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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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December 31, 2016
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September 30, 2016
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ASSETS
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Investments at fair value:
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Control investments (cost December 31, 2016: $419,048; cost September 30, 2016: $456,493)
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$
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352,161
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$
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388,267
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Affiliate investments (cost December 31, 2016: $34,621; cost September 30, 2016: $34,955)
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39,461
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39,769
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Non-control/Non-affiliate investments (cost December 31, 2016: $1,690,796; cost September 30, 2016: $1,792,410)
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1,560,120
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1,737,455
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Total investments at fair value (cost December 31, 2016: $2,144,465; cost September 30, 2016: $2,283,858)
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1,951,742
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2,165,491
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Cash and cash equivalents
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179,835
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117,923
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Restricted cash
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1,124
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12,439
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Interest, dividends and fees receivable
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12,283
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15,568
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Due from portfolio companies
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3,119
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4,077
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Receivables from unsettled transactions
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—
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5,346
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Deferred financing costs
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1,733
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2,234
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Insurance recoveries receivable
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18,970
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19,729
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Other assets
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106
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478
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Total assets
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$
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2,168,912
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$
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2,343,285
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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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4,067
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$
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2,533
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Base management fee and Part I incentive fee payable
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12,401
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15,958
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Due to FSC CT
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2,059
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2,204
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Interest payable
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9,060
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3,912
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Amounts payable to syndication partners
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1,784
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754
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Director fees payable
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197
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566
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Payables from unsettled transactions
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19,503
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6,234
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Legal settlements payable
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18,970
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19,500
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Credit facilities payable
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441,413
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516,295
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SBA debentures payable (net of $3,096 and $3,289 of unamortized financing costs as of December 31, 2016 and September 30, 2016, respectively)
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210,204
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210,011
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Unsecured notes payable (net of $5,651 and $5,956 of unamortized financing costs as of December 31, 2016 and September 30, 2016, respectively)
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405,001
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404,630
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Secured borrowings at fair value (proceeds December 31, 2016: $14,426; proceeds September 30, 2016: $18,929)
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13,981
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18,400
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Total liabilities
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1,138,640
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1,200,997
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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; 143,259 and 140,961 shares issued and outstanding at December 31, 2016, respectively; 143,259 shares issued and outstanding at September 30, 2016
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1,433
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1,433
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Additional paid-in-capital
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1,591,467
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1,591,467
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Treasury shares at cost, 2,298 at December 31, 2016
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(12,500
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)
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—
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Net unrealized depreciation on investments and secured borrowings
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(192,278
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)
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(117,838
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Net realized loss on investments and secured borrowings
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(329,324
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(306,228
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Accumulated overdistributed net investment income
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(28,526
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(26,546
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Total net assets (equivalent to $7.31 and $7.97 per common share at December 31, 2016 and September 30, 2016, respectively) (Note 12)
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1,030,272
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1,142,288
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Total liabilities and net assets
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$
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2,168,912
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$
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2,343,285
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Three months ended
December 31, 2016 |
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Three months ended
December 31, 2015 |
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Interest income:
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Control investments
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$
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4,445
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$
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3,655
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Affiliate investments
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1,008
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1,051
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Non-control/Non-affiliate investments
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38,301
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46,397
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Interest on cash and cash equivalents
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119
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63
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Total interest income
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43,873
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51,166
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PIK interest income:
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Control investments
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1,560
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980
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Affiliate investments
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201
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210
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Non-control/Non-affiliate investments
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1,076
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2,104
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Total PIK interest income
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2,837
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3,294
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Fee income:
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Control investments
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309
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842
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Affiliate investments
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482
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8
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Non-control/Non-affiliate investments
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2,777
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7,961
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Total fee income
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3,568
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8,811
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Dividend and other income:
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Control investments
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1,462
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2,427
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Non-control/Non-affiliate investments
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20
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(576
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)
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Total dividend and other income
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1,482
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1,851
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Total investment income
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51,760
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65,122
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Expenses:
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||||
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Base management fee
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8,614
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11,792
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4,063
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3,651
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Professional fees
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1,064
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6,969
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Board of Directors fees
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197
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356
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Interest expense
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13,189
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14,047
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Administrator expense
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531
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600
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General and administrative expenses
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1,468
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1,221
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Loss on legal settlements
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3
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—
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Total expenses
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29,129
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38,636
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Base management fee waived
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(61
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)
|
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(96
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)
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Insurance recoveries
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(602
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)
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—
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Net expenses
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28,466
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38,540
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Net investment income
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23,294
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26,582
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|
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Unrealized appreciation (depreciation) on investments:
|
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|
||||
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Control investments
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1,339
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(14,644
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)
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Affiliate investments
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26
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|
|
458
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|
|
||
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Non-control/Non-affiliate investments
|
|
(75,721
|
)
|
|
(76,861
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)
|
|
||
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Net unrealized depreciation on investments
|
|
(74,356
|
)
|
|
(91,047
|
)
|
|
||
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Net unrealized (appreciation) depreciation on secured borrowings
|
|
(84
|
)
|
|
212
|
|
|
||
|
Realized gain (loss) on investments and secured borrowings:
|
|
|
|
|
|
||||
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Control investments
|
|
(23,624
|
)
|
|
—
|
|
|
||
|
Affiliate investments
|
|
—
|
|
|
—
|
|
|
||
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Non-control/Non-affiliate investments
|
|
528
|
|
|
1,367
|
|
|
||
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Net realized gain (loss) on investments and secured borrowings
|
|
(23,096
|
)
|
|
1,367
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|
||
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Net decrease in net assets resulting from operations
|
|
$
|
(74,242
|
)
|
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$
|
(62,886
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)
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Net investment income per common share — basic
|
|
$
|
0.16
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|
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$
|
0.18
|
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|
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Loss per common share — basic
|
|
$
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(0.52
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)
|
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$
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(0.42
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)
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Weighted average common shares outstanding — basic
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142,853
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150,263
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Net investment income per common share — diluted
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$
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0.16
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$
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0.18
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Loss per common share — diluted (Note 5)
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$
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(0.52
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)
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$
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(0.42
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)
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Weighted average common shares outstanding — diluted
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142,853
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158,053
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Distributions per common share
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$
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0.18
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$
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0.18
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Three months ended
December 31, 2016 |
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Three months ended
December 31, 2015 |
|
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Operations:
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||||
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Net investment income
|
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$
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23,294
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$
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26,582
|
|
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Net unrealized depreciation on investments
|
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(74,356
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)
|
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(91,047
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)
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||
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Net unrealized (appreciation) depreciation on secured borrowings
|
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(84
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)
|
|
212
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|
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||
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Net realized gain (loss) on investments and secured borrowings
|
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(23,096
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)
|
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1,367
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||
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Net decrease in net assets resulting from operations
|
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(74,242
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)
|
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(62,886
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)
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Stockholder transactions:
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||||
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Distributions to stockholders
|
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(25,274
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)
|
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(27,095
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)
|
|
||
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Net decrease in net assets from stockholder transactions
|
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(25,274
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)
|
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(27,095
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)
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Capital share transactions:
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|
||||
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Issuance of common stock under dividend reinvestment plan
|
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1,250
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|
|
1,846
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|
||
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Repurchases of common stock under dividend reinvestment program
|
|
(1,250
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)
|
|
(1,846
|
)
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|
||
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Repurchases of treasury shares under stock repurchase program
|
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(12,500
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)
|
|
—
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|
|
||
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Net decrease in net assets from capital share transactions
|
|
(12,500
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)
|
|
—
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|
||
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Total decrease in net assets
|
|
(112,016
|
)
|
|
(89,981
|
)
|
|
||
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Net assets at beginning of period
|
|
1,142,288
|
|
|
1,353,094
|
|
|
||
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Net assets at end of period
|
|
$
|
1,030,272
|
|
|
$
|
1,263,113
|
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|
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Net asset value per common share
|
|
$
|
7.31
|
|
|
$
|
8.41
|
|
|
|
Common shares outstanding at end of period
|
|
140,961
|
|
|
150,263
|
|
|
||
|
|
|
Three months ended
December 31, 2016 |
|
Three months ended
December 31, 2015 |
|
||||
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Operating activities:
|
|
|
|
|
|
||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(74,242
|
)
|
|
$
|
(62,886
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)
|
|
|
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
|
|
|
|
|
|
||||
|
Net unrealized depreciation on investments
|
|
74,356
|
|
|
91,047
|
|
|
||
|
Net unrealized appreciation (depreciation) on secured borrowings
|
|
84
|
|
|
(212
|
)
|
|
||
|
Net realized (gain) loss on investments and secured borrowings
|
|
23,096
|
|
|
(1,367
|
)
|
|
||
|
PIK interest income
|
|
(2,837
|
)
|
|
(3,294
|
)
|
|
||
|
Recognition of fee income
|
|
(3,568
|
)
|
|
(8,811
|
)
|
|
||
|
Accretion of original issue discount on investments
|
|
(2,201
|
)
|
|
(1,139
|
)
|
|
||
|
Accretion of original issue discount on unsecured notes payable
|
|
66
|
|
|
66
|
|
|
||
|
Amortization of deferred financing costs
|
|
999
|
|
|
1,290
|
|
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||
|
Fee income received
|
|
3,583
|
|
|
8,807
|
|
|
||
|
(Increase) decrease in restricted cash
|
|
11,315
|
|
|
(7,517
|
)
|
|
||
|
Decrease in interest, dividends and fees receivable
|
|
3,285
|
|
|
176
|
|
|
||
|
Decrease in due from portfolio companies
|
|
958
|
|
|
291
|
|
|
||
|
Decrease in receivables from unsettled transactions
|
|
5,346
|
|
|
5,168
|
|
|
||
|
Decrease in insurance recoveries receivable
|
|
759
|
|
|
—
|
|
|
||
|
Decrease in other assets
|
|
372
|
|
|
92
|
|
|
||
|
Increase in accounts payable, accrued expenses and other liabilities
|
|
1,534
|
|
|
3,392
|
|
|
||
|
Decrease in base management fee and Part I incentive fee payable
|
|
(3,557
|
)
|
|
(13,006
|
)
|
|
||
|
Increase (decrease) in due to FSC CT
|
|
(145
|
)
|
|
300
|
|
|
||
|
Increase in interest payable
|
|
5,148
|
|
|
6,848
|
|
|
||
|
Increase in payables from unsettled transactions
|
|
13,269
|
|
|
5,443
|
|
|
||
|
Decrease in director fees payable
|
|
(369
|
)
|
|
296
|
|
|
||
|
Decrease in legal settlements payable
|
|
(530
|
)
|
|
—
|
|
|
||
|
Increase (decrease) in amounts payable to syndication partners
|
|
1,030
|
|
|
(1,316
|
)
|
|
||
|
Purchases of investments and net revolver activity
|
|
(104,153
|
)
|
|
(351,930
|
)
|
|
||
|
Principal payments received on investments (scheduled payments)
|
|
6,371
|
|
|
5,693
|
|
|
||
|
Principal payments received on investments (payoffs)
|
|
209,241
|
|
|
235,472
|
|
|
||
|
PIK interest income received in cash
|
|
3,434
|
|
|
577
|
|
|
||
|
Proceeds from the sale of investments
|
|
6,427
|
|
|
101,640
|
|
|
||
|
Net cash provided by operating activities
|
|
179,071
|
|
|
15,120
|
|
|
||
|
Financing activities:
|
|
|
|
|
|
||||
|
Distributions paid in cash
|
|
(24,024
|
)
|
|
(25,249
|
)
|
|
||
|
Borrowings under credit facilities
|
|
84,000
|
|
|
230,000
|
|
|
||
|
Repayments of borrowings under credit facilities
|
|
(158,882
|
)
|
|
(272,000
|
)
|
|
||
|
Repayments of secured borrowings
|
|
(4,503
|
)
|
|
(1,811
|
)
|
|
||
|
Repurchases of common stock under stock repurchase program
|
|
(12,500
|
)
|
|
—
|
|
|
||
|
Repurchases of common stock under dividend reinvestment plan
|
|
(1,250
|
)
|
|
(1,846
|
)
|
|
||
|
Net cash used by financing activities
|
|
(117,159
|
)
|
|
(70,906
|
)
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
|
61,912
|
|
|
(55,786
|
)
|
|
||
|
Cash and cash equivalents, beginning of period
|
|
117,923
|
|
|
138,377
|
|
|
||
|
Cash and cash equivalents, end of period
|
|
$
|
179,835
|
|
|
$
|
82,591
|
|
|
|
Supplemental information:
|
|
|
|
|
|
||||
|
Cash paid for interest
|
|
$
|
6,976
|
|
|
$
|
5,843
|
|
|
|
Non-cash operating activities:
|
|
|
|
|
|
||||
|
Purchases of investments from restructurings
|
|
$
|
(125,693
|
)
|
|
$
|
—
|
|
|
|
Proceeds from investment restructurings
|
|
$
|
125,693
|
|
|
$
|
—
|
|
|
|
Non-cash financing activities:
|
|
|
|
|
|
||||
|
Issuance of shares of common stock under dividend reinvestment plan
|
|
$
|
1,250
|
|
|
$
|
1,846
|
|
|
|
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)
|
|
|
|
$
|
36,278
|
|
|
$
|
36,264
|
|
|
$
|
36,278
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021 (13)
|
|
|
|
1,800
|
|
|
1,798
|
|
|
1,800
|
|
|||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
3,518
|
|
|
3,516
|
|
|
3,518
|
|
|||
|
746,114 Series A Preferred Units
|
|
|
|
|
|
19,234
|
|
|
22,013
|
|
||||
|
746,114 Shares of Common Stock
|
|
|
|
|
|
5,316
|
|
|
378
|
|
||||
|
|
|
|
|
|
|
66,128
|
|
|
63,987
|
|
||||
|
TransTrade Operators, Inc. (9)
|
|
Air freight & logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017
|
|
|
|
15,973
|
|
|
15,571
|
|
|
7,682
|
|
|||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
8,220
|
|
|
8,220
|
|
|
—
|
|
|||
|
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
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
32,991
|
|
|
7,682
|
|
||||
|
First Star Speir Aviation 1 Limited (11)(16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
41,395
|
|
|
35,753
|
|
|
41,395
|
|
|||
|
2,058,411.64 Common Units (6)
|
|
|
|
|
|
—
|
|
|
2,741
|
|
||||
|
|
|
|
|
|
|
35,753
|
|
|
44,136
|
|
||||
|
First Star Bermuda Aviation Limited (11)(16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
11,868
|
|
|
11,868
|
|
|
11,868
|
|
|||
|
4,293,736 Common Units (6)
|
|
|
|
|
|
3,230
|
|
|
4,994
|
|
||||
|
|
|
|
|
|
|
15,098
|
|
|
16,862
|
|
||||
|
Eagle Hospital Physicians, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 8% PIK due 4/30/2017
|
|
|
|
14,175
|
|
|
14,175
|
|
|
14,175
|
|
|||
|
First Lien Term Loan B, 8.1% PIK due 4/30/2017
|
|
|
|
3,970
|
|
|
3,970
|
|
|
3,970
|
|
|||
|
First Lien Revolver, 8% cash due 4/30/2017
|
|
|
|
1,913
|
|
|
1,913
|
|
|
1,913
|
|
|||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
4,100
|
|
|
233
|
|
||||
|
|
|
|
|
|
|
24,158
|
|
|
20,291
|
|
||||
|
Senior Loan Fund JV I, LLC (11)(15)(17)(18)
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC (13)
|
|
|
|
101,030
|
|
|
101,030
|
|
|
101,030
|
|
|||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
24,756
|
|
|
24,756
|
|
|
24,756
|
|
|||
|
87.5% LLC equity interest (6)
|
|
|
|
|
|
16,172
|
|
|
13,858
|
|
||||
|
|
|
|
|
|
|
141,958
|
|
|
139,644
|
|
||||
|
Express Group Holdings LLC
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 9/3/2019 (13)
|
|
|
|
12,506
|
|
|
12,073
|
|
|
—
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019 (13)
|
|
|
|
6,090
|
|
|
6,090
|
|
|
879
|
|
|||
|
Last-In Revolver, PRIME+3.5% (3.5% floor) cash due 10/7/2016 (13)
|
|
|
|
3,000
|
|
|
3,000
|
|
|
3,000
|
|
|||
|
14,033,391 Series B Preferred Units
|
|
|
|
|
|
3,982
|
|
|
—
|
|
||||
|
280,668 Series A Preferred Units
|
|
|
|
|
|
1,593
|
|
|
—
|
|
||||
|
1,456,344 Common Stock Units
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
26,738
|
|
|
3,879
|
|
||||
|
Ameritox Ltd.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)
|
|
|
|
31,498
|
|
|
31,483
|
|
|
31,498
|
|
|||
|
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
14,090
|
|
|
16,157
|
|
||||
|
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
1,602
|
|
|
1,837
|
|
||||
|
4,930.03 Class A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
29,049
|
|
|
6,188
|
|
||||
|
|
|
|
|
|
|
$
|
76,224
|
|
|
$
|
55,680
|
|
||
|
Total Control Investments (34.2% of net assets)
|
|
|
|
|
|
$
|
419,048
|
|
|
$
|
352,161
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
||||||
|
Caregiver Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
9,573
|
|
|
$
|
9,573
|
|
|
$
|
9,572
|
|
|
|
1,080,399 Shares of Series A Preferred Stock
|
|
|
|
|
|
1,080
|
|
|
3,962
|
|
||||
|
|
|
|
|
|
|
10,653
|
|
|
13,534
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
AmBath/ReBath Holdings, Inc.
|
|
Home improvement retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2017
|
|
|
|
$
|
24,015
|
|
|
$
|
23,968
|
|
|
$
|
24,136
|
|
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
1,791
|
|
||||
|
|
|
|
|
|
|
23,968
|
|
|
25,927
|
|
||||
|
Total Affiliate Investments (3.8% of net assets)
|
|
|
|
|
|
$
|
34,621
|
|
|
$
|
39,461
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
||||||
|
Cenegenics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9.75% cash due 9/30/2019
|
|
|
|
29,363
|
|
|
29,188
|
|
|
19,100
|
|
|||
|
First Lien Revolver, 15% cash due 9/30/2019
|
|
|
|
1,600
|
|
|
1,600
|
|
|
1,600
|
|
|||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
598
|
|
|
—
|
|
||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
300
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
31,686
|
|
|
20,700
|
|
||||
|
Riverlake Equity Partners II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.78% limited partnership interest (11)
|
|
|
|
|
|
823
|
|
|
673
|
|
||||
|
|
|
|
|
|
|
823
|
|
|
673
|
|
||||
|
Riverside Fund IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.34% limited partnership interest (11)
|
|
|
|
|
|
374
|
|
|
388
|
|
||||
|
|
|
|
|
|
|
374
|
|
|
388
|
|
||||
|
Bunker Hill Capital II (QP), L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.51% limited partnership interest (11)
|
|
|
|
|
|
817
|
|
|
802
|
|
||||
|
|
|
|
|
|
|
817
|
|
|
802
|
|
||||
|
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 4/30/2017 (13)
|
|
|
|
$
|
16,228
|
|
|
$
|
16,203
|
|
|
$
|
16,122
|
|
|
First Lien Term Loan B, LIBOR+9% cash (1.75% floor) cash due 4/30/2017 (13)
|
|
|
|
40,436
|
|
|
39,110
|
|
|
17,800
|
|
|||
|
CapEx Line, LIBOR+5.75% (1.75% floor) cash due 4/30/2017 (13)
|
|
|
|
1,266
|
|
|
1,261
|
|
|
1,255
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 4/30/2017 (13)
|
|
|
|
4,413
|
|
|
4,413
|
|
|
4,413
|
|
|||
|
|
|
|
|
|
|
60,987
|
|
|
39,590
|
|
||||
|
Refac Optical Group (9)
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
5,704
|
|
|
5,670
|
|
|
5,698
|
|
|||
|
First Lien Term Loan B, LIBOR+8.5% cash, 1.75% PIK due 9/30/2018 (13)
|
|
|
|
34,374
|
|
|
34,253
|
|
|
34,189
|
|
|||
|
First Lien Term Loan C, 12% cash due 9/30/2018
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,345
|
|
|||
|
First Lien Revolver, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
1,600
|
|
|
1,600
|
|
|
1,600
|
|
|||
|
1,550.9435 Shares of Common Stock in Refac Holdings, Inc.
|
|
|
|
|
|
1
|
|
|
—
|
|
||||
|
550.9435 Shares of Series A-2 Preferred Stock in Refac Holdings, Inc.
|
|
|
|
|
|
305
|
|
|
—
|
|
||||
|
1,000 Shares of Series A Preferred Stock Units in Refac Holdings, Inc.
|
|
|
|
|
|
999
|
|
|
142
|
|
||||
|
|
|
|
|
|
|
46,244
|
|
|
44,974
|
|
||||
|
Baird Capital Partners V, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.4% limited partnership interest (11)
|
|
|
|
|
|
994
|
|
|
565
|
|
||||
|
|
|
|
|
|
|
994
|
|
|
565
|
|
||||
|
Milestone Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.85% limited partnership interest (11)
|
|
|
|
|
|
1,739
|
|
|
2,099
|
|
||||
|
|
|
|
|
|
|
1,739
|
|
|
2,099
|
|
||||
|
National Spine and Pain Centers, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1.6% PIK due 9/27/2020
|
|
|
|
30,846
|
|
|
30,816
|
|
|
30,826
|
|
|||
|
317,282.97 Class A Units
|
|
|
|
|
|
317
|
|
|
721
|
|
||||
|
|
|
|
|
|
|
31,133
|
|
|
31,547
|
|
||||
|
RCPDirect, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.91% limited partnership interest (11)
|
|
|
|
|
|
635
|
|
|
812
|
|
||||
|
|
|
|
|
|
|
635
|
|
|
812
|
|
||||
|
Riverside Fund V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.48% limited partnership interest (11)
|
|
|
|
|
|
1,147
|
|
|
1,046
|
|
||||
|
|
|
|
|
|
|
1,147
|
|
|
1,046
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
ACON Equity Partners III, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.13% limited partnership interest (11)
|
|
|
|
|
|
$
|
827
|
|
|
$
|
495
|
|
||
|
|
|
|
|
|
|
827
|
|
|
495
|
|
||||
|
BMC Acquisition, Inc.
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
500
|
|
|
720
|
|
||||
|
50,000 Common Shares
|
|
|
|
|
|
1
|
|
|
22
|
|
||||
|
|
|
|
|
|
|
501
|
|
|
742
|
|
||||
|
Edmentum, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020
|
|
|
|
$
|
2,283
|
|
|
2,283
|
|
|
1,450
|
|
||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020
|
|
|
10,489
|
|
|
10,227
|
|
|
5,852
|
|
||||
|
Unsecured Revolver, 5% cash due 6/9/2020
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
126
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
12,636
|
|
|
7,302
|
|
||||
|
I Drive Safely, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
1,000
|
|
|
312
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
312
|
|
||||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
|
|
|
|
|
||||||
|
3,000,000 Common Stock Units of Yeti Holdings, Inc.
|
|
|
|
|
|
—
|
|
|
35,209
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
35,209
|
|
||||
|
Vitalyst Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 9/5/2018
|
|
|
|
19,757
|
|
|
19,757
|
|
|
19,945
|
|
|||
|
675 Series A Preferred Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
675
|
|
|
383
|
|
||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
75
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
20,507
|
|
|
20,328
|
|
||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (11)
|
|
|
|
|
|
1,187
|
|
|
1,339
|
|
||||
|
|
|
|
|
|
|
1,187
|
|
|
1,339
|
|
||||
|
First American Payment Systems, LP
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.5% (1.25% floor) cash due 4/12/2019 (13)
|
|
|
|
18,304
|
|
|
18,304
|
|
|
17,755
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1.25% floor) cash due 10/12/2017 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
18,304
|
|
|
17,755
|
|
||||
|
Dexter Axle Company
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
1,547 Common Shares in Dexter Axle Holding Company
|
|
|
|
|
|
1,643
|
|
|
3,741
|
|
||||
|
|
|
|
|
|
|
1,643
|
|
|
3,741
|
|
||||
|
Comprehensive Pharmacy Services LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.25% cash 1.5% PIK due 11/30/2019
|
|
|
|
14,854
|
|
|
14,854
|
|
|
14,413
|
|
|||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
2,000
|
|
|
2,597
|
|
||||
|
|
|
|
|
|
|
16,854
|
|
|
17,010
|
|
||||
|
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
|
|
|
477
|
|
||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
5
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
500
|
|
|
477
|
|
||||
|
Teaching Strategies, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (13)
|
|
|
|
$
|
7,202
|
|
|
7,194
|
|
|
7,200
|
|
||
|
Senior Revolver, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (10)(13)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
7,193
|
|
|
7,200
|
|
||||
|
Omniplex World Services Corporation (9)
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 8/19/2021
|
|
|
|
11,295
|
|
|
11,295
|
|
|
10,769
|
|
|||
|
500 Class A Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
500
|
|
|
485
|
|
||||
|
64.041 Class A-1 Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
104
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
11,899
|
|
|
11,254
|
|
||||
|
Dominion Diagnostics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 11% cash 2% PIK due 10/8/2019
|
|
|
|
16,359
|
|
|
16,195
|
|
|
7,316
|
|
|||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 4/8/2019 (13)
|
|
|
|
51,648
|
|
|
36,563
|
|
|
44,327
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 4/8/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
52,758
|
|
|
51,643
|
|
||||
|
AdVenture Interactive, Corp. (9)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (13)
|
|
|
|
89,814
|
|
|
89,794
|
|
|
47,081
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018 (10)(13)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
2,863 Preferred Units of AVI Holdings, L.P.
|
|
|
|
|
|
1,820
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
91,613
|
|
|
47,081
|
|
||||
|
Sterling Capital Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.2% limited partnership interest (11)
|
|
|
|
|
|
1,726
|
|
|
1,481
|
|
||||
|
|
|
|
|
|
|
1,726
|
|
|
1,481
|
|
||||
|
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
|
|
|
23,923
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
23,923
|
|
||||
|
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
|
|
|
$
|
4,001
|
|
|
$
|
4,378
|
|
|
|
|
|
|
|
|
4,001
|
|
|
4,378
|
|
||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
||||||
|
1.9% limited partnership interest (11)
|
|
|
|
|
|
7,946
|
|
|
5,780
|
|
||||
|
|
|
|
|
|
|
7,946
|
|
|
5,780
|
|
||||
|
Credit Infonet, Inc. (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 10/26/2018
|
|
|
|
13,863
|
|
|
13,863
|
|
|
13,305
|
|
|||
|
|
|
|
|
|
|
13,863
|
|
|
13,305
|
|
||||
|
Bracket Holding Corp.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 2/15/2020 (13)
|
|
|
|
32,000
|
|
|
32,000
|
|
|
32,028
|
|
|||
|
50,000 Common Units in AB Group Holdings, LP
|
|
|
|
|
|
500
|
|
|
1,077
|
|
||||
|
|
|
|
|
|
|
32,500
|
|
|
33,105
|
|
||||
|
HealthEdge Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
213
|
|
|
700
|
|
||||
|
|
|
|
|
|
|
213
|
|
|
700
|
|
||||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
12,777
|
|
|
12,751
|
|
|
12,826
|
|
|||
|
First Lien Term Loan B, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
5,569
|
|
|
5,425
|
|
|
5,577
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
5,604
|
|
|
5,599
|
|
|
5,604
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
829
|
|
|
823
|
|
|
829
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,169
|
|
||||
|
|
|
|
|
|
|
25,598
|
|
|
26,005
|
|
||||
|
Thing5, LLC (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 10/11/2018 (12)(13)
|
|
|
|
48,293
|
|
|
48,260
|
|
|
46,758
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 10/11/2018 (13)
|
|
|
|
1,000
|
|
|
996
|
|
|
1,000
|
|
|||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
2,000
|
|
|
186
|
|
||||
|
|
|
|
|
|
|
51,256
|
|
|
47,944
|
|
||||
|
Epic Health Services, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/17/2021 (13)
|
|
|
|
31,867
|
|
|
31,539
|
|
|
31,867
|
|
|||
|
|
|
|
|
|
|
31,539
|
|
|
31,867
|
|
||||
|
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
|
|
|
|
$
|
5,927
|
|
|
$
|
5,927
|
|
|
$
|
5,925
|
|
|
498.6 Class A Preferred Units in Kason Investment, LLC
|
|
|
|
|
|
499
|
|
|
397
|
|
||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
55
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
6,481
|
|
|
6,322
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.571% limited partnership interest (11)
|
|
|
|
|
|
1,503
|
|
|
1,615
|
|
||||
|
|
|
|
|
|
|
1,503
|
|
|
1,615
|
|
||||
|
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
|
|
|
|
39,266
|
|
|
39,119
|
|
|
39,270
|
|
|||
|
2,500,000 Class A Common Units in Vandelay Industries, L.P.
|
|
|
|
|
|
958
|
|
|
7,294
|
|
||||
|
|
|
|
|
|
|
40,077
|
|
|
46,564
|
|
||||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021 (13)
|
|
|
|
8,000
|
|
|
7,909
|
|
|
7,800
|
|
|||
|
|
|
|
|
|
|
7,909
|
|
|
7,800
|
|
||||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13)
|
|
|
|
5,500
|
|
|
5,462
|
|
|
5,489
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(13)
|
|
|
|
|
|
(4
|
)
|
|
—
|
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
899
|
|
||||
|
|
|
|
|
|
|
6,458
|
|
|
6,388
|
|
||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.0% limited partnership interest (11)
|
|
|
|
|
|
1,419
|
|
|
1,753
|
|
||||
|
|
|
|
|
|
|
1,419
|
|
|
1,753
|
|
||||
|
Aden & Anais Merger Sub, Inc.
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
||||||
|
51,645 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
5,165
|
|
|
5,198
|
|
||||
|
|
|
|
|
|
|
5,165
|
|
|
5,198
|
|
||||
|
Lift Brands, Inc. (9)
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
|
|
22,118
|
|
|
22,045
|
|
|
22,084
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (10)(13)
|
|
|
|
|
|
(18
|
)
|
|
—
|
|
||||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
2,000
|
|
|
2,277
|
|
||||
|
|
|
|
|
|
|
24,027
|
|
|
24,361
|
|
||||
|
Tailwind Capital Partners II, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.3% limited partnership interest (11)
|
|
|
|
|
|
1,304
|
|
|
1,440
|
|
||||
|
|
|
|
|
|
|
1,304
|
|
|
1,440
|
|
||||
|
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
|
|
|
$
|
26,600
|
|
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
813
|
|
|
1,089
|
|
||||
|
|
|
|
|
|
|
27,722
|
|
|
27,689
|
|
||||
|
Five9, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
118,577 Common Stock Warrants (exercise price $10.12) expiration date 2/20/2024
|
|
|
|
|
|
321
|
|
|
633
|
|
||||
|
|
|
|
|
|
|
321
|
|
|
633
|
|
||||
|
Conviva Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021
|
|
|
|
|
|
105
|
|
|
114
|
|
||||
|
|
|
|
|
|
|
105
|
|
|
114
|
|
||||
|
OnCourse Learning Corporation
|
|
Education services
|
|
|
|
|
|
|
||||||
|
264,312 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
2,726
|
|
|
2,555
|
|
||||
|
|
|
|
|
|
|
2,726
|
|
|
2,555
|
|
||||
|
ShareThis, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
367
|
|
|
135
|
|
||||
|
|
|
|
|
|
|
367
|
|
|
135
|
|
||||
|
Aptean, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 12/20/2022 (13)
|
|
|
|
4,200
|
|
|
4,158
|
|
|
4,242
|
|
|||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 12/20/2023 (13)
|
|
|
|
5,900
|
|
|
5,812
|
|
|
5,902
|
|
|||
|
|
|
|
|
|
|
9,970
|
|
|
10,144
|
|
||||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 3/31/2019 (13)
|
|
|
|
18,929
|
|
|
18,922
|
|
|
6,070
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 3/31/2019 (10)(13)
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
18,921
|
|
|
6,070
|
|
||||
|
ExamSoft Worldwide, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
13,875
|
|
|
13,793
|
|
|
13,758
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
181
|
|
|
44
|
|
||||
|
|
|
|
|
|
|
13,974
|
|
|
13,802
|
|
||||
|
DigiCert, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 6/2/2020 (13)
|
|
|
|
61,500
|
|
|
60,849
|
|
|
61,798
|
|
|||
|
|
|
|
|
|
|
60,849
|
|
|
61,798
|
|
||||
|
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 (11)
|
|
|
|
|
|
$
|
346
|
|
|
$
|
356
|
|
||
|
|
|
|
|
|
|
346
|
|
|
356
|
|
||||
|
PR Wireless, Inc. (11)
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% (1% floor) cash due 6/27/2020 (13)
|
|
|
|
$
|
12,682
|
|
|
12,412
|
|
|
8,766
|
|
||
|
118.4211 Common Stock Warrants (exercise price $0.01) expiration date 6/27/2024
|
|
|
|
|
|
—
|
|
|
429
|
|
||||
|
|
|
|
|
|
|
12,412
|
|
|
9,195
|
|
||||
|
Integral Development Corporation
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (13)
|
|
|
|
13,500
|
|
|
13,442
|
|
|
12,603
|
|
|||
|
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024
|
|
|
|
|
|
113
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
13,555
|
|
|
12,603
|
|
||||
|
Loftware, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
6,151
|
|
|
6,151
|
|
|
6,217
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
300
|
|
|
297
|
|
||||
|
|
|
|
|
|
|
6,451
|
|
|
6,514
|
|
||||
|
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
|
|
|
14,995
|
|
|||
|
|
|
|
|
|
|
15,000
|
|
|
14,995
|
|
||||
|
TV Borrower US, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/8/2021 (11) (13)
|
|
|
|
30,000
|
|
|
29,418
|
|
|
29,700
|
|
|||
|
|
|
|
|
|
|
29,418
|
|
|
29,700
|
|
||||
|
Webster Capital III, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.754% limited partnership interest (11)
|
|
|
|
|
|
993
|
|
|
1,161
|
|
||||
|
|
|
|
|
|
|
993
|
|
|
1,161
|
|
||||
|
L Squared Capital Partners LLC
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2% limited partnership interest (11)
|
|
|
|
|
|
2,689
|
|
|
2,689
|
|
||||
|
|
|
|
|
|
|
2,689
|
|
|
2,689
|
|
||||
|
ERS Acquisition Corp. (9)
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 9/10/2018 (13)
|
|
|
|
41,149
|
|
|
39,230
|
|
|
2,057
|
|
|||
|
|
|
|
|
|
|
39,230
|
|
|
2,057
|
|
||||
|
BeyondTrust Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019 (13)
|
|
|
|
29,878
|
|
|
29,219
|
|
|
29,606
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (10)(13)
|
|
|
|
|
|
(71
|
)
|
|
—
|
|
||||
|
4,500,000 Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
4,500
|
|
|
5,588
|
|
||||
|
|
|
|
|
|
|
33,648
|
|
|
35,194
|
|
||||
|
Answers Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/3/2021 (13)
|
|
|
|
4,925
|
|
|
4,906
|
|
|
2,536
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/3/2022 (13)
|
|
|
|
37,000
|
|
|
35,190
|
|
|
1,418
|
|
|||
|
|
|
|
|
|
|
40,096
|
|
|
3,954
|
|
||||
|
Idera, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/9/2021 (13)
|
|
|
|
25,969
|
|
|
24,957
|
|
|
26,002
|
|
|||
|
|
|
|
|
|
|
24,957
|
|
|
26,002
|
|
||||
|
GOBP Holdings Inc.
|
|
Food retail
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)
|
|
|
|
4,214
|
|
|
4,171
|
|
|
4,226
|
|
|||
|
|
|
|
|
|
|
4,171
|
|
|
4,226
|
|
||||
|
Kellermeyer Bergensons Services, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13)
|
|
|
|
6,105
|
|
|
5,874
|
|
|
5,800
|
|
|||
|
|
|
|
|
|
|
5,874
|
|
|
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)
|
|
|
|
$
|
7,568
|
|
|
$
|
7,568
|
|
|
$
|
7,633
|
|
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
500
|
|
|
524
|
|
||||
|
|
|
|
|
|
|
8,068
|
|
|
8,157
|
|
||||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 11/18/2022 (13)
|
|
|
|
44,837
|
|
|
44,597
|
|
|
43,941
|
|
|||
|
|
|
|
|
|
|
44,597
|
|
|
43,941
|
|
||||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/16/2023 (13)
|
|
|
|
12,189
|
|
|
11,739
|
|
|
12,105
|
|
|||
|
|
|
|
|
|
|
11,739
|
|
|
12,105
|
|
||||
|
Tecomet Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 12/5/2022 (13)
|
|
|
|
17,000
|
|
|
15,882
|
|
|
16,405
|
|
|||
|
|
|
|
|
|
|
15,882
|
|
|
16,405
|
|
||||
|
Metamorph US 3, LLC (9)
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/1/2020 (13)
|
|
|
|
10,052
|
|
|
9,976
|
|
|
5,952
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 12/1/2020 (13)
|
|
|
|
1,225
|
|
|
1,220
|
|
|
1,225
|
|
|||
|
|
|
|
|
|
|
11,196
|
|
|
7,177
|
|
||||
|
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
|
|
|
17,359
|
|
|||
|
|
|
|
|
|
|
17,000
|
|
|
17,359
|
|
||||
|
Janrain, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
218,008 Common Stock Warrants (exercise price $1.3761) expiration date 12/5/2024
|
|
|
|
|
|
45
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
45
|
|
|
—
|
|
||||
|
TigerText, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1% floor) cash due 12/8/2017 (13)
|
|
|
|
5,000
|
|
|
4,982
|
|
|
4,940
|
|
|||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024
|
|
|
|
|
|
60
|
|
|
188
|
|
||||
|
|
|
|
|
|
|
5,042
|
|
|
5,128
|
|
||||
|
Survey Sampling International, LLC
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (13)
|
|
|
|
18,700
|
|
|
18,435
|
|
|
18,326
|
|
|||
|
|
|
|
|
|
|
18,435
|
|
|
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
|
|
|
$
|
6,810
|
|
|
$
|
6,615
|
|
|
|
|
|
|
|
|
6,810
|
|
|
6,615
|
|
||||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% cash due 11/25/2020 (13)
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
EOS Fitness Opco Holdings, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
3,807
|
|
|
3,807
|
|
|
3,820
|
|
|||
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
487.5 Class A Preferred Units
|
|
|
|
|
|
488
|
|
|
620
|
|
||||
|
12,500 Class B Common Units
|
|
|
|
|
|
13
|
|
|
123
|
|
||||
|
|
|
|
|
|
|
4,308
|
|
|
4,563
|
|
||||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(13)
|
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
||||
|
WeddingWire, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
26,813
|
|
|
26,813
|
|
|
26,845
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
483,645 Common Shares of WeddingWire, Inc.
|
|
|
|
|
|
1,200
|
|
|
1,135
|
|
||||
|
|
|
|
|
|
|
28,013
|
|
|
27,980
|
|
||||
|
xMatters, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
200,000 Common Stock Warrants (exercise price $1.78) expiration date 2/26/2025
|
|
|
|
|
|
709
|
|
|
375
|
|
||||
|
|
|
|
|
|
|
709
|
|
|
375
|
|
||||
|
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
|
|
|
3,385
|
|
|||
|
|
|
|
|
|
|
3,398
|
|
|
3,385
|
|
||||
|
Golden State Medical Supply, Inc.
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
15,001
|
|
|
15,001
|
|
|
14,616
|
|
|||
|
|
|
|
|
|
|
15,001
|
|
|
14,616
|
|
||||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan D, LIBOR+8% (1% floor) cash due 1/9/2019 (13)
|
|
|
|
2,219
|
|
|
2,219
|
|
|
2,212
|
|
|||
|
First Lien Term Revolver, LIBOR+8% (1% floor) cash due 1/9/2019 (13)
|
|
|
|
650
|
|
|
650
|
|
|
650
|
|
|||
|
|
|
|
|
|
|
2,869
|
|
|
2,862
|
|
||||
|
AirStrip Technologies, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+10% (1% floor) cash due 5/12/2018 (13)
|
|
|
|
16,000
|
|
|
15,958
|
|
|
16,108
|
|
|||
|
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757) expiration date 5/11/2025
|
|
|
|
|
|
90
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
16,048
|
|
|
16,108
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Access Medical Acquisition, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
450,000 Shares of Class A Common Stock in CMG Holding Company, LLC (6)
|
|
|
|
|
|
$
|
151
|
|
|
$
|
1,039
|
|
||
|
|
|
|
|
|
|
151
|
|
|
1,039
|
|
||||
|
QuorumLabs, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
2,045,954 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025
|
|
|
|
|
|
375
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
375
|
|
|
—
|
|
||||
|
Worley Claims Services, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 10/31/2020 (13)
|
|
|
|
$
|
7,644
|
|
|
7,552
|
|
|
7,606
|
|
||
|
|
|
|
|
|
|
7,552
|
|
|
7,606
|
|
||||
|
Poseidon Merger Sub, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (13)
|
|
|
|
30,000
|
|
|
29,001
|
|
|
29,712
|
|
|||
|
|
|
|
|
|
|
29,001
|
|
|
29,712
|
|
||||
|
American Seafoods Group LLC
|
|
Food distributors
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/19/2022 (13)
|
|
|
|
12,000
|
|
|
11,907
|
|
|
11,640
|
|
|||
|
|
|
|
|
|
|
11,907
|
|
|
11,640
|
|
||||
|
Valet Merger Sub, Inc.
|
|
Environmental & facilities services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
49,297
|
|
|
48,536
|
|
|
49,739
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
5,596
|
|
|
5,464
|
|
|
5,596
|
|
|||
|
|
|
|
|
|
|
54,000
|
|
|
55,335
|
|
||||
|
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
|
|
|
12,529
|
|
|||
|
252,119 Common Stock Warrants (exercise price $1.77) expiration date 9/30/2025
|
|
|
|
|
|
—
|
|
|
178
|
|
||||
|
|
|
|
|
|
|
12,500
|
|
|
12,707
|
|
||||
|
Baart Programs, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.75% cash due 10/9/2021 (13)
|
|
|
|
32,094
|
|
|
31,609
|
|
|
32,416
|
|
|||
|
First Lien Revolver, LIBOR+7.75% cash due 10/9/2021 (13)
|
|
|
|
3,190
|
|
|
3,129
|
|
|
3,190
|
|
|||
|
|
|
|
|
|
|
34,738
|
|
|
35,606
|
|
||||
|
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
|
|
|
43,387
|
|
|||
|
|
|
|
|
|
|
43,000
|
|
|
43,387
|
|
||||
|
Lytx, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/15/2023 (13)
|
|
|
|
24,155
|
|
|
24,155
|
|
|
23,926
|
|
|||
|
3,500 Class A Units in Lytx Holdings, LLC
|
|
|
|
|
|
3,500
|
|
|
3,242
|
|
||||
|
|
|
|
|
|
|
27,655
|
|
|
27,168
|
|
||||
|
Onvoy, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 4/29/2021 (13)
|
|
|
|
14,625
|
|
|
14,364
|
|
|
14,607
|
|
|||
|
|
|
|
|
|
|
14,364
|
|
|
14,607
|
|
||||
|
Accruent, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 5/16/2022 (13)
|
|
|
|
4,975
|
|
|
4,931
|
|
|
5,025
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 5/16/2022 (13)
|
|
|
|
190
|
|
|
173
|
|
|
190
|
|
|||
|
|
|
|
|
|
|
5,104
|
|
|
5,215
|
|
||||
|
4 Over International, LLC
|
|
Commercial printing
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13)
|
|
|
|
6,138
|
|
|
6,083
|
|
|
6,217
|
|
|||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13)
|
|
|
|
|
|
(20
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
6,063
|
|
|
6,217
|
|
||||
|
OBHG Management Services, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 6/28/2022 (13)
|
|
|
|
14,826
|
|
|
14,820
|
|
|
14,907
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 6/28/2021 (10)(13)
|
|
|
|
|
|
(2
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,818
|
|
|
14,907
|
|
||||
|
See notes to Consolidated Financial Statements.
|
||||||||||||||
|
Ping Identity Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
$
|
42,500
|
|
|
$
|
41,368
|
|
|
$
|
42,442
|
|
|
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13)
|
|
|
|
|
|
(66
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
41,302
|
|
|
42,442
|
|
||||
|
Ancile Solutions, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
11,428
|
|
|
11,125
|
|
|
11,336
|
|
|||
|
|
|
|
|
|
|
11,125
|
|
|
11,336
|
|
||||
|
Ministry Brands, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
|
|
3,920
|
|
|
3,881
|
|
|
3,881
|
|
|||
|
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (10)(13)
|
|
|
|
|
|
(11
|
)
|
|
—
|
|
||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
|
|
7,056
|
|
|
6,952
|
|
|
6,952
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (10)(13)
|
|
|
|
|
|
(29
|
)
|
|
—
|
|
||||
|
First Lien Revolver LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
|
|
350
|
|
|
340
|
|
|
340
|
|
|||
|
|
|
|
|
|
|
11,133
|
|
|
11,173
|
|
||||
|
HSW RR, Inc.
|
|
Environmental & facilities services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+9% (1% floor) cash due 7/13/2020 (13)
|
|
|
|
45,000
|
|
|
45,000
|
|
|
45,000
|
|
|||
|
|
|
|
|
|
|
45,000
|
|
|
45,000
|
|
||||
|
Sailpoint Technologies, Inc.
|
|
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 8/16/2021 (13)
|
|
Application software
|
|
14,348
|
|
|
14,085
|
|
|
14,353
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 8/16/2021 (10)(13)
|
|
|
|
|
|
(18
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,067
|
|
|
14,353
|
|
||||
|
California Pizza Kitchen, Inc.
|
|
Restaurants
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)
|
|
|
|
4,988
|
|
|
4,941
|
|
|
4,976
|
|
|||
|
|
|
|
|
|
|
4,941
|
|
|
4,976
|
|
||||
|
Aptos, Inc.
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13)
|
|
|
|
5,486
|
|
|
5,381
|
|
|
5,431
|
|
|||
|
|
|
|
|
|
|
5,381
|
|
|
5,431
|
|
||||
|
SPC Partners VI, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.39% limited partnership interest (11)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Vention Medical, Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 12/31/2018 (13)
|
|
|
|
2,277
|
|
|
2,261
|
|
|
2,261
|
|
|||
|
|
|
|
|
|
|
2,261
|
|
|
2,261
|
|
||||
|
Impact Sales, LLC
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13)
|
|
|
|
11,250
|
|
|
11,001
|
|
|
11,001
|
|
|||
|
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (10)(13)
|
|
|
|
|
|
(83
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
10,918
|
|
|
11,001
|
|
||||
|
Cheddar's Casual Café, Inc.
|
|
Restaurants
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1% floor) cash due 12/31/2021 (13)
|
|
|
|
10,000
|
|
|
9,500
|
|
|
9,500
|
|
|||
|
|
|
|
|
|
|
9,500
|
|
|
9,500
|
|
||||
|
Total Non-Control/Non-Affiliate Investments (151.4% of net assets)
|
|
|
|
|
|
$
|
1,690,796
|
|
|
$
|
1,560,120
|
|
||
|
Total Portfolio Investments (189.4% of net assets)
|
|
|
|
|
|
$
|
2,144,465
|
|
|
$
|
1,951,742
|
|
||
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
||||||
|
JP Morgan Prime Money Market Fund
|
|
|
|
|
|
$
|
148,720
|
|
|
$
|
148,720
|
|
||
|
Other cash accounts
|
|
|
|
|
|
31,115
|
|
|
31,115
|
|
||||
|
Total Cash and Cash Equivalents (17.5% of net assets)
|
|
|
|
|
|
179,835
|
|
|
179,835
|
|
||||
|
Total Portfolio Investments, Cash and Cash Equivalents (206.9% of net assets)
|
|
|
|
|
|
$
|
2,324,300
|
|
|
$
|
2,131,577
|
|
||
|
(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
|
|
Thing5, LLC
|
|
October 27, 2016
|
|
+ 2.5% on Term Loan; + 0.5% on Revolver
|
|
|
|
Per loan amendment
|
|
Epic Health Services, Inc.
|
|
October 12, 2016
|
|
+ 1.0% on Term Loan
|
|
|
|
Per loan amendment
|
|
Refac Optical Group
|
|
October 24, 2016
|
|
+ 0.5% on Revolver, Term Loan A, Term Loan B, Term Loan C
|
|
|
|
Per loan amendment
|
|
Credit Infonet, Inc.
|
|
October 5, 2016
|
|
- 1.0% on Subordinated Term Loan
|
|
+ 0.75% on Subordinated Term Loan
|
|
Per loan amendment
|
|
Lift Brands, Inc.
|
|
August 15, 2016
|
|
+ 0.5% on Revolver and Term Loan
|
|
|
|
Per loan amendment
|
|
ERS Acquisition Corp.
|
|
August 3, 2016
|
|
|
|
+ 2.0% on Second Lien Term Loan
|
|
Per loan amendment
|
|
Edge Fitness, LLC
|
|
April 18, 2016
|
|
+ 1.0% on Term Loan
|
|
|
|
Per loan amendment
|
|
Metamorph US 3, LLC
|
|
October 1, 2016
|
|
+ 1.0% on Revolver
|
|
+2.0% on First Lien Term Loan
|
|
Per loan amendment
|
|
Maverick Healthcare Group, LLC
|
|
May 11, 2016
|
|
|
|
+ 2.0% on Term Loan A, Revolver, and Capex Line
|
|
Per loan amendment
|
|
|
|
May 11, 2016
|
|
- 3.5% on Term Loan B
|
|
+ 5.5% on Term Loan B
|
|
Per loan amendment
|
|
Omniplex World Services Corporation
|
|
October 1, 2015
|
|
|
|
+ 1.0% on Term Loan
|
|
Per loan amendment
|
|
AdVenture Interactive, Corp.
|
|
January 1, 2015
|
|
+ 0.75% on Term Loan and Revolver
|
|
|
|
Per loan amendment
|
|
TransTrade Operators, Inc.
|
|
January 1, 2015
|
|
- 6.0% on Term Loan
|
|
- 3.0% on Term Loan
|
|
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 Mezzanine Term Loan
|
|
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 December 31, 2016, qualifying assets represent 86.0% of the Company's total assets and non-qualifying assets represent 14.0% of the Company's total assets.
|
|
(12)
|
The sale of a portion of this loan does not qualify for true sale accounting under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 860 -
Transfers and Servicing
("ASC 860"), and therefore, the entire debt investment remains in the Consolidated Schedule of Investments. Accordingly, the fair value of the Company's debt investments includes
$14.0 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)
|
With the exception of investments held by the Company’s wholly-owned subsidiaries that have each received a license from the U.S. Small Business Administration (“SBA”) to operate as a small business investment company (“SBIC”), 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 three months ended
December 31, 2016
in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
|
|
(16)
|
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 December 2016, the Company restructured its investment in Senior Loan Fund JV I, LLC. As part of the restructuring, the Company exchanged its subordinated notes for Class A Mezzanine Secured Deferrable Floating Rate Notes and Class B Mezzanine Secured Deferrable Fixed Rate Notes issued by a newly formed, wholly owned subsidiary, SLF Repack Issuer 2016 LLC. The Class A Mezzanine Secured Deferrable Floating Rate Notes bear interest at a rate of LIBOR plus the applicable margin as defined in the indenture. The Class A Mezzanine Secured Deferrable Floating Rate Notes and Class B Mezzanine Secured Deferrable Fixed Rate Notes are collectively referred to as the "mezzanine notes".
|
|
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)
|
|
|
|
$
|
36,180
|
|
|
$
|
36,152
|
|
|
$
|
36,328
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021 (13)
|
|
|
|
2,800
|
|
|
2,797
|
|
|
2,800
|
|
|||
|
LC Facility, 6.0% cash due 4/1/2021
|
|
|
|
3,518
|
|
|
3,514
|
|
|
3,518
|
|
|||
|
746,114 Series A Preferred Units
|
|
|
|
|
|
18,558
|
|
|
20,094
|
|
||||
|
746,114 Shares of Common Stock
|
|
|
|
|
|
5,316
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
66,337
|
|
|
62,740
|
|
||||
|
TransTrade Operators, Inc. (9)
|
|
Air freight & logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017
|
|
|
|
15,973
|
|
|
15,572
|
|
|
7,046
|
|
|||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
6,885
|
|
|
6,885
|
|
|
—
|
|
|||
|
596.67 Series A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
4,000 Series A Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
|
4,000
|
|
|
—
|
|
||||
|
5,200,000 Series B Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
|
5,200
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
31,657
|
|
|
7,046
|
|
||||
|
First Star Aviation, LLC (16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
10,104,401 Common Units (6)
|
|
|
|
|
|
5,533
|
|
|
2,413
|
|
||||
|
|
|
|
|
|
|
5,533
|
|
|
2,413
|
|
||||
|
First Star Speir Aviation 1 Limited (11)(16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
55,395
|
|
|
50,305
|
|
|
54,214
|
|
|||
|
2,058,411.64 Common Units (6)
|
|
|
|
|
|
—
|
|
|
2,839
|
|
||||
|
|
|
|
|
|
|
50,305
|
|
|
57,053
|
|
||||
|
First Star Bermuda Aviation Limited (11)(16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
11,868
|
|
|
11,868
|
|
|
11,851
|
|
|||
|
4,293,736 Common Units (6)
|
|
|
|
|
|
3,360
|
|
|
5,729
|
|
||||
|
|
|
|
|
|
|
15,228
|
|
|
17,580
|
|
||||
|
Eagle Hospital Physicians, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 8% PIK due 4/30/2017
|
|
|
|
13,889
|
|
|
13,889
|
|
|
13,875
|
|
|||
|
First Lien Term Loan B, 8.1% PIK due 4/30/2017
|
|
|
|
3,889
|
|
|
3,889
|
|
|
3,887
|
|
|||
|
First Lien Revolver, 8% cash due 4/30/2017
|
|
|
|
1,913
|
|
|
1,913
|
|
|
1,913
|
|
|||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
4,100
|
|
|
7,421
|
|
||||
|
|
|
|
|
|
|
23,791
|
|
|
27,096
|
|
||||
|
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
|
|
|
129,004
|
|
|||
|
87.5% LLC equity interest (6)
|
|
|
|
|
|
16,094
|
|
|
13,708
|
|
||||
|
|
|
|
|
|
|
160,935
|
|
|
142,712
|
|
||||
|
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
|
|
|
1,193
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019 (13)
|
|
|
|
6,090
|
|
|
6,090
|
|
|
6,090
|
|
|||
|
Last-In Revolver, PRIME+3.5% (3.5% floor) cash due 10/7/2016
|
|
|
|
3,000
|
|
|
3,000
|
|
|
3,000
|
|
|||
|
14,033,391 Series B Preferred Units
|
|
|
|
|
|
3,982
|
|
|
—
|
|
||||
|
280,668 Series A Preferred Units
|
|
|
|
|
|
1,593
|
|
|
—
|
|
||||
|
1,456,344 Common Stock Units
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
26,738
|
|
|
10,283
|
|
||||
|
Ameritox Ltd. (19)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)
|
|
|
|
31,258
|
|
|
31,228
|
|
|
31,039
|
|
|||
|
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
14,090
|
|
|
15,437
|
|
||||
|
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
1,602
|
|
|
1,755
|
|
||||
|
4,930.03 Class A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
29,049
|
|
|
13,113
|
|
||||
|
|
|
|
|
|
|
$
|
75,969
|
|
|
$
|
61,344
|
|
||
|
Total Control Investments (34.0% of net assets)
|
|
|
|
|
|
$
|
456,493
|
|
|
$
|
388,267
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
||||||
|
Caregiver Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
9,524
|
|
|
$
|
9,524
|
|
|
$
|
9,549
|
|
|
|
1,080,399 Shares of Series A Preferred Stock
|
|
|
|
|
|
1,080
|
|
|
4,079
|
|
||||
|
|
|
|
|
|
|
10,604
|
|
|
13,628
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
AmBath/ReBath Holdings, Inc.
|
|
Home improvement retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2017
|
|
|
|
$
|
24,364
|
|
|
$
|
24,351
|
|
|
$
|
24,268
|
|
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
1,873
|
|
||||
|
|
|
|
|
|
|
24,351
|
|
|
26,141
|
|
||||
|
Total Affiliate Investments (3.5% of net assets)
|
|
|
|
|
|
$
|
34,955
|
|
|
$
|
39,769
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
||||||
|
HealthDrive Corporation (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, 10% cash due 12/31/2016
|
|
|
|
3,958
|
|
|
$
|
3,958
|
|
|
$
|
3,958
|
|
|
|
First Lien Term Loan B, 12% cash 1% PIK due 12/31/2016
|
|
|
|
11,938
|
|
|
11,938
|
|
|
11,938
|
|
|||
|
First Lien Revolver, 12% cash due 12/31/2016
|
|
|
|
466
|
|
|
466
|
|
|
466
|
|
|||
|
|
|
|
|
|
|
16,362
|
|
|
16,362
|
|
||||
|
Cenegenics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9.75% cash due 9/30/2019
|
|
|
|
29,662
|
|
|
29,629
|
|
|
29,812
|
|
|||
|
First Lien Revolver, 15% cash due 9/30/2019
|
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
598
|
|
|
613
|
|
||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
300
|
|
|
300
|
|
||||
|
|
|
|
|
|
|
31,527
|
|
|
31,725
|
|
||||
|
Riverlake Equity Partners II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.78% limited partnership interest (11)
|
|
|
|
|
|
823
|
|
|
755
|
|
||||
|
|
|
|
|
|
|
823
|
|
|
755
|
|
||||
|
Riverside Fund IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.34% limited partnership interest (11)
|
|
|
|
|
|
456
|
|
|
302
|
|
||||
|
|
|
|
|
|
|
456
|
|
|
302
|
|
||||
|
Bunker Hill Capital II (QP), L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.51% limited partnership interest (11)
|
|
|
|
|
|
810
|
|
|
739
|
|
||||
|
|
|
|
|
|
|
810
|
|
|
739
|
|
||||
|
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 4/30/2017 (13)
|
|
|
|
$
|
16,151
|
|
|
$
|
16,108
|
|
|
$
|
15,993
|
|
|
First Lien Term Loan B, LIBOR+9% cash (1.75% floor) cash due 4/30/2017 (13)
|
|
|
|
39,159
|
|
|
39,110
|
|
|
38,900
|
|
|||
|
CapEx Line, LIBOR+5.75% (1.75% floor) cash due 4/30/2017 (13)
|
|
|
|
1,259
|
|
|
1,252
|
|
|
1,242
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 4/30/2017 (13)
|
|
|
|
4,401
|
|
|
4,401
|
|
|
4,401
|
|
|||
|
|
|
|
|
|
|
60,871
|
|
|
60,536
|
|
||||
|
Refac Optical Group
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
6,198
|
|
|
6,150
|
|
|
6,190
|
|
|||
|
First Lien Term Loan B, LIBOR+8.5% cash, 1.75% PIK due 9/30/2018 (13)
|
|
|
|
34,290
|
|
|
34,149
|
|
|
33,967
|
|
|||
|
First Lien Term Loan C, 12% cash due 9/30/2018
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,339
|
|
|||
|
First Lien Revolver, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
1,600
|
|
|
1,596
|
|
|
1,600
|
|
|||
|
1,550.9435 Shares of Common Stock in Refac Holdings, Inc.
|
|
|
|
|
|
1
|
|
|
—
|
|
||||
|
550.9435 Shares of Series A-2 Preferred Stock in Refac Holdings, Inc.
|
|
|
|
|
|
305
|
|
|
—
|
|
||||
|
1,000 Shares of Series A Preferred Stock Units in Refac Holdings, Inc.
|
|
|
|
|
|
999
|
|
|
136
|
|
||||
|
|
|
|
|
|
|
46,616
|
|
|
45,232
|
|
||||
|
Baird Capital Partners V, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.4% limited partnership interest (11)
|
|
|
|
|
|
1,000
|
|
|
558
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
558
|
|
||||
|
Discovery Practice Management, Inc. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+7.5% cash due 11/4/2018 (13)
|
|
|
|
30,698
|
|
|
30,651
|
|
|
30,698
|
|
|||
|
Senior Revolver, LIBOR+7% cash due 11/4/2018 (10) (13)
|
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|||
|
Capex Line A, LIBOR+7% cash due 11/4/2018 (13)
|
|
|
|
938
|
|
|
938
|
|
|
938
|
|
|||
|
Capex Line B, LIBOR+7% cash due 11/4/2018 (13)
|
|
|
|
2,000
|
|
|
2,000
|
|
|
2,000
|
|
|||
|
|
|
|
|
|
|
33,585
|
|
|
33,636
|
|
||||
|
Milestone Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.85% limited partnership interest (11)
|
|
|
|
|
|
1,739
|
|
|
2,005
|
|
||||
|
|
|
|
|
|
|
1,739
|
|
|
2,005
|
|
||||
|
National Spine and Pain Centers, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1.6% PIK due 9/27/2020
|
|
|
|
30,720
|
|
|
30,679
|
|
|
30,750
|
|
|||
|
317,282.97 Class A Units
|
|
|
|
|
|
317
|
|
|
608
|
|
||||
|
|
|
|
|
|
|
30,996
|
|
|
31,358
|
|
||||
|
RCPDirect, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.91% limited partnership interest (11)
|
|
|
|
|
|
764
|
|
|
927
|
|
||||
|
|
|
|
|
|
|
764
|
|
|
927
|
|
||||
|
Riverside Fund V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.48% limited partnership interest (11)
|
|
|
|
|
|
1,147
|
|
|
766
|
|
||||
|
|
|
|
|
|
|
1,147
|
|
|
766
|
|
||||
|
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 (11)
|
|
Multi-sector holdings
|
|
|
|
$
|
796
|
|
|
$
|
482
|
|
||
|
|
|
|
|
|
|
796
|
|
|
482
|
|
||||
|
BMC Acquisition, Inc.
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
500
|
|
|
698
|
|
||||
|
50,000 Common Shares (6)
|
|
|
|
|
|
1
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
501
|
|
|
698
|
|
||||
|
Ansira Partners, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/5/2021 (13)
|
|
|
|
$
|
38,000
|
|
|
38,000
|
|
|
37,840
|
|
||
|
209 Preferred Units of Ansira Holdings, LLC (6)
|
|
|
|
|
209
|
|
|
234
|
|
|||||
|
250 Class A Common Units of Ansira Holdings, LLC
|
|
|
|
|
|
—
|
|
|
368
|
|
||||
|
|
|
|
|
|
|
38,209
|
|
|
38,442
|
|
||||
|
Edmentum, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020
|
|
|
|
2,235
|
|
|
2,235
|
|
|
2,153
|
|
|||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020
|
|
|
10,227
|
|
|
10,227
|
|
|
8,064
|
|
||||
|
Unsecured Revolver, 5% cash due 6/9/2020
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
126
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
12,588
|
|
|
10,217
|
|
||||
|
I Drive Safely, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
1,000
|
|
|
391
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
391
|
|
||||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
|
|
|
|
|
||||||
|
3,000,000 Common Stock Units of Yeti Holdings, Inc. (6)
|
|
|
|
|
|
—
|
|
|
34,981
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
34,981
|
|
||||
|
Vitalyst Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 9/5/2018
|
|
|
|
19,681
|
|
|
19,682
|
|
|
19,697
|
|
|||
|
675 Series A Preferred Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
675
|
|
|
418
|
|
||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
75
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
20,432
|
|
|
20,115
|
|
||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (11)
|
|
|
|
|
|
1,187
|
|
|
1,254
|
|
||||
|
|
|
|
|
|
|
1,187
|
|
|
1,254
|
|
||||
|
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
|
|
|
22,546
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1.25% floor) cash due 10/12/2017 (13)
|
|
|
|
2,000
|
|
|
2,000
|
|
|
1,975
|
|
|||
|
|
|
|
|
|
|
25,304
|
|
|
24,521
|
|
||||
|
Dexter Axle Company
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
1,547 Common Shares in Dexter Axle Holding Company
|
|
|
|
|
|
1,643
|
|
|
3,719
|
|
||||
|
|
|
|
|
|
|
1,643
|
|
|
3,719
|
|
||||
|
Comprehensive Pharmacy Services LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.25% cash 1.5% PIK due 11/30/2019
|
|
|
|
14,798
|
|
|
14,798
|
|
|
14,811
|
|
|||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
2,000
|
|
|
2,435
|
|
||||
|
|
|
|
|
|
|
16,798
|
|
|
17,246
|
|
||||
|
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
|
|
|
611
|
|
||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
5
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
500
|
|
|
611
|
|
||||
|
Teaching Strategies, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Senior Term Loan, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (13)
|
|
|
|
$
|
7,253
|
|
|
7,253
|
|
|
7,246
|
|
||
|
Senior Revolver, LIBOR+5.5% (0.5% floor) cash due 10/1/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
7,253
|
|
|
7,246
|
|
||||
|
Omniplex World Services Corporation (9)
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 8/19/2021
|
|
|
|
11,231
|
|
|
11,231
|
|
|
11,469
|
|
|||
|
500 Class A Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
500
|
|
|
643
|
|
||||
|
64.041 Class A-1 Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
104
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
11,835
|
|
|
12,112
|
|
||||
|
Dominion Diagnostics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 11% cash 2% PIK due 10/8/2019
|
|
|
|
16,318
|
|
|
16,195
|
|
|
3,365
|
|
|||
|
|
|
|
|
|
|
16,195
|
|
|
3,365
|
|
||||
|
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
|
|
|
69,151
|
|
|||
|
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
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
91,601
|
|
|
69,151
|
|
||||
|
Sterling Capital Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.2% limited partnership interest (11)
|
|
|
|
|
|
1,515
|
|
|
1,314
|
|
||||
|
|
|
|
|
|
|
1,515
|
|
|
1,314
|
|
||||
|
RP Crown Parent, LLC
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.5% (1.25% floor) cash due 12/21/2017 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
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
|
|
|
24,019
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
24,019
|
|
||||
|
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
|
|
|
$
|
3,978
|
|
|
$
|
3,986
|
|
|
|
|
|
|
|
|
3,978
|
|
|
3,986
|
|
||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
||||||
|
1.9% limited partnership interest (11)
|
|
|
|
|
|
7,946
|
|
|
5,846
|
|
||||
|
|
|
|
|
|
|
7,946
|
|
|
5,846
|
|
||||
|
Credit Infonet, Inc. (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 10/26/2018
|
|
|
|
13,795
|
|
|
13,795
|
|
|
13,260
|
|
|||
|
|
|
|
|
|
|
13,795
|
|
|
13,260
|
|
||||
|
Bracket Holding Corp. (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 2/15/2020 (13)
|
|
|
|
32,000
|
|
|
32,000
|
|
|
32,061
|
|
|||
|
50,000 Common Units in AB Group Holdings, LP
|
|
|
|
|
|
500
|
|
|
896
|
|
||||
|
|
|
|
|
|
|
32,500
|
|
|
32,957
|
|
||||
|
HealthEdge Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
213
|
|
|
650
|
|
||||
|
|
|
|
|
|
|
213
|
|
|
650
|
|
||||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
12,950
|
|
|
12,950
|
|
|
12,846
|
|
|||
|
First Lien Term Loan B, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
5,645
|
|
|
5,476
|
|
|
5,571
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
4,605
|
|
|
4,604
|
|
|
4,605
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
839
|
|
|
839
|
|
|
839
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,319
|
|
||||
|
|
|
|
|
|
|
24,869
|
|
|
25,180
|
|
||||
|
Thing5, LLC (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 10/11/2018 (12)(13)
|
|
|
|
53,680
|
|
|
53,680
|
|
|
52,093
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 10/11/2018 (13)
|
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
2,000
|
|
|
292
|
|
||||
|
|
|
|
|
|
|
56,680
|
|
|
53,385
|
|
||||
|
Epic Health Services, Inc.
|
|
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/17/2021 (13)
|
|
Healthcare services
|
|
24,667
|
|
|
24,316
|
|
|
24,714
|
|
|||
|
|
|
|
|
|
|
24,316
|
|
|
24,714
|
|
||||
|
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
|
|
|
|
$
|
5,901
|
|
|
$
|
5,901
|
|
|
$
|
5,813
|
|
|
498.6 Class A Preferred Units in Kason Investment, LLC
|
|
|
|
|
|
499
|
|
|
566
|
|
||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
55
|
|
|
1
|
|
||||
|
|
|
|
|
|
|
6,455
|
|
|
6,380
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.571% limited partnership interest (11)
|
|
|
|
|
|
1,398
|
|
|
1,515
|
|
||||
|
|
|
|
|
|
|
1,398
|
|
|
1,515
|
|
||||
|
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
|
|
|
18,936
|
|
|
18,810
|
|
|||
|
|
|
|
|
|
|
18,936
|
|
|
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
|
|
|
39,104
|
|
|
39,300
|
|
|||
|
2,500,000 Class A Common Units in Vandelay Industries, L.P.
|
|
|
|
|
|
958
|
|
|
5,902
|
|
||||
|
|
|
|
|
|
|
40,062
|
|
|
45,202
|
|
||||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 11/4/2021 (13)
|
|
|
|
8,000
|
|
|
7,904
|
|
|
7,420
|
|
|||
|
|
|
|
|
|
|
7,904
|
|
|
7,420
|
|
||||
|
The Active Network, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 11/15/2021 (13)
|
|
|
|
16,543
|
|
|
16,379
|
|
|
16,336
|
|
|||
|
|
|
|
|
|
|
16,379
|
|
|
16,336
|
|
||||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13)
|
|
|
|
5,500
|
|
|
5,496
|
|
|
5,507
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,118
|
|
||||
|
|
|
|
|
|
|
6,496
|
|
|
6,625
|
|
||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.0% limited partnership interest (11)
|
|
|
|
|
|
1,524
|
|
|
1,888
|
|
||||
|
|
|
|
|
|
|
1,524
|
|
|
1,888
|
|
||||
|
Aden & Anais Merger Sub, Inc.
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 6/23/2019
|
|
|
|
12,694
|
|
|
12,694
|
|
|
12,610
|
|
|||
|
30,000 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
3,000
|
|
|
2,010
|
|
||||
|
|
|
|
|
|
|
15,694
|
|
|
14,620
|
|
||||
|
Lift Brands, Inc. (9)
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
|
|
22,268
|
|
|
22,255
|
|
|
22,186
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
|
|
2,000
|
|
|
1,997
|
|
|
2,000
|
|
|||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
2,000
|
|
|
2,732
|
|
||||
|
|
|
|
|
|
|
26,252
|
|
|
26,918
|
|
||||
|
Tailwind Capital Partners II, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.3% limited partnership interest (11)
|
|
|
|
|
|
995
|
|
|
1,128
|
|
||||
|
|
|
|
|
|
|
995
|
|
|
1,128
|
|
||||
|
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
|
|
|
$
|
26,890
|
|
|
50 Series A Preferred Shares in Long's Drugs Incorporated (6)
|
|
|
|
|
|
813
|
|
|
1,037
|
|
||||
|
|
|
|
|
|
|
27,722
|
|
|
27,927
|
|
||||
|
Five9, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
118,577 Common Stock Warrants (exercise price $10.12) expiration date 2/20/2024
|
|
|
|
|
|
321
|
|
|
780
|
|
||||
|
|
|
|
|
|
|
321
|
|
|
780
|
|
||||
|
Conviva Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021
|
|
|
|
|
|
105
|
|
|
110
|
|
||||
|
|
|
|
|
|
|
105
|
|
|
110
|
|
||||
|
OnCourse Learning Corporation
|
|
Education services
|
|
|
|
|
|
|
||||||
|
264,312 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
2,726
|
|
|
1,891
|
|
||||
|
|
|
|
|
|
|
2,726
|
|
|
1,891
|
|
||||
|
ShareThis, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
367
|
|
|
194
|
|
||||
|
|
|
|
|
|
|
367
|
|
|
194
|
|
||||
|
Aptean, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 2/26/2021 (13)
|
|
|
|
3,000
|
|
|
3,000
|
|
|
2,957
|
|
|||
|
|
|
|
|
|
|
3,000
|
|
|
2,957
|
|
||||
|
Integrated Petroleum Technologies, Inc.
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 3/31/2019 (13)
|
|
|
|
18,929
|
|
|
18,911
|
|
|
6,500
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 3/31/2019 (10)(13)
|
|
|
|
|
|
(3
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
18,908
|
|
|
6,500
|
|
||||
|
ExamSoft Worldwide, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
14,250
|
|
|
14,157
|
|
|
14,061
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
181
|
|
|
12
|
|
||||
|
|
|
|
|
|
|
14,338
|
|
|
14,073
|
|
||||
|
DigiCert, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 6/2/2020 (13)
|
|
|
|
61,500
|
|
|
60,801
|
|
|
62,500
|
|
|||
|
|
|
|
|
|
|
60,801
|
|
|
62,500
|
|
||||
|
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 (11)
|
|
|
|
|
|
$
|
346
|
|
|
$
|
353
|
|
||
|
|
|
|
|
|
|
346
|
|
|
353
|
|
||||
|
PR Wireless, Inc. (11)
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9% (1% floor) cash due 6/27/2020 (13)
|
|
|
|
$
|
12,715
|
|
|
12,424
|
|
|
8,788
|
|
||
|
118.4211 Common Stock Warrants (exercise price $0.01) expiration date 6/27/2024
|
|
|
|
|
|
—
|
|
|
430
|
|
||||
|
|
|
|
|
|
|
12,424
|
|
|
9,218
|
|
||||
|
Integral Development Corporation
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (13)
|
|
|
|
14,250
|
|
|
14,182
|
|
|
14,079
|
|
|||
|
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024
|
|
|
|
|
|
113
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,295
|
|
|
14,079
|
|
||||
|
Loftware, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
6,135
|
|
|
6,136
|
|
|
6,208
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
300
|
|
|
311
|
|
||||
|
|
|
|
|
|
|
6,436
|
|
|
6,519
|
|
||||
|
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
|
|
|
14,969
|
|
|||
|
|
|
|
|
|
|
15,000
|
|
|
14,969
|
|
||||
|
TV Borrower US, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/8/2021 (11) (13)
|
|
|
|
30,000
|
|
|
29,386
|
|
|
29,100
|
|
|||
|
|
|
|
|
|
|
29,386
|
|
|
29,100
|
|
||||
|
Webster Capital III, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.754% limited partnership interest (11)
|
|
|
|
|
|
987
|
|
|
1,157
|
|
||||
|
|
|
|
|
|
|
987
|
|
|
1,157
|
|
||||
|
L Squared Capital Partners LLC
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2% limited partnership interest (11)
|
|
|
|
|
|
1,692
|
|
|
1,692
|
|
||||
|
|
|
|
|
|
|
1,692
|
|
|
1,692
|
|
||||
|
ERS Acquisition Corp. (9)
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 9/10/2018 (13)
|
|
|
|
40,940
|
|
|
40,187
|
|
|
31,548
|
|
|||
|
|
|
|
|
|
|
40,187
|
|
|
31,548
|
|
||||
|
BeyondTrust Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019 (13)
|
|
|
|
29,929
|
|
|
29,152
|
|
|
29,814
|
|
|||
|
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
|
|
|
5,525
|
|
||||
|
|
|
|
|
|
|
33,573
|
|
|
35,339
|
|
||||
|
Answers Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 10/3/2021 (13)
|
|
|
|
4,925
|
|
|
4,906
|
|
|
2,659
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/3/2022 (13)
|
|
|
|
37,000
|
|
|
35,190
|
|
|
3,577
|
|
|||
|
|
|
|
|
|
|
40,096
|
|
|
6,236
|
|
||||
|
Idera, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/9/2021 (13)
|
|
|
|
26,035
|
|
|
24,962
|
|
|
25,319
|
|
|||
|
|
|
|
|
|
|
24,962
|
|
|
25,319
|
|
||||
|
GOBP Holdings Inc.
|
|
Food retail
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)
|
|
|
|
4,214
|
|
|
4,169
|
|
|
4,214
|
|
|||
|
|
|
|
|
|
|
4,169
|
|
|
4,214
|
|
||||
|
Kellermeyer Bergensons Services, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13)
|
|
|
|
6,105
|
|
|
5,864
|
|
|
5,800
|
|
|||
|
|
|
|
|
|
|
5,864
|
|
|
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)
|
|
|
|
$
|
7,623
|
|
|
$
|
7,623
|
|
|
$
|
7,719
|
|
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
500
|
|
|
627
|
|
||||
|
|
|
|
|
|
|
8,123
|
|
|
8,346
|
|
||||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 11/18/2022 (13)
|
|
|
|
44,837
|
|
|
44,587
|
|
|
43,492
|
|
|||
|
|
|
|
|
|
|
44,587
|
|
|
43,492
|
|
||||
|
GTCR Valor Companies, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/16/2023 (13)
|
|
|
|
12,219
|
|
|
11,751
|
|
|
11,689
|
|
|||
|
|
|
|
|
|
|
11,751
|
|
|
11,689
|
|
||||
|
Tecomet Inc.
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 12/5/2022 (13)
|
|
|
|
17,000
|
|
|
15,835
|
|
|
16,150
|
|
|||
|
|
|
|
|
|
|
15,835
|
|
|
16,150
|
|
||||
|
Metamorph US 3, LLC (9)
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/1/2020 (13)
|
|
|
|
10,078
|
|
|
10,074
|
|
|
8,391
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 12/1/2020 (13)
|
|
|
|
1,225
|
|
|
1,224
|
|
|
1,225
|
|
|||
|
|
|
|
|
|
|
11,298
|
|
|
9,616
|
|
||||
|
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
|
|
|
17,333
|
|
|||
|
|
|
|
|
|
|
17,000
|
|
|
17,333
|
|
||||
|
Janrain, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
218,008 Common Stock Warrants (exercise price $1.3761) expiration date 12/5/2024
|
|
|
|
|
|
45
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
45
|
|
|
—
|
|
||||
|
TigerText, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.75% (1% floor) cash due 12/8/2017 (13)
|
|
|
|
5,000
|
|
|
4,977
|
|
|
4,854
|
|
|||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024
|
|
|
|
|
|
60
|
|
|
268
|
|
||||
|
|
|
|
|
|
|
5,037
|
|
|
5,122
|
|
||||
|
Survey Sampling International, LLC
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (13)
|
|
|
|
18,700
|
|
|
18,422
|
|
|
18,326
|
|
|||
|
|
|
|
|
|
|
18,422
|
|
|
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
|
|
|
$
|
6,800
|
|
|
$
|
6,615
|
|
|
|
|
|
|
|
|
6,800
|
|
|
6,615
|
|
||||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% cash due 11/25/2020 (13)
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
EOS Fitness Opco Holdings, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
3,832
|
|
|
3,832
|
|
|
3,734
|
|
|||
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
487.5 Class A Preferred Units
|
|
|
|
|
|
488
|
|
|
446
|
|
||||
|
12,500 Class B Common Units
|
|
|
|
|
|
13
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
4,333
|
|
|
4,180
|
|
||||
|
TrialCard Incorporated (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 12/31/2019 (10)(13)
|
|
|
|
|
|
(32
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
(32
|
)
|
|
—
|
|
||||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(13)
|
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
(6
|
)
|
|
—
|
|
||||
|
WeddingWire, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
26,984
|
|
|
26,984
|
|
|
27,247
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
483,645 Common Shares of WeddingWire, Inc.
|
|
|
|
|
|
1,200
|
|
|
1,044
|
|
||||
|
|
|
|
|
|
|
28,184
|
|
|
28,291
|
|
||||
|
xMatters, Inc. (9)
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
200,000 Common Stock Warrants (exercise price $1.78) expiration date 2/26/2025
|
|
|
|
|
|
709
|
|
|
347
|
|
||||
|
|
|
|
|
|
|
709
|
|
|
347
|
|
||||
|
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
|
|
|
3,388
|
|
|||
|
|
|
|
|
|
|
3,398
|
|
|
3,388
|
|
||||
|
Golden State Medical Supply, Inc.
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
15,001
|
|
|
15,001
|
|
|
15,345
|
|
|||
|
|
|
|
|
|
|
15,001
|
|
|
15,345
|
|
||||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan D, LIBOR+8% (1% floor) cash due 1/9/2019 (13)
|
|
|
|
1,505
|
|
|
1,505
|
|
|
1,484
|
|
|||
|
First Lien Term Revolver, LIBOR+8% (1% floor) cash due 1/9/2019 (13)
|
|
|
|
180
|
|
|
180
|
|
|
180
|
|
|||
|
|
|
|
|
|
|
1,685
|
|
|
1,664
|
|
||||
|
AirStrip Technologies, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+10% (1% floor) cash due 5/12/2018 (13)
|
|
|
|
16,000
|
|
|
15,950
|
|
|
15,982
|
|
|||
|
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757) expiration date 5/11/2025
|
|
|
|
|
|
90
|
|
|
66
|
|
||||
|
|
|
|
|
|
|
16,040
|
|
|
16,048
|
|
||||
|
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)
|
|
|
|
$
|
6,400
|
|
|
$
|
6,376
|
|
|
$
|
6,459
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 5/13/2020 (10)(13)
|
|
|
|
|
|
(7
|
)
|
|
—
|
|
||||
|
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 5/13/2020 (13)
|
|
|
|
|
|
2,645
|
|
|
2,623
|
|
||||
|
|
|
|
|
|
|
9,014
|
|
|
9,082
|
|
||||
|
Access Medical Acquisition, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2% PIK due 1/2/2022
|
|
|
|
12,476
|
|
|
12,476
|
|
|
12,728
|
|
|||
|
450,000 Shares of Class A Common Stock in CMG Holding Company, LLC
|
|
|
|
|
|
450
|
|
|
1,132
|
|
||||
|
|
|
|
|
|
|
12,926
|
|
|
13,860
|
|
||||
|
QuorumLabs, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
2,045,954 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025
|
|
|
|
|
|
375
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
375
|
|
|
—
|
|
||||
|
Worley Claims Services, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 10/31/2020 (13)
|
|
|
|
7,664
|
|
|
7,566
|
|
|
7,625
|
|
|||
|
|
|
|
|
|
|
7,566
|
|
|
7,625
|
|
||||
|
Poseidon Merger Sub, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (13)
|
|
|
|
30,000
|
|
|
28,956
|
|
|
30,055
|
|
|||
|
|
|
|
|
|
|
28,956
|
|
|
30,055
|
|
||||
|
American Seafoods Group LLC
|
|
Food distributors
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/19/2022 (13)
|
|
|
|
12,000
|
|
|
11,903
|
|
|
11,400
|
|
|||
|
|
|
|
|
|
|
11,903
|
|
|
11,400
|
|
||||
|
Valet Merger Sub, Inc.
|
|
Environmental & facilities services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
49,422
|
|
|
48,600
|
|
|
50,256
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
5,596
|
|
|
5,454
|
|
|
5,596
|
|
|||
|
|
|
|
|
|
|
54,054
|
|
|
55,852
|
|
||||
|
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
|
|
|
12,389
|
|
|||
|
252,119 Common Stock Warrants (exercise price $1.77) expiration date 9/30/2025
|
|
|
|
|
|
—
|
|
|
146
|
|
||||
|
|
|
|
|
|
|
12,500
|
|
|
12,535
|
|
||||
|
Baart Programs, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.75% cash due 10/9/2021 (13)
|
|
|
|
32,175
|
|
|
31,714
|
|
|
32,055
|
|
|||
|
First Lien Revolver, LIBOR+7.75% cash due 10/9/2021 (10)(13)
|
|
|
|
|
|
(60
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
31,654
|
|
|
32,055
|
|
||||
|
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
|
|
|
44,140
|
|
|||
|
|
|
|
|
|
|
43,000
|
|
|
44,140
|
|
||||
|
Lytx, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/15/2023 (13)
|
|
|
|
24,215
|
|
|
24,215
|
|
|
24,215
|
|
|||
|
3,500 Class A Units in Lytx Holdings, LLC
|
|
|
|
|
|
3,500
|
|
|
3,529
|
|
||||
|
|
|
|
|
|
|
27,715
|
|
|
27,744
|
|
||||
|
Onvoy, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 4/29/2021 (13)
|
|
|
|
14,813
|
|
|
14,533
|
|
|
14,773
|
|
|||
|
|
|
|
|
|
|
14,533
|
|
|
14,773
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||
|
See notes to Consolidated Financial Statements.
|
||||||||||||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Accruent, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 5/16/2022 (13)
|
|
|
|
$
|
4,988
|
|
|
$
|
4,941
|
|
|
$
|
4,997
|
|
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 5/16/2022 (10)(13)
|
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
4,923
|
|
|
4,997
|
|
||||
|
4 Over International, LLC
|
|
Commercial printing
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13)
|
|
|
|
6,169
|
|
|
6,111
|
|
|
6,127
|
|
|||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13)
|
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
6,090
|
|
|
6,127
|
|
||||
|
OBHG Management Services, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 6/28/2022 (13)
|
|
|
|
14,863
|
|
|
14,858
|
|
|
14,820
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 6/28/2021 (10)(13)
|
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
14,856
|
|
|
14,820
|
|
||||
|
Ping Identity Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
42,500
|
|
|
41,305
|
|
|
41,225
|
|
|||
|
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13)
|
|
|
|
—
|
|
|
(70
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
41,235
|
|
|
41,225
|
|
||||
|
Ancile Solutions, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
11,500
|
|
|
11,178
|
|
|
11,328
|
|
|||
|
|
|
|
|
|
|
11,178
|
|
|
11,328
|
|
||||
|
Ministry Brands, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 11/20/2021 (13)
|
|
|
|
19,874
|
|
|
19,683
|
|
|
19,675
|
|
|||
|
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 11/20/2021 (10)(13)
|
|
|
|
|
|
(143
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
19,540
|
|
|
19,675
|
|
||||
|
HSW RR, Inc.
|
|
Environmental & facilities services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+9% (1% floor) cash due 7/13/2020 (13)
|
|
|
|
45,000
|
|
|
45,000
|
|
|
45,000
|
|
|||
|
|
|
|
|
|
|
45,000
|
|
|
45,000
|
|
||||
|
Sailpoint Technologies, Inc.
|
|
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 8/16/2021 (13)
|
|
Application software
|
|
15,000
|
|
|
14,710
|
|
|
14,700
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 8/16/2021 (10)(13)
|
|
|
|
|
|
(19
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
14,691
|
|
|
14,700
|
|
||||
|
California Pizza Kitchen, Inc.
|
|
Restaurants
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)
|
|
|
|
5,000
|
|
|
4,951
|
|
|
4,985
|
|
|||
|
|
|
|
|
|
|
4,951
|
|
|
4,985
|
|
||||
|
Aptos, Inc.
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13)
|
|
|
|
5,500
|
|
|
5,390
|
|
|
5,445
|
|
|||
|
|
|
|
|
|
|
5,390
|
|
|
5,445
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.39% limited partnership interest (11)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Total Non-Control/Non-Affiliate Investments (152.1% of net assets)
|
|
|
|
|
|
$
|
1,792,410
|
|
|
$
|
1,737,455
|
|
||
|
Total Portfolio Investments (189.6% of net assets)
|
|
|
|
|
|
$
|
2,283,858
|
|
|
$
|
2,165,491
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
||||||
|
JP Morgan Prime Money Market Fund
|
|
|
|
|
|
$
|
111,447
|
|
|
$
|
111,447
|
|
||
|
Other cash accounts
|
|
|
|
|
|
6,476
|
|
|
6,476
|
|
||||
|
Total Cash and Cash Equivalents (10.3% of net assets)
|
|
|
|
|
|
117,923
|
|
|
117,923
|
|
||||
|
Total Portfolio Investments, Cash and Cash Equivalents (199.9% of net assets)
|
|
|
|
|
|
$
|
2,401,781
|
|
|
$
|
2,283,414
|
|
||
|
(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.
|
|
(9)
|
Interest rates have been adjusted on certain term loans and revolvers. These rate adjustments are temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements, or permanent in nature per loan amendment or waiver documents. The table below summarizes these rate adjustments by portfolio company:
|
|
Portfolio Company
|
|
Effective date
|
|
Cash interest
|
|
PIK interest
|
|
Reason
|
|
Credit Infonet, Inc.
|
|
September 27, 2016
|
|
- 1.0% on Subordinated Term Loan
|
|
+ 0.5% on Subordinated Term Loan
|
|
Per loan amendment
|
|
Lift Brands, Inc.
|
|
August 15, 2016
|
|
+ 0.5% on Revolver and Term Loan
|
|
|
|
Per loan amendment
|
|
ERS Acquisition Corp.
|
|
August 3, 2016
|
|
|
|
+ 2.0% on Second Lien Term Loan
|
|
Per loan amendment
|
|
Edge Fitness, LLC
|
|
April 18, 2016
|
|
+ 1% on Term Loan
|
|
|
|
Per loan amendment
|
|
Metamorph US 3, LLC
|
|
March 29, 2016
|
|
+ 1% on Term Loan & Revolver
|
|
|
|
Per loan amendment
|
|
Maverick Healthcare Group, LLC
|
|
May 11, 2016
|
|
|
|
+ 2.0% on Term Loan A, Revolver, and Capex Line
|
|
Per loan amendment
|
|
|
|
May 11, 2016
|
|
- 3.5% on Term Loan B
|
|
+ 5.5% on Term Loan B
|
|
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% on 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
|
|
+ 3.0% on Term Loan A & B
|
|
- 3.0% on Term Loan A & B
|
|
Per loan amendment
|
|
Cenegenics, LLC
|
|
August 14, 2014
|
|
|
|
+ 2.0% on Term Loan
|
|
Per loan amendment
|
|
Dominion Diagnostics, LLC
|
|
April 1, 2016
|
|
- 11.0% on Term Loan
|
|
+ 11.0% on 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 September 30, 2016, qualifying assets represent 85.8% of the Company's total assets and non-qualifying assets represent 14.2% of the Company's total assets.
|
|
(12)
|
The sale of a portion of this loan does not qualify for true sale accounting under FASB ASC Topic 860 -
Transfers and Servicing
("ASC" 860"), and therefore, the entire debt investment remains in the Consolidated Schedule of Investments. Accordingly, the fair value of the Company's debt investments includes
$14.0 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
|
|
(14)
|
With the exception of investments held by the Company’s wholly-owned subsidiaries that have each received a license from the SBA to operate as an SBIC, 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 three months ended
December 31, 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.
|
|
•
|
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 level 3 investments in the Company's portfolio; and
|
|
•
|
The Board of Directors discusses valuations and determines the fair value of each level 3 investment in the Company's portfolio.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||||
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Investments in debt securities
|
|
$
|
1,842,153
|
|
|
$
|
1,644,995
|
|
|
$
|
1,960,581
|
|
|
$
|
1,845,808
|
|
|
Investments in equity securities
|
|
160,354
|
|
|
167,103
|
|
|
162,343
|
|
|
176,970
|
|
||||
|
Debt investments in SLF JV I
|
|
125,786
|
|
|
125,786
|
|
|
144,841
|
|
|
129,004
|
|
||||
|
Equity investment in SLF JV I
|
|
16,172
|
|
|
13,858
|
|
|
16,093
|
|
|
13,709
|
|
||||
|
Total
|
|
$
|
2,144,465
|
|
|
$
|
1,951,742
|
|
|
$
|
2,283,858
|
|
|
$
|
2,165,491
|
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||
|
|
|
Fair Value
|
|
% of Debt
Portfolio
|
|
Fair Value
|
|
% of Debt
Portfolio
|
||||||
|
Fixed rate debt securities
|
|
$
|
336,935
|
|
|
19.03
|
%
|
|
$
|
376,207
|
|
|
19.05
|
%
|
|
Floating rate debt securities, including debt investments in SLF JV I
|
|
1,433,846
|
|
|
80.97
|
|
|
1,598,605
|
|
|
80.95
|
|
||
|
Total
|
|
$
|
1,770,781
|
|
|
100.00
|
%
|
|
$
|
1,974,812
|
|
|
100.00
|
%
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Measured at Net Asset Value (a)
|
|
Total
|
||||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,514,361
|
|
|
$
|
—
|
|
|
$
|
1,514,361
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
—
|
|
|
256,420
|
|
|
—
|
|
|
256,420
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
49,588
|
|
|
—
|
|
|
49,588
|
|
|||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
93,020
|
|
|
38,353
|
|
|
131,373
|
|
|||||
|
Total investments at fair value
|
|
—
|
|
|
—
|
|
|
1,913,389
|
|
|
38,353
|
|
|
1,951,742
|
|
|||||
|
Cash and cash equivalents
|
|
179,835
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
179,835
|
|
|||||
|
Total assets at fair value
|
|
$
|
179,835
|
|
|
$
|
—
|
|
|
$
|
1,913,389
|
|
|
$
|
38,353
|
|
|
$
|
2,131,577
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
13,981
|
|
|
—
|
|
|
13,981
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,981
|
|
|
$
|
—
|
|
|
$
|
13,981
|
|
|
(a)
|
In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Measured at Net Asset Value (a)
|
|
Total
|
||||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,689,535
|
|
|
$
|
—
|
|
|
$
|
1,689,535
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
—
|
|
|
285,277
|
|
|
—
|
|
|
285,277
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
47,749
|
|
|
—
|
|
|
47,749
|
|
|||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
106,540
|
|
|
36,390
|
|
|
142,930
|
|
|||||
|
Total investments at fair value
|
|
—
|
|
|
—
|
|
|
2,129,101
|
|
|
36,390
|
|
|
2,165,491
|
|
|||||
|
Cash and cash equivalents
|
|
117,923
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117,923
|
|
|||||
|
Total assets at fair value
|
|
$
|
117,923
|
|
|
$
|
—
|
|
|
$
|
2,129,101
|
|
|
$
|
36,390
|
|
|
$
|
2,283,414
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
18,400
|
|
|
—
|
|
|
18,400
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18,400
|
|
|
$
|
—
|
|
|
$
|
18,400
|
|
|
(a)
|
In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2016
|
|
$
|
1,689,535
|
|
|
$
|
285,277
|
|
|
$
|
47,749
|
|
|
$
|
106,540
|
|
|
$
|
2,129,101
|
|
|
$
|
18,400
|
|
|
New investments & net revolver activity
|
|
99,858
|
|
|
126,402
|
|
|
—
|
|
|
1,586
|
|
|
227,846
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(194,616
|
)
|
|
(150,043
|
)
|
|
(652
|
)
|
|
(1,786
|
)
|
|
(347,097
|
)
|
|
(4,503
|
)
|
||||||
|
Net accrual (receipt) of PIK interest income
|
|
(1,026
|
)
|
|
(247
|
)
|
|
676
|
|
|
—
|
|
|
(597
|
)
|
|
—
|
|
||||||
|
Accretion of OID
|
|
2,201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,201
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
(26
|
)
|
|
11
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
(81,425
|
)
|
|
14,877
|
|
|
1,372
|
|
|
(9,720
|
)
|
|
(74,896
|
)
|
|
—
|
|
||||||
|
Net unrealized appreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
||||||
|
Realized gain (loss) on investments
|
|
(140
|
)
|
|
(19,857
|
)
|
|
443
|
|
|
(3,600
|
)
|
|
(23,154
|
)
|
|
—
|
|
||||||
|
Fair value as of December 31, 2016
|
|
$
|
1,514,361
|
|
|
$
|
256,420
|
|
|
$
|
49,588
|
|
|
$
|
93,020
|
|
|
$
|
1,913,389
|
|
|
$
|
13,981
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of December 31, 2016 and reported within net unrealized depreciation on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2016
|
|
$
|
(80,481
|
)
|
|
$
|
(793
|
)
|
|
$
|
1,697
|
|
|
$
|
(11,786
|
)
|
|
$
|
(91,363
|
)
|
|
$
|
84
|
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2015
|
|
$
|
1,893,135
|
|
|
$
|
359,028
|
|
|
$
|
30,806
|
|
|
$
|
85,179
|
|
|
$
|
2,368,148
|
|
|
$
|
21,182
|
|
|
New investments & net revolver activity
|
|
347,464
|
|
|
—
|
|
|
299
|
|
|
2,153
|
|
|
349,916
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(309,801
|
)
|
|
(29,006
|
)
|
|
(760
|
)
|
|
(2,722
|
)
|
|
(342,289
|
)
|
|
(1,812
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
1,456
|
|
|
980
|
|
|
506
|
|
|
—
|
|
|
2,942
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
1,139
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,139
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
(57
|
)
|
|
21
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
(60,518
|
)
|
|
(20,287
|
)
|
|
72
|
|
|
(4,953
|
)
|
|
(85,686
|
)
|
|
—
|
|
||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(212
|
)
|
||||||
|
Realized gain (loss) on investments
|
|
(89
|
)
|
|
—
|
|
|
—
|
|
|
714
|
|
|
625
|
|
|
—
|
|
||||||
|
Fair value as of December 31, 2015
|
|
$
|
1,872,729
|
|
|
$
|
310,736
|
|
|
$
|
30,923
|
|
|
$
|
80,371
|
|
|
$
|
2,294,759
|
|
|
$
|
19,158
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of December 31, 2015 and reported within net unrealized depreciation on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2015
|
|
$
|
(58,818
|
)
|
|
$
|
(20,291
|
)
|
|
$
|
72
|
|
|
$
|
(4,193
|
)
|
|
$
|
(83,230
|
)
|
|
$
|
(212
|
)
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
979,677
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.7%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(3.5)%
|
-
|
9.0%
|
|
2.2%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.1%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.3)%
|
-
|
3.8%
|
|
0.0%
|
||
|
|
|
165,709
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
13.0%
|
-
|
35.0%
|
|
18.4%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
2.0%
|
-
|
20.0%
|
|
3.7%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
5.0%
|
-
|
17.8%
|
|
8.0%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
(b)
|
0.7x
|
-
|
4.8x
|
|
2.0x
|
||
|
|
|
123,405
|
|
|
Transactions precedent approach
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
245,570
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
116,016
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium (discount)
|
|
(a)
|
1.3%
|
-
|
6.5%
|
|
3.8%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.0%
|
||
|
|
|
|
|
|
|
Industry premium (discount)
|
|
(a)
|
(1.1)%
|
-
|
3.8%
|
|
0.9%
|
||
|
|
|
14,618
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
18.0%
|
-
|
19.0%
|
|
18.5%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
2.0%
|
-
|
10.0%
|
|
6.0%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(6.4)%
|
-
|
20.2%
|
|
6.9%
|
||
|
|
|
|
|
|
|
EBITDA multiple
|
|
(b)
|
7.3x
|
-
|
7.3x
|
|
7.3x
|
||
|
SLF JV I debt investments
|
|
125,786
|
|
|
Transactions precedent approach
|
|
Transaction price
|
|
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
142,608
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
9.0%
|
-
|
28.0%
|
|
16.6%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
1.0%
|
-
|
12.0%
|
|
2.2%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
0.0%
|
-
|
98.2%
|
|
4.8%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
(b)
|
1.0x
|
-
|
31.4x
|
|
7.1x
|
||
|
Total
|
|
$
|
1,913,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c) |
|||||
|
Secured borrowings
|
|
$
|
13,981
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
0.0%
|
|
0.0%
|
|
|
|
|
|
|
|
Tranche specific risk premium (discount)
|
|
(a)
|
(3.5)%
|
-
|
3.5%
|
|
2.8%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
0.6%
|
-
|
0.6%
|
|
0.6%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total
|
|
$
|
13,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
$
|
1,096,434
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.8%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(4.5)%
|
-
|
8.0%
|
|
1.2%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.1%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.9)%
|
-
|
5.4%
|
|
(0.1)%
|
||
|
|
|
107,745
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
16.0%
|
-
|
35.0%
|
|
20.5%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
1.0%
|
-
|
20.0%
|
|
2.5%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(19.6)%
|
-
|
32.0%
|
|
(10.2)%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
|
0.7x
|
-
|
6.7x
|
|
5.6x
|
||
|
|
|
206,141
|
|
|
Transactions precedent approach
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
279,215
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
142,691
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium (discount)
|
|
(a)
|
1.0%
|
-
|
4.0%
|
|
2.8%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.0%
|
||
|
|
|
|
|
|
|
Industry premium (discount)
|
|
(a)
|
(1.3)%
|
-
|
1.1%
|
|
0.1%
|
||
|
|
|
13,582
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
19.0%
|
-
|
23.0%
|
|
20.0%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
2.0%
|
-
|
15.0%
|
|
5.2%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
(2.9)%
|
-
|
(2.9)%
|
|
(2.9)%
|
||
|
|
|
|
|
|
|
Revenue multiple
|
|
(b)
|
1.4x
|
-
|
1.4x
|
|
1.4x
|
||
|
SLF JV I debt investments
|
|
129,004
|
|
|
Bond yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk discount
|
|
(a)
|
(1.2)%
|
-
|
(1.2)%
|
|
(1.2)%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
1.9%
|
-
|
1.9%
|
|
1.9%
|
||
|
Preferred & common equity
|
|
154,289
|
|
|
Market and income approach
|
|
Weighted average cost of capital
|
|
|
9.0%
|
-
|
35.0%
|
|
15.6%
|
|
|
|
|
|
|
|
|
Company specific risk premium
|
|
(a)
|
1.0%
|
-
|
20.0%
|
|
2.2%
|
||
|
|
|
|
|
|
|
Revenue growth rate
|
|
|
0.9%
|
-
|
156.0%
|
|
32.5%
|
||
|
|
|
|
|
|
|
EBITDA/Revenue multiple
|
|
(b)
|
0.7x
|
-
|
18.0x
|
|
7.7x
|
||
|
Total
|
|
$
|
2,129,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liability
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c) |
|||||
|
Secured borrowings
|
|
$
|
18,400
|
|
|
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)
|
1.0%
|
-
|
1.0%
|
|
1.0%
|
||
|
Total
|
|
$
|
18,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facilities payable
|
|
$
|
441,413
|
|
|
$
|
441,413
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
441,413
|
|
|
SBA debentures payable
|
|
210,204
|
|
|
197,703
|
|
|
—
|
|
|
—
|
|
|
197,703
|
|
|||||
|
Unsecured notes payable
|
|
405,001
|
|
|
415,578
|
|
|
—
|
|
|
159,683
|
|
|
255,895
|
|
|||||
|
Total
|
|
$
|
1,056,618
|
|
|
$
|
1,054,694
|
|
|
$
|
—
|
|
|
$
|
159,683
|
|
|
$
|
895,011
|
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facilities payable
|
|
$
|
516,295
|
|
|
$
|
516,295
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
516,295
|
|
|
SBA debentures payable
|
|
210,011
|
|
|
198,536
|
|
|
—
|
|
|
—
|
|
|
198,536
|
|
|||||
|
Unsecured notes payable
|
|
404,630
|
|
|
422,307
|
|
|
—
|
|
|
165,444
|
|
|
256,863
|
|
|||||
|
Total
|
|
$
|
1,130,936
|
|
|
$
|
1,137,138
|
|
|
$
|
—
|
|
|
$
|
165,444
|
|
|
$
|
971,694
|
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
1,695,782
|
|
|
79.08
|
%
|
|
$
|
1,789,532
|
|
|
78.36
|
%
|
|
Subordinated debt
|
|
146,371
|
|
|
6.83
|
|
|
171,049
|
|
|
7.49
|
|
||
|
Debt investments in SLF JV I
|
|
125,786
|
|
|
5.87
|
|
|
144,841
|
|
|
6.34
|
|
||
|
LLC equity interests of SLF JV I
|
|
16,172
|
|
|
0.75
|
|
|
16,093
|
|
|
0.70
|
|
||
|
Purchased equity
|
|
79,185
|
|
|
3.69
|
|
|
82,516
|
|
|
3.61
|
|
||
|
Equity grants
|
|
54,702
|
|
|
2.55
|
|
|
54,702
|
|
|
2.40
|
|
||
|
Limited partnership interests
|
|
26,467
|
|
|
1.23
|
|
|
25,125
|
|
|
1.10
|
|
||
|
Total
|
|
$
|
2,144,465
|
|
|
100.00
|
%
|
|
$
|
2,283,858
|
|
|
100.00
|
%
|
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
1,514,361
|
|
|
77.59
|
%
|
|
$
|
1,689,535
|
|
|
78.02
|
%
|
|
Subordinated debt
|
|
130,634
|
|
|
6.69
|
|
|
156,273
|
|
|
7.22
|
|
||
|
Debt investments in SLF JV I
|
|
125,786
|
|
|
6.44
|
|
|
129,004
|
|
|
5.96
|
|
||
|
LLC equity interests of SLF JV I
|
|
13,858
|
|
|
0.71
|
|
|
13,709
|
|
|
0.63
|
|
||
|
Purchased equity
|
|
109,878
|
|
|
5.63
|
|
|
114,047
|
|
|
5.27
|
|
||
|
Equity grants
|
|
32,730
|
|
|
1.68
|
|
|
40,241
|
|
|
1.86
|
|
||
|
Limited partnership interests
|
|
24,495
|
|
|
1.26
|
|
|
22,682
|
|
|
1.04
|
|
||
|
Total
|
|
$
|
1,951,742
|
|
|
100.00
|
%
|
|
$
|
2,165,491
|
|
|
100.00
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
643,772
|
|
|
30.01
|
%
|
|
$
|
660,616
|
|
|
28.92
|
%
|
|
Southwest U.S.
|
|
428,587
|
|
|
19.99
|
|
|
416,060
|
|
|
18.22
|
|
||
|
West U.S.
|
|
412,069
|
|
|
19.22
|
|
|
470,700
|
|
|
20.61
|
|
||
|
Midwest U.S.
|
|
279,971
|
|
|
13.06
|
|
|
320,368
|
|
|
14.03
|
|
||
|
Southeast U.S.
|
|
276,468
|
|
|
12.89
|
|
|
308,770
|
|
|
13.52
|
|
||
|
International
|
|
92,680
|
|
|
4.32
|
|
|
107,344
|
|
|
4.70
|
|
||
|
Northwest U.S.
|
|
10,918
|
|
|
0.51
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
2,144,465
|
|
|
100.00
|
%
|
|
$
|
2,283,858
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
615,075
|
|
|
31.52
|
%
|
|
$
|
607,240
|
|
|
28.03
|
%
|
|
Southwest U.S.
|
|
363,076
|
|
|
18.60
|
|
|
406,307
|
|
|
18.76
|
|
||
|
West U.S.
|
|
382,423
|
|
|
19.59
|
|
|
452,078
|
|
|
20.88
|
|
||
|
Midwest U.S.
|
|
196,119
|
|
|
10.05
|
|
|
263,434
|
|
|
12.17
|
|
||
|
Southeast U.S.
|
|
284,155
|
|
|
14.56
|
|
|
323,481
|
|
|
14.94
|
|
||
|
International
|
|
99,893
|
|
|
5.12
|
|
|
112,951
|
|
|
5.22
|
|
||
|
Northwest U.S.
|
|
11,001
|
|
|
0.56
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
1,951,742
|
|
|
100.00
|
%
|
|
$
|
2,165,491
|
|
|
100.00
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Healthcare services
|
|
$
|
364,360
|
|
|
16.98
|
%
|
|
$
|
379,250
|
|
|
16.60
|
%
|
|
Internet software & services
|
|
343,229
|
|
|
16.01
|
|
|
361,396
|
|
|
15.80
|
|
||
|
Multi-sector holdings
|
|
160,480
|
|
|
7.48
|
|
|
178,113
|
|
|
7.80
|
|
||
|
Advertising
|
|
143,271
|
|
|
6.68
|
|
|
170,517
|
|
|
7.47
|
|
||
|
Healthcare equipment
|
|
122,131
|
|
|
5.70
|
|
|
119,705
|
|
|
5.24
|
|
||
|
Environmental & facilities services
|
|
99,000
|
|
|
4.62
|
|
|
99,054
|
|
|
4.34
|
|
||
|
Data processing & outsourced services
|
|
78,568
|
|
|
3.66
|
|
|
83,988
|
|
|
3.68
|
|
||
|
Diversified support services
|
|
77,176
|
|
|
3.60
|
|
|
85,150
|
|
|
3.73
|
|
||
|
Construction & engineering
|
|
66,128
|
|
|
3.08
|
|
|
66,337
|
|
|
2.90
|
|
||
|
Research & consulting services
|
|
63,089
|
|
|
2.94
|
|
|
63,137
|
|
|
2.76
|
|
||
|
Pharmaceuticals
|
|
59,576
|
|
|
2.78
|
|
|
59,521
|
|
|
2.61
|
|
||
|
Integrated telecommunication services
|
|
56,194
|
|
|
2.62
|
|
|
56,343
|
|
|
2.47
|
|
||
|
Airlines
|
|
50,850
|
|
|
2.37
|
|
|
71,067
|
|
|
3.11
|
|
||
|
Application software
|
|
48,032
|
|
|
2.24
|
|
|
48,581
|
|
|
2.13
|
|
||
|
Industrial machinery
|
|
46,558
|
|
|
2.17
|
|
|
46,517
|
|
|
2.04
|
|
||
|
Specialty stores
|
|
46,246
|
|
|
2.16
|
|
|
46,618
|
|
|
2.04
|
|
||
|
Oil & gas equipment services
|
|
45,659
|
|
|
2.13
|
|
|
45,646
|
|
|
2.00
|
|
||
|
IT consulting & other services
|
|
33,007
|
|
|
1.54
|
|
|
51,868
|
|
|
2.27
|
|
||
|
Air freight and logistics
|
|
32,991
|
|
|
1.54
|
|
|
31,657
|
|
|
1.39
|
|
||
|
Leisure facilities
|
|
31,731
|
|
|
1.48
|
|
|
33,981
|
|
|
1.49
|
|
||
|
Consumer electronics
|
|
25,597
|
|
|
1.19
|
|
|
24,870
|
|
|
1.09
|
|
||
|
Home improvement retail
|
|
23,968
|
|
|
1.12
|
|
|
24,352
|
|
|
1.07
|
|
||
|
Education services
|
|
23,556
|
|
|
1.10
|
|
|
23,568
|
|
|
1.03
|
|
||
|
Auto parts & equipment
|
|
16,643
|
|
|
0.78
|
|
|
16,643
|
|
|
0.73
|
|
||
|
Security & alarm services
|
|
14,768
|
|
|
0.69
|
|
|
13,520
|
|
|
0.59
|
|
||
|
Restaurants
|
|
14,441
|
|
|
0.67
|
|
|
4,951
|
|
|
0.22
|
|
||
|
Other diversified financial services
|
|
14,055
|
|
|
0.66
|
|
|
14,794
|
|
|
0.65
|
|
||
|
Food distributors
|
|
11,907
|
|
|
0.56
|
|
|
11,903
|
|
|
0.52
|
|
||
|
Thrift & mortgage finance
|
|
7,946
|
|
|
0.37
|
|
|
7,946
|
|
|
0.35
|
|
||
|
Healthcare technology
|
|
7,909
|
|
|
0.37
|
|
|
7,904
|
|
|
0.35
|
|
||
|
Commercial printing
|
|
6,063
|
|
|
0.28
|
|
|
6,090
|
|
|
0.27
|
|
||
|
Apparel, accessories & luxury goods
|
|
5,165
|
|
|
0.24
|
|
|
15,694
|
|
|
0.69
|
|
||
|
Food retail
|
|
4,171
|
|
|
0.19
|
|
|
4,169
|
|
|
0.18
|
|
||
|
Specialized consumer services
|
|
—
|
|
|
—
|
|
|
9,014
|
|
|
0.39
|
|
||
|
Leisure products
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Human resources & employment services
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
||
|
Total
|
|
$
|
2,144,465
|
|
|
100.00
|
%
|
|
$
|
2,283,858
|
|
|
100.00
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Healthcare services
|
|
$
|
333,840
|
|
|
17.11
|
%
|
|
$
|
360,937
|
|
|
16.64
|
%
|
|
Internet software & services
|
|
305,842
|
|
|
15.67
|
|
|
326,665
|
|
|
15.09
|
|
||
|
Multi-sector holdings
|
|
158,360
|
|
|
8.11
|
|
|
159,549
|
|
|
7.37
|
|
||
|
Healthcare equipment
|
|
101,643
|
|
|
5.21
|
|
|
120,827
|
|
|
5.58
|
|
||
|
Environmental & facilities services
|
|
100,335
|
|
|
5.14
|
|
|
100,852
|
|
|
4.66
|
|
||
|
Advertising
|
|
99,899
|
|
|
5.12
|
|
|
149,337
|
|
|
6.90
|
|
||
|
Data processing & outsourced services
|
|
74,838
|
|
|
3.83
|
|
|
80,435
|
|
|
3.71
|
|
||
|
Construction & engineering
|
|
63,987
|
|
|
3.28
|
|
|
62,740
|
|
|
2.90
|
|
||
|
Research & consulting services
|
|
62,852
|
|
|
3.22
|
|
|
63,404
|
|
|
2.93
|
|
||
|
Airlines
|
|
60,999
|
|
|
3.13
|
|
|
77,046
|
|
|
3.56
|
|
||
|
Pharmaceuticals
|
|
59,315
|
|
|
3.04
|
|
|
60,517
|
|
|
2.79
|
|
||
|
Integrated telecommunication services
|
|
53,502
|
|
|
2.74
|
|
|
53,092
|
|
|
2.45
|
|
||
|
Industrial machinery
|
|
52,887
|
|
|
2.71
|
|
|
51,581
|
|
|
2.38
|
|
||
|
Application software
|
|
50,361
|
|
|
2.58
|
|
|
50,799
|
|
|
2.35
|
|
||
|
Specialty stores
|
|
44,974
|
|
|
2.30
|
|
|
45,233
|
|
|
2.09
|
|
||
|
Diversified support services
|
|
39,091
|
|
|
2.00
|
|
|
75,720
|
|
|
3.50
|
|
||
|
Leisure products
|
|
35,209
|
|
|
1.80
|
|
|
34,981
|
|
|
1.62
|
|
||
|
IT consulting & other services
|
|
33,034
|
|
|
1.69
|
|
|
51,460
|
|
|
2.38
|
|
||
|
Leisure facilities
|
|
32,309
|
|
|
1.66
|
|
|
34,486
|
|
|
1.59
|
|
||
|
Consumer electronics
|
|
26,004
|
|
|
1.33
|
|
|
25,180
|
|
|
1.16
|
|
||
|
Home improvement retail
|
|
25,927
|
|
|
1.33
|
|
|
26,141
|
|
|
1.21
|
|
||
|
Auto parts & equipment
|
|
18,736
|
|
|
0.96
|
|
|
18,688
|
|
|
0.86
|
|
||
|
Education services
|
|
17,369
|
|
|
0.89
|
|
|
19,745
|
|
|
0.91
|
|
||
|
Restaurants
|
|
14,476
|
|
|
0.74
|
|
|
4,985
|
|
|
0.23
|
|
||
|
Security & alarm services
|
|
14,116
|
|
|
0.72
|
|
|
13,776
|
|
|
0.64
|
|
||
|
Other diversified financial services
|
|
13,345
|
|
|
0.68
|
|
|
14,777
|
|
|
0.68
|
|
||
|
Food distributors
|
|
11,640
|
|
|
0.60
|
|
|
11,400
|
|
|
0.53
|
|
||
|
Oil & gas equipment services
|
|
9,949
|
|
|
0.51
|
|
|
16,783
|
|
|
0.78
|
|
||
|
Healthcare technology
|
|
7,800
|
|
|
0.40
|
|
|
7,420
|
|
|
0.34
|
|
||
|
Air freight and logistics
|
|
7,682
|
|
|
0.39
|
|
|
7,046
|
|
|
0.33
|
|
||
|
Commercial printing
|
|
6,217
|
|
|
0.32
|
|
|
6,127
|
|
|
0.28
|
|
||
|
Thrift & mortgage finance
|
|
5,780
|
|
|
0.30
|
|
|
5,846
|
|
|
0.27
|
|
||
|
Apparel, accessories & luxury goods
|
|
5,198
|
|
|
0.27
|
|
|
14,620
|
|
|
0.68
|
|
||
|
Food retail
|
|
4,226
|
|
|
0.22
|
|
|
4,214
|
|
|
0.19
|
|
||
|
Specialized consumer services
|
|
—
|
|
|
—
|
|
|
9,082
|
|
|
0.42
|
|
||
|
Human resources & employment services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
1,951,742
|
|
|
100.00
|
%
|
|
$
|
2,165,491
|
|
|
100.00
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
|
Senior secured loans (1)
|
|
$288,214
|
|
$324,406
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.96%
|
|
7.84%
|
|
Number of borrowers in SLF JV I
|
|
34
|
|
37
|
|
Largest exposure to a single borrower (1)
|
|
$19,035
|
|
$19,775
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$88,469
|
|
$93,926
|
|
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)
|
|
$
|
4,875
|
|
|
$
|
4,810
|
|
|
$
|
4,799
|
|
|
AdVenture Interactive, Corp. (3) (5)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
9,178
|
|
|
9,151
|
|
|
4,811
|
|
|||
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,062
|
|
|
8,082
|
|
|
8,099
|
|
|||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
5,935
|
|
|
5,932
|
|
|
5,935
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
346
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
1,166
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
5,935
|
|
|
11,708
|
|
|
7,447
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
17,169
|
|
|
17,016
|
|
|
16,938
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B1
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,150
|
|
|
3,124
|
|
|
3,170
|
|
|||
|
|
|
|
|
First Lien B2
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,800
|
|
|
9,671
|
|
|
9,874
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
12,950
|
|
|
12,795
|
|
|
13,044
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,116
|
|
|
2,111
|
|
|
2,121
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,545
|
|
|
4,563
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,618
|
|
|
9,666
|
|
|
9,700
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,556
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
19,035
|
|
|
18,769
|
|
|
19,099
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
4,950
|
|
|
4,909
|
|
|
4,946
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
5,991
|
|
|
5,968
|
|
|
5,946
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,250
|
|
|
9,267
|
|
|
9,262
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,250
|
|
|
9,163
|
|
|
9,262
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
18,500
|
|
|
18,430
|
|
|
18,524
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8,267
|
|
|
8,267
|
|
|
2,651
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+8% (1% floor)
|
|
18,915
|
|
|
18,889
|
|
|
18,768
|
|
|||
|
Lytx, Inc (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/15/2023
|
|
LIBOR+8.5% (1% floor)
|
|
7,961
|
|
|
7,961
|
|
|
7,886
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+6.5% (1% floor)
|
|
10,052
|
|
|
9,886
|
|
|
5,951
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,500
|
|
|
4,433
|
|
|
4,667
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,994
|
|
|
3,054
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,703
|
|
|
4,691
|
|
|
4,786
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,297
|
|
|
1,289
|
|
|
1,309
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
9,000
|
|
|
8,974
|
|
|
9,149
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
993
|
|
|
953
|
|
|
987
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6,163
|
|
|
6,101
|
|
|
6,017
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,902
|
|
|
10,793
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
6,548
|
|
|
6,498
|
|
|
6,541
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
4,455
|
|
|
4,417
|
|
|
4,444
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
4,736
|
|
|
4,548
|
|
|
4,764
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
8,322
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,775
|
|
|
9,620
|
|
|
9,787
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
14,850
|
|
|
14,664
|
|
|
14,983
|
|
|||
|
Vention Medical, Inc. (3)
|
|
Healthcare equipment
|
|
First Lien
|
|
1/1/2019
|
|
LIBOR+5.25% (1% floor)
|
|
11,841
|
|
|
11,841
|
|
|
11,752
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,727
|
|
|
4,727
|
|
|
4,704
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,673
|
|
|
2,653
|
|
|
2,660
|
|
|||
|
Worley Clams Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,899
|
|
|
9,860
|
|
|
9,850
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
288,214
|
|
|
$
|
292,216
|
|
|
$
|
275,269
|
|
|
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)
|
|
$
|
4,906
|
|
|
$
|
4,837
|
|
|
$
|
4,830
|
|
|
AdVenture Interactive, Corp. (3) (5)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
9,178
|
|
|
9,150
|
|
|
7,066
|
|
|||
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,083
|
|
|
8,105
|
|
|
8,121
|
|
|||
|
Ameritox Ltd. (3) (5)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
5,890
|
|
|
5,884
|
|
|
5,848
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
331
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
2,471
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
5,890
|
|
|
11,660
|
|
|
8,650
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
17,198
|
|
|
17,038
|
|
|
17,059
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B1
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,194
|
|
|
3,164
|
|
|
3,206
|
|
|||
|
|
|
|
|
First Lien B2
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,825
|
|
|
9,689
|
|
|
9,806
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
13,019
|
|
|
12,853
|
|
|
13,012
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,294
|
|
|
2,289
|
|
|
2,300
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,563
|
|
|
4,515
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,688
|
|
|
9,740
|
|
|
9,810
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,565
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
19,160
|
|
|
18,869
|
|
|
18,672
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
4,963
|
|
|
4,920
|
|
|
4,968
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
5,991
|
|
|
5,966
|
|
|
5,946
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,375
|
|
|
9,394
|
|
|
9,252
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,375
|
|
|
9,270
|
|
|
9,252
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
18,750
|
|
|
18,664
|
|
|
18,504
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8,267
|
|
|
8,267
|
|
|
2,839
|
|
|||
|
Legalzoom.com, Inc. (3)
|
|
Specialized consumer services
|
|
First Lien
|
|
5/13/2020
|
|
LIBOR+7% (1% floor)
|
|
19,775
|
|
|
19,410
|
|
|
19,660
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,043
|
|
|
19,015
|
|
|
18,858
|
|
|||
|
Lytx, Inc (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/15/2023
|
|
LIBOR+8.5% (1% floor)
|
|
7,981
|
|
|
7,981
|
|
|
7,981
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
First Lien
|
|
1/1/2019
|
|
LIBOR+5.25% (1% floor)
|
|
11,910
|
|
|
11,910
|
|
|
11,696
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+6.5% (1% floor)
|
|
10,078
|
|
|
9,945
|
|
|
8,390
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,563
|
|
|
4,487
|
|
|
4,550
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,993
|
|
|
3,005
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,506
|
|
|
4,493
|
|
|
4,514
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,136
|
|
|
1,128
|
|
|
1,133
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
8,642
|
|
|
8,614
|
|
|
8,652
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
995
|
|
|
943
|
|
|
990
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6,614
|
|
|
6,528
|
|
|
6,357
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,903
|
|
|
10,743
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+7.5%
|
|
7,116
|
|
|
7,049
|
|
|
7,107
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
4,466
|
|
|
4,426
|
|
|
4,461
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
4,748
|
|
|
4,548
|
|
|
4,691
|
|
|||
|
Too Faced Cosmetics, LLC
|
|
Personal products
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5% (1% floor)
|
|
1,135
|
|
|
1,028
|
|
|
1,140
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
7,576
|
|
|||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+4.5% (1% floor)
|
|
13,319
|
|
|
13,222
|
|
|
13,255
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,800
|
|
|
9,633
|
|
|
9,763
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
14,887
|
|
|
14,692
|
|
|
15,138
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,863
|
|
|
4,863
|
|
|
4,747
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,680
|
|
|
2,658
|
|
|
2,666
|
|
|||
|
Worley Clams Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,924
|
|
|
9,882
|
|
|
9,875
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
324,406
|
|
|
$
|
327,720
|
|
|
$
|
315,153
|
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2016: $292,216; cost September 30, 2016: $327,720)
|
|
$
|
275,269
|
|
|
$
|
315,153
|
|
|
Receivables from secured financing arrangements at fair value (cost December 31, 2016: $9,758; cost September 30, 2016: $10,014)
|
|
9,421
|
|
|
9,672
|
|
||
|
Cash and cash equivalents
|
|
24,567
|
|
|
1,878
|
|
||
|
Restricted cash
|
|
5,765
|
|
|
7,080
|
|
||
|
Other assets
|
|
3,824
|
|
|
4,700
|
|
||
|
Total assets
|
|
$
|
318,846
|
|
|
$
|
338,483
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
151,653
|
|
|
$
|
167,012
|
|
|
Debt securities payable at fair value (proceeds December 31, 2016: $143,755 and September 30, 2016: $165,533)
|
|
143,755
|
|
|
147,433
|
|
||
|
Other liabilities
|
|
7,600
|
|
|
8,371
|
|
||
|
Total liabilities
|
|
$
|
303,008
|
|
|
$
|
322,816
|
|
|
Members' equity
|
|
15,838
|
|
|
15,667
|
|
||
|
Total liabilities and members' equity
|
|
$
|
318,846
|
|
|
$
|
338,483
|
|
|
|
|
Three months ended December 31, 2016
|
|
Three months ended December 31, 2015
|
||||
|
Selected Statements of Operations Information:
|
|
|
|
|
||||
|
Interest income
|
|
$
|
6,759
|
|
|
$
|
7,728
|
|
|
Other income
|
|
308
|
|
|
345
|
|
||
|
Total investment income
|
|
7,067
|
|
|
8,073
|
|
||
|
Interest expense
|
|
6,014
|
|
|
4,908
|
|
||
|
Other expenses
|
|
408
|
|
|
131
|
|
||
|
Total expenses (1)
|
|
6,422
|
|
|
5,039
|
|
||
|
Net unrealized depreciation
|
|
(22,473
|
)
|
|
(6,892
|
)
|
||
|
Net realized gain
|
|
22,708
|
|
|
—
|
|
||
|
Net income (loss)
|
|
$
|
880
|
|
|
$
|
(3,858
|
)
|
|
(Share amounts in thousands)
|
|
Three months ended
December 31, 2016 |
|
Three months ended
December 31, 2015 (1) |
|
||||
|
Earnings (loss) per common share — basic:
|
|
|
|
|
|
||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(74,242
|
)
|
|
$
|
(62,886
|
)
|
|
|
Weighted average common shares outstanding — basic
|
|
142,853
|
|
|
150,263
|
|
|
||
|
Loss per common share — basic
|
|
$
|
(0.52
|
)
|
|
$
|
(0.42
|
)
|
|
|
Earnings (loss) per common share — diluted:
|
|
|
|
|
|
||||
|
Net decrease in net assets resulting from operations, before adjustments
|
|
$
|
(74,242
|
)
|
|
$
|
(62,886
|
)
|
|
|
Adjustments for interest on convertible notes, base management fees and incentive fees
|
|
—
|
|
|
—
|
|
|
||
|
Net decrease in net assets resulting from operations, as adjusted
|
|
$
|
(74,242
|
)
|
|
$
|
(62,886
|
)
|
|
|
Weighted average common shares outstanding — basic
|
|
142,853
|
|
|
150,263
|
|
|
||
|
Adjustments for dilutive effect of convertible notes
|
|
—
|
|
|
—
|
|
|
||
|
Weighted average common shares outstanding — diluted
|
|
142,853
|
|
|
150,263
|
|
|
||
|
Loss per common share — diluted
|
|
$
|
(0.52
|
)
|
|
$
|
(0.42
|
)
|
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution (2)
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value (2)
|
|||
|
August 3, 2016
|
|
October 14, 2016
|
|
October 31, 2016
|
|
$
|
0.06
|
|
|
$ 8.2 million
|
|
81,391
|
|
|
(1)
|
|
$ 0.4 million
|
|
August 3, 2016
|
|
November 15, 2016
|
|
November 30, 2016
|
|
0.06
|
|
|
8.2 million
|
|
80,962
|
|
|
(1)
|
|
0.4 million
|
|
|
October 18, 2016
|
|
December 15, 2016
|
|
December 30, 2016
|
|
0.06
|
|
|
7.7 million
|
|
70,316
|
|
|
(1)
|
|
0.4 million
|
|
|
Total for the three months ended December 31, 2016
|
|
$
|
0.18
|
|
|
$ 24.0 million
|
|
232,669
|
|
|
|
|
$ 1.3 million
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
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
|
|
|
Total for the three months ended December 31, 2015
|
|
$
|
0.18
|
|
|
$ 25.2 million
|
|
297,193
|
|
|
|
|
$ 1.8 million
|
||||
|
Rate Fix Date
|
|
Debenture
Amount
|
|
Fixed
Interest
Rate
|
|
SBA
Annual
Charge
|
||||
|
September 2010
|
|
$
|
73,000
|
|
|
3.215
|
%
|
|
0.285
|
%
|
|
March 2011
|
|
65,300
|
|
|
4.084
|
|
|
0.285
|
|
|
|
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
|
|
|
|
|
|
Three months ended
December 31, 2016 |
|
Three months ended
December 31, 2015 |
|
||||
|
PIK balance at beginning of period
|
|
$
|
62,631
|
|
|
$
|
50,678
|
|
|
|
Gross PIK interest accrued
|
|
5,046
|
|
|
5,823
|
|
|
||
|
PIK income reserves (1)
|
|
(2,209
|
)
|
|
(2,529
|
)
|
|
||
|
PIK interest received in cash
|
|
(3,434
|
)
|
|
(577
|
)
|
|
||
|
Loan exits and other PIK adjustments
|
|
—
|
|
|
—
|
|
|
||
|
PIK balance at end of period
|
|
$
|
62,034
|
|
|
$
|
53,395
|
|
|
|
(1)
|
PIK income is generally reserved for when a loan is placed on PIK non-accrual status.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
|
December 31, 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
|
|
$
|
1,609,935
|
|
|
81.81
|
%
|
|
$
|
1,641,213
|
|
|
92.69
|
%
|
|
$
|
1,890,606
|
|
|
89.80
|
%
|
|
$
|
1,854,228
|
|
|
93.89
|
%
|
|
$
|
2,136,516
|
|
|
90.79
|
%
|
|
$
|
2,083,424
|
|
|
95.42
|
%
|
|
PIK non-accrual (1)
|
|
53,110
|
|
|
2.70
|
|
|
33,727
|
|
|
1.90
|
|
|
40,187
|
|
|
1.91
|
|
|
31,548
|
|
|
1.60
|
|
|
66,579
|
|
|
2.83
|
|
|
17,404
|
|
|
0.80
|
|
||||||
|
Cash non-accrual (2)
|
|
304,893
|
|
|
15.49
|
|
|
95,841
|
|
|
5.41
|
|
|
174,629
|
|
|
8.29
|
|
|
89,036
|
|
|
4.51
|
|
|
150,194
|
|
|
6.38
|
|
|
82,637
|
|
|
3.78
|
|
||||||
|
Total
|
|
$
|
1,967,938
|
|
|
100.00
|
%
|
|
$
|
1,770,781
|
|
|
100.00
|
%
|
|
$
|
2,105,422
|
|
|
100.00
|
%
|
|
$
|
1,974,812
|
|
|
100.00
|
%
|
|
$
|
2,353,289
|
|
|
100.00
|
%
|
|
$
|
2,183,465
|
|
|
100.00
|
%
|
|
(1)
|
PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(2)
|
Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
|
December 31, 2015
|
|||
|
Ameritox Ltd. (2)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Phoenix Brands Merger Sub LLC - subordinated term loan (3)
|
|
—
|
|
—
|
|
PIK non-accrual (1)
|
|||
|
CCCG, LLC (4)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
JTC Education, Inc. (3)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Answers Corporation (5)
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|||
|
Dominion Diagnostics, LLC - subordinated term loan
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
Express Group Holdings LLC
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
AdVenture Interactive, Corp.
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
ERS Acquisition Corp.
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|
—
|
|||
|
Integrated Petroleum Technologies, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
TransTrade Operators, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Maverick Healthcare Group, LLC - first lien term loan B
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Edmentum, Inc. - unsecured junior PIK note
|
|
PIK non-accrual (1)
|
|
—
|
|
—
|
|||
|
Metamorph US 3, LLC
|
|
PIK non-accrual (1)
|
|
—
|
|
—
|
|||
|
Cenegenics, LLC
|
|
PIK non-accrual (1)
|
|
—
|
|
—
|
|||
|
(1)
|
PIK non-accrual status is inclusive of other non-cash income, where applicable. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
(2)
|
In April 2016, the Company restructured its investment in Ameritox Ltd. As part of the restructuring, the Company received debt and equity securities in the restructured entity.
|
|
(3)
|
The Company no longer held this investment at December 31, 2016 and September 30, 2016.
|
|
(4)
|
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.
|
|
(5)
|
As of December 31, 2015, only the second lien term loan was on PIK non-accrual. As of December 31, 2016 and September 30, 2016, both the first lien term loan and the second lien term loan were on cash non-accrual.
|
|
|
|
Three months ended
December 31, 2016 |
|
Three months ended
December 31, 2015 |
|
||||
|
Cash interest income
|
|
$
|
5,402
|
|
|
$
|
3,670
|
|
|
|
PIK interest income
|
|
2,209
|
|
|
2,528
|
|
|
||
|
OID income
|
|
75
|
|
|
6,960
|
|
|
||
|
Total
|
|
$
|
7,686
|
|
|
$
|
13,158
|
|
|
|
Net decrease in net assets resulting from operations
|
|
(74,242
|
)
|
|
|
Net unrealized depreciation on investments and secured borrowings
|
|
74,440
|
|
|
|
Book/tax difference due to loan fees
|
|
16
|
|
|
|
Book/tax difference due to exit fees
|
|
1,081
|
|
|
|
Book/tax difference due to organizational and deferred offering costs
|
|
(22
|
)
|
|
|
Book/tax difference due to interest income on certain loans
|
|
(168
|
)
|
|
|
Book/tax difference due to capital losses not recognized
|
|
24,206
|
|
|
|
Other book-tax differences
|
|
(1,871
|
)
|
|
|
Taxable/Distributable Income(1)
|
|
$
|
23,440
|
|
|
Undistributed ordinary income, net
|
$
|
—
|
|
|
Net realized capital losses
|
(268,025
|
)
|
|
|
Unrealized losses, net
|
(48,000
|
)
|
|
|
Date
|
|
Portfolio Company
|
|
Investment Type
|
|
Consideration at Exit
|
|
Realized Gain (Loss)
|
|
Transaction
|
||
|
October 2016
|
|
Systems Maintenance Services Holdings, Inc.
|
|
Debt
|
|
$ 19.0 million
|
|
$
|
—
|
|
|
Full payoff
|
|
November 2016
|
|
First Star Aviation, LLC
|
|
Equity
|
|
2.5 million
|
|
(3.8 million)
|
|
|
Sale of equity investment
|
|
|
November 2016
|
|
HealthDrive Corporation
|
|
Debt
|
|
15.5 million
|
|
—
|
|
|
Full payoff
|
|
|
November 2016
|
|
The Active Network, Inc.
|
|
Debt
|
|
16.5 million
|
|
—
|
|
|
Full payoff
|
|
|
November 2016
|
|
Aden & Anais Merger Sub, Inc.
|
|
Debt
|
|
12.0 million
|
|
—
|
|
|
Full payoff
|
|
|
November 2016
|
|
Legalzoom.com, Inc.
|
|
Debt
|
|
9.0 million
|
|
—
|
|
|
Full payoff
|
|
|
December 2016
|
|
Discovery Practice Management, Inc.
|
|
Debt
|
|
33.7 million
|
|
—
|
|
|
Full payoff
|
|
|
December 2016
|
|
Ansira Partners, Inc.
|
|
Debt and Equity
|
|
38.6 million
|
|
0.4 million
|
|
|
Full payoff /sale of equity investment
|
|
|
December 2016
|
|
Aptean, Inc.
|
|
Debt
|
|
3.0 million
|
|
—
|
|
|
Full payoff
|
|
|
December 2016
|
|
Access Medical Acquisition, Inc.
|
|
Debt and Equity
|
|
12.6 million
|
|
—
|
|
|
Full payoff /sale of equity investment
|
|
|
December 2016
|
|
Ministry Brands, LLC
|
|
Debt
|
|
30.2 million
|
|
—
|
|
|
Full payoff
|
|
|
December 2016
|
|
Senior Loan Fund JV I, LLC
|
|
Debt
|
|
125.8 million
|
|
(19.9 million)
|
|
|
Restructuring
|
|
|
|
|
|
|
|
|
|
|
$ (22.9 million)
|
|
|
|
|
|
Date
|
|
Portfolio Company
|
|
Investment Type
|
|
Consideration at Exit
|
|
Realized Gain (Loss)
|
|
Transaction
|
||
|
October 2015
|
|
Affordable Care, Inc.
|
|
Debt
|
|
$ 23.3 million
|
|
$
|
—
|
|
|
Full payoff
|
|
October 2015
|
|
CoAdvantage Corporation
|
|
Debt and Equity
|
|
16.4 million
|
|
0.7 million
|
|
|
Full payoff /sale of equity investment
|
|
|
October 2015
|
|
First Choice ER, LLC
|
|
Debt
|
|
119.0 million
|
|
—
|
|
|
Full payoff
|
|
|
October 2015
|
|
DigiCert, Inc.
|
|
Debt
|
|
33.3 million
|
|
—
|
|
|
Full payoff
|
|
|
October 2015
|
|
Idera, Inc.
|
|
Debt
|
|
7.4 million
|
|
—
|
|
|
Full payoff
|
|
|
December 2015
|
|
EducationDynamics, LLC
|
|
Debt
|
|
13.9 million
|
|
—
|
|
|
Full payoff
|
|
|
December 2015
|
|
World50, Inc.
|
|
Debt
|
|
14.2 million
|
|
—
|
|
|
Full payoff
|
|
|
|
|
|
|
|
|
|
|
$ 0.7 million
|
|
|
|
|
|
•
|
No incentive fee is payable to the Investment Adviser in any fiscal quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 2% (the "preferred return" or "hurdle");
|
|
•
|
100% of the Company's Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any fiscal quarter 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 is payable to the Investment Adviser once the hurdle is reached and the catch-up is achieved.
|
|
|
|
Three months ended
December 31, 2016 |
|
Three months ended
December 31, 2015 |
|
|
Net asset value at beginning of period
|
|
$7.97
|
|
$9.00
|
|
|
Net investment income (4)
|
|
0.16
|
|
0.18
|
|
|
Net unrealized depreciation on investments and secured borrowings (4)
|
|
(0.52)
|
|
(0.60)
|
|
|
Net realized gain (loss) on investments and secured borrowings (4)
|
|
(0.16)
|
|
0.01
|
|
|
Distributions to stockholders (4)
|
|
(0.18)
|
|
(0.18)
|
|
|
Net issuance/repurchases of common stock (4)
|
|
0.04
|
|
—
|
|
|
Net asset value at end of period
|
|
$7.31
|
|
$8.41
|
|
|
Per share market value at beginning of period
|
|
$5.81
|
|
$6.17
|
|
|
Per share market value at end of period
|
|
$5.37
|
|
$6.38
|
|
|
Total return (1)
|
|
(4.44)%
|
|
6.43%
|
|
|
Common shares outstanding at beginning of period
|
|
143,258,785
|
|
150,262,924
|
|
|
Common shares outstanding at end of period
|
|
140,960,651
|
|
150,262,924
|
|
|
Net assets at beginning of period
|
|
$1,142,288
|
|
$1,353,094
|
|
|
Net assets at end of period
|
|
$1,030,272
|
|
$1,263,113
|
|
|
Average net assets (2)
|
|
$1,090,244
|
|
$1,312,513
|
|
|
Ratio of net investment income to average net assets (5)
|
|
8.48%
|
|
8.04%
|
|
|
Ratio of total expenses to average net assets (excluding base management fee waiver and insurance recovery) (5)
|
|
10.60%
|
|
11.68%
|
|
|
Ratio of net expenses to average net assets (5)
|
|
10.36%
|
|
11.65%
|
|
|
Ratio of portfolio turnover to average investments at fair value
|
|
8.75%
|
|
9.59%
|
|
|
Weighted average outstanding debt (3)
|
|
$1,168,790
|
|
$1,196,030
|
|
|
Average debt per share (4)
|
|
$8.18
|
|
$7.96
|
|
|
(1)
|
Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP.
|
|
(2)
|
Calculated based upon the weighted average net assets for the period.
|
|
(3)
|
Calculated based upon the weighted average of loans payable for the period.
|
|
(4)
|
Calculated based upon weighted average shares outstanding for the period.
|
|
(5)
|
Interim periods are annualized.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||
|
Lift Brands Holdings, Inc.
|
|
$
|
15,000
|
|
|
$
|
13,000
|
|
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
TigerText, Inc.
|
|
10,000
|
|
|
10,000
|
|
||
|
Edge Fitness, LLC
|
|
8,353
|
|
|
8,353
|
|
||
|
Refac Optical Group
|
|
6,400
|
|
|
6,400
|
|
||
|
BeyondTrust Software, Inc.
|
|
5,995
|
|
|
5,995
|
|
||
|
InMotion Entertainment Group, LLC
|
|
5,845
|
|
|
6,856
|
|
||
|
TIBCO Software, Inc.
|
|
5,800
|
|
|
5,800
|
|
||
|
Valet Merger Sub, Inc.
|
|
5,596
|
|
|
5,596
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
|
5,397
|
|
|
5,397
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Thing5, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
First American Payment Systems, LP
|
|
5,000
|
|
|
3,000
|
|
||
|
Adventure Interactive, Corp.
|
|
4,846
|
|
|
4,846
|
|
||
|
OBHG Management Services, LLC
|
|
3,836
|
|
|
3,836
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
3,682
|
|
|
2,682
|
|
||
|
Metamorph US 3, LLC
|
|
3,675
|
|
|
3,675
|
|
||
|
Ministry Brands, LLC
|
|
3,674
|
|
|
15,000
|
|
||
|
WeddingWire, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Motion Recruitment Partners LLC
|
|
2,900
|
|
|
2,900
|
|
||
|
Eagle Hospital Physicians, Inc.
|
|
2,753
|
|
|
2,753
|
|
||
|
Edmentum, Inc.
|
|
2,664
|
|
|
2,664
|
|
||
|
OmniSYS Acquisition Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Ping Identity Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Teaching Strategies, LLC
|
|
2,400
|
|
|
2,400
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
2,054
|
|
|
2,054
|
|
||
|
ExamSoft Worldwide, Inc.
|
|
2,000
|
|
|
2,000
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
2,000
|
|
|
—
|
|
||
|
My Alarm Center, LLC
|
|
1,756
|
|
|
2,940
|
|
||
|
Accruent, LLC
|
|
1,710
|
|
|
1,900
|
|
||
|
Baart Programs, Inc.
|
|
1,571
|
|
|
4,762
|
|
||
|
Senior Loan Fund JV I, LLC
|
|
1,328
|
|
|
14,065
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
1,066
|
|
|
1,066
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
|
1,007
|
|
|
1,013
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
|
1,006
|
|
|
—
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
853
|
|
|
853
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
813
|
|
|
813
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
696
|
|
|
1,005
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
654
|
|
|
654
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
626
|
|
|
544
|
|
||
|
TransTrade Operators, Inc.
|
|
589
|
|
|
424
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
581
|
|
|
476
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
497
|
|
|
602
|
|
||
|
Cenegenics, LLC
|
|
401
|
|
|
1,001
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
365
|
|
|
236
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
|
311
|
|
|
308
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
274
|
|
|
485
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
261
|
|
|
261
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
183
|
|
|
190
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
177
|
|
|
177
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
173
|
|
|
204
|
|
||
|
Legalzoom.com, Inc.
|
|
—
|
|
|
15,427
|
|
||
|
RP Crown Parent, LLC
|
|
—
|
|
|
9,414
|
|
||
|
Trialcard Incorporated
|
|
—
|
|
|
4,900
|
|
||
|
Discovery Practice Management, Inc.
|
|
—
|
|
|
3,958
|
|
||
|
HealthDrive Corporation
|
|
—
|
|
|
2,534
|
|
||
|
Total
|
|
$
|
157,000
|
|
|
$
|
215,651
|
|
|
•
|
monthly dividend of $0.02 per share, payable on March 31, 2017 to stockholders of record on March 15, 2017;
|
|
•
|
quarterly dividend of $0.02 per share, payable on June 30, 2017 to stockholders of record on June 15, 2017; and
|
|
•
|
quarterly dividend of $0.125 per share, payable on September 29, 2017 to stockholders of record on September 15, 2017.
|
|
Portfolio Company/Type of Investment (1)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (2)
|
|
Fair Value
at October 1,
2016
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at December 31, 2016
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
$
|
1,050
|
|
|
$
|
36,328
|
|
|
$
|
310
|
|
|
$
|
(360
|
)
|
|
$
|
36,278
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021
|
|
53
|
|
|
2,800
|
|
|
2
|
|
|
(1,002
|
)
|
|
1,800
|
|
|||||
|
LC Facility, 6% cash due 4/1/2021
|
|
58
|
|
|
3,518
|
|
|
2
|
|
|
(2
|
)
|
|
3,518
|
|
|||||
|
746,114 Series A Preferred Units
|
|
676
|
|
|
20,094
|
|
|
1,919
|
|
|
—
|
|
|
22,013
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
—
|
|
|
378
|
|
|
—
|
|
|
378
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017
|
|
6
|
|
|
7,046
|
|
|
642
|
|
|
(6
|
)
|
|
7,682
|
|
|||||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
—
|
|
|
—
|
|
|
1,335
|
|
|
(1,335
|
)
|
|
—
|
|
|||||
|
First Star Aviation, LLC (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
10,104,401 Common Units
|
|
—
|
|
|
2,413
|
|
|
87
|
|
|
(2,500
|
)
|
|
—
|
|
|||||
|
First Star Speir Aviation 1 Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
647
|
|
|
54,214
|
|
|
1,846
|
|
|
(14,665
|
)
|
|
41,395
|
|
|||||
|
2,058,411.64 Common Units
|
|
—
|
|
|
2,839
|
|
|
—
|
|
|
(98
|
)
|
|
2,741
|
|
|||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
267
|
|
|
11,851
|
|
|
58
|
|
|
(41
|
)
|
|
11,868
|
|
|||||
|
4,293,756 Common Units
|
|
—
|
|
|
5,729
|
|
|
(130
|
)
|
|
(605
|
)
|
|
4,994
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 4/30/2017
|
|
286
|
|
|
13,875
|
|
|
300
|
|
|
—
|
|
|
14,175
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 4/30/2017
|
|
81
|
|
|
3,887
|
|
|
83
|
|
|
—
|
|
|
3,970
|
|
|||||
|
First Lien Revolver, 8% cash due 4/30/2017
|
|
43
|
|
|
1,913
|
|
|
19
|
|
|
(19
|
)
|
|
1,913
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
7,421
|
|
|
—
|
|
|
(7,188
|
)
|
|
233
|
|
|||||
|
Senior Loan Fund JV I, LLC (5)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021
|
|
2,859
|
|
|
129,004
|
|
|
16,546
|
|
|
(145,550
|
)
|
|
—
|
|
|||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC
|
|
171
|
|
|
—
|
|
|
101,030
|
|
|
—
|
|
|
101,030
|
|
|||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
92
|
|
|
—
|
|
|
24,756
|
|
|
—
|
|
|
24,756
|
|
|||||
|
87.5% equity interest
|
|
700
|
|
|
13,708
|
|
|
150
|
|
|
—
|
|
|
13,858
|
|
|||||
|
Express Group Holdings LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 9/3/2019
|
|
—
|
|
|
1,193
|
|
|
—
|
|
|
(1,193
|
)
|
|
—
|
|
|||||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019
|
|
—
|
|
|
6,090
|
|
|
—
|
|
|
(5,211
|
)
|
|
879
|
|
|||||
|
Last-In Revolver, PRIME+3.5% (3.5% floor) cash due 10/7/2016
|
|
53
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|
3,000
|
|
|||||
|
14,033,391 Series B Preferred Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
280,668 Series A Preferred Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
1,456,344 Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Ameritox Ltd.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
734
|
|
|
31,039
|
|
|
459
|
|
|
—
|
|
|
31,498
|
|
|||||
|
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC
|
|
—
|
|
|
15,437
|
|
|
720
|
|
|
—
|
|
|
16,157
|
|
|||||
|
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC
|
|
—
|
|
|
1,755
|
|
|
82
|
|
|
—
|
|
|
1,837
|
|
|||||
|
4,930.03 Common Units in Ameritox Holdings II, LLC
|
|
—
|
|
|
13,113
|
|
|
—
|
|
|
(6,925
|
)
|
|
6,188
|
|
|||||
|
Total Control Investments
|
|
$
|
7,776
|
|
|
$
|
388,267
|
|
|
$
|
150,594
|
|
|
$
|
(186,700
|
)
|
|
$
|
352,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Portfolio Company/Type of Investment (1)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (2)
|
|
Fair Value
at October 1,
2016
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at December 31, 2016
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
$
|
293
|
|
|
$
|
9,549
|
|
|
$
|
49
|
|
|
$
|
(26
|
)
|
|
$
|
9,572
|
|
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
4,079
|
|
|
—
|
|
|
(117
|
)
|
|
3,962
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2017
|
|
1,398
|
|
|
24,268
|
|
|
416
|
|
|
(548
|
)
|
|
24,136
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
1,873
|
|
|
—
|
|
|
(82
|
)
|
|
1,791
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
1,691
|
|
|
$
|
39,769
|
|
|
$
|
465
|
|
|
$
|
(773
|
)
|
|
$
|
39,461
|
|
|
Total Control & Affiliate Investments
|
|
$
|
9,467
|
|
|
$
|
428,036
|
|
|
$
|
151,059
|
|
|
$
|
(187,473
|
)
|
|
$
|
391,622
|
|
|
(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,
2015
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at December 31, 2015
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
$
|
656
|
|
|
$
|
16,878
|
|
|
$
|
136
|
|
|
$
|
(7
|
)
|
|
$
|
17,007
|
|
|
LC Facility, 6% cash due 12/31/2016
|
|
33
|
|
|
1,444
|
|
|
2
|
|
|
(2
|
)
|
|
1,444
|
|
|||||
|
746,114 Series A Preferred Units
|
|
506
|
|
|
19,414
|
|
|
506
|
|
|
(15
|
)
|
|
19,905
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
5,930
|
|
|
—
|
|
|
(3,191
|
)
|
|
2,739
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
210
|
|
|
8,713
|
|
|
1,009
|
|
|
(5
|
)
|
|
9,717
|
|
|||||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
73
|
|
|
1,555
|
|
|
3,265
|
|
|
(1,100
|
)
|
|
3,720
|
|
|||||
|
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
|
|
185
|
|
|
5,313
|
|
|
73
|
|
|
(1,090
|
)
|
|
4,296
|
|
|||||
|
10,104,401 Common Units
|
|
—
|
|
|
9,500
|
|
|
—
|
|
|
(94
|
)
|
|
9,406
|
|
|||||
|
First Star Speir Aviation 1 Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
733
|
|
|
47,824
|
|
|
11,537
|
|
|
(4,190
|
)
|
|
55,171
|
|
|||||
|
2,058,411.64 Common Units
|
|
—
|
|
|
1,965
|
|
|
679
|
|
|
(323
|
)
|
|
2,321
|
|
|||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
583
|
|
|
24,836
|
|
|
261
|
|
|
(287
|
)
|
|
24,810
|
|
|||||
|
4,293,756 Common Units
|
|
—
|
|
|
2,773
|
|
|
—
|
|
|
(1,079
|
)
|
|
1,694
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
270
|
|
|
13,066
|
|
|
270
|
|
|
(52
|
)
|
|
13,284
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
75
|
|
|
3,574
|
|
|
75
|
|
|
(15
|
)
|
|
3,634
|
|
|||||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
60
|
|
|
2,847
|
|
|
2
|
|
|
(936
|
)
|
|
1,913
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
5,464
|
|
|
561
|
|
|
—
|
|
|
6,025
|
|
|||||
|
Senior Loan Fund JV I, LLC (5)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021
|
|
2,720
|
|
|
128,917
|
|
|
—
|
|
|
(3,717
|
)
|
|
125,200
|
|
|||||
|
87.5% equity interest
|
|
1,750
|
|
|
12,205
|
|
|
—
|
|
|
(5,557
|
)
|
|
6,648
|
|
|||||
|
Miche Group, LLC
|
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
|
First Lien Revolver, 8% cash due 12/18/2016
|
|
50
|
|
|
2,500
|
|
|
—
|
|
|
—
|
|
|
2,500
|
|
|||||
|
100 units in FSFC Miche, Inc.
|
|
—
|
|
|
4,175
|
|
|
200
|
|
|
(282
|
)
|
|
4,093
|
|
|||||
|
Total Control Investments
|
|
$
|
7,904
|
|
|
$
|
318,893
|
|
|
$
|
18,576
|
|
|
$
|
(21,942
|
)
|
|
$
|
315,527
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
$
|
287
|
|
|
$
|
9,389
|
|
|
$
|
48
|
|
|
$
|
(208
|
)
|
|
$
|
9,229
|
|
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
4,213
|
|
|
—
|
|
|
(2
|
)
|
|
4,211
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
982
|
|
|
26,240
|
|
|
186
|
|
|
(1,500
|
)
|
|
24,926
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
764
|
|
|
653
|
|
|
—
|
|
|
1,417
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
1,269
|
|
|
$
|
40,606
|
|
|
$
|
887
|
|
|
$
|
(1,710
|
)
|
|
$
|
39,783
|
|
|
Total Control & Affiliate Investments
|
|
$
|
9,173
|
|
|
$
|
359,499
|
|
|
$
|
19,463
|
|
|
$
|
(23,652
|
)
|
|
$
|
355,310
|
|
|
(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 Trinity Universal Insurance, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).
|
|
(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, financial markets and political environment;
|
|
•
|
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.
|
|
•
|
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 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 level 3 investments in the Company's portfolio; and
|
|
•
|
Our Board of Directors discusses valuations and determines the fair value of each level 3 investment in the Company's portfolio.
|
|
As of December 31, 2014
|
|
78.5
|
%
|
|
As of March 31, 2015
|
|
72.9
|
%
|
|
As of June 30, 2015
|
|
73.1
|
%
|
|
As of September 30, 2015
|
|
88.3
|
%
|
|
As of December 31, 2015
|
|
77.1
|
%
|
|
As of March 31, 2016
|
|
69.2
|
%
|
|
As of June 30, 2016
|
|
67.8
|
%
|
|
As of September 30, 2016
|
|
89.8
|
%
|
|
As of December 31, 2016
|
|
69.4
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||
|
Cost:
|
|
|
|
|
||
|
Senior secured debt
|
|
79.08
|
%
|
|
78.36
|
%
|
|
Subordinated debt
|
|
6.83
|
|
|
7.49
|
|
|
Debt investments in SLF JV I
|
|
5.87
|
|
|
6.34
|
|
|
LLC equity interests of SLF JV I
|
|
0.75
|
|
|
0.70
|
|
|
Purchased equity
|
|
3.69
|
|
|
3.61
|
|
|
Equity grants
|
|
2.55
|
|
|
2.40
|
|
|
Limited partnership interests
|
|
1.23
|
|
|
1.10
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||
|
Fair value:
|
|
|
|
|
||
|
Senior secured debt
|
|
77.59
|
%
|
|
78.02
|
%
|
|
Subordinated debt
|
|
6.69
|
|
|
7.22
|
|
|
Debt investments in SLF JV I
|
|
6.44
|
|
|
5.96
|
|
|
LLC equity interests of SLF JV I
|
|
0.71
|
|
|
0.63
|
|
|
Purchased equity
|
|
5.63
|
|
|
5.27
|
|
|
Equity grants
|
|
1.68
|
|
|
1.86
|
|
|
Limited partnership interests
|
|
1.26
|
|
|
1.04
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||
|
Cost:
|
|
|
|
|
||
|
Healthcare services
|
|
16.98
|
%
|
|
16.60
|
%
|
|
Internet software & services
|
|
16.01
|
|
|
15.80
|
|
|
Multi-sector holdings
|
|
7.48
|
|
|
7.80
|
|
|
Advertising
|
|
6.68
|
|
|
7.47
|
|
|
Healthcare equipment
|
|
5.70
|
|
|
5.24
|
|
|
Environmental & facilities services
|
|
4.62
|
|
|
4.34
|
|
|
Data processing & outsourced services
|
|
3.66
|
|
|
3.68
|
|
|
Diversified support services
|
|
3.60
|
|
|
3.73
|
|
|
Construction & engineering
|
|
3.08
|
|
|
2.90
|
|
|
Research & consulting services
|
|
2.94
|
|
|
2.76
|
|
|
Pharmaceuticals
|
|
2.78
|
|
|
2.61
|
|
|
Integrated telecommunication services
|
|
2.62
|
|
|
2.47
|
|
|
Airlines
|
|
2.37
|
|
|
3.11
|
|
|
Application software
|
|
2.24
|
|
|
2.13
|
|
|
Industrial machinery
|
|
2.17
|
|
|
2.04
|
|
|
Specialty stores
|
|
2.16
|
|
|
2.04
|
|
|
Oil & gas equipment services
|
|
2.13
|
|
|
2.00
|
|
|
IT consulting & other services
|
|
1.54
|
|
|
2.27
|
|
|
Air freight and logistics
|
|
1.54
|
|
|
1.39
|
|
|
Leisure facilities
|
|
1.48
|
|
|
1.49
|
|
|
Consumer electronics
|
|
1.19
|
|
|
1.09
|
|
|
Home improvement retail
|
|
1.12
|
|
|
1.07
|
|
|
Education services
|
|
1.10
|
|
|
1.03
|
|
|
Auto parts & equipment
|
|
0.78
|
|
|
0.73
|
|
|
Security & alarm services
|
|
0.69
|
|
|
0.59
|
|
|
Restaurants
|
|
0.67
|
|
|
0.22
|
|
|
Other diversified financial services
|
|
0.66
|
|
|
0.65
|
|
|
Food distributors
|
|
0.56
|
|
|
0.52
|
|
|
Thrift & mortgage finance
|
|
0.37
|
|
|
0.35
|
|
|
Healthcare technology
|
|
0.37
|
|
|
0.35
|
|
|
Commercial printing
|
|
0.28
|
|
|
0.27
|
|
|
Apparel, accessories & luxury goods
|
|
0.24
|
|
|
0.69
|
|
|
Food retail
|
|
0.19
|
|
|
0.18
|
|
|
Specialized consumer services
|
|
—
|
|
|
0.39
|
|
|
Leisure products
|
|
—
|
|
|
—
|
|
|
Human resources & employment services
|
|
—
|
|
|
—
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||
|
Fair value:
|
|
|
|
|
||
|
Healthcare services
|
|
17.11
|
%
|
|
16.64
|
%
|
|
Internet software & services
|
|
15.67
|
|
|
15.09
|
|
|
Multi-sector holdings
|
|
8.11
|
|
|
7.37
|
|
|
Healthcare equipment
|
|
5.21
|
|
|
5.58
|
|
|
Environmental & facilities services
|
|
5.14
|
|
|
4.66
|
|
|
Advertising
|
|
5.12
|
|
|
6.90
|
|
|
Data processing & outsourced services
|
|
3.83
|
|
|
3.71
|
|
|
Construction & engineering
|
|
3.28
|
|
|
2.90
|
|
|
Research & consulting services
|
|
3.22
|
|
|
2.93
|
|
|
Airlines
|
|
3.13
|
|
|
3.56
|
|
|
Pharmaceuticals
|
|
3.04
|
|
|
2.79
|
|
|
Integrated telecommunication services
|
|
2.74
|
|
|
2.45
|
|
|
Industrial machinery
|
|
2.71
|
|
|
2.38
|
|
|
Application software
|
|
2.58
|
|
|
2.35
|
|
|
Specialty stores
|
|
2.30
|
|
|
2.09
|
|
|
Diversified support services
|
|
2.00
|
|
|
3.50
|
|
|
Leisure products
|
|
1.80
|
|
|
1.62
|
|
|
IT consulting & other services
|
|
1.69
|
|
|
2.38
|
|
|
Leisure facilities
|
|
1.66
|
|
|
1.59
|
|
|
Consumer electronics
|
|
1.33
|
|
|
1.16
|
|
|
Home improvement retail
|
|
1.33
|
|
|
1.21
|
|
|
Auto parts & equipment
|
|
0.96
|
|
|
0.86
|
|
|
Education services
|
|
0.89
|
|
|
0.91
|
|
|
Restaurants
|
|
0.74
|
|
|
0.23
|
|
|
Security & alarm services
|
|
0.72
|
|
|
0.64
|
|
|
Other diversified financial services
|
|
0.68
|
|
|
0.68
|
|
|
Food distributors
|
|
0.60
|
|
|
0.53
|
|
|
Oil & gas equipment services
|
|
0.51
|
|
|
0.78
|
|
|
Healthcare technology
|
|
0.40
|
|
|
0.34
|
|
|
Air freight and logistics
|
|
0.39
|
|
|
0.33
|
|
|
Commercial printing
|
|
0.32
|
|
|
0.28
|
|
|
Thrift & mortgage finance
|
|
0.30
|
|
|
0.27
|
|
|
Apparel, accessories & luxury goods
|
|
0.27
|
|
|
0.68
|
|
|
Food retail
|
|
0.22
|
|
|
0.19
|
|
|
Specialized consumer services
|
|
—
|
|
|
0.42
|
|
|
Human resources & employment services
|
|
—
|
|
|
—
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
•
|
Investment Ranking 1 is used for debt investments that are performing above expectations and/or capital gains are expected.
|
|
•
|
Investment Ranking 2 is used for debt 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 debt
|
|
•
|
Investment Ranking 3 is used for debt 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, debt investments with a ranking of 3 are generally those on which we are not accruing PIK interest.
|
|
•
|
Investment Ranking 4 is used for debt investments that are performing substantially below our expectations and for which risk has increased substantially since the original or restructured investment. Debt investments with a ranking of 4 are those for which some loss of principal is expected and are generally those on which we are not accruing cash interest.
|
|
Investment Ranking
|
|
December 31, 2016
|
|
|
|
September 30, 2016 (2)
|
|
|
||||||||||||||||
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
||||||||||
|
1
|
|
$
|
—
|
|
|
—
|
%
|
|
N/A
|
|
|
|
|
$
|
38,172
|
|
|
1.94
|
%
|
|
3.47
|
|
|
|
|
2
|
|
1,579,440
|
|
|
89.20
|
|
|
4.52
|
|
|
|
|
1,792,896
|
|
|
90.79
|
|
|
4.51
|
|
|
|
||
|
3
|
|
95,500
|
|
|
5.39
|
|
|
NM
|
|
|
(1)
|
|
41,163
|
|
|
2.08
|
|
|
NM
|
|
|
(1)
|
||
|
4
|
|
95,841
|
|
|
5.41
|
|
|
NM
|
|
|
(1)
|
|
102,581
|
|
|
5.19
|
|
|
NM
|
|
|
(1)
|
||
|
Total
|
|
$
|
1,770,781
|
|
|
100.00
|
%
|
|
4.52
|
|
|
|
|
$
|
1,974,812
|
|
|
100.00
|
%
|
|
4.49
|
|
|
|
|
(1)
|
Due to operating performance this ratio is not measurable and, as a result, is excluded from the total portfolio calculation.
|
|
(2)
|
Beginning as of December 31, 2016, we have revised our investment ranking scale to include only debt investments. Accordingly, in order to make the table comparative, we revised the investment ranking table as of September 30, 2016 to exclude equity investments.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
|
December 31, 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
|
|
$
|
1,609,935
|
|
|
81.81
|
%
|
|
$
|
1,641,213
|
|
|
92.69
|
%
|
|
$
|
1,890,606
|
|
|
89.80
|
%
|
|
$
|
1,854,228
|
|
|
93.89
|
%
|
|
$
|
2,136,516
|
|
|
90.79
|
%
|
|
$
|
2,083,424
|
|
|
95.42
|
%
|
|
PIK non-accrual (1)
|
|
53,110
|
|
|
2.70
|
|
|
33,727
|
|
|
1.90
|
|
|
40,187
|
|
|
1.91
|
|
|
31,548
|
|
|
1.60
|
|
|
66,579
|
|
|
2.83
|
|
|
17,404
|
|
|
0.80
|
|
||||||
|
Cash non-accrual (2)
|
|
304,893
|
|
|
15.49
|
|
|
95,841
|
|
|
5.41
|
|
|
174,629
|
|
|
8.29
|
|
|
89,036
|
|
|
4.51
|
|
|
150,194
|
|
|
6.38
|
|
|
82,637
|
|
|
3.78
|
|
||||||
|
Total
|
|
$
|
1,967,938
|
|
|
100.00
|
%
|
|
$
|
1,770,781
|
|
|
100.00
|
%
|
|
$
|
2,105,422
|
|
|
100.00
|
%
|
|
$
|
1,974,812
|
|
|
100.00
|
%
|
|
$
|
2,353,289
|
|
|
100.00
|
%
|
|
$
|
2,183,465
|
|
|
100.00
|
%
|
|
(1)
|
PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(2)
|
Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
|
December 31, 2015
|
|||
|
Ameritox Ltd. (2)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Phoenix Brands Merger Sub LLC - subordinated term loan (3)
|
|
—
|
|
—
|
|
PIK non-accrual (1)
|
|||
|
CCCG, LLC (4)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
JTC Education, Inc. (3)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Answers Corporation (5)
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|||
|
Dominion Diagnostics, LLC - subordinated term loan
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
Express Group Holdings LLC
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
AdVenture Interactive, Corp.
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
ERS Acquisition Corp.
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|
—
|
|||
|
Integrated Petroleum Technologies, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
TransTrade Operators, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Maverick Healthcare Group, LLC - first lien term loan B
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Edmentum, Inc. - unsecured junior PIK note
|
|
PIK non-accrual (1)
|
|
—
|
|
—
|
|||
|
Metamorph US 3, LLC
|
|
PIK non-accrual (1)
|
|
—
|
|
—
|
|||
|
Cenegenics, LLC
|
|
PIK non-accrual (1)
|
|
—
|
|
—
|
|||
|
(1)
|
PIK non-accrual status is inclusive of other non-cash income, where applicable. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
(2)
|
In April 2016, the Company restructured its investment in Ameritox Ltd. As part of the restructuring, the Company received debt and equity securities in the restructured entity.
|
|
(3)
|
We no longer hold this investment at December 31, 2016 and September 30, 2016.
|
|
(4)
|
In March 2016, we restructured our investment in CCCG, LLC. As part of the restructuring, we exchanged cash and our debt securities for debt and equity securities in a newly restructured entity, Express Group Holdings LLC.
|
|
(5)
|
As of December 31, 2015, only the second lien term loan was on PIK non-accrual. As of December 31, 2016 and September 30, 2016, both the first lien term loan and the second lien term loan were on cash non-accrual.
|
|
|
|
Three months ended
December 31, 2016 |
|
Three months ended
December 31, 2015 |
||||
|
Cash interest income
|
|
$
|
5,402
|
|
|
$
|
3,670
|
|
|
PIK interest income
|
|
2,209
|
|
|
2,528
|
|
||
|
OID income
|
|
75
|
|
|
6,960
|
|
||
|
Total
|
|
$
|
7,686
|
|
|
$
|
13,158
|
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
|
Senior secured loans (1)
|
|
$288,214
|
|
$324,406
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.96%
|
|
7.84%
|
|
Number of borrowers in SLF JV I
|
|
34
|
|
37
|
|
Largest exposure to a single borrower (1)
|
|
$19,035
|
|
$19,775
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$88,469
|
|
$93,926
|
|
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)
|
|
$
|
4,875
|
|
|
$
|
4,810
|
|
|
$
|
4,799
|
|
|
AdVenture Interactive, Corp. (3) (5)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
9,178
|
|
|
9,151
|
|
|
4,811
|
|
|||
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,062
|
|
|
8,082
|
|
|
8,099
|
|
|||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
5,935
|
|
|
5,932
|
|
|
5,935
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
346
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
1,166
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
5,935
|
|
|
11,708
|
|
|
7,447
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
17,169
|
|
|
17,016
|
|
|
16,938
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B1
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,150
|
|
|
3,124
|
|
|
3,170
|
|
|||
|
|
|
|
|
First Lien B2
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,800
|
|
|
9,671
|
|
|
9,874
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
12,950
|
|
|
12,795
|
|
|
13,044
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,116
|
|
|
2,111
|
|
|
2,121
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,545
|
|
|
4,563
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,618
|
|
|
9,666
|
|
|
9,700
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,556
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
19,035
|
|
|
18,769
|
|
|
19,099
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
4,950
|
|
|
4,909
|
|
|
4,946
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
5,991
|
|
|
5,968
|
|
|
5,946
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,250
|
|
|
9,267
|
|
|
9,262
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,250
|
|
|
9,163
|
|
|
9,262
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
18,500
|
|
|
18,430
|
|
|
18,524
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8,267
|
|
|
8,267
|
|
|
2,651
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+8% (1% floor)
|
|
18,915
|
|
|
18,889
|
|
|
18,768
|
|
|||
|
Lytx, Inc (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/15/2023
|
|
LIBOR+8.5% (1% floor)
|
|
7,961
|
|
|
7,961
|
|
|
7,886
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+6.5% (1% floor)
|
|
10,052
|
|
|
9,886
|
|
|
5,951
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,500
|
|
|
4,433
|
|
|
4,667
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,994
|
|
|
3,054
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,703
|
|
|
4,691
|
|
|
4,786
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,297
|
|
|
1,289
|
|
|
1,309
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
9,000
|
|
|
8,974
|
|
|
9,149
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
993
|
|
|
953
|
|
|
987
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6,163
|
|
|
6,101
|
|
|
6,017
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,902
|
|
|
10,793
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
6,548
|
|
|
6,498
|
|
|
6,541
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
4,455
|
|
|
4,417
|
|
|
4,444
|
|
|||
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
$
|
4,736
|
|
|
$
|
4,548
|
|
|
$
|
4,764
|
|
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
8,322
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,775
|
|
|
9,620
|
|
|
9,787
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
14,850
|
|
|
14,664
|
|
|
14,983
|
|
|||
|
Vention Medical, Inc. (3)
|
|
Healthcare equipment
|
|
First Lien
|
|
1/1/2019
|
|
LIBOR+5.25% (1% floor)
|
|
11,841
|
|
|
11,841
|
|
|
11,752
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,727
|
|
|
4,727
|
|
|
4,704
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,673
|
|
|
2,653
|
|
|
2,660
|
|
|||
|
Worley Clams Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,899
|
|
|
9,860
|
|
|
9,850
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
288,214
|
|
|
$
|
292,216
|
|
|
$
|
275,269
|
|
|
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)
|
|
$
|
4,906
|
|
|
$
|
4,837
|
|
|
$
|
4,830
|
|
|
AdVenture Interactive, Corp. (3) (5)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
9,178
|
|
|
9,150
|
|
|
7,066
|
|
|||
|
AF Borrower, LLC
|
|
IT consulting & other services
|
|
First Lien
|
|
1/28/2022
|
|
LIBOR+5.25% (1% floor)
|
|
8,083
|
|
|
8,105
|
|
|
8,121
|
|
|||
|
Ameritox Ltd. (3) (5)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
5,890
|
|
|
5,884
|
|
|
5,848
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
331
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
2,471
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
5,890
|
|
|
11,660
|
|
|
8,650
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
17,198
|
|
|
17,038
|
|
|
17,059
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B1
|
|
12/15/2019
|
|
LIBOR+5.25% (1% floor)
|
|
3,194
|
|
|
3,164
|
|
|
3,206
|
|
|||
|
|
|
|
|
First Lien B2
|
|
12/15/2021
|
|
LIBOR+5.25% (1% floor)
|
|
9,825
|
|
|
9,689
|
|
|
9,806
|
|
|||
|
Total Compuware Corporation
|
|
|
|
|
|
|
|
|
|
13,019
|
|
|
12,853
|
|
|
13,012
|
|
|||
|
CRGT, Inc.
|
|
IT consulting & other services
|
|
First Lien
|
|
12/21/2020
|
|
LIBOR+6.5% (1% floor)
|
|
2,294
|
|
|
2,289
|
|
|
2,300
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,563
|
|
|
4,515
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,688
|
|
|
9,740
|
|
|
9,810
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,565
|
|
|||
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
$
|
19,160
|
|
|
$
|
18,869
|
|
|
$
|
18,672
|
|
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
4,963
|
|
|
4,920
|
|
|
4,968
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
5,991
|
|
|
5,966
|
|
|
5,946
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,375
|
|
|
9,394
|
|
|
9,252
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,375
|
|
|
9,270
|
|
|
9,252
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
18,750
|
|
|
18,664
|
|
|
18,504
|
|
|||
|
Integrated Petroleum Technologies, Inc. (3)
|
|
Oil & gas equipment services
|
|
First Lien
|
|
3/31/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8,267
|
|
|
8,267
|
|
|
2,839
|
|
|||
|
Legalzoom.com, Inc. (3)
|
|
Specialized consumer services
|
|
First Lien
|
|
5/13/2020
|
|
LIBOR+7% (1% floor)
|
|
19,775
|
|
|
19,410
|
|
|
19,660
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
19,043
|
|
|
19,015
|
|
|
18,858
|
|
|||
|
Lytx, Inc (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/15/2023
|
|
LIBOR+8.5% (1% floor)
|
|
7,981
|
|
|
7,981
|
|
|
7,981
|
|
|||
|
MedTech Group, Inc.
|
|
Healthcare equipment
|
|
First Lien
|
|
1/1/2019
|
|
LIBOR+5.25% (1% floor)
|
|
11,910
|
|
|
11,910
|
|
|
11,696
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+6.5% (1% floor)
|
|
10,078
|
|
|
9,945
|
|
|
8,390
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,563
|
|
|
4,487
|
|
|
4,550
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,993
|
|
|
3,005
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,506
|
|
|
4,493
|
|
|
4,514
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,136
|
|
|
1,128
|
|
|
1,133
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
8,642
|
|
|
8,614
|
|
|
8,652
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
995
|
|
|
943
|
|
|
990
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6,614
|
|
|
6,528
|
|
|
6,357
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,903
|
|
|
10,743
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+7.5%
|
|
7,116
|
|
|
7,049
|
|
|
7,107
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
4,466
|
|
|
4,426
|
|
|
4,461
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+5.5% (1% floor)
|
|
4,748
|
|
|
4,548
|
|
|
4,691
|
|
|||
|
Too Faced Cosmetics, LLC
|
|
Personal products
|
|
First Lien
|
|
7/7/2021
|
|
LIBOR+5% (1% floor)
|
|
1,135
|
|
|
1,028
|
|
|
1,140
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8,460
|
|
|
8,460
|
|
|
7,576
|
|
|||
|
TrialCard Incorporated
|
|
Healthcare services
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+4.5% (1% floor)
|
|
13,319
|
|
|
13,222
|
|
|
13,255
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
1/8/2021
|
|
LIBOR+5% (1% floor)
|
|
9,800
|
|
|
9,633
|
|
|
9,763
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
14,887
|
|
|
14,692
|
|
|
15,138
|
|
|||
|
Vitera Healthcare Solutions, LLC
|
|
Healthcare technology
|
|
First Lien
|
|
11/4/2020
|
|
LIBOR+5% (1% floor)
|
|
4,863
|
|
|
4,863
|
|
|
4,747
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,680
|
|
|
2,658
|
|
|
2,666
|
|
|||
|
Worley Clams Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,924
|
|
|
9,882
|
|
|
9,875
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
324,406
|
|
|
$
|
327,720
|
|
|
$
|
315,153
|
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2016: $292,216; cost September 30, 2016: $327,720)
|
|
$
|
275,269
|
|
|
$
|
315,153
|
|
|
Receivables from secured financing arrangements at fair value (cost December 31, 2016: $9,758; cost September 30, 2016: $10,014)
|
|
9,421
|
|
|
9,672
|
|
||
|
Cash and cash equivalents
|
|
24,567
|
|
|
1,878
|
|
||
|
Restricted cash
|
|
5,765
|
|
|
7,080
|
|
||
|
Other assets
|
|
3,824
|
|
|
4,700
|
|
||
|
Total assets
|
|
$
|
318,846
|
|
|
$
|
338,483
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
151,653
|
|
|
$
|
167,012
|
|
|
Debt securities payable at fair value (proceeds December 31, 2016: $143,755 and September 30, 2016: $165,533)
|
|
143,755
|
|
|
147,433
|
|
||
|
Other liabilities
|
|
7,600
|
|
|
8,371
|
|
||
|
Total liabilities
|
|
$
|
303,008
|
|
|
$
|
322,816
|
|
|
Members' equity
|
|
15,838
|
|
|
15,667
|
|
||
|
Total liabilities and members' equity
|
|
$
|
318,846
|
|
|
$
|
338,483
|
|
|
|
|
Three months ended December 31, 2016
|
|
Three months ended December 31, 2015
|
||||
|
Selected Statements of Operations Information:
|
|
|
|
|
||||
|
Interest income
|
|
$
|
6,759
|
|
|
$
|
7,728
|
|
|
Other income
|
|
308
|
|
|
345
|
|
||
|
Total investment income
|
|
7,067
|
|
|
8,073
|
|
||
|
Interest expense
|
|
6,014
|
|
|
4,908
|
|
||
|
Other expenses
|
|
408
|
|
|
131
|
|
||
|
Total expenses (1)
|
|
6,422
|
|
|
5,039
|
|
||
|
Net unrealized depreciation
|
|
(22,473
|
)
|
|
(6,892
|
)
|
||
|
Net realized gain
|
|
22,708
|
|
|
—
|
|
||
|
Net income (loss)
|
|
$
|
880
|
|
|
$
|
(3,858
|
)
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued (1) |
|
DRIP Shares
Value
|
||
|
August 4, 2015
|
|
October 15, 2015
|
|
October 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
106,185
|
|
|
0.6 million
|
|
August 4, 2015
|
|
November 16, 2015
|
|
November 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
91,335
|
|
|
0.6 million
|
|
November 30, 2015
|
|
December 15, 2015
|
|
December 30, 2015
|
|
0.06
|
|
|
8.4 million
|
|
99,673
|
|
|
0.6 million
|
|
November 30, 2015
|
|
January 15, 2016
|
|
January 28, 2016
|
|
0.06
|
|
|
8.4 million
|
|
113,905
|
|
|
0.7 million
|
|
November 30, 2015
|
|
February 12, 2016
|
|
February 26, 2016
|
|
0.06
|
|
|
8.4 million
|
|
123,342
|
|
|
0.6 million
|
|
February 8, 2016
|
|
March 15, 2016
|
|
March 31, 2016
|
|
0.06
|
|
|
8.6 million
|
|
86,806
|
|
|
0.4 million
|
|
February 8, 2016
|
|
April 15, 2016
|
|
April 29, 2016
|
|
0.06
|
|
|
8.2 million
|
|
112,569
|
|
|
0.6 million
|
|
February 8, 2016
|
|
May 13, 2016
|
|
May 31, 2016
|
|
0.06
|
|
|
8.4 million
|
|
76,432
|
|
|
0.4 million
|
|
May 5, 2016
|
|
June 15, 2016
|
|
June 30, 2016
|
|
0.06
|
|
|
8.2 million
|
|
108,629
|
|
|
0.5 million
|
|
May 5, 2016
|
|
July 15, 2016
|
|
July 29, 2016
|
|
0.06
|
|
|
8.2 million
|
|
100,268
|
|
|
0.6 million
|
|
May 5, 2016
|
|
August 15, 2016
|
|
August 31, 2016
|
|
0.06
|
|
|
8.3 million
|
|
59,026
|
|
|
0.4 million
|
|
August 3, 2016
|
|
September 15, 2016
|
|
September 30, 2016
|
|
0.06
|
|
|
8.3 million
|
|
65,170
|
|
|
0.4 million
|
|
August 3, 2016
|
|
October 14, 2016
|
|
October 31, 2016
|
|
0.06
|
|
|
8.2 million
|
|
81,391
|
|
|
0.4 million
|
|
August 3, 2016
|
|
November 15, 2016
|
|
November 30, 2016
|
|
0.06
|
|
|
8.2 million
|
|
80,962
|
|
|
0.4 million
|
|
October 18, 2016
|
|
December 15, 2016
|
|
December 30, 2016
|
|
0.06
|
|
|
7.7 million
|
|
70,316
|
|
|
0.4 million
|
|
October 18, 2016
|
|
January 13, 2017
|
|
January 31, 2017
|
|
0.06
|
|
|
8.2 million
|
|
73,940
|
|
|
0.4 million
|
|
October 18, 2016
|
|
February 15, 2017
|
|
February 28, 2017
|
|
|
|
|
|
|
|
|
||
|
(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
|
|
|
|
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
|
|
$1,142 million
|
|
Asset coverage ratio
|
|
Asset coverage ratio shall not be less than 2.10:1
|
|
2.10:1
|
|
2.21:1
|
|
Interest coverage ratio
|
|
Interest coverage ratio shall not be less than 2.50:1
|
|
2.50:1
|
|
3.00:1
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||
|
Lift Brands Holdings, Inc.
|
|
$
|
15,000
|
|
|
$
|
13,000
|
|
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
TigerText, Inc.
|
|
10,000
|
|
|
10,000
|
|
||
|
Edge Fitness, LLC
|
|
8,353
|
|
|
8,353
|
|
||
|
Refac Optical Group
|
|
6,400
|
|
|
6,400
|
|
||
|
BeyondTrust Software, Inc.
|
|
5,995
|
|
|
5,995
|
|
||
|
InMotion Entertainment Group, LLC
|
|
5,845
|
|
|
6,856
|
|
||
|
TIBCO Software, Inc.
|
|
5,800
|
|
|
5,800
|
|
||
|
Valet Merger Sub, Inc.
|
|
5,596
|
|
|
5,596
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
|
5,397
|
|
|
5,397
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Thing5, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
First American Payment Systems, LP
|
|
5,000
|
|
|
3,000
|
|
||
|
Adventure Interactive, Corp.
|
|
4,846
|
|
|
4,846
|
|
||
|
OBHG Management Services, LLC
|
|
3,836
|
|
|
3,836
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
3,682
|
|
|
2,682
|
|
||
|
Metamorph US 3, LLC
|
|
3,675
|
|
|
3,675
|
|
||
|
Ministry Brands, LLC
|
|
3,674
|
|
|
15,000
|
|
||
|
WeddingWire, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Motion Recruitment Partners LLC
|
|
2,900
|
|
|
2,900
|
|
||
|
Eagle Hospital Physicians, Inc.
|
|
2,753
|
|
|
2,753
|
|
||
|
Edmentum, Inc.
|
|
2,664
|
|
|
2,664
|
|
||
|
OmniSYS Acquisition Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Ping Identity Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Teaching Strategies, LLC
|
|
2,400
|
|
|
2,400
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
2,054
|
|
|
2,054
|
|
||
|
ExamSoft Worldwide, Inc.
|
|
2,000
|
|
|
2,000
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
2,000
|
|
|
—
|
|
||
|
My Alarm Center, LLC
|
|
1,756
|
|
|
2,940
|
|
||
|
Accruent, LLC
|
|
1,710
|
|
|
1,900
|
|
||
|
Baart Programs, Inc.
|
|
1,571
|
|
|
4,762
|
|
||
|
Senior Loan Fund JV I, LLC
|
|
1,328
|
|
|
14,065
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
1,066
|
|
|
1,066
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
|
1,007
|
|
|
1,013
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
|
1,006
|
|
|
—
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
853
|
|
|
853
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
813
|
|
|
813
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
696
|
|
|
1,005
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
654
|
|
|
654
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
626
|
|
|
544
|
|
||
|
TransTrade Operators, Inc.
|
|
589
|
|
|
424
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
581
|
|
|
476
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
497
|
|
|
602
|
|
||
|
Cenegenics, LLC
|
|
401
|
|
|
1,001
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
365
|
|
|
236
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
|
311
|
|
|
308
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
274
|
|
|
485
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
261
|
|
|
261
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
183
|
|
|
190
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
177
|
|
|
177
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
173
|
|
|
204
|
|
||
|
Legalzoom.com, Inc.
|
|
—
|
|
|
15,427
|
|
||
|
RP Crown Parent, LLC
|
|
—
|
|
|
9,414
|
|
||
|
Trialcard Incorporated
|
|
—
|
|
|
4,900
|
|
||
|
Discovery Practice Management, Inc.
|
|
—
|
|
|
3,958
|
|
||
|
HealthDrive Corporation
|
|
—
|
|
|
2,534
|
|
||
|
Total
|
|
$
|
157,000
|
|
|
$
|
215,651
|
|
|
|
|
Debt Outstanding
as of September 30, 2016 |
|
Debt Outstanding
as of December 31,
2016
|
|
Weighted average debt
outstanding for the
three months ended
December 31, 2016
|
|
Maximum debt
outstanding
for the three months ended
December 31, 2016
|
||||||||
|
SBA debentures
|
|
$
|
213,300
|
|
|
$
|
213,300
|
|
|
$
|
213,300
|
|
|
$
|
213,300
|
|
|
ING facility
|
|
472,495
|
|
|
402,495
|
|
|
486,028
|
|
|
530,495
|
|
||||
|
Sumitomo facility
|
|
43,800
|
|
|
38,918
|
|
|
42,249
|
|
|
43,800
|
|
||||
|
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
|
|
18,929
|
|
|
14,426
|
|
|
15,963
|
|
|
18,929
|
|
||||
|
Total debt
|
|
$
|
1,159,774
|
|
|
$
|
1,080,389
|
|
|
$
|
1,168,790
|
|
|
|
||
|
|
|
Payments due by period as of December 31, 2016
|
||||||||||||||||||
|
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
|
SBA debentures
|
|
$
|
213,300
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
138,300
|
|
|
$
|
75,000
|
|
|
Interest due on SBA debentures
|
|
44,839
|
|
|
8,492
|
|
|
16,985
|
|
|
13,015
|
|
|
6,347
|
|
|||||
|
ING facility
|
|
402,495
|
|
|
—
|
|
|
402,495
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on ING facility
|
|
20,480
|
|
|
12,866
|
|
|
7,614
|
|
|
—
|
|
|
—
|
|
|||||
|
Sumitomo facility
|
|
38,918
|
|
|
—
|
|
|
—
|
|
|
38,918
|
|
|
—
|
|
|||||
|
Interest due on Sumitomo facility
|
|
5,198
|
|
|
1,103
|
|
|
2,206
|
|
|
1,889
|
|
|
—
|
|
|||||
|
Secured borrowings
|
|
14,426
|
|
|
—
|
|
|
14,426
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on secured borrowings
|
|
793
|
|
|
649
|
|
|
144
|
|
|
—
|
|
|
—
|
|
|||||
|
2019 Notes
|
|
250,000
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on 2019 Notes
|
|
26,378
|
|
|
12,188
|
|
|
14,190
|
|
|
—
|
|
|
—
|
|
|||||
|
2024 Notes
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|||||
|
Interest due on 2024 Notes
|
|
34,526
|
|
|
4,406
|
|
|
8,813
|
|
|
8,813
|
|
|
12,494
|
|
|||||
|
2028 Notes
|
|
86,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,250
|
|
|||||
|
Interest due on 2028 Notes
|
|
59,891
|
|
|
5,283
|
|
|
10,566
|
|
|
10,566
|
|
|
33,476
|
|
|||||
|
Total
|
|
$
|
1,272,494
|
|
|
$
|
44,987
|
|
|
$
|
727,439
|
|
|
$
|
211,501
|
|
|
$
|
288,567
|
|
|
Three Months Ended
|
|
Qualified Interest Income
|
Qualified Short-Term Capital Gains
|
||
|
December 31, 2016
|
|
78.2
|
%
|
—
|
|
|
•
|
monthly dividend of $0.02 per share, payable on March 31, 2017 to stockholders of record on March 15, 2017;
|
|
•
|
quarterly dividend of $0.02 per share, payable on June 30, 2017 to stockholders of record on June 15, 2017; and
|
|
•
|
quarterly dividend of $0.125 per share, payable on September 29, 2017 to stockholders of record on September 15, 2017.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||
|
($ in thousands)
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
|
Under 1%
|
|
$
|
215,743
|
|
|
15.05
|
%
|
|
$
|
271,484
|
|
|
16.98
|
%
|
|
1% to under 2%
|
|
1,215,103
|
|
|
84.74
|
|
|
1,324,121
|
|
|
82.83
|
|
||
|
2% to under 3%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
3% and over
|
|
3,000
|
|
|
0.21
|
|
|
3,000
|
|
|
0.19
|
|
||
|
Total
|
|
$
|
1,433,846
|
|
|
100.00
|
%
|
|
$
|
1,598,605
|
|
|
100.00
|
%
|
|
($ in thousands)
|
|
|
|
|
|
|
||||||
|
Basis point increase(1)
|
|
Interest
income
|
|
Interest
expense
|
|
Net increase
(decrease)
|
||||||
|
500
|
|
$
|
62,600
|
|
|
$
|
(22,600
|
)
|
|
$
|
40,000
|
|
|
400
|
|
49,000
|
|
|
(18,100
|
)
|
|
30,900
|
|
|||
|
300
|
|
35,400
|
|
|
(13,500
|
)
|
|
21,900
|
|
|||
|
200
|
|
21,800
|
|
|
(9,000
|
)
|
|
12,800
|
|
|||
|
100
|
|
8,200
|
|
|
(4,400
|
)
|
|
3,800
|
|
|||
|
(1)
|
A decline in interest rates would not have a material impact on our Consolidated Financial Statements.
|
|
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||||
|
($ in thousands)
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
|
Interest Bearing
Cash and Investments |
|
Borrowings
|
||||||||
|
Money market rate
|
|
$
|
180,959
|
|
|
$
|
—
|
|
|
$
|
130,362
|
|
|
$
|
—
|
|
|
Prime rate
|
|
26,435
|
|
|
18,000
|
|
|
12,344
|
|
|
—
|
|
||||
|
LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
41,678
|
|
|
423,413
|
|
|
42,087
|
|
|
516,295
|
|
||||
|
90 day
|
|
1,561,111
|
|
|
14,426
|
|
|
1,665,339
|
|
|
18,929
|
|
||||
|
Fixed rate
|
|
379,848
|
|
|
624,550
|
|
|
408,136
|
|
|
624,550
|
|
||||
|
Total
|
|
$
|
2,190,031
|
|
|
$
|
1,080,389
|
|
|
$
|
2,258,268
|
|
|
$
|
1,159,774
|
|
|
Period
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchases as Part of Publicly Announced Programs
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||||
|
October 1-October 31
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
||
|
November 1-November 30
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
December 1-December 31
|
2,298,247
|
|
|
5.44
|
|
|
2,298,247
|
|
|
—
|
|
||||
|
Total
|
2,298,247
|
|
|
$
|
5.44
|
|
|
2,298,247
|
|
|
$
|
—
|
|
||
|
|
|
|
|
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).
|
|
|
|
|
|
FIFTH STREET FINANCE CORP.
|
||
|
|
|
|
|
By:
|
|
/s/ Patrick J. Dalton
|
|
|
|
Patrick J. Dalton
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
By:
|
|
/s/ Steven M. Noreika
|
|
|
|
Steven M. Noreika
|
|
|
|
Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|