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Price
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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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333 South Grand Avenue, 28th Floor
Los Angeles, CA
(Address of principal executive office)
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90071
(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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December 31, 2017
(unaudited)
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September 30, 2017
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ASSETS
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Investments at fair value:
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Control investments (cost December 31, 2017: $438,415; cost September 30, 2017: $444,826)
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$
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297,534
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$
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305,271
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Affiliate investments (cost December 31, 2017: $33,397; cost September 30, 2017: $33,743)
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36,469
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36,983
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Non-control/Non-affiliate investments (cost December 31, 2017: $1,204,629; cost September 30, 2017: $1,279,096)
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1,081,401
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1,199,501
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Total investments at fair value (cost December 31, 2017: $1,676,441; cost September 30, 2017: $1,757,665)
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1,415,404
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1,541,755
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Cash and cash equivalents
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45,435
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53,018
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Restricted cash
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319
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6,895
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Interest, dividends and fees receivable
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9,082
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6,892
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Due from portfolio companies
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5,368
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5,670
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Receivables from unsettled transactions
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8,869
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—
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Deferred financing costs
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6,443
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1,304
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Other assets
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3,260
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514
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Total assets
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$
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1,494,180
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$
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1,616,048
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LIABILITIES AND NET ASSETS
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Liabilities:
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Accounts payable, accrued expenses and other liabilities
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$
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3,490
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$
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2,417
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Base management fee and Part I incentive fee payable
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6,286
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6,750
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Due to affiliate
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1,534
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1,815
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Interest payable
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6,547
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3,167
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Amounts payable to syndication partners
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—
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1
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Director fees payable
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176
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184
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Payables from unsettled transactions
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33,465
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58,691
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Credit facilities payable
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205,000
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255,995
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Unsecured notes payable (net of $4,432 and $4,737 of unamortized financing costs as of December 31, 2017 and September 30, 2017, respectively)
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406,486
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406,115
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Secured borrowings at fair value (proceeds of $13,489 as of December 31, 2017 and September 30, 2017)
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11,601
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13,256
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Total liabilities
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674,585
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748,391
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Commitments and contingencies (Note 15)
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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 as of December 31, 2017 and September 30, 2017
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1,409
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1,409
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Additional paid-in-capital
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1,579,278
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1,579,278
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Net unrealized depreciation on investments and secured borrowings
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(259,149
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)
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(215,677
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)
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Net realized loss on investments and secured borrowings
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(478,301
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)
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(478,010
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Accumulated overdistributed net investment income
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(23,642
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)
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(19,343
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)
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Total net assets (equivalent to $5.81 and $6.16 per common share as of December 31, 2017 and September 30, 2017, respectively) (Note 12)
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819,595
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867,657
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Total liabilities and net assets
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$
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1,494,180
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$
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1,616,048
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Three months ended
December 31, 2017 |
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Three months ended
December 31, 2016 |
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Interest income:
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Control investments
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$
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3,203
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$
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4,445
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Affiliate investments
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949
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1,008
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Non-control/Non-affiliate investments
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25,565
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38,301
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Interest on cash and cash equivalents
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221
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119
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Total interest income
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29,938
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43,873
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PIK interest income:
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Control investments
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1,191
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1,560
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Affiliate investments
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176
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201
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Non-control/Non-affiliate investments
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500
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1,076
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Total PIK interest income
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1,867
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2,837
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Fee income:
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Control investments
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120
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309
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Affiliate investments
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4
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482
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Non-control/Non-affiliate investments
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907
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2,777
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Total fee income
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1,031
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3,568
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Dividend and other income:
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Control investments
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1,040
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1,462
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Non-control/Non-affiliate investments
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—
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20
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Total dividend and other income
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1,040
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1,482
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Total investment income
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33,876
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51,760
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Expenses:
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Base management fee
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5,590
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8,614
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830
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4,063
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Professional fees
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2,898
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1,064
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Board of Directors fees
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176
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197
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Interest expense
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9,584
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13,189
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Administrator expense
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494
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531
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General and administrative expenses
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1,116
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1,468
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Loss on legal settlements
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—
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3
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Total expenses
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20,688
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29,129
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Fees waived
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(134
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)
|
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(61
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)
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Insurance recoveries
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—
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(602
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)
|
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Net expenses
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20,554
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28,466
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Net investment income
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13,322
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23,294
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|
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Unrealized appreciation (depreciation) on investments:
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|
||||
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Control investments
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(1,326
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)
|
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1,339
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Affiliate investments
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(168
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)
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26
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|
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Non-control/Non-affiliate investments
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(43,633
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)
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(75,721
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)
|
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Net unrealized depreciation on investments
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(45,127
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)
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(74,356
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)
|
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Net unrealized (appreciation) depreciation on secured borrowings
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1,655
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(84
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)
|
||
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Realized gain (loss) on investments and secured borrowings:
|
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|
||||
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Control investments
|
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—
|
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(23,624
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)
|
||
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Non-control/Non-affiliate investments
|
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(291
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)
|
|
528
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|
||
|
Net realized loss on investments and secured borrowings
|
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(291
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)
|
|
(23,096
|
)
|
||
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Net decrease in net assets resulting from operations
|
|
$
|
(30,441
|
)
|
|
$
|
(74,242
|
)
|
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Net investment income per common share — basic
|
|
$
|
0.09
|
|
|
$
|
0.16
|
|
|
Loss per common share — basic
|
|
$
|
(0.22
|
)
|
|
$
|
(0.52
|
)
|
|
Weighted average common shares outstanding — basic
|
|
140,961
|
|
|
142,853
|
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||
|
Net investment income per common share — diluted
|
|
$
|
0.09
|
|
|
$
|
0.16
|
|
|
Loss per common share — diluted (Note 5)
|
|
$
|
(0.22
|
)
|
|
$
|
(0.52
|
)
|
|
Weighted average common shares outstanding — diluted
|
|
140,961
|
|
|
142,853
|
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Distributions per common share
|
|
$
|
0.125
|
|
|
$
|
0.18
|
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Three months ended
December 31, 2017 |
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Three months ended
December 31, 2016 |
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Operations:
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Net investment income
|
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$
|
13,322
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$
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23,294
|
|
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Net unrealized depreciation on investments
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(45,127
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)
|
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(74,356
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)
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Net unrealized (appreciation) depreciation on secured borrowings
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1,655
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|
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(84
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)
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|
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Net realized loss on investments and secured borrowings
|
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(291
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)
|
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(23,096
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)
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Net decrease in net assets resulting from operations
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(30,441
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)
|
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(74,242
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)
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Stockholder transactions:
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|
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||||
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Distributions to stockholders
|
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(17,621
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)
|
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(25,274
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)
|
|
||
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Net decrease in net assets from stockholder transactions
|
|
(17,621
|
)
|
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(25,274
|
)
|
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Capital share transactions:
|
|
|
|
|
|
||||
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Issuance of common stock under dividend reinvestment plan
|
|
294
|
|
|
1,250
|
|
|
||
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Repurchases of common stock under stock repurchase program
|
|
—
|
|
|
(12,500
|
)
|
|
||
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Repurchases of common stock under dividend reinvestment program
|
|
(294
|
)
|
|
(1,250
|
)
|
|
||
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Net decrease in net assets from capital share transactions
|
|
—
|
|
|
(12,500
|
)
|
|
||
|
Total decrease in net assets
|
|
(48,062
|
)
|
|
(112,016
|
)
|
|
||
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Net assets at beginning of period
|
|
867,657
|
|
|
1,142,288
|
|
|
||
|
Net assets at end of period
|
|
$
|
819,595
|
|
|
$
|
1,030,272
|
|
|
|
Net asset value per common share
|
|
$
|
5.81
|
|
|
$
|
7.31
|
|
|
|
Common shares outstanding at end of period
|
|
140,961
|
|
|
140,961
|
|
|
||
|
|
|
Three months ended
December 31, 2017 |
|
Three months ended
December 31, 2016 |
|
||||
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Operating activities:
|
|
|
|
|
|
||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(30,441
|
)
|
|
$
|
(74,242
|
)
|
|
|
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
|
|
|
|
|
|
||||
|
Net unrealized depreciation on investments
|
|
45,127
|
|
|
74,356
|
|
|
||
|
Net unrealized appreciation (depreciation) on secured borrowings
|
|
(1,655
|
)
|
|
84
|
|
|
||
|
Net realized loss on investments and secured borrowings
|
|
291
|
|
|
23,096
|
|
|
||
|
PIK interest income
|
|
(1,867
|
)
|
|
(2,837
|
)
|
|
||
|
Recognition of fee income
|
|
(1,031
|
)
|
|
(3,568
|
)
|
|
||
|
Accretion of original issue discount on investments
|
|
(2,997
|
)
|
|
(2,201
|
)
|
|
||
|
Accretion of original issue discount on unsecured notes payable
|
|
66
|
|
|
66
|
|
|
||
|
Amortization of deferred financing costs
|
|
1,341
|
|
|
999
|
|
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||
|
Fee income received
|
|
1,031
|
|
|
3,583
|
|
|
||
|
Decrease in restricted cash
|
|
6,576
|
|
|
11,315
|
|
|
||
|
(Increase) decrease in interest, dividends and fees receivable
|
|
(2,190
|
)
|
|
3,285
|
|
|
||
|
Decrease in due from portfolio companies
|
|
302
|
|
|
958
|
|
|
||
|
(Increase) decrease in receivables from unsettled transactions
|
|
(8,869
|
)
|
|
5,346
|
|
|
||
|
Decrease in insurance recoveries receivable
|
|
—
|
|
|
759
|
|
|
||
|
(Increase) decrease in other assets
|
|
(2,746
|
)
|
|
372
|
|
|
||
|
Increase in accounts payable, accrued expenses and other liabilities
|
|
1,073
|
|
|
1,534
|
|
|
||
|
Decrease in base management fee and Part I incentive fee payable
|
|
(464
|
)
|
|
(3,557
|
)
|
|
||
|
Decrease in due to affiliate
|
|
(281
|
)
|
|
(145
|
)
|
|
||
|
Increase in interest payable
|
|
3,380
|
|
|
5,148
|
|
|
||
|
Increase (decrease) in payables from unsettled transactions
|
|
(25,226
|
)
|
|
13,269
|
|
|
||
|
Decrease in director fees payable
|
|
(8
|
)
|
|
(369
|
)
|
|
||
|
Decrease in legal settlements payable
|
|
—
|
|
|
(530
|
)
|
|
||
|
Increase (decrease) in amounts payable to syndication partners
|
|
(1
|
)
|
|
1,030
|
|
|
||
|
Purchases of investments and net revolver activity
|
|
(200,166
|
)
|
|
(104,153
|
)
|
|
||
|
Principal payments received on investments (scheduled payments)
|
|
14,149
|
|
|
6,371
|
|
|
||
|
Principal payments received on investments (payoffs)
|
|
196,415
|
|
|
209,241
|
|
|
||
|
PIK interest income received in cash
|
|
1,103
|
|
|
3,434
|
|
|
||
|
Proceeds from the sale of investments
|
|
74,296
|
|
|
6,427
|
|
|
||
|
Net cash provided by operating activities
|
|
67,208
|
|
|
179,071
|
|
|
||
|
Financing activities:
|
|
|
|
|
|
||||
|
Distributions paid in cash
|
|
(17,327
|
)
|
|
(24,024
|
)
|
|
||
|
Borrowings under credit facilities
|
|
35,000
|
|
|
84,000
|
|
|
||
|
Repayments of borrowings under credit facilities
|
|
(85,995
|
)
|
|
(158,882
|
)
|
|
||
|
Repayments of secured borrowings
|
|
—
|
|
|
(4,503
|
)
|
|
||
|
Repurchases of common stock under stock repurchase program
|
|
—
|
|
|
(12,500
|
)
|
|
||
|
Repurchases of common stock under dividend reinvestment plan
|
|
(294
|
)
|
|
(1,250
|
)
|
|
||
|
Deferred financing costs paid
|
|
(6,175
|
)
|
|
—
|
|
|
||
|
Net cash used by financing activities
|
|
(74,791
|
)
|
|
(117,159
|
)
|
|
||
|
Net increase (decrease) in cash and cash equivalents
|
|
(7,583
|
)
|
|
61,912
|
|
|
||
|
Cash and cash equivalents, beginning of period
|
|
53,018
|
|
|
117,923
|
|
|
||
|
Cash and cash equivalents, end of period
|
|
$
|
45,435
|
|
|
$
|
179,835
|
|
|
|
Supplemental information:
|
|
|
|
|
|
||||
|
Cash paid for interest
|
|
$
|
4,797
|
|
|
$
|
6,976
|
|
|
|
Non-cash operating activities:
|
|
|
|
|
|
||||
|
Purchases of investments from restructurings
|
|
$
|
—
|
|
|
$
|
(125,693
|
)
|
|
|
Proceeds from investment restructurings
|
|
$
|
—
|
|
|
$
|
125,693
|
|
|
|
Non-cash financing activities:
|
|
|
|
|
|
||||
|
Issuance of shares of common stock under dividend reinvestment plan
|
|
$
|
294
|
|
|
$
|
1,250
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Control Investments (3)(15)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
Construction and engineering
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 (13)
|
|
8.70
|
%
|
|
|
|
$
|
36,661
|
|
|
$
|
36,637
|
|
|
$
|
36,662
|
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021 (13)
|
|
7.70
|
%
|
|
|
|
2,000
|
|
|
1,997
|
|
|
2,000
|
|
|||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
|
|
|
4,752
|
|
|
4,748
|
|
|
4,752
|
|
|||
|
746,114 Series A Preferred Units, 10%
|
|
|
|
|
|
|
|
20,029
|
|
|
7,700
|
|
|||||
|
746,114 Shares of Common Stock
|
|
|
|
|
|
|
|
5,316
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
68,727
|
|
|
51,114
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
Air freight & logistics
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 5% cash due 12/31/2017 (22)(24)
|
|
|
|
|
|
|
15,973
|
|
|
15,574
|
|
|
1,810
|
|
|||
|
First Lien Revolver, 8% cash due 12/31/2017 (22)(24)
|
|
|
|
|
|
|
7,757
|
|
|
7,757
|
|
|
—
|
|
|||
|
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
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
32,531
|
|
|
1,810
|
|
|||||
|
First Star Speir Aviation Limited (11)(16)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
|
32,510
|
|
|
25,194
|
|
|
32,511
|
|
|||
|
100% equity interest (6)
|
|
|
|
|
|
|
|
8,500
|
|
|
6,937
|
|
|||||
|
|
|
|
|
|
|
|
|
33,694
|
|
|
39,448
|
|
|||||
|
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
|
|
|||
|
100% equity interest (6)
|
|
|
|
|
|
|
|
5,192
|
|
|
7,316
|
|
|||||
|
|
|
|
|
|
|
|
|
17,060
|
|
|
19,184
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Earn-out (19)
|
|
|
|
|
|
|
|
7,851
|
|
|
5,083
|
|
|||||
|
|
|
|
|
|
|
|
|
7,851
|
|
|
5,083
|
|
|||||
|
Senior Loan Fund JV I, LLC (11)(17)(18)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC (13)
|
|
6.52
|
%
|
|
|
|
100,804
|
|
|
100,804
|
|
|
100,804
|
|
|||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
27,463
|
|
|
27,463
|
|
|
27,463
|
|
||||
|
87.5% LLC equity interest (25)
|
|
|
|
|
|
|
|
16,172
|
|
|
4,880
|
|
|||||
|
|
|
|
|
|
|
|
|
144,439
|
|
|
133,147
|
|
|||||
|
Ameritox Ltd.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)(22)
|
|
6.69
|
%
|
|
|
|
39,438
|
|
|
37,533
|
|
|
4,800
|
|
|||
|
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
|
|
14,090
|
|
|
—
|
|
|||||
|
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
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
82,274
|
|
|
4,800
|
|
|||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
6.69
|
%
|
|
|
|
4,107
|
|
|
4,107
|
|
|
4,107
|
|
|||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (13)
|
|
6.79
|
%
|
|
|
|
2,504
|
|
|
2,504
|
|
|
2,504
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
6.69
|
%
|
|
|
|
1,009
|
|
|
1,009
|
|
|
1,009
|
|
|||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
963
|
|
|||||
|
|
|
|
|
|
|
|
|
7,620
|
|
|
8,583
|
|
|||||
|
AdVenture Interactive, Corp.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
9,073 shares of common stock
|
|
|
|
|
|
|
|
13,611
|
|
|
6,421
|
|
|||||
|
|
|
|
|
|
|
|
|
13,611
|
|
|
6,421
|
|
|||||
|
Keypath Education, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 (13)
|
|
8.69
|
%
|
|
|
|
19,960
|
|
|
19,960
|
|
|
19,960
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022 (13)
|
|
8.69
|
%
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
|
|
10,648
|
|
|
7,984
|
|
|||||
|
|
|
|
|
|
|
|
|
30,608
|
|
|
27,944
|
|
|||||
|
Total Control Investments (36.3% of net assets)
|
|
|
|
|
|
|
|
$
|
438,415
|
|
|
$
|
297,534
|
|
|||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
|
|
|
$
|
9,752
|
|
|
$
|
9,751
|
|
|
$
|
9,708
|
|
|
1,080,399 Shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
|
|
1,080
|
|
|
2,161
|
|
|||||
|
|
|
|
|
|
|
|
|
10,831
|
|
|
11,869
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
Home improvement retail
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
|
|
|
|
|
|
|
22,552
|
|
|
22,566
|
|
|
22,552
|
|
|||
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
|
|
—
|
|
|
2,048
|
|
|||||
|
|
|
|
|
|
|
|
|
22,566
|
|
|
24,600
|
|
|||||
|
Total Affiliate Investments (4.4% of net assets)
|
|
|
|
|
|
|
|
$
|
33,397
|
|
|
$
|
36,469
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Cenegenics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 (22)
|
|
|
|
|
|
|
28,746
|
|
|
$
|
27,738
|
|
|
$
|
15,812
|
|
|
|
First Lien Revolver, 15% cash due 9/30/2019 (22)
|
|
|
|
|
|
|
2,203
|
|
|
2,203
|
|
|
1,085
|
|
|||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
598
|
|
|
—
|
|
|||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
300
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
30,839
|
|
|
16,897
|
|
|||||
|
Riverlake Equity Partners II, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
1.92% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
871
|
|
|
588
|
|
|||||
|
|
|
|
|
|
|
|
|
871
|
|
|
588
|
|
|||||
|
Riverside Fund IV, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.34% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
153
|
|
|
356
|
|
|||||
|
|
|
|
|
|
|
|
|
153
|
|
|
356
|
|
|||||
|
Bunker Hill Capital II (QP), L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.51% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
638
|
|
|
808
|
|
|||||
|
|
|
|
|
|
|
|
|
638
|
|
|
808
|
|
|||||
|
Maverick Healthcare Group, LLC (20)
|
|
|
|
Healthcare equipment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+7.5% cash (1.75% floor) cash due 1/15/2018 (13)(22)
|
|
9.25
|
%
|
|
|
|
16,558
|
|
|
16,204
|
|
|
12,415
|
|
|||
|
First Lien Term Loan B, LIBOR+11% cash (1.75% floor) cash due 1/15/2018 (13)(22)
|
|
12.75
|
%
|
|
|
|
46,030
|
|
|
39,110
|
|
|
—
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.75% floor) cash due 1/15/2018 (13)(22)
|
|
10.25
|
%
|
|
|
|
1,272
|
|
|
1,261
|
|
|
1,121
|
|
|||
|
First Lien Revolver, PRIME+6.5% cash due 1/15/2018 (13)(22)
|
|
10.75
|
%
|
|
|
|
56
|
|
|
41
|
|
|
50
|
|
|||
|
|
|
|
|
|
|
|
|
56,616
|
|
|
13,586
|
|
|||||
|
Refac Optical Group
|
|
|
|
Specialty stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+8% cash due 9/30/2018 (13)
|
|
9.56
|
%
|
|
|
|
3,581
|
|
|
3,552
|
|
|
3,581
|
|
|||
|
First Lien Term Loan B, LIBOR+9% cash, 1.75% PIK due 9/30/2018 (13)
|
|
10.56
|
%
|
|
|
|
34,701
|
|
|
34,617
|
|
|
34,665
|
|
|||
|
First Lien Term Loan C, 12.5% cash due 9/30/2018
|
|
|
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,346
|
|
|||
|
First Lien Revolver, LIBOR+8% cash due 9/30/2018 (13)
|
|
9.56
|
%
|
|
|
|
3,520
|
|
|
3,516
|
|
|
3,520
|
|
|||
|
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., 10%
|
|
|
|
|
|
|
|
305
|
|
|
—
|
|
|||||
|
1,000 Shares of Series A Preferred Stock Units in Refac Holdings, Inc., 10%
|
|
|
|
|
|
|
|
999
|
|
|
397
|
|
|||||
|
|
|
|
|
|
|
|
|
46,406
|
|
|
45,509
|
|
|||||
|
Baird Capital Partners V, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.4% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
994
|
|
|
634
|
|
|||||
|
|
|
|
|
|
|
|
|
994
|
|
|
634
|
|
|||||
|
Milestone Partners IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.82% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,030
|
|
|
1,716
|
|
|||||
|
|
|
|
|
|
|
|
|
1,030
|
|
|
1,716
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
RCPDirect, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.9% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
$
|
295
|
|
|
$
|
575
|
|
|||
|
|
|
|
|
|
|
|
|
295
|
|
|
575
|
|
|||||
|
Riverside Fund V, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.48% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,452
|
|
|
1,481
|
|
|||||
|
|
|
|
|
|
|
|
|
1,452
|
|
|
1,481
|
|
|||||
|
ACON Equity Partners III, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.13% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
785
|
|
|
837
|
|
|||||
|
|
|
|
|
|
|
|
|
785
|
|
|
837
|
|
|||||
|
BMC Acquisition, Inc.
|
|
|
|
Other diversified financial services
|
|
|
|
|
|
|
|||||||
|
500 Series A Preferred Shares, 8%
|
|
|
|
|
|
|
|
500
|
|
|
774
|
|
|||||
|
50,000 Common Shares (6)
|
|
|
|
|
|
|
|
1
|
|
|
59
|
|
|||||
|
|
|
|
|
|
|
|
|
501
|
|
|
833
|
|
|||||
|
Edmentum, Inc.
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020 (23)
|
|
|
|
|
|
$
|
2,487
|
|
|
2,434
|
|
|
—
|
|
|||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020 (23)
|
|
|
|
|
11,593
|
|
|
10,227
|
|
|
—
|
|
|||||
|
Unsecured Revolver, 5% cash due 6/9/2020 (10)(22)
|
|
|
|
|
|
|
1,731
|
|
|
1,720
|
|
|
(400
|
)
|
|||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
|
|
126
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
14,507
|
|
|
(400
|
)
|
|||||
|
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.
|
|
|
|
|
|
|
|
—
|
|
|
5,900
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
5,900
|
|
|||||
|
Vitalyst Holdings, Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
675 Series A Preferred Units of PCH Support Holdings, Inc., 10%
|
|
|
|
|
|
|
|
675
|
|
|
521
|
|
|||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
|
|
75
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
750
|
|
|
521
|
|
|||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.5% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
973
|
|
|
1,398
|
|
|||||
|
|
|
|
|
|
|
|
|
973
|
|
|
1,398
|
|
|||||
|
Comprehensive Pharmacy Services LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
|
|
2,000
|
|
|
2,815
|
|
|||||
|
|
|
|
|
|
|
|
|
2,000
|
|
|
2,815
|
|
|||||
|
Garretson Firm Resolution Group, Inc.
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, PRIME+5.5% cash due 5/22/2020 (13)
|
|
9.75
|
%
|
|
|
|
711
|
|
|
711
|
|
|
666
|
|
|||
|
4,950,000 Preferred Units in GRG Holdings, LP, 8%
|
|
|
|
|
|
|
|
495
|
|
|
196
|
|
|||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
|
|
5
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
1,211
|
|
|
862
|
|
|||||
|
Teaching Strategies, LLC
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 8/27/2023 (13)
|
|
11.19
|
%
|
|
|
|
33,500
|
|
|
33,500
|
|
|
34,119
|
|
|||
|
|
|
|
|
|
|
|
|
33,500
|
|
|
34,119
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Dominion Diagnostics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Subordinated Term Loan, 11% cash 1% PIK due 10/8/2019 (22)
|
|
|
|
|
|
|
$
|
19,900
|
|
|
$
|
17,262
|
|
|
$
|
1,035
|
|
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 (13)
|
|
6.35
|
%
|
|
|
|
48,669
|
|
|
36,830
|
|
|
36,877
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019 (10)(13)
|
|
6.35
|
%
|
|
|
|
|
|
—
|
|
|
(1,013
|
)
|
||||
|
|
|
|
|
|
|
|
|
54,092
|
|
|
36,899
|
|
|||||
|
Sterling Capital Partners IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,640
|
|
|
1,188
|
|
|||||
|
|
|
|
|
|
|
|
|
1,640
|
|
|
1,188
|
|
|||||
|
Advanced Pain Management
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 2/26/2018 (13)(22)
|
|
10.07
|
%
|
|
|
|
24,000
|
|
|
22,994
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
22,994
|
|
|
—
|
|
|||||
|
TravelClick, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13)(21)
|
|
9.32
|
%
|
|
|
|
2,697
|
|
|
2,482
|
|
|
2,710
|
|
|||
|
|
|
|
|
|
|
|
|
2,482
|
|
|
2,710
|
|
|||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
|||||||
|
1.86% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
6,905
|
|
|
5,629
|
|
|||||
|
|
|
|
|
|
|
|
|
6,905
|
|
|
5,629
|
|
|||||
|
Credit Infonet, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Subordinated Term Loan, 12.25% cash 0.75% PIK due 10/26/2020
|
|
|
|
|
|
|
13,940
|
|
|
13,940
|
|
|
14,024
|
|
|||
|
|
|
|
|
|
|
|
|
13,940
|
|
|
14,024
|
|
|||||
|
HealthEdge Software, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
|
|
213
|
|
|
772
|
|
|||||
|
|
|
|
|
|
|
|
|
213
|
|
|
772
|
|
|||||
|
InMotion Entertainment Group, LLC
|
|
|
|
Consumer electronics
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13)
|
|
8.95
|
%
|
|
|
|
12,086
|
|
|
12,042
|
|
|
12,086
|
|
|||
|
First Lien Term Loan B, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13)
|
|
8.95
|
%
|
|
|
|
5,268
|
|
|
5,170
|
|
|
5,268
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
8.45
|
%
|
|
|
|
5,904
|
|
|
5,897
|
|
|
5,904
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
9.45
|
%
|
|
|
|
787
|
|
|
779
|
|
|
787
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
1,855
|
|
|||||
|
|
|
|
|
|
|
|
|
24,888
|
|
|
25,900
|
|
|||||
|
Thing5, LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash 2% PIK due 10/11/2020 (12)(13)
|
|
9.19
|
%
|
|
|
|
47,575
|
|
|
47,575
|
|
|
40,561
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 (13)
|
|
9.19
|
%
|
|
|
|
4,000
|
|
|
4,000
|
|
|
4,000
|
|
|||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
|
|
2,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
53,575
|
|
|
44,561
|
|
|||||
|
Kason Corporation
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
|
|
|
6,032
|
|
|
6,032
|
|
|
5,877
|
|
|||
|
498.6 Class A Preferred Units in Kason Investment, LLC, 8%
|
|
|
|
|
|
|
|
499
|
|
|
588
|
|
|||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
|
|
55
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
6,586
|
|
|
6,465
|
|
|||||
|
SPC Partners V, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.571% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,772
|
|
|
1,929
|
|
|||||
|
|
|
|
|
|
|
|
|
1,772
|
|
|
1,929
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
P2 Upstream Acquisition Co.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 (10)(13)(21)
|
|
5.69
|
%
|
|
|
|
|
|
$
|
—
|
|
|
$
|
(200
|
)
|
||
|
|
|
|
|
|
|
|
|
—
|
|
|
(200
|
)
|
|||||
|
OmniSYS Acquisition Corporation
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13)
|
|
9.19
|
%
|
|
|
|
$
|
5,500
|
|
|
5,498
|
|
|
5,488
|
|
||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(13)
|
|
9.19
|
%
|
|
|
|
|
|
—
|
|
|
(5
|
)
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
898
|
|
|||||
|
|
|
|
|
|
|
|
|
6,498
|
|
|
6,381
|
|
|||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
1.0% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,045
|
|
|
1,420
|
|
|||||
|
|
|
|
|
|
|
|
|
1,045
|
|
|
1,420
|
|
|||||
|
Aden & Anais Merger Sub, Inc.
|
|
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
|||||||
|
51,645 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
|
|
5,165
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
5,165
|
|
|
—
|
|
|||||
|
Lift Brands, Inc.
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
9.19
|
%
|
|
|
|
21,222
|
|
|
21,211
|
|
|
21,222
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (10)(13)
|
|
9.19
|
%
|
|
|
|
|
|
(3
|
)
|
|
—
|
|
||||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
|
|
2,004
|
|
|
2,878
|
|
|||||
|
|
|
|
|
|
|
|
|
23,212
|
|
|
24,100
|
|
|||||
|
Tailwind Capital Partners II, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.3% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,588
|
|
|
1,894
|
|
|||||
|
|
|
|
|
|
|
|
|
1,588
|
|
|
1,894
|
|
|||||
|
Long's Drugs Incorporated
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+11.25% cash due 2/19/2022 (13)
|
|
12.63
|
%
|
|
|
|
26,909
|
|
|
26,909
|
|
|
27,447
|
|
|||
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
500
|
|
|
799
|
|
|||||
|
25 Series B Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
313
|
|
|
472
|
|
|||||
|
|
|
|
|
|
|
|
|
27,722
|
|
|
28,718
|
|
|||||
|
Conviva Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021
|
|
|
|
|
|
|
|
105
|
|
|
223
|
|
|||||
|
|
|
|
|
|
|
|
|
105
|
|
|
223
|
|
|||||
|
OnCourse Learning Corporation
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
264,312 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
|
|
2,726
|
|
|
1,878
|
|
|||||
|
|
|
|
|
|
|
|
|
2,726
|
|
|
1,878
|
|
|||||
|
ShareThis, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
|
|
367
|
|
|
3
|
|
|||||
|
|
|
|
|
|
|
|
|
367
|
|
|
3
|
|
|||||
|
ExamSoft Worldwide, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
|
|
181
|
|
|
129
|
|
|||||
|
|
|
|
|
|
|
|
|
181
|
|
|
129
|
|
|||||
|
RCPDirect II, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.4% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
617
|
|
|
777
|
|
|||||
|
|
|
|
|
|
|
|
|
617
|
|
|
777
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
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)
|
|
10.84
|
%
|
|
|
|
$
|
10,750
|
|
|
$
|
10,720
|
|
|
$
|
10,118
|
|
|
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024
|
|
|
|
|
|
|
|
113
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
10,833
|
|
|
10,118
|
|
|||||
|
Loftware, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
|
|
|
6,214
|
|
|
6,214
|
|
|
6,216
|
|
|||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
|
|
300
|
|
|
223
|
|
|||||
|
|
|
|
|
|
|
|
|
6,514
|
|
|
6,439
|
|
|||||
|
Webster Capital III, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.754% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,274
|
|
|
1,578
|
|
|||||
|
|
|
|
|
|
|
|
|
1,274
|
|
|
1,578
|
|
|||||
|
L Squared Capital Partners LLC
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
2,660
|
|
|
2,677
|
|
|||||
|
|
|
|
|
|
|
|
|
2,660
|
|
|
2,677
|
|
|||||
|
BeyondTrust Software, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
4,500,000 Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
|
|
4,500
|
|
|
5,779
|
|
|||||
|
|
|
|
|
|
|
|
|
4,500
|
|
|
5,779
|
|
|||||
|
GOBP Holdings Inc.
|
|
|
|
Food retail
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)(21)
|
|
9.94
|
%
|
|
|
|
4,214
|
|
|
4,177
|
|
|
4,231
|
|
|||
|
|
|
|
|
|
|
|
|
4,177
|
|
|
4,231
|
|
|||||
|
Kellermeyer Bergensons Services, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13)
|
|
9.88
|
%
|
|
|
|
6,105
|
|
|
5,911
|
|
|
5,914
|
|
|||
|
|
|
|
|
|
|
|
|
5,911
|
|
|
5,914
|
|
|||||
|
Dodge Data & Analytics LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 10/31/2019 (13)
|
|
10.13
|
%
|
|
|
|
7,238
|
|
|
7,238
|
|
|
7,173
|
|
|||
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
|
|
500
|
|
|
242
|
|
|||||
|
|
|
|
|
|
|
|
|
7,738
|
|
|
7,415
|
|
|||||
|
Metamorph US 3, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash 2% PIK due 12/1/2020 (13)(22)
|
|
7.07
|
%
|
|
|
|
9,942
|
|
|
9,306
|
|
|
3,804
|
|
|||
|
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 12/1/2020 (10)(13)(22)
|
|
8.07
|
%
|
|
|
|
2,205
|
|
|
2,156
|
|
|
(75
|
)
|
|||
|
|
|
|
|
|
|
|
|
11,462
|
|
|
3,729
|
|
|||||
|
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
|
|
|
426
|
|
|||||
|
|
|
|
|
|
|
|
|
60
|
|
|
426
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
EOS Fitness Opco Holdings, LLC
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
10.12
|
%
|
|
|
|
$
|
3,650
|
|
|
$
|
3,650
|
|
|
$
|
3,687
|
|
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
10.12
|
%
|
|
|
|
|
|
—
|
|
|
50
|
|
||||
|
487.5 Class A Preferred Units, 12%
|
|
|
|
|
|
|
|
488
|
|
|
695
|
|
|||||
|
12,500 Class B Common Units
|
|
|
|
|
|
|
|
13
|
|
|
567
|
|
|||||
|
|
|
|
|
|
|
|
|
4,151
|
|
|
4,999
|
|
|||||
|
Motion Recruitment Partners LLC
|
|
|
|
Human resources & employment services
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(13)
|
|
7.69
|
%
|
|
|
|
|
|
(6
|
)
|
|
3
|
|
||||
|
|
|
|
|
|
|
|
|
(6
|
)
|
|
3
|
|
|||||
|
WeddingWire, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
10.20
|
%
|
|
|
|
25,438
|
|
|
25,438
|
|
|
25,565
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
10.20
|
%
|
|
|
|
|
|
—
|
|
|
15
|
|
||||
|
483,645 Common Shares of WeddingWire, Inc.
|
|
|
|
|
|
|
|
1,200
|
|
|
1,655
|
|
|||||
|
|
|
|
|
|
|
|
|
26,638
|
|
|
27,235
|
|
|||||
|
xMatters, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025
|
|
|
|
|
|
|
|
709
|
|
|
372
|
|
|||||
|
|
|
|
|
|
|
|
|
709
|
|
|
372
|
|
|||||
|
Edge Fitness, LLC
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 6/30/2020 (13)
|
|
9.09
|
%
|
|
|
|
5,535
|
|
|
5,535
|
|
|
5,535
|
|
|||
|
|
|
|
|
|
|
|
|
5,535
|
|
|
5,535
|
|
|||||
|
Golden State Medical Supply, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
|
|
|
15,001
|
|
|
15,001
|
|
|
14,932
|
|
|||
|
|
|
|
|
|
|
|
|
15,001
|
|
|
14,932
|
|
|||||
|
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
|
|
|
—
|
|
|||||
|
Access Medical Acquisition, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
450,000 Shares of Class A Common Stock in CMG Holding Company, LLC (6)
|
|
|
|
|
|
|
|
151
|
|
|
970
|
|
|||||
|
|
|
|
|
|
|
|
|
151
|
|
|
970
|
|
|||||
|
QuorumLabs, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
2,727,939 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
Valet Merger Sub, Inc.
|
|
|
|
Environmental & facilities services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
8.57
|
%
|
|
|
|
50,532
|
|
|
49,935
|
|
|
50,531
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (10)(13)
|
|
8.57
|
%
|
|
|
|
|
|
(115
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
49,820
|
|
|
50,531
|
|
|||||
|
Argon Medical Devices, Inc.
|
|
|
|
Healthcare equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 6/23/2022 (13)
|
|
11.07
|
%
|
|
|
|
43,000
|
|
|
43,000
|
|
|
43,000
|
|
|||
|
|
|
|
|
|
|
|
|
43,000
|
|
|
43,000
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Lytx, Inc.
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
3,500 Class A Units in Lytx Holdings, LLC
|
|
|
|
|
|
|
|
$
|
2,478
|
|
|
$
|
2,509
|
|
|||
|
3,500 Class B Units in Lytx Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
1,596
|
|
|||||
|
|
|
|
|
|
|
|
|
2,478
|
|
|
4,105
|
|
|||||
|
Onvoy, LLC
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 (13)
|
|
12.19
|
%
|
|
|
|
$
|
16,750
|
|
|
16,750
|
|
|
12,939
|
|
||
|
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
|
|
1,967
|
|
|
166
|
|
|||||
|
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
18,717
|
|
|
13,105
|
|
|||||
|
4 Over International, LLC
|
|
|
|
Commercial printing
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13)
|
|
7.57
|
%
|
|
|
|
6,045
|
|
|
5,985
|
|
|
6,045
|
|
|||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13)
|
|
7.57
|
%
|
|
|
|
|
|
(17
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
5,968
|
|
|
6,045
|
|
|||||
|
Ping Identity Corporation
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13)
|
|
10.82
|
%
|
|
|
|
42,500
|
|
|
41,605
|
|
|
42,929
|
|
|||
|
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13)
|
|
10.82
|
%
|
|
|
|
|
|
(55
|
)
|
|
25
|
|
||||
|
|
|
|
|
|
|
|
|
41,550
|
|
|
42,954
|
|
|||||
|
Ancile Solutions, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
8.69
|
%
|
|
|
|
10,198
|
|
|
9,990
|
|
|
10,106
|
|
|||
|
|
|
|
|
|
|
|
|
9,990
|
|
|
10,106
|
|
|||||
|
Ministry Brands, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
6.38
|
%
|
|
|
|
3,891
|
|
|
3,859
|
|
|
3,925
|
|
|||
|
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
6.38
|
%
|
|
|
|
1,685
|
|
|
1,669
|
|
|
1,705
|
|
|||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
10.63
|
%
|
|
|
|
7,056
|
|
|
6,968
|
|
|
7,090
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
10.63
|
%
|
|
|
|
1,944
|
|
|
1,919
|
|
|
1,953
|
|
|||
|
First Lien Revolver LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
6.57
|
%
|
|
|
|
1,000
|
|
|
991
|
|
|
1,009
|
|
|||
|
|
|
|
|
|
|
|
|
15,406
|
|
|
15,682
|
|
|||||
|
California Pizza Kitchen, Inc.
|
|
|
|
Restaurants
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)(21)
|
|
7.57
|
%
|
|
|
|
4,938
|
|
|
4,898
|
|
|
4,851
|
|
|||
|
|
|
|
|
|
|
|
|
4,898
|
|
|
4,851
|
|
|||||
|
Aptos, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13)
|
|
8.44
|
%
|
|
|
|
5,411
|
|
|
5,325
|
|
|
5,357
|
|
|||
|
|
|
|
|
|
|
|
|
5,325
|
|
|
5,357
|
|
|||||
|
SPC Partners VI, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.39% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
139
|
|
|
139
|
|
|||||
|
|
|
|
|
|
|
|
|
139
|
|
|
139
|
|
|||||
|
Impact Sales, LLC
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13)
|
|
8.33
|
%
|
|
|
|
11,138
|
|
|
10,942
|
|
|
11,104
|
|
|||
|
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13)
|
|
8.33
|
%
|
|
|
|
512
|
|
|
436
|
|
|
501
|
|
|||
|
|
|
|
|
|
|
|
|
11,378
|
|
|
11,605
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
DFT Intermediate LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (13)
|
|
7.07
|
%
|
|
|
|
$
|
3,300
|
|
|
$
|
3,224
|
|
|
$
|
3,276
|
|
|
|
|
|
|
|
|
|
|
3,224
|
|
|
3,276
|
|
|||||
|
TerSera Therapeutics, LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (13)
|
|
10.94
|
%
|
|
|
|
15,000
|
|
|
14,603
|
|
|
14,676
|
|
|||
|
668,879 Common Units of TerSera Holdings LLC
|
|
|
|
|
|
|
|
1,500
|
|
|
1,816
|
|
|||||
|
|
|
|
|
|
|
|
|
16,103
|
|
|
16,492
|
|
|||||
|
Cablevision Systems Corp.
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.875% cash due 10/15/2025 (11)(21)
|
|
|
|
|
|
|
5,897
|
|
|
7,046
|
|
|
7,017
|
|
|||
|
|
|
|
|
|
|
|
|
7,046
|
|
|
7,017
|
|
|||||
|
HC2 Holdings Inc.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 11% cash due 12/1/2019 (11)(21)
|
|
|
|
|
|
|
10,500
|
|
|
10,641
|
|
|
10,723
|
|
|||
|
|
|
|
|
|
|
|
|
10,641
|
|
|
10,723
|
|
|||||
|
Natural Resource Partners LP
|
|
|
|
Precious metals & minerals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)(21)
|
|
|
|
|
|
|
7,000
|
|
|
7,426
|
|
|
7,490
|
|
|||
|
|
|
|
|
|
|
|
|
7,426
|
|
|
7,490
|
|
|||||
|
Virgin Media
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 5.5% cash due 8/15/2026 (11)(21)
|
|
|
|
|
|
|
2,000
|
|
|
2,036
|
|
|
2,055
|
|
|||
|
Fixed Rate Bond 5.25% cash due 1/15/2026 (11)(21)
|
|
|
|
|
|
3,000
|
|
|
3,006
|
|
|
3,041
|
|
||||
|
|
|
|
|
|
|
|
|
5,042
|
|
|
5,096
|
|
|||||
|
Scientific Games International, Inc.
|
|
|
|
Casinos & gaming
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B4, LIBOR+3.25% cash due 8/14/2024 (13)(21)
|
|
4.67
|
%
|
|
|
|
11,340
|
|
|
11,277
|
|
|
11,446
|
|
|||
|
|
|
|
|
|
|
|
|
11,277
|
|
|
11,446
|
|
|||||
|
Salient CRGT Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (13)(21)
|
|
7.32
|
%
|
|
|
|
3,368
|
|
|
3,310
|
|
|
3,397
|
|
|||
|
|
|
|
|
|
|
|
|
3,310
|
|
|
3,397
|
|
|||||
|
Allied Universal Holdco LLC
|
|
|
|
Security & alarm services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (13)(21)
|
|
5.44
|
%
|
|
|
|
11,939
|
|
|
12,014
|
|
|
11,863
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/27/2023 (13)(21)
|
|
9.88
|
%
|
|
|
|
1,149
|
|
|
1,170
|
|
|
1,148
|
|
|||
|
|
|
|
|
|
|
|
|
13,184
|
|
|
13,011
|
|
|||||
|
Truck Hero, Inc.
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 (13)
|
|
9.89
|
%
|
|
|
|
21,500
|
|
|
21,191
|
|
|
21,661
|
|
|||
|
|
|
|
|
|
|
|
|
21,191
|
|
|
21,661
|
|
|||||
|
BMC Software Finance, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 9/10/2022 (13)(21)
|
|
4.82
|
%
|
|
|
|
16,834
|
|
|
16,946
|
|
|
16,875
|
|
|||
|
|
|
|
|
|
|
|
|
16,946
|
|
|
16,875
|
|
|||||
|
Internet Pipeline, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Incremental First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 8/1/2022 (13)
|
|
7.74
|
%
|
|
|
|
5,578
|
|
|
5,516
|
|
|
5,689
|
|
|||
|
|
|
|
|
|
|
|
|
5,516
|
|
|
5,689
|
|
|||||
|
MHE Intermediate Holdings, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/11/2024 (13)
|
|
6.69
|
%
|
|
|
|
2,985
|
|
|
2,958
|
|
|
2,985
|
|
|||
|
|
|
|
|
|
|
|
|
2,958
|
|
|
2,985
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
PowerPlan Holdings, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 2/23/2022 (13)
|
|
6.82
|
%
|
|
|
|
$
|
4,975
|
|
|
$
|
4,932
|
|
|
$
|
4,975
|
|
|
|
|
|
|
|
|
|
|
4,932
|
|
|
4,975
|
|
|||||
|
UOS, LLC
|
|
|
|
Trucking
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/18/2023 (13)(21)
|
|
7.07
|
%
|
|
|
|
6,898
|
|
|
7,055
|
|
|
7,062
|
|
|||
|
|
|
|
|
|
|
|
|
7,055
|
|
|
7,062
|
|
|||||
|
Veritas US Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 1/27/2023 (13)(21)
|
|
6.19
|
%
|
|
|
|
34,821
|
|
|
35,233
|
|
|
34,949
|
|
|||
|
|
|
|
|
|
|
|
|
35,233
|
|
|
34,949
|
|
|||||
|
Staples, Inc.
|
|
|
|
Distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4% (1% floor) cash due 8/12/2024 (13)(21)
|
|
5.49
|
%
|
|
|
|
6,633
|
|
|
6,617
|
|
|
6,516
|
|
|||
|
|
|
|
|
|
|
|
|
6,617
|
|
|
6,516
|
|
|||||
|
Zep Inc.
|
|
|
|
Housewares & Specialties
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 (13)
|
|
9.63
|
%
|
|
|
|
30,000
|
|
|
29,856
|
|
|
29,925
|
|
|||
|
|
|
|
|
|
|
|
|
29,856
|
|
|
29,925
|
|
|||||
|
DTZ U.S. Borrower, LLC
|
|
|
|
Real estate services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 11/4/2021 (13)(21)
|
|
4.94
|
%
|
|
|
|
12,934
|
|
|
12,974
|
|
|
12,786
|
|
|||
|
|
|
|
|
|
|
|
|
12,974
|
|
|
12,786
|
|
|||||
|
Micro Holding Corp.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 9/13/2024 (13)(21)
|
|
5.34
|
%
|
|
|
|
5,985
|
|
|
5,957
|
|
|
6,012
|
|
|||
|
|
|
|
|
|
|
|
|
5,957
|
|
|
6,012
|
|
|||||
|
Accudyne Industries, LLC
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 8/18/2024 (13)(21)
|
|
5.32
|
%
|
|
|
|
19,865
|
|
|
19,924
|
|
|
20,035
|
|
|||
|
|
|
|
|
|
|
|
|
19,924
|
|
|
20,035
|
|
|||||
|
McAfee, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 (13)(21)
|
|
6.07
|
%
|
|
|
|
7,980
|
|
|
7,904
|
|
|
7,966
|
|
|||
|
Second Lien Term Loan LIBOR+8.5% (1% floor) cash due 9/29/2025 (13)(21)
|
|
10.07
|
%
|
|
|
|
8,000
|
|
|
8,050
|
|
|
8,040
|
|
|||
|
|
|
|
|
|
|
|
|
15,954
|
|
|
16,006
|
|
|||||
|
99 Cents Only Stores LLC
|
|
|
|
General merchandise stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan LIBOR+5% 1.50% PIK due 1/13/2022 (13)(21)
|
|
6.57
|
%
|
|
|
|
4,605
|
|
|
4,206
|
|
|
4,484
|
|
|||
|
|
|
|
|
|
|
|
|
4,206
|
|
|
4,484
|
|
|||||
|
Navicure, Inc.
|
|
|
|
Health care technology
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2025 (13)(21)
|
|
8.86
|
%
|
|
|
|
14,500
|
|
|
14,357
|
|
|
14,609
|
|
|||
|
|
|
|
|
|
|
|
|
14,357
|
|
|
14,609
|
|
|||||
|
Strategic Materials Holdings Corp.
|
|
|
|
Health care distributors
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 10/27/2025 (13)(21)
|
|
9.13
|
%
|
|
|
|
9,000
|
|
|
8,911
|
|
|
9,053
|
|
|||
|
|
|
|
|
|
|
|
|
8,911
|
|
|
9,053
|
|
|||||
|
Lanai Holdings III, Inc.
|
|
|
|
Environmental & facilities services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 8/29/2022 (13)(21)
|
|
6.23
|
%
|
|
|
|
20,254
|
|
|
19,754
|
|
|
19,444
|
|
|||
|
|
|
|
|
|
|
|
|
19,754
|
|
|
19,444
|
|
|||||
|
Vine Oil & Gas LP
|
|
|
|
Oil & gas exploration & production
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+6.875% (1% floor) cash due 11/25/2021 (13)(21)
|
|
8.44
|
%
|
|
|
|
18,000
|
|
|
17,913
|
|
|
17,865
|
|
|||
|
|
|
|
|
|
|
|
|
17,913
|
|
|
17,865
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Sprint Capital Corp
|
|
|
|
Wireless telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 6.875% cash due 11/15/2028 (11)(21)
|
|
|
|
|
|
|
$
|
5,000
|
|
|
$
|
5,000
|
|
|
$
|
5,044
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
5,044
|
|
|||||
|
Avantor Inc.
|
|
|
|
Commodity chemicals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 6% cash due 10/1/2024 (11)(21)
|
|
|
|
|
|
|
8,000
|
|
|
7,980
|
|
|
7,990
|
|
|||
|
Fixed Rate Bond 9% cash due 10/1/2025 (11)(21)
|
|
|
|
|
|
|
3,000
|
|
|
2,969
|
|
|
2,963
|
|
|||
|
|
|
|
|
|
|
|
|
10,949
|
|
|
10,953
|
|
|||||
|
Datto Inc.
|
|
|
|
Technology distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan LIBOR+8% (1% floor) cash due 12/7/2022 (13)
|
|
9.41
|
%
|
|
|
|
35,000
|
|
|
34,310
|
|
|
34,300
|
|
|||
|
First Lien Revolver LIBOR+8% (1% floor) cash due 12/7/2022 (13)
|
|
9.41
|
%
|
|
|
|
|
|
(46
|
)
|
|
(47
|
)
|
||||
|
|
|
|
|
|
|
|
|
34,264
|
|
|
34,253
|
|
|||||
|
Altice Finco SA
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 8.125% cash due 1/15/2024 (11)(21)
|
|
|
|
|
|
|
3,000
|
|
|
3,060
|
|
|
3,150
|
|
|||
|
Fixed Rate Bond 7.625% cash due 2/15/2025 (11)(21)
|
|
|
|
|
|
|
2,000
|
|
|
2,015
|
|
|
2,043
|
|
|||
|
|
|
|
|
|
|
|
|
5,075
|
|
|
5,193
|
|
|||||
|
Numericable SFR SA
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 7.375% cash due 5/1/2026 (11)(21)
|
|
|
|
|
|
|
5,000
|
|
|
5,125
|
|
|
5,169
|
|
|||
|
|
|
|
|
|
|
|
|
5,125
|
|
|
5,169
|
|
|||||
|
CITGO Petroleum Corp
|
|
|
|
Oil & gas refining & marketing
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan LIBOR+3.5% (1% floor) cash due 7/29/2021 (11)(13)(21)
|
|
4.84
|
%
|
|
|
|
3,000
|
|
|
2,948
|
|
|
2,957
|
|
|||
|
|
|
|
|
|
|
|
|
2,948
|
|
|
2,957
|
|
|||||
|
CITGO Holding Inc.
|
|
|
|
Oil & gas refining & marketing
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan LIBOR+8.5% (1% floor) cash due 5/12/2018 (11)(13)(21)
|
|
9.84
|
%
|
|
|
|
29,658
|
|
|
29,783
|
|
|
30,029
|
|
|||
|
|
|
|
|
|
|
|
|
29,783
|
|
|
30,029
|
|
|||||
|
Asset International, Inc.
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan LIBOR+9.25% (1% floor) cash due 6/29/2025 (13)
|
|
10.94
|
%
|
|
|
|
15,000
|
|
|
14,657
|
|
|
14,657
|
|
|||
|
|
|
|
|
|
|
|
|
14,657
|
|
|
14,657
|
|
|||||
|
Total Non-Control/Non-Affiliate Investments (131.9% of net assets)
|
|
|
|
|
|
|
|
$
|
1,204,629
|
|
|
$
|
1,081,401
|
|
|||
|
Total Portfolio Investments (172.7% of net assets)
|
|
|
|
|
|
|
|
$
|
1,676,441
|
|
|
$
|
1,415,404
|
|
|||
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
JP Morgan Prime Money Market Fund
|
|
|
|
|
|
|
|
$
|
30,074
|
|
|
$
|
30,074
|
|
|||
|
Other cash accounts
|
|
|
|
|
|
|
|
15,361
|
|
|
15,361
|
|
|||||
|
Total Cash and Cash Equivalents (5.5% of net assets)
|
|
|
|
|
|
|
|
$
|
45,435
|
|
|
$
|
45,435
|
|
|||
|
Total Portfolio Investments, Cash and Cash Equivalents (178.2% of net assets)
|
|
|
|
|
|
|
|
$
|
1,721,876
|
|
|
$
|
1,460,839
|
|
|||
|
(1)
|
All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
|
|
(2)
|
See Note 3 in the accompanying notes 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.
|
|
(9)
|
Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either 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.
|
|
(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 December 31, 2017, qualifying assets represented 77.3% of the Company's total assets and non-qualifying assets represented 22.7% 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
$11.6 million
related to the Company's secured borrowings. (See Note 14 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 the London Interbank Offered Rate ("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 and the cash interest rate as of period end.
|
|
(14)
|
With the exception of investments held by the Company’s wholly-owned subsidiaries that have each received a license from the U.S. Small Business Administration (“SBA”) to operate as a small business investment company (“SBIC”), each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
|
|
(15)
|
As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the three months ended
December 31, 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 accounting principles generally accepted in the United States ("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 in the accompanying notes to the Consolidated Financial Statements for portfolio composition.
|
|
(18)
|
The Class A Mezzanine Secured Deferrable Floating Rate Notes bear interest at a rate of LIBOR plus the applicable margin as defined in the indenture. The Class A Mezzanine Secured Deferrable Floating Rate Notes and Class B Mezzanine Secured Deferrable Fixed Rate Notes are collectively referred to as the "mezzanine notes".
|
|
(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 December 31, 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)
|
Payments on the Company's investment in Maverick Healthcare Group, LLC ("Maverick Healthcare") are 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. As of December 31, 2017, the forbearance agreement extends to February 28, 2018.
|
|
(21)
|
As of December 31, 2017, these investments are categorized as Level 2 within the fair value hierarchy established by FASB ASC Topic 820,
Fair Value Measurements and Disclosures
("ASC 820"). All other investments are categorized as Level 3 as of December 31, 2017 and were valued using significant unobservable inputs.
|
|
(22)
|
This investment was on cash non-accrual status as of December 31, 2017. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
(23)
|
This investment was on PIK non-accrual status as of December 31, 2017. PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(24)
|
As of December 31, 2017, payments on the Company's investment in TransTrade Operators, Inc. were past due.
|
|
(25)
|
This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.
|
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Control Investments (3)(15)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
Construction and engineering
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 (13)
|
|
8.34
|
%
|
|
|
|
$
|
36,567
|
|
|
$
|
36,539
|
|
|
$
|
36,568
|
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021 (13)
|
|
7.34
|
%
|
|
|
|
1,250
|
|
|
1,247
|
|
|
1,250
|
|
|||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
|
|
4,752
|
|
|
4,748
|
|
|
4,752
|
|
||||
|
746,114 Series A Preferred Units, 10%
|
|
|
|
|
|
|
|
20,029
|
|
|
7,700
|
|
|||||
|
746,114 Shares of Common Stock
|
|
|
|
|
|
|
|
5,316
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
67,879
|
|
|
50,270
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
Air freight & logistics
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 5% cash due 12/31/2017 (23)
|
|
|
|
|
|
15,973
|
|
|
15,574
|
|
|
1,810
|
|
||||
|
First Lien Revolver, 8% cash due 12/31/2017 (23)
|
|
|
|
|
|
7,757
|
|
|
7,757
|
|
|
—
|
|
||||
|
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
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
32,531
|
|
|
1,810
|
|
|||||
|
First Star Speir Aviation Limited (11)(16)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
41,395
|
|
|
34,542
|
|
|
41,395
|
|
||||
|
100% equity interest (6)
|
|
|
|
|
|
|
|
8,500
|
|
|
3,926
|
|
|||||
|
|
|
|
|
|
|
|
|
43,042
|
|
|
45,321
|
|
|||||
|
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
|
|
||||
|
100% equity interest (6)
|
|
|
|
|
|
|
|
2,693
|
|
|
2,323
|
|
|||||
|
|
|
|
|
|
|
|
|
14,561
|
|
|
14,191
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Earn-out (19)
|
|
|
|
|
|
|
|
7,851
|
|
|
4,986
|
|
|||||
|
|
|
|
|
|
|
|
|
7,851
|
|
|
4,986
|
|
|||||
|
Senior Loan Fund JV I, LLC (11)(17)(18)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC (13)
|
|
6.88
|
%
|
|
|
|
101,030
|
|
|
101,030
|
|
|
101,030
|
|
|||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
27,641
|
|
|
27,641
|
|
|
27,641
|
|
||||
|
87.5% LLC equity interest (6)(25)
|
|
|
|
|
|
|
|
16,172
|
|
|
5,525
|
|
|||||
|
|
|
|
|
|
|
|
|
144,843
|
|
|
134,196
|
|
|||||
|
Ameritox Ltd.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)(23)
|
|
6.33
|
%
|
|
|
|
38,338
|
|
|
37,539
|
|
|
4,445
|
|
|||
|
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
|
|
14,090
|
|
|
—
|
|
|||||
|
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
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
82,280
|
|
|
4,445
|
|
|||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
6.33
|
%
|
|
|
|
4,107
|
|
|
4,107
|
|
|
4,107
|
|
|||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (13)
|
|
6.43
|
%
|
|
|
|
2,504
|
|
|
2,504
|
|
|
2,504
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
6.33
|
%
|
|
|
|
1,009
|
|
|
1,009
|
|
|
1,009
|
|
|||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
736
|
|
|||||
|
|
|
|
|
|
|
|
|
7,620
|
|
|
8,356
|
|
|||||
|
AdVenture Interactive, Corp.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
9,073 shares of common stock
|
|
|
|
|
|
|
|
13,611
|
|
|
13,818
|
|
|||||
|
|
|
|
|
|
|
|
|
13,611
|
|
|
13,818
|
|
|||||
|
Keypath Education, Inc. (20)
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 (13)
|
|
8.33
|
%
|
|
|
|
19,960
|
|
|
19,960
|
|
|
19,960
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022 (13)
|
|
8.33
|
%
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
|
|
10,648
|
|
|
7,918
|
|
|||||
|
|
|
|
|
|
|
|
|
30,608
|
|
|
27,878
|
|
|||||
|
Total Control Investments (35.2% of net assets)
|
|
|
|
|
|
|
|
$
|
444,826
|
|
|
$
|
305,271
|
|
|||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
|
|
$
|
9,719
|
|
|
$
|
9,719
|
|
|
$
|
9,665
|
|
|
|
1,080,399 Shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
|
|
1,080
|
|
|
2,534
|
|
|||||
|
|
|
|
|
|
|
|
|
10,799
|
|
|
12,199
|
|
|||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
Home improvement retail
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
|
|
|
|
|
|
22,955
|
|
|
22,944
|
|
|
22,957
|
|
||||
|
4,668,788 Shares of Preferred Stock
|
|
|
|
|
|
|
|
—
|
|
|
1,827
|
|
|||||
|
|
|
|
|
|
|
|
|
22,944
|
|
|
24,784
|
|
|||||
|
Total Affiliate Investments (4.3% of net assets)
|
|
|
|
|
|
|
|
$
|
33,743
|
|
|
$
|
36,983
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Cenegenics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 (23)
|
|
|
|
|
|
28,600
|
|
|
$
|
27,737
|
|
|
$
|
15,811
|
|
||
|
First Lien Revolver, 15% cash due 9/30/2019 (23)
|
|
|
|
|
|
2,203
|
|
|
2,203
|
|
|
1,218
|
|
||||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
598
|
|
|
—
|
|
|||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
300
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
30,838
|
|
|
17,029
|
|
|||||
|
Riverlake Equity Partners II, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
1.92% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
870
|
|
|
625
|
|
|||||
|
|
|
|
|
|
|
|
|
870
|
|
|
625
|
|
|||||
|
Riverside Fund IV, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.34% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
219
|
|
|
397
|
|
|||||
|
|
|
|
|
|
|
|
|
219
|
|
|
397
|
|
|||||
|
Bunker Hill Capital II (QP), L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.51% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
826
|
|
|
1,056
|
|
|||||
|
|
|
|
|
|
|
|
|
826
|
|
|
1,056
|
|
|||||
|
Maverick Healthcare Group, LLC (21)
|
|
|
|
Healthcare equipment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+7.5% cash (1.75% floor) cash due 4/30/2017 (13)(23)
|
|
9.25
|
%
|
|
|
|
16,309
|
|
|
16,204
|
|
|
14,209
|
|
|||
|
First Lien Term Loan B, LIBOR+11% cash (1.75% floor) cash due 4/30/2017 (13)(23)
|
|
12.75
|
%
|
|
|
|
41,739
|
|
|
39,110
|
|
|
14,531
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.75% floor) cash due 4/30/2017 (13)(23)
|
|
9.50
|
%
|
|
|
|
1,272
|
|
|
1,261
|
|
|
1,124
|
|
|||
|
First Lien Revolver, PRIME+6.5% cash due 4/30/2017 (13)(23)
|
|
10.75
|
%
|
|
|
|
55
|
|
|
40
|
|
|
55
|
|
|||
|
|
|
|
|
|
|
|
|
56,615
|
|
|
29,919
|
|
|||||
|
Refac Optical Group
|
|
|
|
Specialty stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+8% cash due 9/30/2018 (13)
|
|
9.23
|
%
|
|
|
|
4,027
|
|
|
3,997
|
|
|
4,027
|
|
|||
|
First Lien Term Loan B, LIBOR+9% cash, 1.75% PIK due 9/30/2018 (13)
|
|
10.23
|
%
|
|
|
|
34,621
|
|
|
34,533
|
|
|
34,275
|
|
|||
|
First Lien Term Loan C, 12.5% cash due 9/30/2018
|
|
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,314
|
|
||||
|
First Lien Revolver, LIBOR+8% cash due 9/30/2018 (13)
|
|
9.23
|
%
|
|
|
|
3,520
|
|
|
3,516
|
|
|
3,520
|
|
|||
|
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., 10%
|
|
|
|
|
|
|
|
305
|
|
|
—
|
|
|||||
|
1,000 Shares of Series A Preferred Stock Units in Refac Holdings, Inc., 10%
|
|
|
|
|
|
|
|
999
|
|
|
397
|
|
|||||
|
|
|
|
|
|
|
|
|
46,767
|
|
|
45,533
|
|
|||||
|
Baird Capital Partners V, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.4% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
994
|
|
|
601
|
|
|||||
|
|
|
|
|
|
|
|
|
994
|
|
|
601
|
|
|||||
|
Milestone Partners IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.82% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
948
|
|
|
1,527
|
|
|||||
|
|
|
|
|
|
|
|
|
948
|
|
|
1,527
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
RCPDirect, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.9% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
$
|
354
|
|
|
$
|
559
|
|
|||
|
|
|
|
|
|
|
|
|
354
|
|
|
559
|
|
|||||
|
Riverside Fund V, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.48% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,452
|
|
|
1,405
|
|
|||||
|
|
|
|
|
|
|
|
|
1,452
|
|
|
1,405
|
|
|||||
|
ACON Equity Partners III, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.13% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
785
|
|
|
962
|
|
|||||
|
|
|
|
|
|
|
|
|
785
|
|
|
962
|
|
|||||
|
BMC Acquisition, Inc.
|
|
|
|
Other diversified financial services
|
|
|
|
|
|
|
|||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
|
|
500
|
|
|
763
|
|
|||||
|
50,000 Common Shares (6)
|
|
|
|
|
|
|
|
1
|
|
|
67
|
|
|||||
|
|
|
|
|
|
|
|
|
501
|
|
|
830
|
|
|||||
|
Edmentum, Inc.
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020
|
|
|
|
|
|
$
|
2,434
|
|
|
2,434
|
|
|
1,922
|
|
|||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020 (24)
|
|
|
|
|
11,304
|
|
|
10,227
|
|
|
379
|
|
|||||
|
Unsecured Revolver, 5% cash due 6/9/2020
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
|
|
126
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
12,787
|
|
|
2,301
|
|
|||||
|
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.
|
|
|
|
|
|
|
|
—
|
|
|
5,900
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
5,900
|
|
|||||
|
Vitalyst Holdings, Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
675 Series A Preferred Units of PCH Support Holdings, Inc., 10%
|
|
|
|
|
|
|
|
675
|
|
|
511
|
|
|||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
|
|
75
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
750
|
|
|
511
|
|
|||||
|
Beecken Petty O'Keefe Fund IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.5% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,014
|
|
|
1,310
|
|
|||||
|
|
|
|
|
|
|
|
|
1,014
|
|
|
1,310
|
|
|||||
|
Comprehensive Pharmacy Services LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
|
|
2,000
|
|
|
2,776
|
|
|||||
|
|
|
|
|
|
|
|
|
2,000
|
|
|
2,776
|
|
|||||
|
Garretson Firm Resolution Group, Inc.
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, PRIME+5.5% cash due 5/22/2020 (13)
|
|
9.75
|
%
|
|
|
|
25
|
|
|
25
|
|
|
25
|
|
|||
|
4,950,000 Preferred Units in GRG Holdings, LP, 8%
|
|
|
|
|
|
|
|
495
|
|
|
198
|
|
|||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
|
|
5
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
525
|
|
|
223
|
|
|||||
|
Teaching Strategies, LLC
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 8/27/2023 (13)
|
|
10.83
|
%
|
|
|
|
33,500
|
|
|
33,500
|
|
|
33,964
|
|
|||
|
|
|
|
|
|
|
|
|
33,500
|
|
|
33,964
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Dominion Diagnostics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Subordinated Term Loan, 11% cash 1% PIK due 10/8/2019 (23)
|
|
|
|
|
|
$
|
19,866
|
|
|
$
|
17,625
|
|
|
$
|
8,534
|
|
|
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 (13)
|
|
6.30
|
%
|
|
|
|
49,414
|
|
|
37,574
|
|
|
44,592
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019 (13)
|
|
6.30
|
%
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
55,199
|
|
|
53,126
|
|
|||||
|
Sterling Capital Partners IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,770
|
|
|
1,297
|
|
|||||
|
|
|
|
|
|
|
|
|
1,770
|
|
|
1,297
|
|
|||||
|
Advanced Pain Management
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 2/26/2018 (13)(23)
|
|
9.75
|
%
|
|
|
|
24,000
|
|
|
23,409
|
|
|
1,157
|
|
|||
|
|
|
|
|
|
|
|
|
23,409
|
|
|
1,157
|
|
|||||
|
TravelClick, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13)
|
|
8.99
|
%
|
|
|
|
2,697
|
|
|
2,475
|
|
|
2,710
|
|
|||
|
|
|
|
|
|
|
|
|
2,475
|
|
|
2,710
|
|
|||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
|||||||
|
1.86% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
7,240
|
|
|
6,129
|
|
|||||
|
|
|
|
|
|
|
|
|
7,240
|
|
|
6,129
|
|
|||||
|
Credit Infonet, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Subordinated Term Loan, 12.25% cash 0.75% PIK due 10/26/2020
|
|
|
|
|
|
13,940
|
|
|
13,940
|
|
|
13,941
|
|
||||
|
|
|
|
|
|
|
|
|
13,940
|
|
|
13,941
|
|
|||||
|
HealthEdge Software, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
|
|
213
|
|
|
768
|
|
|||||
|
|
|
|
|
|
|
|
|
213
|
|
|
768
|
|
|||||
|
InMotion Entertainment Group, LLC
|
|
|
|
Consumer electronics
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
9.09
|
%
|
|
|
|
12,259
|
|
|
12,223
|
|
|
12,259
|
|
|||
|
First Lien Term Loan B, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
9.09
|
%
|
|
|
|
5,344
|
|
|
5,265
|
|
|
5,344
|
|
|||
|
First Lien Revolver, LIBOR+6.25% cash due 10/1/2018 (13)
|
|
6.25
|
%
|
|
|
|
3,904
|
|
|
3,897
|
|
|
3,904
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
9.09
|
%
|
|
|
|
797
|
|
|
789
|
|
|
797
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
1,761
|
|
|||||
|
|
|
|
|
|
|
|
|
23,174
|
|
|
24,065
|
|
|||||
|
Thing5, LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash 2% PIK due 10/11/2020 (12)(13)
|
|
8.83
|
%
|
|
|
|
47,530
|
|
|
47,530
|
|
|
40,900
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 (13)
|
|
8.83
|
%
|
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
|
|
2,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
50,530
|
|
|
41,900
|
|
|||||
|
Kason Corporation
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
|
|
6,006
|
|
|
6,006
|
|
|
5,850
|
|
||||
|
498.6 Class A Preferred Units in Kason Investment, LLC, 8%
|
|
|
|
|
|
|
|
499
|
|
|
569
|
|
|||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
|
|
55
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
6,560
|
|
|
6,419
|
|
|||||
|
SPC Partners V, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.571% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,762
|
|
|
1,857
|
|
|||||
|
|
|
|
|
|
|
|
|
1,762
|
|
|
1,857
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
P2 Upstream Acquisition Co.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 (10)(13)
|
|
5.33
|
%
|
|
|
|
|
|
$
|
—
|
|
|
$
|
(238
|
)
|
||
|
|
|
|
|
|
|
|
|
—
|
|
|
(238
|
)
|
|||||
|
OmniSYS Acquisition Corporation
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13)
|
|
8.83
|
%
|
|
|
|
$
|
5,500
|
|
|
5,495
|
|
|
5,468
|
|
||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(13)
|
|
8.83
|
%
|
|
|
|
|
|
—
|
|
|
(15
|
)
|
||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
903
|
|
|||||
|
|
|
|
|
|
|
|
|
6,495
|
|
|
6,356
|
|
|||||
|
Moelis Capital Partners Opportunity Fund I-B, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
1.0% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,045
|
|
|
1,457
|
|
|||||
|
|
|
|
|
|
|
|
|
1,045
|
|
|
1,457
|
|
|||||
|
Aden & Anais Merger Sub, Inc.
|
|
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
|||||||
|
51,645 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
|
|
5,165
|
|
|
1,241
|
|
|||||
|
|
|
|
|
|
|
|
|
5,165
|
|
|
1,241
|
|
|||||
|
Lift Brands, Inc.
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13)
|
|
8.83
|
%
|
|
|
|
21,371
|
|
|
21,358
|
|
|
21,370
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (10)(13)
|
|
8.83
|
%
|
|
|
|
|
|
(3
|
)
|
|
(1
|
)
|
||||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
|
|
2,004
|
|
|
2,922
|
|
|||||
|
|
|
|
|
|
|
|
|
23,359
|
|
|
24,291
|
|
|||||
|
Tailwind Capital Partners II, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.3% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,583
|
|
|
1,956
|
|
|||||
|
|
|
|
|
|
|
|
|
1,583
|
|
|
1,956
|
|
|||||
|
Long's Drugs Incorporated
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+11.25% cash due 2/19/2022 (13)
|
|
12.49
|
%
|
|
|
|
26,909
|
|
|
26,909
|
|
|
27,447
|
|
|||
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
813
|
|
|
1,267
|
|
|||||
|
|
|
|
|
|
|
|
|
27,722
|
|
|
28,714
|
|
|||||
|
Conviva Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021
|
|
|
|
|
|
|
|
105
|
|
|
169
|
|
|||||
|
|
|
|
|
|
|
|
|
105
|
|
|
169
|
|
|||||
|
OnCourse Learning Corporation
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
264,312 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
|
|
2,726
|
|
|
1,988
|
|
|||||
|
|
|
|
|
|
|
|
|
2,726
|
|
|
1,988
|
|
|||||
|
ShareThis, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
|
|
367
|
|
|
8
|
|
|||||
|
|
|
|
|
|
|
|
|
367
|
|
|
8
|
|
|||||
|
Aptean, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 12/20/2023 (13)
|
|
10.84
|
%
|
|
|
|
5,900
|
|
|
5,821
|
|
|
5,952
|
|
|||
|
|
|
|
|
|
|
|
|
5,821
|
|
|
5,952
|
|
|||||
|
ExamSoft Worldwide, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
|
|
181
|
|
|
135
|
|
|||||
|
|
|
|
|
|
|
|
|
181
|
|
|
135
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
DigiCert, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/21/2022 (13)
|
|
10.24
|
%
|
|
|
|
$
|
61,500
|
|
|
$
|
60,980
|
|
|
$
|
61,500
|
|
|
|
|
|
|
|
|
|
|
60,980
|
|
|
61,500
|
|
|||||
|
RCPDirect II, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.4% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
617
|
|
|
719
|
|
|||||
|
|
|
|
|
|
|
|
|
617
|
|
|
719
|
|
|||||
|
Integral Development Corporation
|
|
|
|
Other diversified financial services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (13)
|
|
10.80
|
%
|
|
|
|
11,500
|
|
|
11,466
|
|
|
10,815
|
|
|||
|
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024
|
|
|
|
|
|
|
|
113
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
11,579
|
|
|
10,815
|
|
|||||
|
Loftware, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020
|
|
|
|
|
|
6,198
|
|
|
6,198
|
|
|
6,198
|
|
||||
|
300,000 Class A Common Units in RPLF Holdings, LLC
|
|
|
|
|
|
|
|
300
|
|
|
220
|
|
|||||
|
|
|
|
|
|
|
|
|
6,498
|
|
|
6,418
|
|
|||||
|
Webster Capital III, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.754% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,020
|
|
|
1,296
|
|
|||||
|
|
|
|
|
|
|
|
|
1,020
|
|
|
1,296
|
|
|||||
|
L Squared Capital Partners LLC
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
2,660
|
|
|
2,660
|
|
|||||
|
|
|
|
|
|
|
|
|
2,660
|
|
|
2,660
|
|
|||||
|
BeyondTrust Software, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019 (13)
|
|
8.33
|
%
|
|
|
|
26,677
|
|
|
26,174
|
|
|
26,676
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (10)(13)
|
|
8.33
|
%
|
|
|
|
|
|
(54
|
)
|
|
—
|
|
||||
|
4,500,000 Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
|
|
4,500
|
|
|
5,660
|
|
|||||
|
|
|
|
|
|
|
|
|
30,620
|
|
|
32,336
|
|
|||||
|
GOBP Holdings Inc.
|
|
|
|
Food retail
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)
|
|
9.58
|
%
|
|
|
|
4,214
|
|
|
4,176
|
|
|
4,251
|
|
|||
|
|
|
|
|
|
|
|
|
4,176
|
|
|
4,251
|
|
|||||
|
Kellermeyer Bergensons Services, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13)
|
|
9.81
|
%
|
|
|
|
6,105
|
|
|
5,907
|
|
|
5,983
|
|
|||
|
|
|
|
|
|
|
|
|
5,907
|
|
|
5,983
|
|
|||||
|
Dodge Data & Analytics LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 10/31/2019 (13)
|
|
10.13
|
%
|
|
|
|
7,348
|
|
|
7,348
|
|
|
6,881
|
|
|||
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
|
|
500
|
|
|
202
|
|
|||||
|
|
|
|
|
|
|
|
|
7,848
|
|
|
7,083
|
|
|||||
|
Metamorph US 3, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash 2% PIK due 12/1/2020 (13)(23)
|
|
6.74
|
%
|
|
|
|
9,969
|
|
|
9,550
|
|
|
3,816
|
|
|||
|
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 12/1/2020 (10)(13)(23)
|
|
7.74
|
%
|
|
|
|
2,205
|
|
|
2,203
|
|
|
(74
|
)
|
|||
|
|
|
|
|
|
|
|
|
11,753
|
|
|
3,742
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
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)
|
|
9.30
|
%
|
|
|
|
$
|
17,000
|
|
|
$
|
17,000
|
|
|
$
|
17,000
|
|
|
|
|
|
|
|
|
|
|
17,000
|
|
|
17,000
|
|
|||||
|
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
|
|
|
409
|
|
|||||
|
|
|
|
|
|
|
|
|
60
|
|
|
409
|
|
|||||
|
Survey Sampling International, LLC
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (13)
|
|
10.27
|
%
|
|
|
|
18,700
|
|
|
18,475
|
|
|
18,513
|
|
|||
|
|
|
|
|
|
|
|
|
18,475
|
|
|
18,513
|
|
|||||
|
PSC Industrial Holdings Corp.
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 12/3/2021 (13)
|
|
9.49
|
%
|
|
|
|
7,000
|
|
|
6,839
|
|
|
7,000
|
|
|||
|
|
|
|
|
|
|
|
|
6,839
|
|
|
7,000
|
|
|||||
|
EOS Fitness Opco Holdings, LLC
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
9.99
|
%
|
|
|
|
3,675
|
|
|
3,675
|
|
|
3,711
|
|
|||
|
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13)
|
|
9.99
|
%
|
|
|
|
|
|
—
|
|
|
50
|
|
||||
|
487.5 Class A Preferred Units, 12%
|
|
|
|
|
|
|
|
488
|
|
|
678
|
|
|||||
|
12,500 Class B Common Units
|
|
|
|
|
|
|
|
13
|
|
|
463
|
|
|||||
|
|
|
|
|
|
|
|
|
4,176
|
|
|
4,902
|
|
|||||
|
Motion Recruitment Partners LLC
|
|
|
|
Human resources & employment services
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(13)
|
|
7.24
|
%
|
|
|
|
|
|
(6
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
(6
|
)
|
|
—
|
|
|||||
|
WeddingWire, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
9.84
|
%
|
|
|
|
25,781
|
|
|
25,781
|
|
|
25,911
|
|
|||
|
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13)
|
|
9.84
|
%
|
|
|
|
|
|
—
|
|
|
15
|
|
||||
|
483,645 Common Shares of WeddingWire, Inc.
|
|
|
|
|
|
|
|
1,200
|
|
|
1,607
|
|
|||||
|
|
|
|
|
|
|
|
|
26,981
|
|
|
27,533
|
|
|||||
|
xMatters, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025
|
|
|
|
|
|
|
|
709
|
|
|
368
|
|
|||||
|
|
|
|
|
|
|
|
|
709
|
|
|
368
|
|
|||||
|
Edge Fitness, LLC
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 6/30/2020 (13)
|
|
9.05
|
%
|
|
|
|
3,398
|
|
|
3,398
|
|
|
3,397
|
|
|||
|
|
|
|
|
|
|
|
|
3,398
|
|
|
3,397
|
|
|||||
|
Golden State Medical Supply, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
|
|
15,001
|
|
|
15,001
|
|
|
14,835
|
|
||||
|
|
|
|
|
|
|
|
|
15,001
|
|
|
14,835
|
|
|||||
|
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)(9)(14)
|
|
Cash Interest Rate (13)
|
|
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
|
|
|
$
|
970
|
|
|||
|
|
|
|
|
|
|
|
|
151
|
|
|
970
|
|
|||||
|
QuorumLabs, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
2,727,939 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
Poseidon Merger Sub, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (13)
|
|
9.81
|
%
|
|
|
|
$
|
30,000
|
|
|
29,101
|
|
|
30,300
|
|
||
|
|
|
|
|
|
|
|
|
29,101
|
|
|
30,300
|
|
|||||
|
Valet Merger Sub, Inc.
|
|
|
|
Environmental & facilities services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
8.24
|
%
|
|
|
|
50,661
|
|
|
50,016
|
|
|
50,660
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (10)(13)
|
|
8.24
|
%
|
|
|
|
—
|
|
|
(115
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
49,901
|
|
|
50,660
|
|
|||||
|
Argon Medical Devices, Inc.
|
|
|
|
Healthcare equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 6/23/2022 (13)
|
|
10.74
|
%
|
|
|
|
43,000
|
|
|
43,000
|
|
|
43,002
|
|
|||
|
|
|
|
|
|
|
|
|
43,000
|
|
|
43,002
|
|
|||||
|
Lytx, Inc.
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
3,500 Class A Units in Lytx Holdings, LLC
|
|
|
|
|
|
|
|
2,478
|
|
|
2,459
|
|
|||||
|
3,500 Class B Units in Lytx Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
559
|
|
|||||
|
|
|
|
|
|
|
|
|
2,478
|
|
|
3,018
|
|
|||||
|
Onvoy, LLC
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 (13)
|
|
11.83
|
%
|
|
|
|
16,750
|
|
|
16,750
|
|
|
16,704
|
|
|||
|
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
|
|
1,967
|
|
|
2,088
|
|
|||||
|
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
18,717
|
|
|
18,792
|
|
|||||
|
4 Over International, LLC
|
|
|
|
Commercial printing
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13)
|
|
7.24
|
%
|
|
|
|
6,045
|
|
|
6,001
|
|
|
6,045
|
|
|||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13)
|
|
7.24
|
%
|
|
|
|
|
|
(17
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
5,984
|
|
|
6,045
|
|
|||||
|
Ping Identity Corporation
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13)
|
|
10.49
|
%
|
|
|
|
42,500
|
|
|
41,557
|
|
|
43,176
|
|
|||
|
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13)
|
|
10.49
|
%
|
|
|
|
|
|
(55
|
)
|
|
40
|
|
||||
|
|
|
|
|
|
|
|
|
41,502
|
|
|
43,216
|
|
|||||
|
Ancile Solutions, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
8.33
|
%
|
|
|
|
10,330
|
|
|
10,104
|
|
|
10,248
|
|
|||
|
|
|
|
|
|
|
|
|
10,104
|
|
|
10,248
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Ministry Brands, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
6.24
|
%
|
|
|
|
$
|
3,891
|
|
|
$
|
3,857
|
|
|
$
|
3,891
|
|
|
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13)
|
|
6.24
|
%
|
|
|
|
1,352
|
|
|
1,336
|
|
|
1,352
|
|
|||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
10.49
|
%
|
|
|
|
7,056
|
|
|
6,964
|
|
|
7,056
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
10.49
|
%
|
|
|
|
1,944
|
|
|
1,918
|
|
|
1,944
|
|
|||
|
First Lien Revolver LIBOR+5% (1% floor) cash due 12/2/2022 (10)(13)
|
|
6.24
|
%
|
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
14,066
|
|
|
14,243
|
|
|||||
|
Sailpoint Technologies, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 8/16/2021 (13)
|
|
8.33
|
%
|
|
|
|
20,870
|
|
|
20,529
|
|
|
20,870
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 8/16/2021 (10)(13)
|
|
8.33
|
%
|
|
|
|
|
|
(22
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
20,507
|
|
|
20,870
|
|
|||||
|
California Pizza Kitchen, Inc.
|
|
|
|
Restaurants
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)
|
|
7.24
|
%
|
|
|
|
4,950
|
|
|
4,910
|
|
|
4,917
|
|
|||
|
|
|
|
|
|
|
|
|
4,910
|
|
|
4,917
|
|
|||||
|
Aptos, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13)
|
|
8.08
|
%
|
|
|
|
5,445
|
|
|
5,354
|
|
|
5,391
|
|
|||
|
|
|
|
|
|
|
|
|
5,354
|
|
|
5,391
|
|
|||||
|
SPC Partners VI, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.39% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
Impact Sales, LLC
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13)
|
|
8.30
|
%
|
|
|
|
11,166
|
|
|
10,955
|
|
|
11,145
|
|
|||
|
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13)
|
|
8.30
|
%
|
|
|
|
513
|
|
|
443
|
|
|
506
|
|
|||
|
|
|
|
|
|
|
|
|
11,398
|
|
|
11,651
|
|
|||||
|
DFT Intermediate LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (13)
|
|
6.74
|
%
|
|
|
|
3,300
|
|
|
3,224
|
|
|
3,278
|
|
|||
|
|
|
|
|
|
|
|
|
3,224
|
|
|
3,278
|
|
|||||
|
Systems, Inc.
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 3/3/2022 (13)
|
|
6.57
|
%
|
|
|
|
8,668
|
|
|
8,553
|
|
|
8,625
|
|
|||
|
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 3/3/2022 (10)(13)
|
|
6.57
|
%
|
|
|
|
|
|
(40
|
)
|
|
(40
|
)
|
||||
|
|
|
|
|
|
|
|
|
8,513
|
|
|
8,585
|
|
|||||
|
TerSera Therapeutics, LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (13)
|
|
10.58
|
%
|
|
|
|
15,000
|
|
|
14,586
|
|
|
14,629
|
|
|||
|
668,879 Common Units of TerSera Holdings LLC
|
|
|
|
|
|
|
|
1,500
|
|
|
1,816
|
|
|||||
|
|
|
|
|
|
|
|
|
16,086
|
|
|
16,445
|
|
|||||
|
Cablevision Systems Corp.
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.875% cash due 10/15/2025 (22)
|
|
|
|
|
|
5,897
|
|
|
7,077
|
|
|
7,298
|
|
||||
|
|
|
|
|
|
|
|
|
7,077
|
|
|
7,298
|
|
|||||
|
See notes to Consolidated Financial Statements.
|
|||||||||||||||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Terraform Power Operating
|
|
|
|
Multi-utilities
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 6.375% cash due 2/1/2023 (11)(22)
|
|
|
|
|
|
$
|
6,000
|
|
|
$
|
6,201
|
|
|
$
|
6,255
|
|
|
|
|
|
|
|
|
|
|
|
6,201
|
|
|
6,255
|
|
|||||
|
HC2 Holdings Inc.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 11% cash due 12/1/2019 (11)(22)
|
|
|
|
|
|
10,500
|
|
|
10,666
|
|
|
10,631
|
|
||||
|
|
|
|
|
|
|
|
|
10,666
|
|
|
10,631
|
|
|||||
|
Natural Resource Partners LP
|
|
|
|
Precious metals & minerals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)(22)
|
|
|
|
|
|
7,000
|
|
|
7,459
|
|
|
7,464
|
|
||||
|
|
|
|
|
|
|
|
|
7,459
|
|
|
7,464
|
|
|||||
|
Virgin Media
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 5.5% cash due 8/15/2026 (11)(22)
|
|
|
|
|
|
2,000
|
|
|
2,038
|
|
|
2,108
|
|
||||
|
Fixed Rate Bond 5.25% cash due 1/15/2026 (11)(22)
|
|
|
|
|
|
3,000
|
|
|
3,009
|
|
|
3,161
|
|
||||
|
|
|
|
|
|
|
|
|
5,047
|
|
|
5,269
|
|
|||||
|
Scientific Games International, Inc.
|
|
|
|
Casinos & gaming
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B4, LIBOR+3.25% cash due 8/14/2024 (13)(22)
|
|
4.58
|
%
|
|
|
|
11,368
|
|
|
11,313
|
|
|
11,402
|
|
|||
|
|
|
|
|
|
|
|
|
11,313
|
|
|
11,402
|
|
|||||
|
ASHCO, LLC
|
|
|
|
Specialty stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/15/2023 (13)
|
|
6.24
|
%
|
|
|
|
12,000
|
|
|
11,762
|
|
|
11,335
|
|
|||
|
|
|
|
|
|
|
|
|
11,762
|
|
|
11,335
|
|
|||||
|
Salient CRGT Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (13)
|
|
6.99
|
%
|
|
|
|
3,440
|
|
|
3,377
|
|
|
3,416
|
|
|||
|
|
|
|
|
|
|
|
|
3,377
|
|
|
3,416
|
|
|||||
|
BJ's Wholesale Club, Inc.
|
|
|
|
Hypermarkets & super centers
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 1/26/2024 (13)(22)
|
|
4.99
|
%
|
|
|
|
11,970
|
|
|
11,979
|
|
|
11,504
|
|
|||
|
|
|
|
|
|
|
|
|
11,979
|
|
|
11,504
|
|
|||||
|
Everi Payments Inc.
|
|
|
|
Casinos & gaming
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 5/9/2024 (13)(22)
|
|
5.74
|
%
|
|
|
|
11,970
|
|
|
11,996
|
|
|
12,093
|
|
|||
|
|
|
|
|
|
|
|
|
11,996
|
|
|
12,093
|
|
|||||
|
LSF9 Atlantis Holdings, LLC
|
|
|
|
Computer & electronics retail
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 5/1/2023 (13)
|
|
7.24
|
%
|
|
|
|
6,459
|
|
|
6,399
|
|
|
6,498
|
|
|||
|
|
|
|
|
|
|
|
|
6,399
|
|
|
6,498
|
|
|||||
|
Allied Universal Holdco LLC
|
|
|
|
Security & alarm services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (13)(22)
|
|
5.08
|
%
|
|
|
|
11,970
|
|
|
12,043
|
|
|
11,958
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/27/2023 (13)(22)
|
|
9.81
|
%
|
|
|
|
1,149
|
|
|
1,171
|
|
|
1,145
|
|
|||
|
|
|
|
|
|
|
|
|
13,214
|
|
|
13,103
|
|
|||||
|
Truck Hero, Inc.
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 (13)
|
|
9.58
|
%
|
|
|
|
21,500
|
|
|
21,191
|
|
|
21,715
|
|
|||
|
|
|
|
|
|
|
|
|
21,191
|
|
|
21,715
|
|
|||||
|
BMC Software Finance, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4% (1% floor) cash due 9/10/2022 (13)(22)
|
|
5.24
|
%
|
|
|
|
16,881
|
|
|
16,999
|
|
|
16,993
|
|
|||
|
|
|
|
|
|
|
|
|
16,999
|
|
|
16,993
|
|
|||||
|
See notes to Consolidated Financial Statements.
|
|||||||||||||||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Internet Pipeline, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Incremental First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 8/1/2022 (13)
|
|
7.48
|
%
|
|
|
|
$
|
5,565
|
|
|
$
|
5,513
|
|
|
$
|
5,677
|
|
|
|
|
|
|
|
|
|
|
5,513
|
|
|
5,677
|
|
|||||
|
CCC Information Services Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 3/13/2025 (13)
|
|
7.99
|
%
|
|
|
|
2,500
|
|
|
2,559
|
|
|
2,581
|
|
|||
|
|
|
|
|
|
|
|
|
2,559
|
|
|
2,581
|
|
|||||
|
Hyland Software Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7% (1% floor) cash due 7/7/2025 (13)
|
|
8.24
|
%
|
|
|
|
2,000
|
|
|
1,991
|
|
|
1,980
|
|
|||
|
|
|
|
|
|
|
|
|
1,991
|
|
|
1,980
|
|
|||||
|
Idera, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 6/27/2024 (13)
|
|
6.24
|
%
|
|
|
|
6,926
|
|
|
6,910
|
|
|
6,978
|
|
|||
|
|
|
|
|
|
|
|
|
6,910
|
|
|
6,978
|
|
|||||
|
MHE Intermediate Holdings, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/11/2024 (13)
|
|
6.33
|
%
|
|
|
|
2,993
|
|
|
2,964
|
|
|
2,993
|
|
|||
|
|
|
|
|
|
|
|
|
2,964
|
|
|
2,993
|
|
|||||
|
PowerPlan Holdings, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 2/23/2022 (13)
|
|
6.49
|
%
|
|
|
|
4,988
|
|
|
4,941
|
|
|
4,987
|
|
|||
|
|
|
|
|
|
|
|
|
4,941
|
|
|
4,987
|
|
|||||
|
UOS, LLC
|
|
|
|
Trucking
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/18/2023 (13)
|
|
6.74
|
%
|
|
|
|
6,916
|
|
|
7,081
|
|
|
7,106
|
|
|||
|
|
|
|
|
|
|
|
|
7,081
|
|
|
7,106
|
|
|||||
|
Veritas US Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 1/27/2023 (13)(22)
|
|
5.83
|
%
|
|
|
|
34,947
|
|
|
35,379
|
|
|
35,336
|
|
|||
|
|
|
|
|
|
|
|
|
35,379
|
|
|
35,336
|
|
|||||
|
Staples, Inc.
|
|
|
|
Distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4% (1% floor) cash due 8/12/2024 (13)(22)
|
|
5.31
|
%
|
|
|
|
10,000
|
|
|
9,976
|
|
|
9,967
|
|
|||
|
Fixed Rate Bond 8.5% cash due 9/15/2025 (22)
|
|
|
|
|
|
5,000
|
|
|
4,988
|
|
|
4,863
|
|
||||
|
|
|
|
|
|
|
|
|
14,964
|
|
|
14,830
|
|
|||||
|
Zep Inc.
|
|
|
|
Housewares & Specialties
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 (13)
|
|
9.48
|
%
|
|
|
|
30,000
|
|
|
29,852
|
|
|
29,775
|
|
|||
|
|
|
|
|
|
|
|
|
29,852
|
|
|
29,775
|
|
|||||
|
DTZ U.S. Borrower, LLC
|
|
|
|
Real estate services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 11/4/2021 (13)(22)
|
|
4.57
|
%
|
|
|
|
12,967
|
|
|
13,011
|
|
|
13,014
|
|
|||
|
|
|
|
|
|
|
|
|
13,011
|
|
|
13,014
|
|
|||||
|
Micro Holding Corp.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.5% (1% floor) cash due 9/15/2024 (13)
|
|
4.82
|
%
|
|
|
|
6,000
|
|
|
5,970
|
|
|
5,978
|
|
|||
|
|
|
|
|
|
|
|
|
5,970
|
|
|
5,978
|
|
|||||
|
Accudyne Industries, LLC
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 8/18/2024 (13)(22)
|
|
5.01
|
%
|
|
|
|
19,915
|
|
|
19,977
|
|
|
19,990
|
|
|||
|
|
|
|
|
|
|
|
|
19,977
|
|
|
19,990
|
|
|||||
|
See notes to Consolidated Financial Statements.
|
|||||||||||||||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
McAfee, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 (13)
|
|
5.83
|
%
|
|
|
|
$
|
8,000
|
|
|
$
|
7,921
|
|
|
$
|
8,083
|
|
|
|
|
|
|
|
|
|
|
7,921
|
|
|
8,083
|
|
|||||
|
Total Non-Control/Non-Affiliate Investments (138.2% of net assets)
|
|
|
|
|
|
|
|
$
|
1,279,096
|
|
|
$
|
1,199,501
|
|
|||
|
Total Portfolio Investments (177.7% of net assets)
|
|
|
|
|
|
|
|
$
|
1,757,665
|
|
|
$
|
1,541,755
|
|
|||
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
JP Morgan Prime Money Market Fund
|
|
|
|
|
|
|
|
$
|
48,808
|
|
|
$
|
48,808
|
|
|||
|
Other cash accounts
|
|
|
|
|
|
|
|
4,210
|
|
|
4,210
|
|
|||||
|
Total Cash and Cash Equivalents (6.1% of net assets)
|
|
|
|
|
|
|
|
$
|
53,018
|
|
|
$
|
53,018
|
|
|||
|
Total Portfolio Investments, Cash and Cash Equivalents (183.8% of net assets)
|
|
|
|
|
|
|
|
$
|
1,810,683
|
|
|
$
|
1,594,773
|
|
|||
|
(1)
|
All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted.
|
|
(2)
|
See Note 3 in the accompanying notes 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 may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either 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.
|
|
(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 September 30, 2017, qualifying assets represented 83.6% of the Company's total assets and non-qualifying assets represented 16.4% 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
$11.6 million
related to the Company's secured borrowings. (See Note 14 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 and the cash interest rate as of period end.
|
|
(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 a 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 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 in the accompanying notes to the Consolidated Financial Statements for portfolio composition.
|
|
(18)
|
In December 2016, the Company restructured its investment in Senior Loan Fund JV I, LLC. As part of the restructuring, the Company exchanged its subordinated notes for Class A Mezzanine Secured Deferrable Floating Rate Notes and Class B Mezzanine Secured Deferrable Fixed Rate Notes issued by a newly formed, wholly owned subsidiary, SLF Repack Issuer 2016 LLC. The Class A Mezzanine Secured Deferrable Floating Rate Notes bear interest at a rate of LIBOR plus the applicable margin as defined in the indenture. The Class A Mezzanine Secured Deferrable Floating Rate Notes and Class B Mezzanine Secured Deferrable Fixed Rate Notes are collectively referred to as the "mezzanine notes".
|
|
(19)
|
In June 2017, the Company sold all of its investments in 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 September 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 a separate entity and is 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 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.
|
|
(22)
|
As of September 30, 2017, these investments are categorized as Level 2 within the fair value hierarchy established by ASC 820. All other investments are categorized as Level 3 as of September 30, 2017 and were valued using significant unobservable inputs.
|
|
(23)
|
This investment was on cash non-accrual status as of September 30, 2017. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
(24)
|
This investment was on PIK non-accrual status as of September 30, 2017. PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(25)
|
This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.
|
|
•
|
Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of 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 team and investment professionals responsible for each portfolio investment;
|
|
•
|
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;
|
|
•
|
The Audit Committee 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 makes a recommendation to the full 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.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Investments in debt securities
|
|
$
|
1,343,309
|
|
|
$
|
1,171,848
|
|
|
$
|
1,426,301
|
|
|
$
|
1,296,138
|
|
|
Investments in equity securities
|
|
188,693
|
|
|
110,409
|
|
|
186,521
|
|
|
111,421
|
|
||||
|
Debt investments in SLF JV I
|
|
128,267
|
|
|
128,267
|
|
|
128,671
|
|
|
128,671
|
|
||||
|
Equity investment in SLF JV I
|
|
16,172
|
|
|
4,880
|
|
|
16,172
|
|
|
5,525
|
|
||||
|
Total
|
|
$
|
1,676,441
|
|
|
$
|
1,415,404
|
|
|
$
|
1,757,665
|
|
|
$
|
1,541,755
|
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||
|
|
|
Fair Value
|
|
% of Debt
Portfolio
|
|
Fair Value
|
|
% of Debt
Portfolio
|
||||||
|
Fixed rate debt securities, including debt investments in SLF JV I
|
|
$
|
229,274
|
|
|
17.63
|
%
|
|
$
|
233,869
|
|
|
16.41
|
%
|
|
Floating rate debt securities, including debt investments in SLF JV I
|
|
1,070,841
|
|
|
82.37
|
|
|
1,190,940
|
|
|
83.59
|
|
||
|
Total
|
|
$
|
1,300,115
|
|
|
100.00
|
%
|
|
$
|
1,424,809
|
|
|
100.00
|
%
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Measured at Net Asset Value (a)
|
|
Total
|
||||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
258,128
|
|
|
$
|
815,352
|
|
|
$
|
—
|
|
|
$
|
1,073,480
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
56,684
|
|
|
169,951
|
|
|
—
|
|
|
226,635
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
16,350
|
|
|
—
|
|
|
16,350
|
|
|||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
68,434
|
|
|
30,505
|
|
|
98,939
|
|
|||||
|
Total investments at fair value
|
|
—
|
|
|
314,812
|
|
|
1,070,087
|
|
|
30,505
|
|
|
1,415,404
|
|
|||||
|
Cash and cash equivalents
|
|
45,435
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,435
|
|
|||||
|
Total assets at fair value
|
|
$
|
45,435
|
|
|
$
|
314,812
|
|
|
$
|
1,070,087
|
|
|
$
|
30,505
|
|
|
$
|
1,460,839
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
11,601
|
|
|
—
|
|
|
11,601
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,601
|
|
|
$
|
—
|
|
|
$
|
11,601
|
|
|
(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)
|
|
$
|
—
|
|
|
$
|
142,257
|
|
|
$
|
1,060,442
|
|
|
$
|
—
|
|
|
$
|
1,202,699
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
41,778
|
|
|
180,331
|
|
|
—
|
|
|
222,109
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
16,445
|
|
|
—
|
|
|
16,445
|
|
|||||
|
Investments in equity securities (common, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
69,164
|
|
|
31,338
|
|
|
100,502
|
|
|||||
|
Total investments at fair value
|
|
—
|
|
|
184,035
|
|
|
1,326,382
|
|
|
31,338
|
|
|
1,541,755
|
|
|||||
|
Cash and cash equivalents
|
|
53,018
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,018
|
|
|||||
|
Total assets at fair value
|
|
$
|
53,018
|
|
|
$
|
184,035
|
|
|
$
|
1,326,382
|
|
|
$
|
31,338
|
|
|
$
|
1,594,773
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
13,256
|
|
|
—
|
|
|
13,256
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,256
|
|
|
$
|
—
|
|
|
$
|
13,256
|
|
|
(a)
|
In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2017
|
|
$
|
1,060,442
|
|
|
$
|
180,331
|
|
|
$
|
16,445
|
|
|
$
|
69,164
|
|
|
$
|
1,326,382
|
|
|
$
|
13,256
|
|
|
New investments & net revolver activity
|
|
58,869
|
|
|
1,730
|
|
|
—
|
|
|
2,500
|
|
|
63,099
|
|
|
—
|
|
||||||
|
Redemptions/repayments/sales
|
|
(239,894
|
)
|
|
(812
|
)
|
|
—
|
|
|
9
|
|
|
(240,697
|
)
|
|
—
|
|
||||||
|
Transfers out (a)
|
|
(37,368
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,368
|
)
|
|
—
|
|
||||||
|
Net accrual of PIK interest income
|
|
683
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
758
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
186
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|
—
|
|
||||||
|
Net unrealized depreciation on investments
|
|
(27,566
|
)
|
|
(11,372
|
)
|
|
(95
|
)
|
|
(3,230
|
)
|
|
(42,263
|
)
|
|
—
|
|
||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,655
|
)
|
||||||
|
Realized loss on investments
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(9
|
)
|
|
(10
|
)
|
|
—
|
|
||||||
|
Fair value as of December 31, 2017
|
|
$
|
815,352
|
|
|
$
|
169,951
|
|
|
$
|
16,350
|
|
|
$
|
68,434
|
|
|
$
|
1,070,087
|
|
|
$
|
11,601
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of December 31, 2017 and reported within net unrealized depreciation on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2017
|
|
$
|
(27,539
|
)
|
|
$
|
(11,441
|
)
|
|
$
|
(94
|
)
|
|
$
|
(4,243
|
)
|
|
$
|
(43,317
|
)
|
|
$
|
(1,655
|
)
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2016
|
|
$
|
1,689,535
|
|
|
$
|
285,277
|
|
|
$
|
47,749
|
|
|
$
|
106,540
|
|
|
$
|
2,129,101
|
|
|
$
|
18,400
|
|
|
New investments & net revolver activity
|
|
99,858
|
|
|
126,402
|
|
|
—
|
|
|
1,586
|
|
|
227,846
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(194,616
|
)
|
|
(150,043
|
)
|
|
(652
|
)
|
|
(1,786
|
)
|
|
(347,097
|
)
|
|
(4,503
|
)
|
||||||
|
Net accrual (receipt) of PIK interest income
|
|
(1,026
|
)
|
|
(247
|
)
|
|
676
|
|
|
—
|
|
|
(597
|
)
|
|
—
|
|
||||||
|
Accretion of OID
|
|
2,201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,201
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
(26
|
)
|
|
11
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
(81,425
|
)
|
|
14,877
|
|
|
1,372
|
|
|
(9,720
|
)
|
|
(74,896
|
)
|
|
—
|
|
||||||
|
Net unrealized appreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
||||||
|
Realized gain (loss) on investments
|
|
(140
|
)
|
|
(19,857
|
)
|
|
443
|
|
|
(3,600
|
)
|
|
(23,154
|
)
|
|
—
|
|
||||||
|
Fair value as of December 31, 2016
|
|
$
|
1,514,361
|
|
|
$
|
256,420
|
|
|
$
|
49,588
|
|
|
$
|
93,020
|
|
|
$
|
1,913,389
|
|
|
$
|
13,981
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of December 31, 2016 and reported within net unrealized depreciation on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2016
|
|
$
|
(80,481
|
)
|
|
$
|
(793
|
)
|
|
$
|
1,697
|
|
|
$
|
(11,786
|
)
|
|
$
|
(91,363
|
)
|
|
$
|
84
|
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
579,327
|
|
|
Market yield technique
|
|
Market yield
|
|
(a)
|
6.4%
|
-
|
20.2%
|
|
12.2%
|
|
|
|
10,340
|
|
|
Enterprise value technique
|
|
Revenue multiple
|
|
(b)
|
0.1x
|
-
|
0.6x
|
|
0.3x
|
|
|
|
|
103,793
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
3.2x
|
-
|
7.6x
|
|
4.7x
|
|
|
|
|
44,378
|
|
|
Enterprise value technique
|
|
Asset multiple
|
|
(b)
|
0.9x
|
-
|
1.1x
|
|
1.0x
|
|
|
|
|
14,657
|
|
|
Transactions precedent technique
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
62,857
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
42,084
|
|
|
Market yield technique
|
|
Market yield
|
|
(a)
|
12.9%
|
-
|
25.0%
|
|
14.0%
|
|
|
|
|
(400
|
)
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(a)
|
6.8x
|
-
|
7.8x
|
|
7.3x
|
|
|
SLF JV I debt investments
|
|
128,267
|
|
|
Enterprise value technique
|
|
N/A
|
|
(f)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
15,651
|
|
|
Enterprise value technique
|
|
Revenue multiple
|
|
(b)
|
0.1x
|
-
|
10.9x
|
|
2.4x
|
|
|
|
|
49,797
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
3.2x
|
-
|
15.5x
|
|
7.7x
|
|
|
|
|
19,336
|
|
|
Enterprise value technique
|
|
Asset multiple
|
|
(b)
|
0.9x
|
-
|
1.1x
|
|
1.0x
|
|
|
Total
|
|
$
|
1,070,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings
|
|
11,601
|
|
|
Market yield technique
|
|
Market yield
|
|
(a)
|
16.5%
|
-
|
18.5%
|
|
17.5%
|
|
|
Total
|
|
$
|
11,601
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Used when market participant would take into account market yield 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. The company performs additional procedures to corroborate such information, which may include the market yield technique and a quantitative and qualitative assessment of the credit quality and market trends affecting the portfolio company. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by the Investment Adviser.
|
|
(f)
|
The Company determined the value based on the total assets less the total liabilities senior to the mezzanine notes held at SLF JV I in an amount not exceeding par under the enterprise value technique.
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
632,835
|
|
|
Market yield technique
|
|
Capital structure premium
|
|
(a)
|
0.0%
|
-
|
2.0%
|
|
0.7%
|
|
|
|
|
|
|
|
Tranche specific risk premium/(discount)
|
|
(a)
|
(2.5)%
|
-
|
10.5%
|
|
2.9%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
0.5%
|
-
|
2.0%
|
|
1.0%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(1.2)%
|
-
|
2.6%
|
|
0.4%
|
||
|
|
|
58,815
|
|
|
Enterprise value technique
|
|
Revenue multiple
|
|
(b)
|
0.2x
|
-
|
0.6x
|
|
0.5x
|
|
|
|
|
107,313
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
0.1x
|
-
|
7.2x
|
|
4.6x
|
|
|
|
|
98,800
|
|
|
Transactions precedent technique
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
162,679
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
40,825
|
|
|
Market yield technique
|
|
Capital structure premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
|
|
|
|
|
|
|
|
Tranche specific risk premium
|
|
(a)
|
1.8%
|
-
|
5.9%
|
|
3.4%
|
||
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium/(discount)
|
|
(a)
|
(0.5)%
|
-
|
2.6%
|
|
0.6%
|
||
|
|
|
10,835
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
6.3x
|
-
|
7.0x
|
|
6.4x
|
|
|
SLF JV I debt investments
|
|
128,671
|
|
|
Enterprise value technique
|
|
N/A
|
|
(f)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
85,609
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
0.1x
|
-
|
15.6x
|
|
6.8x
|
|
|
|
|
|
|
|
|
Revenue multiple
|
|
(b)
|
0.9x
|
|
10.9x
|
|
2.7x
|
||
|
Total
|
|
$
|
1,326,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings
|
|
13,256
|
|
|
Market yield technique
|
|
Tranche specific risk premium (discount)
|
|
(a)
|
(2.0)%
|
-
|
6.5%
|
|
5.7%
|
|
|
|
|
|
|
|
|
Size premium
|
|
(a)
|
2.0%
|
-
|
2.0%
|
|
2.0%
|
||
|
|
|
|
|
|
|
Industry premium
|
|
(a)
|
0.2%
|
-
|
0.2%
|
|
0.2%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total
|
|
$
|
13,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Used when market participant would take into account this premium or discount when pricing the investment or secured borrowings based on a market yield.
|
|
(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. The company performs additional procedures to corroborate such information, which may include the market yield technique and a quantitative and qualitative assessment of the credit quality and market trends affecting the portfolio company. Each quoted price is evaluated by the Audit Committee of the Company's Board of Directors in conjunction with additional information compiled by the Investment Adviser.
|
|
(f)
|
The Company determined the value based on the total assets less the total liabilities senior to the mezzanine notes held at SLF JV I in an amount not exceeding par under the enterprise value technique
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facility payable
|
|
$
|
205,000
|
|
|
$
|
205,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
205,000
|
|
|
Unsecured notes payable (net of unamortized financing costs)
|
|
406,486
|
|
|
413,245
|
|
|
—
|
|
|
162,570
|
|
|
250,675
|
|
|||||
|
Total
|
|
$
|
611,486
|
|
|
$
|
618,245
|
|
|
$
|
—
|
|
|
$
|
162,570
|
|
|
$
|
455,675
|
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facilities payable
|
|
$
|
255,995
|
|
|
$
|
255,995
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
255,995
|
|
|
Unsecured notes payable (net of unamortized financing costs)
|
|
406,115
|
|
|
414,067
|
|
|
—
|
|
|
163,517
|
|
|
250,550
|
|
|||||
|
Total
|
|
$
|
662,110
|
|
|
$
|
670,062
|
|
|
$
|
—
|
|
|
$
|
163,517
|
|
|
$
|
506,545
|
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Senior secured debt
|
|
$
|
1,214,175
|
|
|
72.44
|
%
|
|
$
|
1,313,432
|
|
|
74.73
|
%
|
|
Subordinated debt
|
|
129,134
|
|
|
7.70
|
|
|
112,869
|
|
|
6.42
|
|
||
|
Debt investments in SLF JV I
|
|
128,267
|
|
|
7.65
|
|
|
128,671
|
|
|
7.32
|
|
||
|
LLC equity interests of SLF JV I
|
|
16,172
|
|
|
0.96
|
|
|
16,172
|
|
|
0.92
|
|
||
|
Purchased equity
|
|
115,057
|
|
|
6.86
|
|
|
112,558
|
|
|
6.40
|
|
||
|
Equity grants
|
|
48,805
|
|
|
2.91
|
|
|
48,805
|
|
|
2.78
|
|
||
|
Limited partnership interests
|
|
24,831
|
|
|
1.48
|
|
|
25,158
|
|
|
1.43
|
|
||
|
Total
|
|
$
|
1,676,441
|
|
|
100.00
|
%
|
|
$
|
1,757,665
|
|
|
100.00
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
||||||||
|
Senior secured debt
|
|
$
|
1,073,480
|
|
|
75.84
|
%
|
|
130.97
|
%
|
|
$
|
1,202,699
|
|
|
78.01
|
%
|
|
138.61
|
%
|
|
Subordinated debt
|
|
98,368
|
|
|
6.95
|
%
|
|
12.00
|
%
|
|
93,438
|
|
|
6.06
|
%
|
|
10.77
|
%
|
||
|
Debt investments in SLF JV I
|
|
128,267
|
|
|
9.06
|
%
|
|
15.65
|
%
|
|
128,671
|
|
|
8.35
|
%
|
|
14.83
|
%
|
||
|
LLC equity interests of SLF JV I
|
|
4,880
|
|
|
0.34
|
%
|
|
0.60
|
%
|
|
5,525
|
|
|
0.36
|
%
|
|
0.64
|
%
|
||
|
Purchased equity
|
|
77,688
|
|
|
5.49
|
%
|
|
9.48
|
%
|
|
78,655
|
|
|
5.10
|
%
|
|
9.07
|
%
|
||
|
Equity grants
|
|
7,097
|
|
|
0.50
|
%
|
|
0.87
|
%
|
|
6,954
|
|
|
0.45
|
%
|
|
0.80
|
%
|
||
|
Limited partnership interests
|
|
25,624
|
|
|
1.82
|
%
|
|
3.13
|
%
|
|
25,813
|
|
|
1.67
|
%
|
|
2.97
|
%
|
||
|
Total
|
|
$
|
1,415,404
|
|
|
100.00
|
%
|
|
172.70
|
%
|
|
$
|
1,541,755
|
|
|
100.00
|
%
|
|
177.69
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Northeast U.S.
|
|
$
|
636,226
|
|
|
37.95
|
%
|
|
$
|
648,105
|
|
|
36.87
|
%
|
|
Southwest U.S.
|
|
270,151
|
|
|
16.11
|
%
|
|
271,484
|
|
|
15.45
|
%
|
||
|
West U.S.
|
|
267,702
|
|
|
15.97
|
%
|
|
328,673
|
|
|
18.70
|
%
|
||
|
Midwest U.S.
|
|
236,992
|
|
|
14.14
|
%
|
|
258,895
|
|
|
14.73
|
%
|
||
|
Southeast U.S.
|
|
187,996
|
|
|
11.21
|
%
|
|
176,460
|
|
|
10.04
|
%
|
||
|
International
|
|
65,997
|
|
|
3.94
|
%
|
|
62,649
|
|
|
3.56
|
%
|
||
|
Northwest U.S.
|
|
11,377
|
|
|
0.68
|
%
|
|
11,399
|
|
|
0.65
|
%
|
||
|
Total
|
|
$
|
1,676,441
|
|
|
100.00
|
%
|
|
$
|
1,757,665
|
|
|
100.00
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
||||||||
|
Northeast U.S.
|
|
$
|
511,200
|
|
|
36.12
|
%
|
|
62.37
|
%
|
|
$
|
539,803
|
|
|
35.01
|
%
|
|
62.22
|
%
|
|
Southwest U.S.
|
|
206,194
|
|
|
14.57
|
%
|
|
25.16
|
%
|
|
224,233
|
|
|
14.54
|
%
|
|
25.84
|
%
|
||
|
West U.S.
|
|
237,214
|
|
|
16.76
|
%
|
|
28.94
|
%
|
|
297,716
|
|
|
19.31
|
%
|
|
34.31
|
%
|
||
|
Midwest U.S.
|
|
183,896
|
|
|
12.99
|
%
|
|
22.44
|
%
|
|
224,111
|
|
|
14.54
|
%
|
|
25.83
|
%
|
||
|
Southeast U.S.
|
|
191,206
|
|
|
13.51
|
%
|
|
23.33
|
%
|
|
179,460
|
|
|
11.64
|
%
|
|
20.68
|
%
|
||
|
International
|
|
74,089
|
|
|
5.23
|
%
|
|
9.04
|
%
|
|
64,780
|
|
|
4.20
|
%
|
|
7.47
|
%
|
||
|
Northwest U.S.
|
|
11,605
|
|
|
0.82
|
%
|
|
1.42
|
%
|
|
11,652
|
|
|
0.76
|
%
|
|
1.34
|
%
|
||
|
Total
|
|
$
|
1,415,404
|
|
|
100.00
|
%
|
|
172.70
|
%
|
|
$
|
1,541,755
|
|
|
100.00
|
%
|
|
177.69
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Healthcare services
|
|
$
|
209,030
|
|
|
12.48
|
%
|
|
$
|
210,527
|
|
|
11.98
|
%
|
|
Internet software & services
|
|
200,405
|
|
|
11.95
|
|
|
270,192
|
|
|
15.37
|
|
||
|
Multi-sector holdings (1)
|
|
173,005
|
|
|
10.32
|
|
|
173,427
|
|
|
9.87
|
|
||
|
Healthcare equipment
|
|
99,614
|
|
|
5.94
|
|
|
99,614
|
|
|
5.67
|
|
||
|
Data processing & outsourced services
|
|
80,579
|
|
|
4.81
|
|
|
77,673
|
|
|
4.42
|
|
||
|
Environmental & facilities services
|
|
69,576
|
|
|
4.15
|
|
|
49,902
|
|
|
2.84
|
|
||
|
Construction & engineering
|
|
68,726
|
|
|
4.10
|
|
|
67,879
|
|
|
3.86
|
|
||
|
Pharmaceuticals
|
|
60,826
|
|
|
3.63
|
|
|
60,810
|
|
|
3.46
|
|
||
|
Advertising
|
|
55,596
|
|
|
3.32
|
|
|
84,720
|
|
|
4.82
|
|
||
|
Education services
|
|
51,733
|
|
|
3.09
|
|
|
50,013
|
|
|
2.85
|
|
||
|
Airlines
|
|
50,755
|
|
|
3.03
|
|
|
57,602
|
|
|
3.28
|
|
||
|
Specialty stores
|
|
46,407
|
|
|
2.77
|
|
|
58,530
|
|
|
3.33
|
|
||
|
Integrated telecommunication services
|
|
41,005
|
|
|
2.45
|
|
|
30,840
|
|
|
1.75
|
|
||
|
Technology distributors
|
|
34,264
|
|
|
2.04
|
|
|
—
|
|
|
—
|
|
||
|
Leisure facilities
|
|
32,898
|
|
|
1.96
|
|
|
30,931
|
|
|
1.76
|
|
||
|
Oil & gas refining & marketing
|
|
32,732
|
|
|
1.95
|
|
|
—
|
|
|
—
|
|
||
|
Air freight and logistics
|
|
32,530
|
|
|
1.94
|
|
|
32,530
|
|
|
1.85
|
|
||
|
Housewares & specialties
|
|
29,856
|
|
|
1.78
|
|
|
29,852
|
|
|
1.70
|
|
||
|
Oil & gas equipment services
|
|
27,546
|
|
|
1.64
|
|
|
27,598
|
|
|
1.57
|
|
||
|
Consumer electronics
|
|
24,889
|
|
|
1.48
|
|
|
23,176
|
|
|
1.32
|
|
||
|
Home improvement retail
|
|
22,566
|
|
|
1.35
|
|
|
22,944
|
|
|
1.31
|
|
||
|
Auto parts & equipment
|
|
21,191
|
|
|
1.26
|
|
|
21,191
|
|
|
1.21
|
|
||
|
Oil & gas exploration & production
|
|
17,913
|
|
|
1.07
|
|
|
—
|
|
|
—
|
|
||
|
Research & consulting services
|
|
17,135
|
|
|
1.02
|
|
|
37,952
|
|
|
2.16
|
|
||
|
Diversified support services
|
|
16,578
|
|
|
0.99
|
|
|
22,724
|
|
|
1.29
|
|
||
|
Healthcare technology
|
|
14,357
|
|
|
0.86
|
|
|
—
|
|
|
—
|
|
||
|
Security & alarm services
|
|
13,183
|
|
|
0.79
|
|
|
13,214
|
|
|
0.75
|
|
||
|
Real estate services
|
|
12,974
|
|
|
0.77
|
|
|
13,011
|
|
|
0.74
|
|
||
|
Other diversified financial services
|
|
11,334
|
|
|
0.68
|
|
|
12,079
|
|
|
0.69
|
|
||
|
Casinos & gaming
|
|
11,277
|
|
|
0.67
|
|
|
23,309
|
|
|
1.33
|
|
||
|
Commodity chemicals
|
|
10,950
|
|
|
0.65
|
|
|
—
|
|
|
—
|
|
||
|
Healthcare distributors
|
|
8,911
|
|
|
0.53
|
|
|
—
|
|
|
—
|
|
||
|
Precious metals & minerals
|
|
7,426
|
|
|
0.44
|
|
|
7,459
|
|
|
0.42
|
|
||
|
Trucking
|
|
7,055
|
|
|
0.42
|
|
|
7,081
|
|
|
0.40
|
|
||
|
Thrift & mortgage finance
|
|
6,905
|
|
|
0.41
|
|
|
7,240
|
|
|
0.41
|
|
||
|
Distributors
|
|
6,617
|
|
|
0.39
|
|
|
14,963
|
|
|
0.85
|
|
||
|
Industrial machinery
|
|
6,586
|
|
|
0.39
|
|
|
15,074
|
|
|
0.86
|
|
||
|
Commercial printing
|
|
5,968
|
|
|
0.36
|
|
|
5,983
|
|
|
0.34
|
|
||
|
Apparel, accessories & luxury goods
|
|
5,165
|
|
|
0.31
|
|
|
5,165
|
|
|
0.29
|
|
||
|
Wireless telecommunication services
|
|
5,000
|
|
|
0.30
|
|
|
—
|
|
|
—
|
|
||
|
Restaurants
|
|
4,898
|
|
|
0.29
|
|
|
4,910
|
|
|
0.28
|
|
||
|
Application software
|
|
4,818
|
|
|
0.29
|
|
|
51,444
|
|
|
2.93
|
|
||
|
General merchandise stores
|
|
4,206
|
|
|
0.25
|
|
|
—
|
|
|
—
|
|
||
|
Food retail
|
|
4,178
|
|
|
0.25
|
|
|
4,176
|
|
|
0.24
|
|
||
|
IT consulting & other services
|
|
4,060
|
|
|
0.24
|
|
|
4,127
|
|
|
0.23
|
|
||
|
Specialized finance
|
|
3,224
|
|
|
0.19
|
|
|
3,224
|
|
|
0.18
|
|
||
|
Human resources & employment services
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Hypermarkets & super centers
|
|
—
|
|
|
—
|
|
|
11,979
|
|
|
0.68
|
|
||
|
Computer & electronics retail
|
|
—
|
|
|
—
|
|
|
6,399
|
|
|
0.36
|
|
||
|
Multi-utilities
|
|
—
|
|
|
—
|
|
|
6,201
|
|
|
0.35
|
|
||
|
Total
|
|
$
|
1,676,441
|
|
|
100.00
|
%
|
|
$
|
1,757,665
|
|
|
100.00
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
||||||||
|
Internet software & services
|
|
$
|
194,291
|
|
|
13.71
|
%
|
|
23.70
|
%
|
|
$
|
265,076
|
|
|
17.20
|
%
|
|
30.56
|
%
|
|
Multi-sector holdings (1)
|
|
163,865
|
|
|
11.58
|
|
|
19.99
|
|
|
164,511
|
|
|
10.67
|
|
|
18.96
|
|
||
|
Healthcare services
|
|
76,517
|
|
|
5.41
|
|
|
9.34
|
|
|
93,912
|
|
|
6.09
|
|
|
10.82
|
|
||
|
Data processing & outsourced services
|
|
71,357
|
|
|
5.04
|
|
|
8.71
|
|
|
68,314
|
|
|
4.43
|
|
|
7.87
|
|
||
|
Environmental & facilities services
|
|
69,975
|
|
|
4.94
|
|
|
8.54
|
|
|
50,659
|
|
|
3.29
|
|
|
5.84
|
|
||
|
Pharmaceuticals
|
|
62,958
|
|
|
4.45
|
|
|
7.68
|
|
|
62,770
|
|
|
4.07
|
|
|
7.23
|
|
||
|
Airlines
|
|
58,631
|
|
|
4.14
|
|
|
7.15
|
|
|
59,511
|
|
|
3.86
|
|
|
6.86
|
|
||
|
Healthcare equipment
|
|
56,586
|
|
|
4.00
|
|
|
6.90
|
|
|
72,922
|
|
|
4.73
|
|
|
8.40
|
|
||
|
Construction & engineering
|
|
51,113
|
|
|
3.61
|
|
|
6.24
|
|
|
50,269
|
|
|
3.26
|
|
|
5.79
|
|
||
|
Advertising
|
|
45,970
|
|
|
3.25
|
|
|
5.61
|
|
|
83,648
|
|
|
5.43
|
|
|
9.64
|
|
||
|
Specialty stores
|
|
45,508
|
|
|
3.22
|
|
|
5.55
|
|
|
56,867
|
|
|
3.69
|
|
|
6.55
|
|
||
|
Education services
|
|
35,598
|
|
|
2.52
|
|
|
4.34
|
|
|
38,254
|
|
|
2.48
|
|
|
4.41
|
|
||
|
Integrated telecommunication services
|
|
35,580
|
|
|
2.51
|
|
|
4.34
|
|
|
31,358
|
|
|
2.03
|
|
|
3.61
|
|
||
|
Leisure facilities
|
|
34,634
|
|
|
2.45
|
|
|
4.23
|
|
|
32,591
|
|
|
2.11
|
|
|
3.76
|
|
||
|
Technology distributors
|
|
34,253
|
|
|
2.42
|
|
|
4.18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Oil & gas refining & marketing
|
|
32,986
|
|
|
2.33
|
|
|
4.02
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Housewares & specialties
|
|
29,925
|
|
|
2.11
|
|
|
3.65
|
|
|
29,775
|
|
|
1.93
|
|
|
3.43
|
|
||
|
Oil & gas equipment services
|
|
28,620
|
|
|
2.02
|
|
|
3.49
|
|
|
28,347
|
|
|
1.84
|
|
|
3.27
|
|
||
|
Consumer electronics
|
|
25,901
|
|
|
1.83
|
|
|
3.16
|
|
|
24,066
|
|
|
1.56
|
|
|
2.77
|
|
||
|
Home improvement retail
|
|
24,600
|
|
|
1.74
|
|
|
3.00
|
|
|
24,784
|
|
|
1.61
|
|
|
2.86
|
|
||
|
Auto parts & equipment
|
|
21,661
|
|
|
1.53
|
|
|
2.64
|
|
|
21,715
|
|
|
1.41
|
|
|
2.50
|
|
||
|
Research & consulting services
|
|
18,761
|
|
|
1.33
|
|
|
2.29
|
|
|
38,531
|
|
|
2.50
|
|
|
4.44
|
|
||
|
Oil & gas exploration & production
|
|
17,865
|
|
|
1.26
|
|
|
2.18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Diversified support services
|
|
16,143
|
|
|
1.14
|
|
|
1.97
|
|
|
22,554
|
|
|
1.46
|
|
|
2.60
|
|
||
|
Healthcare technology
|
|
14,609
|
|
|
1.03
|
|
|
1.78
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Security & alarm services
|
|
13,011
|
|
|
0.92
|
|
|
1.59
|
|
|
13,103
|
|
|
0.85
|
|
|
1.51
|
|
||
|
Real estate services
|
|
12,786
|
|
|
0.90
|
|
|
1.56
|
|
|
13,014
|
|
|
0.84
|
|
|
1.50
|
|
||
|
Casinos & gaming
|
|
11,446
|
|
|
0.81
|
|
|
1.40
|
|
|
23,495
|
|
|
1.52
|
|
|
2.71
|
|
||
|
Commodity chemicals
|
|
10,953
|
|
|
0.77
|
|
|
1.34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Other diversified financial services
|
|
10,951
|
|
|
0.77
|
|
|
1.34
|
|
|
11,646
|
|
|
0.76
|
|
|
1.34
|
|
||
|
Healthcare distributors
|
|
9,053
|
|
|
0.64
|
|
|
1.10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Precious metals & minerals
|
|
7,490
|
|
|
0.53
|
|
|
0.91
|
|
|
7,464
|
|
|
0.48
|
|
|
0.86
|
|
||
|
Trucking
|
|
7,062
|
|
|
0.50
|
|
|
0.86
|
|
|
7,106
|
|
|
0.46
|
|
|
0.82
|
|
||
|
Application software
|
|
6,574
|
|
|
0.46
|
|
|
0.80
|
|
|
53,905
|
|
|
3.50
|
|
|
6.21
|
|
||
|
Distributors
|
|
6,516
|
|
|
0.46
|
|
|
0.80
|
|
|
14,829
|
|
|
0.96
|
|
|
1.71
|
|
||
|
Industrial machinery
|
|
6,465
|
|
|
0.46
|
|
|
0.79
|
|
|
15,004
|
|
|
0.97
|
|
|
1.73
|
|
||
|
Commercial printing
|
|
6,045
|
|
|
0.43
|
|
|
0.74
|
|
|
6,045
|
|
|
0.39
|
|
|
0.70
|
|
||
|
Leisure products
|
|
5,900
|
|
|
0.42
|
|
|
0.72
|
|
|
5,900
|
|
|
0.38
|
|
|
0.68
|
|
||
|
Thrift & mortgage finance
|
|
5,629
|
|
|
0.40
|
|
|
0.69
|
|
|
6,129
|
|
|
0.40
|
|
|
0.71
|
|
||
|
Wireless telecommunication services
|
|
5,044
|
|
|
0.36
|
|
|
0.62
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Restaurants
|
|
4,851
|
|
|
0.34
|
|
|
0.59
|
|
|
4,917
|
|
|
0.32
|
|
|
0.57
|
|
||
|
General Merchandise Stores
|
|
4,484
|
|
|
0.32
|
|
|
0.55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Food retail
|
|
4,231
|
|
|
0.30
|
|
|
0.52
|
|
|
4,251
|
|
|
0.28
|
|
|
0.49
|
|
||
|
IT consulting & other services
|
|
3,918
|
|
|
0.28
|
|
|
0.48
|
|
|
3,927
|
|
|
0.25
|
|
|
0.45
|
|
||
|
Specialized finance
|
|
3,276
|
|
|
0.23
|
|
|
0.40
|
|
|
3,278
|
|
|
0.21
|
|
|
0.38
|
|
||
|
Air freight and logistics
|
|
1,810
|
|
|
0.13
|
|
|
0.22
|
|
|
1,810
|
|
|
0.12
|
|
|
0.21
|
|
||
|
Human resources & employment services
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Hypermarkets & super centers
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,504
|
|
|
0.75
|
|
|
1.33
|
|
||
|
Computer & electronics retail
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,498
|
|
|
0.42
|
|
|
0.75
|
|
||
|
Multi-utilities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,255
|
|
|
0.41
|
|
|
0.72
|
|
||
|
Apparel, accessories & luxury goods
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,241
|
|
|
0.08
|
|
|
0.14
|
|
||
|
Total
|
|
$
|
1,415,404
|
|
|
100.00
|
%
|
|
172.70
|
%
|
|
$
|
1,541,755
|
|
|
100.00
|
%
|
|
177.69
|
%
|
|
(1)
|
This industry includes the Company's investment in SLF JV I.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
|
Senior secured loans (1)
|
|
$249,967
|
|
$245,063
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.81%
|
|
7.70%
|
|
Number of borrowers in SLF JV I
|
|
34
|
|
32
|
|
Largest exposure to a single borrower (1)
|
|
$18,251
|
|
$18,374
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$77,991
|
|
$82,728
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
$
|
1,088
|
|
|
$
|
656
|
|
|||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
5.44
|
%
|
|
$
|
6,965
|
|
|
7,019
|
|
|
6,920
|
|
||
|
Ameritox Ltd. (3)(5)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
6.69
|
%
|
|
5,926
|
|
|
5,638
|
|
|
721
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
|
|
302
|
|
|
—
|
|
|||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
|
|
5,474
|
|
|
—
|
|
|||||
|
Total Ameritox Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
5,926
|
|
|
11,414
|
|
|
721
|
|
||||
|
Asset International, Inc.
|
|
Research & Consulting Services
|
|
First Lien
|
|
12/29/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.19
|
%
|
|
7,000
|
|
|
6,860
|
|
|
6,860
|
|
|||
|
BJ's Wholesale Club, Inc.
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.75% (1% floor)
|
|
4.95
|
%
|
|
4,975
|
|
|
4,981
|
|
|
4,902
|
|
|||
|
Chloe Ox Parent LLC
|
|
Healthcare services
|
|
First Lien
|
|
12/14/2024
|
|
LIBOR+5% (1% floor)
|
|
6.64
|
%
|
|
10,000
|
|
|
9,900
|
|
|
10,037
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+4.25% (1% floor)
|
|
5.63
|
%
|
|
11,126
|
|
|
11,019
|
|
|
11,213
|
|
|||
|
DFT Intermediate LLC
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2023
|
|
LIBOR+5.5% (1% floor)
|
|
6.85
|
%
|
|
10,669
|
|
|
10,433
|
|
|
10,592
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
8.08
|
%
|
|
2,775
|
|
|
2,786
|
|
|
2,782
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10.13
|
%
|
|
9,199
|
|
|
9,228
|
|
|
9,116
|
|
|||
|
DTZ U.S. Borrower, LLC (3)
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
4.94
|
%
|
|
6,946
|
|
|
6,978
|
|
|
6,867
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+7.75% (1% floor)
|
|
9.05
|
%
|
|
10,600
|
|
|
10,601
|
|
|
10,600
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
10.12
|
%
|
|
18,251
|
|
|
18,078
|
|
|
18,433
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien
|
|
5/9/2024
|
|
LIBOR+4.5% (1% floor)
|
|
4.98
|
%
|
|
4,975
|
|
|
4,952
|
|
|
5,032
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.44
|
%
|
|
4,528
|
|
|
4,497
|
|
|
4,528
|
|
|||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
8.19
|
%
|
|
$
|
5,797
|
|
|
$
|
5,780
|
|
|
$
|
5,432
|
|
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien
|
|
12/18/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.03
|
%
|
|
8,000
|
|
|
7,920
|
|
|
7,960
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
8.95
|
%
|
|
8,750
|
|
|
8,769
|
|
|
8,750
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
8.95
|
%
|
|
8,750
|
|
|
8,660
|
|
|
8,750
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
17,500
|
|
|
17,429
|
|
|
17,500
|
|
||||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor)
|
|
8.69
|
%
|
|
2,040
|
|
|
2,039
|
|
|
2,040
|
|
|||
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,391
|
|
|
815
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,430
|
|
|
2,855
|
|
||||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9.19
|
%
|
|
18,149
|
|
|
18,132
|
|
|
18,149
|
|
|||
|
Metamorph US 3, LLC (3)(5)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor) 2% PIK
|
|
7.07
|
%
|
|
9,942
|
|
|
9,232
|
|
|
3,775
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
7.57
|
%
|
|
4,298
|
|
|
4,255
|
|
|
4,303
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
5.82
|
%
|
|
5,944
|
|
|
5,911
|
|
|
5,974
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
6.69
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
6.79
|
%
|
|
1,094
|
|
|
1,094
|
|
|
1,094
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
|
|
—
|
|
|
420
|
|
|||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,888
|
|
|
2,888
|
|
|
3,308
|
|
||||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6.70
|
%
|
|
6,102
|
|
|
6,053
|
|
|
5,937
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
9.19
|
%
|
|
10,896
|
|
|
10,899
|
|
|
10,873
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
9.56
|
%
|
|
4,111
|
|
|
4,098
|
|
|
4,111
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
7.32
|
%
|
|
2,405
|
|
|
2,364
|
|
|
2,426
|
|
|||
|
Scientific Games International, Inc. (3)
|
|
Casinos & gaming
|
|
First Lien
|
|
8/14/2024
|
|
LIBOR+3.25%
|
|
4.67
|
%
|
|
6,615
|
|
|
6,583
|
|
|
6,677
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
6.42
|
%
|
|
8,573
|
|
|
8,545
|
|
|
8,273
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor)
|
|
9.32
|
%
|
|
5,127
|
|
|
5,127
|
|
|
5,153
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
6.44
|
%
|
|
2,034
|
|
|
2,025
|
|
|
2,045
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
8.57
|
%
|
|
12,965
|
|
|
12,838
|
|
|
12,965
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
7.19
|
%
|
|
2,646
|
|
|
2,630
|
|
|
2,626
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
249,967
|
|
|
$
|
255,973
|
|
|
$
|
239,601
|
|
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
$
|
1,088
|
|
|
$
|
1,412
|
|
|||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
5.08
|
%
|
|
$
|
6,982
|
|
|
7,040
|
|
|
6,976
|
|
||
|
Ameritox Ltd. (3)(5)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
6.33
|
%
|
|
5,759
|
|
|
5,638
|
|
|
668
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
|
|
302
|
|
|
—
|
|
|||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
|
|
5,474
|
|
|
—
|
|
|||||
|
Total Ameritox Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
5,759
|
|
|
11,414
|
|
|
668
|
|
||||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
8.33
|
%
|
|
15,330
|
|
|
15,231
|
|
|
15,329
|
|
|||
|
BJ's Wholesale Club, Inc. (3)
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.75% (1% floor)
|
|
4.99
|
%
|
|
4,988
|
|
|
4,993
|
|
|
4,793
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+4.25% (1% floor)
|
|
5.49
|
%
|
|
11,154
|
|
|
11,041
|
|
|
11,293
|
|
|||
|
DFT Intermediate LLC (3)
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2023
|
|
LIBOR+5.5% (1% floor)
|
|
6.74
|
%
|
|
10,723
|
|
|
10,474
|
|
|
10,652
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
7.82
|
%
|
|
4,524
|
|
|
4,541
|
|
|
4,546
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10.13
|
%
|
|
9,339
|
|
|
9,372
|
|
|
8,744
|
|
|||
|
DTZ U.S. Borrower, LLC (3)
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
4.57
|
%
|
|
6,964
|
|
|
6,998
|
|
|
6,990
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+7.75% (1% floor)
|
|
9.05
|
%
|
|
10,600
|
|
|
10,602
|
|
|
10,600
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
9.99
|
%
|
|
18,374
|
|
|
18,182
|
|
|
18,557
|
|
|||
|
Everi Payments Inc.(3)
|
|
Casinos & gaming
|
|
First Lien
|
|
5/9/2024
|
|
LIBOR+4.5% (1% floor)
|
|
5.74
|
%
|
|
4,988
|
|
|
4,964
|
|
|
5,039
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.08
|
%
|
|
4,610
|
|
|
4,578
|
|
|
4,610
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
7.83
|
%
|
|
5,836
|
|
|
5,818
|
|
|
5,766
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9.09
|
%
|
|
8,875
|
|
|
8,884
|
|
|
8,875
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9.09
|
%
|
|
8,875
|
|
|
8,828
|
|
|
8,871
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
17,750
|
|
|
17,712
|
|
|
17,746
|
|
||||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor)
|
|
8.33
|
%
|
|
2,040
|
|
|
2,040
|
|
|
2,039
|
|
|||
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,391
|
|
|
809
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,431
|
|
|
2,848
|
|
||||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8.83
|
%
|
|
18,276
|
|
|
18,257
|
|
|
18,275
|
|
|||
|
Metamorph US 3, LLC (3)(5)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor) 2% PIK
|
|
6.74
|
%
|
|
9,969
|
|
|
9,481
|
|
|
3,786
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
7.24
|
%
|
|
4,330
|
|
|
4,281
|
|
|
4,330
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
5.49
|
%
|
|
5,959
|
|
|
5,925
|
|
|
5,982
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
6.33
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
6.43
|
%
|
|
1,094
|
|
|
1,094
|
|
|
1,094
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
|
|
—
|
|
|
321
|
|
|||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,888
|
|
|
2,888
|
|
|
3,209
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6.34
|
%
|
|
$
|
6,118
|
|
|
$
|
6,066
|
|
|
$
|
5,950
|
|
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
8.83
|
%
|
|
10,896
|
|
|
10,900
|
|
|
10,833
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
9.23
|
%
|
|
4,623
|
|
|
4,605
|
|
|
4,623
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
6.99
|
%
|
|
2,457
|
|
|
2,412
|
|
|
2,440
|
|
|||
|
Scientific Games International, Inc. (3)
|
|
Casinos & gaming
|
|
First Lien
|
|
8/14/2024
|
|
LIBOR+3.25% (1% floor)
|
|
4.58
|
%
|
|
6,632
|
|
|
6,598
|
|
|
6,651
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
6.24
|
%
|
|
8,594
|
|
|
8,566
|
|
|
8,487
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8.99
|
%
|
|
5,127
|
|
|
5,127
|
|
|
5,153
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
6.08
|
%
|
|
3,582
|
|
|
3,565
|
|
|
3,607
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
8.24
|
%
|
|
12,998
|
|
|
12,862
|
|
|
12,998
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
6.83
|
%
|
|
2,653
|
|
|
2,636
|
|
|
2,633
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
245,063
|
|
|
$
|
251,648
|
|
|
$
|
235,526
|
|
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2017: $255,973; cost September 30, 2017: $251,648)
|
|
$
|
239,601
|
|
|
$
|
235,526
|
|
|
Receivables from secured financing arrangements at fair value (cost December 31, 2017: $9,787; cost September 30, 2017: $9,783)
|
|
8,334
|
|
|
8,305
|
|
||
|
Cash and cash equivalents
|
|
28,386
|
|
|
24,389
|
|
||
|
Restricted cash
|
|
4,100
|
|
|
5,097
|
|
||
|
Other assets
|
|
4,117
|
|
|
3,485
|
|
||
|
Total assets
|
|
$
|
284,538
|
|
|
$
|
276,802
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
105,053
|
|
|
$
|
113,053
|
|
|
Debt securities payable at fair value (proceeds December 31, 2017: $146,572; proceeds September 30, 2017: $147,052)
|
|
146,572
|
|
|
147,052
|
|
||
|
Other liabilities
|
|
27,407
|
|
|
10,383
|
|
||
|
Total liabilities
|
|
$
|
279,032
|
|
|
$
|
270,488
|
|
|
Members' equity
|
|
5,506
|
|
|
6,314
|
|
||
|
Total liabilities and members' equity
|
|
$
|
284,538
|
|
|
$
|
276,802
|
|
|
|
|
Three months ended December 31, 2017
|
|
Three months ended December 31, 2016
|
||||
|
Selected Statements of Operations Information:
|
|
|
|
|
||||
|
Interest income
|
|
$
|
4,728
|
|
|
$
|
6,759
|
|
|
Other income
|
|
—
|
|
|
308
|
|
||
|
Total investment income
|
|
4,728
|
|
|
7,067
|
|
||
|
Interest expense
|
|
5,145
|
|
|
6,014
|
|
||
|
Other expenses
|
|
161
|
|
|
408
|
|
||
|
Total expenses (1)
|
|
5,306
|
|
|
6,422
|
|
||
|
Net unrealized depreciation
|
|
(226
|
)
|
|
(22,473
|
)
|
||
|
Net realized gain (loss)
|
|
(4
|
)
|
|
22,708
|
|
||
|
Net income (loss)
|
|
$
|
(808
|
)
|
|
$
|
880
|
|
|
(Share amounts in thousands)
|
|
Three months ended
December 31, 2017 |
|
Three months ended
December 31, 2016 |
||||
|
Earnings (loss) per common share — basic:
|
|
|
|
|
||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(30,441
|
)
|
|
$
|
(74,242
|
)
|
|
Weighted average common shares outstanding — basic
|
|
140,961
|
|
|
142,853
|
|
||
|
Loss per common share — basic
|
|
$
|
(0.22
|
)
|
|
$
|
(0.52
|
)
|
|
Earnings (loss) per common share — diluted:
|
|
|
|
|
||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(30,441
|
)
|
|
$
|
(74,242
|
)
|
|
Weighted average common shares outstanding — diluted
|
|
140,961
|
|
|
142,853
|
|
||
|
Loss per common share — diluted
|
|
$
|
(0.22
|
)
|
|
$
|
(0.52
|
)
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value
|
|||
|
August 7, 2017
|
|
December 15, 2017
|
|
December 29, 2017
|
|
$
|
0.125
|
|
|
$ 17.3 million
|
|
58,456
|
|
|
(1)
|
|
$ 0.3 million
|
|
Total for the three months ended December 31, 2017
|
|
$
|
0.125
|
|
|
$ 17.3million
|
|
58,456
|
|
|
|
|
$ 0.3 million
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution (2)
|
|
DRIP Shares
Issued
|
|
|
|
DRIP Shares
Value (2)
|
|||
|
August 3, 2016
|
|
October 14, 2016
|
|
October 31, 2016
|
|
$
|
0.06
|
|
|
$ 8.2 million
|
|
81,391
|
|
|
(1)
|
|
$ 0.4 million
|
|
August 3, 2016
|
|
November 15, 2016
|
|
November 30, 2016
|
|
0.06
|
|
|
8.2 million
|
|
80,962
|
|
|
(1)
|
|
0.4 million
|
|
|
October 18, 2016
|
|
December 15, 2016
|
|
December 30, 2016
|
|
0.06
|
|
|
7.7 million
|
|
70,316
|
|
|
(1)
|
|
0.4 million
|
|
|
Total for the three months ended December 31, 2016
|
|
$
|
0.18
|
|
|
$ 24.0 million
|
|
232,669
|
|
|
|
|
$ 1.3 million
|
||||
|
|
|
Three months ended
December 31, 2017 |
|
Three months ended
December 31, 2016 |
||||
|
PIK balance at beginning of period
|
|
$
|
69,417
|
|
|
$
|
62,631
|
|
|
Gross PIK interest accrued
|
|
8,046
|
|
|
5,046
|
|
||
|
PIK income reserves (1)
|
|
(6,179
|
)
|
|
(2,209
|
)
|
||
|
PIK interest received in cash
|
|
(1,103
|
)
|
|
(3,434
|
)
|
||
|
PIK balance at end of period
|
|
$
|
70,181
|
|
|
$
|
62,034
|
|
|
(1)
|
PIK income is generally reserved for when a loan is placed on PIK non-accrual status.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
||||||||||||
|
Accrual
|
|
$
|
1,258,056
|
|
|
85.49
|
%
|
|
$
|
1,258,658
|
|
|
96.81
|
%
|
|
$
|
1,344,535
|
|
|
86.46
|
%
|
|
$
|
1,357,794
|
|
|
95.29
|
%
|
|
PIK non-accrual (1)
|
|
12,661
|
|
|
0.86
|
|
|
—
|
|
|
—
|
|
|
10,227
|
|
|
0.66
|
|
|
379
|
|
|
0.03
|
|
||||
|
Cash non-accrual (2)
|
|
200,859
|
|
|
13.65
|
|
|
41,457
|
|
|
3.19
|
|
|
200,210
|
|
|
12.88
|
|
|
66,636
|
|
|
4.68
|
|
||||
|
Total
|
|
$
|
1,471,576
|
|
|
100.00
|
%
|
|
$
|
1,300,115
|
|
|
100.00
|
%
|
|
$
|
1,554,972
|
|
|
100.00
|
%
|
|
$
|
1,424,809
|
|
|
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.
|
|
|
|
Three months ended
December 31, 2017 |
|
Three months ended
December 31, 2016 |
||||
|
Net decrease in net assets resulting from operations
|
|
$
|
(30,441
|
)
|
|
$
|
(74,242
|
)
|
|
Net unrealized depreciation on investments and secured borrowings
|
|
43,472
|
|
|
74,440
|
|
||
|
Book/tax difference due to loan fees
|
|
264
|
|
|
16
|
|
||
|
Book/tax difference due to exit fees
|
|
—
|
|
|
1,081
|
|
||
|
Book/tax difference due to organizational and deferred offering costs
|
|
(22
|
)
|
|
(22
|
)
|
||
|
Book/tax difference due to interest income on certain loans
|
|
—
|
|
|
(168
|
)
|
||
|
Book/tax difference due to capital losses not recognized
|
|
591
|
|
|
24,206
|
|
||
|
Other book/tax differences
|
|
(1,206
|
)
|
|
(1,871
|
)
|
||
|
Taxable/Distributable Income(1)
|
|
$
|
12,658
|
|
|
$
|
23,440
|
|
|
Undistributed ordinary income, net
|
$
|
24,409
|
|
|
Net realized capital losses
|
465,077
|
|
|
|
Unrealized losses, net
|
97,839
|
|
|
|
($ in millions)
|
|
||
|
Portfolio Company
|
Net Realized Gain (Loss)
|
||
|
First Star Aviation, LLC
|
$
|
(3.8
|
)
|
|
Ansira Partners, Inc.
|
0.4
|
|
|
|
Senior Loan Fund JV I, LLC
|
(19.9
|
)
|
|
|
Other, net
|
0.2
|
|
|
|
Total, net
|
$
|
(23.1
|
)
|
|
•
|
No incentive fee is payable to Oaktree in any quarter in which the Company’s pre-incentive fee net investment income does not exceed the preferred return rate of 1.50% (the “preferred return”) on net assets;
|
|
•
|
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 1.8182% in any fiscal quarter is payable to Oaktree. This portion of the incentive fee on income is referred to as the “catch-up” provision, and it is intended to provide Oaktree with an incentive fee of 17.5% on all of the Company’s pre-incentive fee net investment income when the Company’s pre-incentive fee net investment income exceeds 1.8182% on net assets in any fiscal quarter; and
|
|
•
|
For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.8182% on net assets, the subordinated incentive fee on income is equal to 17.5% 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 incentive fee was payable to FSM in any fiscal quarter in which the Company’s pre-incentive fee net investment income did not exceed the preferred return rate of 1.75% (2% for periods prior to January 1, 2017) (the “preferred return”);
|
|
•
|
100% of the Company’s pre-incentive fee net investment income, if any, that exceeded the preferred return rate but was less than or equal to 2.1875% (2.5% for periods prior to January 1, 2017) in any fiscal quarter was payable to FSM. This portion of the Company’s pre-incentive fee net investment income (which exceeds the preferred return rate but is less than or equal to 2.1875% (2.5% for periods prior to January 1, 2017)) is referred to as the “catch-up.” The “catch-up” provision was intended to provide FSM with an incentive fee of 20% on all of the Company’s pre-incentive fee net investment income as if a preferred return rate did not apply when the Company’s pre-incentive fee net investment income exceeded 2.1875% in any quarter (2.5% for periods prior to January 1, 2017); and
|
|
•
|
For any quarter in which the Company’s pre-incentive fee net investment income, if any, exceeded 2.1875% on net assets (2.5% for periods prior to January 1, 2017) , the subordinated incentive fee on income was equal to 20% of the amount of the Company’s pre-incentive fee net investment income as the preferred return and catch-up would have been achieved.
|
|
|
|
Three months ended
December 31, 2017 |
|
Three months ended
December 31, 2016 |
|
Net asset value at beginning of period
|
|
$6.16
|
|
$7.97
|
|
Net investment income (4)
|
|
0.09
|
|
0.16
|
|
Net unrealized depreciation on investments and secured borrowings (4)
|
|
(0.31)
|
|
(0.52)
|
|
Net realized loss on investments and secured borrowings (4)
|
|
—
|
|
(0.16)
|
|
Distributions to stockholders (4)
|
|
(0.13)
|
|
(0.18)
|
|
Net issuance/repurchases of common stock (4)
|
|
—
|
|
0.04
|
|
Net asset value at end of period
|
|
$5.81
|
|
$7.31
|
|
Per share market value at beginning of period
|
|
$5.47
|
|
$5.81
|
|
Per share market value at end of period
|
|
$4.89
|
|
$5.37
|
|
Total return (1)
|
|
(8.37)%
|
|
(4.44)%
|
|
Common shares outstanding at beginning of period
|
|
140,960,651
|
|
143,258,785
|
|
Common shares outstanding at end of period
|
|
140,960,651
|
|
140,960,651
|
|
Net assets at beginning of period
|
|
$867,657
|
|
$1,142,288
|
|
Net assets at end of period
|
|
$819,595
|
|
$1,030,272
|
|
Average net assets (2)
|
|
$849,181
|
|
$1,090,244
|
|
Ratio of net investment income to average net assets (5)
|
|
6.22%
|
|
8.48%
|
|
Ratio of total expenses to average net assets (excluding fee waiver and insurance recovery) (5)
|
|
9.67%
|
|
10.60%
|
|
Effect of fee waivers (5)
|
|
(0.06)%
|
|
(0.02)%
|
|
Effect of insurance recoveries (5)
|
|
—%
|
|
(0.22)%
|
|
Ratio of net expenses to average net assets (5)
|
|
9.61%
|
|
10.36%
|
|
Ratio of portfolio turnover to average investments at fair value
|
|
12.76%
|
|
8.75%
|
|
Weighted average outstanding debt (3)
|
|
$651,826
|
|
$1,168,790
|
|
Average debt per share (4)
|
|
$4.62
|
|
$8.18
|
|
Asset coverage ratio
|
|
230.61%
|
|
217.39%
|
|
(1)
|
Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP.
|
|
(2)
|
Calculated based upon the weighted average net assets for the period.
|
|
(3)
|
Calculated based upon the weighted average of loans payable for the period.
|
|
(4)
|
Calculated based upon weighted average shares outstanding for the period.
|
|
(5)
|
Interim periods are annualized.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||
|
Lift Brands Holdings, Inc.
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
Valet Merger Sub, Inc.
|
|
9,326
|
|
|
9,326
|
|
||
|
Edge Fitness, LLC
|
|
6,215
|
|
|
8,353
|
|
||
|
InMotion Entertainment Group, LLC
|
|
5,545
|
|
|
7,544
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Dominion Diagnostics, LLC (1)
|
|
4,180
|
|
|
4,180
|
|
||
|
Impact Sales, LLC
|
|
3,236
|
|
|
3,234
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
3,095
|
|
|
2,760
|
|
||
|
WeddingWire, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Keypath Education, 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
|
|
||
|
Datto Inc.
|
|
2,356
|
|
|
—
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
2,248
|
|
|
2,998
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
2,229
|
|
||
|
Refac Optical Group
|
|
2,080
|
|
|
2,080
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
1,862
|
|
|
2,000
|
|
||
|
Metamorph US 3, LLC (1)
|
|
1,470
|
|
|
1,470
|
|
||
|
TransTrade Operators, Inc. (1)(2)
|
|
1,393
|
|
|
1,052
|
|
||
|
Senior Loan Fund JV 1, LLC
|
|
1,328
|
|
|
1,328
|
|
||
|
Edmentum, Inc. (1)
|
|
932
|
|
|
2,664
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
539
|
|
|
539
|
|
||
|
Webster Capital III, L.P. (limited partnership interest)
|
|
482
|
|
|
736
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
474
|
|
|
490
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
469
|
|
|
391
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
468
|
|
|
472
|
|
||
|
Ministry Brands, LLC
|
|
375
|
|
|
1,708
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
365
|
|
|
365
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
364
|
|
|
364
|
|
||
|
Cenegenics, LLC (1)
|
|
297
|
|
|
297
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
254
|
|
|
254
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
231
|
|
|
239
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
183
|
|
|
183
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
178
|
|
|
184
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
148
|
|
|
159
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
129
|
|
|
129
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
84
|
|
|
180
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
|
54
|
|
|
—
|
|
||
|
BeyondTrust Software, Inc.
|
|
—
|
|
|
5,995
|
|
||
|
Thing5, LLC
|
|
—
|
|
|
3,000
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
—
|
|
|
508
|
|
||
|
Sailpoint Technologies, Inc.
|
|
—
|
|
|
1,500
|
|
||
|
Systems, Inc.
|
|
—
|
|
|
3,030
|
|
||
|
Total
|
|
$
|
98,721
|
|
|
$
|
118,073
|
|
|
Portfolio Company/Type of Investment (1)
|
|
Cash Interest Rate
|
|
Industry
|
|
Principal
|
|
Net Realized Gain (Loss)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (2)
|
|
Fair Value
at October 1,
2017
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at December 31, 2017
|
|
% of Total Net Assets
|
||||||||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
8.70
|
%
|
|
|
|
$
|
36,661
|
|
|
$
|
—
|
|
|
$
|
1,088
|
|
|
$
|
36,568
|
|
|
$
|
186
|
|
|
$
|
(92
|
)
|
|
$
|
36,662
|
|
|
4.5
|
%
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021
|
|
7.70
|
%
|
|
|
|
2,000
|
|
|
—
|
|
|
37
|
|
|
1,250
|
|
|
750
|
|
|
—
|
|
|
2,000
|
|
|
0.2
|
%
|
|||||||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
|
|
4,752
|
|
|
—
|
|
|
64
|
|
|
4,752
|
|
|
—
|
|
|
—
|
|
|
4,752
|
|
|
0.6
|
%
|
||||||||
|
746,114 Series A Preferred Units, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,700
|
|
|
—
|
|
|
—
|
|
|
7,700
|
|
|
0.9
|
%
|
||||||||
|
746,114 Common Stock Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
TransTrade Operators, Inc. (7)
|
|
|
|
Air freight and logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, 5% cash due 12/31/2017
|
|
|
|
|
|
15,973
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|
0.2
|
%
|
||||||||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
|
|
7,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
596.67 Series A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,000 Series A Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
5,200,000 Series B Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Star Speir Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
32,510
|
|
|
—
|
|
|
634
|
|
|
41,395
|
|
|
464
|
|
|
(9,348
|
)
|
|
32,511
|
|
|
4.0
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,926
|
|
|
3,011
|
|
|
—
|
|
|
6,937
|
|
|
0.8
|
%
|
||||||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
|
|
11,868
|
|
|
—
|
|
|
406
|
|
|
11,868
|
|
|
—
|
|
|
—
|
|
|
11,868
|
|
|
1.4
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,323
|
|
|
4,993
|
|
|
—
|
|
|
7,316
|
|
|
0.9
|
%
|
||||||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Earn-out
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,986
|
|
|
97
|
|
|
—
|
|
|
5,083
|
|
|
0.6
|
%
|
||||||||
|
Senior Loan Fund JV I, LLC (5)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC
|
|
6.52
|
%
|
|
|
|
100,804
|
|
|
—
|
|
|
1,754
|
|
|
101,030
|
|
|
—
|
|
|
(226
|
)
|
|
100,804
|
|
|
12.3
|
%
|
|||||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
27,463
|
|
|
—
|
|
|
1,006
|
|
|
27,641
|
|
|
—
|
|
|
(178
|
)
|
|
27,463
|
|
|
3.4
|
%
|
||||||||
|
87.5% LLC equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,525
|
|
|
—
|
|
|
(645
|
)
|
|
4,880
|
|
|
0.6
|
%
|
||||||||
|
Ameritox Ltd. (7)
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
6.69
|
%
|
|
|
|
39,438
|
|
|
—
|
|
|
—
|
|
|
4,445
|
|
|
361
|
|
|
(6
|
)
|
|
4,800
|
|
|
0.6
|
%
|
|||||||
|
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,930.03 Common Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
6.69
|
%
|
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
67
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,107
|
|
|
0.5
|
%
|
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021
|
|
6.79
|
%
|
|
|
|
2,504
|
|
|
—
|
|
|
41
|
|
|
2,504
|
|
|
—
|
|
|
—
|
|
|
2,504
|
|
|
0.3
|
%
|
|||||||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
6.69
|
%
|
|
|
|
1,009
|
|
|
—
|
|
|
18
|
|
|
1,009
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
|
0.1
|
%
|
|||||||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
736
|
|
|
227
|
|
|
—
|
|
|
963
|
|
|
0.1
|
%
|
||||||||
|
AdVenture Interactive, Corp.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
9,073 shares of common stock
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,818
|
|
|
—
|
|
|
(7,397
|
)
|
|
6,421
|
|
|
0.8
|
%
|
||||||||
|
Keypath Education, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022
|
|
8.69
|
%
|
|
|
|
19,960
|
|
|
—
|
|
|
435
|
|
|
19,960
|
|
|
—
|
|
|
—
|
|
|
19,960
|
|
|
2.4
|
%
|
|||||||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022
|
|
8.69
|
%
|
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||||||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,918
|
|
|
66
|
|
|
—
|
|
|
7,984
|
|
|
1.0
|
%
|
||||||||
|
Total Control Investments
|
|
|
|
|
|
$
|
306,806
|
|
|
$
|
—
|
|
|
$
|
5,554
|
|
|
$
|
305,271
|
|
|
$
|
10,155
|
|
|
$
|
(17,892
|
)
|
|
$
|
297,534
|
|
|
36.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
|
|
9,752
|
|
|
—
|
|
|
265
|
|
|
9,665
|
|
|
43
|
|
|
—
|
|
|
9,708
|
|
|
1.2
|
%
|
||||||||
|
1,080,399 shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,534
|
|
|
—
|
|
|
(373
|
)
|
|
2,161
|
|
|
0.3
|
%
|
||||||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
Home improvement retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
|
|
|
|
|
|
22,552
|
|
|
—
|
|
|
864
|
|
|
22,957
|
|
|
169
|
|
|
(574
|
)
|
|
22,552
|
|
|
2.8
|
%
|
||||||||
|
4,668,788 shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,827
|
|
|
221
|
|
|
—
|
|
|
2,048
|
|
|
0.2
|
%
|
||||||||
|
Total Affiliate Investments
|
|
|
|
|
|
$
|
32,304
|
|
|
$
|
—
|
|
|
$
|
1,129
|
|
|
$
|
36,983
|
|
|
$
|
433
|
|
|
$
|
(947
|
)
|
|
$
|
36,469
|
|
|
4.4
|
%
|
|
|
Total Control & Affiliate Investments
|
|
|
|
|
|
$
|
339,110
|
|
|
$
|
—
|
|
|
$
|
6,683
|
|
|
$
|
342,254
|
|
|
$
|
10,588
|
|
|
$
|
(18,839
|
)
|
|
$
|
334,003
|
|
|
40.8
|
%
|
|
|
(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 period 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, accrued PIK interest (net of non-accrual amounts) 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 Bermuda Aviation Limited and First Star Speir Aviation 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.
|
|
(7)
|
This investment was on cash non-accrual status as of December 31, 2017 and September 30, 2017.
|
|
Portfolio Company/Type of Investment (1)
|
|
Cash Interest Rate
|
|
Industry
|
|
Principal
|
|
Net Realized Gain (Loss)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (2)
|
|
Fair Value
at October 1,
2015
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at December 31, 2016
|
|
% of Total Net Assets
|
||||||||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
8.00
|
%
|
|
|
|
$
|
36,278
|
|
|
$
|
—
|
|
|
$
|
1,050
|
|
|
$
|
36,328
|
|
|
$
|
310
|
|
|
$
|
(360
|
)
|
|
$
|
36,278
|
|
|
3.5
|
%
|
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021
|
|
8.00
|
%
|
|
|
|
1,800
|
|
|
—
|
|
|
53
|
|
|
2,800
|
|
|
2
|
|
|
(1,002
|
)
|
|
1,800
|
|
|
0.2
|
%
|
|||||||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
|
|
3,518
|
|
|
—
|
|
|
58
|
|
|
3,518
|
|
|
2
|
|
|
(2
|
)
|
|
3,518
|
|
|
0.3
|
%
|
||||||||
|
746,114 Series A Preferred Units - Granted
|
|
|
|
|
|
—
|
|
|
—
|
|
|
676
|
|
|
20,094
|
|
|
1,919
|
|
|
—
|
|
|
22,013
|
|
|
2.1
|
%
|
||||||||
|
746,114 Common Stock Units - Granted
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
378
|
|
|
—
|
|
|
378
|
|
|
—
|
%
|
||||||||
|
TransTrade Operators, Inc. (7)
|
|
|
|
Air freight and logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017
|
|
|
|
|
|
15,973
|
|
|
—
|
|
|
6
|
|
|
7,046
|
|
|
642
|
|
|
(6
|
)
|
|
7,682
|
|
|
0.7
|
%
|
||||||||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
|
|
8,220
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,335
|
|
|
(1,335
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
596.67 Series A Common Units - Granted
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,000,000 Series A Preferred Units in TransTrade Holdings LLC - Purchased
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
5,200,000 Series B Preferred Units in TransTrade Holding LLC - Purchased
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Star Aviation, LLC (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
10,104,401 Common Units
|
|
|
|
|
|
—
|
|
|
(3,767
|
)
|
|
—
|
|
|
2,413
|
|
|
87
|
|
|
(2,500
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Star Speir Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
41,395
|
|
|
—
|
|
|
647
|
|
|
54,214
|
|
|
1,846
|
|
|
(14,665
|
)
|
|
41,395
|
|
|
4.0
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,839
|
|
|
—
|
|
|
(98
|
)
|
|
2,741
|
|
|
0.3
|
%
|
||||||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
|
|
11,868
|
|
|
—
|
|
|
267
|
|
|
11,851
|
|
|
58
|
|
|
(41
|
)
|
|
11,868
|
|
|
1.2
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,729
|
|
|
(130
|
)
|
|
(605
|
)
|
|
4,994
|
|
|
0.5
|
%
|
||||||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan A, 8% PIK due 4/30/2017
|
|
|
|
|
|
14,175
|
|
|
—
|
|
|
286
|
|
|
13,875
|
|
|
300
|
|
|
—
|
|
|
14,175
|
|
|
1.4
|
%
|
||||||||
|
First Lien Term Loan B, 8.1% PIK due 4/30/2017
|
|
|
|
|
|
3,970
|
|
|
—
|
|
|
81
|
|
|
3,887
|
|
|
83
|
|
|
—
|
|
|
3,970
|
|
|
0.4
|
%
|
||||||||
|
First Lien Revolver, 8% cash due 4/30/2017
|
|
|
|
|
|
1,913
|
|
|
—
|
|
|
43
|
|
|
1,913
|
|
|
19
|
|
|
(19
|
)
|
|
1,913
|
|
|
0.2
|
%
|
||||||||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,421
|
|
|
—
|
|
|
(7,188
|
)
|
|
233
|
|
|
—
|
%
|
||||||||
|
Senior Loan Fund JV I, LLC (5)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Subordinated Note, LIBOR+8% cash due 5/2/2021
|
|
|
|
|
|
—
|
|
|
(19,857
|
)
|
|
2,859
|
|
|
129,004
|
|
|
16,546
|
|
|
(145,550
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC
|
|
6.76
|
%
|
|
|
|
101,030
|
|
|
—
|
|
|
171
|
|
|
—
|
|
|
101,030
|
|
|
—
|
|
|
101,030
|
|
|
9.8
|
%
|
|||||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
24,756
|
|
|
—
|
|
|
92
|
|
|
—
|
|
|
24,756
|
|
|
—
|
|
|
24,756
|
|
|
2.4
|
%
|
||||||||
|
87.5% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
700
|
|
|
13,708
|
|
|
150
|
|
|
—
|
|
|
13,858
|
|
|
1.3
|
%
|
||||||||
|
Express Group Holdings LLC (7)
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, PRIME+6% (1% floor) cash due 9/3/2019
|
|
10.75
|
%
|
|
|
|
$
|
12,506
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,193
|
|
|
$
|
—
|
|
|
$
|
(1,193
|
)
|
|
$
|
—
|
|
|
—
|
%
|
|
First Lien Revolver, PRIME+3.5% (3.5% floor) cash due 3/4/2019
|
|
7.00
|
%
|
|
|
|
6,090
|
|
|
—
|
|
|
—
|
|
|
6,090
|
|
|
—
|
|
|
(5,211
|
)
|
|
879
|
|
|
0.1
|
%
|
|||||||
|
Last-In Revolver, PRIME+3.5% (3.5% floor) cash due 10/7/2016
|
|
7.00
|
%
|
|
|
|
3,000
|
|
|
—
|
|
|
53
|
|
|
3,000
|
|
|
—
|
|
|
—
|
|
|
3,000
|
|
|
0.3
|
%
|
|||||||
|
14,033,391 Series B Preferred Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
280,668 Series A Preferred Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
1,456,344 Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
Ameritox Ltd.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
6.00
|
%
|
|
|
|
31,498
|
|
|
—
|
|
|
734
|
|
|
31,039
|
|
|
459
|
|
|
—
|
|
|
31,498
|
|
|
3.1
|
%
|
|||||||
|
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,437
|
|
|
720
|
|
|
—
|
|
|
16,157
|
|
|
1.6
|
%
|
||||||||
|
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,755
|
|
|
82
|
|
|
—
|
|
|
1,837
|
|
|
0.2
|
%
|
||||||||
|
4,930.03 Common Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,113
|
|
|
—
|
|
|
(6,925
|
)
|
|
6,188
|
|
|
0.6
|
%
|
||||||||
|
Total Control Investments
|
|
|
|
|
|
$
|
317,990
|
|
|
$
|
(23,624
|
)
|
|
$
|
7,776
|
|
|
$
|
388,267
|
|
|
$
|
150,594
|
|
|
$
|
(186,700
|
)
|
|
$
|
352,161
|
|
|
34.2
|
%
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
|
|
9,573
|
|
|
—
|
|
|
293
|
|
|
9,549
|
|
|
49
|
|
|
(26
|
)
|
|
9,572
|
|
|
0.9
|
%
|
||||||||
|
1,080,399 shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,079
|
|
|
—
|
|
|
(117
|
)
|
|
3,962
|
|
|
0.4
|
%
|
||||||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
Home improvement retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2017
|
|
|
|
|
|
24,015
|
|
|
—
|
|
|
1,398
|
|
|
24,268
|
|
|
416
|
|
|
(548
|
)
|
|
24,136
|
|
|
2.3
|
%
|
||||||||
|
4,668,788 shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,873
|
|
|
—
|
|
|
(82
|
)
|
|
1,791
|
|
|
0.2
|
%
|
||||||||
|
Total Affiliate Investments
|
|
|
|
|
|
$
|
33,588
|
|
|
$
|
—
|
|
|
$
|
1,691
|
|
|
$
|
39,769
|
|
|
$
|
465
|
|
|
$
|
(773
|
)
|
|
$
|
39,461
|
|
|
3.8
|
%
|
|
|
Total Control & Affiliate Investments
|
|
|
|
|
|
$
|
351,578
|
|
|
$
|
(23,624
|
)
|
|
$
|
9,467
|
|
|
$
|
428,036
|
|
|
$
|
151,059
|
|
|
$
|
(187,473
|
)
|
|
$
|
391,622
|
|
|
38.0
|
%
|
|
|
(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 period 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 (net of non-accrual amounts), 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 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.
|
|
(7)
|
This investment was on cash non-accrual status as of December 31, 2016.
|
|
•
|
our future operating results and distribution projections;
|
|
•
|
the ability of Oaktree Capital Management, L.P., or Oaktree or our Investment Adviser, to find lower-risk investments to reposition our portfolio and to implement our Investment Adviser’s future plans with respect to our business;
|
|
•
|
our business prospects and the prospects of our portfolio companies;
|
|
•
|
the impact of the investments that we expect to make;
|
|
•
|
the ability of our portfolio companies to achieve their objectives;
|
|
•
|
our expected financings and investments;
|
|
•
|
the adequacy of our cash resources and working capital;
|
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies; and
|
|
•
|
the cost or potential outcome of any litigation to which we may be a party.
|
|
•
|
changes in the economy, financial markets and political environment;
|
|
•
|
risks associated with possible disruption in our operations or the economy generally due to terrorism or natural disasters;
|
|
•
|
future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies 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 as of 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 team and investment professionals responsible for each portfolio investment;
|
|
•
|
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;
|
|
•
|
The Audit Committee reviews the preliminary valuations with our 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 makes a recommendation to our full Board of Directors regarding the fair value of the investments in our portfolio; and
|
|
•
|
Our Board of Directors discusses valuations and determines the fair value of each investment in our portfolio.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||
|
Cost:
|
|
|
|
|
||
|
Senior secured debt
|
|
72.44
|
%
|
|
74.73
|
%
|
|
Subordinated debt
|
|
7.70
|
|
|
6.42
|
|
|
Debt investments in SLF JV I
|
|
7.65
|
|
|
7.32
|
|
|
LLC equity interests of SLF JV I
|
|
0.96
|
|
|
0.92
|
|
|
Purchased equity
|
|
6.86
|
|
|
6.40
|
|
|
Equity grants
|
|
2.91
|
|
|
2.78
|
|
|
Limited partnership interests
|
|
1.48
|
|
|
1.43
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||
|
Fair value:
|
|
|
|
|
||
|
Senior secured debt
|
|
75.84
|
%
|
|
78.01
|
%
|
|
Subordinated debt
|
|
6.95
|
|
|
6.06
|
|
|
Debt investments in SLF JV I
|
|
9.06
|
|
|
8.35
|
|
|
LLC equity interests of SLF JV I
|
|
0.34
|
|
|
0.36
|
|
|
Purchased equity
|
|
5.49
|
|
|
5.10
|
|
|
Equity grants
|
|
0.50
|
|
|
0.45
|
|
|
Limited partnership interests
|
|
1.82
|
|
|
1.67
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||
|
Cost:
|
|
|
|
|
||
|
Healthcare services
|
|
12.48
|
%
|
|
11.98
|
%
|
|
Internet software & services
|
|
11.95
|
|
|
15.37
|
|
|
Multi-sector holdings (1)
|
|
10.32
|
|
|
9.87
|
|
|
Healthcare equipment
|
|
5.94
|
|
|
5.67
|
|
|
Data processing & outsourced services
|
|
4.81
|
|
|
4.42
|
|
|
Environmental & facilities services
|
|
4.15
|
|
|
2.84
|
|
|
Construction & engineering
|
|
4.10
|
|
|
3.86
|
|
|
Pharmaceuticals
|
|
3.63
|
|
|
3.46
|
|
|
Advertising
|
|
3.32
|
|
|
4.82
|
|
|
Education services
|
|
3.09
|
|
|
2.85
|
|
|
Airlines
|
|
3.03
|
|
|
3.28
|
|
|
Specialty stores
|
|
2.77
|
|
|
3.33
|
|
|
Integrated telecommunication services
|
|
2.45
|
|
|
1.75
|
|
|
Technology distributors
|
|
2.04
|
|
|
—
|
|
|
Leisure facilities
|
|
1.96
|
|
|
1.76
|
|
|
Oil & gas refining & marketing
|
|
1.95
|
|
|
—
|
|
|
Air freight and logistics
|
|
1.94
|
|
|
1.85
|
|
|
Housewares & specialties
|
|
1.78
|
|
|
1.70
|
|
|
Oil & gas equipment services
|
|
1.64
|
|
|
1.57
|
|
|
Consumer electronics
|
|
1.48
|
|
|
1.32
|
|
|
Home improvement retail
|
|
1.35
|
|
|
1.31
|
|
|
Auto parts & equipment
|
|
1.26
|
|
|
1.21
|
|
|
Oil & gas exploration & production
|
|
1.07
|
|
|
—
|
|
|
Research & consulting services
|
|
1.02
|
|
|
2.16
|
|
|
Diversified support services
|
|
0.99
|
|
|
1.29
|
|
|
Healthcare technology
|
|
0.86
|
|
|
—
|
|
|
Security & alarm services
|
|
0.79
|
|
|
0.75
|
|
|
Real estate services
|
|
0.77
|
|
|
0.74
|
|
|
Other diversified financial services
|
|
0.68
|
|
|
0.69
|
|
|
Casinos & gaming
|
|
0.67
|
|
|
1.33
|
|
|
Commodity chemicals
|
|
0.65
|
|
|
—
|
|
|
Healthcare distributors
|
|
0.53
|
|
|
—
|
|
|
Precious metals & minerals
|
|
0.44
|
|
|
0.42
|
|
|
Trucking
|
|
0.42
|
|
|
0.40
|
|
|
Thrift & mortgage finance
|
|
0.41
|
|
|
0.41
|
|
|
Distributors
|
|
0.39
|
|
|
0.85
|
|
|
Industrial machinery
|
|
0.39
|
|
|
0.86
|
|
|
Commercial printing
|
|
0.36
|
|
|
0.34
|
|
|
Apparel, accessories & luxury goods
|
|
0.31
|
|
|
0.29
|
|
|
Wireless telecommunication services
|
|
0.30
|
|
|
—
|
|
|
Restaurants
|
|
0.29
|
|
|
0.28
|
|
|
Application software
|
|
0.29
|
|
|
2.93
|
|
|
General merchandise stores
|
|
0.25
|
|
|
—
|
|
|
Food retail
|
|
0.25
|
|
|
0.24
|
|
|
IT consulting & other services
|
|
0.24
|
|
|
0.23
|
|
|
Specialized finance
|
|
0.19
|
|
|
0.18
|
|
|
Human resources & employment services
|
|
—
|
|
|
—
|
|
|
Hypermarkets & super centers
|
|
—
|
|
|
0.68
|
|
|
Computer & electronics retail
|
|
—
|
|
|
0.36
|
|
|
Multi-utilities
|
|
—
|
|
|
0.35
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||
|
Fair value:
|
|
|
|
|
||
|
Internet software & services
|
|
13.71
|
%
|
|
17.20
|
%
|
|
Multi-sector holdings (1)
|
|
11.58
|
|
|
10.67
|
|
|
Healthcare services
|
|
5.41
|
|
|
6.09
|
|
|
Data processing & outsourced services
|
|
5.04
|
|
|
4.43
|
|
|
Environmental & facilities services
|
|
4.94
|
|
|
3.29
|
|
|
Pharmaceuticals
|
|
4.45
|
|
|
4.07
|
|
|
Airlines
|
|
4.14
|
|
|
3.86
|
|
|
Healthcare equipment
|
|
4.00
|
|
|
4.73
|
|
|
Construction & engineering
|
|
3.61
|
|
|
3.26
|
|
|
Advertising
|
|
3.25
|
|
|
5.43
|
|
|
Specialty stores
|
|
3.22
|
|
|
3.69
|
|
|
Education services
|
|
2.52
|
|
|
2.48
|
|
|
Integrated telecommunication services
|
|
2.51
|
|
|
2.03
|
|
|
Leisure facilities
|
|
2.45
|
|
|
2.11
|
|
|
Technology distributors
|
|
2.42
|
|
|
—
|
|
|
Oil & gas refining & marketing
|
|
2.33
|
|
|
—
|
|
|
Housewares & specialties
|
|
2.11
|
|
|
1.93
|
|
|
Oil & gas equipment services
|
|
2.02
|
|
|
1.84
|
|
|
Consumer electronics
|
|
1.83
|
|
|
1.56
|
|
|
Home improvement retail
|
|
1.74
|
|
|
1.61
|
|
|
Auto parts & equipment
|
|
1.53
|
|
|
1.41
|
|
|
Research & consulting services
|
|
1.33
|
|
|
2.50
|
|
|
Oil & gas exploration & production
|
|
1.26
|
|
|
—
|
|
|
Diversified support services
|
|
1.14
|
|
|
1.46
|
|
|
Healthcare technology
|
|
1.03
|
|
|
—
|
|
|
Security & alarm services
|
|
0.92
|
|
|
0.85
|
|
|
Real estate services
|
|
0.90
|
|
|
0.84
|
|
|
Casinos & gaming
|
|
0.81
|
|
|
1.52
|
|
|
Commodity chemicals
|
|
0.77
|
|
|
—
|
|
|
Other diversified financial services
|
|
0.77
|
|
|
0.76
|
|
|
Healthcare distributors
|
|
0.64
|
|
|
—
|
|
|
Precious metals & minerals
|
|
0.53
|
|
|
0.48
|
|
|
Trucking
|
|
0.50
|
|
|
0.46
|
|
|
Application software
|
|
0.46
|
|
|
3.50
|
|
|
Distributors
|
|
0.46
|
|
|
0.96
|
|
|
Industrial machinery
|
|
0.46
|
|
|
0.97
|
|
|
Commercial printing
|
|
0.43
|
|
|
0.39
|
|
|
Leisure products
|
|
0.42
|
|
|
0.38
|
|
|
Thrift & mortgage finance
|
|
0.40
|
|
|
0.40
|
|
|
Wireless telecommunication services
|
|
0.36
|
|
|
—
|
|
|
Restaurants
|
|
0.34
|
|
|
0.32
|
|
|
General Merchandise Stores
|
|
0.32
|
|
|
—
|
|
|
Food retail
|
|
0.30
|
|
|
0.28
|
|
|
IT consulting & other services
|
|
0.28
|
|
|
0.25
|
|
|
Specialized finance
|
|
0.23
|
|
|
0.21
|
|
|
Air freight and logistics
|
|
0.13
|
|
|
0.12
|
|
|
Human resources & employment services
|
|
—
|
|
|
—
|
|
|
Hypermarkets & super centers
|
|
—
|
|
|
0.75
|
|
|
Computer & electronics retail
|
|
—
|
|
|
0.42
|
|
|
Multi-utilities
|
|
—
|
|
|
0.41
|
|
|
Apparel, accessories & luxury goods
|
|
—
|
|
|
0.08
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
(1)
|
This industry includes our investment in SLF JV I.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
||||||||||||
|
Accrual
|
|
$
|
1,258,056
|
|
|
85.49
|
%
|
|
$
|
1,258,658
|
|
|
96.81
|
%
|
|
$
|
1,344,535
|
|
|
86.46
|
%
|
|
$
|
1,357,794
|
|
|
95.29
|
%
|
|
PIK non-accrual (1)
|
|
12,661
|
|
|
0.86
|
|
|
—
|
|
|
—
|
|
|
10,227
|
|
|
0.66
|
|
|
379
|
|
|
0.03
|
|
||||
|
Cash non-accrual (2)
|
|
200,859
|
|
|
13.65
|
|
|
41,457
|
|
|
3.19
|
|
|
200,210
|
|
|
12.88
|
|
|
66,636
|
|
|
4.68
|
|
||||
|
Total
|
|
$
|
1,471,576
|
|
|
100.00
|
%
|
|
$
|
1,300,115
|
|
|
100.00
|
%
|
|
$
|
1,554,972
|
|
|
100.00
|
%
|
|
$
|
1,424,809
|
|
|
100.00
|
%
|
|
(1)
|
PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(2)
|
Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
|
Senior secured loans (1)
|
|
$249,967
|
|
$245,063
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.81%
|
|
7.7%
|
|
Number of borrowers in SLF JV I
|
|
34
|
|
32
|
|
Largest exposure to a single borrower (1)
|
|
$18,251
|
|
$18,374
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$77,991
|
|
$82,728
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
$
|
1,088
|
|
|
$
|
656
|
|
|||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
5.44
|
%
|
|
$
|
6,965
|
|
|
7,019
|
|
|
6,920
|
|
||
|
Ameritox Ltd. (3)(5)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
6.69
|
%
|
|
5,926
|
|
|
5,638
|
|
|
721
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
|
|
302
|
|
|
—
|
|
|||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
|
|
5,474
|
|
|
—
|
|
|||||
|
Total Ameritox Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
5,926
|
|
|
11,414
|
|
|
721
|
|
||||
|
Asset International, Inc.
|
|
Research & Consulting Services
|
|
First Lien
|
|
12/29/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.19
|
%
|
|
7,000
|
|
|
6,860
|
|
|
6,860
|
|
|||
|
BJ's Wholesale Club, Inc.
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.75% (1% floor)
|
|
4.95
|
%
|
|
4,975
|
|
|
4,981
|
|
|
4,902
|
|
|||
|
Chloe Ox Parent LLC
|
|
Healthcare services
|
|
First Lien
|
|
12/14/2024
|
|
LIBOR+5% (1% floor)
|
|
6.64
|
%
|
|
10,000
|
|
|
9,900
|
|
|
10,037
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+4.25% (1% floor)
|
|
5.63
|
%
|
|
11,126
|
|
|
11,019
|
|
|
11,213
|
|
|||
|
DFT Intermediate LLC
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2023
|
|
LIBOR+5.5% (1% floor)
|
|
6.85
|
%
|
|
10,669
|
|
|
10,433
|
|
|
10,592
|
|
|||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
8.08
|
%
|
|
$
|
2,775
|
|
|
$
|
2,786
|
|
|
$
|
2,782
|
|
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10.13
|
%
|
|
9,199
|
|
|
9,228
|
|
|
9,116
|
|
|||
|
DTZ U.S. Borrower, LLC (3)
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
4.94
|
%
|
|
6,946
|
|
|
6,978
|
|
|
6,867
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+7.75% (1% floor)
|
|
9.05
|
%
|
|
10,600
|
|
|
10,601
|
|
|
10,600
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
10.12
|
%
|
|
18,251
|
|
|
18,078
|
|
|
18,433
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien
|
|
5/9/2024
|
|
LIBOR+4.5% (1% floor)
|
|
4.98
|
%
|
|
4,975
|
|
|
4,952
|
|
|
5,032
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.44
|
%
|
|
4,528
|
|
|
4,497
|
|
|
4,528
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
8.19
|
%
|
|
5,797
|
|
|
5,780
|
|
|
5,432
|
|
|||
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien
|
|
12/18/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.03
|
%
|
|
8,000
|
|
|
7,920
|
|
|
7,960
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
8.95
|
%
|
|
8,750
|
|
|
8,769
|
|
|
8,750
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
8.95
|
%
|
|
8,750
|
|
|
8,660
|
|
|
8,750
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
17,500
|
|
|
17,429
|
|
|
17,500
|
|
||||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor)
|
|
8.69
|
%
|
|
2,040
|
|
|
2,039
|
|
|
2,040
|
|
|||
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,391
|
|
|
815
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,430
|
|
|
2,855
|
|
||||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
9.19
|
%
|
|
18,149
|
|
|
18,132
|
|
|
18,149
|
|
|||
|
Metamorph US 3, LLC (3)(5)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor) 2% PIK
|
|
7.07
|
%
|
|
9,942
|
|
|
9,232
|
|
|
3,775
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
7.57
|
%
|
|
4,298
|
|
|
4,255
|
|
|
4,303
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
5.82
|
%
|
|
5,944
|
|
|
5,911
|
|
|
5,974
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
6.69
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
6.79
|
%
|
|
1,094
|
|
|
1,094
|
|
|
1,094
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
|
|
—
|
|
|
420
|
|
|||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,888
|
|
|
2,888
|
|
|
3,308
|
|
||||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6.70
|
%
|
|
6,102
|
|
|
6,053
|
|
|
5,937
|
|
|||
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
9.19
|
%
|
|
10,896
|
|
|
10,899
|
|
|
10,873
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
9.56
|
%
|
|
4,111
|
|
|
4,098
|
|
|
4,111
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
7.32
|
%
|
|
2,405
|
|
|
2,364
|
|
|
2,426
|
|
|||
|
Scientific Games International, Inc. (3)
|
|
Casinos & gaming
|
|
First Lien
|
|
8/14/2024
|
|
LIBOR+3.25%
|
|
4.67
|
%
|
|
6,615
|
|
|
6,583
|
|
|
6,677
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
6.42
|
%
|
|
8,573
|
|
|
8,545
|
|
|
8,273
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor)
|
|
9.32
|
%
|
|
5,127
|
|
|
5,127
|
|
|
5,153
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
6.44
|
%
|
|
2,034
|
|
|
2,025
|
|
|
2,045
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
8.57
|
%
|
|
12,965
|
|
|
12,838
|
|
|
12,965
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
7.19
|
%
|
|
2,646
|
|
|
2,630
|
|
|
2,626
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
249,967
|
|
|
$
|
255,973
|
|
|
$
|
239,601
|
|
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
$
|
1,088
|
|
|
$
|
1,412
|
|
|||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
5.08
|
%
|
|
$
|
6,982
|
|
|
7,040
|
|
|
6,976
|
|
||
|
Ameritox Ltd. (3)(5)
|
|
Healthcare services
|
|
First Lien
|
|
4/11/2021
|
|
LIBOR+5% (1% floor) 3% PIK
|
|
6.33
|
%
|
|
5,759
|
|
|
5,638
|
|
|
668
|
|
|||
|
|
|
|
|
301,913.06 Class B Preferred Units
|
|
|
|
|
|
|
|
|
|
302
|
|
|
—
|
|
|||||
|
|
|
|
|
928.96 Class A Common Units
|
|
|
|
|
|
|
|
|
|
5,474
|
|
|
—
|
|
|||||
|
Total Ameritox, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
5,759
|
|
|
11,414
|
|
|
668
|
|
||||
|
BeyondTrust Software, Inc. (3)
|
|
Application software
|
|
First Lien
|
|
9/25/2019
|
|
LIBOR+7% (1% floor)
|
|
8.33
|
%
|
|
15,330
|
|
|
15,231
|
|
|
15,329
|
|
|||
|
BJ's Wholesale Club, Inc. (3)
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.75% (1% floor)
|
|
4.99
|
%
|
|
4,988
|
|
|
4,993
|
|
|
4,793
|
|
|||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+4.25% (1% floor)
|
|
5.49
|
%
|
|
11,154
|
|
|
11,041
|
|
|
11,293
|
|
|||
|
DFT Intermediate LLC (3)
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2023
|
|
LIBOR+5.5% (1% floor)
|
|
6.74
|
%
|
|
10,723
|
|
|
10,474
|
|
|
10,652
|
|
|||
|
Digital River, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
2/12/2021
|
|
LIBOR+6.5% (1% floor)
|
|
7.82
|
%
|
|
4,524
|
|
|
4,541
|
|
|
4,546
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
10.13
|
%
|
|
9,339
|
|
|
9,372
|
|
|
8,744
|
|
|||
|
DTZ U.S. Borrower, LLC (3)
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
4.57
|
%
|
|
6,964
|
|
|
6,998
|
|
|
6,990
|
|
|||
|
Edge Fitness, LLC
|
|
Leisure facilities
|
|
First Lien
|
|
12/31/2019
|
|
LIBOR+7.75% (1% floor)
|
|
9.05
|
%
|
|
10,600
|
|
|
10,602
|
|
|
10,600
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.75% (0.75% floor)
|
|
9.99
|
%
|
|
18,374
|
|
|
18,182
|
|
|
18,557
|
|
|||
|
Everi Payments Inc.(3)
|
|
Casinos & gaming
|
|
First Lien
|
|
5/9/2024
|
|
LIBOR+4.5% (1% floor)
|
|
5.74
|
%
|
|
4,988
|
|
|
4,964
|
|
|
5,039
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.08
|
%
|
|
4,610
|
|
|
4,578
|
|
|
4,610
|
|
|||
|
Garretson Resolution Group, Inc.
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
7.83
|
%
|
|
5,836
|
|
|
5,818
|
|
|
5,766
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9.09
|
%
|
|
8,875
|
|
|
8,884
|
|
|
8,875
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2018
|
|
LIBOR+7.75% (1.25% floor)
|
|
9.09
|
%
|
|
8,875
|
|
|
8,828
|
|
|
8,871
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
17,750
|
|
|
17,712
|
|
|
17,746
|
|
||||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor)
|
|
8.33
|
%
|
|
2,040
|
|
|
2,040
|
|
|
2,039
|
|
|||
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,391
|
|
|
809
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,431
|
|
|
2,848
|
|
||||
|
Lift Brands, Inc. (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/23/2019
|
|
LIBOR+7.5% (1% floor)
|
|
8.83
|
%
|
|
18,276
|
|
|
18,257
|
|
|
18,275
|
|
|||
|
Metamorph US 3, LLC (3)(5)
|
|
Internet software & services
|
|
First Lien
|
|
12/1/2020
|
|
LIBOR+5.5% (1% floor) 2% PIK
|
|
6.74
|
%
|
|
9,969
|
|
|
9,481
|
|
|
3,786
|
|
|||
|
Motion Recruitment Partners LLC
|
|
Human resources & employment services
|
|
First Lien
|
|
2/13/2020
|
|
LIBOR+6% (1% floor)
|
|
7.24
|
%
|
|
4,330
|
|
|
4,281
|
|
|
4,330
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.75% (1% floor)
|
|
5.49
|
%
|
|
5,959
|
|
|
5,925
|
|
|
5,982
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
6.33
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
6.43
|
%
|
|
1,094
|
|
|
1,094
|
|
|
1,094
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
|
|
—
|
|
|
321
|
|
|||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,888
|
|
|
2,888
|
|
|
3,209
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
6.34
|
%
|
|
$
|
6,118
|
|
|
$
|
6,066
|
|
|
$
|
5,950
|
|
|
OmniSYS Acquisition Corporation (3)
|
|
Diversified support services
|
|
First Lien
|
|
11/21/2018
|
|
LIBOR+7.5% (1% floor)
|
|
8.83
|
%
|
|
10,896
|
|
|
10,900
|
|
|
10,833
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
9.23
|
%
|
|
4,623
|
|
|
4,605
|
|
|
4,623
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
6.99
|
%
|
|
2,457
|
|
|
2,412
|
|
|
2,440
|
|
|||
|
Scientific Games International, Inc. (3)
|
|
Casinos & gaming
|
|
First Lien
|
|
8/14/2024
|
|
LIBOR+3.25% (1% floor)
|
|
4.58
|
%
|
|
6,632
|
|
|
6,598
|
|
|
6,651
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
10/27/2022
|
|
LIBOR+5% (1% floor)
|
|
6.24
|
%
|
|
8,594
|
|
|
8,566
|
|
|
8,487
|
|
|||
|
TravelClick, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor)
|
|
8.99
|
%
|
|
5,127
|
|
|
5,127
|
|
|
5,153
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
6.08
|
%
|
|
3,582
|
|
|
3,565
|
|
|
3,607
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+7% (1% floor)
|
|
8.24
|
%
|
|
12,998
|
|
|
12,862
|
|
|
12,998
|
|
|||
|
Vubiquity, Inc.
|
|
Application software
|
|
First Lien
|
|
8/12/2021
|
|
LIBOR+5.5% (1% floor)
|
|
6.83
|
%
|
|
2,653
|
|
|
2,636
|
|
|
2,633
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
245,063
|
|
|
$
|
251,648
|
|
|
$
|
235,526
|
|
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2017: $255,973; cost September 30, 2017: $251,648)
|
|
$
|
239,601
|
|
|
$
|
235,526
|
|
|
Receivables from secured financing arrangements at fair value (cost December 31, 2017: $9,787; cost September 30, 2017: $9,783)
|
|
8,334
|
|
|
8,305
|
|
||
|
Cash and cash equivalents
|
|
28,386
|
|
|
24,389
|
|
||
|
Restricted cash
|
|
4,100
|
|
|
5,097
|
|
||
|
Other assets
|
|
4,117
|
|
|
3,485
|
|
||
|
Total assets
|
|
$
|
284,538
|
|
|
$
|
276,802
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
105,053
|
|
|
$
|
113,053
|
|
|
Debt securities payable at fair value (proceeds December 31, 2017: $146,572; proceeds September 30, 2017: $147,052)
|
|
146,572
|
|
|
147,052
|
|
||
|
Other liabilities
|
|
27,407
|
|
|
10,383
|
|
||
|
Total liabilities
|
|
279,032
|
|
|
270,488
|
|
||
|
Members' equity
|
|
5,506
|
|
|
6,314
|
|
||
|
Total liabilities and members' equity
|
|
$
|
284,538
|
|
|
$
|
276,802
|
|
|
|
|
Three months ended December 31, 2017
|
|
Three months ended December 31, 2016
|
||||
|
Selected Statements of Operations Information:
|
|
|
|
|
||||
|
Interest income
|
|
$
|
4,728
|
|
|
$
|
6,759
|
|
|
Other income
|
|
—
|
|
|
308
|
|
||
|
Total investment income
|
|
4,728
|
|
|
7,067
|
|
||
|
Interest expense
|
|
5,145
|
|
|
6,014
|
|
||
|
Other expenses
|
|
161
|
|
|
408
|
|
||
|
Total expenses (1)
|
|
5,306
|
|
|
6,422
|
|
||
|
Net unrealized depreciation
|
|
(226
|
)
|
|
(22,473
|
)
|
||
|
Net realized gain (loss)
|
|
(4
|
)
|
|
22,708
|
|
||
|
Net income (loss)
|
|
$
|
(808
|
)
|
|
$
|
880
|
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued (1) |
|
DRIP Shares
Value
|
|||
|
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
|
|
|
17.0 million
|
|
118,992
|
|
|
0.7 million
|
|
|
August 7, 2017
|
|
December 15, 2017
|
|
December 29, 2017
|
|
0.125
|
|
|
17.3 million
|
|
58,456
|
|
|
0.3 million
|
|
|
(1)
|
Shares were purchased on the open market and distributed.
|
|
Financial Covenant
|
|
Description (1)
|
|
Minimum shareholders' equity
|
|
Net assets shall not be less than the greater of (a) 40% of total assets and (b) $700 million plus 50% of the aggregate net proceeds of all sales of equity interests after November 30, 2017
|
|
Asset coverage ratio
|
|
Asset coverage ratio shall not be less than 2.00:1
|
|
Interest coverage ratio
|
|
Interest coverage ratio shall not be less than 2.00:1
|
|
Minimum net worth
|
|
Net worth shall not be less than $650 million
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||
|
Lift Brands Holdings, Inc.
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
Valet Merger Sub, Inc.
|
|
9,326
|
|
|
9,326
|
|
||
|
Edge Fitness, LLC
|
|
6,215
|
|
|
8,353
|
|
||
|
InMotion Entertainment Group, LLC
|
|
5,545
|
|
|
7,544
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Dominion Diagnostics, LLC (1)
|
|
4,180
|
|
|
4,180
|
|
||
|
Impact Sales, LLC
|
|
3,236
|
|
|
3,234
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
3,095
|
|
|
2,760
|
|
||
|
WeddingWire, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Keypath Education, 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
|
|
||
|
Datto Inc.
|
|
2,356
|
|
|
—
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
2,248
|
|
|
2,998
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
2,229
|
|
||
|
Refac Optical Group
|
|
2,080
|
|
|
2,080
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
1,862
|
|
|
2,000
|
|
||
|
Metamorph US 3, LLC (1)
|
|
1,470
|
|
|
1,470
|
|
||
|
TransTrade Operators, Inc. (1)(2)
|
|
1,393
|
|
|
1,052
|
|
||
|
Senior Loan Fund JV 1, LLC
|
|
1,328
|
|
|
1,328
|
|
||
|
Edmentum, Inc. (1)
|
|
932
|
|
|
2,664
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
539
|
|
|
539
|
|
||
|
Webster Capital III, L.P. (limited partnership interest)
|
|
482
|
|
|
736
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
474
|
|
|
490
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
469
|
|
|
391
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
468
|
|
|
472
|
|
||
|
Ministry Brands, LLC
|
|
375
|
|
|
1,708
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
365
|
|
|
365
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
364
|
|
|
364
|
|
||
|
Cenegenics, LLC (1)
|
|
297
|
|
|
297
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
254
|
|
|
254
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
231
|
|
|
239
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
183
|
|
|
183
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
178
|
|
|
184
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
148
|
|
|
159
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
129
|
|
|
129
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
84
|
|
|
180
|
|
||
|
Baird Capital Partners V, LP (limited partnership interest)
|
|
54
|
|
|
—
|
|
||
|
BeyondTrust Software, Inc.
|
|
—
|
|
|
5,995
|
|
||
|
Thing5, LLC
|
|
—
|
|
|
3,000
|
|
||
|
Garretson Firm Resolution Group, Inc.
|
|
—
|
|
|
508
|
|
||
|
Sailpoint Technologies, Inc.
|
|
—
|
|
|
1,500
|
|
||
|
Systems, Inc.
|
|
—
|
|
|
3,030
|
|
||
|
Total
|
|
$
|
98,721
|
|
|
$
|
118,073
|
|
|
|
|
Debt Outstanding
as of September 30, 2017 |
|
Debt Outstanding
as of December 31, 2017
|
|
Weighted average debt
outstanding for the
three months ended
December 31, 2017
|
|
Maximum debt
outstanding
for the three months ended
December 31, 2017
|
||||||||
|
ING facility (1)
|
|
$
|
226,495
|
|
|
$
|
205,000
|
|
|
$
|
209,449
|
|
|
$
|
226,495
|
|
|
Sumitomo facility
|
|
29,500
|
|
|
—
|
|
|
17,636
|
|
|
29,500
|
|
||||
|
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
|
|
13,489
|
|
|
13,489
|
|
|
13,489
|
|
|
13,489
|
|
||||
|
Total debt
|
|
$
|
680,734
|
|
|
$
|
629,739
|
|
|
$
|
651,824
|
|
|
|
||
|
|
|
Payments due by period as of December 31, 2017
|
||||||||||||||||||
|
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
|
ING facility
|
|
$
|
205,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
205,000
|
|
|
$
|
—
|
|
|
Interest due on ING facility
|
|
30,048
|
|
|
7,675
|
|
|
15,350
|
|
|
7,023
|
|
|
—
|
|
|||||
|
Secured borrowings
|
|
13,489
|
|
|
—
|
|
|
13,489
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on secured borrowings
|
|
1,688
|
|
|
607
|
|
|
1,081
|
|
|
—
|
|
|
—
|
|
|||||
|
2019 Notes
|
|
250,000
|
|
|
—
|
|
|
250,000
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on 2019 Notes
|
|
14,191
|
|
|
12,188
|
|
|
2,003
|
|
|
—
|
|
|
—
|
|
|||||
|
2024 Notes
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|||||
|
Interest due on 2024 Notes
|
|
30,119
|
|
|
4,406
|
|
|
8,813
|
|
|
8,813
|
|
|
8,087
|
|
|||||
|
2028 Notes
|
|
86,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,250
|
|
|||||
|
Interest due on 2028 Notes
|
|
54,608
|
|
|
5,283
|
|
|
10,566
|
|
|
10,566
|
|
|
28,193
|
|
|||||
|
Total
|
|
$
|
760,393
|
|
|
$
|
30,159
|
|
|
$
|
301,302
|
|
|
$
|
231,402
|
|
|
$
|
197,530
|
|
|
Year Ended
|
|
Qualified Net Interest Income
|
Qualified Short-Term Capital Gains
|
||
|
September 30, 2017
|
|
85.8
|
%
|
—
|
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||
|
($ in thousands)
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
|
Under 1%
|
|
$
|
189,683
|
|
|
17.71
|
%
|
|
$
|
201,365
|
|
|
16.91
|
%
|
|
1% to under 2%
|
|
881,158
|
|
|
82.29
|
|
|
989,575
|
|
|
83.09
|
|
||
|
2% to under 3%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
3% and over
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
1,070,841
|
|
|
100.00
|
%
|
|
$
|
1,190,940
|
|
|
100.00
|
%
|
|
($ in thousands)
|
|
|
|
|
|
|
|||
|
Basis point increase(1)
|
|
Interest
income
|
|
Interest
expense
|
|
Net increase
(decrease)
|
|||
|
300
|
|
31,300
|
|
|
(6,100
|
)
|
|
25,200
|
|
|
200
|
|
20,800
|
|
|
(3,900
|
)
|
|
16,900
|
|
|
100
|
|
10,200
|
|
|
(1,800
|
)
|
|
8,400
|
|
|
Basis point decrease (1)
|
|
Interest Income
|
|
Interest Expense
|
|
Net increase (decrease)
|
|||
|
100
|
|
(7,800
|
)
|
|
2,200
|
|
|
(5,600
|
)
|
|
(1)
|
A decline in interest rates of 200 basis points or greater would not have a material incremental impact on our Consolidated Financial Statements as compared to a 100 basis point decrease.
|
|
|
|
December 31, 2017
|
|
September 30, 2017
|
||||||||||||
|
($ in thousands)
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
|
Interest Bearing
Cash and Investments |
|
Borrowings
|
||||||||
|
Money market rate
|
|
$
|
45,754
|
|
|
$
|
—
|
|
|
$
|
59,913
|
|
|
$
|
—
|
|
|
Prime rate
|
|
2,756
|
|
|
—
|
|
|
1,061
|
|
|
—
|
|
||||
|
LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
41,802
|
|
|
205,000
|
|
|
42,165
|
|
|
255,993
|
|
||||
|
90 day
|
|
1,168,248
|
|
|
13,489
|
|
|
1,254,246
|
|
|
13,491
|
|
||||
|
Fixed rate
|
|
298,287
|
|
|
411,250
|
|
|
290,427
|
|
|
411,250
|
|
||||
|
Total
|
|
$
|
1,556,847
|
|
|
$
|
629,739
|
|
|
$
|
1,647,812
|
|
|
$
|
680,734
|
|
|
|
Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-A (File No. 001-33901) filed on January 2, 2008).
|
|
|
|
|
|
|
|
Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(2) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).
|
|
|
|
|
|
|
|
Certificate of Correction to the Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(3) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008).
|
|
|
|
|
|
|
|
Certificate of Amendment to Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Quarterly Report on Form 10-Q (File No. 001-33901) filed on May 5, 2010).
|
|
|
|
|
|
|
|
Certificate of Amendment to Registrant’s Certificate of Incorporation (Incorporated by reference to Exhibit (a)(5) filed with the Registrant’s Registration Statement on Form N-2 (File No. 333-180267) filed on April 2, 2013).
|
|
|
|
|
|
|
|
Certificate of Amendment to the Restated Certificate of Incorporation of the Company, dated as of October 17, 2017 (Incorporated by reference to Exhibit 3.1 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
|
|
|
|
Third Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-K (File No. 001-33901) filed on September 2, 2016).
|
|
|
|
|
|
|
|
Fourth Amended and Restated Bylaws of Oaktree Specialty Lending Corporation, effective as of January 29, 2018 (Incorporated by reference to Exhibit 3.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on January 29, 2018)
|
|
|
|
|
|
|
|
Fourth Supplemental Indenture, dated as of October 17, 2017, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.1 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
Form of Note relating to the 4.875% Notes due 2019, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.2 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
|
|
|
|
Form of Note relating to the 5.875% Notes due 2024, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.3 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
|
|
|
|
Form of Note relating to the 6.125% Notes due 2028, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.4 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
|
|
|
|
Investment Advisory Agreement, dated as of October 17, 2017, between the Registrant and Oaktree Capital Management, L.P. (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
|
|
|
|
Administration Agreement, dated as of October 17, 2017, between the Registrant and Oaktree Fund Administration, LLC (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
|
|
|
|
Pledge Agreement, dated as of October 17, 2017, between the Registrant and Fifth Street Holdings L.P. (Incorporated by reference to Exhibit 10.3 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017).
|
|
|
|
|
|
|
|
Amendment No. 9 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of November 17, 2017, among the Registrant, FSFC Holdings, Inc., Fifth Street Fund of Funds LLC, the lenders party thereto and ING Capital LLC as administrative agent for the lenders party thereto (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on November 22, 2017).
|
|
|
|
|
|
|
|
Senior Secured Revolving Credit Agreement, dated as of November 30, 2017, among the Registrant, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on December 1, 2017).
|
|
|
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
|
|
|
|
|
|
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
|
|
|
|
|
|
|
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
|
|
|
|
|
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
|
|
|
*
|
Filed herewith.
|
|
|
|
|
|
OAKTREE SPECIALTY LENDING CORPORATION
|
||
|
|
|
|
|
By:
|
|
/s/ Edgar Lee
|
|
|
|
Edgar Lee
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
By:
|
|
/s/ Mel Carlisle
|
|
|
|
Mel Carlisle
|
|
|
|
Chief Financial Officer and Treasurer
|
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 |
|---|