163,421
|
|
|
$
|
1,023,920
|
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facilities payable
|
|
$
|
427,295
|
|
|
$
|
427,295
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
427,295
|
|
|
SBA debentures payable
|
|
225,000
|
|
|
202,336
|
|
|
—
|
|
|
—
|
|
|
202,336
|
|
|||||
|
Unsecured convertible notes payable
|
|
115,000
|
|
|
116,581
|
|
|
—
|
|
|
—
|
|
|
116,581
|
|
|||||
|
Unsecured notes payable
|
|
410,320
|
|
|
419,053
|
|
|
—
|
|
|
160,178
|
|
|
258,875
|
|
|||||
|
Total
|
|
$
|
1,177,615
|
|
|
$
|
1,165,265
|
|
|
$
|
—
|
|
|
$
|
160,178
|
|
|
$
|
1,005,087
|
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
1,847,659
|
|
|
77.24
|
%
|
|
$
|
1,942,019
|
|
|
78.54
|
%
|
|
Subordinated debt
|
|
218,235
|
|
|
9.12
|
|
|
269,709
|
|
|
10.90
|
|
||
|
Subordinated notes of SLF JV I
|
|
144,841
|
|
|
6.06
|
|
|
129,879
|
|
|
5.25
|
|
||
|
LLC equity interests of SLF JV I
|
|
16,093
|
|
|
0.67
|
|
|
14,431
|
|
|
0.58
|
|
||
|
Purchased equity
|
|
85,796
|
|
|
3.59
|
|
|
89,976
|
|
|
3.64
|
|
||
|
Equity grants
|
|
54,702
|
|
|
2.29
|
|
|
4,385
|
|
|
0.18
|
|
||
|
Limited partnership interests
|
|
24,747
|
|
|
1.03
|
|
|
22,539
|
|
|
0.91
|
|
||
|
Total
|
|
$
|
2,392,073
|
|
|
100.00
|
%
|
|
$
|
2,472,938
|
|
|
100.00
|
%
|
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
1,771,641
|
|
|
78.83
|
%
|
|
$
|
1,893,135
|
|
|
78.80
|
%
|
|
Subordinated debt
|
|
154,917
|
|
|
6.89
|
|
|
230,111
|
|
|
9.58
|
|
||
|
Subordinated notes of SLF JV I
|
|
131,040
|
|
|
5.83
|
|
|
128,917
|
|
|
5.37
|
|
||
|
LLC equity interests of SLF JV I
|
|
12,297
|
|
|
0.55
|
|
|
12,205
|
|
|
0.51
|
|
||
|
Purchased equity
|
|
104,814
|
|
|
4.66
|
|
|
106,130
|
|
|
4.42
|
|
||
|
Equity grants
|
|
48,422
|
|
|
2.15
|
|
|
9,855
|
|
|
0.41
|
|
||
|
Limited partnership interests
|
|
24,324
|
|
|
1.09
|
|
|
22,142
|
|
|
0.91
|
|
||
|
Total
|
|
$
|
2,247,455
|
|
|
100.00
|
%
|
|
$
|
2,402,495
|
|
|
100.00
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
732,793
|
|
|
30.64
|
%
|
|
$
|
777,847
|
|
|
31.45
|
%
|
|
West U.S.
|
|
495,241
|
|
|
20.70
|
|
|
412,038
|
|
|
16.66
|
|
||
|
Southwest U.S.
|
|
398,205
|
|
|
16.65
|
|
|
480,743
|
|
|
19.44
|
|
||
|
Midwest U.S.
|
|
360,694
|
|
|
15.08
|
|
|
329,383
|
|
|
13.32
|
|
||
|
Southeast U.S.
|
|
296,925
|
|
|
12.41
|
|
|
357,108
|
|
|
14.44
|
|
||
|
International
|
|
108,215
|
|
|
4.52
|
|
|
115,819
|
|
|
4.69
|
|
||
|
Total
|
|
$
|
2,392,073
|
|
|
100.00
|
%
|
|
$
|
2,472,938
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
647,653
|
|
|
28.81
|
%
|
|
$
|
738,237
|
|
|
30.73
|
%
|
|
West U.S.
|
|
471,500
|
|
|
20.98
|
|
|
412,314
|
|
|
17.16
|
|
||
|
Southwest U.S.
|
|
401,073
|
|
|
17.85
|
|
|
461,930
|
|
|
19.23
|
|
||
|
Midwest U.S.
|
|
311,878
|
|
|
13.88
|
|
|
304,799
|
|
|
12.69
|
|
||
|
Southeast U.S.
|
|
309,049
|
|
|
13.75
|
|
|
366,636
|
|
|
15.26
|
|
||
|
International
|
|
106,302
|
|
|
4.73
|
|
|
118,579
|
|
|
4.93
|
|
||
|
Total
|
|
$
|
2,247,455
|
|
|
100.00
|
%
|
|
$
|
2,402,495
|
|
|
100.00
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Internet software & services
|
|
$
|
392,337
|
|
|
16.41
|
%
|
|
$
|
292,769
|
|
|
11.84
|
%
|
|
Healthcare services
|
|
375,368
|
|
|
15.69
|
|
|
513,505
|
|
|
20.76
|
|
||
|
Advertising
|
|
178,293
|
|
|
7.45
|
|
|
144,633
|
|
|
5.85
|
|
||
|
Multi-sector holdings
|
|
177,159
|
|
|
7.41
|
|
|
157,165
|
|
|
6.36
|
|
||
|
Healthcare equipment
|
|
118,787
|
|
|
4.97
|
|
|
70,738
|
|
|
2.86
|
|
||
|
Education services
|
|
90,588
|
|
|
3.79
|
|
|
109,993
|
|
|
4.45
|
|
||
|
Diversified support services
|
|
85,980
|
|
|
3.59
|
|
|
84,961
|
|
|
3.44
|
|
||
|
Integrated telecommunication services
|
|
82,460
|
|
|
3.45
|
|
|
87,734
|
|
|
3.55
|
|
||
|
Airlines
|
|
79,917
|
|
|
3.34
|
|
|
89,578
|
|
|
3.62
|
|
||
|
Data processing & outsourced services
|
|
78,918
|
|
|
3.30
|
|
|
80,385
|
|
|
3.25
|
|
||
|
Construction & engineering
|
|
62,220
|
|
|
2.60
|
|
|
39,969
|
|
|
1.62
|
|
||
|
Research & consulting services
|
|
60,834
|
|
|
2.54
|
|
|
49,525
|
|
|
2.00
|
|
||
|
Pharmaceuticals
|
|
59,466
|
|
|
2.49
|
|
|
61,695
|
|
|
2.49
|
|
||
|
Environmental & facilities services
|
|
54,131
|
|
|
2.26
|
|
|
79,431
|
|
|
3.21
|
|
||
|
IT consulting & other services
|
|
51,787
|
|
|
2.16
|
|
|
51,547
|
|
|
2.08
|
|
||
|
Specialty stores
|
|
47,131
|
|
|
1.97
|
|
|
58,692
|
|
|
2.37
|
|
||
|
Industrial machinery
|
|
46,478
|
|
|
1.94
|
|
|
47,210
|
|
|
1.91
|
|
||
|
Oil & gas equipment services
|
|
39,940
|
|
|
1.67
|
|
|
63,561
|
|
|
2.57
|
|
||
|
Leisure facilities
|
|
36,630
|
|
|
1.53
|
|
|
33,084
|
|
|
1.34
|
|
||
|
Household products
|
|
36,374
|
|
|
1.52
|
|
|
36,405
|
|
|
1.47
|
|
||
|
Application software
|
|
33,683
|
|
|
1.41
|
|
|
49,403
|
|
|
2.00
|
|
||
|
Air freight and logistics
|
|
30,387
|
|
|
1.27
|
|
|
27,622
|
|
|
1.12
|
|
||
|
Consumer electronics
|
|
25,095
|
|
|
1.05
|
|
|
26,121
|
|
|
1.06
|
|
||
|
Home improvement retail
|
|
24,685
|
|
|
1.03
|
|
|
26,225
|
|
|
1.06
|
|
||
|
Food distributors
|
|
17,717
|
|
|
0.74
|
|
|
17,825
|
|
|
0.72
|
|
||
|
Auto parts & equipment
|
|
16,643
|
|
|
0.70
|
|
|
16,500
|
|
|
0.67
|
|
||
|
Apparel, accessories & luxury goods
|
|
15,629
|
|
|
0.65
|
|
|
23,844
|
|
|
0.96
|
|
||
|
Other diversified financial services
|
|
15,539
|
|
|
0.65
|
|
|
15,523
|
|
|
0.63
|
|
||
|
Security & alarm services
|
|
13,268
|
|
|
0.55
|
|
|
22,332
|
|
|
0.90
|
|
||
|
Healthcare technology
|
|
11,447
|
|
|
0.48
|
|
|
7,886
|
|
|
0.32
|
|
||
|
Food retail
|
|
10,870
|
|
|
0.45
|
|
|
10,855
|
|
|
0.44
|
|
||
|
Thrift & mortgage finance
|
|
8,522
|
|
|
0.36
|
|
|
9,684
|
|
|
0.39
|
|
||
|
Commercial printing
|
|
7,158
|
|
|
0.30
|
|
|
—
|
|
|
—
|
|
||
|
Specialized consumer services
|
|
6,371
|
|
|
0.27
|
|
|
16,459
|
|
|
0.67
|
|
||
|
Human resources & employment services
|
|
261
|
|
|
0.01
|
|
|
15,636
|
|
|
0.63
|
|
||
|
Leisure products
|
|
—
|
|
|
—
|
|
|
34,443
|
|
|
1.39
|
|
||
|
Total
|
|
$
|
2,392,073
|
|
|
100.00
|
%
|
|
$
|
2,472,938
|
|
|
100.00
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Healthcare services
|
|
$
|
355,048
|
|
|
15.77
|
%
|
|
$
|
511,427
|
|
|
21.29
|
%
|
|
Internet software & services
|
|
353,445
|
|
|
15.73
|
|
|
276,415
|
|
|
11.51
|
|
||
|
Advertising
|
|
174,073
|
|
|
7.75
|
|
|
145,373
|
|
|
6.05
|
|
||
|
Multi-sector holdings
|
|
158,756
|
|
|
7.06
|
|
|
153,659
|
|
|
6.39
|
|
||
|
Healthcare equipment
|
|
117,512
|
|
|
5.23
|
|
|
70,690
|
|
|
2.94
|
|
||
|
Diversified support services
|
|
82,697
|
|
|
3.68
|
|
|
84,715
|
|
|
3.53
|
|
||
|
Airlines
|
|
79,601
|
|
|
3.54
|
|
|
92,211
|
|
|
3.84
|
|
||
|
Education services
|
|
78,167
|
|
|
3.48
|
|
|
98,014
|
|
|
4.08
|
|
||
|
Integrated telecommunication services
|
|
77,479
|
|
|
3.45
|
|
|
87,353
|
|
|
3.64
|
|
||
|
Data processing & outsourced services
|
|
74,276
|
|
|
3.30
|
|
|
77,213
|
|
|
3.21
|
|
||
|
Research & consulting services
|
|
60,717
|
|
|
2.70
|
|
|
49,511
|
|
|
2.06
|
|
||
|
Pharmaceuticals
|
|
60,153
|
|
|
2.68
|
|
|
62,474
|
|
|
2.60
|
|
||
|
Construction & engineering
|
|
55,870
|
|
|
2.49
|
|
|
43,666
|
|
|
1.82
|
|
||
|
Environmental & facilities services
|
|
55,614
|
|
|
2.47
|
|
|
79,450
|
|
|
3.31
|
|
||
|
Industrial machinery
|
|
51,374
|
|
|
2.29
|
|
|
51,681
|
|
|
2.15
|
|
||
|
IT consulting & other services
|
|
50,991
|
|
|
2.27
|
|
|
50,680
|
|
|
2.11
|
|
||
|
Specialty stores
|
|
46,676
|
|
|
2.08
|
|
|
57,847
|
|
|
2.41
|
|
||
|
Leisure facilities
|
|
37,200
|
|
|
1.66
|
|
|
34,506
|
|
|
1.44
|
|
||
|
Application software
|
|
36,326
|
|
|
1.62
|
|
|
54,090
|
|
|
2.25
|
|
||
|
Oil & gas equipment services
|
|
27,613
|
|
|
1.23
|
|
|
42,382
|
|
|
1.76
|
|
||
|
Leisure products
|
|
27,463
|
|
|
1.22
|
|
|
45,180
|
|
|
1.88
|
|
||
|
Home improvement retail
|
|
26,653
|
|
|
1.19
|
|
|
27,005
|
|
|
1.12
|
|
||
|
Consumer electronics
|
|
25,181
|
|
|
1.12
|
|
|
26,050
|
|
|
1.08
|
|
||
|
Auto parts & equipment
|
|
17,766
|
|
|
0.79
|
|
|
18,507
|
|
|
0.77
|
|
||
|
Food distributors
|
|
17,541
|
|
|
0.78
|
|
|
17,970
|
|
|
0.75
|
|
||
|
Other diversified financial services
|
|
15,439
|
|
|
0.69
|
|
|
15,893
|
|
|
0.66
|
|
||
|
Apparel, accessories & luxury goods
|
|
14,704
|
|
|
0.65
|
|
|
22,443
|
|
|
0.93
|
|
||
|
Security & alarm services
|
|
13,258
|
|
|
0.59
|
|
|
22,005
|
|
|
0.92
|
|
||
|
Healthcare technology
|
|
10,669
|
|
|
0.47
|
|
|
7,800
|
|
|
0.32
|
|
||
|
Food retail
|
|
10,560
|
|
|
0.47
|
|
|
10,973
|
|
|
0.46
|
|
||
|
Thrift & mortgage finance
|
|
8,904
|
|
|
0.40
|
|
|
9,604
|
|
|
0.40
|
|
||
|
Commercial printing
|
|
7,159
|
|
|
0.32
|
|
|
—
|
|
|
—
|
|
||
|
Air freight and logistics
|
|
6,937
|
|
|
0.31
|
|
|
10,268
|
|
|
0.43
|
|
||
|
Specialized consumer services
|
|
6,460
|
|
|
0.29
|
|
|
16,525
|
|
|
0.69
|
|
||
|
Household products
|
|
4,901
|
|
|
0.22
|
|
|
12,699
|
|
|
0.53
|
|
||
|
Human resources & employment services
|
|
272
|
|
|
0.01
|
|
|
16,216
|
|
|
0.67
|
|
||
|
Total
|
|
$
|
2,247,455
|
|
|
100.00
|
%
|
|
$
|
2,402,495
|
|
|
100.00
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
|
Senior secured loans (1)
|
|
$357,065
|
|
$395,193
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.76%
|
|
7.99%
|
|
Number of borrowers in SLF JV I
|
|
37
|
|
34
|
|
Largest exposure to a single borrower (1)
|
|
$19,825
|
|
$30,000
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$96,669
|
|
$118,584
|
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
AccentCare, Inc.
|
|
Healthcare services
|
|
First Lien
|
|
9/3/2021
|
|
LIBOR+5.75% (1% floor)
|
|
$
|
4,937
|
|
|
$
|
4,865
|
|
|
$
|
4,851
|
|
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
9,177
|
|
|
9,150
|
|
|
8,819
|
|
|||
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,690
|
|
|
8,713
|
|
|
8,652
|
|
|||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
5,845
|
|
|
5,836
|
|
|
5,845
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
315
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
3,121
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
5,845
|
|
|
11,612
|
|
|
9,281
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
17,210
|
|
|
17,036
|
|
|
16,990
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,238
|
|
|
3,206
|
|
|
3,143
|
|
|||
|
|
|
|
|
First Lien
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,850
|
|
|
9,707
|
|
|
9,154
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
13,088
|
|
|
12,913
|
|
|
12,297
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,501
|
|
|
2,496
|
|
|
2,501
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,565
|
|
|
4,512
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,758
|
|
|
9,814
|
|
|
9,771
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,601
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
19,285
|
|
|
18,973
|
|
|
18,631
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
6/15/2017
|
|
LIBOR+6.75% (1% floor)
|
|
4,975
|
|
|
4,930
|
|
|
4,904
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
6,029
|
|
|
6,004
|
|
|
5,984
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,500
|
|
|
9,521
|
|
|
9,329
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,500
|
|
|
9,383
|
|
|
9,328
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
19,000
|
|
|
18,904
|
|
|
18,657
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8,324
|
|
|
8,324
|
|
|
3,146
|
|
|||
|
Language Line, LLC (3)
|
|
Integrated telecommunication services
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5.5% (1% floor)
|
|
17,758
|
|
|
17,774
|
|
|
17,780
|
|
|||
|
Legalzoom.com, Inc. (3)
|
|
Specialized consumer services
|
|
First Lien
|
|
5/13/2020
|
|
LIBOR+7% (1% floor)
|
|
19,825
|
|
|
19,435
|
|
|
19,629
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,171
|
|
|
19,140
|
|
|
18,878
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
First Lien
|
|
9/7/2016
|
|
LIBOR+5.25% (1% floor)
|
|
11,941
|
|
|
11,938
|
|
|
11,877
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+6.5% (1% floor)
|
|
10,156
|
|
|
10,015
|
|
|
9,380
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,594
|
|
|
4,512
|
|
|
4,523
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,992
|
|
|
2,986
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,485
|
|
|
4,471
|
|
|
4,516
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,119
|
|
|
1,109
|
|
|
1,107
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
8,604
|
|
|
8,572
|
|
|
8,609
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
1,311
|
|
|
1,256
|
|
|
1,291
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
7,212
|
|
|
7,122
|
|
|
6,950
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,904
|
|
|
10,661
|
|
|||
|
OnCourse Learning Corporation (3)
|
|
Education services
|
|
First Lien
|
|
2/28/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,388
|
|
|
19,369
|
|
|
18,774
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien
|
|
9/30/2018
|
|
LIBOR+7.5%
|
|
7,843
|
|
|
7,767
|
|
|
7,812
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
4,478
|
|
|
4,436
|
|
|
4,455
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
4,760
|
|
|
4,548
|
|
|
4,376
|
|
|||
|
Too Faced Cosmetics, LLC
|
|
Personal products
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5% (1% floor)
|
|
1,144
|
|
|
1,031
|
|
|
1,133
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
7,868
|
|
|||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+4.5% (1% floor)
|
|
13,319
|
|
|
13,214
|
|
|
13,318
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,825
|
|
|
9,649
|
|
|
9,751
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
14,925
|
|
|
14,720
|
|
|
15,067
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,875
|
|
|
4,875
|
|
|
4,684
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,687
|
|
|
2,664
|
|
|
2,673
|
|
|||
|
Worley Clams Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,950
|
|
|
9,905
|
|
|
9,900
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
357,065
|
|
|
$
|
360,207
|
|
|
$
|
348,986
|
|
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
$
|
9,722
|
|
|
$
|
9,683
|
|
|
$
|
9,697
|
|
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,756
|
|
|
8,782
|
|
|
8,712
|
|
|||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
6/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,625
|
|
|
19,287
|
|
|
17,748
|
|
|||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
First Lien
|
|
5/4/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
7,062
|
|
|
7,046
|
|
|
7,057
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
9,950
|
|
|
9,858
|
|
|
9,839
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,369
|
|
|
3,330
|
|
|
3,263
|
|
|||
|
|
|
|
|
First Lien
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,925
|
|
|
9,762
|
|
|
9,590
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
13,294
|
|
|
13,092
|
|
|
12,853
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,583
|
|
|
2,584
|
|
|
2,577
|
|
|||
|
Digicert, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
6/2/2020
|
|
LIBOR+8.25% (1% floor)
|
|
8,750
|
|
|
8,686
|
|
|
8,750
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
9,937
|
|
|
9,985
|
|
|
9,938
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,972
|
|
|
10,040
|
|
|
9,921
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+7.75% (1% floor)
|
|
10,600
|
|
|
10,603
|
|
|
10,596
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
19,850
|
|
|
19,850
|
|
|
19,627
|
|
|||
|
First Choice ER, LLC (3)
|
|
Healthcare services
|
|
First Lien
|
|
10/31/2018
|
|
LIBOR+7.5% (1% floor)
|
|
30,000
|
|
|
30,082
|
|
|
30,295
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
6,145
|
|
|
6,145
|
|
|
6,099
|
|
|||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
First Lien
|
|
5/30/2021
|
|
LIBOR+5% (1% floor)
|
|
9,900
|
|
|
9,693
|
|
|
9,813
|
|
|||
|
Idera Inc. (3)
|
|
Internet software & services
|
|
First Lien
|
|
11/5/2020
|
|
LIBOR+5.5% (0.5% floor)
|
|
9,875
|
|
|
9,744
|
|
|
9,875
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,875
|
|
|
9,903
|
|
|
9,662
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,875
|
|
|
9,718
|
|
|
9,769
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
19,750
|
|
|
19,621
|
|
|
19,431
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,185
|
|
|
9,185
|
|
|
8,087
|
|
|||
|
Legalzoom.com, Inc. (3)
|
|
Specialized consumer services
|
|
First Lien
|
|
5/13/2020
|
|
LIBOR+7% (1% floor)
|
|
9,950
|
|
|
9,717
|
|
|
9,883
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,554
|
|
|
19,517
|
|
|
19,218
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
First Lien
|
|
9/7/2016
|
|
LIBOR+5.25% (1% floor)
|
|
12,031
|
|
|
12,017
|
|
|
12,017
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor)
|
|
12,266
|
|
|
12,100
|
|
|
12,138
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,781
|
|
|
4,682
|
|
|
4,730
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
12,843
|
|
|
12,852
|
|
|
12,935
|
|
|||
|
OnCourse Learning Corporation (3)
|
|
Education services
|
|
First Lien
|
|
2/28/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,812
|
|
|
19,787
|
|
|
19,649
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
4,796
|
|
|
4,548
|
|
|
4,760
|
|
|||
|
Too Faced Cosmetics, LLC
|
|
Personal products
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5% (1% floor)
|
|
5,300
|
|
|
5,169
|
|
|
5,300
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
8,344
|
|
|||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+5% (1% floor)
|
|
13,604
|
|
|
13,476
|
|
|
13,417
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,900
|
|
|
9,900
|
|
|
9,885
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,913
|
|
|
4,913
|
|
|
4,839
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,700
|
|
|
2,700
|
|
|
2,686
|
|
|||
|
World50, Inc. (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/30/2017
|
|
LIBOR+8.5% (1% floor)
|
|
10,155
|
|
|
10,033
|
|
|
10,019
|
|
|||
|
Yeti Acquisition, LLC (3)
|
|
Leisure products
|
|
First Lien
|
|
6/15/2017
|
|
LIBOR+7% (1.25% floor)
|
|
20,547
|
|
|
20,511
|
|
|
20,420
|
|
|||
|
|
|
|
|
First Lien
|
|
6/15/2017
|
|
LIBOR+10.25% (1.25% floor) 1% PIK
|
|
8,625
|
|
|
8,630
|
|
|
8,562
|
|
|||
|
Total Yeti Acquisition, LLC
|
|
|
|
|
|
|
|
|
|
29,172
|
|
|
29,141
|
|
|
28,982
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
395,193
|
|
|
$
|
392,978
|
|
|
$
|
389,717
|
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost June 30, 2016: $360,207; cost September 30, 2015: $392,978)
|
|
$
|
348,986
|
|
|
$
|
389,717
|
|
|
Receivables from secured financing arrangements at fair value (cost June 30, 2016: $10,016; cost September 30, 2015: $10,021)
|
|
8,990
|
|
|
9,723
|
|
||
|
Cash and cash equivalents
|
|
29,086
|
|
|
7,354
|
|
||
|
Restricted cash
|
|
6,258
|
|
|
6,126
|
|
||
|
Other assets
|
|
5,674
|
|
|
6,033
|
|
||
|
Total assets
|
|
$
|
398,994
|
|
|
$
|
418,953
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
227,232
|
|
|
$
|
241,572
|
|
|
Payables from unsettled transactions
|
|
—
|
|
|
7,745
|
|
||
|
Subordinated notes payable at fair value (proceeds June 30, 2016: $165,533 and September 30, 2015: $148,433)
|
|
149,760
|
|
|
147,334
|
|
||
|
Other liabilities
|
|
7,948
|
|
|
8,361
|
|
||
|
Total liabilities
|
|
$
|
384,940
|
|
|
$
|
405,012
|
|
|
Members' equity
|
|
14,054
|
|
|
13,941
|
|
||
|
Total liabilities and members' equity
|
|
$
|
398,994
|
|
|
$
|
418,953
|
|
|
|
|
Three months ended June 30, 2016
|
|
Three months ended June 30, 2015
|
|
Nine months ended June 30, 2016
|
|
Nine months ended June 30, 2015
|
||||||||
|
Selected Statements of Operations Information:
|
|
|
|
|
|
|
|
|
||||||||
|
Interest income
|
|
$
|
7,855
|
|
|
$
|
5,839
|
|
|
$
|
22,722
|
|
|
$
|
14,599
|
|
|
Other income
|
|
36
|
|
|
196
|
|
|
472
|
|
|
819
|
|
||||
|
Total investment income
|
|
7,891
|
|
|
6,035
|
|
|
23,194
|
|
|
15,418
|
|
||||
|
Interest expense
|
|
6,085
|
|
|
3,296
|
|
|
17,163
|
|
|
8,725
|
|
||||
|
Other expenses
|
|
120
|
|
|
182
|
|
|
364
|
|
|
316
|
|
||||
|
Total expenses (1)
|
|
6,205
|
|
|
3,478
|
|
|
17,527
|
|
|
9,041
|
|
||||
|
Net unrealized appreciation
|
|
7,446
|
|
|
510
|
|
|
5,774
|
|
|
660
|
|
||||
|
Net realized loss
|
|
(7,755
|
)
|
|
(3
|
)
|
|
(7,755
|
)
|
|
(243
|
)
|
||||
|
Net income
|
|
$
|
1,377
|
|
|
$
|
3,064
|
|
|
$
|
3,686
|
|
|
$
|
6,794
|
|
|
(Share amounts in thousands)
|
|
Three months
ended June 30, 2016 |
|
Three months
ended June 30, 2015
(revised) (1)
|
|
Nine months
ended June 30, 2016 (1) |
|
Nine months
ended June 30, 2015
(revised) (1)
|
||||||||
|
Earnings (loss) per common share — basic:
|
|
|
|
|
|
|
|
|
||||||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(5,218
|
)
|
|
$
|
20,511
|
|
|
$
|
(63,123
|
)
|
|
$
|
17,784
|
|
|
Weighted average common shares outstanding — basic
|
|
145,569
|
|
|
153,340
|
|
|
148,354
|
|
|
153,340
|
|
||||
|
Earnings (loss) per common share — basic
|
|
$
|
(0.04
|
)
|
|
$
|
0.13
|
|
|
$
|
(0.43
|
)
|
|
$
|
0.12
|
|
|
Earnings (loss) per common share — diluted:
|
|
|
|
|
|
|
|
|
||||||||
|
Net increase (decrease) in net assets resulting from operations, before adjustments
|
|
$
|
(5,218
|
)
|
|
$
|
20,511
|
|
|
$
|
(63,123
|
)
|
|
$
|
17,784
|
|
|
Adjustments for interest on convertible notes, base management fees and incentive fees
|
|
—
|
|
|
1,373
|
|
|
—
|
|
|
4,094
|
|
||||
|
Net increase (decrease) in net assets resulting from operations, as adjusted
|
|
$
|
(5,218
|
)
|
|
$
|
21,884
|
|
|
$
|
(63,123
|
)
|
|
$
|
21,878
|
|
|
Weighted average common shares outstanding — basic
|
|
145,569
|
|
|
153,340
|
|
|
148,354
|
|
|
153,340
|
|
||||
|
Adjustments for dilutive effect of convertible notes
|
|
—
|
|
|
7,790
|
|
|
5,231
|
|
|
7,790
|
|
||||
|
Weighted average common shares outstanding — diluted
|
|
145,569
|
|
|
161,130
|
|
|
153,585
|
|
|
161,130
|
|
||||
|
Earnings (loss) per common share — diluted
|
|
$
|
(0.04
|
)
|
|
$
|
0.13
|
|
|
$
|
(0.43
|
)
|
|
$
|
0.12
|
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value
|
|||
|
August 4, 2015
|
|
October 15, 2015
|
|
October 30, 2015
|
|
$
|
0.06
|
|
|
$ 8.4 million
|
|
106,185
|
|
|
(1)
|
|
$ 0.6 million
|
|
August 4, 2015
|
|
November 16, 2015
|
|
November 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
91,335
|
|
|
(1)
|
|
0.6 million
|
|
|
November 30, 2015
|
|
December 15, 2015
|
|
December 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
99,673
|
|
|
(1)
|
|
0.6 million
|
|
|
November 30, 2015
|
|
January 15, 2016
|
|
January 28, 2016
|
|
0.06
|
|
|
8.4 million
|
|
113,905
|
|
|
(1)
|
|
0.7 million
|
|
|
November 30, 2015
|
|
February 12, 2016
|
|
February 26, 2016
|
|
0.06
|
|
|
8.4 million
|
|
123,342
|
|
|
(1)
|
|
0.6 million
|
|
|
February 8, 2016
|
|
March 15, 2016
|
|
March 31, 2016
|
|
0.06
|
|
|
8.6 million
|
|
86,806
|
|
|
(1)
|
|
0.4 million
|
|
|
February 8, 2016
|
|
April 15, 2016
|
|
April 29, 2016
|
|
0.06
|
|
|
8.2 million
|
|
112,569
|
|
|
(1)
|
|
0.6 million
|
|
|
February 8, 2016
|
|
May 13, 2016
|
|
May 31, 2016
|
|
0.06
|
|
|
8.4 million
|
|
76,432
|
|
|
(1)
|
|
0.4 million
|
|
|
May 5, 2016
|
|
June 15, 2016
|
|
June 30, 2016
|
|
0.06
|
|
|
8.2 million
|
|
108,629
|
|
|
(1)
|
|
0.6 million
|
|
|
Total for the nine months ended June 30, 2016
|
|
$
|
0.54
|
|
|
$ 75.4 million
|
|
918,876
|
|
|
|
|
$ 5.1 million
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value
|
|||
|
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
|
|
|
13.4 million
|
|
79,138
|
|
|
(1)
|
|
0.6 million
|
|
|
February 3, 2015
|
|
March 16, 2015
|
|
March 31, 2015
|
|
0.06
|
|
|
8.8 million
|
|
56,295
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
April 15, 2015
|
|
April 30, 2015
|
|
0.06
|
|
|
8.8 million
|
|
54,818
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
May 15, 2015
|
|
May 29, 2015
|
|
0.06
|
|
|
8.8 million
|
|
60,714
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
June 15, 2015
|
|
June 30, 2015
|
|
0.06
|
|
|
8.8 million
|
|
66,707
|
|
|
(1)
|
|
0.4 million
|
|
|
Total for the nine months ended June 30, 2015
|
|
$
|
0.61
|
|
|
$ 88.7 million
|
|
560,686
|
|
|
|
|
$ 4.2 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
|
|
|
|
|
|
Nine months
ended June 30, 2016 |
|
Nine months
ended June 30, 2015
(revised)
|
||||
|
PIK balance at beginning of period
|
|
$
|
50,678
|
|
|
$
|
39,686
|
|
|
Gross PIK interest accrued
|
|
15,143
|
|
|
16,940
|
|
||
|
PIK income reserves (1)
|
|
(5,176
|
)
|
|
(6,543
|
)
|
||
|
PIK interest received in cash
|
|
(1,480
|
)
|
|
(1,783
|
)
|
||
|
PIK balance at end of period
|
|
$
|
59,165
|
|
|
$
|
48,300
|
|
|
(1)
|
PIK income is generally reserved for when a loan is placed on PIK non-accrual status.
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
|
June 30, 2015
|
||||||||||||||||||||||||||||||||||||
|
|
|
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
|
|
$
|
2,104,327
|
|
|
95.19
|
%
|
|
$
|
2,042,055
|
|
|
99.24
|
%
|
|
$
|
2,226,334
|
|
|
95.08
|
%
|
|
$
|
2,206,418
|
|
|
97.97
|
%
|
|
$
|
2,181,423
|
|
|
96.45
|
%
|
|
$
|
2,162,692
|
|
|
98.46
|
%
|
|
PIK non-accrual (1)
|
|
66,579
|
|
|
3.01
|
|
|
5,550
|
|
|
0.27
|
|
|
66,579
|
|
|
2.84
|
|
|
28,145
|
|
|
1.25
|
|
|
31,453
|
|
|
1.39
|
|
|
15,646
|
|
|
0.71
|
|
||||||
|
Cash non-accrual (1)
|
|
39,829
|
|
|
1.80
|
|
|
9,993
|
|
|
0.49
|
|
|
48,694
|
|
|
2.08
|
|
|
17,600
|
|
|
0.78
|
|
|
48,804
|
|
|
2.16
|
|
|
18,281
|
|
|
0.83
|
|
||||||
|
Total
|
|
$
|
2,210,735
|
|
|
100.00
|
%
|
|
$
|
2,057,598
|
|
|
100.00
|
%
|
|
$
|
2,341,607
|
|
|
100.00
|
%
|
|
$
|
2,252,163
|
|
|
100.00
|
%
|
|
$
|
2,261,680
|
|
|
100.00
|
%
|
|
$
|
2,196,619
|
|
|
100.00
|
%
|
|
(1)
|
PIK non-accrual status is inclusive of other noncash income, where applicable. Cash non-accrual status is inclusive of PIK and other noncash income, where applicable.
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
|
June 30, 2015
|
|||
|
Phoenix Brands Merger Sub LLC - subordinated term loan
|
|
PIK non-accrual (1)
|
|
PIK non-accrual (1)
|
|
PIK non-accrual (1)
|
|||
|
CCCG, LLC
|
|
—
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|||
|
JTC Education, Inc.
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|||
|
Answers Corporation - second lien term loan
|
|
PIK non-accrual (1)
|
|
PIK non-accrual (1)
|
|
—
|
|||
|
QuorumLabs, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Dominion Diagnostics, LLC
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
(1)
|
PIK non-accrual status is inclusive of other noncash income, where applicable. Cash non-accrual status is inclusive of PIK and other noncash income, where applicable.
|
|
|
|
Three months ended
June 30, 2016 |
|
Three months ended
June 30, 2015 |
|
Nine months
ended June 30, 2016 |
|
Nine months
ended June 30, 2015 |
||||||||
|
Cash interest income
|
|
$
|
2,082
|
|
|
$
|
1,827
|
|
|
$
|
6,999
|
|
|
$
|
3,537
|
|
|
PIK interest income
|
|
1,713
|
|
|
1,597
|
|
|
5,176
|
|
|
6,543
|
|
||||
|
OID income
|
|
6,987
|
|
|
—
|
|
|
20,971
|
|
|
583
|
|
||||
|
Total
|
|
$
|
10,782
|
|
|
$
|
3,424
|
|
|
$
|
33,146
|
|
|
$
|
10,663
|
|
|
|
|
Three months ended
June 30, 2016 |
|
Nine months
ended June 30, 2016 |
||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(5,218
|
)
|
|
$
|
(63,123
|
)
|
|
Net unrealized (appreciation) depreciation on investments and secured borrowings
|
|
(10,490
|
)
|
|
74,042
|
|
||
|
Book/tax difference due to loan fees
|
|
(550
|
)
|
|
(4,097
|
)
|
||
|
Book/tax difference due to exit fees
|
|
(429
|
)
|
|
(1,287
|
)
|
||
|
Book/tax difference due to organizational and deferred offering costs
|
|
(22
|
)
|
|
(65
|
)
|
||
|
Book/tax difference due to interest income on certain loans
|
|
10,702
|
|
|
36,897
|
|
||
|
Book/tax difference due to capital losses not recognized
|
|
44,900
|
|
|
73,237
|
|
||
|
Other book-tax differences
|
|
(7,406
|
)
|
|
(16,780
|
)
|
||
|
Taxable/Distributable Income(1)
|
|
$
|
31,487
|
|
|
$
|
98,824
|
|
|
Undistributed ordinary income, net
|
$
|
462
|
|
|
Net realized capital losses
|
(154,653
|
)
|
|
|
Unrealized gains (losses), net
|
(69,838
|
)
|
|
|
•
|
In October 2015, the Company received a cash payment of $23.3 million from Affordable Care, 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 October 2015, the Company received a cash payment of $15.1 million from CoAdvantage Corporation 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. The Company also received an additional $1.3 million in connection with the sale of its equity investment, realizing a gain of $0.7 million;
|
|
•
|
In October 2015, the Company received a cash payment of $119.0 million from First Choice ER, 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 October 2015, the Company received a cash payment of $33.3 million from DigiCert, 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 October 2015, the Company received a cash payment of $7.4 million from Idera, 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 2015, the Company received a cash payment of $13.9 million from EducationDynamics, 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 2015, the Company received a cash payment of $14.2 million from World 50, 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 January 2016, the Company received a cash payment of $20.0 million from Crealta Pharmaceuticals 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 February 2016, the Company received a cash payment of $15.7 million from All Metro Health Care Services, 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 February 2016, the Company received a cash payment of $9.7 million from Long's Drugs Incorporated 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 March 2016, the Company received a cash payment of $4.5 million from Janrain, 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 March 2016, the Company received a cash payment of $0.8 million from Miche Group, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited and the Company recorded a realized loss in the amount of $1.7 million on this transaction. In addition, the Company has written-off its equity investment in Miche Group, LLC and recorded a realized loss of $6.4 million;
|
|
•
|
In March 2016, the Company restructured its investment in CCCG, LLC. As part of the restructuring, the Company exchanged cash and its debt securities for debt and equity securities in the restructured entity, Express Group Holdings LLC, and recorded a realized loss of $17.2 million on this transaction;
|
|
•
|
In April 2016, the Company received a cash payment of $17.2 million from Traffic Solutions Holdings, 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 April 2016, the Company restructured its debt investment in Ameritox Ltd. As a part of the restructuring, the Company exchanged its debt securities for debt and equity securities in the restructured entity. The fair value of the
|
|
•
|
In May 2016, the Company received a cash payment of $54.9 million from Yeti Acquisition, 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 May 2016, the Company received a cash payment of $4.6 million from Conviva 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 June 2016, the Company received a cash payment of $3.7 million from GTCR Valor Companies 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 nine months ended
June 30, 2016
, the Company received payments of
$228.1 million
primarily in connection with syndications of debt investments to other investors and sales of debt investments in the open market and recorded an aggregate net realized loss of
$2.8 million
on these transactions.
|
|
•
|
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;
|
|
•
|
In February 2015, the Company received a cash payment of $27.8 million from Enhanced Recovery Company, 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 February 2015, the Company received a cash payment of $17.5 million from HealthEdge Software, 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 April 2015, the Company received a cash payment of $16.8 million from Digi-Star Acquisition Holdings, 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. The Company also received an additional $0.7 million in connection with the sale of its equity investment, realizing a gain of $0.5 million;
|
|
•
|
In April 2015, the Company received a cash payment of $2.5 million from Total Military Management, 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 May 2015, the Company received a cash payment of $5.1 million from Garretson Firm Resolution 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 this transaction;
|
|
•
|
In June 2015, the Company received a cash payment of $97.8 million from HFG Holdings, 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. The Company also received an additional $18.0 million in connection with the sale of its equity investment. A realized loss of $4.4 million was recorded on this transaction;
|
|
•
|
In June 2015, the Company received cash payments of $3.4 million from Welocalize, Inc. related to the sale of its equity investment. A realized gain of $2.6 million was recorded on this transaction;
|
|
•
|
In June 2015, the Company received a cash payment of $10.2 million from Physicians Pharmacy Alliance, 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 June 2015, the Company received a cash payment of $19.5 million from Meritas Schools 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 this transaction;
|
|
•
|
In June 2015, the Company received a cash payment of $10.5 million from Royal Adhesives and Sealants, 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 June 2015, the Company received a cash payment of $24.7 million from All Web Leads, 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 June 2015, the Company received a cash payment of $27.0 million from Puerto Rico Cable Acquisition Company 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 June 2015, the Company restructured its investment in Edmentum, Inc. As part of the restructuring, the Company exchanged cash and its debt and equity securities for debt and equity securities in the newly restructured entity and recorded a realized loss in the amount of $7.9 million on this transaction; and
|
|
•
|
During the nine months ended
June 30, 2015
, the Company received payments of
$641.7 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 loss of
$1.4 million
on these transactions.
|
|
•
|
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
|
|
|
|
Three months ended
June 30, 2016 |
|
Three months ended
June 30, 2015
(revised)
|
|
Nine months
ended June 30, 2016 |
|
Nine months ended
June 30, 2015 (revised) |
|
Net asset value at beginning of period
|
|
$8.33
|
|
$9.20
|
|
$9.00
|
|
$9.64
|
|
Net investment income (4)
|
|
0.20
|
|
0.21
|
|
0.55
|
|
0.57
|
|
Net unrealized appreciation (depreciation) on investments and secured borrowings (4)
|
|
0.07
|
|
(0.01)
|
|
(0.50)
|
|
(0.26)
|
|
Net realized loss on investments, interest rate swap and secured borrowings (4)
|
|
(0.31)
|
|
(0.07)
|
|
(0.46)
|
|
(0.19)
|
|
Distributions to stockholders (4)
|
|
(0.18)
|
|
(0.18)
|
|
(0.54)
|
|
(0.61)
|
|
Repurchases of common stock
|
|
0.04
|
|
—
|
|
0.10
|
|
—
|
|
Net asset value at end of period
|
|
$8.15
|
|
$9.15
|
|
$8.15
|
|
$9.15
|
|
Per share market value at beginning of period
|
|
$5.02
|
|
$7.30
|
|
$6.17
|
|
$9.18
|
|
Per share market value at end of period
|
|
$4.85
|
|
$6.55
|
|
$4.85
|
|
$6.55
|
|
Total return (1)
|
|
0.03%
|
|
(8.14)%
|
|
(13.28)%
|
|
(22.98)%
|
|
Common shares outstanding at beginning of period
|
|
147,183,608
|
|
153,340,371
|
|
150,262,924
|
|
153,340,371
|
|
Common shares outstanding at end of period
|
|
145,304,222
|
|
153,340,371
|
|
145,304,222
|
|
153,340,371
|
|
Net assets at beginning of period
|
|
$1,225,974
|
|
$1,410,303
|
|
$1,353,094
|
|
$1,478,475
|
|
Net assets at end of period
|
|
$1,184,376
|
|
$1,403,213
|
|
$1,184,376
|
|
$1,403,213
|
|
Average net assets (2)
|
|
$1,200,712
|
|
$1,411,470
|
|
$1,251,406
|
|
$1,424,217
|
|
Ratio of net investment income to average net assets (5)
|
|
9.72%
|
|
9.16%
|
|
8.63%
|
|
8.15%
|
|
Ratio of total expenses to average net assets (excluding base management fee waiver) (5)
|
|
11.69%
|
|
10.75%
|
|
11.49%
|
|
10.83%
|
|
Base management fee waiver effect
|
|
(0.03)%
|
|
(0.05)%
|
|
(0.03)%
|
|
(0.04)%
|
|
Ratio of net expenses to average net assets (5)
|
|
11.66%
|
|
10.70%
|
|
11.46%
|
|
10.79%
|
|
Ratio of portfolio turnover to average investments at fair value
|
|
4.34%
|
|
10.58%
|
|
17.24%
|
|
18.62%
|
|
Weighted average outstanding debt (3)
|
|
$1,192,572
|
|
$1,269,272
|
|
$1,177,606
|
|
$1,269,949
|
|
Average debt per share (4)
|
|
$8.19
|
|
$8.28
|
|
$7.94
|
|
$8.28
|
|
(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.
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||
|
Lift Brands Holdings, Inc.
|
$
|
15,500
|
|
|
$
|
17,000
|
|
|
Legalzoom.com, Inc.
|
15,427
|
|
|
8,815
|
|
||
|
BMC Software Finance, Inc.
|
15,000
|
|
|
15,000
|
|
||
|
Senior Loan Fund JV 1, LLC
|
14,065
|
|
|
30,690
|
|
||
|
P2 Upstream Acquisition Co.
|
10,000
|
|
|
10,000
|
|
||
|
TigerText, Inc.
|
10,000
|
|
|
10,000
|
|
||
|
RP Crown Parent, LLC
|
9,868
|
|
|
9,868
|
|
||
|
Edge Fitness, LLC
|
8,353
|
|
|
3,735
|
|
||
|
InMotion Entertainment Group, LLC
|
6,845
|
|
|
6,308
|
|
||
|
Refac Optical Group
|
6,400
|
|
|
6,400
|
|
||
|
Traffic Solutions Holdings, Inc.
|
6,056
|
|
|
—
|
|
||
|
BeyondTrust Software, Inc.
|
5,995
|
|
|
5,995
|
|
||
|
Valet Merger Sub, Inc.
|
5,596
|
|
|
13,700
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
5,397
|
|
|
5,397
|
|
||
|
JTC Education, Inc.
|
5,391
|
|
|
—
|
|
||
|
Thing5, LLC
|
5,000
|
|
|
6,000
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
5,000
|
|
|
5,000
|
|
||
|
OnCourse Learning Corporation
|
5,000
|
|
|
5,000
|
|
||
|
Penn Foster, Inc.
|
5,000
|
|
|
5,000
|
|
||
|
Trialcard Incorporated
|
4,900
|
|
|
4,900
|
|
||
|
TIBCO Software, Inc.
|
4,872
|
|
|
5,800
|
|
||
|
Adventure Interactive, Corp.
|
4,846
|
|
|
4,846
|
|
||
|
Baart Programs, Inc.
|
4,762
|
|
|
—
|
|
||
|
OBHG Management Services, LLC
|
3,836
|
|
|
—
|
|
||
|
Metamorph US 3, LLC
|
3,675
|
|
|
3,675
|
|
||
|
My Alarm Center, LLC
|
3,127
|
|
|
2,068
|
|
||
|
WeddingWire, Inc.
|
3,000
|
|
|
3,000
|
|
||
|
Express Group Holdings LLC
|
2,824
|
|
|
—
|
|
||
|
Discovery Practice Management, Inc.
|
2,755
|
|
|
6,347
|
|
||
|
Eagle Hospital Physicians, Inc.
|
2,753
|
|
|
1,820
|
|
||
|
Motion Recruitment Partners LLC
|
2,628
|
|
|
2,900
|
|
||
|
OmniSYS Acquisition Corporation
|
2,500
|
|
|
2,500
|
|
||
|
Ping Identity Corporation
|
2,500
|
|
|
—
|
|
||
|
First American Payment Systems, LP
|
2,375
|
|
|
4,225
|
|
||
|
HealthDrive Corporation
|
2,334
|
|
|
734
|
|
||
|
ExamSoft Worldwide, Inc.
|
2,000
|
|
|
2,000
|
|
||
|
Teaching Strategies, LLC
|
1,920
|
|
|
2,400
|
|
||
|
Accruent, LLC
|
1,900
|
|
|
—
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
1,478
|
|
|
—
|
|
||
|
Cenegenics, LLC
|
1,401
|
|
|
316
|
|
||
|
TransTrade Operators, Inc.
|
1,194
|
|
|
1,559
|
|
||
|
4 Over International, LLC
|
1,190
|
|
|
—
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
1,111
|
|
|
1,396
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
1,066
|
|
|
993
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
1,017
|
|
|
1,149
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
853
|
|
|
1,047
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
720
|
|
|
1,428
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
698
|
|
|
1,198
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
674
|
|
|
754
|
|
||
|
Edmentum, Inc.
|
479
|
|
|
2,664
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
476
|
|
|
924
|
|
||
|
Phoenix Brands Merger Sub LLC
|
429
|
|
|
1,286
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
423
|
|
|
438
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
413
|
|
|
762
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
357
|
|
|
357
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
273
|
|
|
429
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
198
|
|
|
188
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
194
|
|
|
318
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
190
|
|
|
398
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
177
|
|
|
358
|
|
||
|
Yeti Acquisition, LLC
|
—
|
|
|
40,000
|
|
||
|
First Choice ER, LLC
|
—
|
|
|
9,451
|
|
||
|
Ameritox, Ltd
|
—
|
|
|
6,400
|
|
||
|
Integral Development Corporation
|
—
|
|
|
5,000
|
|
||
|
All Metro Health Care Services, Inc.
|
—
|
|
|
3,300
|
|
||
|
World 50, Inc.
|
—
|
|
|
3,000
|
|
||
|
QuorumLabs, Inc.
|
—
|
|
|
2,500
|
|
||
|
Idera, Inc.
|
—
|
|
|
2,400
|
|
||
|
Chicago Growth Partners L.P. (limited partnership interest)
|
—
|
|
|
2,000
|
|
||
|
Ansira Partners, Inc.
|
—
|
|
|
1,190
|
|
||
|
Psilos Group Partners IV, LP (limited partnership interest)
|
—
|
|
|
1,000
|
|
||
|
Total
|
$
|
234,411
|
|
|
$
|
305,326
|
|
|
Portfolio Company/Type of Investment (1)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (2)
|
|
Fair Value
at October 1,
2015
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at June 30, 2016
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
$
|
1,434
|
|
|
$
|
—
|
|
|
$
|
36,910
|
|
|
$
|
(827
|
)
|
|
$
|
36,083
|
|
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
1,458
|
|
|
16,878
|
|
|
341
|
|
|
(17,219
|
)
|
|
—
|
|
|||||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021
|
|
106
|
|
|
—
|
|
|
1,589
|
|
|
(89
|
)
|
|
1,500
|
|
|||||
|
LC Facility, 8.5% cash due 12/31/2016
|
|
203
|
|
|
1,444
|
|
|
111
|
|
|
(111
|
)
|
|
1,444
|
|
|||||
|
746,114 Series A Preferred Units
|
|
1,621
|
|
|
19,414
|
|
|
1,621
|
|
|
(4,192
|
)
|
|
16,843
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
5,930
|
|
|
—
|
|
|
(5,930
|
)
|
|
—
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
626
|
|
|
8,713
|
|
|
1,021
|
|
|
(2,797
|
)
|
|
6,937
|
|
|||||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
279
|
|
|
1,555
|
|
|
4,765
|
|
|
(6,320
|
)
|
|
—
|
|
|||||
|
596.67 Series A Common Units in TransTrade Holdings LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
4,000,000 Series A Preferred Units in TransTrade Holdings LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
5,200,000 Series B Preferred Units in TransTrade Holding LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
First Star Aviation, LLC (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
480
|
|
|
5,313
|
|
|
190
|
|
|
(2,198
|
)
|
|
3,305
|
|
|||||
|
10,104,401 Common Units
|
|
—
|
|
|
9,500
|
|
|
653
|
|
|
(3,262
|
)
|
|
6,891
|
|
|||||
|
First Star Speir Aviation 1 Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
2,401
|
|
|
47,824
|
|
|
12,477
|
|
|
(6,962
|
)
|
|
53,339
|
|
|||||
|
2,058,411.64 Common Units
|
|
—
|
|
|
1,965
|
|
|
1,030
|
|
|
(1,632
|
)
|
|
1,363
|
|
|||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
416
|
|
|
24,836
|
|
|
799
|
|
|
(13,813
|
)
|
|
11,822
|
|
|||||
|
4,293,756 Common Units
|
|
—
|
|
|
2,773
|
|
|
1,702
|
|
|
(1,595
|
)
|
|
2,880
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
817
|
|
|
13,066
|
|
|
859
|
|
|
(417
|
)
|
|
13,508
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
227
|
|
|
3,574
|
|
|
238
|
|
|
(28
|
)
|
|
3,784
|
|
|||||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
161
|
|
|
2,847
|
|
|
30
|
|
|
(964
|
)
|
|
1,913
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
5,464
|
|
|
1,830
|
|
|
(604
|
)
|
|
6,690
|
|
|||||
|
Senior Loan Fund JV I, LLC (5)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021
|
|
8,824
|
|
|
128,917
|
|
|
14,963
|
|
|
(12,840
|
)
|
|
131,040
|
|
|||||
|
87.5% equity interest
|
|
4,375
|
|
|
12,205
|
|
|
6,012
|
|
|
(5,920
|
)
|
|
12,297
|
|
|||||
|
Miche Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
First Lien Revolver, 8% cash due 12/18/2016
|
|
67
|
|
|
2,500
|
|
|
—
|
|
|
(2,500
|
)
|
|
—
|
|
|||||
|
100 units in FSFC Miche, Inc.
|
|
—
|
|
|
4,175
|
|
|
500
|
|
|
(4,675
|
)
|
|
—
|
|
|||||
|
Express Group Holdings LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 9/3/2019 (13)
|
|
682
|
|
|
—
|
|
|
12,073
|
|
|
(51
|
)
|
|
12,022
|
|
|||||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019 (13)
|
|
50
|
|
|
—
|
|
|
5,979
|
|
|
(2,712
|
)
|
|
3,267
|
|
|||||
|
14,033,391 Series B Preferred Units
|
|
—
|
|
|
—
|
|
|
3,982
|
|
|
(323
|
)
|
|
3,659
|
|
|||||
|
280,668 Series A Preferred Units
|
|
—
|
|
|
—
|
|
|
1,593
|
|
|
(129
|
)
|
|
1,464
|
|
|||||
|
1,456,344 Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Ameritox Ltd.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
643
|
|
|
—
|
|
|
31,082
|
|
|
(61
|
)
|
|
31,021
|
|
|||||
|
14,090,126.4 Class A Preferred A Units
|
|
—
|
|
|
|
|
14,716
|
|
|
—
|
|
|
14,716
|
|
||||||
|
1,602,260.83 Class B Preferred A Units
|
|
—
|
|
|
—
|
|
|
1,673
|
|
|
—
|
|
|
1,673
|
|
|||||
|
4,930.03 Common Units
|
|
—
|
|
|
—
|
|
|
29,049
|
|
|
(12,488
|
)
|
|
16,561
|
|
|||||
|
Total Control Investments
|
|
$
|
24,870
|
|
|
$
|
318,893
|
|
|
$
|
187,788
|
|
|
$
|
(110,659
|
)
|
|
$
|
396,022
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
$
|
883
|
|
|
$
|
9,389
|
|
|
$
|
249
|
|
|
$
|
(234
|
)
|
|
$
|
9,404
|
|
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
4,213
|
|
|
14
|
|
|
(174
|
)
|
|
4,053
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
3,135
|
|
|
26,240
|
|
|
648
|
|
|
(2,407
|
)
|
|
24,481
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
764
|
|
|
1,715
|
|
|
(307
|
)
|
|
2,172
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
4,018
|
|
|
$
|
40,606
|
|
|
$
|
2,626
|
|
|
$
|
(3,122
|
)
|
|
$
|
40,110
|
|
|
Total Control & Affiliate Investments
|
|
$
|
28,888
|
|
|
$
|
359,499
|
|
|
$
|
190,414
|
|
|
$
|
(113,781
|
)
|
|
$
|
436,132
|
|
|
(1)
|
The principal amount and ownership detail are 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 Affiliate categories.
|
|
(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 Kemper, 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).
|
|
(6)
|
First Star Aviation, LLC, First Star Bermuda Aviation Limited and First Star Speir Aviation 1 Limited are wholly-owned holding companies formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding companies to be investment companies under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding companies and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding companies are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
|
|
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 June 30,
2015
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
$
|
1,904
|
|
|
$
|
14,905
|
|
|
$
|
2,028
|
|
|
$
|
(155
|
)
|
|
$
|
16,778
|
|
|
LC Facility, 8.5% cash due 12/31/2016
|
|
37
|
|
|
—
|
|
|
6
|
|
|
(6
|
)
|
|
—
|
|
|||||
|
746,114 Series A Preferred Units
|
|
1,366
|
|
|
17,564
|
|
|
1,366
|
|
|
—
|
|
|
18,930
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
6,113
|
|
|
—
|
|
|
(2,194
|
)
|
|
3,919
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
460
|
|
|
11,109
|
|
|
692
|
|
|
(2,593
|
)
|
|
9,208
|
|
|||||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
75
|
|
|
—
|
|
|
2,460
|
|
|
(1,495
|
)
|
|
965
|
|
|||||
|
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
|
|
7,476
|
|
|
96,935
|
|
|
2,939
|
|
|
(99,874
|
)
|
|
—
|
|
|||||
|
875,933 Class A Units
|
|
—
|
|
|
31,786
|
|
|
1,578
|
|
|
(33,364
|
)
|
|
—
|
|
|||||
|
First Star Aviation, LLC (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
1,545
|
|
|
16,556
|
|
|
748
|
|
|
(10,046
|
)
|
|
7,258
|
|
|||||
|
10,104,401 Common Units
|
|
—
|
|
|
10,329
|
|
|
1,531
|
|
|
(1,528
|
)
|
|
10,332
|
|
|||||
|
First Star Speir Aviation 1 Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2015
|
|
3,991
|
|
|
61,155
|
|
|
1,071
|
|
|
(14,049
|
)
|
|
48,177
|
|
|||||
|
2,058,411.64 Common Units
|
|
—
|
|
|
3,572
|
|
|
901
|
|
|
(2,029
|
)
|
|
2,444
|
|
|||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
2,818
|
|
|
35,606
|
|
|
1,122
|
|
|
(11,692
|
)
|
|
25,036
|
|
|||||
|
4,256,042 Common Units
|
|
—
|
|
|
5,839
|
|
|
—
|
|
|
(1,979
|
)
|
|
3,860
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
753
|
|
|
11,924
|
|
|
926
|
|
|
(46
|
)
|
|
12,804
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
208
|
|
|
3,262
|
|
|
254
|
|
|
(13
|
)
|
|
3,503
|
|
|||||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
178
|
|
|
2,847
|
|
|
7
|
|
|
(7
|
)
|
|
2,847
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
5,738
|
|
|
725
|
|
|
(632
|
)
|
|
5,831
|
|
|||||
|
Senior Loan Fund JV I, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Note, LIBOR+8% cash due 5/2/2021
|
|
4,342
|
|
|
53,984
|
|
|
27,187
|
|
|
(159
|
)
|
|
81,012
|
|
|||||
|
87.5% equity interest (5)
|
|
5,250
|
|
|
5,650
|
|
|
5,533
|
|
|
(1,753
|
)
|
|
9,430
|
|
|||||
|
Miche Group, LLC
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
|
First Lien Revolver, L+8% cash due 12/18/2016
|
|
116
|
|
|
—
|
|
|
2,300
|
|
|
—
|
|
|
2,300
|
|
|||||
|
100 units in FSFC Miche, Inc.
|
|
—
|
|
|
—
|
|
|
5,305
|
|
|
(1,055
|
)
|
|
4,250
|
|
|||||
|
Total Control Investments
|
|
$
|
30,519
|
|
|
$
|
394,874
|
|
|
$
|
60,679
|
|
|
$
|
(186,669
|
)
|
|
$
|
268,884
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
838
|
|
|
9,062
|
|
|
397
|
|
|
(93
|
)
|
|
9,366
|
|
|||||
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
3,805
|
|
|
654
|
|
|
(127
|
)
|
|
4,332
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, LIBOR+7% (3% floor) cash due 4/30/2016
|
|
49
|
|
|
1,222
|
|
|
10
|
|
|
(976
|
)
|
|
256
|
|
|||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
3,046
|
|
|
26,032
|
|
|
796
|
|
|
(17
|
)
|
|
26,811
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
643
|
|
|
582
|
|
|
(180
|
)
|
|
1,045
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
3,933
|
|
|
$
|
40,764
|
|
|
$
|
2,439
|
|
|
$
|
(1,393
|
)
|
|
$
|
41,810
|
|
|
Total Control & Affiliate Investments
|
|
$
|
34,452
|
|
|
$
|
435,638
|
|
|
$
|
63,118
|
|
|
$
|
(188,062
|
)
|
|
$
|
310,694
|
|
|
(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 Kemper, 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).
|
|
(6)
|
First Star Aviation, LLC, First Star Bermuda Aviation Limited and First Star Speir Aviation 1 Limited are wholly-owned holding companies formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding companies to be investment companies under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding companies and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding companies are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
|
|
•
|
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;
|
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies; and
|
|
•
|
the cost or potential outcome of any litigation to which we may be a party.
|
|
•
|
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, small business investment companies, or SBICs, or regulated investment companies, 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 Investment Adviser's valuation team in conjunction with the Investment Adviser's portfolio management and capital markets teams;
|
|
•
|
Separately, independent valuation firms engaged by our Board of Directors prepare 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 us and provide such reports to our Investment Adviser and the Audit Committee of our Board of Directors;
|
|
•
|
The Investment Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee of our Board of Directors;
|
|
•
|
The Audit Committee of our Board of Directors reviews the preliminary valuations with the portfolio managers of the Investment Adviser and our Investment Adviser responds and supplements the preliminary valuations to reflect any discussions between our Investment Adviser and the Audit Committee;
|
|
•
|
The Audit Committee of our Board of Directors makes a recommendation to our Board of Directors regarding the fair value of the investments in our portfolio for which market quotations are not readily available; and
|
|
•
|
Our Board of Directors discusses valuations and determines the fair value of each investment in our portfolio for which market quotations are not readily available in good faith.
|
|
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
|
%
|
|
For the quarter ended March 31, 2015
|
|
72.9
|
%
|
|
For the quarter ended June 30, 2015
|
|
73.1
|
%
|
|
For the quarter ended September 30, 2015
|
|
88.3
|
%
|
|
For the quarter ended December 31, 2015
|
|
77.1
|
%
|
|
For the quarter ended March 31, 2016
|
|
69.2
|
%
|
|
For the quarter ended June 30, 2016
|
|
67.8
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||
|
Cost:
|
|
|
|
|
||
|
Senior secured debt
|
|
77.24
|
%
|
|
78.54
|
%
|
|
Subordinated debt
|
|
9.12
|
|
|
10.90
|
|
|
Subordinated notes of SLF JV I
|
|
6.06
|
|
|
5.25
|
|
|
LLC equity interests of SLF JV I
|
|
0.67
|
|
|
0.58
|
|
|
Purchased equity
|
|
3.59
|
|
|
3.64
|
|
|
Equity grants
|
|
2.29
|
|
|
0.18
|
|
|
Limited partnership interests
|
|
1.03
|
|
|
0.91
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||
|
Fair value:
|
|
|
|
|
||
|
Senior secured debt
|
|
78.83
|
%
|
|
78.80
|
%
|
|
Subordinated debt
|
|
6.89
|
|
|
9.58
|
|
|
Subordinated notes of SLF JV I
|
|
5.83
|
|
|
5.37
|
|
|
LLC equity interests of SLF JV I
|
|
0.55
|
|
|
0.51
|
|
|
Purchased equity
|
|
4.66
|
|
|
4.42
|
|
|
Equity grants
|
|
2.15
|
|
|
0.41
|
|
|
Limited partnership interests
|
|
1.09
|
|
|
0.91
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||
|
Cost:
|
|
|
|
|
||
|
Internet software & services
|
|
16.41
|
%
|
|
11.84
|
%
|
|
Healthcare services
|
|
15.69
|
|
|
20.76
|
|
|
Advertising
|
|
7.45
|
|
|
5.85
|
|
|
Multi-sector holdings
|
|
7.41
|
|
|
6.36
|
|
|
Healthcare equipment
|
|
4.97
|
|
|
2.86
|
|
|
Education services
|
|
3.79
|
|
|
4.45
|
|
|
Diversified support services
|
|
3.59
|
|
|
3.44
|
|
|
Integrated telecommunication services
|
|
3.45
|
|
|
3.55
|
|
|
Airlines
|
|
3.34
|
|
|
3.62
|
|
|
Data processing & outsourced services
|
|
3.30
|
|
|
3.25
|
|
|
Construction & engineering
|
|
2.60
|
|
|
1.62
|
|
|
Research & consulting services
|
|
2.54
|
|
|
2.00
|
|
|
Pharmaceuticals
|
|
2.49
|
|
|
2.49
|
|
|
Environmental & facilities services
|
|
2.26
|
|
|
3.21
|
|
|
IT consulting & other services
|
|
2.16
|
|
|
2.08
|
|
|
Specialty stores
|
|
1.97
|
|
|
2.37
|
|
|
Industrial machinery
|
|
1.94
|
|
|
1.91
|
|
|
Oil & gas equipment services
|
|
1.67
|
|
|
2.57
|
|
|
Leisure facilities
|
|
1.53
|
|
|
1.34
|
|
|
Household products
|
|
1.52
|
|
|
1.47
|
|
|
Application software
|
|
1.41
|
|
|
2.00
|
|
|
Air freight and logistics
|
|
1.27
|
|
|
1.12
|
|
|
Consumer electronics
|
|
1.05
|
|
|
1.06
|
|
|
Home improvement retail
|
|
1.03
|
|
|
1.06
|
|
|
Food distributors
|
|
0.74
|
|
|
0.72
|
|
|
Auto parts & equipment
|
|
0.70
|
|
|
0.67
|
|
|
Apparel, accessories & luxury goods
|
|
0.65
|
|
|
0.96
|
|
|
Other diversified financial services
|
|
0.65
|
|
|
0.63
|
|
|
Security & alarm services
|
|
0.55
|
|
|
0.90
|
|
|
Healthcare technology
|
|
0.48
|
|
|
0.32
|
|
|
Food retail
|
|
0.45
|
|
|
0.44
|
|
|
Thrift & mortgage finance
|
|
0.36
|
|
|
0.39
|
|
|
Commercial printing
|
|
0.30
|
|
|
—
|
|
|
Specialized consumer services
|
|
0.27
|
|
|
0.67
|
|
|
Human resources & employment services
|
|
0.01
|
|
|
0.63
|
|
|
Leisure products
|
|
—
|
|
|
1.39
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||
|
Fair value:
|
|
|
|
|
||
|
Healthcare services
|
|
15.77
|
%
|
|
21.29
|
%
|
|
Internet software & services
|
|
15.73
|
|
|
11.51
|
|
|
Advertising
|
|
7.75
|
|
|
6.05
|
|
|
Multi-sector holdings
|
|
7.06
|
|
|
6.39
|
|
|
Healthcare equipment
|
|
5.23
|
|
|
2.94
|
|
|
Diversified support services
|
|
3.68
|
|
|
3.53
|
|
|
Airlines
|
|
3.54
|
|
|
3.84
|
|
|
Education services
|
|
3.48
|
|
|
4.08
|
|
|
Integrated telecommunication services
|
|
3.45
|
|
|
3.64
|
|
|
Data processing & outsourced services
|
|
3.30
|
|
|
3.21
|
|
|
Research & consulting services
|
|
2.70
|
|
|
2.06
|
|
|
Pharmaceuticals
|
|
2.68
|
|
|
2.60
|
|
|
Construction & engineering
|
|
2.49
|
|
|
1.82
|
|
|
Environmental & facilities services
|
|
2.47
|
|
|
3.31
|
|
|
Industrial machinery
|
|
2.29
|
|
|
2.15
|
|
|
IT consulting & other services
|
|
2.27
|
|
|
2.11
|
|
|
Specialty stores
|
|
2.08
|
|
|
2.41
|
|
|
Leisure facilities
|
|
1.66
|
|
|
1.44
|
|
|
Application software
|
|
1.62
|
|
|
2.25
|
|
|
Oil & gas equipment services
|
|
1.23
|
|
|
1.76
|
|
|
Leisure products
|
|
1.22
|
|
|
1.88
|
|
|
Home improvement retail
|
|
1.19
|
|
|
1.12
|
|
|
Consumer electronics
|
|
1.12
|
|
|
1.08
|
|
|
Auto parts & equipment
|
|
0.79
|
|
|
0.77
|
|
|
Food distributors
|
|
0.78
|
|
|
0.75
|
|
|
Other diversified financial services
|
|
0.69
|
|
|
0.66
|
|
|
Apparel, accessories & luxury goods
|
|
0.65
|
|
|
0.93
|
|
|
Security & alarm services
|
|
0.59
|
|
|
0.92
|
|
|
Healthcare technology
|
|
0.47
|
|
|
0.32
|
|
|
Food retail
|
|
0.47
|
|
|
0.46
|
|
|
Thrift & mortgage finance
|
|
0.40
|
|
|
0.40
|
|
|
Commercial printing
|
|
0.32
|
|
|
—
|
|
|
Air freight and logistics
|
|
0.31
|
|
|
0.43
|
|
|
Specialized consumer services
|
|
0.29
|
|
|
0.69
|
|
|
Household products
|
|
0.22
|
|
|
0.53
|
|
|
Human resources & employment services
|
|
0.01
|
|
|
0.67
|
|
|
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
|
|
•
|
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
|
|
June 30, 2016
|
|
|
|
September 30, 2015
|
|
|
||||||||||||||||
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
||||||||||
|
1
|
|
$
|
89,942
|
|
|
4.00
|
%
|
|
2.00
|
|
|
|
|
$
|
215,095
|
|
|
8.95
|
%
|
|
1.85
|
|
|
|
|
2
|
|
2,124,864
|
|
|
94.55
|
|
|
4.88
|
|
|
|
|
2,040,006
|
|
|
84.91
|
|
|
4.94
|
|
|
|
||
|
3
|
|
2,967
|
|
|
0.13
|
|
|
5.35
|
|
|
|
|
122,128
|
|
|
5.08
|
|
|
5.54
|
|
|
|
||
|
4
|
|
29,682
|
|
|
1.32
|
|
|
NM
|
|
|
(1)
|
|
25,266
|
|
|
1.06
|
|
|
NM
|
|
|
(1)
|
||
|
Total
|
|
$
|
2,247,455
|
|
|
100.00
|
%
|
|
5.12
|
|
|
|
|
$
|
2,402,495
|
|
|
100.00
|
%
|
|
4.60
|
|
|
|
|
(1)
|
Due to operating performance this ratio is not measurable and, as a result, is excluded from the total portfolio calculation.
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
|
June 30, 2015
|
||||||||||||||||||||||||||||||||||||
|
|
|
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
|
|
$
|
2,104,327
|
|
|
95.19
|
%
|
|
$
|
2,042,055
|
|
|
99.24
|
%
|
|
$
|
2,226,334
|
|
|
95.08
|
%
|
|
$
|
2,206,418
|
|
|
97.97
|
%
|
|
$
|
2,181,423
|
|
|
96.45
|
%
|
|
$
|
2,162,692
|
|
|
98.46
|
%
|
|
PIK non-accrual (1)
|
|
66,579
|
|
|
3.01
|
|
|
5,550
|
|
|
0.27
|
|
|
66,579
|
|
|
2.84
|
|
|
28,145
|
|
|
1.25
|
|
|
31,453
|
|
|
1.39
|
|
|
15,646
|
|
|
0.71
|
|
||||||
|
Cash non-accrual (1)
|
|
39,829
|
|
|
1.80
|
|
|
9,993
|
|
|
0.49
|
|
|
48,694
|
|
|
2.08
|
|
|
17,600
|
|
|
0.78
|
|
|
48,804
|
|
|
2.16
|
|
|
18,281
|
|
|
0.83
|
|
||||||
|
Total
|
|
$
|
2,210,735
|
|
|
100.00
|
%
|
|
$
|
2,057,598
|
|
|
100.00
|
%
|
|
$
|
2,341,607
|
|
|
100.00
|
%
|
|
$
|
2,252,163
|
|
|
100.00
|
%
|
|
$
|
2,261,680
|
|
|
100.00
|
%
|
|
$
|
2,196,619
|
|
|
100.00
|
%
|
|
(1)
|
PIK non-accrual status is inclusive of other noncash income, where applicable. Cash non-accrual status is inclusive of PIK and other noncash income, where applicable.
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
|
June 30, 2015
|
|||
|
Phoenix Brands Merger Sub LLC - subordinated term loan
|
|
PIK non-accrual (1)
|
|
PIK non-accrual (1)
|
|
PIK non-accrual (1)
|
|||
|
CCCG, LLC
|
|
—
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|||
|
JTC Education, Inc.
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|||
|
Answers Corporation - second lien term loan
|
|
PIK non-accrual (1)
|
|
PIK non-accrual (1)
|
|
—
|
|||
|
QuorumLabs, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Dominion Diagnostics, LLC
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
(1)
|
PIK non-accrual status is inclusive of other noncash income, where applicable. Cash non-accrual status is inclusive of PIK and other noncash income, where applicable.
|
|
|
|
Three months ended
June 30, 2016 |
|
Three months ended
June 30, 2015 |
|
Nine months
ended June 30, 2016 |
|
Nine months
ended June 30, 2015 |
||||||||
|
Cash interest income
|
|
$
|
2,082
|
|
|
$
|
1,827
|
|
|
$
|
6,999
|
|
|
$
|
3,537
|
|
|
PIK interest income
|
|
1,713
|
|
|
1,597
|
|
|
5,176
|
|
|
6,543
|
|
||||
|
OID income
|
|
6,987
|
|
|
—
|
|
|
20,971
|
|
|
583
|
|
||||
|
Total
|
|
$
|
10,782
|
|
|
$
|
3,424
|
|
|
$
|
33,146
|
|
|
$
|
10,663
|
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
|
Senior secured loans (1)
|
|
$357,065
|
|
$395,193
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.76%
|
|
7.99%
|
|
Number of borrowers in SLF JV I
|
|
37
|
|
34
|
|
Largest exposure to a single borrower (1)
|
|
$19,825
|
|
$30,000
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$96,669
|
|
$118,584
|
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
AccentCare, Inc.
|
|
Healthcare services
|
|
First Lien
|
|
9/3/2021
|
|
LIBOR+5.75% (1% floor)
|
|
$
|
4,937
|
|
|
$
|
4,865
|
|
|
$
|
4,851
|
|
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
9,177
|
|
|
9,150
|
|
|
8,819
|
|
|||
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,690
|
|
|
8,713
|
|
|
8,652
|
|
|||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
5,845
|
|
|
5,836
|
|
|
5,845
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
315
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
3,121
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
5,845
|
|
|
11,612
|
|
|
9,281
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
17,210
|
|
|
17,036
|
|
|
16,990
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,238
|
|
|
3,206
|
|
|
3,143
|
|
|||
|
|
|
|
|
First Lien
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,850
|
|
|
9,707
|
|
|
9,154
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
13,088
|
|
|
12,913
|
|
|
12,297
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,501
|
|
|
2,496
|
|
|
2,501
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,565
|
|
|
4,512
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,758
|
|
|
9,814
|
|
|
9,771
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,601
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
19,285
|
|
|
18,973
|
|
|
18,631
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
6/15/2017
|
|
LIBOR+6.75% (1% floor)
|
|
4,975
|
|
|
4,930
|
|
|
4,904
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
6,029
|
|
|
6,004
|
|
|
5,984
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,500
|
|
|
9,521
|
|
|
9,329
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,500
|
|
|
9,383
|
|
|
9,328
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
19,000
|
|
|
18,904
|
|
|
18,657
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8,324
|
|
|
8,324
|
|
|
3,146
|
|
|||
|
Language Line, LLC (3)
|
|
Integrated telecommunication services
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5.5% (1% floor)
|
|
17,758
|
|
|
17,774
|
|
|
17,780
|
|
|||
|
Legalzoom.com, Inc. (3)
|
|
Specialized consumer services
|
|
First Lien
|
|
5/13/2020
|
|
LIBOR+7% (1% floor)
|
|
19,825
|
|
|
19,435
|
|
|
19,629
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,171
|
|
|
19,140
|
|
|
18,878
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
First Lien
|
|
9/7/2016
|
|
LIBOR+5.25% (1% floor)
|
|
11,941
|
|
|
11,938
|
|
|
11,877
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+6.5% (1% floor)
|
|
10,156
|
|
|
10,015
|
|
|
9,380
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,594
|
|
|
4,512
|
|
|
4,523
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,992
|
|
|
2,986
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,485
|
|
|
4,471
|
|
|
4,516
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,119
|
|
|
1,109
|
|
|
1,107
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
8,604
|
|
|
8,572
|
|
|
8,609
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
1,311
|
|
|
1,256
|
|
|
1,291
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
7,212
|
|
|
7,122
|
|
|
6,950
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,904
|
|
|
10,661
|
|
|||
|
OnCourse Learning Corporation (3)
|
|
Education services
|
|
First Lien
|
|
2/28/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,388
|
|
|
19,369
|
|
|
18,774
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien
|
|
9/30/2018
|
|
LIBOR+7.5%
|
|
7,843
|
|
|
7,767
|
|
|
7,812
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
4,478
|
|
|
4,436
|
|
|
4,455
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
4,760
|
|
|
4,548
|
|
|
4,376
|
|
|||
|
Too Faced Cosmetics, LLC
|
|
Personal products
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5% (1% floor)
|
|
1,144
|
|
|
1,031
|
|
|
1,133
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
7,868
|
|
|||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+4.5% (1% floor)
|
|
13,319
|
|
|
13,214
|
|
|
13,318
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,825
|
|
|
9,649
|
|
|
9,751
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
14,925
|
|
|
14,720
|
|
|
15,067
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,875
|
|
|
4,875
|
|
|
4,684
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,687
|
|
|
2,664
|
|
|
2,673
|
|
|||
|
Worley Clams Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,950
|
|
|
9,905
|
|
|
9,900
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
357,065
|
|
|
$
|
360,207
|
|
|
$
|
348,986
|
|
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
$
|
9,722
|
|
|
$
|
9,683
|
|
|
$
|
9,697
|
|
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,756
|
|
|
8,782
|
|
|
8,712
|
|
|||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
6/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,625
|
|
|
19,287
|
|
|
17,748
|
|
|||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
First Lien
|
|
5/4/2017
|
|
LIBOR+5.0% (1.5% floor)
|
|
7,062
|
|
|
7,046
|
|
|
7,057
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
9,950
|
|
|
9,858
|
|
|
9,839
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,369
|
|
|
3,330
|
|
|
3,263
|
|
|||
|
|
|
|
|
First Lien
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,925
|
|
|
9,762
|
|
|
9,590
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
13,294
|
|
|
13,092
|
|
|
12,853
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,583
|
|
|
2,584
|
|
|
2,577
|
|
|||
|
Digicert, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
6/2/2020
|
|
LIBOR+8.25% (1% floor)
|
|
8,750
|
|
|
8,686
|
|
|
8,750
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
9,937
|
|
|
9,985
|
|
|
9,938
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,972
|
|
|
10,040
|
|
|
9,921
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+7.75% (1% floor)
|
|
10,600
|
|
|
10,603
|
|
|
10,596
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
19,850
|
|
|
19,850
|
|
|
19,627
|
|
|||
|
First Choice ER, LLC (3)
|
|
Healthcare services
|
|
First Lien
|
|
10/31/2018
|
|
LIBOR+7.5% (1% floor)
|
|
30,000
|
|
|
30,082
|
|
|
30,295
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
6,145
|
|
|
6,145
|
|
|
6,099
|
|
|||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
First Lien
|
|
5/30/2021
|
|
LIBOR+5% (1% floor)
|
|
9,900
|
|
|
9,693
|
|
|
9,813
|
|
|||
|
Idera Inc. (3)
|
|
Internet software & services
|
|
First Lien
|
|
11/5/2020
|
|
LIBOR+5.5% (0.5% floor)
|
|
9,875
|
|
|
9,744
|
|
|
9,875
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,875
|
|
|
9,903
|
|
|
9,662
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,875
|
|
|
9,718
|
|
|
9,769
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
19,750
|
|
|
19,621
|
|
|
19,431
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9,185
|
|
|
9,185
|
|
|
8,087
|
|
|||
|
Legalzoom.com, Inc. (3)
|
|
Specialized consumer services
|
|
First Lien
|
|
5/13/2020
|
|
LIBOR+7% (1% floor)
|
|
9,950
|
|
|
9,717
|
|
|
9,883
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,554
|
|
|
19,517
|
|
|
19,218
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
First Lien
|
|
9/7/2016
|
|
LIBOR+5.25% (1% floor)
|
|
12,031
|
|
|
12,017
|
|
|
12,017
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor)
|
|
12,266
|
|
|
12,100
|
|
|
12,138
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,781
|
|
|
4,682
|
|
|
4,730
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
12,843
|
|
|
12,852
|
|
|
12,935
|
|
|||
|
OnCourse Learning Corporation (3)
|
|
Education services
|
|
First Lien
|
|
2/28/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,812
|
|
|
19,787
|
|
|
19,649
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
4,796
|
|
|
4,548
|
|
|
4,760
|
|
|||
|
Too Faced Cosmetics, LLC
|
|
Personal products
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5% (1% floor)
|
|
5,300
|
|
|
5,169
|
|
|
5,300
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
8,344
|
|
|||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+5% (1% floor)
|
|
13,604
|
|
|
13,476
|
|
|
13,417
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,900
|
|
|
9,900
|
|
|
9,885
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,913
|
|
|
4,913
|
|
|
4,839
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,700
|
|
|
2,700
|
|
|
2,686
|
|
|||
|
World50, Inc. (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/30/2017
|
|
LIBOR+8.5% (1% floor)
|
|
10,155
|
|
|
10,033
|
|
|
10,019
|
|
|||
|
Yeti Acquisition, LLC (3)
|
|
Leisure products
|
|
First Lien
|
|
6/15/2017
|
|
LIBOR+7% (1.25% floor)
|
|
20,547
|
|
|
20,511
|
|
|
20,420
|
|
|||
|
|
|
|
|
First Lien
|
|
6/15/2017
|
|
LIBOR+10.25% (1.25% floor) 1% PIK
|
|
8,625
|
|
|
8,630
|
|
|
8,562
|
|
|||
|
Total Yeti Acquisition, LLC
|
|
|
|
|
|
|
|
|
|
29,172
|
|
|
29,141
|
|
|
28,982
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
395,193
|
|
|
$
|
392,978
|
|
|
$
|
389,717
|
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost June 30, 2016: $360,207; cost September 30, 2015: $392,978)
|
|
$
|
348,986
|
|
|
$
|
389,717
|
|
|
Receivables from secured financing arrangements at fair value (cost June 30, 2016: $10,016; cost September 30, 2015: $10,021)
|
|
8,990
|
|
|
9,723
|
|
||
|
Cash and cash equivalents
|
|
29,086
|
|
|
7,354
|
|
||
|
Restricted cash
|
|
6,258
|
|
|
6,126
|
|
||
|
Other assets
|
|
5,674
|
|
|
6,033
|
|
||
|
Total assets
|
|
$
|
398,994
|
|
|
$
|
418,953
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
227,232
|
|
|
$
|
241,572
|
|
|
Payables from unsettled transactions
|
|
—
|
|
|
7,745
|
|
||
|
Subordinated notes payable at fair value (proceeds June 30, 2016: $165,533 and September 30, 2015: $148,433)
|
|
149,760
|
|
|
147,334
|
|
||
|
Other liabilities
|
|
7,948
|
|
|
8,361
|
|
||
|
Total liabilities
|
|
$
|
384,940
|
|
|
$
|
405,012
|
|
|
Members' equity
|
|
14,054
|
|
|
13,941
|
|
||
|
Total liabilities and members' equity
|
|
$
|
398,994
|
|
|
$
|
418,953
|
|
|
|
|
Three months ended June 30, 2016
|
|
Three months ended June 30, 2015
|
|
Nine months ended June 30, 2016
|
|
Nine months ended June 30, 2015
|
||||||||
|
Selected Statements of Operations Information:
|
|
|
|
|
|
|
|
|
||||||||
|
Interest income
|
|
$
|
7,855
|
|
|
$
|
5,839
|
|
|
$
|
22,722
|
|
|
$
|
14,599
|
|
|
Other income
|
|
36
|
|
|
196
|
|
|
472
|
|
|
819
|
|
||||
|
Total investment income
|
|
7,891
|
|
|
6,035
|
|
|
23,194
|
|
|
15,418
|
|
||||
|
Interest expense
|
|
6,085
|
|
|
3,296
|
|
|
17,163
|
|
|
8,725
|
|
||||
|
Other expenses
|
|
120
|
|
|
182
|
|
|
364
|
|
|
316
|
|
||||
|
Total expenses (1)
|
|
6,205
|
|
|
3,478
|
|
|
17,527
|
|
|
9,041
|
|
||||
|
Net unrealized appreciation
|
|
7,446
|
|
|
510
|
|
|
5,774
|
|
|
660
|
|
||||
|
Net realized loss
|
|
(7,755
|
)
|
|
(3
|
)
|
|
(7,755
|
)
|
|
(243
|
)
|
||||
|
Net income
|
|
$
|
1,377
|
|
|
$
|
3,064
|
|
|
$
|
3,686
|
|
|
$
|
6,794
|
|
|
•
|
In October 2015, we received a cash payment of $23.3 million from Affordable Care, 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 October 2015, we received a cash payment of $15.1 million from CoAdvantage Corporation 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. We also received an additional $1.3 million in connection with the sale of its equity investment, realizing a gain of $0.7 million;
|
|
•
|
In October 2015, we received a cash payment of $119.0 million from First Choice ER, 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 October 2015, we received a cash payment of $33.3 million from DigiCert, 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 October 2015, we received a cash payment of $7.4 million from Idera, 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 2015, we received a cash payment of $13.9 million from EducationDynamics, 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 2015, we received a cash payment of $14.2 million from World 50, 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 January 2016, we received a cash payment of $20.0 million from Crealta Pharmaceuticals 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 February 2016, we received a cash payment of $15.7 million from All Metro Health Care Services, 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 February 2016, we received a cash payment of $9.7 million from Long's Drugs Incorporated 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 March 2016, we received a cash payment of $4.5 million from Janrain, 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 March 2016, we received a cash payment of $0.8 million from Miche Group, LLC in full satisfaction of all obligations under the loan agreement. The debt investment was exited and we recorded a realized loss in the amount of $1.7 million on this transaction. In addition, we have written-off its equity investment in Miche Group, LLC and recorded a realized loss of $6.4 million;
|
|
•
|
In March 2016, we restructured its investment in CCCG, LLC. As part of the restructuring, we exchanged cash and its debt securities for debt and equity securities in the restructured entity, Express Group Holdings LLC, and recorded a realized loss of $17.2 million on this transaction;
|
|
•
|
In April 2016, we received a cash payment of $17.2 million from Traffic Solutions Holdings, 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 April 2016, we restructured its debt investment in Ameritox Ltd. As a part of the restructuring, the Company exchanged its debt securities for debt and equity securities in the restructured entity. The fair value of the Company's debt securities exchanged on the restructuring date approximated their fair value as of March 31, 2016, and a realized loss of $42.8 million was recorded on the transaction;
|
|
•
|
In May 2016, we received a cash payment of $54.9 million from Yeti Acquisition, 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 May 2016, we received a cash payment of $4.6 million from Conviva 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 June 2016, we received a cash payment of $3.7 million from GTCR Valor Companies 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 nine months ended
June 30, 2016
, we received payments of
$228.1 million
primarily in connection with syndications of debt investments to other investors and sales of debt investments in the open market and recorded an aggregate net realized loss of
$2.8 million
on these transactions.
|
|
•
|
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;
|
|
•
|
In February 2015, we received a cash payment of $27.8 million from Enhanced Recovery Company, 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 February 2015, we received a cash payment of $17.5 million from HealthEdge Software, 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 April 2015, we received a cash payment of $16.8 million from Digi-Star Acquisition Holdings, 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. The Company also received an additional $0.7 million in connection with the sale of its equity investment, realizing a gain of $0.5 million;
|
|
•
|
In April 2015, we received a cash payment of $2.5 million from Total Military Management, 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 May 2015, we received a cash payment of $5.1 million from Garretson Firm Resolution 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 this transaction;
|
|
•
|
In June 2015, we received a cash payment of $97.8 million from HFG Holdings, 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. We also received an additional $18.0 million in connection with the sale of its equity investment. A realized loss of $4.4 million was recorded on this transaction;
|
|
•
|
In June 2015, we received cash payments of $3.4 million from Welocalize, Inc. related to the sale of its equity investment. A realized gain of $2.6 million was recorded on this transaction;
|
|
•
|
In June 2015, we received a cash payment of $10.2 million from Physicians Pharmacy Alliance, 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 June 2015, we received a cash payment of $19.5 million from Meritas Schools 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 this transaction;
|
|
•
|
In June 2015, we received a cash payment of $10.5 million from Royal Adhesives and Sealants, 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 June 2015, we received a cash payment of $24.7 million from All Web Leads, 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 June 2015, we received a cash payment of $27.0 million from Puerto Rico Cable Acquisition Company 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 June 2015, we restructured our investment in Edmentum, Inc. As part of the restructuring, we exchanged cash and our debt and equity securities for debt and equity securities in the newly restructured entity and recorded a realized loss in the amount of $7.9 million on this transaction; and
|
|
•
|
During the nine months ended
June 30, 2015
, we received
$641.7 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 loss of
$1.4 million
on these transactions.
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value
|
|||
|
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
|
|
|
13.4 million
|
|
79,138
|
|
|
(1)
|
|
0.6 million
|
|
|
February 3, 2015
|
|
March 16, 2015
|
|
March 31, 2015
|
|
0.06
|
|
|
8.8 million
|
|
56,295
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
April 15, 2015
|
|
April 30, 2015
|
|
0.06
|
|
|
8.8 million
|
|
54,818
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
May 15, 2015
|
|
May 29, 2015
|
|
0.06
|
|
|
8.8 million
|
|
60,714
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
June 15, 2015
|
|
June 30, 2015
|
|
0.06
|
|
|
8.8 million
|
|
66,707
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
July 15, 2015
|
|
July 31, 2015
|
|
0.06
|
|
|
8.8 million
|
|
71,412
|
|
|
(1)
|
|
0.4 million
|
|
|
February 3, 2015
|
|
August 14, 2015
|
|
August 31, 2015
|
|
0.06
|
|
|
8.7 million
|
|
69,370
|
|
|
(1)
|
|
0.5 million
|
|
|
August 4, 2015
|
|
September 15, 2015
|
|
September 30, 2015
|
|
0.06
|
|
|
8.5 million
|
|
113,881
|
|
|
(1)
|
|
0.7 million
|
|
|
August 4, 2015
|
|
October 15, 2015
|
|
October 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
106,185
|
|
|
(1)
|
|
0.6 million
|
|
|
August 4, 2015
|
|
November 16, 2015
|
|
November 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
91,335
|
|
|
(1)
|
|
0.6 million
|
|
|
November 30, 2015
|
|
December 15, 2015
|
|
December 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
99,673
|
|
|
(1)
|
|
0.6 million
|
|
|
November 30, 2015
|
|
January 15, 2016
|
|
January 28, 2016
|
|
0.06
|
|
|
8.4 million
|
|
113,905
|
|
|
(1)
|
|
0.7 million
|
|
|
November 30, 2015
|
|
February 12, 2016
|
|
February 26, 2016
|
|
0.06
|
|
|
8.4 million
|
|
123,342
|
|
|
(1)
|
|
0.6 million
|
|
|
February 8, 2016
|
|
March 15, 2016
|
|
March 31, 2016
|
|
0.06
|
|
|
8.6 million
|
|
86,806
|
|
|
(1)
|
|
0.4 million
|
|
|
February 8, 2016
|
|
April 15, 2016
|
|
April 29, 2016
|
|
0.06
|
|
|
8.2 million
|
|
112,569
|
|
|
(1)
|
|
0.6 million
|
|
|
February 8, 2016
|
|
May 13, 2016
|
|
May 31, 2016
|
|
0.06
|
|
|
8.4 million
|
|
76,432
|
|
|
(1)
|
|
0.4 million
|
|
|
May 5, 2016
|
|
June 15, 2016
|
|
June 30, 2016
|
|
0.06
|
|
|
8.2 million
|
|
108,629
|
|
|
(1)
|
|
0.6 million
|
|
|
May 5, 2016
|
|
July 15, 2016
|
|
July 29, 2016
|
|
0.06
|
|
|
8.2 million
|
|
100.268
|
|
|
(1)
|
|
0.6 million
|
|
|
May 5, 2016
|
|
August 15, 2016
|
|
August 31, 2016
|
|
0.06
|
|
|
|
|
|
|
|
|
|
||
|
(1)
|
Shares were purchased on the open market and distributed.
|
|
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
|
|
$978 million
|
|
$1,226 million
|
|
Asset coverage ratio
|
|
Asset coverage ratio shall not be less than 2.10:1
|
|
2.10:1
|
|
2.30:1
|
|
Interest coverage ratio
|
|
Interest coverage ratio shall not be less than 2.50:1
|
|
2.50:1
|
|
3.14:1
|
|
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
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
11/12/2015
|
|
Expanded credit facility
|
|
710 million
|
|
|
0.1 million
|
|
|
$710 million
|
|
|
$525 million
|
|
|
$185 million
|
|
|
LIBOR (4) + 2.25%
|
|
SBA debentures
|
|
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
|
|
|
—
|
|
|
|
|
|
|
|
|
LIBOR + 2.25%
|
|||
|
|
|
8/17/2015
|
|
Amended credit facility
|
|
125 million
|
|
|
0.4 million
|
|
|
62 million
|
|
(1)
|
44 million
|
|
|
18 million
|
|
|
LIBOR (3) + 2%/2.25% (5)
|
|
(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
|
|
(5)
|
LIBOR +2.0% when the facility is drawn more than 35%. Otherwise, LIBOR +2.25%
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||
|
Lift Brands Holdings, Inc.
|
|
$
|
15,500
|
|
|
$
|
17,000
|
|
|
Legalzoom.com, Inc.
|
|
15,427
|
|
|
8,815
|
|
||
|
BMC Software Finance, Inc.
|
|
15,000
|
|
|
15,000
|
|
||
|
Senior Loan Fund JV 1, LLC
|
|
14,065
|
|
|
30,690
|
|
||
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
TigerText, Inc.
|
|
10,000
|
|
|
10,000
|
|
||
|
RP Crown Parent, LLC
|
|
9,868
|
|
|
9,868
|
|
||
|
Edge Fitness, LLC
|
|
8,353
|
|
|
3,735
|
|
||
|
InMotion Entertainment Group, LLC
|
|
6,845
|
|
|
6,308
|
|
||
|
Refac Optical Group
|
|
6,400
|
|
|
6,400
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
6,056
|
|
|
—
|
|
||
|
BeyondTrust Software, Inc.
|
|
5,995
|
|
|
5,995
|
|
||
|
Valet Merger Sub, Inc.
|
|
5,596
|
|
|
13,700
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
|
5,397
|
|
|
5,397
|
|
||
|
JTC Education, Inc.
|
|
5,391
|
|
|
—
|
|
||
|
Thing5, LLC
|
|
5,000
|
|
|
6,000
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
OnCourse Learning Corporation
|
|
5,000
|
|
|
5,000
|
|
||
|
Penn Foster, Inc.
|
|
5,000
|
|
|
5,000
|
|
||
|
Trialcard Incorporated
|
|
4,900
|
|
|
4,900
|
|
||
|
TIBCO Software, Inc.
|
|
4,872
|
|
|
5,800
|
|
||
|
Adventure Interactive, Corp.
|
|
4,846
|
|
|
4,846
|
|
||
|
Baart Programs, Inc.
|
|
4,762
|
|
|
—
|
|
||
|
OBHG Management Services, LLC
|
|
3,836
|
|
|
—
|
|
||
|
Metamorph US 3, LLC
|
|
3,675
|
|
|
3,675
|
|
||
|
My Alarm Center, LLC
|
|
3,127
|
|
|
2,068
|
|
||
|
WeddingWire, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Express Group Holdings LLC
|
|
2,824
|
|
|
—
|
|
||
|
Discovery Practice Management, Inc.
|
|
2,755
|
|
|
6,347
|
|
||
|
Eagle Hospital Physicians, Inc.
|
|
2,753
|
|
|
1,820
|
|
||
|
Motion Recruitment Partners LLC
|
|
2,628
|
|
|
2,900
|
|
||
|
OmniSYS Acquisition Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Ping Identity Corporation
|
|
2,500
|
|
|
—
|
|
||
|
First American Payment Systems, LP
|
|
2,375
|
|
|
4,225
|
|
||
|
HealthDrive Corporation
|
|
2,334
|
|
|
734
|
|
||
|
ExamSoft Worldwide, Inc.
|
|
2,000
|
|
|
2,000
|
|
||
|
Teaching Strategies, LLC
|
|
1,920
|
|
|
2,400
|
|
||
|
Accruent, LLC
|
|
1,900
|
|
|
—
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
1,478
|
|
|
—
|
|
||
|
Cenegenics, LLC
|
|
1,401
|
|
|
316
|
|
||
|
TransTrade Operators, Inc.
|
|
1,194
|
|
|
1,559
|
|
||
|
4 Over International, LLC
|
|
1,190
|
|
|
—
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
1,111
|
|
|
1,396
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
1,066
|
|
|
993
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
|
1,017
|
|
|
1,149
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
853
|
|
|
1,047
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
720
|
|
|
1,428
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
698
|
|
|
1,198
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
674
|
|
|
754
|
|
||
|
Edmentum, Inc.
|
|
479
|
|
|
2,664
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
476
|
|
|
924
|
|
||
|
Phoenix Brands Merger Sub LLC
|
|
429
|
|
|
1,286
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
|
423
|
|
|
438
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
413
|
|
|
762
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
357
|
|
|
357
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
273
|
|
|
429
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
198
|
|
|
188
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
194
|
|
|
318
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
190
|
|
|
398
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
177
|
|
|
358
|
|
||
|
Yeti Acquisition, LLC
|
|
—
|
|
|
40,000
|
|
||
|
First Choice ER, LLC
|
|
—
|
|
|
9,451
|
|
||
|
Ameritox, Ltd
|
|
—
|
|
|
6,400
|
|
||
|
Integral Development Corporation
|
|
—
|
|
|
5,000
|
|
||
|
All Metro Health Care Services, Inc.
|
|
—
|
|
|
3,300
|
|
||
|
World 50, Inc.
|
|
—
|
|
|
3,000
|
|
||
|
QuorumLabs, Inc.
|
|
—
|
|
|
2,500
|
|
||
|
Idera, Inc.
|
|
—
|
|
|
2,400
|
|
||
|
Chicago Growth Partners L.P. (limited partnership interest)
|
|
—
|
|
|
2,000
|
|
||
|
Ansira Partners, Inc.
|
|
—
|
|
|
1,190
|
|
||
|
Psilos Group Partners IV, LP (limited partnership interest)
|
|
—
|
|
|
1,000
|
|
||
|
Total
|
|
$
|
234,411
|
|
|
$
|
305,326
|
|
|
|
|
Debt Outstanding
as of September 30, 2015 |
|
Debt Outstanding
as of June 30,
2016
|
|
Weighted average debt
outstanding for the
nine months ended
June 30, 2016
|
|
Maximum debt
outstanding
for the nine months ended
June 30, 2016
|
||||||||
|
SBA debentures
|
|
$
|
225,000
|
|
|
$
|
225,000
|
|
|
$
|
225,000
|
|
|
$
|
225,000
|
|
|
ING facility
|
|
383,495
|
|
|
524,495
|
|
|
401,466
|
|
|
528,495
|
|
||||
|
Sumitomo facility
|
|
43,800
|
|
|
43,800
|
|
|
43,800
|
|
|
43,800
|
|
||||
|
Convertible Notes
|
|
115,000
|
|
|
—
|
|
|
77,226
|
|
|
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
|
|
21,787
|
|
|
19,289
|
|
|
20,272
|
|
|
21,787
|
|
||||
|
Total debt
|
|
$
|
1,200,332
|
|
|
$
|
1,223,834
|
|
|
$
|
1,179,014
|
|
|
|
||
|
|
|
Payments due by period as of June 30, 2016
|
||||||||||||||||||
|
|
|
Total
|
|
< 1 year
|
|
1-3 years
|
|
3-5 years
|
|
> 5 years
|
||||||||||
|
SBA debentures
|
|
$
|
225,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
138,300
|
|
|
$
|
86,700
|
|
|
Interest due on SBA debentures
|
|
51,157
|
|
|
8,862
|
|
|
17,725
|
|
|
16,482
|
|
|
8,088
|
|
|||||
|
ING facility
|
|
524,495
|
|
|
—
|
|
|
524,495
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on ING facility
|
|
43,272
|
|
|
14,424
|
|
|
28,848
|
|
|
—
|
|
|
—
|
|
|||||
|
Sumitomo facility
|
|
43,800
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,800
|
|
|||||
|
Interest due on Sumitomo facility
|
|
5,593
|
|
|
1,072
|
|
|
2,144
|
|
|
2,144
|
|
|
233
|
|
|||||
|
Secured borrowings
|
|
19,289
|
|
|
—
|
|
|
19,289
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on secured borrowings
|
|
1,665
|
|
|
964
|
|
|
701
|
|
|
—
|
|
|
—
|
|
|||||
|
2019 Notes
|
|
250,000
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on 2019 Notes
|
|
32,522
|
|
|
12,188
|
|
|
20,334
|
|
|
—
|
|
|
—
|
|
|||||
|
2024 Notes
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|||||
|
Interest due on 2024 Notes
|
|
36,747
|
|
|
4,406
|
|
|
8,813
|
|
|
8,813
|
|
|
14,715
|
|
|||||
|
2028 Notes
|
|
86,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,250
|
|
|||||
|
Interest due on 2028 Notes
|
|
62,554
|
|
|
5,283
|
|
|
10,566
|
|
|
10,566
|
|
|
36,139
|
|
|||||
|
Total
|
|
$
|
1,457,344
|
|
|
$
|
47,199
|
|
|
$
|
882,915
|
|
|
$
|
176,305
|
|
|
$
|
350,925
|
|
|
Three Months Ended
|
|
Qualified Interest Income
|
Qualified Short-Term Capital Gains
|
||
|
December 31, 2015
|
|
89.62
|
%
|
—
|
|
|
March 31, 2016
|
|
89.77
|
%
|
—
|
|
|
June 30, 2016
|
|
86.50
|
%
|
—
|
|
|
•
|
$0.06 per share, payable on September 30, 2016 to stockholders of record on September 15, 2016;
|
|
•
|
$0.06 per share, payable on October 31, 2016 to stockholders of record on October 14, 2016; and
|
|
•
|
$0.06 per share, payable on November 30, 2016 to stockholders of record on November 15, 2016.
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||
|
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
|
Under 1%
|
|
$
|
272,437
|
|
|
16.19
|
%
|
|
$
|
220,165
|
|
|
12.62
|
%
|
|
1% to under 2%
|
|
1,402,810
|
|
|
83.36
|
|
|
1,511,195
|
|
|
86.59
|
|
||
|
2% to under 3%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
3% and over
|
|
7,616
|
|
|
0.45
|
|
|
13,776
|
|
|
0.79
|
|
||
|
Total
|
|
$
|
1,682,863
|
|
|
100.00
|
%
|
|
$
|
1,745,136
|
|
|
100.00
|
%
|
|
Basis point increase(1)
|
|
Interest
income
|
|
Interest
expense
|
|
Net increase
(decrease)
|
||||||
|
500
|
|
$
|
73,500
|
|
|
$
|
(29,300
|
)
|
|
$
|
44,200
|
|
|
400
|
|
56,800
|
|
|
(23,400
|
)
|
|
33,400
|
|
|||
|
300
|
|
40,100
|
|
|
(17,500
|
)
|
|
22,600
|
|
|||
|
200
|
|
23,400
|
|
|
(11,600
|
)
|
|
11,800
|
|
|||
|
100
|
|
7,200
|
|
|
(5,800
|
)
|
|
1,400
|
|
|||
|
(1)
|
A decline in interest rates would not have a material impact on our Consolidated Financial Statements.
|
|
|
|
June 30, 2016
|
|
September 30, 2015
|
||||||||||||
|
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
|
Interest Bearing
Cash and Investments |
|
Borrowings
|
||||||||
|
Money market rate
|
|
$
|
149,813
|
|
|
$
|
—
|
|
|
$
|
143,484
|
|
|
$
|
—
|
|
|
Prime rate
|
|
11,092
|
|
|
—
|
|
|
2,076
|
|
|
6,000
|
|
||||
|
LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
42,638
|
|
|
568,295
|
|
|
52,661
|
|
|
421,295
|
|
||||
|
90 day
|
|
1,773,525
|
|
|
19,289
|
|
|
1,797,527
|
|
|
21,787
|
|
||||
|
Fixed rate
|
|
467,707
|
|
|
636,250
|
|
|
561,906
|
|
|
751,250
|
|
||||
|
Total
|
|
$
|
2,444,775
|
|
|
$
|
1,223,834
|
|
|
$
|
2,557,654
|
|
|
$
|
1,200,332
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description of Exhibit
|
|
|
|
|
|
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.
|
||
|
|
|
|
|
By:
|
|
/s/ Todd G. Owens
|
|
|
|
Todd G. Owens
|
|
|
|
Chief Executive Officer
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By:
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/s/ Steven M. Noreika
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Steven M. Noreika
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Chief Financial Officer
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Exhibit
Number
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Description of Exhibit
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31.1*
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Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
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31.2*
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Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
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32.1*
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Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
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32.2*
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Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
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*
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Filed herewith
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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 |
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| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
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No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
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