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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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June 30, 2018
(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 June 30, 2018: $266,097; cost September 30, 2017: $444,826)
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$
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223,421
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$
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305,271
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Affiliate investments (cost June 30, 2018: $1,080; cost September 30, 2017: $33,743)
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2,161
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36,983
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Non-control/Non-affiliate investments (cost June 30, 2018: $1,416,632; cost September 30, 2017: $1,279,096)
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1,294,936
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1,199,501
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Total investments at fair value (cost June 30, 2018: $1,683,809; cost September 30, 2017: $1,757,665)
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1,520,518
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1,541,755
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Cash and cash equivalents
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56,615
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53,018
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Restricted cash
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499
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6,895
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Interest, dividends and fees receivable
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8,102
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6,892
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Due from portfolio companies
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15,757
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5,670
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Receivables from unsettled transactions
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22,538
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—
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Deferred financing costs
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5,620
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1,304
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Other assets
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3,108
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514
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Total assets
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$
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1,632,757
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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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2,714
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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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7,094
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6,750
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Due to affiliate
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4,230
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1,815
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Interest payable
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6,338
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3,167
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Amounts payable to syndication partners
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301
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1
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Director fees payable
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—
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184
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Payables from unsettled transactions
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166,903
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58,691
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Credit facilities payable
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211,000
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255,995
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Unsecured notes payable (net of $3,851 and $4,737 of unamortized financing costs as of June 30, 2018 and September 30, 2017, respectively)
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386,132
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406,115
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Secured borrowings at fair value (proceeds June 30, 2018: $12,623; proceeds September 30, 2017: $13,489)
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9,950
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13,256
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Total liabilities
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794,662
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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 June 30, 2018 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, secured borrowings and foreign currency
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(160,267
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)
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(215,677
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)
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Net realized loss on investments, secured borrowings and unsecured notes payable
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(563,004
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)
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(478,010
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Accumulated overdistributed net investment income
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(19,321
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)
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(19,343
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)
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Total net assets (equivalent to $5.95 and $6.16 per common share as of June 30, 2018 and September 30, 2017, respectively) (Note 12)
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838,095
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867,657
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Total liabilities and net assets
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$
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1,632,757
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$
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1,616,048
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Three months ended
June 30, 2018 |
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Three months ended
June 30, 2017 |
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Nine months ended
June 30, 2018 |
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Nine months ended
June 30, 2017 |
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Interest income:
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Control investments
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$
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2,737
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$
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3,710
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$
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9,011
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$
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11,104
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Affiliate investments
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161
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977
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2,027
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2,961
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Non-control/Non-affiliate investments
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23,629
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33,892
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71,727
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106,409
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Interest on cash and cash equivalents
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107
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214
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440
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497
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||||
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Total interest income
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26,634
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38,793
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83,205
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120,971
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PIK interest income:
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Control investments
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1,045
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1,523
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3,446
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5,445
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Affiliate investments
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52
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195
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416
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592
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Non-control/Non-affiliate investments
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360
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855
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1,408
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2,928
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||||
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Total PIK interest income
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1,457
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2,573
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5,270
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8,965
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Fee income:
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Control investments
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697
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307
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945
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929
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||||
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Affiliate investments
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—
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12
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48
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741
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Non-control/Non-affiliate investments
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1,728
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2,085
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6,405
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7,155
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||||
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Total fee income
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2,425
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2,404
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7,398
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8,825
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||||
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Dividend and other income:
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Control investments
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1,331
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1,080
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4,629
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3,384
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||||
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Non-control/Non-affiliate investments
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—
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67
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—
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87
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|
||||
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Total dividend and other income
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1,331
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1,147
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4,629
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3,471
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||||
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Total investment income
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31,847
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44,917
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100,502
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142,232
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||||
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Expenses:
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||||||||
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Base management fee
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5,909
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7,912
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16,885
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24,561
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||||
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2,733
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3,482
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6,810
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10,713
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||||
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Professional fees
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|
924
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952
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4,837
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3,739
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||||
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Board of Directors fees
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154
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205
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|
507
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595
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|
||||
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Interest expense
|
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8,291
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11,262
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26,405
|
|
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37,163
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|
||||
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Administrator expense
|
|
466
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|
|
407
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|
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1,351
|
|
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1,557
|
|
||||
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General and administrative expenses
|
|
488
|
|
|
1,367
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|
|
2,326
|
|
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4,154
|
|
||||
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Loss on legal settlements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
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Total expenses
|
|
18,965
|
|
|
25,587
|
|
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59,121
|
|
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82,485
|
|
||||
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Fees waived
|
|
(1,548
|
)
|
|
(60
|
)
|
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(1,634
|
)
|
|
(182
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)
|
||||
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Insurance recoveries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,259
|
)
|
||||
|
Net expenses
|
|
17,417
|
|
|
25,527
|
|
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57,487
|
|
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81,044
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|
||||
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Net investment income
|
|
14,430
|
|
|
19,390
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|
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43,015
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61,188
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Unrealized appreciation (depreciation) on investments and foreign currency:
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Control investments
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97,000
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(2,479
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)
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89,825
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|
12,030
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Affiliate investments
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72
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(839
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)
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(2,159
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)
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(1,501
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)
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Non-control/Non-affiliate investments
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1,810
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(9,953
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)
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(34,696
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)
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8,368
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|
||||
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Net unrealized appreciation (depreciation) on investments and foreign currency
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98,882
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(13,271
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)
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52,970
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18,897
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|
||||
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Net unrealized (appreciation) depreciation on secured borrowings
|
|
377
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|
|
124
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2,440
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|
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(294
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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
|
|
(91,470
|
)
|
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(13,058
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)
|
|
(91,470
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)
|
|
(58,994
|
)
|
||||
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Affiliate investments
|
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—
|
|
|
—
|
|
|
2,048
|
|
|
—
|
|
||||
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Non-control/Non-affiliate investments
|
|
2,033
|
|
|
758
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|
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4,548
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|
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(92,295
|
)
|
||||
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Net realized loss on investments and secured borrowings
|
|
(89,437
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)
|
|
(12,300
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)
|
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(84,874
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)
|
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(151,289
|
)
|
||||
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Redemption premium on unsecured notes payable
|
|
—
|
|
|
—
|
|
|
(120
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)
|
|
—
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|
||||
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Net increase (decrease) in net assets resulting from operations
|
|
$
|
24,252
|
|
|
$
|
(6,057
|
)
|
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$
|
13,431
|
|
|
$
|
(71,498
|
)
|
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Net investment income per common share — basic and diluted
|
|
$
|
0.10
|
|
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$
|
0.14
|
|
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$
|
0.31
|
|
|
$
|
0.43
|
|
|
Earnings (loss) per common share — basic and diluted (Note 5)
|
|
$
|
0.17
|
|
|
$
|
(0.04
|
)
|
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$
|
0.10
|
|
|
$
|
(0.50
|
)
|
|
Weighted average common shares outstanding — basic and diluted
|
|
140,961
|
|
|
140,961
|
|
|
140,961
|
|
|
141,599
|
|
||||
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Distributions per common share
|
|
$
|
0.095
|
|
|
$
|
0.02
|
|
|
$
|
0.305
|
|
|
$
|
0.34
|
|
|
|
|
Nine months ended
June 30, 2018 |
|
Nine months ended
June 30, 2017 |
||||
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Operations:
|
|
|
|
|
||||
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Net investment income
|
|
$
|
43,015
|
|
|
$
|
61,188
|
|
|
Net unrealized appreciation on investments
|
|
52,970
|
|
|
18,897
|
|
||
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Net unrealized (appreciation) depreciation on secured borrowings
|
|
2,440
|
|
|
(294
|
)
|
||
|
Net realized loss on investments and secured borrowings
|
|
(84,874
|
)
|
|
(151,289
|
)
|
||
|
Redemption premium on unsecured notes payable
|
|
(120
|
)
|
|
—
|
|
||
|
Net increase (decrease) in net assets resulting from operations
|
|
13,431
|
|
|
(71,498
|
)
|
||
|
Stockholder transactions:
|
|
|
|
|
||||
|
Contributions from stockholders
|
|
—
|
|
|
287
|
|
||
|
Distributions to stockholders
|
|
(42,993
|
)
|
|
(47,827
|
)
|
||
|
Net decrease in net assets from stockholder transactions
|
|
(42,993
|
)
|
|
(47,540
|
)
|
||
|
Capital share transactions:
|
|
|
|
|
||||
|
Issuance of common stock under dividend reinvestment plan
|
|
1,239
|
|
|
2,264
|
|
||
|
Repurchases of common stock under dividend reinvestment program
|
|
(1,239
|
)
|
|
(2,264
|
)
|
||
|
Repurchases of common stock under stock repurchase program
|
|
—
|
|
|
(12,500
|
)
|
||
|
Net decrease in net assets from capital share transactions
|
|
—
|
|
|
(12,500
|
)
|
||
|
Total decrease in net assets
|
|
(29,562
|
)
|
|
(131,538
|
)
|
||
|
Net assets at beginning of period
|
|
867,657
|
|
|
1,142,288
|
|
||
|
Net assets at end of period
|
|
$
|
838,095
|
|
|
$
|
1,010,750
|
|
|
Net asset value per common share
|
|
$
|
5.95
|
|
|
$
|
7.17
|
|
|
Common shares outstanding at end of period
|
|
140,961
|
|
|
140,961
|
|
||
|
|
|
Nine months ended
June 30, 2018 |
|
Nine months ended
June 30, 2017 |
|
||||
|
Operating activities:
|
|
|
|
|
|
||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
13,431
|
|
|
$
|
(71,498
|
)
|
|
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
|
|
|
|
|
|
||||
|
Net unrealized appreciation on investments
|
|
(52,970
|
)
|
|
(18,897
|
)
|
|
||
|
Net unrealized appreciation (depreciation) on secured borrowings
|
|
(2,440
|
)
|
|
294
|
|
|
||
|
Net realized loss on investments and secured borrowings
|
|
84,874
|
|
|
151,289
|
|
|
||
|
Redemption premium on unsecured notes payable
|
|
120
|
|
|
—
|
|
|
||
|
PIK interest income, net of PIK interest income collected
|
|
(3,977
|
)
|
|
(4,966
|
)
|
|
||
|
Non-cash fee income
|
|
—
|
|
|
(189
|
)
|
|
||
|
Accretion of original issue discount on investments
|
|
(4,779
|
)
|
|
(10,077
|
)
|
|
||
|
Accretion of original issue discount on unsecured notes payable
|
|
198
|
|
|
200
|
|
|
||
|
Amortization of deferred financing costs
|
|
2,745
|
|
|
3,234
|
|
|
||
|
Purchases of investments and net revolver activity
|
|
(836,885
|
)
|
|
(400,295
|
)
|
|
||
|
Principal payments received on investments (scheduled payments)
|
|
28,222
|
|
|
21,326
|
|
|
||
|
Principal payments received on investments (payoffs)
|
|
594,379
|
|
|
577,909
|
|
|
||
|
Proceeds from the sale of investments
|
|
212,374
|
|
|
58,853
|
|
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||
|
(Increase) decrease in restricted cash
|
|
6,396
|
|
|
(2,614
|
)
|
|
||
|
(Increase) decrease in interest, dividends and fees receivable
|
|
(1,210
|
)
|
|
7,410
|
|
|
||
|
Increase in due from portfolio companies
|
|
(10,087
|
)
|
|
(2,410
|
)
|
|
||
|
(Increase) decrease in receivables from unsettled transactions
|
|
(22,538
|
)
|
|
5,346
|
|
|
||
|
Decrease in insurance recoveries receivable
|
|
—
|
|
|
19,729
|
|
|
||
|
Increase in other assets
|
|
(2,594
|
)
|
|
(1,463
|
)
|
|
||
|
Increase in accounts payable, accrued expenses and other liabilities
|
|
297
|
|
|
450
|
|
|
||
|
Increase (decrease) in base management fee and Part I incentive fee payable
|
|
344
|
|
|
(6,873
|
)
|
|
||
|
Increase (decrease) in due to affiliate
|
|
2,415
|
|
|
(834
|
)
|
|
||
|
Increase in interest payable
|
|
3,171
|
|
|
4,317
|
|
|
||
|
Increase in payables from unsettled transactions
|
|
108,212
|
|
|
17,515
|
|
|
||
|
Decrease in director fees payable
|
|
(184
|
)
|
|
(362
|
)
|
|
||
|
Decrease in legal settlements payable
|
|
—
|
|
|
(19,500
|
)
|
|
||
|
Increase (decrease) in amounts payable to syndication partners
|
|
300
|
|
|
(754
|
)
|
|
||
|
Net cash provided by operating activities
|
|
119,814
|
|
|
327,140
|
|
|
||
|
Financing activities:
|
|
|
|
|
|
||||
|
Contributions received in cash
|
|
—
|
|
|
287
|
|
|
||
|
Distributions paid in cash
|
|
(41,754
|
)
|
|
(45,563
|
)
|
|
||
|
Repayments of borrowings under SBA debentures payable
|
|
—
|
|
|
(65,300
|
)
|
|
||
|
Borrowings under credit facilities
|
|
309,000
|
|
|
219,082
|
|
|
||
|
Repayments of borrowings under credit facilities
|
|
(353,995
|
)
|
|
(389,882
|
)
|
|
||
|
Repurchase of unsecured notes
|
|
(21,188
|
)
|
|
—
|
|
|
||
|
Repayments of secured borrowings
|
|
(866
|
)
|
|
(5,119
|
)
|
|
||
|
Repurchases of common stock under stock repurchase program
|
|
—
|
|
|
(12,500
|
)
|
|
||
|
Repurchases of common stock under dividend reinvestment plan
|
|
(1,239
|
)
|
|
(2,264
|
)
|
|
||
|
Deferred financing costs paid
|
|
(6,175
|
)
|
|
(182
|
)
|
|
||
|
Net cash used by financing activities
|
|
(116,217
|
)
|
|
(301,441
|
)
|
|
||
|
Net increase in cash and cash equivalents
|
|
3,597
|
|
|
25,699
|
|
|
||
|
Cash and cash equivalents, beginning of period
|
|
53,018
|
|
|
117,923
|
|
|
||
|
Cash and cash equivalents, end of period
|
|
$
|
56,615
|
|
|
$
|
143,622
|
|
|
|
Supplemental information:
|
|
|
|
|
|
||||
|
Cash paid for interest
|
|
$
|
20,291
|
|
|
$
|
29,413
|
|
|
|
Non-cash operating activities:
|
|
|
|
|
|
||||
|
Purchases of investments from restructurings
|
|
$
|
—
|
|
|
$
|
(165,759
|
)
|
|
|
Proceeds from investment restructurings
|
|
$
|
—
|
|
|
$
|
165,759
|
|
|
|
Non-cash financing activities:
|
|
|
|
|
|
||||
|
Issuance of shares of common stock under dividend reinvestment plan
|
|
$
|
1,239
|
|
|
$
|
2,264
|
|
|
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Control Investments (3)(15)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
First Star Bermuda Aviation Limited (11)(16)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
|
|
$
|
11,868
|
|
|
$
|
11,563
|
|
|
$
|
11,868
|
|
|
|
100% equity interest (6)
|
|
|
|
|
|
|
|
5,192
|
|
|
5,646
|
|
|||||
|
|
|
|
|
|
|
|
|
16,755
|
|
|
17,514
|
|
|||||
|
First Star Speir Aviation Limited (11)(16)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
32,510
|
|
|
24,686
|
|
|
32,510
|
|
||||
|
100% equity interest (6)
|
|
|
|
|
|
|
|
8,500
|
|
|
4,385
|
|
|||||
|
|
|
|
|
|
|
|
|
33,186
|
|
|
36,895
|
|
|||||
|
Keypath Education, Inc. (26)
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 (13)
|
|
9.33
|
%
|
|
|
|
19,960
|
|
|
19,960
|
|
|
19,960
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022 (13)
|
|
9.33
|
%
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
|
|
10,648
|
|
|
7,984
|
|
|||||
|
|
|
|
|
|
|
|
|
30,608
|
|
|
27,944
|
|
|||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
7.33
|
%
|
|
|
|
4,107
|
|
|
4,107
|
|
|
4,107
|
|
|||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (13)
|
|
7.43
|
%
|
|
|
|
1,753
|
|
|
1,753
|
|
|
1,753
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
7.33
|
%
|
|
|
|
1,009
|
|
|
1,009
|
|
|
1,009
|
|
|||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
2,291
|
|
|||||
|
|
|
|
|
|
|
|
|
6,869
|
|
|
9,160
|
|
|||||
|
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)
|
|
7.93
|
%
|
|
|
|
100,444
|
|
|
100,444
|
|
|
100,444
|
|
|||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 10% cash due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
29,532
|
|
|
29,532
|
|
|
29,532
|
|
||||
|
87.5% LLC equity interest (6)(25)
|
|
|
|
|
|
|
|
16,172
|
|
|
1,932
|
|
|||||
|
|
|
|
|
|
|
|
|
146,148
|
|
|
131,908
|
|
|||||
|
TransTrade Operators, Inc.
|
|
|
|
Air freight & logistics
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 5% cash due 12/31/2017 (22)(24)
|
|
|
|
|
|
15,973
|
|
|
15,574
|
|
|
—
|
|
||||
|
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
|
|
|
—
|
|
|||||
|
Total Control Investments (26.7% of net assets)
|
|
|
|
|
|
|
|
$
|
266,097
|
|
|
$
|
223,421
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Affiliate Investments (4)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
1,080,399 Shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
|
|
$
|
1,080
|
|
|
$
|
2,161
|
|
|||
|
|
|
|
|
|
|
|
|
1,080
|
|
|
2,161
|
|
|||||
|
Total Affiliate Investments (0.3% of net assets)
|
|
|
|
|
|
|
|
$
|
1,080
|
|
|
$
|
2,161
|
|
|||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
4 Over International, LLC
|
|
|
|
Commercial printing
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13)
|
|
7.98
|
%
|
|
|
|
$
|
5,953
|
|
|
$
|
5,900
|
|
|
$
|
5,952
|
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13)
|
|
7.98
|
%
|
|
|
|
|
|
(17
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
5,883
|
|
|
5,952
|
|
|||||
|
99 Cents Only Stores LLC
|
|
|
|
General merchandise stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan LIBOR+5% cash 1.5% PIK due 1/13/2022 (13)(21)
|
|
7.32
|
%
|
|
|
|
23,801
|
|
|
22,861
|
|
|
22,631
|
|
|||
|
|
|
|
|
|
|
|
|
22,861
|
|
|
22,631
|
|
|||||
|
Access CIG LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% cash due 2/14/2026 (13)(21)
|
|
9.84
|
%
|
|
|
|
14,235
|
|
|
14,114
|
|
|
14,283
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+7.75% cash due 2/14/2026 (13)(21)
|
|
9.84
|
%
|
|
|
|
|
|
—
|
|
|
2
|
|
||||
|
|
|
|
|
|
|
|
|
14,114
|
|
|
14,285
|
|
|||||
|
ACON Equity Partners III, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.13% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
653
|
|
|
680
|
|
|||||
|
|
|
|
|
|
|
|
|
653
|
|
|
680
|
|
|||||
|
Aden & Anais Merger Sub, Inc.
|
|
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
|||||||
|
51,645 Common Units in Aden & Anais Holdings, Inc.
|
|
|
|
|
|
|
|
5,165
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
5,165
|
|
|
—
|
|
|||||
|
Advanced Pain Management
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 8/31/2018 (13)(22)
|
|
10.67
|
%
|
|
|
|
24,654
|
|
|
22,596
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
22,596
|
|
|
—
|
|
|||||
|
AdVenture Interactive, Corp. (26)
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
9,073 shares of common stock
|
|
|
|
|
|
|
|
13,611
|
|
|
6,557
|
|
|||||
|
|
|
|
|
|
|
|
|
13,611
|
|
|
6,557
|
|
|||||
|
AI Ladder (Luxembourg) Subco S.a.r.l
|
|
|
|
Electrical components & equipment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.5% cash due 5/4/2025 (11)(13)(21)
|
|
6.82
|
%
|
|
|
|
40,000
|
|
|
38,800
|
|
|
39,933
|
|
|||
|
|
|
|
|
|
|
|
|
38,800
|
|
|
39,933
|
|
|||||
|
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
|
|
|
—
|
|
|||||
|
Airxcel, Inc.
|
|
|
|
Household appliances
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% cash due 4/28/2025 (13)(21)
|
|
6.59
|
%
|
|
|
|
8,000
|
|
|
7,922
|
|
|
7,990
|
|
|||
|
|
|
|
|
|
|
|
|
7,922
|
|
|
7,990
|
|
|||||
|
Algeco Scotsman Global Finance Plc
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10% cash due 8/15/2023 (11)(21)
|
|
|
|
|
|
15,000
|
|
|
14,522
|
|
|
15,188
|
|
||||
|
Fixed Rate Bond 8% cash due 2/15/2023 (11)(21)
|
|
|
|
|
|
16,000
|
|
|
15,893
|
|
|
16,320
|
|
||||
|
|
|
|
|
|
|
|
|
30,415
|
|
|
31,508
|
|
|||||
|
Allen Media LLC
|
|
|
|
Movies & entertainment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/22/2025 (13)
|
|
11.34
|
%
|
|
|
|
63,015
|
|
|
61,502
|
|
|
61,755
|
|
|||
|
|
|
|
|
|
|
|
|
61,502
|
|
|
61,755
|
|
|||||
|
Allied Universal Holdco LLC
|
|
|
|
Security & alarm services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (13)(21)
|
|
5.84
|
%
|
|
|
|
11,878
|
|
|
11,944
|
|
|
11,724
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/28/2023 (13)(21)
|
|
10.60
|
%
|
|
|
|
1,149
|
|
|
1,168
|
|
|
1,143
|
|
|||
|
|
|
|
|
|
|
|
|
13,112
|
|
|
12,867
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Altice Finco SA
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 8.125% cash due 1/15/2024 (11)(21)
|
|
|
|
|
|
$
|
3,000
|
|
|
$
|
3,056
|
|
|
$
|
3,000
|
|
|
|
Fixed Rate Bond 7.625% cash due 2/15/2025 (11)(21)
|
|
|
|
|
|
2,000
|
|
|
2,014
|
|
|
1,793
|
|
||||
|
|
|
|
|
|
|
|
|
5,070
|
|
|
4,793
|
|
|||||
|
Ancile Solutions, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
9.33
|
%
|
|
|
|
9,715
|
|
|
9,545
|
|
|
9,647
|
|
|||
|
|
|
|
|
|
|
|
|
9,545
|
|
|
9,647
|
|
|||||
|
Aptos, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13)
|
|
8.84
|
%
|
|
|
|
5,342
|
|
|
5,266
|
|
|
5,288
|
|
|||
|
|
|
|
|
|
|
|
|
5,266
|
|
|
5,288
|
|
|||||
|
APX Group Inc
|
|
|
|
Electrical components & equipment
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 6.375% cash due 12/1/2019 (21)
|
|
|
|
|
|
6,904
|
|
|
6,880
|
|
|
6,921
|
|
||||
|
|
|
|
|
|
|
|
|
6,880
|
|
|
6,921
|
|
|||||
|
Aretec Group Inc
|
|
|
|
Investment banking & brokerage
|
|
|
|
|
|
|
|||||||
|
Second Lien Exit Term Loan, LIBOR+5.5% (1% Floor) cash due 5/23/2021 (13)(21)
|
|
6.50
|
%
|
|
|
|
15,266
|
|
|
15,323
|
|
|
15,323
|
|
|||
|
|
|
|
|
|
|
|
|
15,323
|
|
|
15,323
|
|
|||||
|
Asset International, Inc.
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan LIBOR+9.25% (1% floor) cash due 6/29/2025 (13)
|
11.58
|
%
|
|
|
|
15,000
|
|
|
14,679
|
|
|
14,842
|
|
||||
|
|
|
|
|
|
|
|
|
14,679
|
|
|
14,842
|
|
|||||
|
Asurion, LLC
|
|
|
|
Property & casualty insurance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B2, LIBOR+6.5% (1% floor) cash due 8/4/2025 (13)(21)
|
|
8.59
|
%
|
|
|
|
22,000
|
|
|
21,945
|
|
|
22,358
|
|
|||
|
|
|
|
|
|
|
|
|
21,945
|
|
|
22,358
|
|
|||||
|
Avantor Inc.
|
|
|
|
Commodity chemicals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 6% cash due 10/1/2024 (21)
|
|
|
|
|
|
8,000
|
|
|
7,982
|
|
|
7,934
|
|
||||
|
Fixed Rate Bond 9% cash due 10/1/2025 (21)
|
|
|
|
|
|
3,000
|
|
|
2,971
|
|
|
3,030
|
|
||||
|
|
|
|
|
|
|
|
|
10,953
|
|
|
10,964
|
|
|||||
|
BeyondTrust Holdings LLC
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
3.01% Class A membership interests
|
|
|
|
|
|
|
|
4,500
|
|
|
5,979
|
|
|||||
|
|
|
|
|
|
|
|
|
4,500
|
|
|
5,979
|
|
|||||
|
Blackhawk Network Holdings, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7% (1% Floor) cash due 6/15/2026 (13)(21)
|
|
9.13
|
%
|
|
|
|
26,250
|
|
|
25,969
|
|
|
26,524
|
|
|||
|
|
|
|
|
|
|
|
|
25,969
|
|
|
26,524
|
|
|||||
|
Blueline Rental Finance Corp
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9.25% cash due 3/15/2024 (21)
|
|
|
|
|
|
5,000
|
|
|
5,354
|
|
|
5,332
|
|
||||
|
|
|
|
|
|
|
|
|
5,354
|
|
|
5,332
|
|
|||||
|
BMC Software Finance, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 9/10/2022 (13)(21)
|
|
5.34
|
%
|
|
|
|
16,750
|
|
|
16,849
|
|
|
16,718
|
|
|||
|
|
|
|
|
|
|
|
|
16,849
|
|
|
16,718
|
|
|||||
|
Cablevision Systems Corp.
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.875% cash due 10/15/2025 (11)(21)
|
|
|
|
|
|
5,897
|
|
|
6,983
|
|
|
6,813
|
|
||||
|
|
|
|
|
|
|
|
|
6,983
|
|
|
6,813
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
California Pizza Kitchen, Inc.
|
|
|
|
Restaurants
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)(21)
|
|
8.10
|
%
|
|
|
|
$
|
4,913
|
|
|
$
|
4,873
|
|
|
$
|
4,822
|
|
|
|
|
|
|
|
|
|
|
4,873
|
|
|
4,822
|
|
|||||
|
Cenegenics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 (22)
|
|
|
|
|
|
28,988
|
|
|
27,738
|
|
|
16,027
|
|
||||
|
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
|
|
|
17,112
|
|
|||||
|
CITGO Holding Inc.
|
|
|
|
Oil & gas refining & marketing
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.75% cash due 2/15/2020 (13)(21)
|
|
|
|
|
|
21,300
|
|
|
22,712
|
|
|
22,764
|
|
||||
|
|
|
|
|
|
|
|
|
22,712
|
|
|
22,764
|
|
|||||
|
Comprehensive Pharmacy Services LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
|
|
2,000
|
|
|
2,848
|
|
|||||
|
|
|
|
|
|
|
|
|
2,000
|
|
|
2,848
|
|
|||||
|
Conviva Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021
|
|
|
|
|
|
|
|
105
|
|
|
454
|
|
|||||
|
|
|
|
|
|
|
|
|
105
|
|
|
454
|
|
|||||
|
Covia Holdings Corporation
|
|
|
|
Oil & gas equipment & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% Floor) cash due 6/1/2025 (11)(13)(21)
|
|
6.05
|
%
|
|
|
|
8,000
|
|
|
8,000
|
|
|
8,011
|
|
|||
|
|
|
|
|
|
|
|
|
8,000
|
|
|
8,011
|
|
|||||
|
DAE Aviation Holdings
|
|
|
|
Aerospace & Defense
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10% cash due 7/15/2023 (21)
|
|
|
|
|
|
1,500
|
|
|
1,621
|
|
|
1,626
|
|
||||
|
|
|
|
|
|
|
|
|
1,621
|
|
|
1,626
|
|
|||||
|
Datto Inc.
|
|
|
|
Technology distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan LIBOR+8% (1% floor) cash due 12/7/2022 (13)
|
|
10.05
|
%
|
|
|
|
35,000
|
|
|
34,379
|
|
|
34,370
|
|
|||
|
First Lien Revolver LIBOR+8% (1% floor) cash due 12/7/2022 (10)(13)
|
|
10.05
|
%
|
|
|
|
|
|
(42
|
)
|
|
(42
|
)
|
||||
|
|
|
|
|
|
|
|
|
34,337
|
|
|
34,328
|
|
|||||
|
DFT Intermediate LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (13)
|
|
7.83
|
%
|
|
|
|
3,300
|
|
|
3,224
|
|
|
3,300
|
|
|||
|
|
|
|
|
|
|
|
|
3,224
|
|
|
3,300
|
|
|||||
|
Dodge Data & Analytics LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 10/31/2019 (13)
|
|
11.06
|
%
|
|
|
|
7,018
|
|
|
7,018
|
|
|
6,981
|
|
|||
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
|
|
500
|
|
|
240
|
|
|||||
|
|
|
|
|
|
|
|
|
7,518
|
|
|
7,221
|
|
|||||
|
Dominion Diagnostics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Subordinated Term Loan, 11% cash 1% PIK due 10/8/2019 (22)
|
|
|
|
|
|
20,001
|
|
|
15,957
|
|
|
1,040
|
|
||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 (13)
|
|
7.35
|
%
|
|
|
|
47,180
|
|
|
35,524
|
|
|
38,164
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019 (10)(13)
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(799
|
)
|
|||
|
|
|
|
|
|
|
|
|
51,481
|
|
|
38,405
|
|
|||||
|
Edmentum, Inc.
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020 (23)
|
|
|
|
|
|
2,594
|
|
|
2,434
|
|
|
—
|
|
||||
|
Unsecured Junior PIK Note, 10% PIK due 6/9/2020 (23)
|
|
|
|
|
|
12,180
|
|
|
10,227
|
|
|
—
|
|
||||
|
Unsecured Revolver, 5% cash due 6/9/2020 (22)
|
|
|
|
|
|
2,664
|
|
|
2,631
|
|
|
533
|
|
||||
|
126,127.80 Class A Common Units
|
|
|
|
|
|
|
|
126
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
15,418
|
|
|
533
|
|
|||||
|
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+8.25% (0.75% floor) cash due 12/30/2019 (13)
|
|
10.24
|
%
|
|
|
|
$
|
3,552
|
|
|
$
|
3,552
|
|
|
$
|
3,587
|
|
|
First Lien Revolver, LIBOR+8.25% (0.75% floor) cash due 12/30/2019 (13)
|
|
10.24
|
%
|
|
|
|
|
|
—
|
|
|
—
|
|
||||
|
487.5 Class A Preferred Units, 12%
|
|
|
|
|
|
|
|
488
|
|
|
737
|
|
|||||
|
12,500 Class B Common Units
|
|
|
|
|
|
|
|
13
|
|
|
829
|
|
|||||
|
|
|
|
|
|
|
|
|
4,053
|
|
|
5,153
|
|
|||||
|
Eton
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% cash due 3/16/2026 (13)(21)
|
|
9.48
|
%
|
|
|
|
20,000
|
|
|
19,901
|
|
|
20,125
|
|
|||
|
|
|
|
|
|
|
|
|
19,901
|
|
|
20,125
|
|
|||||
|
ExamSoft Worldwide, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
|
|
181
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
181
|
|
|
—
|
|
|||||
|
Garretson Firm Resolution Group, Inc.
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, PRIME+5.5% cash due 5/22/2020 (13)(22)
|
|
|
|
|
|
|
711
|
|
|
711
|
|
|
625
|
|
|||
|
4,950,000 Preferred Units in GRG Holdings, LP, 8%
|
|
|
|
|
|
|
|
495
|
|
|
—
|
|
|||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
|
|
5
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
1,211
|
|
|
625
|
|
|||||
|
Gentiva Health Services, Inc.
|
|
|
|
Health care services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7% 6/21/2026 (13)(21)
|
|
9.30
|
%
|
|
|
|
14,500
|
|
|
14,400
|
|
|
14,718
|
|
|||
|
|
|
|
|
|
|
|
|
14,400
|
|
|
14,718
|
|
|||||
|
GKD Index Partners LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.25% (1% Floor) cash due 6/29/2023 (13)
|
|
9.58
|
%
|
|
|
|
24,844
|
|
|
24,597
|
|
|
24,596
|
|
|||
|
First Lien Revolver, LIBOR+7.25% (1% Floor) cash due 6/29/2023 (13)
|
|
9.58
|
%
|
|
|
|
578
|
|
|
566
|
|
|
566
|
|
|||
|
|
|
|
|
|
|
|
|
25,163
|
|
|
25,162
|
|
|||||
|
GOBP Holdings Inc.
|
|
|
|
Food retail
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)(21)
|
|
10.34
|
%
|
|
|
|
4,214
|
|
|
4,182
|
|
|
4,256
|
|
|||
|
|
|
|
|
|
|
|
|
4,182
|
|
|
4,256
|
|
|||||
|
Golden State Medical Supply, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
|
|
15,001
|
|
|
15,001
|
|
|
14,988
|
|
||||
|
|
|
|
|
|
|
|
|
15,001
|
|
|
14,988
|
|
|||||
|
HC2 Holdings Inc.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 11% cash due 12/1/2019 (11)(21)
|
|
|
|
|
|
10,500
|
|
|
10,584
|
|
|
10,710
|
|
||||
|
|
|
|
|
|
|
|
|
10,584
|
|
|
10,710
|
|
|||||
|
HealthEdge Software, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
|
|
213
|
|
|
771
|
|
|||||
|
|
|
|
|
|
|
|
|
213
|
|
|
771
|
|
|||||
|
I Drive Safely, LLC
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
1,000
|
|
|
—
|
|
|||||
|
IBG Borrower LLC
|
|
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
|||||||
|
Second Lien Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 8/2/2022 (13)
|
|
9.38
|
%
|
|
|
|
14,884
|
|
|
13,100
|
|
|
12,986
|
|
|||
|
|
|
|
|
|
|
|
|
13,100
|
|
|
12,986
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
InMotion Entertainment Group, LLC
|
|
|
|
Consumer electronics
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13)
|
|
9.59
|
%
|
|
|
|
$
|
11,741
|
|
|
$
|
11,700
|
|
|
$
|
11,741
|
|
|
First Lien Term Loan B, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13)
|
|
9.59
|
%
|
|
|
|
5,118
|
|
|
5,027
|
|
|
5,118
|
|
|||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
9.09
|
%
|
|
|
|
4,904
|
|
|
4,897
|
|
|
4,904
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13)
|
|
10.09
|
%
|
|
|
|
766
|
|
|
758
|
|
|
766
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
1,955
|
|
|||||
|
|
|
|
|
|
|
|
|
23,382
|
|
|
24,484
|
|
|||||
|
Integral Development Corporation
|
|
|
|
Other diversified financial services
|
|
|
|
|
|
|
|||||||
|
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024
|
|
|
|
|
|
|
|
113
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
113
|
|
|
—
|
|
|||||
|
Internet Pipeline, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Incremental First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 8/1/2022 (13)
|
|
8.34
|
%
|
|
|
|
5,523
|
|
|
5,465
|
|
|
5,541
|
|
|||
|
|
|
|
|
|
|
|
|
5,465
|
|
|
5,541
|
|
|||||
|
Janrain, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
218,008 Common Stock Warrants (exercise price $1.3761) expiration date 12/5/2024
|
|
|
|
|
|
|
|
45
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
45
|
|
|
—
|
|
|||||
|
Jones Energy, Inc.
|
|
|
|
Oil & gas exploration & production
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9.25% cash due 3/15/2023 (21)
|
|
|
|
|
|
12,000
|
|
|
11,795
|
|
|
12,060
|
|
||||
|
|
|
|
|
|
|
|
|
11,795
|
|
|
12,060
|
|
|||||
|
Kason Corporation
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
|
|
6,086
|
|
|
6,086
|
|
|
5,717
|
|
||||
|
498.6 Class A Preferred Units in Kason Investment, LLC, 8%
|
|
|
|
|
|
|
|
499
|
|
|
490
|
|
|||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
|
|
55
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
6,640
|
|
|
6,207
|
|
|||||
|
Kellermeyer Bergensons Services, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/29/2022 (13)
|
|
10.86
|
%
|
|
|
|
6,105
|
|
|
5,919
|
|
|
6,189
|
|
|||
|
|
|
|
|
|
|
|
|
5,919
|
|
|
6,189
|
|
|||||
|
KIK Custom Products Inc
|
|
|
|
Household products
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4% (1% floor) cash due 5/15/2023 (11)(13)(21)
|
|
6.09
|
%
|
|
|
|
8,000
|
|
|
7,960
|
|
|
7,966
|
|
|||
|
|
|
|
|
|
|
|
|
7,960
|
|
|
7,966
|
|
|||||
|
L Squared Capital Partners LLC
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
2,633
|
|
|
2,723
|
|
|||||
|
|
|
|
|
|
|
|
|
2,633
|
|
|
2,723
|
|
|||||
|
Lanai Holdings III, Inc.
|
|
|
|
Healthcare distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 8/29/2022 (13)(21)
|
|
7.11
|
%
|
|
|
|
20,151
|
|
|
19,706
|
|
|
19,294
|
|
|||
|
|
|
|
|
|
|
|
|
19,706
|
|
|
19,294
|
|
|||||
|
Lannett Company, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+4.75% (1% Floor) cash due 11/25/2020 (11)(13)(21)
|
|
6.84
|
%
|
|
|
|
1,941
|
|
|
1,944
|
|
|
1,938
|
|
|||
|
|
|
|
|
|
|
|
|
1,944
|
|
|
1,938
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Lift Brands Holdings, Inc.
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
|
|
$
|
1,399
|
|
|
$
|
3,013
|
|
|||
|
|
|
|
|
|
|
|
|
1,399
|
|
|
3,013
|
|
|||||
|
Long's Drugs Incorporated
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
385
|
|
|
665
|
|
|||||
|
25 Series B Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
210
|
|
|
584
|
|
|||||
|
|
|
|
|
|
|
|
|
595
|
|
|
1,249
|
|
|||||
|
Lytx Holdings, LLC
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
3,500 Class A Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
3,500 Class B Units
|
|
|
|
|
|
|
|
—
|
|
|
1,423
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
1,423
|
|
|||||
|
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)
|
|
9.59
|
%
|
|
|
|
$
|
11,667
|
|
|
9,123
|
|
|
8,749
|
|
||
|
First Lien Term Loan B, LIBOR+11% cash (1.75% floor) cash due 1/15/2018 (13)(22)
|
|
13.09
|
%
|
|
|
|
49,099
|
|
|
39,110
|
|
|
—
|
|
|||
|
CapEx Line, LIBOR+7.75% (1.75% floor) cash due 1/15/2018 (13)(22)
|
|
9.84
|
%
|
|
|
|
910
|
|
|
685
|
|
|
682
|
|
|||
|
|
|
|
|
|
|
|
|
48,918
|
|
|
9,431
|
|
|||||
|
Mayfield Agency Borrower Inc.
|
|
|
|
Property & casualty insurance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/28/2025 (13)(21)
|
|
6.59
|
%
|
|
|
|
7,500
|
|
|
7,464
|
|
|
7,519
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/2/2026 (13)
|
|
10.59
|
%
|
|
|
|
37,500
|
|
|
36,959
|
|
|
37,313
|
|
|||
|
|
|
|
|
|
|
|
|
44,423
|
|
|
44,832
|
|
|||||
|
McAfee, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 (13)(21)
|
|
6.59
|
%
|
|
|
|
7,940
|
|
|
7,870
|
|
|
7,992
|
|
|||
|
Second Lien Term Loan LIBOR+8.5% (1% floor) cash due 9/29/2025 (13)(21)
|
|
10.59
|
%
|
|
|
|
8,000
|
|
|
8,047
|
|
|
8,156
|
|
|||
|
|
|
|
|
|
|
|
|
15,917
|
|
|
16,148
|
|
|||||
|
McDermott Technology (Americas), Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 5/12/2025 (11)(13)(21)
|
|
7.09
|
%
|
|
|
|
31,222
|
|
|
30,786
|
|
|
31,419
|
|
|||
|
|
|
|
|
|
|
|
|
30,786
|
|
|
31,419
|
|
|||||
|
MHE Intermediate Holdings, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/8/2024 (13)
|
|
7.33
|
%
|
|
|
|
2,970
|
|
|
2,944
|
|
|
2,963
|
|
|||
|
|
|
|
|
|
|
|
|
2,944
|
|
|
2,963
|
|
|||||
|
Micro Holding Corp.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 9/13/2024 (13)(21)
|
|
5.84
|
%
|
|
|
|
5,955
|
|
|
5,929
|
|
|
5,961
|
|
|||
|
|
|
|
|
|
|
|
|
5,929
|
|
|
5,961
|
|
|||||
|
Ministry Brands, LLC
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
11.75
|
%
|
|
|
|
7,056
|
|
|
6,976
|
|
|
7,099
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
11.75
|
%
|
|
|
|
1,944
|
|
|
1,922
|
|
|
1,956
|
|
|||
|
First Lien Revolver PRIME+5% (1% floor) cash due 12/2/2022 (13)
|
|
9.00
|
%
|
|
|
|
300
|
|
|
291
|
|
|
300
|
|
|||
|
|
|
|
|
|
|
|
|
9,189
|
|
|
9,355
|
|
|||||
|
Morphe LLC
|
|
|
|
Personal products
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/10/2023 (13)
|
|
8.33
|
%
|
|
|
|
19,750
|
|
|
19,564
|
|
|
19,750
|
|
|||
|
|
|
|
|
|
|
|
|
19,564
|
|
|
19,750
|
|
|||||
|
Natural Resource Partners LP
|
|
|
|
Precious metals & minerals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)(21)
|
|
|
|
|
|
7,000
|
|
|
7,362
|
|
|
7,595
|
|
||||
|
|
|
|
|
|
|
|
|
7,362
|
|
|
7,595
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Navicure, Inc.
|
|
|
|
Healthcare technology
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2025 (13)
|
|
9.59
|
%
|
|
|
|
$
|
14,500
|
|
|
$
|
14,366
|
|
|
$
|
14,573
|
|
|
|
|
|
|
|
|
|
|
14,366
|
|
|
14,573
|
|
|||||
|
Numericable SFR SA
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 7.375% cash due 5/1/2026 (11)(21)
|
|
|
|
|
|
5,000
|
|
|
5,119
|
|
|
4,907
|
|
||||
|
|
|
|
|
|
|
|
|
5,119
|
|
|
4,907
|
|
|||||
|
OmniSYS Acquisition Corporation
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
898
|
|
|||||
|
|
|
|
|
|
|
|
|
1,000
|
|
|
898
|
|
|||||
|
Onvoy, LLC
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 (13)
|
|
12.83
|
%
|
|
|
|
16,750
|
|
|
16,750
|
|
|
13,481
|
|
|||
|
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
|
|
|
13,647
|
|
|||||
|
P2 Upstream Acquisition Co.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 (10)(13)(21)
|
|
|
|
|
|
|
|
|
—
|
|
|
(63
|
)
|
||||
|
|
|
|
|
|
|
|
|
—
|
|
|
(63
|
)
|
|||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
|||||||
|
1.86% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
5,790
|
|
|
4,976
|
|
|||||
|
|
|
|
|
|
|
|
|
5,790
|
|
|
4,976
|
|
|||||
|
QuorumLabs, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
2,727,939 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
Refac Optical Group
|
|
|
|
Specialty stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+8% cash due 9/30/2018 (13)
|
|
10.10
|
%
|
|
|
|
2,688
|
|
|
2,669
|
|
|
2,688
|
|
|||
|
First Lien Term Loan B, LIBOR+9% cash 1.75% PIK due 9/30/2018 (13)
|
|
11.10
|
%
|
|
|
|
34,896
|
|
|
34,829
|
|
|
34,896
|
|
|||
|
First Lien Term Loan C, 12.5% cash due 9/30/2018
|
|
|
|
|
|
3,416
|
|
|
3,416
|
|
|
3,414
|
|
||||
|
First Lien Revolver, LIBOR+8% cash due 9/30/2018 (13)
|
|
10.10
|
%
|
|
|
|
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
|
|
|||||
|
|
|
|
|
|
|
|
|
45,735
|
|
|
44,915
|
|
|||||
|
Salient CRGT Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (13)(21)
|
|
7.84
|
%
|
|
|
|
3,262
|
|
|
3,213
|
|
|
3,311
|
|
|||
|
|
|
|
|
|
|
|
|
3,213
|
|
|
3,311
|
|
|||||
|
Sequa Corp
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9% (1% Floor) cash due 4/28/2022 (13)(21)
|
|
11.10
|
%
|
|
|
|
2,000
|
|
|
2,025
|
|
|
2,005
|
|
|||
|
|
|
|
|
|
|
|
|
2,025
|
|
|
2,005
|
|
|||||
|
ShareThis, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
|
|
367
|
|
|
4
|
|
|||||
|
|
|
|
|
|
|
|
|
367
|
|
|
4
|
|
|||||
|
Standard Media Group LLC
|
|
|
|
Broadcasting
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4% (1% floor) cash due 6/22/2025 (13)(21)
|
|
6.31
|
%
|
|
|
|
10,000
|
|
|
9,950
|
|
|
10,013
|
|
|||
|
|
|
|
|
|
|
|
|
9,950
|
|
|
10,013
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Sterling Capital Partners IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
$
|
1,738
|
|
|
$
|
1,246
|
|
|||
|
|
|
|
|
|
|
|
|
1,738
|
|
|
1,246
|
|
|||||
|
Strategic Materials Holdings Corp.
|
|
|
|
Environmental & facilities services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 10/31/2025 (13)
|
|
10.11
|
%
|
|
|
|
$
|
9,000
|
|
|
8,917
|
|
|
8,797
|
|
||
|
|
|
|
|
|
|
|
|
8,917
|
|
|
8,797
|
|
|||||
|
Swordfish Merger Sub LLC
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 2/2/2026 (13)(21)
|
|
8.74
|
%
|
|
|
|
12,500
|
|
|
12,440
|
|
|
12,521
|
|
|||
|
|
|
|
|
|
|
|
|
12,440
|
|
|
12,521
|
|
|||||
|
TerSera Therapeutics, LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (13)
|
|
11.58
|
%
|
|
|
|
15,000
|
|
|
14,635
|
|
|
14,883
|
|
|||
|
Second Lien Incremental Delayed Draw Term Loan, LIBOR+9.25% cash due 3/30/2024 (10)(13)
|
|
|
|
|
|
|
|
|
—
|
|
|
(95
|
)
|
||||
|
668,879 Common Units of TerSera Holdings LLC
|
|
|
|
|
|
|
|
1,500
|
|
|
2,401
|
|
|||||
|
|
|
|
|
|
|
|
|
16,135
|
|
|
17,189
|
|
|||||
|
Thing5, LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash 2% PIK due 10/11/2020 (12)(13)(22)
|
|
9.84
|
%
|
|
|
|
46,927
|
|
|
46,755
|
|
|
34,390
|
|
|||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 (13)(22)
|
|
9.67
|
%
|
|
|
|
4,000
|
|
|
4,000
|
|
|
4,000
|
|
|||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
|
|
2,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
52,755
|
|
|
38,390
|
|
|||||
|
TigerText, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024
|
|
|
|
|
|
|
|
60
|
|
|
493
|
|
|||||
|
|
|
|
|
|
|
|
|
60
|
|
|
493
|
|
|||||
|
TravelCLICK, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13)(21)
|
|
9.84
|
%
|
|
|
|
1,510
|
|
|
1,374
|
|
|
1,511
|
|
|||
|
|
|
|
|
|
|
|
|
1,374
|
|
|
1,511
|
|
|||||
|
Tribe Buyer LLC
|
|
|
|
Human resource & employment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/16/2024 (13)(21)
|
|
6.59
|
%
|
|
|
|
6,982
|
|
|
6,982
|
|
|
7,017
|
|
|||
|
|
|
|
|
|
|
|
|
6,982
|
|
|
7,017
|
|
|||||
|
Truck Hero, Inc.
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 4/22/2024 (13)(21)
|
|
5.84
|
%
|
|
|
|
4,987
|
|
|
4,988
|
|
|
4,993
|
|
|||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 (13)
|
|
10.34
|
%
|
|
|
|
21,500
|
|
|
21,191
|
|
|
21,769
|
|
|||
|
|
|
|
|
|
|
|
|
26,179
|
|
|
26,762
|
|
|||||
|
UOS, LLC
|
|
|
|
Trucking
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/18/2023 (13)(21)
|
|
7.59
|
%
|
|
|
|
6,864
|
|
|
7,006
|
|
|
7,044
|
|
|||
|
|
|
|
|
|
|
|
|
7,006
|
|
|
7,044
|
|
|||||
|
Valet Merger Sub, Inc.
|
|
|
|
Environmental & facilities services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 9/24/2021 (13)
|
|
8.34
|
%
|
|
|
|
50,274
|
|
|
49,737
|
|
|
50,274
|
|
|||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (13)
|
|
9.08
|
%
|
|
|
|
3,357
|
|
|
3,243
|
|
|
3,357
|
|
|||
|
|
|
|
|
|
|
|
|
52,980
|
|
|
53,631
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Veritas US Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 1/27/2023 (13)(21)
|
|
6.71
|
%
|
|
|
|
$
|
34,639
|
|
|
$
|
35,011
|
|
|
$
|
31,824
|
|
|
|
|
|
|
|
|
|
|
35,011
|
|
|
31,824
|
|
|||||
|
Verra Mobility, Corp.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 (13)(21)
|
|
9.84
|
%
|
|
|
|
8,750
|
|
|
8,696
|
|
|
8,761
|
|
|||
|
|
|
|
|
|
|
|
|
8,696
|
|
|
8,761
|
|
|||||
|
Vertex Aerospace Services Corp
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% cash due 6/14/2025 (13)(21)
|
|
6.84
|
%
|
|
|
|
16,000
|
|
|
15,920
|
|
|
16,120
|
|
|||
|
|
|
|
|
|
|
|
|
15,920
|
|
|
16,120
|
|
|||||
|
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)
|
|
8.97
|
%
|
|
|
|
23,000
|
|
|
22,913
|
|
|
23,115
|
|
|||
|
|
|
|
|
|
|
|
|
22,913
|
|
|
23,115
|
|
|||||
|
Vitalyst Holdings, Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
675 Series A Preferred Units of PCH Support Holdings, Inc., 10%
|
|
|
|
|
|
|
|
675
|
|
|
548
|
|
|||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
|
|
75
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
750
|
|
|
548
|
|
|||||
|
Weatherford International
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9.875% cash due 2/15/2024 (11)(21)
|
|
|
|
|
|
12,000
|
|
|
11,460
|
|
|
12,176
|
|
||||
|
|
|
|
|
|
|
|
|
11,460
|
|
|
12,176
|
|
|||||
|
WeddingWire, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
Earn-out (19)(21)
|
|
|
|
|
|
|
|
—
|
|
|
70
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
70
|
|
|||||
|
Windstream Services, LLC
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 8.625% cash due 10/31/2025 (11)(21)
|
|
|
|
|
|
5,000
|
|
|
4,863
|
|
|
4,775
|
|
||||
|
|
|
|
|
|
|
|
|
4,863
|
|
|
4,775
|
|
|||||
|
WP CPP Holdings LLC
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025 (13)(21)
|
|
6.28
|
%
|
|
|
|
10,000
|
|
|
9,976
|
|
|
10,061
|
|
|||
|
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 (13)(21)
|
|
10.28
|
%
|
|
|
|
10,000
|
|
|
9,901
|
|
|
10,025
|
|
|||
|
|
|
|
|
|
|
|
|
19,877
|
|
|
20,086
|
|
|||||
|
xMatters, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025
|
|
|
|
|
|
|
|
709
|
|
|
285
|
|
|||||
|
|
|
|
|
|
|
|
|
709
|
|
|
285
|
|
|||||
|
Yeti Acquisition, LLC
|
|
|
|
Leisure products
|
|
|
|
|
|
|
|||||||
|
2,000,000 Common Stock Units of Yeti Holdings, Inc.
|
|
|
|
|
|
|
|
—
|
|
|
3,940
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
3,940
|
|
|||||
|
Zep Inc.
|
|
|
|
Housewares & Specialties
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 (13)
|
|
10.58
|
%
|
|
|
|
30,000
|
|
|
29,866
|
|
|
29,625
|
|
|||
|
|
|
|
|
|
|
|
|
29,866
|
|
|
29,625
|
|
|||||
|
Zephyr Bidco Limited
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, UK LIBOR+7.50% cash due 6/8/2026 (GBP) (11)(13)(21)
|
|
8.18
|
%
|
|
|
|
£
|
18,000
|
|
|
23,559
|
|
|
23,705
|
|
||
|
|
|
|
|
|
|
|
|
23,559
|
|
|
23,705
|
|
|||||
|
Total Non-Control/Non-Affiliate Investments (154.5% of net assets)
|
|
|
|
|
|
|
|
$
|
1,416,632
|
|
|
$
|
1,294,936
|
|
|||
|
Total Portfolio Investments (181.4% of net assets)
|
|
|
|
|
|
|
|
$
|
1,683,809
|
|
|
$
|
1,520,518
|
|
|||
|
Cash and Cash Equivalents
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
JP Morgan Prime Money Market Fund
|
|
|
|
|
|
|
|
$
|
43,097
|
|
|
$
|
43,097
|
|
|||
|
Other cash accounts
|
|
|
|
|
|
|
|
13,518
|
|
|
13,518
|
|
|||||
|
Total Cash and Cash Equivalents (6.8% of net assets)
|
|
|
|
|
|
|
|
$
|
56,615
|
|
|
$
|
56,615
|
|
|||
|
Total Portfolio Investments, Cash and Cash Equivalents (188.2% of net assets)
|
|
|
|
|
|
|
|
$
|
1,740,424
|
|
|
$
|
1,577,133
|
|
|||
|
(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. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars.
|
|
(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
June 30, 2018
, qualifying assets represented 72.8% of the Company's total assets and non-qualifying assets represented 27.2% 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 as of
June 30, 2018
includes
$10.0 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. All LIBOR shown above is in U.S. dollars unless otherwise noted.
|
|
(14)
|
With the exception of investments held by the Company’s wholly-owned subsidiaries that each formerly held a license from the U.S. Small Business Administration (“SBA”) to operate as a small business investment company (“SBIC”), each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
|
|
(15)
|
As defined in the 1940 Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the nine months ended
June 30, 2018
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)
|
During the three months ended June 30, 2018, the Company exited its investments in WeddingWire, Inc. ("WeddingWire") in exchange for cash and the right to receive contingent payments in the future based on the performance of WeddingWire, which is referred to as an "earn-out" in the consolidated schedule of investments.
|
|
(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. The forbearance agreement, as amended in June 2018, currently extends to March 15, 2019.
|
|
(21)
|
As of
June 30, 2018
, 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
June 30, 2018
and were valued using significant unobservable inputs.
|
|
(22)
|
This investment was on cash non-accrual status as of
June 30, 2018
. 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
June 30, 2018
. PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(24)
|
As of
June 30, 2018
, 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.
|
|
(26)
|
AdVenture Interactive, Corp. completed a reorganization in which it separated 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 parent company to Keypath Education, Inc., which represents the former marketing services business, and the Company's first lien term loan and revolver with AdVenture Interactive, Corp. were assigned to Keypath Education, Inc. Subsequent to the reorganization, AdVenture Interactive, Corp. holds preferred units in Keypath Education Holdings, LLC, which conducts the online program management business. Subsequent to the reorganization, the Company is not deemed to control Keypath Education Holdings, LLC under the 1940 Act. This investment was reclassified from Control investments to Non-Control/Non-Affiliate Investments as of and for the three months ended June 30, 2018.
|
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Control Investments (3)(15)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
AdVenture Interactive, Corp.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
9,073 shares of common stock
|
|
|
|
|
|
|
|
$
|
13,611
|
|
|
$
|
13,818
|
|
|||
|
|
|
|
|
|
|
|
|
13,611
|
|
|
13,818
|
|
|||||
|
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
|
|
|||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Earn-out (19)
|
|
|
|
|
|
|
|
7,851
|
|
|
4,986
|
|
|||||
|
|
|
|
|
|
|
|
|
7,851
|
|
|
4,986
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Total Affiliate Investments (4.3% of net assets)
|
|
|
|
|
|
|
|
$
|
33,743
|
|
|
$
|
36,983
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-Control/Non-Affiliate Investments (7)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
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
|
|
|||||
|
Access Medical Acquisition, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
450,000 Shares of Class A Common Stock in CMG Holding Company, LLC (6)
|
|
|
|
|
|
|
|
151
|
|
|
970
|
|
|||||
|
|
|
|
|
|
|
|
|
151
|
|
|
970
|
|
|||||
|
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
|
|
|||||
|
ACON Equity Partners III, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.13% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
785
|
|
|
962
|
|
|||||
|
|
|
|
|
|
|
|
|
785
|
|
|
962
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|
—
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Baird Capital Partners V, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.4% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
994
|
|
|
601
|
|
|||||
|
|
|
|
|
|
|
|
|
994
|
|
|
601
|
|
|||||
|
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
|
|
|||||
|
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
|
)
|
|
—
|
|
||||
|
3.01% Class A membership interests in BeyondTrust Holdings LLC
|
|
|
|
|
|
|
|
4,500
|
|
|
5,660
|
|
|||||
|
|
|
|
|
|
|
|
|
30,620
|
|
|
32,336
|
|
|||||
|
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
|
|
|||||
|
BMC Acquisition, Inc.
|
|
|
|
Other diversified financial services
|
|
|
|
|
|
|
|||||||
|
500 Series A Preferred Shares
|
|
|
|
|
|
|
|
500
|
|
|
763
|
|
|||||
|
50,000 Common Shares (6)
|
|
|
|
|
|
|
|
1
|
|
|
67
|
|
|||||
|
|
|
|
|
|
|
|
|
501
|
|
|
830
|
|
|||||
|
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
|
|
|||||
|
Bunker Hill Capital II (QP), L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.51% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
826
|
|
|
1,056
|
|
|||||
|
|
|
|
|
|
|
|
|
826
|
|
|
1,056
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Comprehensive Pharmacy Services LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
20,000 Common Shares in MCP CPS Group Holdings, Inc.
|
|
|
|
|
|
|
|
$
|
2,000
|
|
|
$
|
2,776
|
|
|||
|
|
|
|
|
|
|
|
|
2,000
|
|
|
2,776
|
|
|||||
|
Conviva Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021
|
|
|
|
|
|
|
|
105
|
|
|
169
|
|
|||||
|
|
|
|
|
|
|
|
|
105
|
|
|
169
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
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
|
|
|||||
|
ExamSoft Worldwide, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
|
|
181
|
|
|
135
|
|
|||||
|
|
|
|
|
|
|
|
|
181
|
|
|
135
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
I Drive Safely, LLC
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
1,000
|
|
|
—
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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)
|
|
10.80
|
%
|
|
|
|
$
|
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
|
|
|||||
|
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
|
|
|||||
|
Janrain, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
218,008 Common Stock Warrants (exercise price $1.3761) expiration date 12/5/2024
|
|
|
|
|
|
|
|
45
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
45
|
|
|
—
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
L Squared Capital Partners LLC
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
2,660
|
|
|
2,660
|
|
|||||
|
|
|
|
|
|
|
|
|
2,660
|
|
|
2,660
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Lytx Holdings, LLC
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
3,500 Class A Units
|
|
|
|
|
|
|
|
2,478
|
|
|
2,459
|
|
|||||
|
3,500 Class B Units
|
|
|
|
|
|
|
|
—
|
|
|
559
|
|
|||||
|
|
|
|
|
|
|
|
|
2,478
|
|
|
3,018
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
MHE Intermediate Holdings, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/8/2024 (13)
|
|
6.33
|
%
|
|
|
|
2,993
|
|
|
2,964
|
|
|
2,993
|
|
|||
|
|
|
|
|
|
|
|
|
2,964
|
|
|
2,993
|
|
|||||
|
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
|
|
|||||
|
Milestone Partners IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.82% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
948
|
|
|
1,527
|
|
|||||
|
|
|
|
|
|
|
|
|
948
|
|
|
1,527
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
)
|
|
—
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
OnCourse Learning Corporation
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
264,312 Class A Units in CIP OCL Investments, LLC
|
|
|
|
|
|
|
|
$
|
2,726
|
|
|
$
|
1,988
|
|
|||
|
|
|
|
|
|
|
|
|
2,726
|
|
|
1,988
|
|
|||||
|
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
|
|
|||||
|
P2 Upstream Acquisition Co.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 (10)(13)
|
|
5.33
|
%
|
|
|
|
|
|
—
|
|
|
(238
|
)
|
||||
|
|
|
|
|
|
|
|
|
—
|
|
|
(238
|
)
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
QuorumLabs, Inc.
|
|
|
|
Internet software & services
|
|
|
|
|
|
|
|||||||
|
2,727,939 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
RCPDirect, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.9% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
354
|
|
|
559
|
|
|||||
|
|
|
|
|
|
|
|
|
354
|
|
|
559
|
|
|||||
|
RCPDirect II, LP
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.4% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
617
|
|
|
719
|
|
|||||
|
|
|
|
|
|
|
|
|
617
|
|
|
719
|
|
|||||
|
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
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
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
|
|
|||||
|
Riverside Fund V, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.48% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,452
|
|
|
1,405
|
|
|||||
|
|
|
|
|
|
|
|
|
1,452
|
|
|
1,405
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
SPC Partners V, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.571% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,762
|
|
|
1,857
|
|
|||||
|
|
|
|
|
|
|
|
|
1,762
|
|
|
1,857
|
|
|||||
|
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
|
|
|||||
|
Sterling Capital Partners IV, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.2% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,770
|
|
|
1,297
|
|
|||||
|
|
|
|
|
|
|
|
|
1,770
|
|
|
1,297
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Tailwind Capital Partners II, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.3% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
1,583
|
|
|
1,956
|
|
|||||
|
|
|
|
|
|
|
|
|
1,583
|
|
|
1,956
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
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
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Webster Capital III, L.P.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
0.754% limited partnership interest (11)(25)
|
|
|
|
|
|
|
|
$
|
1,020
|
|
|
$
|
1,296
|
|
|||
|
|
|
|
|
|
|
|
|
1,020
|
|
|
1,296
|
|
|||||
|
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
|
|
|||||
|
Yeti Acquisition, LLC
|
|
|
|
Leisure products
|
|
|
|
|
|
|
|||||||
|
3,000,000 Common Stock Units of Yeti Holdings, Inc.
|
|
|
|
|
|
|
|
—
|
|
|
5,900
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
5,900
|
|
|||||
|
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
|
|
|||||
|
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 as of September 30, 2017 includes $13.3 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 each held a license from the SBA to operate as a SBIC as of September 30, 2017, 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. These licenses were surrendered in January 2018 (see Note 6 in the accompanying notes to the Consolidated Financial Statements).
|
|
(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. completed a reorganization in which it separated 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 parent to Keypath Education, Inc., which represents the former marketing services business, and the Company's first lien term loan and revolver with AdVenture Interactive, Corp. were assigned to Keypath Education, Inc. Subsequent to the reorganization, AdVenture Interactive, Corp. holds preferred units in Keypath Education Holdings, LLC, which conducts the online program management business. The Company is not deemed to control Keypath Education Holdings, LLC under the 1940 Act.
|
|
(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 Oaktree's valuation team in conjunction with Oaktree'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 Oaktree and the Audit Committee of the Board of Directors;
|
|
•
|
Oaktree 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 Oaktree, and Oaktree responds and supplements the preliminary valuations to reflect any discussions between Oaktree 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.
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||||
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Investments in debt securities
|
|
$
|
1,449,098
|
|
|
$
|
1,320,770
|
|
|
$
|
1,426,301
|
|
|
$
|
1,296,138
|
|
|
Investments in equity securities
|
|
88,563
|
|
|
67,840
|
|
|
186,521
|
|
|
111,421
|
|
||||
|
Debt investments in SLF JV I
|
|
129,976
|
|
|
129,976
|
|
|
128,671
|
|
|
128,671
|
|
||||
|
Equity investment in SLF JV I
|
|
16,172
|
|
|
1,932
|
|
|
16,172
|
|
|
5,525
|
|
||||
|
Total
|
|
$
|
1,683,809
|
|
|
$
|
1,520,518
|
|
|
$
|
1,757,665
|
|
|
$
|
1,541,755
|
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||
|
|
|
Fair Value
|
|
% of Debt
Portfolio
|
|
Fair Value
|
|
% of Debt
Portfolio
|
||||||
|
Fixed rate debt securities, including debt investments in SLF JV I
|
|
$
|
247,480
|
|
|
17.06
|
%
|
|
$
|
233,869
|
|
|
16.41
|
%
|
|
Floating rate debt securities, including debt investments in SLF JV I
|
|
1,203,266
|
|
|
82.94
|
|
|
1,190,940
|
|
|
83.59
|
|
||
|
Total
|
|
$
|
1,450,746
|
|
|
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)
|
|
$
|
—
|
|
|
$
|
492,770
|
|
|
$
|
662,780
|
|
|
$
|
—
|
|
|
$
|
1,155,550
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
142,944
|
|
|
152,252
|
|
|
—
|
|
|
295,196
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
5,583
|
|
|
—
|
|
|
5,583
|
|
|||||
|
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
52,634
|
|
|
11,555
|
|
|
64,189
|
|
|||||
|
Total investments at fair value
|
|
—
|
|
|
635,714
|
|
|
873,249
|
|
|
11,555
|
|
|
1,520,518
|
|
|||||
|
Cash equivalents
|
|
43,097
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,097
|
|
|||||
|
Total assets at fair value
|
|
$
|
43,097
|
|
|
$
|
635,714
|
|
|
$
|
873,249
|
|
|
$
|
11,555
|
|
|
$
|
1,563,615
|
|
|
Secured borrowings relating to senior secured debt investments
|
|
—
|
|
|
—
|
|
|
9,950
|
|
|
—
|
|
|
9,950
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,950
|
|
|
$
|
—
|
|
|
$
|
9,950
|
|
|
(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 and warrants, 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 equivalents
|
|
48,808
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,808
|
|
|||||
|
Total assets at fair value
|
|
$
|
48,808
|
|
|
$
|
184,035
|
|
|
$
|
1,326,382
|
|
|
$
|
31,338
|
|
|
$
|
1,590,563
|
|
|
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 and Warrants
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of March 31, 2018
|
|
$
|
840,282
|
|
|
$
|
150,900
|
|
|
$
|
13,797
|
|
|
$
|
62,978
|
|
|
$
|
1,067,957
|
|
|
$
|
10,652
|
|
|
New investments & net revolver activity
|
|
37,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,000
|
|
|
—
|
|
||||||
|
Redemptions/repayments/sales
|
|
(226,500
|
)
|
|
(917
|
)
|
|
(9,784
|
)
|
|
(15,806
|
)
|
|
(253,007
|
)
|
|
(325
|
)
|
||||||
|
Transfers in (a)
|
|
9,064
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,064
|
|
|
—
|
|
||||||
|
Net accrual of PIK interest income
|
|
206
|
|
|
1,868
|
|
|
—
|
|
|
—
|
|
|
2,074
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
775
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
775
|
|
|
—
|
|
||||||
|
Net unrealized appreciation on investments
|
|
38,564
|
|
|
401
|
|
|
27,724
|
|
|
35,380
|
|
|
102,069
|
|
|
—
|
|
||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(377
|
)
|
||||||
|
Realized loss on investments
|
|
(36,611
|
)
|
|
—
|
|
|
(26,154
|
)
|
|
(29,918
|
)
|
|
(92,683
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2018
|
|
$
|
662,780
|
|
|
$
|
152,252
|
|
|
$
|
5,583
|
|
|
$
|
52,634
|
|
|
$
|
873,249
|
|
|
$
|
9,950
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of June 30, 2018 and reported within net unrealized appreciation (depreciation) on investments and foreign currency and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended June 30, 2018
|
|
$
|
(246
|
)
|
|
$
|
401
|
|
|
$
|
38
|
|
|
$
|
(1,361
|
)
|
|
$
|
(1,168
|
)
|
|
$
|
(377
|
)
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity and Warrants
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of March 31, 2017
|
|
$
|
1,334,882
|
|
|
$
|
259,431
|
|
|
$
|
50,794
|
|
|
$
|
103,420
|
|
|
$
|
1,748,527
|
|
|
$
|
14,008
|
|
|
New investments & net revolver activity
|
|
87,640
|
|
|
2,441
|
|
|
—
|
|
|
7,856
|
|
|
97,937
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(147,504
|
)
|
|
(30,495
|
)
|
|
—
|
|
|
(1,220
|
)
|
|
(179,219
|
)
|
|
(309
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
854
|
|
|
1,352
|
|
|
83
|
|
|
—
|
|
|
2,289
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
4,897
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,897
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
33
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
(4,026
|
)
|
|
1,103
|
|
|
(5,012
|
)
|
|
(3,991
|
)
|
|
(11,926
|
)
|
|
—
|
|
||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
||||||
|
Realized loss on investments
|
|
(8,958
|
)
|
|
—
|
|
|
—
|
|
|
(3,407
|
)
|
|
(12,365
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2017
|
|
$
|
1,267,818
|
|
|
$
|
233,851
|
|
|
$
|
45,865
|
|
|
$
|
102,658
|
|
|
$
|
1,650,192
|
|
|
$
|
13,575
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of June 30, 2017 and reported within net unrealized appreciation (depreciation) on investments and foreign currency and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended June 30, 2017
|
|
$
|
(5,771
|
)
|
|
$
|
(473
|
)
|
|
$
|
(3,095
|
)
|
|
$
|
(4,521
|
)
|
|
$
|
(13,860
|
)
|
|
$
|
(124
|
)
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity and Warrants
|
|
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
|
|
254,313
|
|
|
2,663
|
|
|
—
|
|
|
2,500
|
|
|
259,476
|
|
|
—
|
|
||||||
|
Redemptions/repayments/sales
|
|
(594,234
|
)
|
|
(22,735
|
)
|
|
(12,397
|
)
|
|
(22,048
|
)
|
|
(651,414
|
)
|
|
(866
|
)
|
||||||
|
Transfers out (a)
|
|
(37,368
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,368
|
)
|
|
—
|
|
||||||
|
Net accrual of PIK interest income
|
|
1,588
|
|
|
2,279
|
|
|
—
|
|
|
—
|
|
|
3,867
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
2,156
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,156
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
12,494
|
|
|
(10,285
|
)
|
|
25,576
|
|
|
30,644
|
|
|
58,429
|
|
|
—
|
|
||||||
|
Net unrealized depreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,440
|
)
|
||||||
|
Realized loss on investments
|
|
(36,611
|
)
|
|
(1
|
)
|
|
(24,041
|
)
|
|
(27,626
|
)
|
|
(88,279
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2018
|
|
$
|
662,780
|
|
|
$
|
152,252
|
|
|
$
|
5,583
|
|
|
$
|
52,634
|
|
|
$
|
873,249
|
|
|
$
|
9,950
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of June 30, 2018 and reported within net unrealized appreciation (depreciation) on investments and foreign currency and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the nine months ended June 30, 2018
|
|
$
|
(24,252
|
)
|
|
$
|
(10,286
|
)
|
|
$
|
(354
|
)
|
|
$
|
(6,110
|
)
|
|
$
|
(41,002
|
)
|
|
$
|
(2,440
|
)
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity and Warrants
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2016
|
|
$
|
1,689,535
|
|
|
$
|
285,277
|
|
|
$
|
47,749
|
|
|
$
|
106,540
|
|
|
$
|
2,129,101
|
|
|
$
|
18,400
|
|
|
New investments & net revolver activity
|
|
296,724
|
|
|
130,508
|
|
|
—
|
|
|
37,272
|
|
|
464,504
|
|
|
—
|
|
||||||
|
Redemptions/repayments
|
|
(637,317
|
)
|
|
(180,538
|
)
|
|
(652
|
)
|
|
(6,197
|
)
|
|
(824,704
|
)
|
|
(5,119
|
)
|
||||||
|
Net accrual of PIK interest income
|
|
1,026
|
|
|
2,470
|
|
|
1,470
|
|
|
—
|
|
|
4,966
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
10,167
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,167
|
|
|
—
|
|
||||||
|
Net change in unearned income
|
|
146
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
187
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation) on investments
|
|
27,429
|
|
|
15,950
|
|
|
4,250
|
|
|
(30,204
|
)
|
|
17,425
|
|
|
—
|
|
||||||
|
Net unrealized appreciation on secured borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
294
|
|
||||||
|
Realized loss on investments
|
|
(119,892
|
)
|
|
(19,857
|
)
|
|
(6,952
|
)
|
|
(4,753
|
)
|
|
(151,454
|
)
|
|
—
|
|
||||||
|
Fair value as of June 30, 2017
|
|
$
|
1,267,818
|
|
|
$
|
233,851
|
|
|
$
|
45,865
|
|
|
$
|
102,658
|
|
|
$
|
1,650,192
|
|
|
$
|
13,575
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of June 30, 2017 and reported within net unrealized appreciation (depreciation) on investments and foreign currency and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the nine months ended June 30, 2017
|
|
$
|
(85,327
|
)
|
|
$
|
(1,296
|
)
|
|
$
|
(903
|
)
|
|
$
|
(25,842
|
)
|
|
$
|
(113,368
|
)
|
|
$
|
294
|
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (c)
|
|||||
|
Senior secured debt
|
|
$
|
334,735
|
|
|
Market yield technique
|
|
Market yield
|
|
(a)
|
7.4%
|
-
|
20.3%
|
|
12.1%
|
|
|
|
102,215
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
3.4x
|
-
|
7.6x
|
|
4.9x
|
|
|
|
|
32,510
|
|
|
Enterprise value technique
|
|
Asset multiple
|
|
(b)
|
0.9x
|
-
|
1.1x
|
|
1.0x
|
|
|
|
|
37,031
|
|
|
Transactions precedent technique
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
156,290
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
20,703
|
|
|
Market yield technique
|
|
Market yield
|
|
(a)
|
13.3%
|
-
|
20.0%
|
|
15.2%
|
|
|
|
|
1,573
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(a)
|
4.8x
|
-
|
6.9x
|
|
5.5x
|
|
|
SLF JV I debt investments
|
|
129,976
|
|
|
Enterprise value technique
|
|
N/A
|
|
(f)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
14,543
|
|
|
Enterprise value technique
|
|
Revenue multiple
|
|
(b)
|
0.5x
|
-
|
11.0x
|
|
2.2x
|
|
|
|
|
33,572
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
3.4x
|
-
|
17.9x
|
|
7.6x
|
|
|
|
|
5,646
|
|
|
Transactions precedent technique
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
4,455
|
|
|
Enterprise value technique
|
|
Asset multiple
|
|
(b)
|
0.9x
|
-
|
1.1x
|
|
1.0x
|
|
|
Total
|
|
$
|
873,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings
|
|
9,950
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(b)
|
5.5x
|
-
|
5.7x
|
|
5.6x
|
|
|
Total
|
|
$
|
9,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 Oaktree.
|
|
(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 Oaktree.
|
|
(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
|
|
$
|
211,000
|
|
|
$
|
211,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
211,000
|
|
|
Unsecured notes payable (net of unamortized financing costs)
|
|
386,132
|
|
|
393,156
|
|
|
—
|
|
|
162,615
|
|
|
230,541
|
|
|||||
|
Total
|
|
$
|
597,132
|
|
|
$
|
604,156
|
|
|
$
|
—
|
|
|
$
|
162,615
|
|
|
$
|
441,541
|
|
|
|
|
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
|
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Senior secured debt
|
|
$
|
1,255,591
|
|
|
74.57
|
%
|
|
$
|
1,313,432
|
|
|
74.73
|
%
|
|
Subordinated debt
|
|
193,507
|
|
|
11.49
|
|
|
112,869
|
|
|
6.42
|
|
||
|
Debt investments in SLF JV I
|
|
129,976
|
|
|
7.72
|
|
|
128,671
|
|
|
7.32
|
|
||
|
LLC equity interests of SLF JV I
|
|
16,172
|
|
|
0.96
|
|
|
16,172
|
|
|
0.92
|
|
||
|
Purchased equity
|
|
73,686
|
|
|
4.38
|
|
|
112,558
|
|
|
6.40
|
|
||
|
Equity grants
|
|
4,064
|
|
|
0.24
|
|
|
48,805
|
|
|
2.78
|
|
||
|
Limited partnership interests
|
|
10,813
|
|
|
0.64
|
|
|
25,158
|
|
|
1.43
|
|
||
|
Total
|
|
$
|
1,683,809
|
|
|
100.00
|
%
|
|
$
|
1,757,665
|
|
|
100.00
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
||||||||
|
Senior secured debt
|
|
$
|
1,155,550
|
|
|
76.00
|
%
|
|
137.88
|
%
|
|
$
|
1,202,699
|
|
|
78.01
|
%
|
|
138.61
|
%
|
|
Subordinated debt
|
|
165,220
|
|
|
10.87
|
%
|
|
19.71
|
%
|
|
93,438
|
|
|
6.06
|
%
|
|
10.77
|
%
|
||
|
Debt investments in SLF JV I
|
|
129,976
|
|
|
8.55
|
%
|
|
15.51
|
%
|
|
128,671
|
|
|
8.35
|
%
|
|
14.83
|
%
|
||
|
LLC equity interests of SLF JV I
|
|
1,932
|
|
|
0.13
|
%
|
|
0.23
|
%
|
|
5,525
|
|
|
0.36
|
%
|
|
0.64
|
%
|
||
|
Purchased equity
|
|
51,757
|
|
|
3.40
|
%
|
|
6.18
|
%
|
|
78,655
|
|
|
5.10
|
%
|
|
9.07
|
%
|
||
|
Equity grants
|
|
6,460
|
|
|
0.42
|
%
|
|
0.77
|
%
|
|
6,954
|
|
|
0.45
|
%
|
|
0.80
|
%
|
||
|
Limited partnership interests
|
|
9,623
|
|
|
0.63
|
%
|
|
1.15
|
%
|
|
25,813
|
|
|
1.67
|
%
|
|
2.97
|
%
|
||
|
Total
|
|
$
|
1,520,518
|
|
|
100.00
|
%
|
|
181.43
|
%
|
|
$
|
1,541,755
|
|
|
100.00
|
%
|
|
177.69
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Northeast
|
|
$
|
477,092
|
|
|
28.33
|
%
|
|
$
|
648,105
|
|
|
36.87
|
%
|
|
Midwest
|
|
290,559
|
|
|
17.26
|
%
|
|
258,895
|
|
|
14.73
|
%
|
||
|
West
|
|
288,841
|
|
|
17.15
|
%
|
|
328,673
|
|
|
18.70
|
%
|
||
|
Southwest
|
|
260,855
|
|
|
15.49
|
%
|
|
271,484
|
|
|
15.45
|
%
|
||
|
Southeast
|
|
196,774
|
|
|
11.69
|
%
|
|
176,460
|
|
|
10.04
|
%
|
||
|
International
|
|
162,808
|
|
|
9.67
|
%
|
|
62,649
|
|
|
3.56
|
%
|
||
|
Northwest
|
|
6,880
|
|
|
0.41
|
%
|
|
11,399
|
|
|
0.65
|
%
|
||
|
Total
|
|
$
|
1,683,809
|
|
|
100.00
|
%
|
|
$
|
1,757,665
|
|
|
100.00
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
||||||||
|
Northeast
|
|
$
|
429,378
|
|
|
28.23
|
%
|
|
51.24
|
%
|
|
$
|
539,803
|
|
|
35.01
|
%
|
|
62.22
|
%
|
|
West
|
|
275,809
|
|
|
18.14
|
%
|
|
32.91
|
%
|
|
297,716
|
|
|
19.31
|
%
|
|
34.31
|
%
|
||
|
Midwest
|
|
241,199
|
|
|
15.86
|
%
|
|
28.78
|
%
|
|
224,111
|
|
|
14.54
|
%
|
|
25.83
|
%
|
||
|
Southeast
|
|
201,906
|
|
|
13.28
|
%
|
|
24.09
|
%
|
|
179,460
|
|
|
11.64
|
%
|
|
20.68
|
%
|
||
|
Southwest
|
|
196,147
|
|
|
12.90
|
%
|
|
23.40
|
%
|
|
224,233
|
|
|
14.54
|
%
|
|
25.84
|
%
|
||
|
International
|
|
169,158
|
|
|
11.13
|
%
|
|
20.18
|
%
|
|
64,780
|
|
|
4.20
|
%
|
|
7.47
|
%
|
||
|
Northwest
|
|
6,921
|
|
|
0.46
|
%
|
|
0.83
|
%
|
|
11,652
|
|
|
0.76
|
%
|
|
1.34
|
%
|
||
|
Total
|
|
$
|
1,520,518
|
|
|
100.00
|
%
|
|
181.43
|
%
|
|
$
|
1,541,755
|
|
|
100.00
|
%
|
|
177.69
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Multi-sector holdings (1)
|
|
$
|
161,755
|
|
|
9.60
|
%
|
|
$
|
173,427
|
|
|
9.87
|
%
|
|
Healthcare services
|
|
120,396
|
|
|
7.15
|
|
|
210,527
|
|
|
11.98
|
|
||
|
Internet software & services
|
|
101,106
|
|
|
6.00
|
|
|
270,192
|
|
|
15.37
|
|
||
|
Data processing & outsourced services
|
|
100,205
|
|
|
5.95
|
|
|
77,673
|
|
|
4.42
|
|
||
|
Property & casualty insurance
|
|
66,369
|
|
|
3.94
|
|
|
—
|
|
|
—
|
|
||
|
Environmental & facilities services
|
|
61,897
|
|
|
3.68
|
|
|
49,902
|
|
|
2.84
|
|
||
|
Movies & entertainment
|
|
61,502
|
|
|
3.65
|
|
|
—
|
|
|
—
|
|
||
|
Oil & gas equipment services
|
|
57,116
|
|
|
3.39
|
|
|
27,598
|
|
|
1.57
|
|
||
|
Specialized finance
|
|
51,946
|
|
|
3.09
|
|
|
3,224
|
|
|
0.18
|
|
||
|
Airlines
|
|
49,941
|
|
|
2.97
|
|
|
57,602
|
|
|
3.28
|
|
||
|
Healthcare equipment
|
|
48,918
|
|
|
2.91
|
|
|
99,614
|
|
|
5.67
|
|
||
|
Specialty stores
|
|
45,737
|
|
|
2.72
|
|
|
58,530
|
|
|
3.33
|
|
||
|
Electrical components & equipment
|
|
45,680
|
|
|
2.71
|
|
|
—
|
|
|
—
|
|
||
|
Advertising
|
|
44,219
|
|
|
2.63
|
|
|
84,720
|
|
|
4.82
|
|
||
|
Integrated telecommunication services
|
|
40,752
|
|
|
2.42
|
|
|
30,840
|
|
|
1.75
|
|
||
|
Aerospace & defense
|
|
39,443
|
|
|
2.34
|
|
|
—
|
|
|
—
|
|
||
|
Auto parts & equipment
|
|
38,619
|
|
|
2.29
|
|
|
21,191
|
|
|
1.21
|
|
||
|
Pharmaceuticals
|
|
35,674
|
|
|
2.12
|
|
|
60,810
|
|
|
3.46
|
|
||
|
Oil & gas exploration & production
|
|
34,707
|
|
|
2.06
|
|
|
—
|
|
|
—
|
|
||
|
Research & consulting services
|
|
34,581
|
|
|
2.05
|
|
|
37,952
|
|
|
2.16
|
|
||
|
Technology distributors
|
|
34,337
|
|
|
2.04
|
|
|
—
|
|
|
—
|
|
||
|
Air freight and logistics
|
|
32,530
|
|
|
1.93
|
|
|
32,530
|
|
|
1.85
|
|
||
|
Construction & engineering
|
|
30,414
|
|
|
1.81
|
|
|
67,879
|
|
|
3.86
|
|
||
|
Housewares & specialties
|
|
29,866
|
|
|
1.77
|
|
|
29,852
|
|
|
1.70
|
|
||
|
Diversified support services
|
|
25,188
|
|
|
1.50
|
|
|
22,724
|
|
|
1.29
|
|
||
|
Consumer electronics
|
|
23,382
|
|
|
1.39
|
|
|
23,176
|
|
|
1.32
|
|
||
|
General merchandise stores
|
|
22,861
|
|
|
1.36
|
|
|
—
|
|
|
—
|
|
||
|
Oil & gas refining & marketing
|
|
22,712
|
|
|
1.35
|
|
|
—
|
|
|
—
|
|
||
|
Healthcare distributors
|
|
19,706
|
|
|
1.17
|
|
|
—
|
|
|
—
|
|
||
|
Personal products
|
|
19,564
|
|
|
1.16
|
|
|
—
|
|
|
—
|
|
||
|
Apparel, accessories & luxury goods
|
|
18,265
|
|
|
1.08
|
|
|
5,165
|
|
|
0.29
|
|
||
|
Education services
|
|
16,418
|
|
|
0.98
|
|
|
50,013
|
|
|
2.85
|
|
||
|
Investment banking & brokerage
|
|
15,323
|
|
|
0.91
|
|
|
—
|
|
|
—
|
|
||
|
Healthcare technology
|
|
14,366
|
|
|
0.85
|
|
|
—
|
|
|
—
|
|
||
|
Security & alarm services
|
|
13,112
|
|
|
0.78
|
|
|
13,214
|
|
|
0.75
|
|
||
|
Industrial machinery
|
|
11,994
|
|
|
0.71
|
|
|
15,074
|
|
|
0.86
|
|
||
|
Commodity chemicals
|
|
10,953
|
|
|
0.65
|
|
|
—
|
|
|
—
|
|
||
|
Broadcasting
|
|
9,950
|
|
|
0.59
|
|
|
—
|
|
|
—
|
|
||
|
Household products
|
|
7,960
|
|
|
0.47
|
|
|
—
|
|
|
—
|
|
||
|
Household appliances
|
|
7,922
|
|
|
0.47
|
|
|
—
|
|
|
—
|
|
||
|
Precious metals & minerals
|
|
7,363
|
|
|
0.44
|
|
|
7,459
|
|
|
0.42
|
|
||
|
Trucking
|
|
7,006
|
|
|
0.42
|
|
|
7,081
|
|
|
0.40
|
|
||
|
Human resources & employment services
|
|
6,982
|
|
|
0.41
|
|
|
—
|
|
|
—
|
|
||
|
Commercial printing
|
|
5,883
|
|
|
0.35
|
|
|
5,983
|
|
|
0.34
|
|
||
|
Thrift & mortgage finance
|
|
5,790
|
|
|
0.34
|
|
|
7,240
|
|
|
0.41
|
|
||
|
Leisure facilities
|
|
5,450
|
|
|
0.32
|
|
|
30,931
|
|
|
1.76
|
|
||
|
Restaurants
|
|
4,873
|
|
|
0.29
|
|
|
4,910
|
|
|
0.28
|
|
||
|
Application software
|
|
4,818
|
|
|
0.29
|
|
|
51,444
|
|
|
2.93
|
|
||
|
Food retail
|
|
4,182
|
|
|
0.25
|
|
|
4,176
|
|
|
0.24
|
|
||
|
IT consulting & other services
|
|
3,963
|
|
|
0.24
|
|
|
4,127
|
|
|
0.23
|
|
||
|
Other diversified financial services
|
|
113
|
|
|
0.01
|
|
|
12,079
|
|
|
0.69
|
|
||
|
Distributors
|
|
—
|
|
|
—
|
|
|
14,963
|
|
|
0.85
|
|
||
|
Casinos & gaming
|
|
—
|
|
|
—
|
|
|
23,309
|
|
|
1.33
|
|
||
|
Home improvement retail
|
|
—
|
|
|
—
|
|
|
22,944
|
|
|
1.31
|
|
||
|
Real estate services
|
|
—
|
|
|
—
|
|
|
13,011
|
|
|
0.74
|
|
||
|
Hypermarkets & super centers
|
|
—
|
|
|
—
|
|
|
11,979
|
|
|
0.68
|
|
||
|
Computer & electronics retail
|
|
—
|
|
|
—
|
|
|
6,399
|
|
|
0.36
|
|
||
|
Multi-utilities
|
|
—
|
|
|
—
|
|
|
6,201
|
|
|
0.35
|
|
||
|
Total
|
|
$
|
1,683,809
|
|
|
100.00
|
%
|
|
$
|
1,757,665
|
|
|
100.00
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
|
|
|
% of Total Investments
|
|
% of Total Net Assets
|
||||||||
|
Multi-sector holdings (1)
|
|
$
|
147,265
|
|
|
9.69
|
%
|
|
17.56
|
%
|
|
$
|
164,511
|
|
|
10.67
|
%
|
|
18.96
|
%
|
|
Internet software & services
|
|
97,558
|
|
|
6.40
|
|
|
11.64
|
|
|
265,076
|
|
|
17.20
|
|
|
30.56
|
|
||
|
Data processing & outsourced services
|
|
86,183
|
|
|
5.67
|
|
|
10.28
|
|
|
68,314
|
|
|
4.43
|
|
|
7.87
|
|
||
|
Healthcare services
|
|
72,396
|
|
|
4.76
|
|
|
8.64
|
|
|
93,912
|
|
|
6.09
|
|
|
10.82
|
|
||
|
Property & casualty insurance
|
|
67,189
|
|
|
4.42
|
|
|
8.02
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Environmental & facilities services
|
|
62,428
|
|
|
4.11
|
|
|
7.45
|
|
|
50,659
|
|
|
3.29
|
|
|
5.84
|
|
||
|
Movies & entertainment
|
|
61,755
|
|
|
4.06
|
|
|
7.37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Oil & gas equipment services
|
|
60,767
|
|
|
4.00
|
|
|
7.25
|
|
|
28,347
|
|
|
1.84
|
|
|
3.27
|
|
||
|
Airlines
|
|
54,408
|
|
|
3.58
|
|
|
6.49
|
|
|
59,511
|
|
|
3.86
|
|
|
6.86
|
|
||
|
Specialized finance
|
|
52,167
|
|
|
3.43
|
|
|
6.22
|
|
|
3,278
|
|
|
0.21
|
|
|
0.38
|
|
||
|
Electrical components & equipment
|
|
46,854
|
|
|
3.08
|
|
|
5.59
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Specialty stores
|
|
44,915
|
|
|
2.95
|
|
|
5.36
|
|
|
56,867
|
|
|
3.69
|
|
|
6.55
|
|
||
|
Aerospace & defense
|
|
39,837
|
|
|
2.62
|
|
|
4.75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Auto parts & equipment
|
|
39,283
|
|
|
2.58
|
|
|
4.69
|
|
|
21,715
|
|
|
1.41
|
|
|
2.50
|
|
||
|
Pharmaceuticals
|
|
38,213
|
|
|
2.51
|
|
|
4.56
|
|
|
62,770
|
|
|
4.07
|
|
|
7.23
|
|
||
|
Research & consulting services
|
|
36,390
|
|
|
2.39
|
|
|
4.34
|
|
|
38,531
|
|
|
2.50
|
|
|
4.44
|
|
||
|
Oil & gas exploration & production
|
|
35,175
|
|
|
2.31
|
|
|
4.20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Integrated telecommunication services
|
|
34,934
|
|
|
2.30
|
|
|
4.17
|
|
|
31,358
|
|
|
2.03
|
|
|
3.61
|
|
||
|
Advertising
|
|
34,501
|
|
|
2.27
|
|
|
4.12
|
|
|
83,648
|
|
|
5.43
|
|
|
9.64
|
|
||
|
Technology distributors
|
|
34,328
|
|
|
2.26
|
|
|
4.10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Construction & engineering
|
|
31,508
|
|
|
2.07
|
|
|
3.76
|
|
|
50,269
|
|
|
3.26
|
|
|
5.79
|
|
||
|
Housewares & specialties
|
|
29,625
|
|
|
1.95
|
|
|
3.53
|
|
|
29,775
|
|
|
1.93
|
|
|
3.43
|
|
||
|
Diversified support services
|
|
24,960
|
|
|
1.64
|
|
|
2.98
|
|
|
22,554
|
|
|
1.46
|
|
|
2.60
|
|
||
|
Consumer electronics
|
|
24,484
|
|
|
1.61
|
|
|
2.92
|
|
|
24,066
|
|
|
1.56
|
|
|
2.77
|
|
||
|
Oil & gas refining & marketing
|
|
22,764
|
|
|
1.50
|
|
|
2.72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
General merchandise stores
|
|
22,631
|
|
|
1.49
|
|
|
2.70
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Personal products
|
|
19,750
|
|
|
1.30
|
|
|
2.36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Healthcare distributors
|
|
19,294
|
|
|
1.27
|
|
|
2.30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Investment banking & brokerage
|
|
15,323
|
|
|
1.01
|
|
|
1.83
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Healthcare technology
|
|
14,573
|
|
|
0.96
|
|
|
1.74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Apparel, accessories & luxury goods
|
|
12,986
|
|
|
0.85
|
|
|
1.55
|
|
|
1,241
|
|
|
0.08
|
|
|
0.14
|
|
||
|
Security & alarm services
|
|
12,867
|
|
|
0.85
|
|
|
1.54
|
|
|
13,103
|
|
|
0.85
|
|
|
1.51
|
|
||
|
Industrial machinery
|
|
11,539
|
|
|
0.76
|
|
|
1.38
|
|
|
15,004
|
|
|
0.97
|
|
|
1.73
|
|
||
|
Commodity chemicals
|
|
10,964
|
|
|
0.72
|
|
|
1.31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Broadcasting
|
|
10,013
|
|
|
0.66
|
|
|
1.19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Healthcare equipment
|
|
9,431
|
|
|
0.62
|
|
|
1.13
|
|
|
72,922
|
|
|
4.73
|
|
|
8.40
|
|
||
|
Leisure facilities
|
|
8,167
|
|
|
0.54
|
|
|
0.97
|
|
|
32,591
|
|
|
2.11
|
|
|
3.76
|
|
||
|
Household appliances
|
|
7,990
|
|
|
0.53
|
|
|
0.95
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Household products
|
|
7,966
|
|
|
0.52
|
|
|
0.95
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Precious metals & minerals
|
|
7,595
|
|
|
0.50
|
|
|
0.91
|
|
|
7,464
|
|
|
0.48
|
|
|
0.86
|
|
||
|
Application software
|
|
7,142
|
|
|
0.47
|
|
|
0.85
|
|
|
53,905
|
|
|
3.50
|
|
|
6.21
|
|
||
|
Trucking
|
|
7,044
|
|
|
0.46
|
|
|
0.84
|
|
|
7,106
|
|
|
0.46
|
|
|
0.82
|
|
||
|
Human resources & employment services
|
|
7,017
|
|
|
0.46
|
|
|
0.84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Commercial printing
|
|
5,952
|
|
|
0.39
|
|
|
0.71
|
|
|
6,045
|
|
|
0.39
|
|
|
0.70
|
|
||
|
Thrift & mortgage finance
|
|
4,976
|
|
|
0.33
|
|
|
0.59
|
|
|
6,129
|
|
|
0.40
|
|
|
0.71
|
|
||
|
Restaurants
|
|
4,822
|
|
|
0.32
|
|
|
0.58
|
|
|
4,917
|
|
|
0.32
|
|
|
0.57
|
|
||
|
Food retail
|
|
4,256
|
|
|
0.28
|
|
|
0.51
|
|
|
4,251
|
|
|
0.28
|
|
|
0.49
|
|
||
|
Leisure products
|
|
3,940
|
|
|
0.26
|
|
|
0.47
|
|
|
5,900
|
|
|
0.38
|
|
|
0.68
|
|
||
|
IT consulting & other services
|
|
3,860
|
|
|
0.25
|
|
|
0.46
|
|
|
3,927
|
|
|
0.25
|
|
|
0.45
|
|
||
|
Education services
|
|
533
|
|
|
0.04
|
|
|
0.06
|
|
|
38,254
|
|
|
2.48
|
|
|
4.41
|
|
||
|
Air freight and logistics
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|
0.12
|
|
|
0.21
|
|
||
|
Home improvement retail
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,784
|
|
|
1.61
|
|
|
2.86
|
|
||
|
Casinos & gaming
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,495
|
|
|
1.52
|
|
|
2.71
|
|
||
|
Distributors
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,829
|
|
|
0.96
|
|
|
1.71
|
|
||
|
Real estate services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,014
|
|
|
0.84
|
|
|
1.50
|
|
||
|
Other diversified financial services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,646
|
|
|
0.76
|
|
|
1.34
|
|
||
|
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
|
|
||
|
Total
|
|
$
|
1,520,518
|
|
|
100.00
|
%
|
|
181.43
|
%
|
|
$
|
1,541,755
|
|
|
100.00
|
%
|
|
177.69
|
%
|
|
(1)
|
This industry includes the Company's investment in SLF JV I.
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
|
Senior secured loans (1)
|
|
$333,447
|
|
$245,063
|
|
Weighted average interest rate on senior secured loans (2)
|
|
6.92%
|
|
7.70%
|
|
Number of borrowers in SLF JV I
|
|
44
|
|
32
|
|
Largest exposure to a single borrower (1)
|
|
$17,758
|
|
$18,374
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$69,929
|
|
$82,728
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Accudyne Industries, LLC
|
|
Industrial machinery
|
|
First Lien
|
|
8/18/2024
|
|
LIBOR+3.25% (1% floor)
|
|
5.34
|
%
|
|
$
|
9,550
|
|
|
$
|
9,550
|
|
|
$
|
9,542
|
|
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
1,390
|
|
|
670
|
|
|||||
|
AI Ladder Luxembourg Subco Sarl (3)
|
|
Electrical components & equipment
|
|
First Lien B
|
|
5/4/2025
|
|
LIBOR+4.5%
|
|
6.82
|
%
|
|
11,300
|
|
|
10,961
|
|
|
11,281
|
|
|||
|
Air Newco LP
|
|
IT consulting & other services
|
|
First Lien B
|
|
5/31/2024
|
|
LIBOR+4.75%
|
|
6.78
|
%
|
|
10,000
|
|
|
9,975
|
|
|
10,075
|
|
|||
|
AL Midcoast Holdings LLC
|
|
Oil & gas storage & transportation
|
|
First Lien B
|
|
6/28/2025
|
|
LIBOR+5.5%
|
|
7.84
|
%
|
|
10,000
|
|
|
9,900
|
|
|
10,000
|
|
|||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
5.84
|
%
|
|
6,929
|
|
|
6,977
|
|
|
6,839
|
|
|||
|
Alvogen Pharma US, Inc.
|
|
Pharmaceuticals
|
|
First Lien B
|
|
4/1/2022
|
|
LIBOR+4.75% (1% floor)
|
|
6.84
|
%
|
|
10,000
|
|
|
10,000
|
|
|
10,037
|
|
|||
|
Asset International, Inc.
|
|
Research & Consulting Services
|
|
First Lien
|
|
12/29/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.83
|
%
|
|
6,965
|
|
|
6,836
|
|
|
6,934
|
|
|||
|
Blackhawk Network Holdings, Inc.
|
|
Data processing & outsourced services
|
|
First Lien
|
|
5/22/2025
|
|
LIBOR+3%
|
|
5.07
|
%
|
|
10,000
|
|
|
9,975
|
|
|
9,985
|
|
|||
|
Brazos Delaware II, LLC
|
|
Oil & gas equipment & services
|
|
First Lien B
|
|
5/21/2025
|
|
LIBOR+4%
|
|
6.09
|
%
|
|
7,500
|
|
|
7,463
|
|
|
7,519
|
|
|||
|
BJ's Wholesale Club, Inc.
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.5% (1% floor)
|
|
5.53
|
%
|
|
4,909
|
|
|
4,914
|
|
|
4,914
|
|
|||
|
Chloe Ox Parent LLC
|
|
Healthcare services
|
|
First Lien
|
|
12/14/2024
|
|
LIBOR+5% (1% floor)
|
|
6.83
|
%
|
|
9,975
|
|
|
9,881
|
|
|
10,000
|
|
|||
|
Clearent Newco, LLC
|
|
Application software
|
|
First Lien
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.32
|
%
|
|
6,912
|
|
|
6,813
|
|
|
6,813
|
|
|||
|
|
|
|
|
Delayed Draw
|
|
3/20/2024
|
|
PRIME+4% (1% floor)
|
|
8.25
|
%
|
|
—
|
|
|
(29
|
)
|
|
(28
|
)
|
|||
|
|
|
|
|
First Lien Revolver
|
|
3/20/2023
|
|
PRIME+4% (1% floor)
|
|
7.75
|
%
|
|
559
|
|
|
545
|
|
|
544
|
|
|||
|
Total Clearent Newco, LLC
|
|
|
|
|
|
|
|
|
|
|
|
7,471
|
|
|
7,329
|
|
|
7,329
|
|
||||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+3.5% (1% floor)
|
|
5.59
|
%
|
|
10,692
|
|
|
10,602
|
|
|
10,729
|
|
|||
|
DFT Intermediate LLC
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2023
|
|
LIBOR+5.5% (1% floor)
|
|
7.83
|
%
|
|
10,616
|
|
|
10,404
|
|
|
10,616
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
11.06
|
%
|
|
8,919
|
|
|
8,939
|
|
|
8,872
|
|
|||
|
DTZ U.S. Borrower, LLC
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
5.61
|
%
|
|
6,911
|
|
|
6,938
|
|
|
6,912
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.25% (0.75% floor)
|
|
10.24
|
%
|
|
17,758
|
|
|
17,625
|
|
|
17,936
|
|
|||
|
Eton (3)
|
|
Research & consulting services
|
|
Second Lien
|
|
3/16/2026
|
|
LIBOR+7.50%
|
|
9.48
|
%
|
|
6,000
|
|
|
5,970
|
|
|
6,037
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien
|
|
5/9/2024
|
|
LIBOR+3.5% (1% floor)
|
|
5.09
|
%
|
|
4,950
|
|
|
4,927
|
|
|
4,955
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.92
|
%
|
|
4,528
|
|
|
4,497
|
|
|
4,531
|
|
|||
|
Garretson Resolution Group, Inc. (5)
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
|
|
|
5,797
|
|
|
5,772
|
|
|
5,096
|
|
|||
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien
|
|
12/18/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.83
|
%
|
|
7,960
|
|
|
7,886
|
|
|
8,030
|
|
|||
|
IBC Capital Ltd.
|
|
Metal & glass containers
|
|
First Lien B
|
|
9/11/2023
|
|
LIBOR+3.75%
|
|
6.08
|
%
|
|
8,977
|
|
|
8,955
|
|
|
8,996
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien A
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.59
|
%
|
|
8,500
|
|
|
8,516
|
|
|
8,500
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.59
|
%
|
|
8,500
|
|
|
8,424
|
|
|
8,500
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
17,000
|
|
|
16,940
|
|
|
17,000
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor)
|
|
9.33
|
%
|
|
$
|
2,040
|
|
|
$
|
2,039
|
|
|
$
|
2,040
|
|
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,088
|
|
|
815
|
|
|||||
|
Total Keypath Education, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,127
|
|
|
2,855
|
|
||||
|
McDermott Technology Americas Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien B
|
|
4/3/2025
|
|
LIBOR+5% (1% floor)
|
|
7.09
|
%
|
|
9,975
|
|
|
9,777
|
|
|
10,038
|
|
|||
|
Morphe LLC (3)
|
|
Personal products
|
|
First Lien
|
|
2/10/2023
|
|
LIBOR+6% (1% floor)
|
|
8.33
|
%
|
|
4,444
|
|
|
4,402
|
|
|
4,444
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.25% (1% floor)
|
|
6.34
|
%
|
|
5,913
|
|
|
5,888
|
|
|
5,939
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
7.33
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
7.43
|
%
|
|
766
|
|
|
765
|
|
|
765
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,560
|
|
|
2,559
|
|
|
3,560
|
|
||||
|
Northern Star Industries Inc.
|
|
Electrical components & equipment
|
|
First Lien
|
|
3/31/2025
|
|
LIBOR+4.75% (1% floor)
|
|
7.08
|
%
|
|
6,982
|
|
|
6,949
|
|
|
6,991
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
7.10
|
%
|
|
6,071
|
|
|
6,025
|
|
|
5,904
|
|
|||
|
OCI Beaumont LLC
|
|
Commodity chemicals
|
|
First Lien
|
|
2/16/2025
|
|
LIBOR+4.25% (1% floor)
|
|
6.33
|
%
|
|
7,980
|
|
|
7,970
|
|
|
8,059
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
10.10
|
%
|
|
3,086
|
|
|
3,081
|
|
|
3,086
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
7.84
|
%
|
|
2,330
|
|
|
2,295
|
|
|
2,365
|
|
|||
|
Scientific Games International, Inc.
|
|
Casinos & gaming
|
|
First Lien B-5
|
|
8/14/2024
|
|
LIBOR+2.75% (1% floor)
|
|
4.84
|
%
|
|
6,598
|
|
|
6,567
|
|
|
6,563
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
11/18/2022
|
|
LIBOR+5% (1% floor)
|
|
7.36
|
%
|
|
8,529
|
|
|
8,505
|
|
|
7,804
|
|
|||
|
TravelCLICK, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor)
|
|
9.84
|
%
|
|
2,871
|
|
|
2,871
|
|
|
2,873
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
7.08
|
%
|
|
2,024
|
|
|
2,015
|
|
|
2,029
|
|
|||
|
Uber Technologies Inc.
|
|
Application software
|
|
First Lien
|
|
4/4/2025
|
|
LIBOR+4% (1% floor)
|
|
6.00
|
%
|
|
10,000
|
|
|
9,951
|
|
|
10,048
|
|
|||
|
Uniti Group LP
|
|
Specialized REITs
|
|
First Lien B
|
|
10/24/2022
|
|
LIBOR+3% (1% floor)
|
|
5.09
|
%
|
|
6,484
|
|
|
6,231
|
|
|
6,207
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+6.25% (1% floor)
|
|
8.34
|
%
|
|
12,899
|
|
|
12,789
|
|
|
12,899
|
|
|||
|
Veritas US Inc.
|
|
Internet software & services
|
|
First Lien
|
|
1/27/2023
|
|
LIBOR+4.5% (1% floor)
|
|
6.71
|
%
|
|
6,982
|
|
|
6,929
|
|
|
6,416
|
|
|||
|
Verra Mobility, Corp.
|
|
Data processing & outsourced services
|
|
First Lien B
|
|
2/28/2025
|
|
LIBOR+3.75% (1% floor)
|
|
5.84
|
%
|
|
10,972
|
|
|
10,990
|
|
|
11,050
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
333,447
|
|
|
$
|
333,527
|
|
|
$
|
333,965
|
|
|
|
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
|
|
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost June 30, 2018: $333,527; cost September 30, 2017: $251,648)
|
|
$
|
333,965
|
|
|
$
|
235,526
|
|
|
Receivables from secured financing arrangements at fair value (cost June 30, 2018: $9,801; cost September 30, 2017: $9,783)
|
|
7,033
|
|
|
8,305
|
|
||
|
Cash and cash equivalents
|
|
4,482
|
|
|
24,389
|
|
||
|
Restricted cash
|
|
4,519
|
|
|
5,097
|
|
||
|
Other assets
|
|
7,221
|
|
|
3,485
|
|
||
|
Total assets
|
|
$
|
357,220
|
|
|
$
|
276,802
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
164,610
|
|
|
$
|
113,053
|
|
|
Debt securities payable at fair value (proceeds June 30, 2018: $148,543; proceeds September 30, 2017: $147,052)
|
|
148,543
|
|
|
147,052
|
|
||
|
Other liabilities
|
|
41,858
|
|
|
10,383
|
|
||
|
Total liabilities
|
|
$
|
355,011
|
|
|
$
|
270,488
|
|
|
Members' equity
|
|
2,209
|
|
|
6,314
|
|
||
|
Total liabilities and members' equity
|
|
$
|
357,220
|
|
|
$
|
276,802
|
|
|
|
|
Three months ended June 30, 2018
|
|
Three months ended June 30, 2017
|
|
Nine months ended June 30, 2018
|
|
Nine months ended June 30, 2017
|
||||||||
|
Selected Statements of Operations Information:
|
|
|
|
|
|
|
|
|
||||||||
|
Interest income
|
|
$
|
4,888
|
|
|
$
|
5,489
|
|
|
$
|
14,545
|
|
|
$
|
17,945
|
|
|
Other income
|
|
10
|
|
|
61
|
|
|
59
|
|
|
389
|
|
||||
|
Total investment income
|
|
4,898
|
|
|
5,550
|
|
|
14,604
|
|
|
18,334
|
|
||||
|
Interest expense
|
|
5,334
|
|
|
5,348
|
|
|
15,394
|
|
|
16,720
|
|
||||
|
Other expenses
|
|
135
|
|
|
84
|
|
|
407
|
|
|
579
|
|
||||
|
Total expenses (1)
|
|
5,469
|
|
|
5,432
|
|
|
15,801
|
|
|
17,299
|
|
||||
|
Net unrealized appreciation (depreciation)
|
|
14,277
|
|
|
(769
|
)
|
|
15,270
|
|
|
(13,816
|
)
|
||||
|
Net realized gain (loss)
|
|
(16,363
|
)
|
|
16
|
|
|
(16,384
|
)
|
|
13,350
|
|
||||
|
Net income
|
|
$
|
(2,657
|
)
|
|
$
|
(635
|
)
|
|
$
|
(2,311
|
)
|
|
$
|
569
|
|
|
Summarized financial information
|
|
For the nine months ended June 30, 2018
|
|
For the nine months ended June 30, 2017
|
||||
|
Revenue
|
|
$
|
4,392
|
|
|
$
|
4,477
|
|
|
Gross profit
|
|
2,007
|
|
|
2,013
|
|
||
|
Loss from continuing operations
|
|
(949
|
)
|
|
(1,717
|
)
|
||
|
Net loss
|
|
(949
|
)
|
|
(1,717
|
)
|
||
|
(Share amounts in thousands)
|
|
Three months
ended June 30, 2018 |
|
Three months
ended June 30, 2017 |
|
Nine months
ended June 30, 2018 |
|
Nine months
ended June 30, 2017 |
||||||||
|
Earnings (loss) per common share — basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
24,252
|
|
|
$
|
(6,057
|
)
|
|
$
|
13,431
|
|
|
$
|
(71,498
|
)
|
|
Weighted average common shares outstanding — basic and diluted
|
|
140,961
|
|
|
140,961
|
|
|
140,961
|
|
|
141,599
|
|
||||
|
Earnings (loss) per common share — basic and diluted
|
|
$
|
0.17
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.10
|
|
|
$
|
(0.50
|
)
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued (1)
|
|
DRIP Shares
Value
|
|||
|
August 7, 2017
|
|
December 15, 2017
|
|
December 29, 2017
|
|
$
|
0.125
|
|
|
$ 17.3 million
|
|
58,456
|
|
|
$ 0.3 million
|
|
February 5, 2018
|
|
March 15, 2018
|
|
March 30, 2018
|
|
0.085
|
|
|
11.5 million
|
|
122,884
|
|
|
0.5 million
|
|
|
May 3, 2018
|
|
June 15, 2018
|
|
June 29, 2018
|
|
0.095
|
|
|
13.0 million
|
|
87,283
|
|
|
0.4 million
|
|
|
Total for the nine months ended June 30, 2018
|
|
$
|
0.305
|
|
|
$ 41.8 million
|
|
268,623
|
|
|
$ 1.2 million
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued (1)
|
|
DRIP Shares
Value (2)
|
|||
|
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
|
|
|
Total for the nine months ended June 30, 2017
|
|
$
|
0.34
|
|
|
$ 45.5 million
|
|
441,122
|
|
|
$ 2.3 million
|
||||
|
|
|
Three months
ended June 30, 2018 |
|
Three months
ended June 30, 2017 |
|
Nine months
ended June 30, 2018 |
|
Nine months
ended June 30, 2017 |
||||||||
|
PIK balance at beginning of period
|
|
$
|
72,031
|
|
|
$
|
65,307
|
|
|
$
|
69,417
|
|
|
$
|
62,631
|
|
|
Gross PIK interest accrued
|
|
6,042
|
|
|
4,999
|
|
|
18,697
|
|
|
15,934
|
|
||||
|
PIK income reserves (1)
|
|
(4,585
|
)
|
|
(2,426
|
)
|
|
(13,427
|
)
|
|
(6,969
|
)
|
||||
|
PIK interest received in cash
|
|
(94
|
)
|
|
(283
|
)
|
|
(1,293
|
)
|
|
(3,999
|
)
|
||||
|
PIK balance at end of period
|
|
$
|
73,394
|
|
|
$
|
67,597
|
|
|
$
|
73,394
|
|
|
$
|
67,597
|
|
|
(1)
|
PIK income is generally reserved for when a loan is placed on PIK non-accrual status.
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
||||||||||||
|
Accrual
|
|
$
|
1,371,573
|
|
|
86.86
|
%
|
|
$
|
1,383,615
|
|
|
95.37
|
%
|
|
$
|
1,344,535
|
|
|
86.46
|
%
|
|
$
|
1,357,794
|
|
|
95.29
|
%
|
|
PIK non-accrual (1)
|
|
12,661
|
|
|
0.80
|
|
|
—
|
|
|
—
|
|
|
10,227
|
|
|
0.66
|
|
|
379
|
|
|
0.03
|
|
||||
|
Cash non-accrual (2)
|
|
194,840
|
|
|
12.34
|
|
|
67,131
|
|
|
4.63
|
|
|
200,210
|
|
|
12.88
|
|
|
66,636
|
|
|
4.68
|
|
||||
|
Total
|
|
$
|
1,579,074
|
|
|
100.00
|
%
|
|
$
|
1,450,746
|
|
|
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 June 30, 2018 |
|
Three months
ended June 30, 2017 |
|
Nine months
ended June 30, 2018 |
|
Nine months
ended June 30, 2017 |
||||||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
24,252
|
|
|
$
|
(6,057
|
)
|
|
$
|
13,431
|
|
|
$
|
(71,498
|
)
|
|
Net unrealized (appreciation) depreciation on investments, secured borrowings and foreign currency
|
|
(99,259
|
)
|
|
13,147
|
|
|
(55,410
|
)
|
|
(18,603
|
)
|
||||
|
Book/tax difference due to loan fees
|
|
(335
|
)
|
|
(152
|
)
|
|
(122
|
)
|
|
(17
|
)
|
||||
|
Book/tax difference due to exit fees
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,081
|
|
||||
|
Book/tax difference due to organizational and deferred offering costs
|
|
(22
|
)
|
|
(22
|
)
|
|
(66
|
)
|
|
(63
|
)
|
||||
|
Book/tax difference due to interest income on certain loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(168
|
)
|
||||
|
Book/tax difference due to capital losses not recognized
|
|
88,599
|
|
|
14,010
|
|
|
84,756
|
|
|
154,444
|
|
||||
|
Other book/tax differences
|
|
(1,331
|
)
|
|
(2,439
|
)
|
|
(6,501
|
)
|
|
(5,489
|
)
|
||||
|
Taxable/Distributable Income (1)
|
|
$
|
11,904
|
|
|
$
|
18,487
|
|
|
$
|
36,088
|
|
|
$
|
59,687
|
|
|
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)
|
||
|
Traffic Solutions Holdings, Inc.
|
$
|
(15.8
|
)
|
|
Ameritox Ltd.
|
(74.8
|
)
|
|
|
Metamorph US 3, LLC
|
(6.7
|
)
|
|
|
Lytx, Inc.
|
4.4
|
|
|
|
Other, net
|
3.5
|
|
|
|
Total, net
|
$
|
(89.4
|
)
|
|
($ in millions)
|
|
||
|
Portfolio Company
|
Net Realized Gain (Loss)
|
||
|
Eagle Hospital Physicians, LLC
|
$
|
(13.1
|
)
|
|
Other, net
|
0.8
|
|
|
|
Total, net
|
$
|
(12.3
|
)
|
|
($ in millions)
|
|
||
|
Portfolio Company
|
Net Realized Gain (Loss)
|
||
|
Traffic Solutions Holdings, Inc.
|
$
|
(15.8
|
)
|
|
Ameritox Ltd.
|
(74.8
|
)
|
|
|
Metamorph US 3, LLC
|
(6.7
|
)
|
|
|
Lytx, Inc.
|
4.4
|
|
|
|
AmBath/ReBath Holdings, Inc.
|
2.0
|
|
|
|
Yeti Acquisition, LLC
|
2.0
|
|
|
|
Access Medical Acquisition, Inc.
|
1.0
|
|
|
|
Other, net
|
3.0
|
|
|
|
Total, net
|
$
|
(84.9
|
)
|
|
($ in millions)
|
|
||
|
Portfolio Company
|
Net Realized Gain (Loss)
|
||
|
AdVenture Interactive, Corp.
|
(47.4
|
)
|
|
|
Answers Corporation
|
(37.3
|
)
|
|
|
Express Group Holdings LLC
|
(22.3
|
)
|
|
|
Senior Loan Fund JV I, LLC
|
(19.9
|
)
|
|
|
Eagle Hospital Physicians, LLC
|
(13.1
|
)
|
|
|
Integrated Petroleum Technologies, Inc.
|
(11.1
|
)
|
|
|
Other, net
|
(0.2
|
)
|
|
|
Total, net
|
$
|
(151.3
|
)
|
|
•
|
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.
|
|
|
|
Three months ended
June 30, 2018 |
|
Three months ended
June 30, 2017 |
|
Nine months ended
June 30, 2018 |
|
Nine months ended
June 30, 2017 |
|
Net asset value per share at beginning of period
|
|
$5.87
|
|
$7.23
|
|
$6.16
|
|
$7.97
|
|
Net investment income (4)
|
|
0.10
|
|
0.14
|
|
0.31
|
|
0.43
|
|
Net unrealized appreciation (depreciation) on investments and secured borrowings (4)
|
|
0.71
|
|
(0.09)
|
|
0.39
|
|
0.13
|
|
Net realized gain (loss) on investments, secured borrowings and unsecured notes payable (4)
|
|
(0.63)
|
|
(0.09)
|
|
(0.60)
|
|
(1.07)
|
|
Distributions to stockholders (4)
|
|
(0.10)
|
|
(0.02)
|
|
(0.31)
|
|
(0.34)
|
|
Net issuance/repurchases of common stock (4)
|
|
—
|
|
—
|
|
—
|
|
0.05
|
|
Net asset value per share at end of period
|
|
$5.95
|
|
$7.17
|
|
$5.95
|
|
$7.17
|
|
Per share market value at beginning of period
|
|
$4.21
|
|
$4.62
|
|
$5.47
|
|
$5.81
|
|
Per share market value at end of period
|
|
$4.78
|
|
$4.86
|
|
$4.78
|
|
$4.86
|
|
Total return (1)
|
|
15.82%
|
|
5.63%
|
|
(6.84)%
|
|
(10.50)%
|
|
Common shares outstanding at beginning of period
|
|
140,960,651
|
|
140,960,651
|
|
140,960,651
|
|
143,258,785
|
|
Common shares outstanding at end of period
|
|
140,960,651
|
|
140,960,651
|
|
140,960,651
|
|
140,960,651
|
|
Net assets at beginning of period
|
|
$827,234
|
|
$1,019,626
|
|
$867,657
|
|
$1,142,288
|
|
Net assets at end of period
|
|
$838,095
|
|
$1,010,750
|
|
$838,095
|
|
$1,010,750
|
|
Average net assets (2)
|
|
$837,286
|
|
$1,016,037
|
|
$837,878
|
|
$1,043,283
|
|
Ratio of net investment income to average net assets (5)
|
|
6.91%
|
|
7.65%
|
|
6.86%
|
|
7.84%
|
|
Ratio of total expenses to average net assets (5)
|
|
9.08%
|
|
10.10%
|
|
9.43%
|
|
10.57%
|
|
Ratio of net expenses to average net assets (5)
|
|
8.34%
|
|
10.08%
|
|
9.17%
|
|
10.39%
|
|
Ratio of portfolio turnover to average investments at fair value
|
|
19.26%
|
|
8.67%
|
|
51.32%
|
|
19.68%
|
|
Weighted average outstanding debt (3)
|
|
$546,297
|
|
$905,994
|
|
$590,921
|
|
$1,032,076
|
|
Average debt per share (4)
|
|
$3.88
|
|
$6.43
|
|
$4.19
|
|
$7.29
|
|
Asset coverage ratio
|
|
237.18%
|
|
231.29%
|
|
237.18%
|
|
231.29%
|
|
(1)
|
Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP.
|
|
(2)
|
Calculated based upon the weighted average net assets for the period.
|
|
(3)
|
Calculated based upon the weighted average of loans payable for the period.
|
|
(4)
|
Calculated based upon weighted average shares outstanding for the period.
|
|
(5)
|
Interim periods are annualized.
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||
|
TerSera Therapeutics, LLC
|
|
$
|
12,187
|
|
|
$
|
—
|
|
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
InMotion Entertainment Group, LLC
|
|
6,534
|
|
|
7,544
|
|
||
|
Valet Merger Sub, Inc.
|
|
5,969
|
|
|
9,326
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
4,210
|
|
|
2,760
|
|
||
|
Dominion Diagnostics, LLC
|
|
4,180
|
|
|
4,180
|
|
||
|
Keypath Education, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Datto Inc
|
|
2,356
|
|
|
—
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
2,229
|
|
||
|
Senior Loan Fund JV 1, LLC
|
|
1,328
|
|
|
1,328
|
|
||
|
TransTrade Operators, Inc. (1)(2)(3)
|
|
1,052
|
|
|
1,052
|
|
||
|
Access CIG LLC
|
|
765
|
|
|
—
|
|
||
|
Ministry Brands, LLC
|
|
700
|
|
|
1,708
|
|
||
|
GKD Index Partners LLC
|
|
578
|
|
|
—
|
|
||
|
Refac Optical Group (3)
|
|
480
|
|
|
2,080
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
359
|
|
|
490
|
|
||
|
Cenegenics, LLC (1)(2)
|
|
297
|
|
|
297
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
219
|
|
|
239
|
|
||
|
Lift Brands Holdings, Inc.
|
|
—
|
|
|
15,000
|
|
||
|
Edge Fitness, LLC
|
|
—
|
|
|
8,353
|
|
||
|
Impact Sales, LLC
|
|
—
|
|
|
3,234
|
|
||
|
WeddingWire, Inc.
|
|
—
|
|
|
3,000
|
|
||
|
Motion Recruitment Partners LLC
|
|
—
|
|
|
2,900
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
—
|
|
|
2,998
|
|
||
|
OmniSYS Acquisition Corporation
|
|
—
|
|
|
2,500
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
—
|
|
|
2,000
|
|
||
|
Metamorph US 3, LLC (2)(4)
|
|
—
|
|
|
1,470
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
—
|
|
|
539
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
|
—
|
|
|
736
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
—
|
|
|
391
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
—
|
|
|
472
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
—
|
|
|
365
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
—
|
|
|
254
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
—
|
|
|
183
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
—
|
|
|
159
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
—
|
|
|
129
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
—
|
|
|
180
|
|
||
|
BeyondTrust Software, Inc.
|
|
—
|
|
|
5,995
|
|
||
|
Systems, Inc.
|
|
—
|
|
|
3,030
|
|
||
|
Thing5, LLC (1)
|
|
—
|
|
|
3,000
|
|
||
|
Edmentum, Inc. (1)(2)
|
|
—
|
|
|
2,664
|
|
||
|
Ping Identity Corporation
|
|
—
|
|
|
2,500
|
|
||
|
Sailpoint Technologies, Inc.
|
|
—
|
|
|
1,500
|
|
||
|
Garretson Firm Resolution Group, Inc. (1)
|
|
—
|
|
|
508
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
—
|
|
|
364
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
—
|
|
|
184
|
|
||
|
Total
|
|
$
|
63,675
|
|
|
$
|
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 June 30, 2018
|
|
% of Total Net Assets
|
||||||||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
AdVenture Interactive, Corp.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
9,073 shares of common units
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,818
|
|
|
$
|
136
|
|
|
$
|
(13,954
|
)
|
|
$
|
—
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
%
|
||||||||||||||
|
Ameritox Ltd.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
|
|
|
|
—
|
|
|
(30,103
|
)
|
|
75
|
|
|
4,445
|
|
|
33,094
|
|
|
(37,539
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
(14,090
|
)
|
|
—
|
|
|
—
|
|
|
14,090
|
|
|
(14,090
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
(1,602
|
)
|
|
—
|
|
|
—
|
|
|
1,602
|
|
|
(1,602
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,930.03 Class A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
(29,049
|
)
|
|
—
|
|
|
—
|
|
|
29,049
|
|
|
(29,049
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Earn-out
|
|
|
|
|
|
—
|
|
|
(848
|
)
|
|
—
|
|
|
4,986
|
|
|
3,017
|
|
|
(8,003
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
|
|
11,868
|
|
|
—
|
|
|
1,284
|
|
|
11,868
|
|
|
305
|
|
|
(305
|
)
|
|
11,868
|
|
|
1.4
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,323
|
|
|
5,543
|
|
|
(2,220
|
)
|
|
5,646
|
|
|
0.7
|
%
|
||||||||
|
First Star Speir Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
32,510
|
|
|
—
|
|
|
1,775
|
|
|
41,395
|
|
|
973
|
|
|
(9,858
|
)
|
|
32,510
|
|
|
3.9
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,926
|
|
|
3,547
|
|
|
(3,088
|
)
|
|
4,385
|
|
|
0.5
|
%
|
||||||||
|
Keypath Education, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022
|
|
9.33
|
%
|
|
|
|
19,960
|
|
|
—
|
|
|
1,330
|
|
|
19,960
|
|
|
—
|
|
|
—
|
|
|
19,960
|
|
|
2.4
|
%
|
|||||||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022
|
|
|
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,918
|
|
|
66
|
|
|
—
|
|
|
7,984
|
|
|
1.0
|
%
|
||||||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
7.33
|
%
|
|
|
|
4,107
|
|
|
—
|
|
|
219
|
|
|
4,107
|
|
|
—
|
|
|
—
|
|
|
4,107
|
|
|
0.5
|
%
|
|||||||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021
|
|
7.43
|
%
|
|
|
|
1,753
|
|
|
—
|
|
|
118
|
|
|
2,504
|
|
|
—
|
|
|
(751
|
)
|
|
1,753
|
|
|
0.2
|
%
|
|||||||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
7.33
|
%
|
|
|
|
1,009
|
|
|
—
|
|
|
58
|
|
|
1,009
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
|
0.1
|
%
|
|||||||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
736
|
|
|
1,555
|
|
|
—
|
|
|
2,291
|
|
|
0.3
|
%
|
||||||||
|
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
|
|
7.93
|
%
|
|
|
|
100,444
|
|
|
—
|
|
|
6,621
|
|
|
101,030
|
|
|
—
|
|
|
(586
|
)
|
|
100,444
|
|
|
12.0
|
%
|
|||||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
29,532
|
|
|
—
|
|
|
3,115
|
|
|
27,641
|
|
|
2,069
|
|
|
(178
|
)
|
|
29,532
|
|
|
3.5
|
%
|
||||||||
|
87.5% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,525
|
|
|
—
|
|
|
(3,593
|
)
|
|
1,932
|
|
|
0.2
|
%
|
||||||||
|
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 June 30, 2018
|
|
% of Total Net Assets
|
||||||||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,174
|
|
|
$
|
36,568
|
|
|
$
|
393
|
|
|
$
|
(36,961
|
)
|
|
$
|
—
|
|
|
—
|
%
|
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021
|
|
|
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
1,250
|
|
|
753
|
|
|
(2,003
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|
4,752
|
|
|
4
|
|
|
(4,756
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
746,114 Series A Preferred Units, 10%
|
|
|
|
|
|
—
|
|
|
(10,462
|
)
|
|
—
|
|
|
7,700
|
|
|
12,329
|
|
|
(20,029
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
746,114 Common Stock Unit
|
|
|
|
|
|
—
|
|
|
(5,316
|
)
|
|
—
|
|
|
—
|
|
|
5,316
|
|
|
(5,316
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
TransTrade Operators, Inc. (7)
|
|
|
|
Air freight and logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, 5% cash due 12/31/2017
|
|
|
|
|
|
15,973
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|
—
|
|
|
(1,810
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
|
|
7,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
740
|
|
|
(740
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
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 Holding LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
Total Control Investments
|
|
|
|
|
|
$
|
224,913
|
|
|
$
|
(91,470
|
)
|
|
$
|
18,031
|
|
|
$
|
305,271
|
|
|
$
|
114,581
|
|
|
$
|
(196,431
|
)
|
|
$
|
223,421
|
|
|
26.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
Home improvement retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,738
|
|
|
22,957
|
|
|
308
|
|
|
(23,265
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,668,788 shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
2,048
|
|
|
—
|
|
|
1,827
|
|
|
221
|
|
|
(2,048
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
|
|
—
|
|
|
—
|
|
|
753
|
|
|
9,665
|
|
|
216
|
|
|
(9,881
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
1,080,399 shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,534
|
|
|
—
|
|
|
(373
|
)
|
|
2,161
|
|
|
0.3
|
%
|
||||||||
|
Total Affiliate Investments
|
|
|
|
|
|
$
|
—
|
|
|
$
|
2,048
|
|
|
$
|
2,491
|
|
|
$
|
36,983
|
|
|
$
|
745
|
|
|
$
|
(35,567
|
)
|
|
$
|
2,161
|
|
|
0.3
|
%
|
|
|
Total Control & Affiliate Investments
|
|
|
|
|
|
$
|
224,913
|
|
|
$
|
(89,422
|
)
|
|
$
|
20,522
|
|
|
$
|
342,254
|
|
|
$
|
115,326
|
|
|
$
|
(231,998
|
)
|
|
$
|
225,582
|
|
|
26.9
|
%
|
|
|
(1)
|
The principal amount and ownership detail are shown in the Company's Consolidated Schedules of Investments.
|
|
(2)
|
Represents the total amount of interest (net of non-accrual amounts), 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 June 30, 2018 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,
2016
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at June 30, 2017
|
|
% of Total Net Assets
|
||||||||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
AdVenture Interactive, Corp.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 3/22/2018
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
9,073 shares of common stock
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,258
|
|
|
(10,648
|
)
|
|
13,610
|
|
|
1.3
|
%
|
||||||||
|
Ameritox Ltd.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
6.15
|
%
|
|
|
|
40,107
|
|
|
—
|
|
|
2,435
|
|
|
31,039
|
|
|
9,151
|
|
|
(82
|
)
|
|
40,108
|
|
|
3.9
|
%
|
|||||||
|
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,437
|
|
|
1,424
|
|
|
(2,667
|
)
|
|
14,194
|
|
|
1.4
|
%
|
||||||||
|
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,755
|
|
|
162
|
|
|
(1,917
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,930.03 Common Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,113
|
|
|
—
|
|
|
(13,113
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan A, 8% PIK due 4/30/2017
|
|
|
|
|
|
—
|
|
|
(5,015
|
)
|
|
571
|
|
|
13,875
|
|
|
1,058
|
|
|
(14,933
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Lien Term Loan B, 8.1% PIK due 4/30/2017
|
|
|
|
|
|
—
|
|
|
(3,970
|
)
|
|
81
|
|
|
3,887
|
|
|
4,189
|
|
|
(8,076
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Lien Revolver, 8% cash due 4/30/2017
|
|
|
|
|
|
—
|
|
|
—
|
|
|
183
|
|
|
1,913
|
|
|
2,185
|
|
|
(4,098
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,100,000 Class A Common Units
|
|
|
|
|
|
—
|
|
|
(4,100
|
)
|
|
—
|
|
|
7,421
|
|
|
4,100
|
|
|
(11,521
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Earn-out
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,851
|
|
|
—
|
|
|
7,851
|
|
|
0.8
|
%
|
||||||||
|
Express Group Holdings LLC
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 9/3/2019
|
|
|
|
|
|
—
|
|
|
(12,072
|
)
|
|
(110
|
)
|
|
1,193
|
|
|
12,073
|
|
|
(13,266
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Lien Revolver, LIBOR+4.5% (1% floor) cash due 3/4/2019
|
|
|
|
|
|
—
|
|
|
(4,664
|
)
|
|
(2
|
)
|
|
6,090
|
|
|
5,211
|
|
|
(11,301
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Last-In Revolver, PRIME+3.5% (3.5% floor) cash due 10/7/2016
|
|
|
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
3,000
|
|
|
—
|
|
|
(3,000
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
14,033,391 Series B Preferred Units
|
|
|
|
|
|
—
|
|
|
(3,982
|
)
|
|
—
|
|
|
—
|
|
|
3,982
|
|
|
(3,982
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
280,668 Series A Preferred Units
|
|
|
|
|
|
—
|
|
|
(1,593
|
)
|
|
—
|
|
|
—
|
|
|
1,593
|
|
|
(1,593
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
1,456,344 Common Stock Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Star Aviation, LLC (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
10,104,401 Common Units
|
|
|
|
|
|
—
|
|
|
(3,767
|
)
|
|
—
|
|
|
2,413
|
|
|
87
|
|
|
(2,500
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Star Bermuda Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
|
|
11,868
|
|
|
—
|
|
|
729
|
|
|
11,851
|
|
|
138
|
|
|
(121
|
)
|
|
11,868
|
|
|
1.2
|
%
|
||||||||
|
4,293,736 Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,729
|
|
|
(455
|
)
|
|
(3,464
|
)
|
|
1,810
|
|
|
0.2
|
%
|
||||||||
|
First Star Speir Aviation Limited (6)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
41,395
|
|
|
—
|
|
|
2,060
|
|
|
54,214
|
|
|
2,068
|
|
|
(16,189
|
)
|
|
40,093
|
|
|
3.9
|
%
|
||||||||
|
2,058,411.64 Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,839
|
|
|
—
|
|
|
(2,839
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Keypath Education, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1.25% floor) cash due 3/22/2018
|
|
8.29
|
%
|
|
|
|
19,960
|
|
|
—
|
|
|
412
|
|
|
—
|
|
|
19,960
|
|
|
—
|
|
|
19,960
|
|
|
2.0
|
%
|
|||||||
|
First Lien Revolver, LIBOR+7% (1.25% floor) cash due 3/22/2018
|
|
|
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,648
|
|
|
—
|
|
|
10,648
|
|
|
1.0
|
%
|
||||||||
|
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,
2016
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at June 30, 2017
|
|
% of Total Net Assets
|
||||||||||||||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
6.15
|
%
|
|
|
|
$
|
4,107
|
|
|
$
|
26
|
|
|
$
|
72
|
|
|
$
|
—
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
4,107
|
|
|
0.4
|
%
|
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021
|
|
6.25
|
%
|
|
|
|
2,504
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
2,504
|
|
|
—
|
|
|
2,504
|
|
|
0.2
|
%
|
|||||||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
6.15
|
%
|
|
|
|
1,009
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
1,009
|
|
|
—
|
|
|
1,009
|
|
|
0.1
|
%
|
|||||||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
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
|
|
6.55
|
%
|
|
|
|
101,030
|
|
|
—
|
|
|
3,465
|
|
|
—
|
|
|
101,030
|
|
|
—
|
|
|
101,030
|
|
|
9.9
|
%
|
|||||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
26,642
|
|
|
—
|
|
|
1,978
|
|
|
—
|
|
|
26,642
|
|
|
—
|
|
|
26,642
|
|
|
2.6
|
%
|
||||||||
|
87.5% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,050
|
|
|
13,708
|
|
|
433
|
|
|
(906
|
)
|
|
13,235
|
|
|
1.3
|
%
|
||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
8.15
|
%
|
|
|
|
36,468
|
|
|
—
|
|
|
3,151
|
|
|
36,328
|
|
|
985
|
|
|
(845
|
)
|
|
36,468
|
|
|
3.6
|
%
|
|||||||
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021
|
|
7.15
|
%
|
|
|
|
750
|
|
|
—
|
|
|
98
|
|
|
2,800
|
|
|
760
|
|
|
(2,810
|
)
|
|
750
|
|
|
0.1
|
%
|
|||||||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
|
|
3,518
|
|
|
—
|
|
|
172
|
|
|
3,518
|
|
|
12
|
|
|
(12
|
)
|
|
3,518
|
|
|
0.3
|
%
|
||||||||
|
746,114 Series A Preferred Units, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,471
|
|
|
20,094
|
|
|
3,201
|
|
|
(161
|
)
|
|
23,134
|
|
|
2.3
|
%
|
||||||||
|
746,114 Common Stock Unit
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,284
|
|
|
—
|
|
|
2,284
|
|
|
0.2
|
%
|
||||||||
|
TransTrade Operators, Inc. (7)
|
|
|
|
Air freight and logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017
|
|
|
|
|
|
15,973
|
|
|
—
|
|
|
8
|
|
|
7,046
|
|
|
644
|
|
|
(2,160
|
)
|
|
5,530
|
|
|
0.5
|
%
|
||||||||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
|
|
7,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,505
|
|
|
(2,505
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Total Control Investments
|
|
|
|
|
|
$
|
312,913
|
|
|
$
|
(58,994
|
)
|
|
$
|
20,860
|
|
|
$
|
388,267
|
|
|
$
|
272,345
|
|
|
$
|
(280,259
|
)
|
|
$
|
380,353
|
|
|
37.3
|
%
|
|
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
Home improvement retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
|
|
|
|
|
|
23,309
|
|
|
—
|
|
|
3,422
|
|
|
24,268
|
|
|
818
|
|
|
(1,806
|
)
|
|
23,280
|
|
|
2.3
|
%
|
||||||||
|
4,668,788 shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,873
|
|
|
349
|
|
|
(271
|
)
|
|
1,951
|
|
|
0.2
|
%
|
||||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
|
|
9,669
|
|
|
—
|
|
|
873
|
|
|
9,549
|
|
|
156
|
|
|
(116
|
)
|
|
9,589
|
|
|
0.9
|
%
|
||||||||
|
1,080,399 shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,079
|
|
|
—
|
|
|
(1,550
|
)
|
|
2,529
|
|
|
0.2
|
%
|
||||||||
|
Total Affiliate Investments
|
|
|
|
|
|
$
|
32,978
|
|
|
$
|
—
|
|
|
$
|
4,295
|
|
|
$
|
39,769
|
|
|
$
|
1,323
|
|
|
$
|
(3,743
|
)
|
|
$
|
37,349
|
|
|
3.7
|
%
|
|
|
Total Control & Affiliate Investments
|
|
|
|
|
|
$
|
345,891
|
|
|
$
|
(58,994
|
)
|
|
$
|
25,155
|
|
|
$
|
428,036
|
|
|
$
|
273,668
|
|
|
$
|
(284,002
|
)
|
|
$
|
417,702
|
|
|
41.0
|
%
|
|
|
(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 year an investment was included in the Control or Affiliate categories.
|
|
(3)
|
Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest (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 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.
|
|
(7)
|
This investment was on cash non-accrual status as of June 30, 2017.
|
|
•
|
our future operating results and distribution projections;
|
|
•
|
the ability of Oaktree Capital Management, L.P., or Oaktree, to find lower-risk investments to reposition our portfolio and to implement Oaktree’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 and additional leverage we may seek to incur in the future;
|
|
•
|
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 Oaktree’s valuation team in conjunction with Oaktree’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 Oaktree and the Audit Committee of our Board of Directors;
|
|
•
|
Oaktree 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 Oaktree, and Oaktree responds and supplements the preliminary valuations to reflect any discussions between Oaktree 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.
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||
|
Cost:
|
|
|
|
|
||
|
Senior secured debt
|
|
74.57
|
%
|
|
74.73
|
%
|
|
Subordinated debt
|
|
11.49
|
|
|
6.42
|
|
|
Debt investments in SLF JV I
|
|
7.72
|
|
|
7.32
|
|
|
LLC equity interests of SLF JV I
|
|
0.96
|
|
|
0.92
|
|
|
Purchased equity
|
|
4.38
|
|
|
6.40
|
|
|
Equity grants
|
|
0.24
|
|
|
2.78
|
|
|
Limited partnership interests
|
|
0.64
|
|
|
1.43
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||
|
Fair value:
|
|
|
|
|
||
|
Senior secured debt
|
|
76.00
|
%
|
|
78.01
|
%
|
|
Subordinated debt
|
|
10.87
|
|
|
6.06
|
|
|
Debt investments in SLF JV I
|
|
8.55
|
|
|
8.35
|
|
|
LLC equity interests of SLF JV I
|
|
0.13
|
|
|
0.36
|
|
|
Purchased equity
|
|
3.40
|
|
|
5.10
|
|
|
Equity grants
|
|
0.42
|
|
|
0.45
|
|
|
Limited partnership interests
|
|
0.63
|
|
|
1.67
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||
|
Cost:
|
|
|
|
|
||
|
Multi-sector holdings (1)
|
|
9.60
|
%
|
|
9.87
|
%
|
|
Healthcare services
|
|
7.15
|
|
|
11.98
|
|
|
Internet software & services
|
|
6.00
|
|
|
15.37
|
|
|
Data processing & outsourced services
|
|
5.95
|
|
|
4.42
|
|
|
Property & casualty insurance
|
|
3.94
|
|
|
—
|
|
|
Environmental & facilities services
|
|
3.68
|
|
|
2.84
|
|
|
Movies & entertainment
|
|
3.65
|
|
|
—
|
|
|
Oil & gas equipment services
|
|
3.39
|
|
|
1.57
|
|
|
Specialized finance
|
|
3.09
|
|
|
0.18
|
|
|
Airlines
|
|
2.97
|
|
|
3.28
|
|
|
Healthcare equipment
|
|
2.91
|
|
|
5.67
|
|
|
Specialty stores
|
|
2.72
|
|
|
3.33
|
|
|
Electrical components & equipment
|
|
2.71
|
|
|
—
|
|
|
Advertising
|
|
2.63
|
|
|
4.82
|
|
|
Integrated telecommunication services
|
|
2.42
|
|
|
1.75
|
|
|
Aerospace & defense
|
|
2.34
|
|
|
—
|
|
|
Auto parts & equipment
|
|
2.29
|
|
|
1.21
|
|
|
Pharmaceuticals
|
|
2.12
|
|
|
3.46
|
|
|
Oil & gas exploration & production
|
|
2.06
|
|
|
—
|
|
|
Research & consulting services
|
|
2.05
|
|
|
2.16
|
|
|
Technology distributors
|
|
2.04
|
|
|
—
|
|
|
Air freight and logistics
|
|
1.93
|
|
|
1.85
|
|
|
Construction & engineering
|
|
1.81
|
|
|
3.86
|
|
|
Housewares & specialties
|
|
1.77
|
|
|
1.70
|
|
|
Diversified support services
|
|
1.50
|
|
|
1.29
|
|
|
Consumer electronics
|
|
1.39
|
|
|
1.32
|
|
|
General merchandise stores
|
|
1.36
|
|
|
—
|
|
|
Oil & gas refining & marketing
|
|
1.35
|
|
|
—
|
|
|
Healthcare distributors
|
|
1.17
|
|
|
—
|
|
|
Personal products
|
|
1.16
|
|
|
—
|
|
|
Apparel, accessories & luxury goods
|
|
1.08
|
|
|
0.29
|
|
|
Education services
|
|
0.98
|
|
|
2.85
|
|
|
Investment banking & brokerage
|
|
0.91
|
|
|
—
|
|
|
Healthcare technology
|
|
0.85
|
|
|
—
|
|
|
Security & alarm services
|
|
0.78
|
|
|
0.75
|
|
|
Industrial machinery
|
|
0.71
|
|
|
0.86
|
|
|
Commodity chemicals
|
|
0.65
|
|
|
—
|
|
|
Broadcasting
|
|
0.59
|
|
|
—
|
|
|
Household products
|
|
0.47
|
|
|
—
|
|
|
Household appliances
|
|
0.47
|
|
|
—
|
|
|
Precious metals & minerals
|
|
0.44
|
|
|
0.42
|
|
|
Trucking
|
|
0.42
|
|
|
0.40
|
|
|
Human resources & employment services
|
|
0.41
|
|
|
—
|
|
|
Commercial printing
|
|
0.35
|
|
|
0.34
|
|
|
Thrift & mortgage finance
|
|
0.34
|
|
|
0.41
|
|
|
Leisure facilities
|
|
0.32
|
|
|
1.76
|
|
|
Restaurants
|
|
0.29
|
|
|
0.28
|
|
|
Application software
|
|
0.29
|
|
|
2.93
|
|
|
Food retail
|
|
0.25
|
|
|
0.24
|
|
|
IT consulting & other services
|
|
0.24
|
|
|
0.23
|
|
|
Other diversified financial services
|
|
0.01
|
|
|
0.69
|
|
|
Distributors
|
|
—
|
|
|
0.85
|
|
|
Casinos & gaming
|
|
—
|
|
|
1.33
|
|
|
Home improvement retail
|
|
—
|
|
|
1.31
|
|
|
Real estate services
|
|
—
|
|
|
0.74
|
|
|
Hypermarkets & super centers
|
|
—
|
|
|
0.68
|
|
|
Computer & electronics retail
|
|
—
|
|
|
0.36
|
|
|
Multi-utilities
|
|
—
|
|
|
0.35
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||
|
Fair value:
|
|
|
|
|
||
|
Multi-sector holdings (1)
|
|
9.69
|
%
|
|
10.67
|
%
|
|
Internet software & services
|
|
6.40
|
|
|
17.20
|
|
|
Data processing & outsourced services
|
|
5.67
|
|
|
4.43
|
|
|
Healthcare services
|
|
4.76
|
|
|
6.09
|
|
|
Property & casualty insurance
|
|
4.42
|
|
|
—
|
|
|
Environmental & facilities services
|
|
4.11
|
|
|
3.29
|
|
|
Movies & entertainment
|
|
4.06
|
|
|
—
|
|
|
Oil & gas equipment services
|
|
4.00
|
|
|
1.84
|
|
|
Airlines
|
|
3.58
|
|
|
3.86
|
|
|
Specialized finance
|
|
3.43
|
|
|
0.21
|
|
|
Electrical components & equipment
|
|
3.08
|
|
|
—
|
|
|
Specialty stores
|
|
2.95
|
|
|
3.69
|
|
|
Aerospace & defense
|
|
2.62
|
|
|
—
|
|
|
Auto parts & equipment
|
|
2.58
|
|
|
1.41
|
|
|
Pharmaceuticals
|
|
2.51
|
|
|
4.07
|
|
|
Research & consulting services
|
|
2.39
|
|
|
2.50
|
|
|
Oil & gas exploration & production
|
|
2.31
|
|
|
—
|
|
|
Integrated telecommunication services
|
|
2.30
|
|
|
2.03
|
|
|
Advertising
|
|
2.27
|
|
|
5.43
|
|
|
Technology distributors
|
|
2.26
|
|
|
—
|
|
|
Construction & engineering
|
|
2.07
|
|
|
3.26
|
|
|
Housewares & specialties
|
|
1.95
|
|
|
1.93
|
|
|
Diversified support services
|
|
1.64
|
|
|
1.46
|
|
|
Consumer electronics
|
|
1.61
|
|
|
1.56
|
|
|
Oil & gas refining & marketing
|
|
1.50
|
|
|
—
|
|
|
General merchandise stores
|
|
1.49
|
|
|
—
|
|
|
Personal products
|
|
1.30
|
|
|
—
|
|
|
Healthcare distributors
|
|
1.27
|
|
|
—
|
|
|
Investment banking & brokerage
|
|
1.01
|
|
|
—
|
|
|
Healthcare technology
|
|
0.96
|
|
|
—
|
|
|
Apparel, accessories & luxury goods
|
|
0.85
|
|
|
0.08
|
|
|
Security & alarm services
|
|
0.85
|
|
|
0.85
|
|
|
Industrial machinery
|
|
0.76
|
|
|
0.97
|
|
|
Commodity chemicals
|
|
0.72
|
|
|
—
|
|
|
Broadcasting
|
|
0.66
|
|
|
—
|
|
|
Healthcare equipment
|
|
0.62
|
|
|
4.73
|
|
|
Leisure facilities
|
|
0.54
|
|
|
2.11
|
|
|
Household appliances
|
|
0.53
|
|
|
—
|
|
|
Household products
|
|
0.52
|
|
|
—
|
|
|
Precious metals & minerals
|
|
0.50
|
|
|
0.48
|
|
|
Application software
|
|
0.47
|
|
|
3.50
|
|
|
Trucking
|
|
0.46
|
|
|
0.46
|
|
|
Human resources & employment services
|
|
0.46
|
|
|
—
|
|
|
Commercial printing
|
|
0.39
|
|
|
0.39
|
|
|
Thrift & mortgage finance
|
|
0.33
|
|
|
0.40
|
|
|
Restaurants
|
|
0.32
|
|
|
0.32
|
|
|
Food retail
|
|
0.28
|
|
|
0.28
|
|
|
Leisure products
|
|
0.26
|
|
|
0.38
|
|
|
IT consulting & other services
|
|
0.25
|
|
|
0.25
|
|
|
Education services
|
|
0.04
|
|
|
2.48
|
|
|
Air freight and logistics
|
|
—
|
|
|
0.12
|
|
|
Home improvement retail
|
|
—
|
|
|
1.61
|
|
|
Casinos & gaming
|
|
—
|
|
|
1.52
|
|
|
Distributors
|
|
—
|
|
|
0.96
|
|
|
Real estate services
|
|
—
|
|
|
0.84
|
|
|
Other diversified financial services
|
|
—
|
|
|
0.76
|
|
|
Hypermarkets & super centers
|
|
—
|
|
|
0.75
|
|
|
Computer & electronics retail
|
|
—
|
|
|
0.42
|
|
|
Multi-utilities
|
|
—
|
|
|
0.41
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
(1)
|
This industry includes our investment in SLF JV I.
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
||||||||||||
|
Accrual
|
|
$
|
1,371,573
|
|
|
86.86
|
%
|
|
$
|
1,383,615
|
|
|
95.37
|
%
|
|
$
|
1,344,535
|
|
|
86.46
|
%
|
|
$
|
1,357,794
|
|
|
95.29
|
%
|
|
PIK non-accrual (1)
|
|
12,661
|
|
|
0.80
|
|
|
—
|
|
|
—
|
|
|
10,227
|
|
|
0.66
|
|
|
379
|
|
|
0.03
|
|
||||
|
Cash non-accrual (2)
|
|
194,840
|
|
|
12.34
|
|
|
67,131
|
|
|
4.63
|
|
|
200,210
|
|
|
12.88
|
|
|
66,636
|
|
|
4.68
|
|
||||
|
Total
|
|
$
|
1,579,074
|
|
|
100.00
|
%
|
|
$
|
1,450,746
|
|
|
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.
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
|
Senior secured loans (1)
|
|
$333,447
|
|
$245,063
|
|
Weighted average interest rate on senior secured loans (2)
|
|
6.92%
|
|
7.70%
|
|
Number of borrowers in SLF JV I
|
|
44
|
|
32
|
|
Largest exposure to a single borrower (1)
|
|
$17,758
|
|
$18,374
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$69,929
|
|
$82,728
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Accudyne Industries, LLC
|
|
Industrial machinery
|
|
First Lien
|
|
8/18/2024
|
|
LIBOR+3.25% (1% floor)
|
|
5.34
|
%
|
|
$
|
9,550
|
|
|
$
|
9,550
|
|
|
$
|
9,542
|
|
|
AdVenture Interactive, Corp. (3)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
1,390
|
|
|
670
|
|
|||||
|
AI Ladder Luxembourg Subco Sarl (3)
|
|
Electrical components & equipment
|
|
First Lien B
|
|
5/4/2025
|
|
LIBOR+4.5%
|
|
6.82
|
%
|
|
11,300
|
|
|
10,961
|
|
|
11,281
|
|
|||
|
Air Newco LP
|
|
IT consulting & other services
|
|
First Lien B
|
|
5/31/2024
|
|
LIBOR+4.75%
|
|
6.78
|
%
|
|
10,000
|
|
|
9,975
|
|
|
10,075
|
|
|||
|
AL Midcoast Holdings LLC
|
|
Oil & gas storage & transportation
|
|
First Lien B
|
|
6/28/2025
|
|
LIBOR+5.5%
|
|
7.84
|
%
|
|
10,000
|
|
|
9,900
|
|
|
10,000
|
|
|||
|
Allied Universal Holdco LLC (3)
|
|
Security & alarm services
|
|
First Lien
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
5.84
|
%
|
|
6,929
|
|
|
6,977
|
|
|
6,839
|
|
|||
|
Alvogen Pharma US, Inc.
|
|
Pharmaceuticals
|
|
First Lien B
|
|
4/1/2022
|
|
LIBOR+4.75% (1% floor)
|
|
6.84
|
%
|
|
10,000
|
|
|
10,000
|
|
|
10,037
|
|
|||
|
Asset International, Inc.
|
|
Research & Consulting Services
|
|
First Lien
|
|
12/29/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.83
|
%
|
|
6,965
|
|
|
6,836
|
|
|
6,934
|
|
|||
|
Blackhawk Network Holdings, Inc.
|
|
Data processing & outsourced services
|
|
First Lien
|
|
5/22/2025
|
|
LIBOR+3%
|
|
5.07
|
%
|
|
10,000
|
|
|
9,975
|
|
|
9,985
|
|
|||
|
Brazos Delaware II, LLC
|
|
Oil & gas equipment & services
|
|
First Lien B
|
|
5/21/2025
|
|
LIBOR+4%
|
|
6.09
|
%
|
|
7,500
|
|
|
7,463
|
|
|
7,519
|
|
|||
|
BJ's Wholesale Club, Inc.
|
|
Hypermarkets & super centers
|
|
First Lien
|
|
1/26/2024
|
|
LIBOR+3.5% (1% floor)
|
|
5.53
|
%
|
|
4,909
|
|
|
4,914
|
|
|
4,914
|
|
|||
|
Chloe Ox Parent LLC
|
|
Healthcare services
|
|
First Lien
|
|
12/14/2024
|
|
LIBOR+5% (1% floor)
|
|
6.83
|
%
|
|
9,975
|
|
|
9,881
|
|
|
10,000
|
|
|||
|
Clearent Newco, LLC
|
|
Application software
|
|
First Lien
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.32
|
%
|
|
6,912
|
|
|
6,813
|
|
|
6,813
|
|
|||
|
|
|
|
|
Delayed Draw
|
|
3/20/2024
|
|
PRIME+4% (1% floor)
|
|
8.25
|
%
|
|
—
|
|
|
(29
|
)
|
|
(28
|
)
|
|||
|
|
|
|
|
First Lien Revolver
|
|
3/20/2023
|
|
PRIME+4% (1% floor)
|
|
7.75
|
%
|
|
559
|
|
|
545
|
|
|
544
|
|
|||
|
Total Clearent Newco, LLC
|
|
|
|
|
|
|
|
|
|
|
|
7,471
|
|
|
7,329
|
|
|
7,329
|
|
||||
|
Compuware Corporation
|
|
Internet software & services
|
|
First Lien B3
|
|
12/15/2021
|
|
LIBOR+3.5% (1% floor)
|
|
5.59
|
%
|
|
10,692
|
|
|
10,602
|
|
|
10,729
|
|
|||
|
DFT Intermediate LLC
|
|
Specialized finance
|
|
First Lien
|
|
3/1/2023
|
|
LIBOR+5.5% (1% floor)
|
|
7.83
|
%
|
|
10,616
|
|
|
10,404
|
|
|
10,616
|
|
|||
|
Dodge Data & Analytics LLC (3)
|
|
Data processing & outsourced services
|
|
First Lien
|
|
10/31/2019
|
|
LIBOR+8.75% (1% floor)
|
|
11.06
|
%
|
|
8,919
|
|
|
8,939
|
|
|
8,872
|
|
|||
|
DTZ U.S. Borrower, LLC
|
|
Real estate services
|
|
First Lien
|
|
11/4/2021
|
|
LIBOR+3.25% (1% floor)
|
|
5.61
|
%
|
|
6,911
|
|
|
6,938
|
|
|
6,912
|
|
|||
|
EOS Fitness Opco Holdings, LLC (3)
|
|
Leisure facilities
|
|
First Lien
|
|
12/30/2019
|
|
LIBOR+8.25% (0.75% floor)
|
|
10.24
|
%
|
|
17,758
|
|
|
17,625
|
|
|
17,936
|
|
|||
|
Eton (3)
|
|
Research & consulting services
|
|
Second Lien
|
|
3/16/2026
|
|
LIBOR+7.50%
|
|
9.48
|
%
|
|
6,000
|
|
|
5,970
|
|
|
6,037
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien
|
|
5/9/2024
|
|
LIBOR+3.5% (1% floor)
|
|
5.09
|
%
|
|
4,950
|
|
|
4,927
|
|
|
4,955
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien
|
|
12/13/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.92
|
%
|
|
4,528
|
|
|
4,497
|
|
|
4,531
|
|
|||
|
Garretson Resolution Group, Inc. (5)
|
|
Diversified support services
|
|
First Lien
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
|
|
|
5,797
|
|
|
5,772
|
|
|
5,096
|
|
|||
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien
|
|
12/18/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.83
|
%
|
|
7,960
|
|
|
7,886
|
|
|
8,030
|
|
|||
|
IBC Capital Ltd.
|
|
Metal & glass containers
|
|
First Lien B
|
|
9/11/2023
|
|
LIBOR+3.75%
|
|
6.08
|
%
|
|
8,977
|
|
|
8,955
|
|
|
8,996
|
|
|||
|
InMotion Entertainment Group, LLC (3)
|
|
Consumer electronics
|
|
First Lien A
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.59
|
%
|
|
8,500
|
|
|
8,516
|
|
|
8,500
|
|
|||
|
|
|
|
|
First Lien B
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.59
|
%
|
|
8,500
|
|
|
8,424
|
|
|
8,500
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
17,000
|
|
|
16,940
|
|
|
17,000
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(4)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (2)
|
|||||||
|
Keypath Education, Inc. (3)
|
|
Advertising
|
|
First Lien
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor)
|
|
9.33
|
%
|
|
$
|
2,040
|
|
|
$
|
2,039
|
|
|
$
|
2,040
|
|
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,088
|
|
|
815
|
|
|||||
|
Total Keypath Education, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,040
|
|
|
3,127
|
|
|
2,855
|
|
||||
|
McDermott Technology Americas Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien B
|
|
4/3/2025
|
|
LIBOR+5% (1% floor)
|
|
7.09
|
%
|
|
9,975
|
|
|
9,777
|
|
|
10,038
|
|
|||
|
Morphe LLC (3)
|
|
Personal products
|
|
First Lien
|
|
2/10/2023
|
|
LIBOR+6% (1% floor)
|
|
8.33
|
%
|
|
4,444
|
|
|
4,402
|
|
|
4,444
|
|
|||
|
NAVEX Global, Inc.
|
|
Internet software & services
|
|
First Lien
|
|
11/19/2021
|
|
LIBOR+4.25% (1% floor)
|
|
6.34
|
%
|
|
5,913
|
|
|
5,888
|
|
|
5,939
|
|
|||
|
New IPT, Inc. (3)
|
|
Oil & gas equipment & services
|
|
First Lien
|
|
3/17/2021
|
|
LIBOR+5% (1% floor)
|
|
7.33
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor)
|
|
7.43
|
%
|
|
766
|
|
|
765
|
|
|
765
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,560
|
|
|
2,559
|
|
|
3,560
|
|
||||
|
Northern Star Industries Inc.
|
|
Electrical components & equipment
|
|
First Lien
|
|
3/31/2025
|
|
LIBOR+4.75% (1% floor)
|
|
7.08
|
%
|
|
6,982
|
|
|
6,949
|
|
|
6,991
|
|
|||
|
Novetta Solutions, LLC
|
|
Internet software & services
|
|
First Lien
|
|
9/30/2022
|
|
LIBOR+5% (1% floor)
|
|
7.10
|
%
|
|
6,071
|
|
|
6,025
|
|
|
5,904
|
|
|||
|
OCI Beaumont LLC
|
|
Commodity chemicals
|
|
First Lien
|
|
2/16/2025
|
|
LIBOR+4.25% (1% floor)
|
|
6.33
|
%
|
|
7,980
|
|
|
7,970
|
|
|
8,059
|
|
|||
|
Refac Optical Group (3)
|
|
Specialty stores
|
|
First Lien A
|
|
9/30/2018
|
|
LIBOR+8%
|
|
10.10
|
%
|
|
3,086
|
|
|
3,081
|
|
|
3,086
|
|
|||
|
Salient CRGT, Inc. (3)
|
|
IT consulting & other services
|
|
First Lien
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor)
|
|
7.84
|
%
|
|
2,330
|
|
|
2,295
|
|
|
2,365
|
|
|||
|
Scientific Games International, Inc.
|
|
Casinos & gaming
|
|
First Lien B-5
|
|
8/14/2024
|
|
LIBOR+2.75% (1% floor)
|
|
4.84
|
%
|
|
6,598
|
|
|
6,567
|
|
|
6,563
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien
|
|
11/18/2022
|
|
LIBOR+5% (1% floor)
|
|
7.36
|
%
|
|
8,529
|
|
|
8,505
|
|
|
7,804
|
|
|||
|
TravelCLICK, Inc. (3)
|
|
Internet software & services
|
|
Second Lien
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor)
|
|
9.84
|
%
|
|
2,871
|
|
|
2,871
|
|
|
2,873
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor)
|
|
7.08
|
%
|
|
2,024
|
|
|
2,015
|
|
|
2,029
|
|
|||
|
Uber Technologies Inc.
|
|
Application software
|
|
First Lien
|
|
4/4/2025
|
|
LIBOR+4% (1% floor)
|
|
6.00
|
%
|
|
10,000
|
|
|
9,951
|
|
|
10,048
|
|
|||
|
Uniti Group LP
|
|
Specialized REITs
|
|
First Lien B
|
|
10/24/2022
|
|
LIBOR+3% (1% floor)
|
|
5.09
|
%
|
|
6,484
|
|
|
6,231
|
|
|
6,207
|
|
|||
|
Valet Merger Sub, Inc. (3)
|
|
Environmental & facilities services
|
|
First Lien
|
|
9/24/2021
|
|
LIBOR+6.25% (1% floor)
|
|
8.34
|
%
|
|
12,899
|
|
|
12,789
|
|
|
12,899
|
|
|||
|
Veritas US Inc.
|
|
Internet software & services
|
|
First Lien
|
|
1/27/2023
|
|
LIBOR+4.5% (1% floor)
|
|
6.71
|
%
|
|
6,982
|
|
|
6,929
|
|
|
6,416
|
|
|||
|
Verra Mobility, Corp.
|
|
Data processing & outsourced services
|
|
First Lien B
|
|
2/28/2025
|
|
LIBOR+3.75% (1% floor)
|
|
5.84
|
%
|
|
10,972
|
|
|
10,990
|
|
|
11,050
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
333,447
|
|
|
$
|
333,527
|
|
|
$
|
333,965
|
|
|
|
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
|
|
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost June 30, 2018: $333,527; cost September 30, 2017: $251,648)
|
|
$
|
333,965
|
|
|
$
|
235,526
|
|
|
Receivables from secured financing arrangements at fair value (cost June 30, 2018: $9,801; cost September 30, 2017: $9,783)
|
|
7,033
|
|
|
8,305
|
|
||
|
Cash and cash equivalents
|
|
4,482
|
|
|
24,389
|
|
||
|
Restricted cash
|
|
4,519
|
|
|
5,097
|
|
||
|
Other assets
|
|
7,221
|
|
|
3,485
|
|
||
|
Total assets
|
|
$
|
357,220
|
|
|
$
|
276,802
|
|
|
|
|
|
|
|
||||
|
Senior credit facilities payable
|
|
$
|
164,610
|
|
|
$
|
113,053
|
|
|
Debt securities payable at fair value (proceeds June 30, 2018: $148,543; proceeds September 30, 2017: $147,052)
|
|
148,543
|
|
|
147,052
|
|
||
|
Other liabilities
|
|
41,858
|
|
|
10,383
|
|
||
|
Total liabilities
|
|
355,011
|
|
|
270,488
|
|
||
|
Members' equity
|
|
2,209
|
|
|
6,314
|
|
||
|
Total liabilities and members' equity
|
|
$
|
357,220
|
|
|
$
|
276,802
|
|
|
|
|
Three months ended June 30, 2018
|
|
Three months ended June 30, 2017
|
|
Nine months ended June 30, 2018
|
|
Nine months ended June 30, 2017
|
||||||||
|
Selected Statements of Operations Information:
|
|
|
|
|
|
|
|
|
||||||||
|
Interest income
|
|
$
|
4,888
|
|
|
$
|
5,489
|
|
|
$
|
14,545
|
|
|
$
|
17,945
|
|
|
Other income
|
|
10
|
|
|
61
|
|
|
59
|
|
|
389
|
|
||||
|
Total investment income
|
|
4,898
|
|
|
5,550
|
|
|
14,604
|
|
|
18,334
|
|
||||
|
Interest expense
|
|
5,334
|
|
|
5,348
|
|
|
15,394
|
|
|
16,720
|
|
||||
|
Other expenses
|
|
135
|
|
|
84
|
|
|
407
|
|
|
579
|
|
||||
|
Total expenses (1)
|
|
5,469
|
|
|
5,432
|
|
|
15,801
|
|
|
17,299
|
|
||||
|
Net unrealized appreciation (depreciation)
|
|
14,277
|
|
|
(769
|
)
|
|
15,270
|
|
|
(13,816
|
)
|
||||
|
Net realized gain (loss)
|
|
(16,363
|
)
|
|
16
|
|
|
(16,384
|
)
|
|
13,350
|
|
||||
|
Net income
|
|
$
|
(2,657
|
)
|
|
$
|
(635
|
)
|
|
$
|
(2,311
|
)
|
|
$
|
569
|
|
|
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
|
|
|
February 5, 2018
|
|
March 15, 2018
|
|
March 30, 2018
|
|
0.085
|
|
|
11.5 million
|
|
122,884
|
|
|
0.5 million
|
|
|
May 3, 2018
|
|
June 15, 2018
|
|
June 29, 2018
|
|
0.095
|
|
|
13.0 million
|
|
87,283
|
|
|
0.4 million
|
|
|
(1)
|
Shares were purchased on the open market and distributed.
|
|
Financial Covenant
|
|
Description
|
|
Target Value
|
|
March 31, 2018 Reported Value (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
|
|
$700 million
|
|
$827 million
|
|
Asset coverage ratio
|
|
Asset coverage ratio shall not be less than 2.00:1
|
|
2.00:1
|
|
2.42:1
|
|
Interest coverage ratio
|
|
Interest coverage ratio shall not be less than 2.00:1
|
|
2.00:1
|
|
2.45:1
|
|
Minimum net worth
|
|
Net worth shall not be less than $650 million
|
|
$650 million
|
|
$824 million
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||
|
TerSera Therapeutics, LLC
|
|
$
|
12,187
|
|
|
$
|
—
|
|
|
P2 Upstream Acquisition Co.
|
|
10,000
|
|
|
10,000
|
|
||
|
InMotion Entertainment Group, LLC
|
|
6,534
|
|
|
7,544
|
|
||
|
Valet Merger Sub, Inc.
|
|
5,969
|
|
|
9,326
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Pingora MSR Opportunity Fund I, LP (limited partnership interest)
|
|
4,210
|
|
|
2,760
|
|
||
|
Dominion Diagnostics, LLC
|
|
4,180
|
|
|
4,180
|
|
||
|
Keypath Education, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Datto Inc
|
|
2,356
|
|
|
—
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
2,229
|
|
||
|
Senior Loan Fund JV 1, LLC
|
|
1,328
|
|
|
1,328
|
|
||
|
TransTrade Operators, Inc. (1)(2)(3)
|
|
1,052
|
|
|
1,052
|
|
||
|
Access CIG LLC
|
|
765
|
|
|
—
|
|
||
|
Ministry Brands, LLC
|
|
700
|
|
|
1,708
|
|
||
|
GKD Index Partners LLC
|
|
578
|
|
|
—
|
|
||
|
Refac Optical Group (3)
|
|
480
|
|
|
2,080
|
|
||
|
Sterling Capital Partners IV, L.P. (limited partnership interest)
|
|
359
|
|
|
490
|
|
||
|
Cenegenics, LLC (1)(2)
|
|
297
|
|
|
297
|
|
||
|
ACON Equity Partners III, LP (limited partnership interest)
|
|
219
|
|
|
239
|
|
||
|
Lift Brands Holdings, Inc.
|
|
—
|
|
|
15,000
|
|
||
|
Edge Fitness, LLC
|
|
—
|
|
|
8,353
|
|
||
|
Impact Sales, LLC
|
|
—
|
|
|
3,234
|
|
||
|
WeddingWire, Inc.
|
|
—
|
|
|
3,000
|
|
||
|
Motion Recruitment Partners LLC
|
|
—
|
|
|
2,900
|
|
||
|
Traffic Solutions Holdings, Inc.
|
|
—
|
|
|
2,998
|
|
||
|
OmniSYS Acquisition Corporation
|
|
—
|
|
|
2,500
|
|
||
|
SPC Partners VI, L.P. (limited partnership interest)
|
|
—
|
|
|
2,000
|
|
||
|
Metamorph US 3, LLC (2)(4)
|
|
—
|
|
|
1,470
|
|
||
|
Riverside Fund V, LP (limited partnership interest)
|
|
—
|
|
|
539
|
|
||
|
Webster Capital III, L.P. (limited partnership)
|
|
—
|
|
|
736
|
|
||
|
Tailwind Capital Partners II, L.P. (limited partnership interest)
|
|
—
|
|
|
391
|
|
||
|
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest)
|
|
—
|
|
|
472
|
|
||
|
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest)
|
|
—
|
|
|
365
|
|
||
|
Riverside Fund IV, LP (limited partnership interest)
|
|
—
|
|
|
254
|
|
||
|
Bunker Hill Capital II (QP), LP (limited partnership interest)
|
|
—
|
|
|
183
|
|
||
|
SPC Partners V, L.P. (limited partnership interest)
|
|
—
|
|
|
159
|
|
||
|
Riverlake Equity Partners II, LP (limited partnership interest)
|
|
—
|
|
|
129
|
|
||
|
Milestone Partners IV, LP (limited partnership interest)
|
|
—
|
|
|
180
|
|
||
|
BeyondTrust Software, Inc.
|
|
—
|
|
|
5,995
|
|
||
|
Systems, Inc.
|
|
—
|
|
|
3,030
|
|
||
|
Thing5, LLC (1)
|
|
—
|
|
|
3,000
|
|
||
|
Edmentum, Inc. (1)(2)
|
|
—
|
|
|
2,664
|
|
||
|
Ping Identity Corporation
|
|
—
|
|
|
2,500
|
|
||
|
Sailpoint Technologies, Inc.
|
|
—
|
|
|
1,500
|
|
||
|
Garretson Firm Resolution Group, Inc. (1)
|
|
—
|
|
|
508
|
|
||
|
RCP Direct II, LP (limited partnership interest)
|
|
—
|
|
|
364
|
|
||
|
RCP Direct, LP (limited partnership interest)
|
|
—
|
|
|
184
|
|
||
|
Total
|
|
$
|
63,675
|
|
|
$
|
118,073
|
|
|
|
|
Debt Outstanding
as of September 30, 2017 |
|
Debt Outstanding
as of June 30, 2018
|
|
Weighted average debt
outstanding for the
nine months ended
June 30, 2018
|
|
Maximum debt
outstanding
for the nine months ended
June 30, 2018
|
||||||||
|
ING Facility (1)
|
|
$
|
226,495
|
|
|
$
|
211,000
|
|
|
$
|
170,891
|
|
|
$
|
226,495
|
|
|
Sumitomo Facility
|
|
29,500
|
|
|
—
|
|
|
5,943
|
|
|
29,500
|
|
||||
|
2019 Notes
|
|
250,000
|
|
|
228,825
|
|
|
239,529
|
|
|
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
|
|
|
12,623
|
|
|
13,308
|
|
|
13,489
|
|
||||
|
Total debt
|
|
$
|
680,734
|
|
|
$
|
613,698
|
|
|
$
|
590,921
|
|
|
|
||
|
|
|
Payments due by period as of June 30, 2018
|
||||||||||||||||||
|
Contractual Obligations
|
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
|
ING Facility
|
|
$
|
211,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
211,000
|
|
|
$
|
—
|
|
|
Interest due on ING Facility
|
|
33,367
|
|
|
9,759
|
|
|
19,518
|
|
|
4,090
|
|
|
—
|
|
|||||
|
Secured borrowings
|
|
12,623
|
|
|
—
|
|
|
12,623
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on secured borrowings
|
|
1,957
|
|
|
857
|
|
|
1,100
|
|
|
—
|
|
|
—
|
|
|||||
|
2019 Notes
|
|
228,825
|
|
|
228,825
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on 2019 Notes
|
|
7,457
|
|
|
7,457
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
2024 Notes
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|||||
|
Interest due on 2024 Notes
|
|
27,934
|
|
|
4,406
|
|
|
8,813
|
|
|
8,813
|
|
|
5,902
|
|
|||||
|
2028 Notes
|
|
86,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,250
|
|
|||||
|
Interest due on 2028 Notes
|
|
51,989
|
|
|
5,283
|
|
|
10,566
|
|
|
10,566
|
|
|
25,574
|
|
|||||
|
Total
|
|
$
|
736,402
|
|
|
$
|
256,587
|
|
|
$
|
52,620
|
|
|
$
|
234,469
|
|
|
$
|
192,726
|
|
|
Year Ended
|
|
Qualified Net Interest Income
|
Qualified Short-Term Capital Gains
|
||
|
September 30, 2017
|
|
83.4
|
%
|
—
|
|
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||
|
($ in thousands)
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
|
Under 1%
|
|
$
|
210,937
|
|
|
17.53
|
%
|
|
$
|
201,365
|
|
|
16.91
|
%
|
|
1% to under 2%
|
|
992,329
|
|
|
82.47
|
|
|
989,575
|
|
|
83.09
|
|
||
|
2% to under 3%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
3% and over
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
1,203,266
|
|
|
100.00
|
%
|
|
$
|
1,190,940
|
|
|
100.00
|
%
|
|
($ in thousands)
|
|
|
|
|
|
|
||||||
|
Basis point increase
|
|
Interest
income
|
|
Interest
expense
|
|
Net increase
(decrease)
|
||||||
|
300
|
|
$
|
34,322
|
|
|
$
|
(6,300
|
)
|
|
$
|
28,022
|
|
|
200
|
|
22,886
|
|
|
(4,200
|
)
|
|
18,686
|
|
|||
|
100
|
|
11,450
|
|
|
(2,100
|
)
|
|
9,350
|
|
|||
|
Basis point decrease
|
|
Interest Income
|
|
Interest Expense
|
|
Net increase (decrease)
|
||||||
|
100
|
|
$
|
(11,422
|
)
|
|
$
|
2,100
|
|
|
$
|
(9,322
|
)
|
|
200
|
|
(15,360
|
)
|
|
4,200
|
|
|
(11,160
|
)
|
|||
|
|
|
June 30, 2018
|
|
September 30, 2017
|
||||||||||||
|
($ in thousands)
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
|
Interest Bearing
Cash and Investments |
|
Borrowings
|
||||||||
|
Money market rate
|
|
$
|
43,097
|
|
|
$
|
—
|
|
|
$
|
59,913
|
|
|
$
|
—
|
|
|
Prime rate
|
|
1,011
|
|
|
—
|
|
|
1,061
|
|
|
—
|
|
||||
|
LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
609,802
|
|
|
211,000
|
|
|
42,165
|
|
|
255,993
|
|
||||
|
60 day
|
|
9,102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
90 day
|
|
676,030
|
|
|
12,623
|
|
|
1,254,246
|
|
|
13,491
|
|
||||
|
Fixed rate
|
|
329,872
|
|
|
390,075
|
|
|
290,427
|
|
|
411,250
|
|
||||
|
Total
|
|
$
|
1,668,914
|
|
|
$
|
613,698
|
|
|
$
|
1,647,812
|
|
|
$
|
680,734
|
|
|
|
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 |
|---|