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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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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
¨
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Item 3.
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Item 4.
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Item 5.
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Item 1.
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Consolidated Financial Statements.
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June 30, 2017
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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 June 30, 2017: $436,549; cost September 30, 2016: $456,493)
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$
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380,353
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$
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388,267
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Affiliate investments (cost June 30, 2017: $34,036; cost September 30, 2016: $34,955)
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37,349
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39,769
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Non-control/Non-affiliate investments (cost June 30, 2017: $1,419,423; cost September 30, 2016: $1,792,410)
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1,372,836
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1,737,455
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Total investments at fair value (cost June 30, 2017: $1,890,008; cost September 30, 2016: $2,283,858)
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1,790,538
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2,165,491
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Cash and cash equivalents
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143,622
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117,923
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Restricted cash
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15,053
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12,439
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Interest, dividends and fees receivable
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8,158
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15,568
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Due from portfolio companies
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6,487
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4,077
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Receivables from unsettled transactions
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—
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5,346
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Deferred financing costs
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1,305
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2,234
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Insurance recoveries receivable
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—
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19,729
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Other assets
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1,941
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478
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Total assets
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$
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1,967,104
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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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2,983
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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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9,085
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15,958
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Due to FSC CT
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1,370
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2,204
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Interest payable
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8,229
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3,912
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Amounts payable to syndication partners
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—
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754
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Director fees payable
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204
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566
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Payables from unsettled transactions
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23,749
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6,234
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Legal settlements payable
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—
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19,500
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Credit facilities payable
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345,495
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516,295
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SBA debentures payable (net of $2,080 and $3,289 of unamortized financing costs as of June 30, 2017 and September 30, 2016, respectively)
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145,920
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210,011
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Unsecured notes payable (net of $5,042 and $5,956 of unamortized financing costs as of June 30, 2017 and September 30, 2016, respectively)
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405,744
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404,630
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Secured borrowings at fair value (proceeds June 30, 2017: $13,810; proceeds September 30, 2016: $18,929)
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13,575
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18,400
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Total liabilities
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956,354
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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; 140,961 shares issued and outstanding at June 30, 2017; 143,259 shares issued and outstanding at September 30, 2016
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1,409
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1,433
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Additional paid-in-capital
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1,579,278
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1,591,467
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Net unrealized depreciation on investments and secured borrowings
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(99,235
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(117,838
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Net realized loss on investments and secured borrowings
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(457,517
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(306,228
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Accumulated overdistributed net investment income
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(13,185
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(26,546
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Total net assets (equivalent to $7.17 and $7.97 per common share at June 30, 2017 and September 30, 2016, respectively) (Note 12)
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1,010,750
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1,142,288
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Total liabilities and net assets
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$
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1,967,104
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$
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2,343,285
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Three months ended
June 30, 2017 |
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Three months ended
June 30, 2016 |
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Nine months ended
June 30, 2017 |
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Nine months ended
June 30, 2016 |
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Interest income:
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Control investments
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$
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3,710
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$
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4,863
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$
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11,104
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$
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12,518
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Affiliate investments
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977
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1,016
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2,961
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3,092
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Non-control/Non-affiliate investments
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33,892
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43,650
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106,409
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134,265
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Interest on cash and cash equivalents
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214
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111
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497
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262
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Total interest income
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38,793
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49,640
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120,971
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150,137
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PIK interest income:
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Control investments
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1,523
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1,517
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5,445
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3,577
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Affiliate investments
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195
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203
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592
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618
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Non-control/Non-affiliate investments
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855
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1,820
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2,928
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5,772
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Total PIK interest income
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2,573
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3,540
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8,965
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9,967
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Fee income:
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Control investments
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307
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1,183
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929
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2,402
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Affiliate investments
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12
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37
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741
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308
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Non-control/Non-affiliate investments
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2,085
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2,220
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7,155
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14,730
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||||
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Total fee income
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2,404
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3,440
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8,825
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17,440
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Dividend and other income:
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Control investments
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1,080
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2,255
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3,384
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6,373
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||||
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Non-control/Non-affiliate investments
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67
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5,151
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87
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4,795
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||||
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Total dividend and other income
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1,147
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7,406
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3,471
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11,168
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||||
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Total investment income
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44,917
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64,026
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142,232
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188,712
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||||
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Expenses:
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Base management fee
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7,912
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10,049
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24,561
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31,847
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||||
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3,482
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7,864
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10,713
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15,689
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||||
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Professional fees
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952
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1,971
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3,739
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13,395
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||||
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Board of Directors fees
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205
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176
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|
595
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775
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||||
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Interest expense
|
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11,262
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13,149
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37,163
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|
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41,034
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|
||||
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Administrator expense
|
|
407
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488
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1,557
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1,602
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General and administrative expenses
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1,367
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1,233
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4,154
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3,525
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||||
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Loss on legal settlements
|
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—
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19,150
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3
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19,150
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Total expenses
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25,587
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54,080
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82,485
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127,017
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||||
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Base management fee waived
|
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(60
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)
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(81
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)
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(182
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)
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(258
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)
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Insurance recoveries
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—
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(19,079
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)
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(1,259
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)
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(19,079
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)
|
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Net expenses
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25,527
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34,920
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81,044
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107,680
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Net investment income
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19,390
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29,106
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61,188
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81,032
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Unrealized appreciation (depreciation) on investments:
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Control investments
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(2,479
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)
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(24,024
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)
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12,030
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(42,872
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)
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Affiliate investments
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(839
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)
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1,237
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(1,501
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)
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901
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Non-control/Non-affiliate investments
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(9,953
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)
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33,651
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8,368
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(32,204
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)
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Net unrealized appreciation (depreciation) on investments
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(13,271
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)
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10,864
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18,897
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(74,175
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)
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Net unrealized (appreciation) depreciation on secured borrowings
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124
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(374
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)
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(294
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)
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133
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|
||||
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Realized gain (loss) on investments and secured borrowings:
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Control investments
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(13,058
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)
|
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—
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(58,994
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)
|
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(8,148
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)
|
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Affiliate investments
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—
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3
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—
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3
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Non-control/Non-affiliate investments
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|
758
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|
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(44,817
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)
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(92,295
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)
|
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(61,968
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)
|
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Net realized loss on investments and secured borrowings
|
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(12,300
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)
|
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(44,814
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)
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(151,289
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)
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(70,113
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)
|
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Net decrease in net assets resulting from operations
|
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$
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(6,057
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)
|
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$
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(5,218
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)
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$
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(71,498
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)
|
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$
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(63,123
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)
|
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Net investment income per common share — basic
|
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$
|
0.14
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$
|
0.20
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|
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$
|
0.43
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|
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$
|
0.55
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|
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Loss per common share — basic
|
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$
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(0.04
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)
|
|
$
|
(0.04
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)
|
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$
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(0.50
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)
|
|
$
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(0.43
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)
|
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Weighted average common shares outstanding — basic
|
|
140,961
|
|
|
145,569
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|
141,599
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|
148,354
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|
||||
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Net investment income per common share — diluted
|
|
$
|
0.14
|
|
|
$
|
0.20
|
|
|
$
|
0.43
|
|
|
$
|
0.53
|
|
|
Loss per common share — diluted (Note 5)
|
|
$
|
(0.04
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)
|
|
$
|
(0.04
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)
|
|
$
|
(0.50
|
)
|
|
$
|
(0.43
|
)
|
|
Weighted average common shares outstanding — diluted
|
|
140,961
|
|
|
145,569
|
|
|
141,599
|
|
|
153,585
|
|
||||
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Distributions per common share
|
|
$
|
0.02
|
|
|
$
|
0.18
|
|
|
$
|
0.34
|
|
|
$
|
0.54
|
|
|
|
|
Nine months
ended June 30, 2017 |
|
Nine months
ended June 30, 2016 |
|
||||
|
Operations:
|
|
|
|
|
|
||||
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Net investment income
|
|
$
|
61,188
|
|
|
$
|
81,032
|
|
|
|
Net unrealized appreciation (depreciation) on investments
|
|
18,897
|
|
|
(74,175
|
)
|
|
||
|
Net unrealized (appreciation) depreciation on secured borrowings
|
|
(294
|
)
|
|
133
|
|
|
||
|
Net realized loss on investments and secured borrowings
|
|
(151,289
|
)
|
|
(70,113
|
)
|
|
||
|
Net decrease in net assets resulting from operations
|
|
(71,498
|
)
|
|
(63,123
|
)
|
|
||
|
Stockholder transactions:
|
|
|
|
|
|
||||
|
Contributions from stockholders (Note 11)
|
|
287
|
|
|
—
|
|
|
||
|
Distributions to stockholders
|
|
(47,827
|
)
|
|
(80,503
|
)
|
|
||
|
Net decrease in net assets from stockholder transactions
|
|
(47,540
|
)
|
|
(80,503
|
)
|
|
||
|
Capital share transactions:
|
|
|
|
|
|
||||
|
Issuance of common stock under dividend reinvestment plan
|
|
2,264
|
|
|
5,095
|
|
|
||
|
Repurchases of common stock under dividend reinvestment program
|
|
(2,264
|
)
|
|
(5,095
|
)
|
|
||
|
Repurchases of treasury shares under stock repurchase program
|
|
(12,500
|
)
|
|
(25,092
|
)
|
|
||
|
Net decrease in net assets from capital share transactions
|
|
(12,500
|
)
|
|
(25,092
|
)
|
|
||
|
Total decrease in net assets
|
|
(131,538
|
)
|
|
(168,718
|
)
|
|
||
|
Net assets at beginning of period
|
|
1,142,288
|
|
|
1,353,094
|
|
|
||
|
Net assets at end of period
|
|
$
|
1,010,750
|
|
|
$
|
1,184,376
|
|
|
|
Net asset value per common share
|
|
$
|
7.17
|
|
|
$
|
8.15
|
|
|
|
Common shares outstanding at end of period
|
|
140,961
|
|
|
145,304
|
|
|
||
|
|
|
Nine months
ended June 30, 2017 |
|
Nine months
ended June 30, 2016 |
|
||||
|
Operating activities:
|
|
|
|
|
|
||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(71,498
|
)
|
|
$
|
(63,123
|
)
|
|
|
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
|
|
|
|
|
|
||||
|
Net unrealized (appreciation) depreciation on investments
|
|
(18,897
|
)
|
|
74,175
|
|
|
||
|
Net unrealized appreciation (depreciation) on secured borrowings
|
|
294
|
|
|
(133
|
)
|
|
||
|
Net realized loss on investments and secured borrowings
|
|
151,289
|
|
|
70,113
|
|
|
||
|
PIK interest income
|
|
(8,965
|
)
|
|
(9,967
|
)
|
|
||
|
Recognition of fee income
|
|
(8,825
|
)
|
|
(17,440
|
)
|
|
||
|
Accretion of original issue discount on investments
|
|
(10,077
|
)
|
|
(2,821
|
)
|
|
||
|
Accretion of original issue discount on unsecured notes payable
|
|
200
|
|
|
199
|
|
|
||
|
Amortization of deferred financing costs
|
|
3,234
|
|
|
3,706
|
|
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||
|
Fee income received
|
|
8,636
|
|
|
16,874
|
|
|
||
|
Increase in restricted cash
|
|
(2,614
|
)
|
|
(14,868
|
)
|
|
||
|
(Increase) decrease in interest, dividends and fees receivable
|
|
7,410
|
|
|
(2,982
|
)
|
|
||
|
Increase in due from portfolio companies
|
|
(2,410
|
)
|
|
(2,353
|
)
|
|
||
|
(Increase) decrease in receivables from unsettled transactions
|
|
5,346
|
|
|
(7,227
|
)
|
|
||
|
(Increase) decrease in insurance recoveries receivable
|
|
19,729
|
|
|
(19,079
|
)
|
|
||
|
Increase in other assets
|
|
(1,463
|
)
|
|
(746
|
)
|
|
||
|
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
450
|
|
|
(977
|
)
|
|
||
|
Increase (decrease) in base management fee and Part I incentive fee payable
|
|
(6,873
|
)
|
|
1,301
|
|
|
||
|
Decrease in due to FSC CT
|
|
(834
|
)
|
|
(1,059
|
)
|
|
||
|
Increase in interest payable
|
|
4,317
|
|
|
5,462
|
|
|
||
|
Increase (decrease) in payables from unsettled transactions
|
|
17,515
|
|
|
(3,648
|
)
|
|
||
|
Decrease in director fees payable
|
|
(362
|
)
|
|
—
|
|
|
||
|
Increase (decrease) in legal settlements payable
|
|
(19,500
|
)
|
|
19,150
|
|
|
||
|
Increase (decrease) in amounts payable to syndication partners
|
|
(754
|
)
|
|
13,292
|
|
|
||
|
Purchases of investments and net revolver activity
|
|
(400,295
|
)
|
|
(633,561
|
)
|
|
||
|
Principal payments received on investments (scheduled payments)
|
|
21,326
|
|
|
23,913
|
|
|
||
|
Principal payments received on investments (payoffs)
|
|
577,909
|
|
|
404,004
|
|
|
||
|
PIK interest income received in cash
|
|
3,999
|
|
|
1,480
|
|
|
||
|
Proceeds from the sale of investments
|
|
58,853
|
|
|
228,142
|
|
|
||
|
Net cash provided by operating activities
|
|
327,140
|
|
|
81,827
|
|
|
||
|
Financing activities:
|
|
|
|
|
|
||||
|
Contributions received in cash
|
|
287
|
|
|
—
|
|
|
||
|
Distributions paid in cash
|
|
(45,563
|
)
|
|
(75,408
|
)
|
|
||
|
Repayments of borrowings under SBA debentures payable
|
|
(65,300
|
)
|
|
—
|
|
|
||
|
Borrowings under credit facilities
|
|
219,082
|
|
|
591,000
|
|
|
||
|
Repayments of borrowings under credit facilities
|
|
(389,882
|
)
|
|
(450,000
|
)
|
|
||
|
Repayments of secured borrowings
|
|
(5,119
|
)
|
|
(2,498
|
)
|
|
||
|
Repayments of unsecured convertible notes
|
|
—
|
|
|
(115,000
|
)
|
|
||
|
Repurchases of common stock under stock repurchase program
|
|
(12,500
|
)
|
|
(25,092
|
)
|
|
||
|
Repurchases of common stock under dividend reinvestment plan
|
|
(2,264
|
)
|
|
(5,095
|
)
|
|
||
|
Deferred financing costs paid
|
|
(182
|
)
|
|
—
|
|
|
||
|
Net cash used by financing activities
|
|
(301,441
|
)
|
|
(82,093
|
)
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
|
25,699
|
|
|
(266
|
)
|
|
||
|
Cash and cash equivalents, beginning of period
|
|
117,923
|
|
|
138,377
|
|
|
||
|
Cash and cash equivalents, end of period
|
|
$
|
143,622
|
|
|
$
|
138,111
|
|
|
|
Supplemental information:
|
|
|
|
|
|
||||
|
Cash paid for interest
|
|
$
|
29,413
|
|
|
$
|
31,667
|
|
|
|
Non-cash operating activities:
|
|
|
|
|
|
||||
|
Purchases of investments from restructurings
|
|
$
|
(165,759
|
)
|
|
$
|
(78,834
|
)
|
|
|
Proceeds from investment restructurings
|
|
$
|
165,759
|
|
|
$
|
78,834
|
|
|
|
Non-cash financing activities:
|
|
|
|
|
|
||||
|
Issuance of shares of common stock under dividend reinvestment plan
|
|
$
|
2,264
|
|
|
$
|
5,095
|
|
|
|
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)
|
|
|
|
$
|
36,468
|
|
|
$
|
36,427
|
|
|
$
|
36,468
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021 (13)
|
|
|
|
750
|
|
|
745
|
|
|
750
|
|
|||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
3,518
|
|
|
3,512
|
|
|
3,518
|
|
|||
|
746,114 Series A Preferred Units
|
|
|
|
|
|
20,029
|
|
|
23,134
|
|
||||
|
746,114 Shares of Common Stock
|
|
|
|
|
|
5,316
|
|
|
2,284
|
|
||||
|
|
|
|
|
|
|
66,029
|
|
|
66,154
|
|
||||
|
TransTrade Operators, Inc. (9)
|
|
Air freight & logistics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017
|
|
|
|
15,973
|
|
|
15,574
|
|
|
5,530
|
|
|||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
7,582
|
|
|
7,582
|
|
|
—
|
|
|||
|
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
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
32,356
|
|
|
5,530
|
|
||||
|
First Star Speir Aviation 1 Limited (11)(16)
|
|
Airlines
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
41,395
|
|
|
35,069
|
|
|
40,093
|
|
|||
|
2,058,411.64 Common Units (6)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
35,069
|
|
|
40,093
|
|
||||
|
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)
|
|
|
|
|
|
2,906
|
|
|
1,810
|
|
||||
|
|
|
|
|
|
|
14,774
|
|
|
13,678
|
|
||||
|
Eagle Hospital Physicians, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Earn-out (19)
|
|
|
|
|
|
7,851
|
|
|
7,851
|
|
||||
|
|
|
|
|
|
|
7,851
|
|
|
7,851
|
|
||||
|
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
|
|
|
|
26,642
|
|
|
26,642
|
|
|
26,642
|
|
|||
|
87.5% LLC equity interest (6)
|
|
|
|
|
|
16,172
|
|
|
13,235
|
|
||||
|
|
|
|
|
|
|
143,844
|
|
|
140,907
|
|
||||
|
Ameritox Ltd.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)
|
|
|
|
40,107
|
|
|
40,046
|
|
|
40,108
|
|
|||
|
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
14,090
|
|
|
14,194
|
|
||||
|
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
1,602
|
|
|
—
|
|
||||
|
4,930.03 Class A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
29,049
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
84,787
|
|
|
54,302
|
|
||||
|
New IPT, Inc.
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
|
|
4,107
|
|
|
4,107
|
|
|
4,107
|
|
|||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (13)
|
|
|
|
2,504
|
|
|
2,504
|
|
|
2,504
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
|
|
1,009
|
|
|
1,009
|
|
|
1,009
|
|
|||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
7,620
|
|
|
7,620
|
|
||||
|
AdVenture Interactive, Corp.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
9,073 shares of common stock
|
|
|
|
|
|
13,611
|
|
|
13,610
|
|
||||
|
|
|
|
|
|
|
13,611
|
|
|
13,610
|
|
||||
|
Keypath Education, Inc. (20)
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
|
|
19,960
|
|
|
19,960
|
|
|
19,960
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
10,648
|
|
|
10,648
|
|
||||
|
|
|
|
|
|
|
30,608
|
|
|
30,608
|
|
||||
|
Total Control Investments (37.6% of net assets)
|
|
|
|
|
|
$
|
436,549
|
|
|
$
|
380,353
|
|
||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
||||||
|
Caregiver Services, Inc.
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
9,669
|
|
|
$
|
9,669
|
|
|
$
|
9,589
|
|
|
|
1,080,399 Shares of Series A Preferred Stock
|
|
|
|
|
|
1,080
|
|
|
2,529
|
|
||||
|
|
|
|
|
|
|
10,749
|
|
|
12,118
|
|
||||
|
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 8/31/2018
|
|
|
|
$
|
23,309
|
|
|
$
|
23,287
|
|
|
$
|
23,280
|
|
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
1,951
|
|
||||
|
|
|
|
|
|
|
23,287
|
|
|
25,231
|
|
||||
|
Total Affiliate Investments (3.7% of net assets)
|
|
|
|
|
|
$
|
34,036
|
|
|
$
|
37,349
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
||||||
|
Cenegenics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, 9.75% cash due 9/30/2019
|
|
|
|
28,754
|
|
|
$
|
28,306
|
|
|
$
|
17,259
|
|
|
|
First Lien Revolver, 15% cash due 9/30/2019
|
|
|
|
2,203
|
|
|
2,203
|
|
|
1,203
|
|
|||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
598
|
|
|
—
|
|
||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
300
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
31,407
|
|
|
18,462
|
|
||||
|
Riverlake Equity Partners II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.78% limited partnership interest (11)
|
|
|
|
|
|
871
|
|
|
720
|
|
||||
|
|
|
|
|
|
|
871
|
|
|
720
|
|
||||
|
Riverside Fund IV, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.34% limited partnership interest (11)
|
|
|
|
|
|
219
|
|
|
389
|
|
||||
|
|
|
|
|
|
|
219
|
|
|
389
|
|
||||
|
Bunker Hill Capital II (QP), L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.51% limited partnership interest (11)
|
|
|
|
|
|
817
|
|
|
896
|
|
||||
|
|
|
|
|
|
|
817
|
|
|
896
|
|
||||
|
Maverick Healthcare Group, LLC (9) (21)
|
|
Healthcare equipment
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+5.5% cash (1.75% floor) cash due 4/30/2017 (13)
|
|
|
|
16,309
|
|
|
16,204
|
|
|
14,753
|
|
|||
|
First Lien Term Loan B, LIBOR+9% cash (1.75% floor) cash due 4/30/2017 (13)
|
|
|
|
41,739
|
|
|
39,110
|
|
|
21,052
|
|
|||
|
CapEx Line, LIBOR+5.75% (1.75% floor) cash due 4/30/2017 (13)
|
|
|
|
1,272
|
|
|
1,261
|
|
|
1,041
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 4/30/2017 (13)
|
|
|
|
55
|
|
|
40
|
|
|
55
|
|
|||
|
|
|
|
|
|
|
56,615
|
|
|
36,901
|
|
||||
|
Refac Optical Group (9)
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
4,473
|
|
|
4,429
|
|
|
4,471
|
|
|||
|
First Lien Term Loan B, LIBOR+8.5% cash, 1.75% PIK due 9/30/2018 (13)
|
|
|
|
34,537
|
|
|
34,422
|
|
|
34,452
|
|
|||
|
First Lien Term Loan C, 12% cash due 9/30/2018
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,360
|
|
|||
|
First Lien Revolver, LIBOR+7.5% cash due 9/30/2018 (13)
|
|
|
|
3,520
|
|
|
3,513
|
|
|
3,518
|
|
|||
|
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
|
|
|
342
|
|
||||
|
|
|
|
|
|
|
47,085
|
|
|
46,143
|
|
||||
|
Baird Capital Partners V, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.4% limited partnership interest (11)
|
|
|
|
|
|
994
|
|
|
601
|
|
||||
|
|
|
|
|
|
|
994
|
|
|
601
|
|
||||
|
Milestone Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.85% limited partnership interest (11)
|
|
|
|
|
|
1,784
|
|
|
2,246
|
|
||||
|
|
|
|
|
|
|
1,784
|
|
|
2,246
|
|
||||
|
RCPDirect, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.91% limited partnership interest (11)
|
|
|
|
|
|
517
|
|
|
817
|
|
||||
|
|
|
|
|
|
|
517
|
|
|
817
|
|
||||
|
Riverside Fund V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.48% limited partnership interest (11)
|
|
|
|
|
|
1,452
|
|
|
1,412
|
|
||||
|
|
|
|
|
|
|
1,452
|
|
|
1,412
|
|
||||
|
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)
|
|
|
|
|
|
$
|
801
|
|
|
$
|
981
|
|
||
|
|
|
|
|
|
|
801
|
|
|
981
|
|
||||
|
BMC Acquisition, Inc.
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
500
|
|
|
748
|
|
||||
|
50,000 Common Shares (6)
|
|
|
|
|
|
1
|
|
|
42
|
|
||||
|
|
|
|
|
|
|
501
|
|
|
790
|
|
||||
|
Edmentum, Inc.
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020
|
|
|
|
$
|
2,382
|
|
|
2,382
|
|
|
1,807
|
|
||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020
|
|
|
11,023
|
|
|
10,227
|
|
|
2,164
|
|
||||
|
Unsecured Revolver, 5% cash due 6/9/2020
|
|
|
|
2,664
|
|
|
2,664
|
|
|
2,664
|
|
|||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
126
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
15,399
|
|
|
6,635
|
|
||||
|
I Drive Safely, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
1,000
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
1,000
|
|
|
—
|
|
||||
|
Yeti Acquisition, LLC
|
|
Leisure products
|
|
|
|
|
|
|
||||||
|
3,000,000 Common Stock Units of Yeti Holdings, Inc.
|
|
|
|
|
|
—
|
|
|
17,518
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
17,518
|
|
||||
|
Vitalyst Holdings, Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12% cash 1.5% PIK due 9/5/2018
|
|
|
|
19,907
|
|
|
19,907
|
|
|
19,906
|
|
|||
|
675 Series A Preferred Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
675
|
|
|
458
|
|
||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
75
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
20,657
|
|
|
20,364
|
|
||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (11)
|
|
|
|
|
|
1,014
|
|
|
1,264
|
|
||||
|
|
|
|
|
|
|
1,014
|
|
|
1,264
|
|
||||
|
Dexter Axle Company
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
1,547 Common Shares in Dexter Axle Holding Company
|
|
|
|
|
|
1,643
|
|
|
9,591
|
|
||||
|
|
|
|
|
|
|
1,643
|
|
|
9,591
|
|
||||
|
Comprehensive Pharmacy Services LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.25% cash 1.5% PIK due 11/30/2019
|
|
|
|
14,965
|
|
|
14,965
|
|
|
14,964
|
|
|||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
2,000
|
|
|
2,789
|
|
||||
|
|
|
|
|
|
|
16,965
|
|
|
17,753
|
|
||||
|
Garretson Firm Resolution Group, Inc.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 5/22/2020 (10)(13)
|
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||
|
4,950,000 Preferred Units in GRG Holdings, LP
|
|
|
|
|
|
495
|
|
|
171
|
|
||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
5
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
500
|
|
|
163
|
|
||||
|
Teaching Strategies, LLC
|
|
Education services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 8/27/2023 (13)
|
|
|
|
33,500
|
|
|
33,500
|
|
|
33,944
|
|
|||
|
|
|
|
|
|
|
33,500
|
|
|
33,944
|
|
||||
|
Omniplex World Services Corporation (9)
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 8/19/2021
|
|
|
|
11,424
|
|
|
11,424
|
|
|
9,682
|
|
|||
|
500 Class A Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
500
|
|
|
6
|
|
||||
|
64.041 Class A-1 Common Units in Omniplex Holdings Corp.
|
|
|
|
|
|
104
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
12,028
|
|
|
9,688
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Dominion Diagnostics, LLC (9)
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 11% cash 2% PIK due 10/8/2019
|
|
|
|
$
|
19,816
|
|
|
$
|
18,195
|
|
|
$
|
14,455
|
|
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 4/8/2019 (13)
|
|
|
|
50,159
|
|
|
37,262
|
|
|
46,575
|
|
|||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 4/8/2019 (13)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
55,457
|
|
|
61,030
|
|
||||
|
Sterling Capital Partners IV, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.2% limited partnership interest (11)
|
|
|
|
|
|
1,781
|
|
|
1,313
|
|
||||
|
|
|
|
|
|
|
1,781
|
|
|
1,313
|
|
||||
|
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
|
|
|
18,226
|
|
|||
|
|
|
|
|
|
|
24,000
|
|
|
18,226
|
|
||||
|
TravelClick, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13)
|
|
|
|
2,697
|
|
|
2,461
|
|
|
2,710
|
|
|||
|
|
|
|
|
|
|
2,461
|
|
|
2,710
|
|
||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
||||||
|
1.9% limited partnership interest (11)
|
|
|
|
|
|
7,574
|
|
|
6,690
|
|
||||
|
|
|
|
|
|
|
7,574
|
|
|
6,690
|
|
||||
|
Credit Infonet, Inc. (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
Subordinated Term Loan, 12.25% cash 1.25% PIK due 10/26/2020
|
|
|
|
13,914
|
|
|
13,914
|
|
|
13,774
|
|
|||
|
|
|
|
|
|
|
13,914
|
|
|
13,774
|
|
||||
|
HealthEdge Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
213
|
|
|
726
|
|
||||
|
|
|
|
|
|
|
213
|
|
|
726
|
|
||||
|
InMotion Entertainment Group, LLC
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan A, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
12,432
|
|
|
12,423
|
|
|
12,359
|
|
|||
|
First Lien Term Loan B, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
5,419
|
|
|
5,319
|
|
|
5,387
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
5,604
|
|
|
5,603
|
|
|
5,604
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
|
|
808
|
|
|
806
|
|
|
808
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,633
|
|
||||
|
|
|
|
|
|
|
25,151
|
|
|
25,791
|
|
||||
|
Thing5, LLC (9)
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 10/11/2020 (12)(13)
|
|
|
|
47,794
|
|
|
47,783
|
|
|
47,033
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 10/11/2020 (13)
|
|
|
|
1,000
|
|
|
999
|
|
|
1,000
|
|
|||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
2,000
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
50,782
|
|
|
48,033
|
|
||||
|
Kason Corporation
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
5,980
|
|
|
5,980
|
|
|
5,760
|
|
|||
|
498.6 Class A Preferred Units in Kason Investment, LLC
|
|
|
|
|
|
499
|
|
|
430
|
|
||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
55
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
6,534
|
|
|
6,190
|
|
||||
|
SPC Partners V, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.571% limited partnership interest (11)
|
|
|
|
|
|
1,688
|
|
|
1,848
|
|
||||
|
|
|
|
|
|
|
1,688
|
|
|
1,848
|
|
||||
|
P2 Upstream Acquisition Co.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 10/31/2018 (10)(13)
|
|
|
|
|
|
—
|
|
|
(167
|
)
|
||||
|
|
|
|
|
|
|
—
|
|
|
(167
|
)
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Vandelay Industries Merger Sub, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, 10.75% cash 1% PIK due 11/12/2019
|
|
|
|
$
|
39,265
|
|
|
$
|
39,144
|
|
|
$
|
39,178
|
|
|
2,500,000 Class A Common Units in Vandelay Industries, L.P.
|
|
|
|
|
|
958
|
|
|
5,902
|
|
||||
|
|
|
|
|
|
|
40,102
|
|
|
45,080
|
|
||||
|
OmniSYS Acquisition Corporation
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13)
|
|
|
|
5,500
|
|
|
5,485
|
|
|
5,459
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(13)
|
|
|
|
|
|
(2
|
)
|
|
(18
|
)
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
1,000
|
|
|
1,061
|
|
||||
|
|
|
|
|
|
|
6,483
|
|
|
6,502
|
|
||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
1.0% limited partnership interest (11)
|
|
|
|
|
|
1,419
|
|
|
1,853
|
|
||||
|
|
|
|
|
|
|
1,419
|
|
|
1,853
|
|
||||
|
Aden & Anais Merger Sub, Inc.
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
||||||
|
51,645 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
5,165
|
|
|
3,230
|
|
||||
|
|
|
|
|
|
|
5,165
|
|
|
3,230
|
|
||||
|
Lift Brands, Inc.
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
|
|
21,521
|
|
|
21,487
|
|
|
21,455
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (10)(13)
|
|
|
|
|
|
(8
|
)
|
|
(46
|
)
|
||||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
2,004
|
|
|
2,797
|
|
||||
|
|
|
|
|
|
|
23,483
|
|
|
24,206
|
|
||||
|
Tailwind Capital Partners II, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.3% limited partnership interest (11)
|
|
|
|
|
|
1,488
|
|
|
1,947
|
|
||||
|
|
|
|
|
|
|
1,488
|
|
|
1,947
|
|
||||
|
Long's Drugs Incorporated (9)
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+11% cash due 2/19/2022 (13)
|
|
|
|
26,909
|
|
|
26,909
|
|
|
27,270
|
|
|||
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
813
|
|
|
1,250
|
|
||||
|
|
|
|
|
|
|
27,722
|
|
|
28,520
|
|
||||
|
Conviva Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021
|
|
|
|
|
|
105
|
|
|
116
|
|
||||
|
|
|
|
|
|
|
105
|
|
|
116
|
|
||||
|
OnCourse Learning Corporation
|
|
Education services
|
|
|
|
|
|
|
||||||
|
264,312 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
2,726
|
|
|
2,362
|
|
||||
|
|
|
|
|
|
|
2,726
|
|
|
2,362
|
|
||||
|
ShareThis, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
367
|
|
|
21
|
|
||||
|
|
|
|
|
|
|
367
|
|
|
21
|
|
||||
|
Aptean, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 12/20/2023 (13)
|
|
|
|
5,900
|
|
|
5,818
|
|
|
5,917
|
|
|||
|
|
|
|
|
|
|
5,818
|
|
|
5,917
|
|
||||
|
ExamSoft Worldwide, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
12,938
|
|
|
12,878
|
|
|
12,916
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 5/1/2019 (13)
|
|
|
|
1,250
|
|
|
1,250
|
|
|
1,247
|
|
|||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
181
|
|
|
132
|
|
||||
|
|
|
|
|
|
|
14,309
|
|
|
14,295
|
|
||||
|
DigiCert, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/21/2022 (13)
|
|
|
|
61,500
|
|
|
60,933
|
|
|
61,606
|
|
|||
|
|
|
|
|
|
|
60,933
|
|
|
61,606
|
|
||||
|
RCPDirect II, LP
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.5% limited partnership interest (11)
|
|
|
|
|
|
447
|
|
|
549
|
|
||||
|
|
|
|
|
|
|
447
|
|
|
549
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
||||
|
Integral Development Corporation
|
|
Other diversified financial services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (13)
|
|
|
|
$
|
12,000
|
|
|
$
|
11,959
|
|
|
$
|
11,293
|
|
|
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024
|
|
|
|
|
|
113
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
12,072
|
|
|
11,293
|
|
||||
|
Loftware, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
6,182
|
|
|
6,182
|
|
|
6,226
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
300
|
|
|
194
|
|
||||
|
|
|
|
|
|
|
6,482
|
|
|
6,420
|
|
||||
|
Webster Capital III, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.754% limited partnership interest (11)
|
|
|
|
|
|
957
|
|
|
1,222
|
|
||||
|
|
|
|
|
|
|
957
|
|
|
1,222
|
|
||||
|
L Squared Capital Partners LLC
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
2% limited partnership interest (11)
|
|
|
|
|
|
2,667
|
|
|
2,667
|
|
||||
|
|
|
|
|
|
|
2,667
|
|
|
2,667
|
|
||||
|
ERS Acquisition Corp. (9)
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 9/10/2018 (13)
|
|
|
|
41,564
|
|
|
38,062
|
|
|
3,709
|
|
|||
|
|
|
|
|
|
|
38,062
|
|
|
3,709
|
|
||||
|
BeyondTrust Software, Inc.
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019 (13)
|
|
|
|
26,723
|
|
|
26,229
|
|
|
26,656
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (10)(13)
|
|
|
|
|
|
(56
|
)
|
|
(15
|
)
|
||||
|
4,500,000 Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
4,500
|
|
|
5,264
|
|
||||
|
|
|
|
|
|
|
30,673
|
|
|
31,905
|
|
||||
|
GOBP Holdings Inc.
|
|
Food retail
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)
|
|
|
|
4,214
|
|
|
4,174
|
|
|
4,251
|
|
|||
|
|
|
|
|
|
|
4,174
|
|
|
4,251
|
|
||||
|
Kellermeyer Bergensons Services, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13)
|
|
|
|
6,105
|
|
|
5,896
|
|
|
5,876
|
|
|||
|
|
|
|
|
|
|
5,896
|
|
|
5,876
|
|
||||
|
Dodge Data & Analytics LLC
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 10/31/2019 (13)
|
|
|
|
7,348
|
|
|
7,348
|
|
|
7,416
|
|
|||
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
500
|
|
|
360
|
|
||||
|
|
|
|
|
|
|
7,848
|
|
|
7,776
|
|
||||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.75% (1% floor) cash due 11/18/2022 (13)
|
|
|
|
28,370
|
|
|
28,234
|
|
|
28,228
|
|
|||
|
|
|
|
|
|
|
28,234
|
|
|
28,228
|
|
||||
|
Metamorph US 3, LLC (9)
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 12/1/2020 (13)
|
|
|
|
9,996
|
|
|
9,833
|
|
|
5,732
|
|
|||
|
First Lien Revolver, LIBOR+5.5% (1% floor) cash due 12/1/2020 (10)(13)
|
|
|
|
1,225
|
|
|
1,223
|
|
|
(343
|
)
|
|||
|
|
|
|
|
|
|
11,056
|
|
|
5,389
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Schulman Associates Institutional Board Review, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8% (1% floor) cash due 6/3/2021 (13)
|
|
|
|
$
|
17,000
|
|
|
$
|
17,000
|
|
|
$
|
16,920
|
|
|
|
|
|
|
|
|
17,000
|
|
|
16,920
|
|
||||
|
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
|
|
|
|
|
|
|
||||||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024
|
|
|
|
|
|
60
|
|
|
312
|
|
||||
|
|
|
|
|
|
|
60
|
|
|
312
|
|
||||
|
Survey Sampling International, LLC
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (13)
|
|
|
|
18,700
|
|
|
18,461
|
|
|
18,420
|
|
|||
|
|
|
|
|
|
|
18,461
|
|
|
18,420
|
|
||||
|
PSC Industrial Holdings Corp.
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 12/3/2021 (13)
|
|
|
|
7,000
|
|
|
6,829
|
|
|
6,195
|
|
|||
|
|
|
|
|
|
|
6,829
|
|
|
6,195
|
|
||||
|
EOS Fitness Opco Holdings, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
3,699
|
|
|
3,699
|
|
|
3,729
|
|
|||
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
|
|
—
|
|
|
40
|
|
||||
|
487.5 Class A Preferred Units
|
|
|
|
|
|
488
|
|
|
658
|
|
||||
|
12,500 Class B Common Units
|
|
|
|
|
|
13
|
|
|
433
|
|
||||
|
|
|
|
|
|
|
4,200
|
|
|
4,860
|
|
||||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
|
|
|
|
|
||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(13)
|
|
|
|
|
|
(10
|
)
|
|
(14
|
)
|
||||
|
|
|
|
|
|
|
(10
|
)
|
|
(14
|
)
|
||||
|
WeddingWire, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
26,125
|
|
|
26,125
|
|
|
26,244
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
|
|
|
|
—
|
|
|
14
|
|
||||
|
483,645 Common Shares of WeddingWire, Inc.
|
|
|
|
|
|
1,200
|
|
|
1,521
|
|
||||
|
|
|
|
|
|
|
27,325
|
|
|
27,779
|
|
||||
|
xMatters, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
200,000 Common Stock Warrants (exercise price $1.78) expiration date 2/26/2025
|
|
|
|
|
|
709
|
|
|
379
|
|
||||
|
|
|
|
|
|
|
709
|
|
|
379
|
|
||||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 12/31/2019 (13)
|
|
|
|
3,398
|
|
|
3,398
|
|
|
3,387
|
|
|||
|
|
|
|
|
|
|
3,398
|
|
|
3,387
|
|
||||
|
Golden State Medical Supply, Inc.
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
15,001
|
|
|
15,001
|
|
|
14,776
|
|
|||
|
|
|
|
|
|
|
15,001
|
|
|
14,776
|
|
||||
|
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
|
|
|
2,263
|
|
|||
|
First Lien Term Revolver, LIBOR+8% (1% floor) cash due 1/9/2019 (13)
|
|
|
|
1,220
|
|
|
1,220
|
|
|
1,244
|
|
|||
|
|
|
|
|
|
|
3,439
|
|
|
3,507
|
|
||||
|
AirStrip Technologies, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757) expiration date 5/11/2025
|
|
|
|
|
|
90
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
90
|
|
|
—
|
|
||||
|
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
|
|
|
$
|
1,133
|
|
||
|
|
|
|
|
|
|
151
|
|
|
1,133
|
|
||||
|
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)
|
|
|
|
$
|
6,953
|
|
|
6,881
|
|
|
6,884
|
|
||
|
|
|
|
|
|
|
6,881
|
|
|
6,884
|
|
||||
|
Poseidon Merger Sub, Inc.
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (13)
|
|
|
|
30,000
|
|
|
29,092
|
|
|
30,468
|
|
|||
|
|
|
|
|
|
|
29,092
|
|
|
30,468
|
|
||||
|
American Seafoods Group LLC
|
|
Food distributors
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 2/19/2022 (13)
|
|
|
|
12,000
|
|
|
11,916
|
|
|
11,640
|
|
|||
|
|
|
|
|
|
|
11,916
|
|
|
11,640
|
|
||||
|
Valet Merger Sub, Inc.
|
|
Environmental & facilities services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
50,791
|
|
|
50,105
|
|
|
51,243
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
|
|
5,596
|
|
|
5,474
|
|
|
5,679
|
|
|||
|
|
|
|
|
|
|
55,579
|
|
|
56,922
|
|
||||
|
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
|
|
|
12,750
|
|
|||
|
252,119 Common Stock Warrants (exercise price $1.77) expiration date 9/30/2025
|
|
|
|
|
|
—
|
|
|
944
|
|
||||
|
|
|
|
|
|
|
12,500
|
|
|
13,694
|
|
||||
|
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
|
|
|
43,730
|
|
|||
|
|
|
|
|
|
|
43,000
|
|
|
43,730
|
|
||||
|
Lytx, Inc.
|
|
Research & consulting services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/15/2023 (13)
|
|
|
|
24,033
|
|
|
24,033
|
|
|
24,748
|
|
|||
|
3,500 Class A Units in Lytx Holdings, LLC
|
|
|
|
|
|
3,603
|
|
|
4,367
|
|
||||
|
3,500 Class B Units in Lytx Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
27,636
|
|
|
29,115
|
|
||||
|
Onvoy, LLC
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 (13)
|
|
|
|
16,750
|
|
|
16,750
|
|
|
16,791
|
|
|||
|
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
1,967
|
|
|
2,057
|
|
||||
|
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
18,717
|
|
|
18,848
|
|
||||
|
Accruent, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 5/16/2022 (13)
|
|
|
|
4,950
|
|
|
4,910
|
|
|
4,980
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 5/16/2022 (10)(13)
|
|
|
|
—
|
|
|
(15
|
)
|
|
12
|
|
|||
|
|
|
|
|
|
|
4,895
|
|
|
4,992
|
|
||||
|
4 Over International, LLC
|
|
Commercial printing
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13)
|
|
|
|
6,076
|
|
|
6,028
|
|
|
6,118
|
|
|||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13)
|
|
|
|
|
|
(18
|
)
|
|
15
|
|
||||
|
|
|
|
|
|
|
6,010
|
|
|
6,133
|
|
||||
|
OBHG Management Services, LLC
|
|
Healthcare services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 6/28/2022 (13)
|
|
|
|
14,751
|
|
|
14,746
|
|
|
14,656
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 6/28/2021 (10)(13)
|
|
|
|
|
|
(2
|
)
|
|
(25
|
)
|
||||
|
|
|
|
|
|
|
14,744
|
|
|
14,631
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Ping Identity Corporation
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
$
|
42,500
|
|
|
$
|
41,494
|
|
|
$
|
43,297
|
|
|
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13)
|
|
|
|
|
|
(59
|
)
|
|
47
|
|
||||
|
|
|
|
|
|
|
41,435
|
|
|
43,344
|
|
||||
|
Ancile Solutions, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
|
|
10,397
|
|
|
10,153
|
|
|
10,471
|
|
|||
|
|
|
|
|
|
|
10,153
|
|
|
10,471
|
|
||||
|
Ministry Brands, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
|
|
3,900
|
|
|
3,865
|
|
|
3,932
|
|
|||
|
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
|
|
1,077
|
|
|
1,068
|
|
|
1,086
|
|
|||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
|
|
7,056
|
|
|
6,960
|
|
|
7,226
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
|
|
1,944
|
|
|
1,917
|
|
|
1,917
|
|
|||
|
First Lien Revolver LIBOR+5% (1% floor) cash due 12/2/2022 (10)(13)
|
|
|
|
—
|
|
|
(9
|
)
|
|
8
|
|
|||
|
|
|
|
|
|
|
13,801
|
|
|
14,169
|
|
||||
|
Sailpoint Technologies, Inc. (9)
|
|
Application software
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 8/16/2021 (13)
|
|
|
|
20,870
|
|
|
20,507
|
|
|
20,452
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 8/16/2021 (10)(13)
|
|
|
|
|
|
(26
|
)
|
|
(30
|
)
|
||||
|
|
|
|
|
|
|
20,481
|
|
|
20,422
|
|
||||
|
California Pizza Kitchen, Inc.
|
|
Restaurants
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)
|
|
|
|
4,963
|
|
|
4,920
|
|
|
4,970
|
|
|||
|
|
|
|
|
|
|
4,920
|
|
|
4,970
|
|
||||
|
Aptos, Inc.
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13)
|
|
|
|
5,459
|
|
|
5,363
|
|
|
5,404
|
|
|||
|
|
|
|
|
|
|
5,363
|
|
|
5,404
|
|
||||
|
SPC Partners VI, L.P.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
0.39% limited partnership interest (11)
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
Impact Sales, LLC
|
|
Advertising
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13)
|
|
|
|
11,194
|
|
|
10,970
|
|
|
11,220
|
|
|||
|
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13)
|
|
|
|
514
|
|
|
440
|
|
|
523
|
|
|||
|
|
|
|
|
|
|
11,410
|
|
|
11,743
|
|
||||
|
DFT Intermediate LLC
|
|
Specialized finance
|
|
|
|
|
|
|
||||||
|
First Lien Term Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (13)
|
|
|
|
3,300
|
|
|
3,221
|
|
|
3,249
|
|
|||
|
|
|
|
|
|
|
3,221
|
|
|
3,249
|
|
||||
|
Systems, Inc.
|
|
Industrial machinery
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 3/3/2022 (13)
|
|
|
|
9,000
|
|
|
8,874
|
|
|
8,955
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 3/3/2022 (10)(13)
|
|
|
|
|
|
(42
|
)
|
|
(40
|
)
|
||||
|
|
|
|
|
|
|
8,832
|
|
|
8,915
|
|
||||
|
TerSera Therapeutics, LLC
|
|
Pharmaceuticals
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (13)
|
|
|
|
15,000
|
|
|
14,570
|
|
|
14,646
|
|
|||
|
668,879 Common Units of TerSera Holdings LLC
|
|
|
|
|
|
1,500
|
|
|
1,569
|
|
||||
|
|
|
|
|
|
|
16,070
|
|
|
16,215
|
|
||||
|
Cablevision Systems Corp.
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Fixed Rate Bond 10.875% cash due 10/15/2025
|
|
|
|
7,000
|
|
|
8,630
|
|
|
8,125
|
|
|||
|
|
|
|
|
|
|
8,630
|
|
|
8,125
|
|
||||
|
Terraform Power Operating
|
|
Multi-utilities
|
|
|
|
|
|
|
||||||
|
Fixed Rate Bond 5.875% cash due 2/1/2023 (11)
|
|
|
|
6,000
|
|
|
6,298
|
|
|
6,285
|
|
|||
|
|
|
|
|
|
|
6,298
|
|
|
6,285
|
|
||||
|
HC2 Holdings Inc.
|
|
Multi-sector holdings
|
|
|
|
|
|
|
||||||
|
Fixed Rate Bond 11% cash due 12/1/2019 (11)
|
|
|
|
7,500
|
|
|
7,670
|
|
|
7,650
|
|
|||
|
|
|
|
|
|
|
7,670
|
|
|
7,650
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
Natural Resource Partners LP
|
|
Precious metals & minerals
|
|
|
|
|
|
|
||||||
|
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)
|
|
|
|
$
|
5,000
|
|
|
$
|
5,451
|
|
|
$
|
5,350
|
|
|
|
|
|
|
|
|
5,451
|
|
|
5,350
|
|
||||
|
Cobalt Intl. Energy Inc.
|
|
Oil & gas exploration & production
|
|
|
|
|
|
|
||||||
|
Fixed Rate Bond 10.75% cash due 12/1/2021 (11)
|
|
|
|
3,000
|
|
|
2,972
|
|
|
2,835
|
|
|||
|
|
|
|
|
|
|
2,972
|
|
|
2,835
|
|
||||
|
Virgin Media
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
||||||
|
Fixed Rate Bond 5.5% cash due 8/15/2026 (11)
|
|
|
|
5,000
|
|
|
5,172
|
|
|
5,269
|
|
|||
|
|
|
|
|
|
|
5,172
|
|
|
5,269
|
|
||||
|
Scientific Games International, Inc.
|
|
Casinos & gaming
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4% cash due 10/1/2021 (13)
|
|
|
|
11,970
|
|
|
12,184
|
|
|
12,102
|
|
|||
|
|
|
|
|
|
|
12,184
|
|
|
12,102
|
|
||||
|
ASHCO, LLC
|
|
Specialty stores
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/15/2023 (13)
|
|
|
|
12,000
|
|
|
11,753
|
|
|
11,687
|
|
|||
|
|
|
|
|
|
|
11,753
|
|
|
11,687
|
|
||||
|
Alliance One International Inc.
|
|
Tobacco
|
|
|
|
|
|
|
||||||
|
Fixed Rate Bond 8.5% cash due 4/15/2021 (11)
|
|
|
|
5,000
|
|
|
5,276
|
|
|
5,200
|
|
|||
|
|
|
|
|
|
|
5,276
|
|
|
5,200
|
|
||||
|
Salient CRGT Inc.
|
|
IT consulting & other services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (13)
|
|
|
|
3,478
|
|
|
3,411
|
|
|
3,469
|
|
|||
|
|
|
|
|
|
|
3,411
|
|
|
3,469
|
|
||||
|
BJ's Wholesale Club, Inc.
|
|
Hypermarkets & super centers
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 1/26/2024 (13)
|
|
|
|
12,000
|
|
|
12,010
|
|
|
11,660
|
|
|||
|
|
|
|
|
|
|
12,010
|
|
|
11,660
|
|
||||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 5/9/2024 (13)
|
|
|
|
12,000
|
|
|
12,027
|
|
|
12,099
|
|
|||
|
|
|
|
|
|
|
12,027
|
|
|
12,099
|
|
||||
|
LSF9 Atlantis Holdings, LLC
|
|
Computer & electronics retail
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 5/1/2023 (13)
|
|
|
|
6,500
|
|
|
6,437
|
|
|
6,574
|
|
|||
|
|
|
|
|
|
|
6,437
|
|
|
6,574
|
|
||||
|
Allied Universal Holdco LLC
|
|
Security & alarm services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (13)
|
|
|
|
12,000
|
|
|
12,077
|
|
|
12,053
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/27/2023 (13)
|
|
|
|
1,149
|
|
|
1,172
|
|
|
1,167
|
|
|||
|
|
|
|
|
|
|
13,249
|
|
|
13,220
|
|
||||
|
Truck Hero, Inc.
|
|
Auto parts & equipment
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 5/16/2025 (13)
|
|
|
|
21,500
|
|
|
21,181
|
|
|
21,487
|
|
|||
|
|
|
|
|
|
|
21,181
|
|
|
21,487
|
|
||||
|
BMC Software Finance, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4% (1% floor) cash due 9/10/2022 (13)
|
|
|
|
11,919
|
|
|
12,008
|
|
|
11,961
|
|
|||
|
|
|
|
|
|
|
12,008
|
|
|
11,961
|
|
||||
|
Internet Pipeline, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Incremental First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 8/1/2022 (13)
|
|
|
|
5,000
|
|
|
4,951
|
|
|
4,798
|
|
|||
|
|
|
|
|
|
|
4,951
|
|
|
4,798
|
|
||||
|
Almonde, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+3.5% (1% floor) cash due 5/26/2024 (11)(13)
|
|
|
|
3,000
|
|
|
2,985
|
|
|
3,004
|
|
|||
|
Second Lien Term Loan, LIBOR+7.25% (1% floor) cash due 4/28/2025 (11)(13)
|
|
|
|
500
|
|
|
495
|
|
|
511
|
|
|||
|
|
|
|
|
|
|
3,480
|
|
|
3,515
|
|
||||
|
Alpha Topco Limited
|
|
Leisure facilities
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 7/29/2022 (11)(13)
|
|
|
|
3,000
|
|
|
3,041
|
|
|
3,027
|
|
|||
|
|
|
|
|
|
|
3,041
|
|
|
3,027
|
|
||||
|
Asurion
|
|
Consumer electronics
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 3/3/2021 (13)
|
|
|
|
5,000
|
|
|
5,096
|
|
|
5,031
|
|
|||
|
|
|
|
|
|
|
5,096
|
|
|
5,031
|
|
||||
|
Portfolio Company/Type of Investment (1)(2)(5)(14)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
||||||
|
CCC Information Services Inc
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 3/13/2025 (13)
|
|
|
|
$
|
2,500
|
|
|
$
|
2,561
|
|
|
$
|
2,569
|
|
|
|
|
|
|
|
|
2,561
|
|
|
2,569
|
|
||||
|
Hyland Software Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
Second Lien Term Loan, LIBOR+7% (1% floor) cash due 5/31/2025 (13)
|
|
|
|
2,000
|
|
|
1,990
|
|
|
2,036
|
|
|||
|
|
|
|
|
|
|
1,990
|
|
|
2,036
|
|
||||
|
Idera, Inc.
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 6/27/2024 (13)
|
|
|
|
6,933
|
|
|
6,916
|
|
|
6,933
|
|
|||
|
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 6/27/2024 (10)(13)
|
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
6,913
|
|
|
6,933
|
|
||||
|
MHE Intermediate Holdings, LLC
|
|
Diversified support services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/11/2024 (13)
|
|
|
|
3,000
|
|
|
2,970
|
|
|
2,962
|
|
|||
|
|
|
|
|
|
|
2,970
|
|
|
2,962
|
|
||||
|
PowerPlan Holdings, LLC
|
|
Internet software & services
|
|
|
|
|
|
|
||||||
|
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 2/23/2022 (13)
|
|
|
|
5,000
|
|
|
4,951
|
|
|
4,997
|
|
|||
|
|
|
|
|
|
|
4,951
|
|
|
4,997
|
|
||||
|
Total Non-Control/Non-Affiliate Investments (135.8% of net assets)
|
|
|
|
|
|
$
|
1,419,423
|
|
|
$
|
1,372,836
|
|
||
|
Total Portfolio Investments (177.1% of net assets)
|
|
|
|
|
|
$
|
1,890,008
|
|
|
$
|
1,790,538
|
|
||
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
||||||
|
JP Morgan Prime Money Market Fund
|
|
|
|
|
|
$
|
119,761
|
|
|
$
|
119,761
|
|
||
|
Other cash accounts
|
|
|
|
|
|
23,861
|
|
|
23,861
|
|
||||
|
Total Cash and Cash Equivalents (14.2% of net assets)
|
|
|
|
|
|
$
|
143,622
|
|
|
$
|
143,622
|
|
||
|
Total Portfolio Investments, Cash and Cash Equivalents (191.4% of net assets)
|
|
|
|
|
|
$
|
2,033,630
|
|
|
$
|
1,934,160
|
|
||
|
(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
|
|
Sailpoint Technologies, Inc.
|
|
June 28, 2017
|
|
- 1.0% on Term Loan and Revolver
|
|
|
|
Per loan amendment
|
|
Dominion Diagnostics, LLC
|
|
May 8, 2017
|
|
+ 0.5% on Term Loan and Revolver
|
|
|
|
Per loan amendment
|
|
|
|
April 8, 2014
|
|
|
|
-1.0% on Mezzanine Term Loan
|
|
Per loan amendment
|
|
Thing5, LLC
|
|
March 31, 2017
|
|
|
|
+ 1.0% on Term Loan
|
|
Per loan amendment
|
|
|
|
October 27, 2016
|
|
+ 0.5% on Term Loan and Revolver
|
|
|
|
Per loan amendment
|
|
Credit Infonet, Inc.
|
|
December 31, 2016
|
|
|
|
- 0.5% on Subordinated Term Loan
|
|
Per loan amendment
|
|
Refac Optical Group
|
|
October 24, 2016
|
|
+ 0.5% on Revolver, Term Loan A, Term Loan B and Term Loan C
|
|
|
|
Per loan amendment
|
|
Metamorph US 3, LLC
|
|
October 1, 2016
|
|
+ 1.0% on Revolver
|
|
+ 2.0% on First Lien Term Loan
|
|
Tier pricing per loan agreement
|
|
ERS Acquisition Corp.
|
|
August 3, 2016
|
|
|
|
+ 2.0% on Second Lien Term Loan
|
|
Per loan amendment
|
|
Long's Drugs Incorporated
|
|
June 9, 2016
|
|
+ 0.25% on Second 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
|
|
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
|
|
(10)
|
Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par.
|
|
(11)
|
Investment is not a "qualifying asset" as defined under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of June 30, 2017, qualifying assets represented 85.6% of the Company's total assets and non-qualifying assets represented 14.4% 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
$13.6 million
related to the Company's secured borrowings. (See Note 15 in the accompanying notes to the Consolidated Financial Statements.)
|
|
(13)
|
The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or 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 or the alternate based rate 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 nine months ended
June 30, 2017
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, which was 6.55% as of June 30, 2017. 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".
|
|
(19)
|
In June 2017, the Company sold all of its investments in Eagle Hospital Physicians, LLC ("Eagle Physicians") in exchange for cash and the right to receive contingent payments in the future based on the performance of Eagle Physicians, which is referred to as an "earn-out" in the consolidated schedule of investments. Prior to the sale of its investments in Eagle Physicians, the Company may have been deemed to control Eagle Physicians within the meaning of the 1940 Act due to the fact that the Company owned greater than 25% of the voting securities in Eagle Physicians. After the sale and as of June 30, 2017, the Company no longer owns any of the voting securities in Eagle Physicians and is not deemed to control Eagle Physicians within the meaning of the 1940 Act.
|
|
(20)
|
In June 2017, AdVenture Interactive, Corp. reorganized its business to separate its marketing services business from its online program management business. In connection with the reorganization, FS AVI Holdco LLC was formed as the new parent to Keypath Education, Inc., which represents AdVenture Interactive, Corp's former marketing services business, and the Company's first lien term loan and revolver with AdVenture Interactive, Corp. was assigned to Keypath Education, Inc.
|
|
(21)
|
The Company's investment in Maverick Healthcare Group, LLC ("Maverick Healthcare") is currently past due. In May 2017, the Company entered into a forbearance agreement with Maverick Healthcare in which the Company has temporarily agreed not to take action against Maverick Healthcare.
|
|
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. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative 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 represented 85.8% of the Company's total assets and non-qualifying assets represented 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 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
$13.6 million
related to the Company's secured borrowings. (See Note 15 in the accompanying notes to the Consolidated Financial Statements.)
|
|
(13)
|
The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or 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).
|
|
(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 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 Investment Adviser, and the Investment Adviser responds and supplements the preliminary valuations to reflect any discussions between the Investment Adviser and the Audit Committee;
|
|
•
|
The Audit Committee of the Board of Directors makes a recommendation to the Board of Directors regarding the fair value of the investments in the Company's portfolio; and
|
|
•
|
The Board of Directors discusses valuations and determines the fair value of each investment in the Company's portfolio.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Investments in debt securities
|
|
$
|
1,562,267
|
|
|
$
|
1,473,692
|
|
|
$
|
1,960,581
|
|
|
$
|
1,845,808
|
|
|
Investments in equity securities
|
|
183,897
|
|
|
175,939
|
|
|
162,343
|
|
|
176,970
|
|
||||
|
Debt investments in SLF JV I
|
|
127,672
|
|
|
127,672
|
|
|
144,841
|
|
|
129,004
|
|
||||
|
Equity investment in SLF JV I
|
|
16,172
|
|
|
13,235
|
|
|
16,093
|
|
|
13,709
|
|
||||
|
Total
|
|
$
|
1,890,008
|
|
|
$
|
1,790,538
|
|
|
$
|
2,283,858
|
|
|
$
|
2,165,491
|
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||
|
|
|
Fair Value
|
|
% of Debt
Portfolio
|
|
Fair Value
|
|
% of Debt
Portfolio
|
||||||
|
Fixed rate debt securities
|
|
$
|
328,413
|
|
|
20.51
|
%
|
|
$
|
376,207
|
|
|
19.05
|
%
|
|
Floating rate debt securities, including debt investments in SLF JV I
|
|
1,272,951
|
|
|
79.49
|
|
|
1,598,605
|
|
|
80.95
|
|
||
|
Total
|
|
$
|
1,601,364
|
|
|
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)
|
|
$
|
—
|
|
|
$
|
58,982
|
|
|
$
|
1,267,818
|
|
|
$
|
—
|
|
|
$
|
1,326,800
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
40,713
|
|
|
233,851
|
|
|
—
|
|
|
274,564
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
45,865
|
|
|
—
|
|
|
45,865
|
|
|||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
102,658
|
|
|
40,651
|
|
|
143,309
|
|
|||||
|
Total investments at fair value
|
|
—
|
|
|
99,695
|
|
|
1,650,192
|
|
|
40,651
|
|
|
1,790,538
|
|
|||||
|
Cash and cash equivalents
|
|
143,622
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
143,622
|
|
|||||
|
Total assets at fair value
|
|
$
|
143,622
|
|
|
$
|
99,695
|
|
|
$
|
1,650,192
|
|
|
$
|
40,651
|
|
|
$
|
1,934,160
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
13,575
|
|
|
—
|
|
|
13,575
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,575
|
|
|
$
|
—
|
|
|
$
|
13,575
|
|
|
(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 March 31, 2017
|
|
$
|
1,334,882
|
|
|
$
|
259,431
|
|
|
$
|
50,794
|
|
|
$
|
103,420
|
|
|
$
|
1,748,527
|
|
|
$
|
14,008
|
|
|
New investments & net revolver activity
|
|
87,640
|
|
|
2,441
|
|
|
—
|
|
|
7,856
|
|
|
97,937
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(147,504
|
)
|
|
(30,495
|
)
|
|
—
|
|
|
(1,220
|
)
|
|
(179,219
|
)
|
|
(309
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
854
|
|
|
1,352
|
|
|
83
|
|
|
—
|
|
|
2,289
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
4,897
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,897
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
33
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
(4,026
|
)
|
|
1,103
|
|
|
(5,012
|
)
|
|
(3,991
|
)
|
|
(11,926
|
)
|
|
—
|
|
||||||
|
Net unrealized appreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
||||||
|
Realized loss on investments
|
|
(8,958
|
)
|
|
—
|
|
|
—
|
|
|
(3,407
|
)
|
|
(12,365
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2017
|
|
$
|
1,267,818
|
|
|
$
|
233,851
|
|
|
$
|
45,865
|
|
|
$
|
102,658
|
|
|
$
|
1,650,192
|
|
|
$
|
13,575
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of June 30, 2017 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended June 30, 2017
|
|
$
|
(5,771
|
)
|
|
$
|
(473
|
)
|
|
$
|
(3,095
|
)
|
|
$
|
(4,521
|
)
|
|
$
|
(13,860
|
)
|
|
$
|
(124
|
)
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including subordinated notes of SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of March 31, 2016
|
|
$
|
1,800,988
|
|
|
$
|
292,195
|
|
|
$
|
36,437
|
|
|
$
|
125,513
|
|
|
$
|
2,255,133
|
|
|
$
|
18,521
|
|
|
New investments & net revolver activity
|
|
222,892
|
|
|
1,251
|
|
|
16,129
|
|
|
28,876
|
|
|
269,148
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(242,531
|
)
|
|
(2,000
|
)
|
|
—
|
|
|
(1,978
|
)
|
|
(246,509
|
)
|
|
(344
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
1,298
|
|
|
778
|
|
|
578
|
|
|
—
|
|
|
2,654
|
|
|
—
|
|
||||||
|
Accretion of original issue discount
|
|
870
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
870
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
96
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
33,008
|
|
|
(6,280
|
)
|
|
(3,217
|
)
|
|
(12,647
|
)
|
|
10,864
|
|
|
—
|
|
||||||
|
Net unrealized appreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
374
|
|
||||||
|
Realized gain (loss) on investments
|
|
(44,980
|
)
|
|
—
|
|
|
—
|
|
|
166
|
|
|
(44,814
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2016
|
|
$
|
1,771,641
|
|
|
$
|
285,957
|
|
|
$
|
49,927
|
|
|
$
|
139,930
|
|
|
$
|
2,247,455
|
|
|
$
|
18,551
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held at June 30, 2016 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended June 30, 2016
|
|
$
|
(12,863
|
)
|
|
$
|
(5,233
|
)
|
|
$
|
(3,217
|
)
|
|
$
|
(12,647
|
)
|
|
$
|
(33,960
|
)
|
|
$
|
374
|
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including 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
|
|
296,724
|
|
|
130,508
|
|
|
—
|
|
|
37,272
|
|
|
464,504
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(637,317
|
)
|
|
(180,538
|
)
|
|
(652
|
)
|
|
(6,197
|
)
|
|
(824,704
|
)
|
|
(5,119
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
1,026
|
|
|
2,470
|
|
|
1,470
|
|
|
—
|
|
|
4,966
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
10,167
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,167
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
146
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
187
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
27,429
|
|
|
15,950
|
|
|
4,250
|
|
|
(30,204
|
)
|
|
17,425
|
|
|
—
|
|
||||||
|
Net unrealized appreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
294
|
|
||||||
|
Realized loss on investments
|
|
(119,892
|
)
|
|
(19,857
|
)
|
|
(6,952
|
)
|
|
(4,753
|
)
|
|
(151,454
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2017
|
|
$
|
1,267,818
|
|
|
$
|
233,851
|
|
|
$
|
45,865
|
|
|
$
|
102,658
|
|
|
$
|
1,650,192
|
|
|
$
|
13,575
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of June 30, 2017 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the nine months ended June 30, 2017
|
|
$
|
(85,327
|
)
|
|
$
|
(1,296
|
)
|
|
$
|
(903
|
)
|
|
$
|
(25,842
|
)
|
|
$
|
(113,368
|
)
|
|
$
|
294
|
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including subordinated notes of SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2015
|
|
$
|
1,893,135
|
|
|
$
|
359,028
|
|
|
$
|
30,806
|
|
|
$
|
119,526
|
|
|
$
|
2,402,495
|
|
|
$
|
21,182
|
|
|
New investments & net revolver activity
|
|
634,122
|
|
|
17,146
|
|
|
22,074
|
|
|
39,053
|
|
|
712,395
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(670,496
|
)
|
|
(56,355
|
)
|
|
(761
|
)
|
|
(7,281
|
)
|
|
(734,893
|
)
|
|
(2,498
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
4,229
|
|
|
2,637
|
|
|
1,621
|
|
|
—
|
|
|
8,487
|
|
|
—
|
|
||||||
|
Accretion of original issue discount
|
|
2,821
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,821
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
378
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
438
|
|
|
—
|
|
||||||
|
Net unrealized depreciation on investments
|
|
(27,134
|
)
|
|
(36,559
|
)
|
|
(3,813
|
)
|
|
(6,669
|
)
|
|
(74,175
|
)
|
|
—
|
|
||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(133
|
)
|
||||||
|
Realized loss on investments
|
|
(65,414
|
)
|
|
—
|
|
|
—
|
|
|
(4,699
|
)
|
|
(70,113
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2016
|
|
$
|
1,771,641
|
|
|
$
|
285,957
|
|
|
$
|
49,927
|
|
|
$
|
139,930
|
|
|
$
|
2,247,455
|
|
|
$
|
18,551
|
|
|
Net unrealized depreciation relating to Level 3 assets and liabilities still held at June 30, 2016 and reported within net unrealized appreciation (depreciation) on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the nine months ended June 30, 2016
|
|
$
|
(88,271
|
)
|
|
$
|
(35,697
|
)
|
|
$
|
(3,813
|
)
|
|
$
|
(6,189
|
)
|
|
$
|
(133,970
|
)
|
|
$
|
(133
|
)
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
820,759
|
|
|
Market yield approach
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.8%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(3.5)%
|
-
|
15.0%
|
|
2.4%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.0%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.3)%
|
-
|
2.9%
|
|
0.3%
|
||
|
|
|
232,756
|
|
|
Enterprise value approach
|
|
EBITDA/Revenue multiple
|
|
(b)
|
0.9x
|
-
|
6.2x
|
|
3.1x
|
|
|
|
|
36,680
|
|
|
Transactions precedent approach
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
177,623
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
85,089
|
|
|
Market yield approach
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium
|
|
(a)
|
1.8%
|
-
|
12.0%
|
|
4.5%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
1.0%
|
-
|
2.0%
|
|
1.2%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(0.4)%
|
-
|
2.9%
|
|
1.0%
|
||
|
|
|
21,089
|
|
|
Enterprise value approach
|
|
EBITDA multiple
|
|
(b)
|
7.0x
|
-
|
7.0x
|
|
7.0x
|
|
|
SLF JV I debt investments
|
|
127,672
|
|
|
Enterprise value approach
|
|
N/A
|
|
(f)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
137,989
|
|
|
Enterprise value approach
|
|
EBITDA/Revenue multiple
|
|
(b)
|
0.9x
|
-
|
16.0x
|
|
6.8x
|
|
|
|
|
10,535
|
|
|
Transactions precedent approach
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Total
|
|
$
|
1,650,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings
|
|
$
|
13,575
|
|
|
Market yield approach
|
|
Tranche specific risk premium (discount)
|
|
(a)
|
(3.5)%
|
-
|
3.5%
|
|
2.9%
|
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
0.4%
|
-
|
0.4%
|
|
0.4%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total
|
|
$
|
13,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
(f)
|
The Company determined the value based on the total assets less the liabilities senior to the mezzanine notes held at SLF JV 1.
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
1,096,434
|
|
|
Market 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
|
|
|
Enterprise value 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
|
|
|
Market 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
|
|
|
Enterprise value 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
|
|
|
Market 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
|
|
|
Enterprise value 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings
|
|
$
|
18,400
|
|
|
Market 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
|
|
$
|
345,495
|
|
|
$
|
345,495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
345,495
|
|
|
SBA debentures payable
|
|
145,920
|
|
|
135,701
|
|
|
—
|
|
|
—
|
|
|
135,701
|
|
|||||
|
Unsecured notes payable
|
|
405,744
|
|
|
415,553
|
|
|
—
|
|
|
163,178
|
|
|
252,375
|
|
|||||
|
Total
|
|
$
|
897,159
|
|
|
$
|
896,749
|
|
|
$
|
—
|
|
|
$
|
163,178
|
|
|
$
|
733,571
|
|
|
|
|
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
|
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
1,399,957
|
|
|
74.06
|
%
|
|
$
|
1,789,532
|
|
|
78.36
|
%
|
|
Subordinated debt
|
|
162,310
|
|
|
8.59
|
|
|
171,049
|
|
|
7.49
|
|
||
|
Debt investments in SLF JV I
|
|
127,672
|
|
|
6.76
|
|
|
144,841
|
|
|
6.34
|
|
||
|
LLC equity interests of SLF JV I
|
|
16,172
|
|
|
0.86
|
|
|
16,093
|
|
|
0.70
|
|
||
|
Purchased equity
|
|
108,603
|
|
|
5.75
|
|
|
82,516
|
|
|
3.61
|
|
||
|
Equity grants
|
|
48,805
|
|
|
2.58
|
|
|
54,702
|
|
|
2.40
|
|
||
|
Limited partnership interests
|
|
26,489
|
|
|
1.40
|
|
|
25,125
|
|
|
1.10
|
|
||
|
Total
|
|
$
|
1,890,008
|
|
|
100.00
|
%
|
|
$
|
2,283,858
|
|
|
100.00
|
%
|
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Senior secured debt
|
|
$
|
1,326,801
|
|
|
74.10
|
%
|
|
$
|
1,689,535
|
|
|
78.02
|
%
|
|
Subordinated debt
|
|
146,891
|
|
|
8.20
|
|
|
156,273
|
|
|
7.22
|
|
||
|
Debt investments in SLF JV I
|
|
127,672
|
|
|
7.13
|
|
|
129,004
|
|
|
5.96
|
|
||
|
LLC equity interests of SLF JV I
|
|
13,235
|
|
|
0.74
|
|
|
13,709
|
|
|
0.63
|
|
||
|
Purchased equity
|
|
127,218
|
|
|
7.11
|
|
|
114,047
|
|
|
5.27
|
|
||
|
Equity grants
|
|
21,305
|
|
|
1.19
|
|
|
40,241
|
|
|
1.86
|
|
||
|
Limited partnership interests
|
|
27,416
|
|
|
1.53
|
|
|
22,682
|
|
|
1.04
|
|
||
|
Total
|
|
$
|
1,790,538
|
|
|
100.00
|
%
|
|
$
|
2,165,491
|
|
|
100.00
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
676,167
|
|
|
35.77
|
%
|
|
$
|
660,616
|
|
|
28.92
|
%
|
|
West U.S.
|
|
344,159
|
|
|
18.21
|
|
|
470,700
|
|
|
20.61
|
|
||
|
Southwest U.S.
|
|
290,613
|
|
|
15.38
|
|
|
416,060
|
|
|
18.22
|
|
||
|
Southeast U.S.
|
|
262,077
|
|
|
13.87
|
|
|
308,770
|
|
|
13.52
|
|
||
|
Midwest U.S.
|
|
244,045
|
|
|
12.91
|
|
|
320,368
|
|
|
14.03
|
|
||
|
International
|
|
61,536
|
|
|
3.26
|
|
|
107,344
|
|
|
4.70
|
|
||
|
Northwest U.S.
|
|
11,411
|
|
|
0.60
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
1,890,008
|
|
|
100.00
|
%
|
|
$
|
2,283,858
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Northeast U.S.
|
|
$
|
641,784
|
|
|
35.85
|
%
|
|
$
|
607,240
|
|
|
28.03
|
%
|
|
West U.S.
|
|
332,171
|
|
|
18.55
|
|
|
452,078
|
|
|
20.88
|
|
||
|
Southwest U.S.
|
|
230,504
|
|
|
12.87
|
|
|
406,307
|
|
|
18.76
|
|
||
|
Southeast U.S.
|
|
270,948
|
|
|
15.13
|
|
|
323,481
|
|
|
14.94
|
|
||
|
Midwest U.S.
|
|
237,807
|
|
|
13.28
|
|
|
263,434
|
|
|
12.17
|
|
||
|
International
|
|
65,580
|
|
|
3.66
|
|
|
112,951
|
|
|
5.22
|
|
||
|
Northwest U.S.
|
|
11,744
|
|
|
0.66
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
1,790,538
|
|
|
100.00
|
%
|
|
$
|
2,165,491
|
|
|
100.00
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||
|
Cost:
|
|
|
|
|
|
|
|
|
||||||
|
Internet software & services
|
|
$
|
272,285
|
|
|
14.43
|
%
|
|
$
|
361,396
|
|
|
15.79
|
%
|
|
Healthcare services
|
|
229,147
|
|
|
12.12
|
|
|
379,250
|
|
|
16.61
|
|
||
|
Multi-sector holdings
|
|
170,429
|
|
|
9.02
|
|
|
178,113
|
|
|
7.80
|
|
||
|
Healthcare equipment
|
|
99,615
|
|
|
5.27
|
|
|
119,705
|
|
|
5.24
|
|
||
|
Advertising
|
|
84,722
|
|
|
4.48
|
|
|
170,517
|
|
|
7.47
|
|
||
|
Data processing & outsourced services
|
|
77,907
|
|
|
4.12
|
|
|
83,988
|
|
|
3.68
|
|
||
|
Pharmaceuticals
|
|
75,759
|
|
|
4.01
|
|
|
59,521
|
|
|
2.61
|
|
||
|
Construction & engineering
|
|
66,028
|
|
|
3.49
|
|
|
66,337
|
|
|
2.90
|
|
||
|
Research & consulting services
|
|
63,098
|
|
|
3.34
|
|
|
63,137
|
|
|
2.76
|
|
||
|
Diversified support services
|
|
60,730
|
|
|
3.21
|
|
|
85,144
|
|
|
3.73
|
|
||
|
Specialty stores
|
|
58,838
|
|
|
3.11
|
|
|
46,618
|
|
|
2.04
|
|
||
|
Environmental & facilities services
|
|
55,579
|
|
|
2.94
|
|
|
99,054
|
|
|
4.34
|
|
||
|
Industrial machinery
|
|
55,468
|
|
|
2.93
|
|
|
46,517
|
|
|
2.04
|
|
||
|
Education services
|
|
52,625
|
|
|
2.78
|
|
|
23,568
|
|
|
1.03
|
|
||
|
Application software
|
|
51,472
|
|
|
2.72
|
|
|
48,581
|
|
|
2.13
|
|
||
|
Airlines
|
|
49,843
|
|
|
2.64
|
|
|
71,067
|
|
|
3.11
|
|
||
|
IT consulting & other services
|
|
36,568
|
|
|
1.93
|
|
|
51,868
|
|
|
2.27
|
|
||
|
Leisure facilities
|
|
34,121
|
|
|
1.81
|
|
|
33,981
|
|
|
1.49
|
|
||
|
Integrated telecommunication services
|
|
32,519
|
|
|
1.72
|
|
|
56,343
|
|
|
2.47
|
|
||
|
Air freight and logistics
|
|
32,355
|
|
|
1.71
|
|
|
31,657
|
|
|
1.39
|
|
||
|
Consumer electronics
|
|
30,246
|
|
|
1.60
|
|
|
24,870
|
|
|
1.09
|
|
||
|
Security & alarm services
|
|
28,716
|
|
|
1.52
|
|
|
13,520
|
|
|
0.59
|
|
||
|
Casinos & gaming
|
|
24,211
|
|
|
1.28
|
|
|
—
|
|
|
—
|
|
||
|
Home improvement retail
|
|
23,286
|
|
|
1.23
|
|
|
24,352
|
|
|
1.07
|
|
||
|
Auto parts & equipment
|
|
22,824
|
|
|
1.21
|
|
|
16,643
|
|
|
0.73
|
|
||
|
Other diversified financial services
|
|
12,572
|
|
|
0.67
|
|
|
14,794
|
|
|
0.65
|
|
||
|
Hypermarkets & super centers
|
|
12,010
|
|
|
0.64
|
|
|
—
|
|
|
—
|
|
||
|
Food distributors
|
|
11,916
|
|
|
0.63
|
|
|
11,903
|
|
|
0.52
|
|
||
|
Oil & gas equipment services
|
|
7,621
|
|
|
0.40
|
|
|
45,646
|
|
|
2.00
|
|
||
|
Thrift & mortgage finance
|
|
7,574
|
|
|
0.40
|
|
|
7,946
|
|
|
0.35
|
|
||
|
Computer & electronics retail
|
|
6,437
|
|
|
0.34
|
|
|
—
|
|
|
—
|
|
||
|
Multi-utilities
|
|
6,298
|
|
|
0.33
|
|
|
—
|
|
|
—
|
|
||
|
Commercial printing
|
|
6,010
|
|
|
0.32
|
|
|
6,090
|
|
|
0.27
|
|
||
|
Precious metals & minerals
|
|
5,451
|
|
|
0.29
|
|
|
—
|
|
|
—
|
|
||
|
Tobacco
|
|
5,276
|
|
|
0.28
|
|
|
—
|
|
|
—
|
|
||
|
Apparel, accessories & luxury goods
|
|
5,165
|
|
|
0.27
|
|
|
15,694
|
|
|
0.69
|
|
||
|
Restaurants
|
|
4,920
|
|
|
0.26
|
|
|
4,951
|
|
|
0.22
|
|
||
|
Food retail
|
|
4,174
|
|
|
0.22
|
|
|
4,169
|
|
|
0.18
|
|
||
|
Specialized finance
|
|
3,221
|
|
|
0.17
|
|
|
—
|
|
|
—
|
|
||
|
Oil & gas exploration & production
|
|
2,972
|
|
|
0.16
|
|
|
—
|
|
|
—
|
|
||
|
Specialized consumer services
|
|
—
|
|
|
—
|
|
|
9,014
|
|
|
0.39
|
|
||
|
Healthcare technology
|
|
—
|
|
|
—
|
|
|
7,904
|
|
|
0.35
|
|
||
|
Total
|
|
$
|
1,890,008
|
|
|
100.00
|
%
|
|
$
|
2,283,858
|
|
|
100.00
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||
|
Fair Value:
|
|
|
|
|
|
|
|
|
||||||
|
Internet software & services
|
|
$
|
269,724
|
|
|
15.05
|
%
|
|
$
|
326,665
|
|
|
15.06
|
%
|
|
Healthcare services
|
|
187,753
|
|
|
10.49
|
|
|
360,937
|
|
|
16.67
|
|
||
|
Multi-sector holdings
|
|
169,282
|
|
|
9.45
|
|
|
159,549
|
|
|
7.37
|
|
||
|
Advertising
|
|
86,429
|
|
|
4.83
|
|
|
149,337
|
|
|
6.90
|
|
||
|
Healthcare equipment
|
|
80,631
|
|
|
4.50
|
|
|
120,827
|
|
|
5.58
|
|
||
|
Pharmaceuticals
|
|
77,263
|
|
|
4.32
|
|
|
60,517
|
|
|
2.79
|
|
||
|
Data processing & outsourced services
|
|
74,987
|
|
|
4.19
|
|
|
80,435
|
|
|
3.71
|
|
||
|
Construction & engineering
|
|
66,154
|
|
|
3.69
|
|
|
62,740
|
|
|
2.90
|
|
||
|
Research & consulting services
|
|
64,454
|
|
|
3.60
|
|
|
63,404
|
|
|
2.93
|
|
||
|
Industrial machinery
|
|
60,186
|
|
|
3.36
|
|
|
51,581
|
|
|
2.38
|
|
||
|
Specialty stores
|
|
57,830
|
|
|
3.23
|
|
|
45,233
|
|
|
2.09
|
|
||
|
Environmental & facilities services
|
|
56,921
|
|
|
3.18
|
|
|
100,852
|
|
|
4.66
|
|
||
|
Airlines
|
|
53,770
|
|
|
3.00
|
|
|
77,046
|
|
|
3.56
|
|
||
|
Application software
|
|
53,003
|
|
|
2.96
|
|
|
50,799
|
|
|
2.35
|
|
||
|
Education services
|
|
42,941
|
|
|
2.40
|
|
|
19,745
|
|
|
0.91
|
|
||
|
IT consulting & other services
|
|
37,527
|
|
|
2.10
|
|
|
51,460
|
|
|
2.38
|
|
||
|
Leisure facilities
|
|
35,480
|
|
|
1.98
|
|
|
34,486
|
|
|
1.59
|
|
||
|
Integrated telecommunication services
|
|
32,242
|
|
|
1.80
|
|
|
53,092
|
|
|
2.45
|
|
||
|
Auto parts & equipment
|
|
31,078
|
|
|
1.74
|
|
|
18,688
|
|
|
0.86
|
|
||
|
Consumer electronics
|
|
30,823
|
|
|
1.72
|
|
|
25,180
|
|
|
1.16
|
|
||
|
Security & alarm services
|
|
26,415
|
|
|
1.48
|
|
|
13,776
|
|
|
0.64
|
|
||
|
Diversified support services
|
|
25,392
|
|
|
1.42
|
|
|
75,720
|
|
|
3.50
|
|
||
|
Home improvement retail
|
|
25,231
|
|
|
1.41
|
|
|
26,141
|
|
|
1.21
|
|
||
|
Casinos & gaming
|
|
24,202
|
|
|
1.35
|
|
|
—
|
|
|
—
|
|
||
|
Leisure products
|
|
17,518
|
|
|
0.98
|
|
|
34,981
|
|
|
1.62
|
|
||
|
Other diversified financial services
|
|
12,083
|
|
|
0.67
|
|
|
14,777
|
|
|
0.68
|
|
||
|
Hypermarkets & super centers
|
|
11,660
|
|
|
0.65
|
|
|
—
|
|
|
0.00
|
|
||
|
Food distributors
|
|
11,640
|
|
|
0.65
|
|
|
11,400
|
|
|
0.53
|
|
||
|
Oil & gas equipment services
|
|
7,621
|
|
|
0.43
|
|
|
16,783
|
|
|
0.78
|
|
||
|
Thrift & mortgage finance
|
|
6,691
|
|
|
0.37
|
|
|
5,846
|
|
|
0.27
|
|
||
|
Computer & electronics retail
|
|
6,574
|
|
|
0.37
|
|
|
—
|
|
|
—
|
|
||
|
Multi-utilities
|
|
6,285
|
|
|
0.35
|
|
|
—
|
|
|
—
|
|
||
|
Commercial printing
|
|
6,133
|
|
|
0.34
|
|
|
6,127
|
|
|
0.28
|
|
||
|
Air freight and logistics
|
|
5,530
|
|
|
0.31
|
|
|
7,046
|
|
|
0.33
|
|
||
|
Precious metals & minerals
|
|
5,350
|
|
|
0.30
|
|
|
—
|
|
|
—
|
|
||
|
Tobacco
|
|
5,200
|
|
|
0.29
|
|
|
—
|
|
|
—
|
|
||
|
Restaurants
|
|
4,970
|
|
|
0.28
|
|
|
4,985
|
|
|
0.23
|
|
||
|
Food retail
|
|
4,251
|
|
|
0.24
|
|
|
4,214
|
|
|
0.19
|
|
||
|
Specialized finance
|
|
3,249
|
|
|
0.18
|
|
|
—
|
|
|
—
|
|
||
|
Apparel, accessories & luxury goods
|
|
3,230
|
|
|
0.18
|
|
|
14,620
|
|
|
0.68
|
|
||
|
Oil & gas exploration & production
|
|
2,835
|
|
|
0.16
|
|
|
—
|
|
|
—
|
|
||
|
Specialized consumer services
|
|
—
|
|
|
—
|
|
|
9,082
|
|
|
0.42
|
|
||
|
Healthcare technology
|
|
—
|
|
|
—
|
|
|
7,420
|
|
|
0.34
|
|
||
|
Total
|
|
$
|
1,790,538
|
|
|
100.00
|
%
|
|
$
|
2,165,491
|
|
|
100.00
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
|
Senior secured loans (1)
|
|
$279,232
|
|
$324,406
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.65%
|
|
7.84%
|
|
Number of borrowers in SLF JV I
|
|
37
|
|
37
|
|
Largest exposure to a single borrower (1)
|
|
$18,497
|
|
$19,775
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$83,288
|
|
$93,926
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
9,073 Common Stock Shares
|
|
|
|
|
|
|
|
$
|
1,088
|
|
|
$
|
1,391
|
|
||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
$
|
7,000
|
|
|
7,060
|
|
|
7,031
|
|
||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
6,024
|
|
|
6,024
|
|
|
6,024
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
—
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
—
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
6,024
|
|
|
11,800
|
|
|
6,024
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
15,356
|
|
|
15,244
|
|
|
15,317
|
|
|||
|
BJ's Wholesale Club, Inc. (3)
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.75% (1% floor)
|
|
5,000
|
|
|
5,006
|
|
|
4,858
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+4.25% (1% floor)
|
|
11,182
|
|
|
11,062
|
|
|
11,280
|
|
|||
|
DFT Intermediate LLC (3)
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2024
|
|
LIBOR+5.5% (1% floor)
|
|
10,723
|
|
|
10,465
|
|
|
10,556
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,542
|
|
|
4,547
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,339
|
|
|
9,376
|
|
|
9,426
|
|
|||
|
DTZ U.S. Borrower, LLC (3)
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
6,982
|
|
|
7,017
|
|
|
6,982
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,571
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
18,497
|
|
|
18,282
|
|
|
18,646
|
|
|||
|
Everi Payments Inc.(3)
|
|
Casinos & gaming
|
|
First Lien
|
|
5/1/2024
|
|
LIBOR+4.5% (1% floor)
|
|
5,000
|
|
|
4,976
|
|
|
5,041
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
4,925
|
|
|
4,889
|
|
|
4,886
|
|
|||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
2,040
|
|
|
2,040
|
|
|
2,040
|
|
|||
|
|
|
|
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
—
|
|
|
1,390
|
|
|
1,088
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,430
|
|
|
3,128
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
5,875
|
|
|
5,855
|
|
|
5,831
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,000
|
|
|
9,011
|
|
|
8,947
|
|
|||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)(4)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,000
|
|
|
8,940
|
|
|
8,947
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
18,000
|
|
|
17,951
|
|
|
17,894
|
|
|||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
18,404
|
|
|
18,383
|
|
|
18,348
|
|
|||
|
Lytx, Inc (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/15/2023
|
|
LIBOR+8.5% (1% floor)
|
|
7,921
|
|
|
7,921
|
|
|
8,157
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor)
|
|
9,996
|
|
|
9,730
|
|
|
5,732
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,361
|
|
|
4,307
|
|
|
4,340
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,996
|
|
|
3,060
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,703
|
|
|
4,694
|
|
|
4,797
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,297
|
|
|
1,291
|
|
|
1,323
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
9,000
|
|
|
8,981
|
|
|
9,180
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
4,975
|
|
|
4,940
|
|
|
4,993
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
1,094
|
|
|
1,094
|
|
|
1,094
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
2,888
|
|
|
2,888
|
|
|
2,888
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6,134
|
|
|
6,076
|
|
|
5,939
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,901
|
|
|
10,816
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
5,136
|
|
|
5,110
|
|
|
5,133
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
2,484
|
|
|
2,436
|
|
|
2,478
|
|
|||
|
Scientific Games International, Inc. (3)
|
|
Casinos & gaming
|
|
First Lien
|
|
10/1/2021
|
|
LIBOR+4% (1% floor)
|
|
6,982
|
|
|
7,102
|
|
|
7,060
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
8,616
|
|
|
8,586
|
|
|
8,638
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+4.5% (1% floor)
|
|
6,959
|
|
|
6,813
|
|
|
7,006
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
5,127
|
|
|
5,127
|
|
|
5,153
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
3,591
|
|
|
3,574
|
|
|
3,616
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
13,031
|
|
|
12,887
|
|
|
13,147
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,660
|
|
|
2,641
|
|
|
2,620
|
|
|||
|
Worley Claims Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,004
|
|
|
8,973
|
|
|
8,914
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
279,232
|
|
|
$
|
286,021
|
|
|
$
|
277,567
|
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)(4)
|
|
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
|
|
|||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)(4)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
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 Claims 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
|
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost June 30, 2017: $286,021; cost September 30, 2016: $327,720)
|
|
$
|
277,567
|
|
|
$
|
315,153
|
|
|
Receivables from secured financing arrangements at fair value (cost June 30, 2017: $9,766; cost September 30, 2016: $10,014)
|
|
9,594
|
|
|
9,672
|
|
||
|
Cash and cash equivalents
|
|
26,687
|
|
|
1,878
|
|
||
|
Restricted cash
|
|
3,959
|
|
|
7,080
|
|
||
|
Other assets
|
|
4,195
|
|
|
4,700
|
|
||
|
Total assets
|
|
$
|
322,002
|
|
|
$
|
338,483
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
148,553
|
|
|
$
|
167,012
|
|
|
Debt securities payable at fair value (proceeds June 30, 2017: $145,910; proceeds September 30, 2016: $165,533)
|
|
145,910
|
|
|
147,433
|
|
||
|
Other liabilities
|
|
12,413
|
|
|
8,371
|
|
||
|
Total liabilities
|
|
$
|
306,876
|
|
|
$
|
322,816
|
|
|
Members' equity
|
|
15,126
|
|
|
15,667
|
|
||
|
Total liabilities and members' equity
|
|
$
|
322,002
|
|
|
$
|
338,483
|
|
|
|
|
Three months ended June 30, 2017
|
|
Three months ended June 30, 2016
|
|
Nine months ended June 30, 2017
|
|
Nine months ended June 30, 2016
|
||||||||
|
Selected Statements of Operations Information:
|
|
|
|
|
|
|
|
|
||||||||
|
Interest income
|
|
$
|
5,489
|
|
|
$
|
7,855
|
|
|
$
|
17,945
|
|
|
$
|
22,722
|
|
|
Other income
|
|
61
|
|
|
36
|
|
|
389
|
|
|
472
|
|
||||
|
Total investment income
|
|
5,550
|
|
|
7,891
|
|
|
18,334
|
|
|
23,194
|
|
||||
|
Interest expense
|
|
5,348
|
|
|
6,085
|
|
|
16,720
|
|
|
17,163
|
|
||||
|
Other expenses
|
|
84
|
|
|
120
|
|
|
579
|
|
|
364
|
|
||||
|
Total expenses (1)
|
|
5,432
|
|
|
6,205
|
|
|
17,299
|
|
|
17,527
|
|
||||
|
Net unrealized appreciation (depreciation)
|
|
(769
|
)
|
|
7,446
|
|
|
(13,816
|
)
|
|
5,774
|
|
||||
|
Net realized gain (loss)
|
|
16
|
|
|
(7,755
|
)
|
|
13,350
|
|
|
(7,755
|
)
|
||||
|
Net income (loss)
|
|
$
|
(635
|
)
|
|
$
|
1,377
|
|
|
$
|
569
|
|
|
$
|
3,686
|
|
|
(Share amounts in thousands)
|
|
Three months
ended June 30, 2017 |
|
Three months
ended June 30, 2016 |
|
Nine months
ended June 30, 2017 |
|
Nine months
ended June 30, 2016 (1) |
|
||||||||
|
Earnings (loss) per common share — basic:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(6,057
|
)
|
|
$
|
(5,218
|
)
|
|
$
|
(71,498
|
)
|
|
$
|
(63,123
|
)
|
|
|
Weighted average common shares outstanding — basic
|
|
140,961
|
|
|
145,569
|
|
|
141,599
|
|
|
148,354
|
|
|
||||
|
Loss per common share — basic
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.50
|
)
|
|
$
|
(0.43
|
)
|
|
|
Earnings (loss) per common share — diluted:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(6,057
|
)
|
|
$
|
(5,218
|
)
|
|
$
|
(71,498
|
)
|
|
$
|
(63,123
|
)
|
|
|
Weighted average common shares outstanding — basic
|
|
140,961
|
|
|
145,569
|
|
|
141,599
|
|
|
148,354
|
|
|
||||
|
Adjustments for dilutive effect of convertible notes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,231
|
|
|
||||
|
Weighted average common shares outstanding — diluted
|
|
140,961
|
|
|
145,569
|
|
|
141,599
|
|
|
153,585
|
|
|
||||
|
Loss per common share — diluted
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.50
|
)
|
|
$
|
(0.43
|
)
|
|
|
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
|
|
|
October 18, 2016
|
|
January 13, 2017
|
|
January 31, 2017
|
|
0.06
|
|
|
8.0 million
|
|
73,940
|
|
|
(1)
|
|
0.4 million
|
|
|
October 18, 2016
|
|
February 15, 2017
|
|
February 28, 2017
|
|
0.06
|
|
|
8.0 million
|
|
86,120
|
|
|
(1)
|
|
0.4 million
|
|
|
February 6, 2017
|
|
March 15, 2017
|
|
March 31, 2017
|
|
0.02
|
|
|
2.7 million
|
|
27,891
|
|
|
(1)
|
|
0.1 million
|
|
|
February 6, 2017
|
|
June 15, 2017
|
|
June 30, 2017
|
|
0.02
|
|
|
2.7 million
|
|
20,502
|
|
|
(1)
|
|
0.1 million
|
|
|
Total for the nine months ended June 30, 2017
|
|
$
|
0.34
|
|
|
$ 45.5 million
|
|
441,122
|
|
|
|
|
$ 2.3 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
|
|
|
November 30, 2015
|
|
January 15, 2016
|
|
January 28, 2016
|
|
0.06
|
|
|
8.3 million
|
|
113,905
|
|
|
(1)
|
|
0.7 million
|
|
|
November 30, 2015
|
|
February 12, 2016
|
|
February 26, 2016
|
|
0.06
|
|
|
8.4 million
|
|
123,342
|
|
|
(1)
|
|
0.6 million
|
|
|
February 8, 2016
|
|
March 15, 2016
|
|
March 31, 2016
|
|
0.06
|
|
|
8.6 million
|
|
86,806
|
|
|
(1)
|
|
0.4 million
|
|
|
February 8, 2016
|
|
April 15, 2016
|
|
April 29, 2016
|
|
0.06
|
|
|
8.2 million
|
|
112,569
|
|
|
(1)
|
|
0.6 million
|
|
|
February 8, 2016
|
|
May 13, 2016
|
|
May 31, 2016
|
|
0.06
|
|
|
8.4 million
|
|
76,432
|
|
|
(1)
|
|
0.4 million
|
|
|
May 5, 2016
|
|
June 15, 2016
|
|
June 30, 2016
|
|
0.06
|
|
|
8.2 million
|
|
108,629
|
|
|
(1)
|
|
0.5 million
|
|
|
Total for the nine months ended June 30, 2016
|
|
$
|
0.54
|
|
|
$ 75.4 million
|
|
918,876
|
|
|
|
|
$ 5.1 million
|
||||
|
Rate Fix Date
|
|
Debenture
Amount
|
|
Fixed
Interest
Rate
|
|
SBA
Annual
Charge
|
||||
|
September 2010
|
|
$
|
73,000
|
|
|
3.215
|
%
|
|
0.285
|
%
|
|
Rate Fix Date
|
|
Debenture
Amount |
|
Fixed
Interest Rate |
|
SBA
Annual Charge |
||||
|
March 2013
|
|
$
|
31,750
|
|
|
2.351
|
%
|
|
0.804
|
%
|
|
March 2014
|
|
43,250
|
|
|
3.191
|
|
|
0.804
|
|
|
|
|
|
Nine months
ended June 30, 2017 |
|
Nine months
ended June 30, 2016 |
|
||||
|
PIK balance at beginning of period
|
|
$
|
62,631
|
|
|
$
|
50,678
|
|
|
|
Gross PIK interest accrued
|
|
15,934
|
|
|
15,143
|
|
|
||
|
PIK income reserves (1)
|
|
(6,969
|
)
|
|
(5,176
|
)
|
|
||
|
PIK interest received in cash
|
|
(3,999
|
)
|
|
(1,480
|
)
|
|
||
|
PIK balance at end of period
|
|
$
|
67,597
|
|
|
$
|
59,165
|
|
|
|
(1)
|
PIK income is generally reserved for when a loan is placed on PIK non-accrual status.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||
|
|
|
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
|
|
$
|
1,499,457
|
|
|
88.73
|
%
|
|
$
|
1,512,089
|
|
|
94.43
|
%
|
|
$
|
1,890,606
|
|
|
89.80
|
%
|
|
$
|
1,854,228
|
|
|
93.89
|
%
|
|
$
|
2,104,327
|
|
|
95.19
|
%
|
|
$
|
2,042,055
|
|
|
99.24
|
%
|
|
PIK non-accrual (1)
|
|
72,650
|
|
|
4.30
|
|
|
43,134
|
|
|
2.69
|
|
|
40,187
|
|
|
1.91
|
|
|
31,548
|
|
|
1.60
|
|
|
66,579
|
|
|
3.01
|
|
|
5,550
|
|
|
0.27
|
|
||||||
|
Cash non-accrual (2)
|
|
117,832
|
|
|
6.97
|
|
|
46,141
|
|
|
2.88
|
|
|
174,629
|
|
|
8.29
|
|
|
89,036
|
|
|
4.51
|
|
|
39,829
|
|
|
1.80
|
|
|
9,993
|
|
|
0.49
|
|
||||||
|
Total
|
|
$
|
1,689,939
|
|
|
100.00
|
%
|
|
$
|
1,601,364
|
|
|
100.00
|
%
|
|
$
|
2,105,422
|
|
|
100.00
|
%
|
|
$
|
1,974,812
|
|
|
100.00
|
%
|
|
$
|
2,210,735
|
|
|
100.00
|
%
|
|
$
|
2,057,598
|
|
|
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.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
|
June 30, 2016
|
|||
|
Phoenix Brands Merger Sub LLC - subordinated term loan (2)
|
|
—
|
|
—
|
|
PIK non-accrual (1)
|
|||
|
JTC Education, Inc. (2)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Answers Corporation (3)(4)
|
|
—
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|||
|
QuorumLabs, Inc. (2)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Dominion Diagnostics, LLC - subordinated term loan
|
|
PIK non-accrual (1)
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|||
|
Express Group Holdings LLC (4)
|
|
—
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
AdVenture Interactive, Corp. (5)
|
|
—
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
ERS Acquisition Corp.
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|
—
|
|||
|
TransTrade Operators, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Maverick Healthcare Group, LLC
|
|
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)
|
The Company no longer held this investment as of June 30, 2017 and September 30, 2016.
|
|
(3)
|
As of June 30, 2016, only the second lien term loan was on PIK non-accrual. As of September 30, 2016, both the first lien term loan and the second lien term loan were on cash non-accrual.
|
|
(4)
|
The Company no longer held this investment as of June 30, 2017.
|
|
(5)
|
In March 2017, the Company restructured its investment in AdVenture Interactive, Corp. As part of the restructuring, the Company exchanged a portion of its debt securities for equity securities in the restructured entity.
|
|
|
|
Three months ended
June 30, 2017 |
|
Three months ended
June 30, 2016 |
|
Nine months
ended June 30, 2017 |
|
Nine months
ended June 30, 2016 |
||||||||
|
Cash interest income
|
|
$
|
2,708
|
|
|
$
|
2,082
|
|
|
$
|
13,321
|
|
|
$
|
6,999
|
|
|
PIK interest income
|
|
2,345
|
|
|
1,713
|
|
|
6,969
|
|
|
5,176
|
|
||||
|
OID income
|
|
7
|
|
|
6,987
|
|
|
154
|
|
|
20,971
|
|
||||
|
Total
|
|
$
|
5,060
|
|
|
$
|
10,782
|
|
|
$
|
20,444
|
|
|
$
|
33,146
|
|
|
|
|
Three months
ended June 30, 2017 |
|
Nine months
ended June 30, 2017 |
||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
(6,057
|
)
|
|
$
|
(71,498
|
)
|
|
Net unrealized appreciation (depreciation) on investments and secured borrowings
|
|
13,147
|
|
|
(18,603
|
)
|
||
|
Book/tax difference due to loan fees
|
|
(152
|
)
|
|
(17
|
)
|
||
|
Book/tax difference due to exit fees
|
|
—
|
|
|
1,081
|
|
||
|
Book/tax difference due to organizational and deferred offering costs
|
|
(22
|
)
|
|
(63
|
)
|
||
|
Book/tax difference due to interest income on certain loans
|
|
—
|
|
|
(168
|
)
|
||
|
Book/tax difference due to capital losses not recognized
|
|
14,010
|
|
|
154,444
|
|
||
|
Other book-tax differences
|
|
(2,439
|
)
|
|
(5,489
|
)
|
||
|
Taxable/Distributable Income(1)
|
|
$
|
18,487
|
|
|
$
|
59,687
|
|
|
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
|
|
|
January 2017
|
|
First American Payment Systems, LP
|
|
Debt
|
|
18.3 million
|
|
—
|
|
|
Full payoff
|
|
|
January 2017
|
|
HSW RR, Inc.
|
|
Debt
|
|
45.0 million
|
|
—
|
|
|
Full payoff
|
|
|
February 2017
|
|
Teaching Strategies, LLC
|
|
Debt
|
|
7.2 million
|
|
—
|
|
|
Full payoff
|
|
|
February 2017
|
|
Vitera Healthcare Solutions, LLC
|
|
Debt
|
|
8.0 million
|
|
—
|
|
|
Full payoff
|
|
|
February 2017
|
|
TV Borrower US, LLC
|
|
Debt
|
|
30.0 million
|
|
—
|
|
|
Full payoff
|
|
|
February 2017
|
|
Onvoy, LLC
|
|
Debt
|
|
14.6 million
|
|
—
|
|
|
Full payoff
|
|
|
March 2017
|
|
Bracket Holding Corp.
|
|
Debt and Equity
|
|
32.5 million
|
|
1.7 million
|
|
|
Full payoff /sale of equity investment
|
|
|
March 2017
|
|
Epic Health Services, Inc.
|
|
Debt
|
|
31.9 million
|
|
—
|
|
|
Full payoff
|
|
|
March 2017
|
|
Five9, Inc.
|
|
Equity
|
|
0.3 million
|
|
0.5 million
|
|
|
Sale of equity investment
|
|
|
March 2017
|
|
Integrated Petroleum Technologies, Inc.
|
|
Debt
|
|
7.6 million
|
|
(11.1 million)
|
|
|
Restructuring
|
|
|
March 2017
|
|
NAVEX Global, Inc.
|
|
Debt
|
|
16.5 million
|
|
—
|
|
|
Full payoff
|
|
|
March 2017
|
|
Vention Medical, Inc.
|
|
Debt
|
|
2.3 million
|
|
—
|
|
|
Full payoff
|
|
|
March 2017
|
|
Express Group Holdings LLC
|
|
Debt and Equity
|
|
4.4 million
|
|
(22.3 million)
|
|
|
Partial payoff
|
|
|
March 2017
|
|
AdVenture Interactive, Corp.
|
|
Debt and Equity
|
|
24.3 million
|
|
(47.4 million)
|
|
|
Restructuring
|
|
|
April 2017
|
|
Tectum Holdings, Inc.
|
|
Debt
|
|
15.0 million
|
|
—
|
|
|
Full payoff
|
|
|
April 2017
|
|
TigerText, Inc.
|
|
Debt
|
|
5.0 million
|
|
—
|
|
|
Full payoff
|
|
|
April 2017
|
|
AirStrip Technologies, Inc.
|
|
Debt
|
|
16.0 million
|
|
—
|
|
|
Full payoff
|
|
|
April 2017
|
|
Cheddar's Casual Café, Inc.
|
|
Debt
|
|
10.0 million
|
|
—
|
|
|
Full payoff
|
|
|
May 2017
|
|
Tecomet Inc.
|
|
Debt
|
|
17.0 million
|
|
—
|
|
|
Full payoff
|
|
|
May 2017
|
|
Baart Programs, Inc.
|
|
Debt
|
|
35.2 million
|
|
—
|
|
|
Full payoff
|
|
|
June 2017
|
|
Eagle Hospital Physicians, LLC
|
|
Debt and Equity
|
|
13.5 million
|
|
(13.1 million)
|
|
|
Partial payoff
|
|
|
June 2017
|
|
National Spine and Pain Centers, LLC
|
|
Debt and Equity
|
|
31.4 million
|
|
0.7 million
|
|
|
Full payoff /sale of equity investment
|
|
|
June 2017
|
|
Idera, Inc.
|
|
Debt
|
|
25.9 million
|
|
—
|
|
|
Full payoff
|
|
|
|
|
|
|
|
|
|
|
$ (114.3 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
|
|
|
January 2016
|
|
Crealta Pharmaceuticals LLC
|
|
Debt
|
|
20.0 million
|
|
—
|
|
|
Full payoff
|
|
|
February 2016
|
|
All Metro Health Care Services, Inc.
|
|
Debt
|
|
15.7 million
|
|
—
|
|
|
Full payoff
|
|
|
February 2016
|
|
Long's Drugs Incorporated
|
|
Debt
|
|
9.7 million
|
|
—
|
|
|
Full payoff
|
|
|
March 2016
|
|
Janrain, Inc.
|
|
Debt
|
|
4.5 million
|
|
—
|
|
|
Full payoff
|
|
|
March 2016
|
|
Miche Group, LLC
|
|
Debt and Equity
|
|
0.8 million
|
|
(8.1 million)
|
|
|
Full payoff /sale of equity investment
|
|
|
March 2016
|
|
CCCG, LLC
|
|
Debt and Equity
|
|
15.2 million
|
|
(17.2 million)
|
|
|
Restructuring
|
|
|
April 2016
|
|
Traffic Solutions Holdings, Inc.
|
|
Debt
|
|
17.2 million
|
|
—
|
|
|
Full payoff
|
|
|
April 2016
|
|
Ameritox Ltd.
|
|
Debt and Equity
|
|
61.1 million
|
|
(42.8 million)
|
|
|
Restructuring
|
|
|
May 2016
|
|
Yeti Acquisition, LLC.
|
|
Debt
|
|
54.9 million
|
|
—
|
|
|
Full payoff
|
|
|
May 2016
|
|
Conviva Inc.
|
|
Debt
|
|
4.6 million
|
|
—
|
|
|
Full payoff
|
|
|
June 2016
|
|
GTCR Valor Companies
|
|
Debt
|
|
3.7 million
|
|
—
|
|
|
Full payoff
|
|
|
|
|
|
|
|
|
|
|
($ 67.4 million)
|
|
|
|
|
|
•
|
No subordinated incentive fee on income 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 preferred return rate of 1.75% (the “preferred return” or “hurdle”);
|
|
•
|
100% of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the preferred return but is less than or equal to 2.1875% in any fiscal quarter is payable to the Investment Adviser. This portion of the Company’s subordinated incentive fee on income is referred to as the “catch-up” provision, and it 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 when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.1875% on net assets in any fiscal quarter; and
|
|
•
|
For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income exceeds 2.1875% on net assets, the subordinated incentive fee on income is equal to 20% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, as the preferred return and catch-up will have been achieved.
|
|
•
|
No Part I incentive fee was payable to the Investment Adviser in any fiscal quarter in which the Company’s Pre-Incentive Fee Investment Income did not exceed a hurdle rate of 2.00%;
|
|
•
|
100% of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeded the 2.0% hurdle rate but was less than or equal to 2.5% was payable to the Investment Adviser. This portion of the Company’s Part I incentive fee was referred to as the “catch-up” and was intended to provide the Investment Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.5% in any fiscal quarter; and
|
|
•
|
20% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeded 2.5% in any fiscal quarter was payable to the Investment Adviser, as the preferred return and catch-up would have been achieved.
|
|
|
|
Three months ended
June 30, 2017 |
|
Three months ended
June 30, 2016 |
|
Nine months
ended June 30, 2017 |
|
Nine months
ended June 30, 2016 |
|
|
Net asset value at beginning of period
|
|
$7.23
|
|
$8.33
|
|
$7.97
|
|
$9.00
|
|
|
Net investment income (4)
|
|
0.14
|
|
0.20
|
|
0.43
|
|
0.55
|
|
|
Net unrealized appreciation (depreciation) on investments and secured borrowings (4)
|
|
(0.09)
|
|
0.07
|
|
0.13
|
|
(0.50)
|
|
|
Net realized loss on investments and secured borrowings (4)
|
|
(0.09)
|
|
(0.31)
|
|
(1.07)
|
|
(0.46)
|
|
|
Distributions to stockholders (4)
|
|
(0.02)
|
|
(0.18)
|
|
(0.34)
|
|
(0.54)
|
|
|
Net issuance/repurchases of common stock (4)
|
|
—
|
|
0.04
|
|
0.05
|
|
0.10
|
|
|
Net asset value at end of period
|
|
$7.17
|
|
$8.15
|
|
$7.17
|
|
$8.15
|
|
|
Per share market value at beginning of period
|
|
$4.62
|
|
$5.02
|
|
$5.81
|
|
$6.17
|
|
|
Per share market value at end of period
|
|
$4.86
|
|
$4.85
|
|
$4.86
|
|
$4.85
|
|
|
Total return (1)
|
|
5.63%
|
|
0.03%
|
|
(10.50)%
|
|
(13.28)%
|
|
|
Common shares outstanding at beginning of period
|
|
140,960,651
|
|
147,183,608
|
|
143,258,785
|
|
150,262,924
|
|
|
Common shares outstanding at end of period
|
|
140,960,651
|
|
145,304,222
|
|
140,960,651
|
|
145,304,222
|
|
|
Net assets at beginning of period
|
|
$1,019,626
|
|
$1,225,974
|
|
$1,142,288
|
|
$1,353,094
|
|
|
Net assets at end of period
|
|
$1,010,750
|
|
$1,184,376
|
|
$1,010,750
|
|
$1,184,376
|
|
|
Average net assets (2)
|
|
$1,016,037
|
|
$1,200,712
|
|
$1,043,283
|
|
$1,251,406
|
|
|
Ratio of net investment income to average net assets (5)
|
|
7.65%
|
|
9.72%
|
|
7.84%
|
|
8.63%
|
|
|
Ratio of total expenses to average net assets (excluding base management fee waiver and insurance recovery) (5)
|
|
10.10%
|
|
18.07%
|
|
10.57%
|
|
13.52%
|
|
|
Ratio of net expenses to average net assets (5)
|
|
10.08%
|
|
11.66%
|
|
10.39%
|
|
11.46%
|
|
|
Ratio of portfolio turnover to average investments at fair value
|
|
8.67%
|
|
4.34%
|
|
19.68%
|
|
17.24%
|
|
|
Weighted average outstanding debt (3)
|
|
$905,994
|
|
$1,192,572
|
|
$1,032,076
|
|
$1,177,606
|
|
|
Average debt per share (4)
|
|
$6.43
|
|
$8.19
|
|
$7.29
|
|
$7.94
|
|
|
(1)
|
Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP.
|
|
(2)
|
Calculated based upon the weighted average net assets for the period.
|
|
(3)
|
Calculated based upon the weighted average of loans payable for the period.
|
|
(4)
|
Calculated based upon weighted average shares outstanding for the period.
|
|
(5)
|
Interim periods are annualized.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
Lift Brands Holdings, Inc.
|
|
$
|
15,000
|
|
|
$
|
13,000
|
|
|
TigerText, Inc.
|
|
15,000
|
|
|
10,000
|
|
||
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
Edge Fitness, LLC
|
|
8,353
|
|
|
8,353
|
|
||
|
BeyondTrust Software, Inc.
|
|
5,995
|
|
|
5,995
|
|
||
|
InMotion Entertainment Group, LLC
|
|
5,855
|
|
|
6,856
|
|
||
|
TIBCO Software, Inc.
|
|
5,800
|
|
|
5,800
|
|
||
|
Valet Merger Sub, Inc.
|
|
5,596
|
|
|
5,596
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Thing5, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Baart Programs, Inc.
|
|
4,762
|
|
|
4,762
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
4,732
|
|
|
2,682
|
|
||
|
Eagle Hospital Physicians, Inc.
|
|
4,667
|
|
|
2,753
|
|
||
|
Refac Optical Group
|
|
4,480
|
|
|
6,400
|
|
||
|
OBHG Management Services, LLC
|
|
3,836
|
|
|
3,836
|
|
||
|
Metamorph US 3, LLC
|
|
3,675
|
|
|
3,675
|
|
||
|
Keypath Education, Inc. (formerly Adventure Interactive, Corp.)
|
|
3,000
|
|
|
4,846
|
|
||
|
WeddingWire, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Motion Recruitment Partners LLC
|
|
2,900
|
|
|
2,900
|
|
||
|
OmniSYS Acquisition Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Ping Identity Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
2,426
|
|
|
2,054
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
—
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
2,000
|
|
|
—
|
|
||
|
Accruent, LLC
|
|
1,900
|
|
|
1,900
|
|
||
|
TransTrade Operators, Inc.
|
|
1,568
|
|
|
424
|
|
||
|
Senior Loan Fund JV 1, LLC
|
|
1,328
|
|
|
14,065
|
|
||
|
My Alarm Center, LLC
|
|
1,186
|
|
|
2,940
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
1,066
|
|
|
1,066
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
|
1,043
|
|
|
1,013
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
|
1,006
|
|
|
—
|
|
||
|
Ministry Brands, LLC
|
|
1,000
|
|
|
15,000
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
986
|
|
|
813
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
781
|
|
|
544
|
|
||
|
ExamSoft Worldwide, Inc.
|
|
750
|
|
|
2,000
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
581
|
|
|
476
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
553
|
|
|
654
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
548
|
|
|
853
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
512
|
|
|
1,005
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
483
|
|
|
236
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
|
333
|
|
|
308
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
312
|
|
|
602
|
|
||
|
Cenegenics, LLC
|
|
297
|
|
|
1,001
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
219
|
|
|
485
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
216
|
|
|
261
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
199
|
|
|
204
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
183
|
|
|
190
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
129
|
|
|
177
|
|
||
|
Legalzoom.com, Inc.
|
|
—
|
|
|
15,427
|
|
||
|
RP Crown Parent, LLC
|
|
—
|
|
|
9,414
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
|
—
|
|
|
5,397
|
|
||
|
Trialcard Incorporated
|
|
—
|
|
|
4,900
|
|
||
|
Discovery Practice Management, Inc.
|
|
—
|
|
|
3,958
|
|
||
|
First American Payment Systems, LP
|
|
—
|
|
|
3,000
|
|
||
|
Edmentum, Inc.
|
|
—
|
|
|
2,664
|
|
||
|
HealthDrive Corporation
|
|
—
|
|
|
2,534
|
|
||
|
Teaching Strategies, LLC
|
|
—
|
|
|
2,400
|
|
||
|
Total
|
|
$
|
147,717
|
|
|
$
|
215,651
|
|
|
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 June 30, 2017
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
$
|
3,151
|
|
|
$
|
36,328
|
|
|
$
|
985
|
|
|
$
|
(845
|
)
|
|
$
|
36,468
|
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021
|
|
98
|
|
|
2,800
|
|
|
760
|
|
|
(2,810
|
)
|
|
750
|
|
|||||
|
LC Facility, 6% cash due 4/1/2021
|
|
172
|
|
|
3,518
|
|
|
12
|
|
|
(12
|
)
|
|
3,518
|
|
|||||
|
746,114 Series A Preferred Units
|
|
1,471
|
|
|
20,094
|
|
|
3,201
|
|
|
(161
|
)
|
|
23,134
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
—
|
|
|
2,284
|
|
|
—
|
|
|
2,284
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017
|
|
8
|
|
|
7,046
|
|
|
644
|
|
|
(2,160
|
)
|
|
5,530
|
|
|||||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
—
|
|
|
—
|
|
|
2,505
|
|
|
(2,505
|
)
|
|
—
|
|
|||||
|
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
|
|
2,060
|
|
|
54,214
|
|
|
2,068
|
|
|
(16,189
|
)
|
|
40,093
|
|
|||||
|
2,058,411.64 Common Units
|
|
—
|
|
|
2,839
|
|
|
—
|
|
|
(2,839
|
)
|
|
—
|
|
|||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
729
|
|
|
11,851
|
|
|
138
|
|
|
(121
|
)
|
|
11,868
|
|
|||||
|
4,293,756 Common Units
|
|
—
|
|
|
5,729
|
|
|
(455
|
)
|
|
(3,464
|
)
|
|
1,810
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 4/30/2017
|
|
571
|
|
|
13,875
|
|
|
1,058
|
|
|
(14,933
|
)
|
|
—
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 4/30/2017
|
|
81
|
|
|
3,887
|
|
|
4,189
|
|
|
(8,076
|
)
|
|
—
|
|
|||||
|
First Lien Revolver, 8% cash due 4/30/2017
|
|
183
|
|
|
1,913
|
|
|
2,185
|
|
|
(4,098
|
)
|
|
—
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
7,421
|
|
|
4,100
|
|
|
(11,521
|
)
|
|
—
|
|
|||||
|
Earn-out
|
|
—
|
|
|
—
|
|
|
7,851
|
|
|
—
|
|
|
7,851
|
|
|||||
|
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
|
|
3,465
|
|
|
—
|
|
|
101,030
|
|
|
—
|
|
|
101,030
|
|
|||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
1,978
|
|
|
—
|
|
|
26,642
|
|
|
—
|
|
|
26,642
|
|
|||||
|
87.5% LLC equity interest
|
|
1,050
|
|
|
13,708
|
|
|
433
|
|
|
(906
|
)
|
|
13,235
|
|
|||||
|
Express Group Holdings LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 9/3/2019
|
|
(110
|
)
|
|
1,193
|
|
|
12,073
|
|
|
(13,266
|
)
|
|
—
|
|
|||||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019
|
|
(2
|
)
|
|
6,090
|
|
|
5,211
|
|
|
(11,301
|
)
|
|
—
|
|
|||||
|
Last-In Revolver, PRIME+3.5% (3.5% floor) cash due 10/7/2016
|
|
106
|
|
|
3,000
|
|
|
—
|
|
|
(3,000
|
)
|
|
—
|
|
|||||
|
14,033,391 Series B Preferred Units
|
|
—
|
|
|
—
|
|
|
3,982
|
|
|
(3,982
|
)
|
|
—
|
|
|||||
|
280,668 Series A Preferred Units
|
|
—
|
|
|
—
|
|
|
1,593
|
|
|
(1,593
|
)
|
|
—
|
|
|||||
|
1,456,344 Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Ameritox Ltd.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
2,435
|
|
|
31,039
|
|
|
9,151
|
|
|
(82
|
)
|
|
40,108
|
|
|||||
|
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC
|
|
—
|
|
|
15,437
|
|
|
1,424
|
|
|
(2,667
|
)
|
|
14,194
|
|
|||||
|
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC
|
|
—
|
|
|
1,755
|
|
|
162
|
|
|
(1,917
|
)
|
|
—
|
|
|||||
|
4,930.03 Common Units in Ameritox Holdings II, LLC
|
|
—
|
|
|
13,113
|
|
|
—
|
|
|
(13,113
|
)
|
|
—
|
|
|||||
|
New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
4,107
|
|
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021
|
|
46
|
|
|
—
|
|
|
2,504
|
|
|
—
|
|
|
2,504
|
|
|||||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
21
|
|
|
—
|
|
|
1,009
|
|
|
—
|
|
|
1,009
|
|
|||||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
AdVenture Interactive, Corp.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
9,073 shares of common stock
|
|
—
|
|
|
—
|
|
|
24,258
|
|
|
(10,648
|
)
|
|
13,610
|
|
|||||
|
Keypath Education, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
412
|
|
|
—
|
|
|
19,960
|
|
|
—
|
|
|
19,960
|
|
|||||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
—
|
|
|
—
|
|
|
10,648
|
|
|
—
|
|
|
10,648
|
|
|||||
|
Total Control Investments
|
|
$
|
20,860
|
|
|
$
|
388,267
|
|
|
$
|
272,345
|
|
|
$
|
(280,259
|
)
|
|
$
|
380,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
873
|
|
|
9,549
|
|
|
156
|
|
|
(116
|
)
|
|
9,589
|
|
|||||
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
4,079
|
|
|
—
|
|
|
(1,550
|
)
|
|
2,529
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
|
|
3,422
|
|
|
24,268
|
|
|
818
|
|
|
(1,806
|
)
|
|
23,280
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
1,873
|
|
|
349
|
|
|
(271
|
)
|
|
1,951
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
4,295
|
|
|
$
|
39,769
|
|
|
$
|
1,323
|
|
|
$
|
(3,743
|
)
|
|
$
|
37,349
|
|
|
Total Control & Affiliate Investments
|
|
$
|
25,155
|
|
|
$
|
428,036
|
|
|
$
|
273,668
|
|
|
$
|
(284,002
|
)
|
|
$
|
417,702
|
|
|
(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 June 30, 2016
|
||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
$
|
1,434
|
|
|
$
|
—
|
|
|
$
|
36,910
|
|
|
$
|
(827
|
)
|
|
$
|
36,083
|
|
|
Second Lien Term Loan, 12% cash 3% PIK due 12/31/2016
|
|
1,458
|
|
|
16,878
|
|
|
341
|
|
|
(17,219
|
)
|
|
—
|
|
|||||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021
|
|
106
|
|
|
—
|
|
|
1,589
|
|
|
(89
|
)
|
|
1,500
|
|
|||||
|
LC Facility, 8.5% cash due 12/31/2016
|
|
203
|
|
|
1,444
|
|
|
111
|
|
|
(111
|
)
|
|
1,444
|
|
|||||
|
746,114 Series A Preferred Units
|
|
1,621
|
|
|
19,414
|
|
|
1,621
|
|
|
(4,192
|
)
|
|
16,843
|
|
|||||
|
746,114 Common Stock Units
|
|
—
|
|
|
5,930
|
|
|
—
|
|
|
(5,930
|
)
|
|
—
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 5/31/2016
|
|
626
|
|
|
8,713
|
|
|
1,021
|
|
|
(2,797
|
)
|
|
6,937
|
|
|||||
|
First Lien Revolver, 8% cash due 5/31/2016
|
|
279
|
|
|
1,555
|
|
|
4,765
|
|
|
(6,320
|
)
|
|
—
|
|
|||||
|
596.67 Series A Common Units in TransTrade Holdings LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
4,000,000 Series A Preferred Units in TransTrade Holdings LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
5,200,000 Series B Preferred Units in TransTrade Holding LLC
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
First Star Aviation, LLC (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 1/9/2018
|
|
480
|
|
|
5,313
|
|
|
190
|
|
|
(2,198
|
)
|
|
3,305
|
|
|||||
|
10,104,401 Common Units
|
|
—
|
|
|
9,500
|
|
|
653
|
|
|
(3,262
|
)
|
|
6,891
|
|
|||||
|
First Star Speir Aviation 1 Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
2,401
|
|
|
47,824
|
|
|
12,477
|
|
|
(6,962
|
)
|
|
53,339
|
|
|||||
|
2,058,411.64 Common Units
|
|
—
|
|
|
1,965
|
|
|
1,030
|
|
|
(1,632
|
)
|
|
1,363
|
|
|||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
416
|
|
|
24,836
|
|
|
799
|
|
|
(13,813
|
)
|
|
11,822
|
|
|||||
|
4,293,756 Common Units
|
|
—
|
|
|
2,773
|
|
|
1,702
|
|
|
(1,595
|
)
|
|
2,880
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan A, 8% PIK due 8/1/2016
|
|
817
|
|
|
13,066
|
|
|
859
|
|
|
(417
|
)
|
|
13,508
|
|
|||||
|
First Lien Term Loan B, 8.1% PIK due 8/1/2016
|
|
227
|
|
|
3,574
|
|
|
238
|
|
|
(28
|
)
|
|
3,784
|
|
|||||
|
First Lien Revolver, 8% cash due 8/1/2016
|
|
161
|
|
|
2,847
|
|
|
30
|
|
|
(964
|
)
|
|
1,913
|
|
|||||
|
4,100,000 Class A Common Units
|
|
—
|
|
|
5,464
|
|
|
1,830
|
|
|
(604
|
)
|
|
6,690
|
|
|||||
|
Senior Loan Fund JV I, LLC (5)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Subordinated Notes, LIBOR+8% cash due 5/2/2021
|
|
8,824
|
|
|
128,917
|
|
|
14,963
|
|
|
(12,840
|
)
|
|
131,040
|
|
|||||
|
87.5% equity interest
|
|
4,375
|
|
|
12,205
|
|
|
6,012
|
|
|
(5,920
|
)
|
|
12,297
|
|
|||||
|
Miche Group, LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Revolver, 8% cash due 12/18/2016
|
|
67
|
|
|
2,500
|
|
|
—
|
|
|
(2,500
|
)
|
|
—
|
|
|||||
|
100 units in FSFC Miche, Inc.
|
|
—
|
|
|
4,175
|
|
|
500
|
|
|
(4,675
|
)
|
|
—
|
|
|||||
|
Express Group Holdings LLC
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 9/3/2019 (13)
|
|
682
|
|
|
—
|
|
|
12,073
|
|
|
(51
|
)
|
|
12,022
|
|
|||||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019 (13)
|
|
50
|
|
|
—
|
|
|
5,979
|
|
|
(2,712
|
)
|
|
3,267
|
|
|||||
|
14,033,391 Series B Preferred Units
|
|
—
|
|
|
—
|
|
|
3,982
|
|
|
(323
|
)
|
|
3,659
|
|
|||||
|
280,668 Series A Preferred Units
|
|
—
|
|
|
—
|
|
|
1,593
|
|
|
(129
|
)
|
|
1,464
|
|
|||||
|
1,456,344 Common Units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Ameritox Ltd.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
643
|
|
|
—
|
|
|
31,082
|
|
|
(61
|
)
|
|
31,021
|
|
|||||
|
14,090,126.4 Class A Preferred A Units
|
|
—
|
|
|
|
|
14,716
|
|
|
—
|
|
|
14,716
|
|
||||||
|
1,602,260.83 Class B Preferred A Units
|
|
—
|
|
|
—
|
|
|
1,673
|
|
|
—
|
|
|
1,673
|
|
|||||
|
4,930.03 Common Units
|
|
—
|
|
|
—
|
|
|
29,049
|
|
|
(12,488
|
)
|
|
16,561
|
|
|||||
|
Total Control Investments
|
|
$
|
24,870
|
|
|
$
|
318,893
|
|
|
$
|
187,788
|
|
|
$
|
(110,659
|
)
|
|
$
|
396,022
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Caregiver Services, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
$
|
883
|
|
|
$
|
9,389
|
|
|
$
|
249
|
|
|
$
|
(234
|
)
|
|
$
|
9,404
|
|
|
1,080,399 shares of Series A Preferred Stock
|
|
—
|
|
|
4,213
|
|
|
14
|
|
|
(174
|
)
|
|
4,053
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 4/30/2016
|
|
3,135
|
|
|
26,240
|
|
|
648
|
|
|
(2,407
|
)
|
|
24,481
|
|
|||||
|
4,668,788 shares of Preferred Stock
|
|
—
|
|
|
764
|
|
|
1,715
|
|
|
(307
|
)
|
|
2,172
|
|
|||||
|
Total Affiliate Investments
|
|
$
|
4,018
|
|
|
$
|
40,606
|
|
|
$
|
2,626
|
|
|
$
|
(3,122
|
)
|
|
$
|
40,110
|
|
|
Total Control & Affiliate Investments
|
|
$
|
28,888
|
|
|
$
|
359,499
|
|
|
$
|
190,414
|
|
|
$
|
(113,781
|
)
|
|
$
|
436,132
|
|
|
(1)
|
The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.
|
|
(2)
|
Represents the total amount of interest, fees and dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories.
|
|
(3)
|
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation as well as the movement of an existing portfolio company into this category or out of a different category.
|
|
(4)
|
Gross reductions include decreases in the cost basis of investment resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.
|
|
(5)
|
Together with Kemper, the Company co-invests through SLF JV I. SLF JV I is capitalized as transactions are completed and all portfolio and investment decisions in respect to SLF JV I must be approved by the SLF JV I investment committee consisting of representatives of the Company and Kemper (with approval from a representative of each required).
|
|
(6)
|
First Star Aviation, LLC, First Star Bermuda Aviation Limited and First Star Speir Aviation 1 Limited are wholly-owned holding companies formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding companies to be investment companies under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding companies and to recognize dividend income versus a combination of interest income and dividend income. Accordingly, the debt and equity investments in the wholly-owned holding companies are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
|
|
•
|
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;
|
|
•
|
the timing of any assignment of the current investment advisory agreement with Fifth Street Management LLC, or the Investment Adviser, and whether and when the new investment advisory agreement with Oaktree Capital Management, L.P., or Oaktree, will become effective;
|
|
•
|
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 investments in the Company's portfolio; and
|
|
•
|
Our Board of Directors discusses valuations and determines the fair value of each 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
|
%
|
|
As of March 31, 2017
|
|
68.6
|
%
|
|
As of June 30, 2017
|
|
67.3
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||
|
Cost:
|
|
|
|
|
||
|
Senior secured debt
|
|
74.06
|
%
|
|
78.36
|
%
|
|
Subordinated debt
|
|
8.59
|
|
|
7.49
|
|
|
Debt investments in SLF JV I
|
|
6.76
|
|
|
6.34
|
|
|
LLC equity interests of SLF JV I
|
|
0.86
|
|
|
0.70
|
|
|
Purchased equity
|
|
5.75
|
|
|
3.61
|
|
|
Equity grants
|
|
2.58
|
|
|
2.40
|
|
|
Limited partnership interests
|
|
1.40
|
|
|
1.10
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||
|
Fair value:
|
|
|
|
|
||
|
Senior secured debt
|
|
74.10
|
%
|
|
78.02
|
%
|
|
Subordinated debt
|
|
8.20
|
|
|
7.22
|
|
|
Debt investments in SLF JV I
|
|
7.13
|
|
|
5.96
|
|
|
LLC equity interests of SLF JV I
|
|
0.74
|
|
|
0.63
|
|
|
Purchased equity
|
|
7.11
|
|
|
5.27
|
|
|
Equity grants
|
|
1.19
|
|
|
1.86
|
|
|
Limited partnership interests
|
|
1.53
|
|
|
1.04
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||
|
Cost:
|
|
|
|
|
||
|
Internet software & services
|
|
14.43
|
%
|
|
15.79
|
%
|
|
Healthcare services
|
|
12.12
|
|
|
16.61
|
|
|
Multi-sector holdings
|
|
9.02
|
|
|
7.80
|
|
|
Healthcare equipment
|
|
5.27
|
|
|
5.24
|
|
|
Advertising
|
|
4.48
|
|
|
7.47
|
|
|
Data processing & outsourced services
|
|
4.12
|
|
|
3.68
|
|
|
Pharmaceuticals
|
|
4.01
|
|
|
2.61
|
|
|
Construction & engineering
|
|
3.49
|
|
|
2.90
|
|
|
Research & consulting services
|
|
3.34
|
|
|
2.76
|
|
|
Diversified support services
|
|
3.21
|
|
|
3.73
|
|
|
Specialty stores
|
|
3.11
|
|
|
2.04
|
|
|
Environmental & facilities services
|
|
2.94
|
|
|
4.34
|
|
|
Industrial machinery
|
|
2.93
|
|
|
2.04
|
|
|
Education services
|
|
2.78
|
|
|
1.03
|
|
|
Application software
|
|
2.72
|
|
|
2.13
|
|
|
Airlines
|
|
2.64
|
|
|
3.11
|
|
|
IT consulting & other services
|
|
1.93
|
|
|
2.27
|
|
|
Leisure facilities
|
|
1.81
|
|
|
1.49
|
|
|
Integrated telecommunication services
|
|
1.72
|
|
|
2.47
|
|
|
Air freight and logistics
|
|
1.71
|
|
|
1.39
|
|
|
Consumer electronics
|
|
1.60
|
|
|
1.09
|
|
|
Security & alarm services
|
|
1.52
|
|
|
0.59
|
|
|
Casinos & gaming
|
|
1.28
|
|
|
—
|
|
|
Home improvement retail
|
|
1.23
|
|
|
1.07
|
|
|
Auto parts & equipment
|
|
1.21
|
|
|
0.73
|
|
|
Other diversified financial services
|
|
0.67
|
|
|
0.65
|
|
|
Hypermarkets & super centers
|
|
0.64
|
|
|
—
|
|
|
Food distributors
|
|
0.63
|
|
|
0.52
|
|
|
Oil & gas equipment services
|
|
0.40
|
|
|
2.00
|
|
|
Thrift & mortgage finance
|
|
0.40
|
|
|
0.35
|
|
|
Computer & electronics retail
|
|
0.34
|
|
|
—
|
|
|
Multi-utilities
|
|
0.33
|
|
|
—
|
|
|
Commercial printing
|
|
0.32
|
|
|
0.27
|
|
|
Precious metals & minerals
|
|
0.29
|
|
|
—
|
|
|
Tobacco
|
|
0.28
|
|
|
—
|
|
|
Apparel, accessories & luxury goods
|
|
0.27
|
|
|
0.69
|
|
|
Restaurants
|
|
0.26
|
|
|
0.22
|
|
|
Food retail
|
|
0.22
|
|
|
0.18
|
|
|
Specialized finance
|
|
0.17
|
|
|
—
|
|
|
Oil & gas exploration & production
|
|
0.16
|
|
|
—
|
|
|
Specialized consumer services
|
|
—
|
|
|
0.39
|
|
|
Healthcare technology
|
|
—
|
|
|
0.35
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||
|
Fair value:
|
|
|
|
|
||
|
Internet software & services
|
|
15.05
|
%
|
|
15.06
|
%
|
|
Healthcare services
|
|
10.49
|
|
|
16.67
|
|
|
Multi-sector holdings
|
|
9.45
|
|
|
7.37
|
|
|
Advertising
|
|
4.83
|
|
|
6.90
|
|
|
Healthcare equipment
|
|
4.50
|
|
|
5.58
|
|
|
Pharmaceuticals
|
|
4.32
|
|
|
2.79
|
|
|
Data processing & outsourced services
|
|
4.19
|
|
|
3.71
|
|
|
Construction & engineering
|
|
3.69
|
|
|
2.90
|
|
|
Research & consulting services
|
|
3.60
|
|
|
2.93
|
|
|
Industrial machinery
|
|
3.36
|
|
|
2.38
|
|
|
Specialty stores
|
|
3.23
|
|
|
2.09
|
|
|
Environmental & facilities services
|
|
3.18
|
|
|
4.66
|
|
|
Airlines
|
|
3.00
|
|
|
3.56
|
|
|
Application software
|
|
2.96
|
|
|
2.35
|
|
|
Education services
|
|
2.40
|
|
|
0.91
|
|
|
IT consulting & other services
|
|
2.10
|
|
|
2.38
|
|
|
Leisure facilities
|
|
1.98
|
|
|
1.59
|
|
|
Integrated telecommunication services
|
|
1.80
|
|
|
2.45
|
|
|
Auto parts & equipment
|
|
1.74
|
|
|
0.86
|
|
|
Consumer electronics
|
|
1.72
|
|
|
1.16
|
|
|
Security & alarm services
|
|
1.48
|
|
|
0.64
|
|
|
Diversified support services
|
|
1.42
|
|
|
3.50
|
|
|
Home improvement retail
|
|
1.41
|
|
|
1.21
|
|
|
Casinos & gaming
|
|
1.35
|
|
|
0.00
|
|
|
Leisure products
|
|
0.98
|
|
|
1.62
|
|
|
Other diversified financial services
|
|
0.67
|
|
|
0.68
|
|
|
Hypermarkets & super centers
|
|
0.65
|
|
|
—
|
|
|
Food distributors
|
|
0.65
|
|
|
0.53
|
|
|
Oil & gas equipment services
|
|
0.43
|
|
|
0.78
|
|
|
Thrift & mortgage finance
|
|
0.37
|
|
|
0.27
|
|
|
Computer & electronics retail
|
|
0.37
|
|
|
—
|
|
|
Multi-utilities
|
|
0.35
|
|
|
—
|
|
|
Commercial printing
|
|
0.34
|
|
|
0.28
|
|
|
Air freight and logistics
|
|
0.31
|
|
|
0.33
|
|
|
Precious metals & minerals
|
|
0.30
|
|
|
—
|
|
|
Tobacco
|
|
0.29
|
|
|
—
|
|
|
Restaurants
|
|
0.28
|
|
|
0.23
|
|
|
Food retail
|
|
0.24
|
|
|
0.19
|
|
|
Specialized finance
|
|
0.18
|
|
|
—
|
|
|
Apparel, accessories & luxury goods
|
|
0.18
|
|
|
0.68
|
|
|
Oil & gas exploration & production
|
|
0.16
|
|
|
—
|
|
|
Specialized consumer services
|
|
—
|
|
|
0.42
|
|
|
Healthcare technology
|
|
—
|
|
|
0.34
|
|
|
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 investments are initially ranked 2.
|
|
•
|
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
|
|
June 30, 2017
|
|
|
|
September 30, 2016 (2)
|
|
|
||||||||||||||||
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
|
Fair Value
|
|
% of Portfolio
|
|
Leverage Ratio
|
|
|
||||||||||
|
1
|
|
$
|
16,258
|
|
|
1.02
|
%
|
|
NM
|
|
|
(1)
|
|
$
|
38,172
|
|
|
1.94
|
%
|
|
3.47
|
|
|
|
|
2
|
|
1,426,008
|
|
|
89.05
|
|
|
4.24
|
|
|
|
|
1,792,896
|
|
|
90.79
|
|
|
4.51
|
|
|
|
||
|
3
|
|
100,127
|
|
|
6.25
|
|
|
NM
|
|
|
(1)
|
|
41,163
|
|
|
2.08
|
|
|
NM
|
|
|
(1)
|
||
|
4
|
|
58,971
|
|
|
3.68
|
|
|
NM
|
|
|
(1)
|
|
102,581
|
|
|
5.19
|
|
|
NM
|
|
|
(1)
|
||
|
Total
|
|
$
|
1,601,364
|
|
|
100.00
|
%
|
|
4.24
|
|
|
|
|
$
|
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.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||
|
|
|
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
|
|
$
|
1,499,457
|
|
|
88.73
|
%
|
|
$
|
1,512,089
|
|
|
94.43
|
%
|
|
$
|
1,890,606
|
|
|
89.80
|
%
|
|
$
|
1,854,228
|
|
|
93.89
|
%
|
|
$
|
2,104,327
|
|
|
95.19
|
%
|
|
$
|
2,042,055
|
|
|
99.24
|
%
|
|
PIK non-accrual (1)
|
|
72,650
|
|
|
4.30
|
|
|
43,134
|
|
|
2.69
|
|
|
40,187
|
|
|
1.91
|
|
|
31,548
|
|
|
1.60
|
|
|
66,579
|
|
|
3.01
|
|
|
5,550
|
|
|
0.27
|
|
||||||
|
Cash non-accrual (2)
|
|
117,832
|
|
|
6.97
|
|
|
46,141
|
|
|
2.88
|
|
|
174,629
|
|
|
8.29
|
|
|
89,036
|
|
|
4.51
|
|
|
39,829
|
|
|
1.80
|
|
|
9,993
|
|
|
0.49
|
|
||||||
|
Total
|
|
$
|
1,689,939
|
|
|
100.00
|
%
|
|
$
|
1,601,364
|
|
|
100.00
|
%
|
|
$
|
2,105,422
|
|
|
100.00
|
%
|
|
$
|
1,974,812
|
|
|
100.00
|
%
|
|
$
|
2,210,735
|
|
|
100.00
|
%
|
|
$
|
2,057,598
|
|
|
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.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
|
June 30, 2016
|
|||
|
Phoenix Brands Merger Sub LLC - subordinated term loan (2)
|
|
—
|
|
—
|
|
PIK non-accrual (1)
|
|||
|
JTC Education, Inc. (2)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Answers Corporation (3)(4)
|
|
—
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|||
|
QuorumLabs, Inc. (2)
|
|
—
|
|
—
|
|
Cash non-accrual (1)
|
|||
|
Dominion Diagnostics, LLC - subordinated term loan
|
|
PIK non-accrual (1)
|
|
Cash non-accrual (1)
|
|
Cash non-accrual (1)
|
|||
|
Express Group Holdings LLC (4)
|
|
—
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
AdVenture Interactive, Corp. (5)
|
|
—
|
|
Cash non-accrual (1)
|
|
—
|
|||
|
ERS Acquisition Corp.
|
|
Cash non-accrual (1)
|
|
PIK non-accrual (1)
|
|
—
|
|||
|
TransTrade Operators, Inc.
|
|
Cash non-accrual (1)
|
|
—
|
|
—
|
|||
|
Maverick Healthcare Group, LLC
|
|
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)
|
The Company no longer held this investment as of June 30, 2017 and September 30, 2016.
|
|
(3)
|
As of June 30, 2016, only the second lien term loan was on PIK non-accrual. As of September 30, 2016, both the first lien term loan and the second lien term loan were on cash non-accrual.
|
|
(4)
|
The Company no longer held this investment as of June 30, 2017.
|
|
(5)
|
In March 2017, the Company restructured its investment in AdVenture Interactive, Corp. As part of the restructuring, the Company exchanged a portion of its debt securities for equity securities in the restructured entity.
|
|
|
|
Three months ended
June 30, 2017 |
|
Three months ended
June 30, 2016 |
|
Nine months
ended June 30, 2017 |
|
Nine months
ended June 30, 2016 |
||||||||
|
Cash interest income
|
|
$
|
2,708
|
|
|
$
|
2,082
|
|
|
$
|
13,321
|
|
|
$
|
6,999
|
|
|
PIK interest income
|
|
2,345
|
|
|
1,713
|
|
|
6,969
|
|
|
5,176
|
|
||||
|
OID income
|
|
7
|
|
|
6,987
|
|
|
154
|
|
|
20,971
|
|
||||
|
Total
|
|
$
|
5,060
|
|
|
$
|
10,782
|
|
|
$
|
20,444
|
|
|
$
|
33,146
|
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
|
Senior secured loans (1)
|
|
$279,232
|
|
$324,406
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.65%
|
|
7.84%
|
|
Number of borrowers in SLF JV I
|
|
37
|
|
37
|
|
Largest exposure to a single borrower (1)
|
|
$18,497
|
|
$19,775
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$83,288
|
|
$93,926
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
9,073 Common Stock Shares
|
|
|
|
|
|
|
|
$
|
1,088
|
|
|
$
|
1,391
|
|
||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
$
|
7,000
|
|
|
7,060
|
|
|
7,031
|
|
||
|
Ameritox Ltd. (3)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
6,024
|
|
|
6,024
|
|
|
6,024
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
302
|
|
|
—
|
|
||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
5,474
|
|
|
—
|
|
||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
6,024
|
|
|
11,800
|
|
|
6,024
|
|
|||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
15,356
|
|
|
15,244
|
|
|
15,317
|
|
|||
|
BJ's Wholesale Club, Inc. (3)
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.75% (1% floor)
|
|
5,000
|
|
|
5,006
|
|
|
4,858
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+4.25% (1% floor)
|
|
11,182
|
|
|
11,062
|
|
|
11,280
|
|
|||
|
DFT Intermediate LLC (3)
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2024
|
|
LIBOR+5.5% (1% floor)
|
|
10,723
|
|
|
10,465
|
|
|
10,556
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
4,524
|
|
|
4,542
|
|
|
4,547
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
9,339
|
|
|
9,376
|
|
|
9,426
|
|
|||
|
DTZ U.S. Borrower, LLC (3)
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
6,982
|
|
|
7,017
|
|
|
6,982
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10,600
|
|
|
10,602
|
|
|
10,571
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
18,497
|
|
|
18,282
|
|
|
18,646
|
|
|||
|
Everi Payments Inc.(3)
|
|
Casinos & gaming
|
|
First Lien
|
|
5/1/2024
|
|
LIBOR+4.5% (1% floor)
|
|
5,000
|
|
|
4,976
|
|
|
5,041
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
4,925
|
|
|
4,889
|
|
|
4,886
|
|
|||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
3/22/2018
|
|
LIBOR+7.75% (1% floor)
|
|
2,040
|
|
|
2,040
|
|
|
2,040
|
|
|||
|
|
|
|
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
—
|
|
|
1,390
|
|
|
1,088
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,430
|
|
|
3,128
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
5,875
|
|
|
5,855
|
|
|
5,831
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,000
|
|
|
9,011
|
|
|
8,947
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9,000
|
|
|
8,940
|
|
|
8,947
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
18,000
|
|
|
17,951
|
|
|
17,894
|
|
|||
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
18,404
|
|
|
18,383
|
|
|
18,348
|
|
|||
|
Lytx, Inc (3)
|
|
Research & consulting services
|
|
First Lien
|
|
3/15/2023
|
|
LIBOR+8.5% (1% floor)
|
|
7,921
|
|
|
7,921
|
|
|
8,157
|
|
|||
|
Metamorph US 3, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor)
|
|
9,996
|
|
|
9,730
|
|
|
5,732
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
4,361
|
|
|
4,307
|
|
|
4,340
|
|
|||
|
My Alarm Center, LLC
|
|
Security & alarm services
|
|
First Lien A
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
3,000
|
|
|
2,996
|
|
|
3,060
|
|
|||
|
|
|
|
|
First Lien B
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
4,703
|
|
|
4,694
|
|
|
4,797
|
|
|||
|
|
|
|
|
First Lien C
|
|
1/9/2019
|
|
LIBOR+8% (1% floor)
|
|
1,297
|
|
|
1,291
|
|
|
1,323
|
|
|||
|
Total My Alarm Center, LLC
|
|
|
|
|
|
|
|
|
|
9,000
|
|
|
8,981
|
|
|
9,180
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
4,975
|
|
|
4,940
|
|
|
4,993
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
1,094
|
|
|
1,094
|
|
|
1,094
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
2,888
|
|
|
2,888
|
|
|
2,888
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6,134
|
|
|
6,076
|
|
|
5,939
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
10,896
|
|
|
10,901
|
|
|
10,816
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
5,136
|
|
|
5,110
|
|
|
5,133
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
2,484
|
|
|
2,436
|
|
|
2,478
|
|
|||
|
Scientific Games International, Inc. (3)
|
|
Casinos & gaming
|
|
First Lien
|
|
10/1/2021
|
|
LIBOR+4% (1% floor)
|
|
6,982
|
|
|
7,102
|
|
|
7,060
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
8,616
|
|
|
8,586
|
|
|
8,638
|
|
|||
|
TIBCO Software, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
12/4/2020
|
|
LIBOR+4.5% (1% floor)
|
|
6,959
|
|
|
6,813
|
|
|
7,006
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/8/2021
|
|
LIBOR+7.75% (1% floor)
|
|
5,127
|
|
|
5,127
|
|
|
5,153
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
3,591
|
|
|
3,574
|
|
|
3,616
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
13,031
|
|
|
12,887
|
|
|
13,147
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
2,660
|
|
|
2,641
|
|
|
2,620
|
|
|||
|
Worley Claims Services, LLC (3)
|
|
Internet software & services
|
|
First Lien
|
|
10/31/2020
|
|
LIBOR+8% (1% floor)
|
|
9,004
|
|
|
8,973
|
|
|
8,914
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
$
|
279,232
|
|
|
$
|
286,021
|
|
|
$
|
277,567
|
|
|
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
|
|
|||
|
Portfolio Company (4)
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate (1)
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
||||||
|
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 Claims 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
|
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost June 30, 2017: $286,021; cost September 30, 2016: $327,720)
|
|
$
|
277,567
|
|
|
$
|
315,153
|
|
|
Receivables from secured financing arrangements at fair value (cost June 30, 2017: $9,766; cost September 30, 2016: $10,014)
|
|
9,594
|
|
|
9,672
|
|
||
|
Cash and cash equivalents
|
|
26,687
|
|
|
1,878
|
|
||
|
Restricted cash
|
|
3,959
|
|
|
7,080
|
|
||
|
Other assets
|
|
4,195
|
|
|
4,700
|
|
||
|
Total assets
|
|
$
|
322,002
|
|
|
$
|
338,483
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
148,553
|
|
|
$
|
167,012
|
|
|
Debt securities payable at fair value (proceeds June 30, 2017: $145,910; proceeds September 30, 2016: $165,533)
|
|
145,910
|
|
|
147,433
|
|
||
|
Other liabilities
|
|
12,413
|
|
|
8,371
|
|
||
|
Total liabilities
|
|
$
|
306,876
|
|
|
$
|
322,816
|
|
|
Members' equity
|
|
15,126
|
|
|
15,667
|
|
||
|
Total liabilities and members' equity
|
|
$
|
322,002
|
|
|
$
|
338,483
|
|
|
|
|
Three months ended June 30, 2017
|
|
Three months ended June 30, 2016
|
|
Nine months ended June 30, 2017
|
|
Nine months ended June 30, 2016
|
||||||||
|
Selected Statements of Operations Information:
|
|
|
|
|
|
|
|
|
||||||||
|
Interest income
|
|
$
|
5,489
|
|
|
$
|
7,855
|
|
|
$
|
17,945
|
|
|
$
|
22,722
|
|
|
Other income
|
|
61
|
|
|
36
|
|
|
389
|
|
|
472
|
|
||||
|
Total investment income
|
|
5,550
|
|
|
7,891
|
|
|
18,334
|
|
|
23,194
|
|
||||
|
Interest expense
|
|
5,348
|
|
|
6,085
|
|
|
16,720
|
|
|
17,163
|
|
||||
|
Other expenses
|
|
84
|
|
|
120
|
|
|
579
|
|
|
364
|
|
||||
|
Total expenses (1)
|
|
5,432
|
|
|
6,205
|
|
|
17,299
|
|
|
17,527
|
|
||||
|
Net unrealized appreciation (depreciation)
|
|
(769
|
)
|
|
7,446
|
|
|
(13,816
|
)
|
|
5,774
|
|
||||
|
Net realized gain (loss)
|
|
16
|
|
|
(7,755
|
)
|
|
13,350
|
|
|
—
|
|
||||
|
Net income (loss)
|
|
$
|
(635
|
)
|
|
$
|
1,377
|
|
|
$
|
569
|
|
|
$
|
11,441
|
|
|
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
|
|
|
8.3 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
|
|
|
8.0 million
|
|
73,940
|
|
|
0.4 million
|
|
|
October 18, 2016
|
|
February 15, 2017
|
|
February 28, 2017
|
|
0.06
|
|
|
8.0 million
|
|
86,120
|
|
|
0.4 million
|
|
|
February 6, 2017
|
|
March 15, 2017
|
|
March 31, 2017
|
|
0.02
|
|
|
2.7 million
|
|
27,891
|
|
|
0.1 million
|
|
|
February 6, 2017
|
|
June 15, 2017
|
|
June 30, 2017
|
|
0.02
|
|
|
2.7 million
|
|
20,502
|
|
|
0.1 million
|
|
|
February 6, 2017
|
|
September 15, 2017
|
|
September 29, 2017
|
|
0.125
|
|
|
|
|
|
|
|
||
|
August 7, 2017
|
|
December 15, 2017
|
|
December 29, 2017
|
|
0.125
|
|
|
|
|
|
|
|
||
|
(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
|
%
|
|
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
|
|
$1,010 million
|
|
Asset coverage ratio
|
|
Asset coverage ratio shall not be less than 2.10:1
|
|
2.10:1
|
|
2.37:1
|
|
Interest coverage ratio
|
|
Interest coverage ratio shall not be less than 2.50:1
|
|
2.50:1
|
|
2.71:1
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||
|
Lift Brands Holdings, Inc.
|
|
$
|
15,000
|
|
|
$
|
13,000
|
|
|
TigerText, Inc.
|
|
15,000
|
|
|
10,000
|
|
||
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
Edge Fitness, LLC
|
|
8,353
|
|
|
8,353
|
|
||
|
BeyondTrust Software, Inc.
|
|
5,995
|
|
|
5,995
|
|
||
|
InMotion Entertainment Group, LLC
|
|
5,855
|
|
|
6,856
|
|
||
|
TIBCO Software, Inc.
|
|
5,800
|
|
|
5,800
|
|
||
|
Valet Merger Sub, Inc.
|
|
5,596
|
|
|
5,596
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Thing5, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Baart Programs, Inc.
|
|
4,762
|
|
|
4,762
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
4,732
|
|
|
2,682
|
|
||
|
Eagle Hospital Physicians, Inc.
|
|
4,667
|
|
|
2,753
|
|
||
|
Refac Optical Group
|
|
4,480
|
|
|
6,400
|
|
||
|
OBHG Management Services, LLC
|
|
3,836
|
|
|
3,836
|
|
||
|
Metamorph US 3, LLC
|
|
3,675
|
|
|
3,675
|
|
||
|
Keypath Education, Inc. (formerly Adventure Interactive, Corp.)
|
|
3,000
|
|
|
4,846
|
|
||
|
WeddingWire, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Motion Recruitment Partners LLC
|
|
2,900
|
|
|
2,900
|
|
||
|
OmniSYS Acquisition Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Ping Identity Corporation
|
|
2,500
|
|
|
2,500
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
2,426
|
|
|
2,054
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
—
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
2,000
|
|
|
—
|
|
||
|
Accruent, LLC
|
|
1,900
|
|
|
1,900
|
|
||
|
TransTrade Operators, Inc.
|
|
1,568
|
|
|
424
|
|
||
|
Senior Loan Fund JV 1, LLC
|
|
1,328
|
|
|
14,065
|
|
||
|
My Alarm Center, LLC
|
|
1,186
|
|
|
2,940
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
1,066
|
|
|
1,066
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
|
1,043
|
|
|
1,013
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
|
1,006
|
|
|
—
|
|
||
|
Ministry Brands, LLC
|
|
1,000
|
|
|
15,000
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
986
|
|
|
813
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
781
|
|
|
544
|
|
||
|
ExamSoft Worldwide, Inc.
|
|
750
|
|
|
2,000
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
581
|
|
|
476
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
553
|
|
|
654
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
548
|
|
|
853
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
512
|
|
|
1,005
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
483
|
|
|
236
|
|
||
|
L Squared Capital Partners (limited partnership interest)
|
|
333
|
|
|
308
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
312
|
|
|
602
|
|
||
|
Cenegenics, LLC
|
|
297
|
|
|
1,001
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
219
|
|
|
485
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
216
|
|
|
261
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
199
|
|
|
204
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
183
|
|
|
190
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
129
|
|
|
177
|
|
||
|
Legalzoom.com, Inc.
|
|
—
|
|
|
15,427
|
|
||
|
RP Crown Parent, LLC
|
|
—
|
|
|
9,414
|
|
||
|
Integrated Petroleum Technologies, Inc.
|
|
—
|
|
|
5,397
|
|
||
|
Trialcard Incorporated
|
|
—
|
|
|
4,900
|
|
||
|
Discovery Practice Management, Inc.
|
|
—
|
|
|
3,958
|
|
||
|
First American Payment Systems, LP
|
|
—
|
|
|
3,000
|
|
||
|
Edmentum, Inc.
|
|
—
|
|
|
2,664
|
|
||
|
HealthDrive Corporation
|
|
—
|
|
|
2,534
|
|
||
|
Teaching Strategies, LLC
|
|
—
|
|
|
2,400
|
|
||
|
Total
|
|
$
|
147,717
|
|
|
$
|
215,651
|
|
|
|
|
Debt Outstanding
as of September 30, 2016 |
|
Debt Outstanding
as of June 30, 2017
|
|
Weighted average debt
outstanding for the
nine months ended
June 30, 2017
|
|
Maximum debt
outstanding
for the nine months ended
June 30, 2017
|
||||||||
|
SBA debentures
|
|
$
|
213,300
|
|
|
$
|
148,000
|
|
|
$
|
184,118
|
|
|
$
|
213,300
|
|
|
ING facility
|
|
472,495
|
|
|
301,495
|
|
|
381,751
|
|
|
530,495
|
|
||||
|
Sumitomo facility
|
|
43,800
|
|
|
44,000
|
|
|
40,115
|
|
|
44,000
|
|
||||
|
2019 Notes
|
|
250,000
|
|
|
250,000
|
|
|
250,000
|
|
|
250,000
|
|
||||
|
2024 Notes
|
|
75,000
|
|
|
75,000
|
|
|
75,000
|
|
|
75,000
|
|
||||
|
2028 Notes
|
|
86,250
|
|
|
86,250
|
|
|
86,250
|
|
|
86,250
|
|
||||
|
Secured borrowings
|
|
18,929
|
|
|
13,810
|
|
|
14,842
|
|
|
18,929
|
|
||||
|
Total debt
|
|
$
|
1,159,774
|
|
|
$
|
918,555
|
|
|
$
|
1,032,076
|
|
|
|
||
|
|
|
Payments due by period as of June 30, 2017
|
||||||||||||||||||
|
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
|
SBA debentures
|
|
$
|
148,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
73,000
|
|
|
$
|
75,000
|
|
|
Interest due on SBA debentures
|
|
29,207
|
|
|
5,639
|
|
|
11,294
|
|
|
7,457
|
|
|
4,817
|
|
|||||
|
ING facility
|
|
301,495
|
|
|
—
|
|
|
301,495
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on ING facility
|
|
11,564
|
|
|
10,552
|
|
|
1,012
|
|
|
—
|
|
|
—
|
|
|||||
|
Sumitomo facility (1)
|
|
44,000
|
|
|
—
|
|
|
—
|
|
|
44,000
|
|
|
—
|
|
|||||
|
Interest due on Sumitomo facility
|
|
5,985
|
|
|
1,419
|
|
|
2,839
|
|
|
1,727
|
|
|
—
|
|
|||||
|
Secured borrowings
|
|
13,810
|
|
|
—
|
|
|
13,810
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on secured borrowings
|
|
454
|
|
|
454
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
2019 Notes
|
|
250,000
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on 2019 Notes
|
|
20,335
|
|
|
12,188
|
|
|
8,147
|
|
|
—
|
|
|
—
|
|
|||||
|
2024 Notes
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|||||
|
Interest due on 2024 Notes
|
|
32,341
|
|
|
4,406
|
|
|
8,813
|
|
|
8,813
|
|
|
10,309
|
|
|||||
|
2028 Notes
|
|
86,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,250
|
|
|||||
|
Interest due on 2028 Notes
|
|
57,271
|
|
|
5,283
|
|
|
10,566
|
|
|
10,566
|
|
|
30,856
|
|
|||||
|
Total
|
|
$
|
1,075,712
|
|
|
$
|
39,941
|
|
|
$
|
607,976
|
|
|
$
|
145,563
|
|
|
$
|
282,232
|
|
|
Three Months Ended
|
|
Qualified Net Interest Income
|
Qualified Short-Term Capital Gains
|
||
|
December 31, 2016
|
|
83.1
|
%
|
—
|
|
|
March 31, 2017
|
|
83.1
|
%
|
—
|
|
|
June 30, 2017
|
|
83.1
|
%
|
—
|
|
|
•
|
No subordinated incentive fee on income is payable to the Investment Adviser in any fiscal quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the preferred return rate of 1.75%;
|
|
•
|
100% of our Pre-Incentive Fee Net Investment Income, if any, that exceeds the preferred return but is less than or equal to 2.1875% in any fiscal quarter is payable to the Investment Adviser. This portion of the subordinated incentive fee on income is referred to as the “catch-up” provision, and it is intended to provide the Investment Adviser with an incentive fee of 20% on all of our Pre-Incentive Fee Net Investment Income when our Pre-Incentive Fee Net Investment Income reaches 2.1875% on net assets in any fiscal quarter; and
|
|
•
|
For any quarter in which our Pre-Incentive Fee Net Investment Income exceeds 2.1875% on net assets, the subordinated incentive fee on income is equal to 20% of the amount of our Pre-Incentive Fee Net Investment Income, as the preferred return and catch-up will have been achieved.
|
|
•
|
No Part I incentive fee was payable to the Investment Adviser in any fiscal quarter in which our Pre-Incentive Fee Investment Income did not exceed a hurdle rate of 2.00%;
|
|
•
|
100% of our Pre-Incentive Fee Net Investment Income, if any, that exceeded the 2.0% hurdle rate but was less than or equal to 2.5% was payable to the Investment Adviser. This portion of our Part I incentive fee was referred to as the “catch-up” and was intended to provide the Investment Adviser with an incentive fee of 20% on all of our Pre-Incentive Fee Net Investment Income when our Pre-Incentive Fee Net Investment Income reaches 2.5% in any fiscal quarter; and
|
|
•
|
20% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeded 2.5% in any fiscal quarter was payable to the Investment Adviser, as the preferred return and catch-up would have been achieved.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||
|
($ in thousands)
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
|
Under 1%
|
|
$
|
301,772
|
|
|
23.71
|
%
|
|
$
|
271,484
|
|
|
16.98
|
%
|
|
1% to under 2%
|
|
971,179
|
|
|
76.29
|
|
|
1,324,121
|
|
|
82.83
|
|
||
|
2% to under 3%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
3% and over
|
|
—
|
|
|
—
|
|
|
3,000
|
|
|
0.19
|
|
||
|
Total
|
|
$
|
1,272,951
|
|
|
100.00
|
%
|
|
$
|
1,598,605
|
|
|
100.00
|
%
|
|
($ in thousands)
|
|
|
|
|
|
|
||||||
|
Basis point increase(1)
|
|
Interest
income
|
|
Interest
expense
|
|
Net increase
(decrease)
|
||||||
|
500
|
|
$
|
60,800
|
|
|
$
|
(17,600
|
)
|
|
$
|
43,200
|
|
|
400
|
|
48,600
|
|
|
(14,000
|
)
|
|
34,600
|
|
|||
|
300
|
|
36,400
|
|
|
(10,400
|
)
|
|
26,000
|
|
|||
|
200
|
|
24,200
|
|
|
(6,800
|
)
|
|
17,400
|
|
|||
|
100
|
|
12,000
|
|
|
(3,200
|
)
|
|
8,800
|
|
|||
|
(1)
|
A decline in interest rates would not have a material impact on our Consolidated Financial Statements.
|
|
|
|
June 30, 2017
|
|
September 30, 2016
|
||||||||||||
|
($ in thousands)
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
|
Interest Bearing
Cash and Investments |
|
Borrowings
|
||||||||
|
Money market rate
|
|
$
|
92,822
|
|
|
$
|
—
|
|
|
$
|
130,362
|
|
|
$
|
—
|
|
|
Prime rate
|
|
60,967
|
|
|
—
|
|
|
12,344
|
|
|
—
|
|
||||
|
LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
42,531
|
|
|
345,495
|
|
|
42,087
|
|
|
516,295
|
|
||||
|
90 day
|
|
1,245,201
|
|
|
13,810
|
|
|
1,665,339
|
|
|
18,929
|
|
||||
|
Fixed rate
|
|
375,352
|
|
|
559,250
|
|
|
408,136
|
|
|
624,550
|
|
||||
|
Total
|
|
$
|
1,816,873
|
|
|
$
|
918,555
|
|
|
$
|
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
|
|
|
—
|
|
||||
|
January 1-January 31
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
February 1- February 28
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
March 1-March 31
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
April 1-April 30
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
May 1-May 31
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
June 1-June 30
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
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/ Bernard D. Berman
|
|
|
|
Bernard D. Berman
|
|
|
|
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 |
|---|