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Price
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
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OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
(State or jurisdiction of
incorporation or organization) |
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26-1219283
(I.R.S. Employer
Identification No.) |
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333 South Grand Avenue, 28th Floor
Los Angeles, CA
(Address of principal executive office)
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90071
(Zip Code)
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Large accelerated filer
¨
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Accelerated filer
þ
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Non-accelerated filer
¨
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Smaller reporting company
¨
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Emerging growth company
¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
¨
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Item 3.
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Item 4.
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Item 5.
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Item 1.
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Consolidated Financial Statements.
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December 31, 2018
(unaudited)
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September 30, 2018
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ASSETS
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Investments at fair value:
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Control investments (cost December 31, 2018: $212,583; cost September 30, 2018: $213,470)
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$
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190,167
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$
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196,874
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Affiliate investments (cost December 31, 2018: $2,659; cost September 30, 2018: $1,080)
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3,740
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2,161
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Non-control/Non-affiliate investments (cost December 31, 2018: $1,372,068; cost September 30, 2018: $1,392,383)
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1,270,978
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1,292,166
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Total investments at fair value (cost December 31, 2018: $1,587,310; cost September 30, 2018: $1,606,933)
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1,464,885
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1,491,201
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Cash and cash equivalents
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56,186
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13,380
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Restricted cash
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470
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109
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Interest, dividends and fees receivable
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9,981
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10,272
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Due from portfolio companies
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2,122
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1,357
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Receivables from unsettled transactions
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—
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26,760
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Deferred financing costs
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4,798
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5,209
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Derivative asset at fair value
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—
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162
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Other assets
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3,082
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3,008
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Total assets
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$
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1,541,524
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$
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1,551,458
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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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2,362
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$
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3,581
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Base management fee and incentive fee payable
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8,370
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8,223
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Due to affiliate
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3,553
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3,274
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Interest payable
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6,233
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3,365
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Payable to syndication partners
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379
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109
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Director fees payable
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68
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—
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Payables from unsettled transactions
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40,309
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37,236
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Derivative liability at fair value
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190
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—
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Deferred tax liability
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557
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422
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Credit facility payable
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211,000
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241,000
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Unsecured notes payable (net of $3,196 and $3,483 of unamortized financing costs as of December 31, 2018 and September 30, 2018, respectively)
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386,839
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386,485
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Secured borrowings at fair value (proceeds December 31, 2018: $11,869; proceeds September 30, 2018: $12,314)
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9,302
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9,728
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Total liabilities
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669,162
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693,423
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Commitments and contingencies (Note 16)
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Net assets:
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Common stock, $0.01 par value per share, 250,000 shares authorized; 140,961 shares issued and outstanding as of December 31, 2018 and September 30, 2018
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1,409
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1,409
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Additional paid-in-capital
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1,492,739
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1,492,739
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Accumulated overdistributed earnings
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(621,786
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)
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(636,113
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Total net assets (equivalent to $6.19 and $6.09 per common share as of December 31, 2018 and September 30, 2018, respectively) (Note 12)
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872,362
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858,035
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Total liabilities and net assets
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$
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1,541,524
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$
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1,551,458
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Three months ended
December 31, 2018 |
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Three months ended
December 31, 2017 |
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Interest income:
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Control investments
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$
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3,339
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$
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3,203
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Affiliate investments
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13
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949
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Non-control/Non-affiliate investments
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32,167
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25,565
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Interest on cash and cash equivalents
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270
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221
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Total interest income
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35,789
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29,938
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PIK interest income:
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Control investments
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67
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1,191
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Affiliate investments
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—
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176
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Non-control/Non-affiliate investments
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765
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500
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Total PIK interest income
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832
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1,867
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Fee income:
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Control investments
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6
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120
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Affiliate investments
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4
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4
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Non-control/Non-affiliate investments
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1,192
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907
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Total fee income
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1,202
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1,031
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Dividend and other income:
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Control investments
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453
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1,040
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Total dividend and other income
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453
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1,040
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Total investment income
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38,276
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33,876
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Expenses:
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Base management fee
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5,568
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5,590
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Part I incentive fee
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3,728
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830
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Part II incentive fee
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1,820
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—
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Professional fees
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966
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2,898
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Directors fees
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143
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176
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Interest expense
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8,904
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9,584
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Administrator expense
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763
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494
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General and administrative expenses
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631
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1,116
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Total expenses
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22,523
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20,688
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Fees waived
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(1,564
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)
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(134
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)
|
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Net expenses
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20,959
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20,554
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Net investment income
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17,317
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13,322
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Unrealized appreciation (depreciation):
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||||
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Control investments
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(5,820
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)
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(1,326
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)
|
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Affiliate investments
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—
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(168
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)
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Non-control/Non-affiliate investments
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(784
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)
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(43,633
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)
|
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Secured borrowings
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(19
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1,655
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Foreign currency forward contracts
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(352
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)
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—
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Net unrealized appreciation (depreciation)
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(6,975
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)
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(43,472
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)
|
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Realized gains (losses):
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|
||||
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Non-control/Non-affiliate investments
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16,761
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(291
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)
|
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Foreign currency forward contracts
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1,201
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|
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—
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Net realized gains (losses)
|
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17,962
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(291
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)
|
||
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Provision for income taxes
|
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(586
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)
|
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—
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|
||
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Net realized and unrealized gains (losses), net of taxes
|
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10,401
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|
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(43,763
|
)
|
||
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Net increase (decrease) in net assets resulting from operations
|
|
$
|
27,718
|
|
|
$
|
(30,441
|
)
|
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Net investment income per common share — basic and diluted
|
|
$
|
0.12
|
|
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$
|
0.09
|
|
|
Earnings (loss) per common share — basic and diluted (Note 5)
|
|
$
|
0.20
|
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$
|
(0.22
|
)
|
|
Weighted average common shares outstanding — basic and diluted
|
|
140,961
|
|
|
140,961
|
|
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|
|
Three months ended
December 31, 2018 |
|
Three months ended
December 31, 2017 |
||||
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Operations:
|
|
|
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|
||||
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Net investment income
|
|
$
|
17,317
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|
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$
|
13,322
|
|
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Net unrealized appreciation (depreciation)
|
|
(6,975
|
)
|
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(43,472
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)
|
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Net realized gains (losses)
|
|
17,962
|
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(291
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)
|
||
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Provision for income taxes
|
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(586
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)
|
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—
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Net increase (decrease) in net assets resulting from operations
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27,718
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(30,441
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)
|
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Stockholder transactions:
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Distributions to stockholders
|
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(13,391
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)
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(17,621
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)
|
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Net decrease in net assets from stockholder transactions
|
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(13,391
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)
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(17,621
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)
|
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Capital share transactions:
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Issuance of common stock under dividend reinvestment plan
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384
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294
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Repurchases of common stock under dividend reinvestment program
|
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(384
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)
|
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(294
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)
|
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Net increase (decrease) in net assets from capital share transactions
|
|
—
|
|
|
—
|
|
||
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Total increase (decrease) in net assets
|
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14,327
|
|
|
(48,062
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)
|
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Net assets at beginning of period
|
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858,035
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|
|
867,657
|
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Net assets at end of period
|
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$
|
872,362
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|
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$
|
819,595
|
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Net asset value per common share
|
|
$
|
6.19
|
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$
|
5.81
|
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Common shares outstanding at end of period
|
|
140,961
|
|
|
140,961
|
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|
|
Three months ended
December 31, 2018 |
|
Three months ended
December 31, 2017 |
||||
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Operating activities:
|
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|
|
||||
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Net increase (decrease) in net assets resulting from operations
|
|
$
|
27,718
|
|
|
$
|
(30,441
|
)
|
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Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
|
|
|
|
|
||||
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Net change in unrealized (appreciation) depreciation
|
|
6,975
|
|
|
43,472
|
|
||
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Net realized (gains) losses
|
|
(17,962
|
)
|
|
291
|
|
||
|
PIK interest income, net of PIK interest income collected
|
|
(832
|
)
|
|
(764
|
)
|
||
|
Accretion of original issue discount on investments
|
|
(7,518
|
)
|
|
(2,997
|
)
|
||
|
Accretion of original issue discount on unsecured notes payable
|
|
66
|
|
|
66
|
|
||
|
Amortization of deferred financing costs
|
|
699
|
|
|
1,341
|
|
||
|
Deferred taxes
|
|
135
|
|
|
—
|
|
||
|
Purchases of investments and net revolver activity
|
|
(162,422
|
)
|
|
(200,166
|
)
|
||
|
Principal payments received on investments (scheduled payments)
|
|
5,701
|
|
|
14,149
|
|
||
|
Principal payments received on investments (payoffs)
|
|
98,842
|
|
|
196,415
|
|
||
|
Proceeds from the sale of investments
|
|
103,783
|
|
|
74,296
|
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
|
||||
|
(Increase) decrease in interest, dividends and fees receivable
|
|
291
|
|
|
(2,190
|
)
|
||
|
(Increase) decrease in due from portfolio companies
|
|
(765
|
)
|
|
302
|
|
||
|
(Increase) decrease in receivables from unsettled transactions
|
|
26,760
|
|
|
(8,869
|
)
|
||
|
(Increase) decrease in other assets
|
|
(74
|
)
|
|
(2,746
|
)
|
||
|
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
|
(1,219
|
)
|
|
1,073
|
|
||
|
Increase (decrease) in base management fee and incentive fee payable
|
|
147
|
|
|
(464
|
)
|
||
|
Increase (decrease) in due to affiliate
|
|
279
|
|
|
(281
|
)
|
||
|
Increase (decrease) in interest payable
|
|
2,868
|
|
|
3,380
|
|
||
|
Increase (decrease) in payables from unsettled transactions
|
|
3,073
|
|
|
(25,226
|
)
|
||
|
Increase (decrease) in director fees payable
|
|
68
|
|
|
(8
|
)
|
||
|
Increase (decrease) in amounts payable to syndication partners
|
|
270
|
|
|
(1
|
)
|
||
|
Net cash provided by operating activities
|
|
86,883
|
|
|
60,632
|
|
||
|
Financing activities:
|
|
|
|
|
||||
|
Distributions paid in cash
|
|
(13,007
|
)
|
|
(17,327
|
)
|
||
|
Borrowings under credit facilities
|
|
—
|
|
|
35,000
|
|
||
|
Repayments of borrowings under credit facilities
|
|
(30,000
|
)
|
|
(85,995
|
)
|
||
|
Repayments of secured borrowings
|
|
(325
|
)
|
|
—
|
|
||
|
Repurchases of common stock under dividend reinvestment plan
|
|
(384
|
)
|
|
(294
|
)
|
||
|
Deferred financing costs paid
|
|
—
|
|
|
(6,175
|
)
|
||
|
Net cash used in financing activities
|
|
(43,716
|
)
|
|
(74,791
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
|
43,167
|
|
|
(14,159
|
)
|
||
|
Cash and cash equivalents and restricted cash, beginning of period
|
|
13,489
|
|
|
59,913
|
|
||
|
Cash and cash equivalents and restricted cash, end of period
|
|
$
|
56,656
|
|
|
$
|
45,754
|
|
|
Supplemental information:
|
|
|
|
|
||||
|
Cash paid for interest
|
|
$
|
5,272
|
|
|
$
|
4,797
|
|
|
Non-cash financing activities:
|
|
|
|
|
||||
|
Issuance of shares of common stock under dividend reinvestment plan
|
|
$
|
384
|
|
|
$
|
294
|
|
|
|
|
|
|
|
||||
|
Reconciliation to the Consolidated Statements of Assets and Liabilities
|
|
December 31, 2018
|
|
September 30, 2018
|
||||
|
Cash and cash equivalents
|
|
$
|
56,186
|
|
|
$
|
13,380
|
|
|
Restricted cash
|
|
470
|
|
|
109
|
|
||
|
Total cash and cash equivalents and restricted cash
|
|
$
|
56,656
|
|
|
$
|
13,489
|
|
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Control Investments (8)(9)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
First Star Speir Aviation Limited (10)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9% cash due 12/15/2020 (11)
|
|
|
|
|
|
$
|
32,510
|
|
|
$
|
23,699
|
|
|
$
|
32,510
|
|
|
|
100% equity interest (11)(12)
|
|
|
|
|
|
|
|
8,500
|
|
|
967
|
|
|||||
|
|
|
|
|
|
|
|
|
32,199
|
|
|
33,477
|
|
|||||
|
Keypath Education, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 (6)
|
|
9.80
|
%
|
|
|
|
18,146
|
|
|
18,146
|
|
|
18,146
|
|
|||
|
First Lien Revolver, LIBOR+7.75% (1% floor) cash due 4/3/2022 (6)(19)
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
|
|
10,648
|
|
|
7,984
|
|
|||||
|
|
|
|
|
|
|
|
|
28,794
|
|
|
26,130
|
|
|||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (6)
|
|
7.80
|
%
|
|
|
|
4,107
|
|
|
4,107
|
|
|
4,107
|
|
|||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (6)
|
|
7.90
|
%
|
|
|
|
902
|
|
|
902
|
|
|
903
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (6)(19)
|
|
7.80
|
%
|
|
|
|
1,009
|
|
|
1,009
|
|
|
1,009
|
|
|||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
2,291
|
|
|||||
|
|
|
|
|
|
|
|
|
6,018
|
|
|
8,310
|
|
|||||
|
Senior Loan Fund JV I, LLC (14)(15)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Subordinated Note, LIBOR+7% cash due 12/29/2028 (6)(11)
|
|
9.45
|
%
|
|
|
|
96,250
|
|
|
96,250
|
|
|
96,250
|
|
|||
|
87.5% LLC equity interest (11)(16)(19)
|
|
|
|
|
|
|
|
49,322
|
|
|
26,000
|
|
|||||
|
|
|
|
|
|
|
|
|
145,572
|
|
|
122,250
|
|
|||||
|
Total Control Investments (21.8% of net assets)
|
|
|
|
|
|
|
|
$
|
212,583
|
|
|
$
|
190,167
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Affiliate Investments (17)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Assembled Brands Capital LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
First Lien Delayed Draw Term Loan, LIBOR+6% cash due 10/17/2023 (6)(19)
|
|
8.80
|
%
|
|
|
|
$
|
815
|
|
|
$
|
815
|
|
|
$
|
815
|
|
|
764,376.60 Class A Units
|
|
|
|
|
|
|
|
764
|
|
|
764
|
|
|||||
|
583,190.81 Class B Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
1,579
|
|
|
1,579
|
|
|||||
|
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 (0.4% of net assets)
|
|
|
|
|
|
|
|
$
|
2,659
|
|
|
$
|
3,740
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-Control/Non-Affiliate Investments (18)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
4 Over International, LLC
|
|
|
|
Commercial printing
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (6)
|
|
8.52
|
%
|
|
|
|
$
|
5,891
|
|
|
$
|
5,846
|
|
|
$
|
5,891
|
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (6)(19)
|
|
|
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
5,829
|
|
|
5,891
|
|
|||||
|
99 Cents Only Stores LLC
|
|
|
|
General merchandise stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% cash 1.5% PIK due 1/13/2022 (6)(20)
|
|
7.75
|
%
|
|
|
|
23,865
|
|
|
23,059
|
|
|
20,763
|
|
|||
|
|
|
|
|
|
|
|
|
23,059
|
|
|
20,763
|
|
|||||
|
Access CIG, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 (6)(20)
|
|
6.46
|
%
|
|
|
|
5,873
|
|
|
5,880
|
|
|
5,722
|
|
|||
|
First Lien Delayed Draw Term Loan, LIBOR+3.75% cash due 2/27/2025
(6)(19)(20)
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|||
|
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 (6)(20)
|
|
10.46
|
%
|
|
|
|
15,000
|
|
|
14,879
|
|
|
14,863
|
|
|||
|
|
|
|
|
|
|
|
|
20,759
|
|
|
20,572
|
|
|||||
|
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 2/28/2019 (6)(21)
|
|
|
|
|
|
|
25,957
|
|
|
22,596
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
22,596
|
|
|
—
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
AdVenture Interactive, Corp.
|
|
|
|
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 7/9/2025 (6)(11)(20)
|
|
7.02
|
%
|
|
|
|
$
|
22,036
|
|
|
21,416
|
|
|
21,857
|
|
||
|
|
|
|
|
|
|
|
|
21,416
|
|
|
21,857
|
|
|||||
|
AI Sirona (Luxembourg) Acquisition S.a.r.l.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, EURIBOR+7.25% (0% floor) cash due 7/10/2026 (6)(11)(20)
|
|
7.25
|
%
|
|
|
|
€
|
17,500
|
|
|
20,035
|
|
|
19,780
|
|
||
|
|
|
|
|
|
|
|
|
20,035
|
|
|
19,780
|
|
|||||
|
Air Medical Group Holdings, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.25% (1% floor) cash due 3/14/2025 (6)(20)
|
|
6.75
|
%
|
|
|
|
$
|
6,369
|
|
|
6,221
|
|
|
5,950
|
|
||
|
|
|
|
|
|
|
|
|
6,221
|
|
|
5,950
|
|
|||||
|
AirStrip Technologies, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
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 (6)(20)
|
|
7.02
|
%
|
|
|
|
7,960
|
|
|
7,888
|
|
|
7,522
|
|
|||
|
|
|
|
|
|
|
|
|
7,888
|
|
|
7,522
|
|
|||||
|
Algeco Scotsman Global Finance Plc
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10% cash due 8/15/2023 (11)(20)
|
|
|
|
|
|
2,561
|
|
|
2,602
|
|
|
2,388
|
|
||||
|
Fixed Rate Bond 8% cash due 2/15/2023 (11)(20)
|
|
|
|
|
|
23,915
|
|
|
23,356
|
|
|
22,420
|
|
||||
|
|
|
|
|
|
|
|
|
25,958
|
|
|
24,808
|
|
|||||
|
Allen Media, LLC
|
|
|
|
Movies & entertainment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+6.5% (1% floor) cash due 8/30/2023 (6)
|
|
9.21
|
%
|
|
|
|
20,000
|
|
|
19,529
|
|
|
19,426
|
|
|||
|
|
|
|
|
|
|
|
|
19,529
|
|
|
19,426
|
|
|||||
|
Allied Universal Holdco LLC
|
|
|
|
Security & alarm services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (6)(20)
|
|
6.27
|
%
|
|
|
|
9,828
|
|
|
9,875
|
|
|
9,351
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/28/2023 (6)(20)
|
|
11.02
|
%
|
|
|
|
1,149
|
|
|
1,166
|
|
|
1,094
|
|
|||
|
|
|
|
|
|
|
|
|
11,041
|
|
|
10,445
|
|
|||||
|
Altice France S.A.
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 8.125% cash due 1/15/2024 (11)(20)
|
|
|
|
|
|
3,000
|
|
|
3,052
|
|
|
2,805
|
|
||||
|
Fixed Rate Bond 7.625% cash due 2/15/2025 (11)(20)
|
|
|
|
|
|
2,000
|
|
|
2,014
|
|
|
1,668
|
|
||||
|
|
|
|
|
|
|
|
|
5,066
|
|
|
4,473
|
|
|||||
|
Alvotech Holdings S.A.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 15% PIK due 12/13/2023 (11)
|
|
|
|
|
|
30,000
|
|
|
29,404
|
|
|
29,404
|
|
||||
|
|
|
|
|
|
|
|
|
29,404
|
|
|
29,404
|
|
|||||
|
Ancile Solutions, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (6)
|
|
9.80
|
%
|
|
|
|
9,456
|
|
|
9,320
|
|
|
9,399
|
|
|||
|
|
|
|
|
|
|
|
|
9,320
|
|
|
9,399
|
|
|||||
|
Asset International, Inc.
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/29/2025 (6)
|
|
12.05
|
%
|
|
|
|
15,000
|
|
|
14,702
|
|
|
14,669
|
|
|||
|
|
|
|
|
|
|
|
|
14,702
|
|
|
14,669
|
|
|||||
|
Asurion, LLC
|
|
|
|
Property & casualty insurance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B4, LIBOR+3% cash due 8/4/2022 (6)(20)
|
|
5.52
|
%
|
|
|
|
1,834
|
|
|
1,811
|
|
|
1,767
|
|
|||
|
Second Lien Term Loan B2, LIBOR+6.5% (1% floor) cash due 8/4/2025
(6)(20)
|
|
9.02
|
%
|
|
|
|
22,000
|
|
|
21,948
|
|
|
21,821
|
|
|||
|
|
|
|
|
|
|
|
|
23,759
|
|
|
23,588
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Avantor Inc.
|
|
|
|
Healthcare distributors
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9% cash due 10/1/2025 (20)
|
|
|
|
|
|
$
|
3,000
|
|
|
$
|
2,972
|
|
|
$
|
3,008
|
|
|
|
|
|
|
|
|
|
|
|
2,972
|
|
|
3,008
|
|
|||||
|
Belk Inc.
|
|
|
|
Department stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 12/12/2022 (6)(20)
|
|
7.36
|
%
|
|
|
|
660
|
|
|
574
|
|
|
535
|
|
|||
|
|
|
|
|
|
|
|
|
574
|
|
|
535
|
|
|||||
|
Blackhawk Network Holdings, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7% (1% floor) cash due 6/15/2026 (6)(20)
|
|
9.50
|
%
|
|
|
|
26,250
|
|
|
25,987
|
|
|
25,900
|
|
|||
|
|
|
|
|
|
|
|
|
25,987
|
|
|
25,900
|
|
|||||
|
Boxer Parent Company Inc.
|
|
|
|
Systems software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.25% cash due 10/2/2025 (6)(20)
|
|
7.05
|
%
|
|
|
|
11,013
|
|
|
10,902
|
|
|
10,650
|
|
|||
|
|
|
|
|
|
|
|
|
10,902
|
|
|
10,650
|
|
|||||
|
California Pizza Kitchen, Inc.
|
|
|
|
Restaurants
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (6)(20)
|
|
8.53
|
%
|
|
|
|
3,146
|
|
|
3,121
|
|
|
3,060
|
|
|||
|
|
|
|
|
|
|
|
|
3,121
|
|
|
3,060
|
|
|||||
|
Cenegenics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 (21)
|
|
|
|
|
|
|
29,181
|
|
|
27,738
|
|
|
6,029
|
|
|||
|
First Lien Revolver, 15% cash due 9/30/2019 (19)(21)
|
|
|
|
|
|
|
2,203
|
|
|
2,203
|
|
|
219
|
|
|||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
598
|
|
|
—
|
|
|||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
300
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
30,839
|
|
|
6,248
|
|
|||||
|
CITGO Holdings Inc.
|
|
|
|
Oil & gas refining & marketing
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.75% cash due 2/15/2020 (20)
|
|
|
|
|
|
21,300
|
|
|
22,272
|
|
|
21,779
|
|
||||
|
|
|
|
|
|
|
|
|
22,272
|
|
|
21,779
|
|
|||||
|
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
|
|
|
433
|
|
|||||
|
|
|
|
|
|
|
|
|
105
|
|
|
433
|
|
|||||
|
Covia Holdings Corporation
|
|
|
|
Oil & gas equipment & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 6/1/2025 (6)(11)(20)
|
|
6.55
|
%
|
|
|
|
7,960
|
|
|
7,960
|
|
|
5,811
|
|
|||
|
|
|
|
|
|
|
|
|
7,960
|
|
|
5,811
|
|
|||||
|
DAE Aviation Holdings
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10% cash due 7/15/2023 (20)
|
|
|
|
|
|
1,500
|
|
|
1,611
|
|
|
1,605
|
|
||||
|
|
|
|
|
|
|
|
|
1,611
|
|
|
1,605
|
|
|||||
|
Datto Inc.
|
|
|
|
Technology distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 12/7/2022 (6)
|
|
10.46
|
%
|
|
|
|
35,000
|
|
|
34,450
|
|
|
34,160
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 12/7/2022 (6)(19)
|
|
|
|
|
|
|
—
|
|
|
(37
|
)
|
|
(57
|
)
|
|||
|
|
|
|
|
|
|
|
|
34,413
|
|
|
34,103
|
|
|||||
|
DigiCert, Inc.
|
|
|
|
Internet services & infrastructure
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4% (1% floor) cash due 10/31/2024 (6)(20)
|
|
6.52
|
%
|
|
|
|
4,254
|
|
|
4,211
|
|
|
4,180
|
|
|||
|
|
|
|
|
|
|
|
|
4,211
|
|
|
4,180
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Dominion Diagnostics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Subordinated Term Loan, 11% cash 1% PIK due 10/18/2019 (21)
|
|
|
|
|
|
$
|
20,120
|
|
|
$
|
14,840
|
|
|
$
|
8,968
|
|
|
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 (6)
|
|
7.45
|
%
|
|
|
|
45,691
|
|
|
39,809
|
|
|
45,691
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019
(6)(19)
|
|
7.45
|
%
|
|
|
|
1,742
|
|
|
1,742
|
|
|
1,742
|
|
|||
|
|
|
|
|
|
|
|
|
56,391
|
|
|
56,401
|
|
|||||
|
Eagleview Technology Corporation
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 8/14/2026 (6)
|
|
9.96
|
%
|
|
|
|
12,000
|
|
|
11,880
|
|
|
11,760
|
|
|||
|
|
|
|
|
|
|
|
|
11,880
|
|
|
11,760
|
|
|||||
|
EHR Canada, LLC
|
|
|
|
Food retail
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 9/28/2020 (6)
|
|
10.80
|
%
|
|
|
|
23,086
|
|
|
22,695
|
|
|
22,901
|
|
|||
|
|
|
|
|
|
|
|
|
22,695
|
|
|
22,901
|
|
|||||
|
EOS Fitness Opco Holdings, LLC
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.25% (0.75% floor) cash due 12/30/2019 (6)
|
|
10.60
|
%
|
|
|
|
3,502
|
|
|
3,502
|
|
|
3,503
|
|
|||
|
First Lien Revolver, LIBOR+8.25% (0.75% floor) cash due 12/30/2019 (6)(19)
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
487.5 Class A Preferred Units, 12%
|
|
|
|
|
|
|
|
488
|
|
|
782
|
|
|||||
|
12,500 Class B Common Units
|
|
|
|
|
|
|
|
13
|
|
|
1,052
|
|
|||||
|
|
|
|
|
|
|
|
|
4,003
|
|
|
5,337
|
|
|||||
|
Equitrans Midstream Corp.
|
|
|
|
Oil & gas storage & transportation
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.5% cash due 1/31/2024 (6)(11)(20)
|
|
7.03
|
%
|
|
|
|
12,000
|
|
|
11,640
|
|
|
11,770
|
|
|||
|
|
|
|
|
|
|
|
|
11,640
|
|
|
11,770
|
|
|||||
|
Eton
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (0% floor) cash due 5/1/2026 (6)(20)
|
|
10.02
|
%
|
|
|
|
20,000
|
|
|
19,908
|
|
|
20,100
|
|
|||
|
|
|
|
|
|
|
|
|
19,908
|
|
|
20,100
|
|
|||||
|
ExamSoft Worldwide, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
180,707 Class C Units in ExamSoft Investor LLC
|
|
|
|
|
|
|
|
181
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
181
|
|
|
—
|
|
|||||
|
Gentiva Health Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7% cash due 7/2/2026 (6)(20)
|
|
9.56
|
%
|
|
|
|
14,500
|
|
|
14,404
|
|
|
14,500
|
|
|||
|
|
|
|
|
|
|
|
|
14,404
|
|
|
14,500
|
|
|||||
|
GI Chill Acquisition LLC
|
|
|
|
Managed healthcare
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4% cash due 8/6/2025 (6)
|
|
6.80
|
%
|
|
|
|
17,955
|
|
|
17,865
|
|
|
17,955
|
|
|||
|
Second Lien Term Loan, LIBOR+7.5% cash due 8/6/2026 (6)
|
|
10.30
|
%
|
|
|
|
10,000
|
|
|
9,905
|
|
|
10,000
|
|
|||
|
|
|
|
|
|
|
|
|
27,770
|
|
|
27,955
|
|
|||||
|
GKD Index Partners, LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.25% (1% floor) cash due 6/29/2023 (6)
|
|
10.05
|
%
|
|
|
|
23,913
|
|
|
23,698
|
|
|
23,482
|
|
|||
|
First Lien Revolver, LIBOR+7.25% (1% floor) cash due 6/29/2023 (6)(19)
|
|
10.04
|
%
|
|
|
|
347
|
|
|
336
|
|
|
327
|
|
|||
|
|
|
|
|
|
|
|
|
24,034
|
|
|
23,809
|
|
|||||
|
GoodRx, Inc.
|
|
|
|
Interactive media & services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% cash due 10/12/2026 (6)
|
|
9.96
|
%
|
|
|
|
22,222
|
|
|
21,761
|
|
|
22,110
|
|
|||
|
|
|
|
|
|
|
|
|
21,761
|
|
|
22,110
|
|
|||||
|
HealthEdge Software, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
|
|
213
|
|
|
769
|
|
|||||
|
|
|
|
|
|
|
|
|
213
|
|
|
769
|
|
|||||
|
I Drive Safely, LLC
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
125,079 Class A Common Units of IDS Investments, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
1,000
|
|
|
—
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
IBG Borrower LLC
|
|
|
|
Apparel, accessories & luxury goods
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 8/2/2022 (6)
|
|
9.81
|
%
|
|
|
|
$
|
14,734
|
|
|
$
|
13,187
|
|
|
$
|
13,187
|
|
|
|
|
|
|
|
|
|
|
13,187
|
|
|
13,187
|
|
|||||
|
iCIMs, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6.5% (1% floor) cash due 9/12/2024 (6)
|
|
8.94
|
%
|
|
|
|
14,118
|
|
|
13,850
|
|
|
13,850
|
|
|||
|
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 9/12/2024 (6)(19)
|
|
|
|
|
|
—
|
|
|
(17
|
)
|
|
(17
|
)
|
||||
|
|
|
|
|
|
|
|
|
13,833
|
|
|
13,833
|
|
|||||
|
Integral Development Corporation
|
|
|
|
Other diversified financial services
|
|
|
|
|
|
|
|||||||
|
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024
|
|
|
|
|
|
|
|
113
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
113
|
|
|
—
|
|
|||||
|
Intelsat Jackson Holdings S.A.
|
|
|
|
Alternative carriers
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B3, LIBOR+3.75% (1% floor) cash due 11/27/2023 (6)(11)(20)
|
|
6.26
|
%
|
|
|
|
2,000
|
|
|
1,985
|
|
|
1,945
|
|
|||
|
|
|
|
|
|
|
|
|
1,985
|
|
|
1,945
|
|
|||||
|
Internet Pipeline, Inc.
|
|
|
|
Internet services & infrastructure
|
|
|
|
|
|
|
|||||||
|
Incremental First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 8/4/2022 (6)
|
|
7.28
|
%
|
|
|
|
5,496
|
|
|
5,443
|
|
|
5,456
|
|
|||
|
|
|
|
|
|
|
|
|
5,443
|
|
|
5,456
|
|
|||||
|
Janrain, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
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
|
|
|
|
|
|
6,141
|
|
|
6,141
|
|
|
5,925
|
|
||||
|
498.6 Class A Preferred Units in Kason Investment, LLC, 8%
|
|
|
|
|
|
|
|
499
|
|
|
249
|
|
|||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
|
|
55
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
6,695
|
|
|
6,174
|
|
|||||
|
Kellermeyer Bergensons Services, LLC
|
|
|
|
Environmental & facilities services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/29/2022 (6)
|
|
11.02
|
%
|
|
|
|
6,105
|
|
|
5,927
|
|
|
6,159
|
|
|||
|
|
|
|
|
|
|
|
|
5,927
|
|
|
6,159
|
|
|||||
|
L Squared Capital Partners LLC
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
2% limited partnership interest (11)(16)
|
|
|
|
|
|
|
|
1,502
|
|
|
3,284
|
|
|||||
|
|
|
|
|
|
|
|
|
1,502
|
|
|
3,284
|
|
|||||
|
Lanai Holdings III, Inc.
|
|
|
|
Healthcare distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 8/29/2022 (6)(20)
|
|
7.28
|
%
|
|
|
|
20,047
|
|
|
19,659
|
|
|
18,519
|
|
|||
|
|
|
|
|
|
|
|
|
19,659
|
|
|
18,519
|
|
|||||
|
Lannett Company, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+5% (1% floor) cash due 11/25/2020 (6)(11)(20)
|
|
7.52
|
%
|
|
|
|
1,824
|
|
|
1,826
|
|
|
1,711
|
|
|||
|
|
|
|
|
|
|
|
|
1,826
|
|
|
1,711
|
|
|||||
|
Lift Brands Holdings, Inc.
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
|
|
1,399
|
|
|
3,020
|
|
|||||
|
|
|
|
|
|
|
|
|
1,399
|
|
|
3,020
|
|
|||||
|
Long's Drugs Incorporated
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
385
|
|
|
836
|
|
|||||
|
25 Series B Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
210
|
|
|
519
|
|
|||||
|
|
|
|
|
|
|
|
|
595
|
|
|
1,355
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
LTI Holdings, Inc.
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 (6)(20)
|
|
9.27
|
%
|
|
|
|
$
|
9,000
|
|
|
$
|
9,000
|
|
|
$
|
8,404
|
|
|
|
|
|
|
|
|
|
|
9,000
|
|
|
8,404
|
|
|||||
|
Lytx Holdings, LLC
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
3,500 Class B Units
|
|
|
|
|
|
|
|
—
|
|
|
1,468
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
1,468
|
|
|||||
|
Maravai Intermediate Holdings, LLC
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.25% cash due 8/2/2025 (6)
|
|
6.81
|
%
|
|
|
|
11,970
|
|
|
11,850
|
|
|
11,551
|
|
|||
|
|
|
|
|
|
|
|
|
11,850
|
|
|
11,551
|
|
|||||
|
Maverick Healthcare Group, LLC (22)
|
|
|
|
Healthcare equipment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+5.5% cash 2% PIK cash due 3/15/2019 (6)
|
|
8.02
|
%
|
|
|
|
10,488
|
|
|
7,766
|
|
|
10,488
|
|
|||
|
First Lien Term Loan B, LIBOR+11% PIK due 3/15/2019 (6)(23)
|
|
|
|
|
|
52,522
|
|
|
39,110
|
|
|
40,715
|
|
||||
|
CapEx Line, LIBOR+5.75% cash 2% PIK due 3/15/2019 (6)
|
|
8.27
|
%
|
|
|
|
818
|
|
|
580
|
|
|
818
|
|
|||
|
|
|
|
|
|
|
|
|
47,456
|
|
|
52,021
|
|
|||||
|
Mayfield Agency Borrower Inc.
|
|
|
|
Property & casualty insurance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4% (1% floor) cash due 2/28/2025 (6)(20)
|
|
6.52
|
%
|
|
|
|
7,463
|
|
|
7,430
|
|
|
7,295
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/2/2026 (6)
|
|
11.02
|
%
|
|
|
|
37,500
|
|
|
36,995
|
|
|
37,125
|
|
|||
|
|
|
|
|
|
|
|
|
44,425
|
|
|
44,420
|
|
|||||
|
McAfee, LLC
|
|
|
|
Systems software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+3.75% (1% floor) cash due 9/30/2024 (6)(20)
|
|
6.27
|
%
|
|
|
|
11,040
|
|
|
10,956
|
|
|
10,777
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 9/29/2025 (6)(20)
|
|
11.01
|
%
|
|
|
|
7,333
|
|
|
7,373
|
|
|
7,303
|
|
|||
|
|
|
|
|
|
|
|
|
18,329
|
|
|
18,080
|
|
|||||
|
McDermott Technology (Americas), Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 5/12/2025 (6)(11)(20)
|
|
7.52
|
%
|
|
|
|
4,494
|
|
|
4,468
|
|
|
4,208
|
|
|||
|
|
|
|
|
|
|
|
|
4,468
|
|
|
4,208
|
|
|||||
|
MHE Intermediate Holdings, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/8/2024 (6)
|
|
7.80
|
%
|
|
|
|
2,955
|
|
|
2,931
|
|
|
2,895
|
|
|||
|
|
|
|
|
|
|
|
|
2,931
|
|
|
2,895
|
|
|||||
|
Ministry Brands, LLC
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (6)
|
|
11.77
|
%
|
|
|
|
7,056
|
|
|
6,984
|
|
|
7,054
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (6)
|
|
11.77
|
%
|
|
|
|
1,944
|
|
|
1,924
|
|
|
1,943
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 12/2/2022 (6)(19)
|
|
|
|
|
|
—
|
|
|
(8
|
)
|
|
(4
|
)
|
||||
|
|
|
|
|
|
|
|
|
8,900
|
|
|
8,993
|
|
|||||
|
Morphe LLC
|
|
|
|
Personal products
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/10/2023 (6)
|
|
8.52
|
%
|
|
|
|
19,250
|
|
|
19,089
|
|
|
19,154
|
|
|||
|
|
|
|
|
|
|
|
|
19,089
|
|
|
19,154
|
|
|||||
|
Natural Resource Partners LP
|
|
|
|
Coal & consumable fuels
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)(20)
|
|
|
|
|
|
7,000
|
|
|
7,294
|
|
|
7,245
|
|
||||
|
|
|
|
|
|
|
|
|
7,294
|
|
|
7,245
|
|
|||||
|
Navicure, Inc.
|
|
|
|
Healthcare technology
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2025 (6)
|
|
10.02
|
%
|
|
|
|
14,500
|
|
|
14,376
|
|
|
14,283
|
|
|||
|
|
|
|
|
|
|
|
|
14,376
|
|
|
14,283
|
|
|||||
|
Numericable SFR SA
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 7.375% cash due 5/1/2026 (11)(20)
|
|
|
|
|
|
5,000
|
|
|
5,113
|
|
|
4,600
|
|
||||
|
|
|
|
|
|
|
|
|
5,113
|
|
|
4,600
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
OmniSYS Acquisition Corporation
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
100,000 Common Units in OSYS Holdings, LLC
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
$
|
1,072
|
|
|||
|
|
|
|
|
|
|
|
|
1,000
|
|
|
1,072
|
|
|||||
|
Onvoy, LLC
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 (6)
|
|
13.30
|
%
|
|
|
|
$
|
16,750
|
|
|
16,750
|
|
|
13,188
|
|
||
|
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
|
|
1,967
|
|
|
—
|
|
|||||
|
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
18,717
|
|
|
13,188
|
|
|||||
|
P2 Upstream Acquisition Co.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 2/1/2020 (6)(19)(20)
|
|
6.39
|
%
|
|
|
|
|
|
1,333
|
|
|
1,035
|
|
||||
|
|
|
|
|
|
|
|
|
1,333
|
|
|
1,035
|
|
|||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
|||||||
|
1.86% limited partnership interest (11)(16)
|
|
|
|
|
|
|
|
4,842
|
|
|
4,334
|
|
|||||
|
|
|
|
|
|
|
|
|
4,842
|
|
|
4,334
|
|
|||||
|
PLATO Learning Inc.
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 12/9/2021 (23)
|
|
|
|
|
|
2,707
|
|
|
2,434
|
|
|
—
|
|
||||
|
Unsecured Junior PIK Note, 10% PIK due 12/9/2021 (23)
|
|
|
|
|
|
12,812
|
|
|
10,227
|
|
|
—
|
|
||||
|
Unsecured Revolver, 5% cash due 12/9/2021 (19)(21)
|
|
|
|
|
|
603
|
|
|
493
|
|
|
(1,590
|
)
|
||||
|
126,127.80 Class A Common Units of Edmentum
|
|
|
|
|
|
|
|
126
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
13,280
|
|
|
(1,590
|
)
|
|||||
|
ProFrac Services, LLC
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5.75% (1% floor) cash due 9/15/2023 (6)
|
|
8.52
|
%
|
|
|
|
18,254
|
|
|
18,082
|
|
|
17,889
|
|
|||
|
|
|
|
|
|
|
|
|
18,082
|
|
|
17,889
|
|
|||||
|
QuorumLabs, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
64,887,669 Junior-2 Preferred Stock
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
Refac Optical Group (13)
|
|
|
|
Specialty stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+8% cash due 1/9/2019 (6)(21)
|
|
|
|
|
|
1,849
|
|
|
1,692
|
|
|
1,849
|
|
||||
|
First Lien Term Loan B, LIBOR+9% cash 1.75% PIK due 1/9/2019 (6)(21)
|
|
|
|
|
|
35,932
|
|
|
32,947
|
|
|
33,091
|
|
||||
|
First Lien Term Loan C, 12.5% cash due 1/9/2019 (21)
|
|
|
|
|
|
3,521
|
|
|
3,232
|
|
|
3,128
|
|
||||
|
First Lien Revolver, LIBOR+8% cash due 1/9/2019 (6)(21)
|
|
|
|
|
|
3,604
|
|
|
3,360
|
|
|
3,604
|
|
||||
|
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
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
42,536
|
|
|
41,672
|
|
|||||
|
Salient CRGT, Inc.
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (6)
|
|
8.27
|
%
|
|
|
|
3,152
|
|
|
3,111
|
|
|
3,105
|
|
|||
|
|
|
|
|
|
|
|
|
3,111
|
|
|
3,105
|
|
|||||
|
Scilex Pharmaceuticals Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Zero Coupon Bond due 8/15/2026
|
|
|
|
|
|
16,000
|
|
|
10,370
|
|
|
10,400
|
|
||||
|
|
|
|
|
|
|
|
|
10,370
|
|
|
10,400
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
ShareThis, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
|
|
$
|
367
|
|
|
$
|
4
|
|
|||
|
|
|
|
|
|
|
|
|
367
|
|
|
4
|
|
|||||
|
Sorrento Therapeutics, Inc.
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 11/7/2023 (6)(11)
|
|
9.81
|
%
|
|
|
|
$
|
25,000
|
|
|
23,061
|
|
|
23,061
|
|
||
|
First Lien Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 11/7/2023 (6)(11)(19)
|
|
|
|
|
|
|
—
|
|
|
(121
|
)
|
|
(121
|
)
|
|||
|
Stock Warrants (exercise price $3.28) expiration date 5/7/2029 (11)
|
|
|
|
|
|
|
|
1,750
|
|
|
1,399
|
|
|||||
|
|
|
|
|
|
|
|
|
24,690
|
|
|
24,339
|
|
|||||
|
StandardAero Aviation Holdings Inc.
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/7/2022 (6)(20)
|
|
6.27
|
%
|
|
|
|
4,987
|
|
|
4,981
|
|
|
4,941
|
|
|||
|
|
|
|
|
|
|
|
|
4,981
|
|
|
4,941
|
|
|||||
|
Swordfish Merger Sub LLC
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 2/2/2026 (6)(20)
|
|
9.13
|
%
|
|
|
|
12,500
|
|
|
12,444
|
|
|
11,875
|
|
|||
|
|
|
|
|
|
|
|
|
12,444
|
|
|
11,875
|
|
|||||
|
TerSera Therapeutics, LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (6)
|
|
12.05
|
%
|
|
|
|
15,000
|
|
|
14,667
|
|
|
14,813
|
|
|||
|
Second Lien Incremental Term loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (6)
|
|
12.05
|
%
|
|
|
|
3,281
|
|
|
3,206
|
|
|
3,240
|
|
|||
|
Second Lien Incremental Delayed Draw Term Loan, LIBOR+9.25% cash due 12/31/2018 (6)
|
|
12.06
|
%
|
|
|
|
3,281
|
|
|
3,281
|
|
|
3,240
|
|
|||
|
668,879 Common Units of TerSera Holdings LLC
|
|
|
|
|
|
|
|
1,731
|
|
|
2,629
|
|
|||||
|
|
|
|
|
|
|
|
|
22,885
|
|
|
23,922
|
|
|||||
|
Thing5, LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.5% (1% floor) cash 2% PIK due 10/11/2020 (6)(21)(24)
|
|
|
|
|
|
46,771
|
|
|
46,017
|
|
|
34,068
|
|
||||
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 (6)(19)(21)
|
|
|
|
|
|
2,274
|
|
|
2,175
|
|
|
2,274
|
|
||||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
|
|
2,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
50,192
|
|
|
36,342
|
|
|||||
|
TigerText, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024
|
|
|
|
|
|
|
|
60
|
|
|
568
|
|
|||||
|
|
|
|
|
|
|
|
|
60
|
|
|
568
|
|
|||||
|
Tribe Buyer LLC
|
|
|
|
Human resource & employment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/16/2024 (6)(20)
|
|
7.02
|
%
|
|
|
|
845
|
|
|
845
|
|
|
811
|
|
|||
|
|
|
|
|
|
|
|
|
845
|
|
|
811
|
|
|||||
|
Truck Hero, Inc.
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 (6)
|
|
10.76
|
%
|
|
|
|
21,500
|
|
|
21,191
|
|
|
21,178
|
|
|||
|
|
|
|
|
|
|
|
|
21,191
|
|
|
21,178
|
|
|||||
|
Uber Technologies, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR +4% (1% floor) cash due 4/4/2025 (6)(20)
|
|
6.39
|
%
|
|
|
|
5,733
|
|
|
5,689
|
|
|
5,600
|
|
|||
|
|
|
|
|
|
|
|
|
5,689
|
|
|
5,600
|
|
|||||
|
UOS, LLC
|
|
|
|
Trading companies & distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 4/18/2023 (6)(20)
|
|
8.02
|
%
|
|
|
|
10,320
|
|
|
10,460
|
|
|
10,320
|
|
|||
|
|
|
|
|
|
|
|
|
10,460
|
|
|
10,320
|
|
|||||
|
U.S. Well Services, LLC
|
|
|
|
Oil & gas drilling
|
|
|
|
|
|
|
|||||||
|
Second Lien Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 5/31/2020 (6)(11)
|
|
10.27
|
%
|
|
|
|
16,000
|
|
|
15,344
|
|
|
15,408
|
|
|||
|
Incremental Second Lien Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 5/31/2020 (6)(11)(19)
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
15,344
|
|
|
15,408
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(3)(4)(5)
|
|
Cash Interest Rate (6)
|
|
Industry
|
|
Principal (7)
|
|
|
Cost
|
|
Fair Value
|
||||||
|
Veritas US Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B-1, LIBOR+4.5% (1% floor) cash due 1/27/2023 (6)(20)
|
|
7.09
|
%
|
|
|
|
$
|
34,463
|
|
|
$
|
34,793
|
|
|
$
|
29,626
|
|
|
|
|
|
|
|
|
|
|
34,793
|
|
|
29,626
|
|
|||||
|
Verscend Holding Corp.
|
|
|
|
Healthcare technology
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 8/27/2025 (6)(20)
|
|
7.02
|
%
|
|
|
|
24,938
|
|
|
24,824
|
|
|
24,189
|
|
|||
|
Fixed Rate Bond 9.75% cash due 8/15/2026 (20)
|
|
|
|
|
|
|
12,000
|
|
|
12,024
|
|
|
11,325
|
|
|||
|
|
|
|
|
|
|
|
|
36,848
|
|
|
35,514
|
|
|||||
|
Vertex Aerospace Services Corp.
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% cash due 6/29/2025 (6)(20)
|
|
7.27
|
%
|
|
|
|
15,920
|
|
|
15,846
|
|
|
15,801
|
|
|||
|
|
|
|
|
|
|
|
|
15,846
|
|
|
15,801
|
|
|||||
|
Vitalyst Holdings, Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
675 Series A Preferred Units of PCH Support Holdings, Inc., 10%
|
|
|
|
|
|
|
|
675
|
|
|
440
|
|
|||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
|
|
75
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
750
|
|
|
440
|
|
|||||
|
Weatherford International
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9.875% cash due 2/15/2024 (11)(20)
|
|
|
|
|
|
12,000
|
|
|
11,498
|
|
|
7,440
|
|
||||
|
|
|
|
|
|
|
|
|
11,498
|
|
|
7,440
|
|
|||||
|
Windstream Services, LLC
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 8.625% cash due 10/31/2025 (11)(20)
|
|
|
|
|
|
5,000
|
|
|
4,871
|
|
|
4,475
|
|
||||
|
|
|
|
|
|
|
|
|
4,871
|
|
|
4,475
|
|
|||||
|
WP CPP Holdings, LLC
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 4/30/2026 (6)(20)
|
|
10.28
|
%
|
|
|
|
15,000
|
|
|
14,860
|
|
|
14,766
|
|
|||
|
|
|
|
|
|
|
|
|
14,860
|
|
|
14,766
|
|
|||||
|
xMatters, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
600,000 Common Stock Warrants (exercise price $1.78) expiration date 2/26/2025
|
|
|
|
|
|
|
|
709
|
|
|
282
|
|
|||||
|
|
|
|
|
|
|
|
|
709
|
|
|
282
|
|
|||||
|
Yeti Holdings, Inc.
|
|
|
|
Leisure products
|
|
|
|
|
|
|
|||||||
|
633,938 Common Shares
|
|
|
|
|
|
|
|
—
|
|
|
9,408
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
9,408
|
|
|||||
|
Zep Inc.
|
|
|
|
Specialty chemicals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 (6)
|
|
11.05
|
%
|
|
|
|
30,000
|
|
|
29,875
|
|
|
27,600
|
|
|||
|
First Lien Term Loan B, LIBOR+4% (1% floor) cash due 8/12/2024 (6)(20)
|
|
6.80
|
%
|
|
|
|
1,990
|
|
|
1,902
|
|
|
1,794
|
|
|||
|
|
|
|
|
|
|
|
|
31,777
|
|
|
29,394
|
|
|||||
|
Zephyr Bidco Limited
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, UK LIBOR+7.5% (0% floor) cash due 7/23/2026 (6)(11)(20)
|
|
8.23
|
%
|
|
|
|
£
|
18,000
|
|
|
23,587
|
|
|
22,778
|
|
||
|
|
|
|
|
|
|
|
|
23,587
|
|
|
22,778
|
|
|||||
|
Total Non-Control/Non-Affiliate Investments (145.7% of net assets)
|
|
|
|
|
|
|
|
$
|
1,372,068
|
|
|
$
|
1,270,978
|
|
|||
|
Total Portfolio Investments (167.9% of net assets)
|
|
|
|
|
|
|
|
$
|
1,587,310
|
|
|
$
|
1,464,885
|
|
|||
|
Cash and Cash Equivalents and Restricted Cash
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
JP Morgan Prime Money Market Fund, Institutional Shares
|
|
|
|
|
|
|
|
$
|
51,241
|
|
|
$
|
51,241
|
|
|||
|
Other cash accounts
|
|
|
|
|
|
|
|
5,415
|
|
|
5,415
|
|
|||||
|
Total Cash and Cash Equivalents and Restricted Cash (6.5% of net assets)
|
|
|
|
|
|
|
|
$
|
56,656
|
|
|
$
|
56,656
|
|
|||
|
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (174.4% of net assets)
|
|
|
|
|
|
|
|
$
|
1,643,966
|
|
|
$
|
1,521,541
|
|
|||
|
Derivative Instrument
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Counterparty
|
|
Cumulative Unrealized Appreciation /(Depreciation)
|
||||||
|
Foreign currency forward contract
|
|
$
|
22,719
|
|
|
£
|
17,888
|
|
|
2/4/2019
|
|
JPMorgan Chase Bank, N.A.
|
|
$
|
(103
|
)
|
|
Foreign currency forward contract
|
|
$
|
19,747
|
|
|
€
|
17,325
|
|
|
1/17/2019
|
|
JPMorgan Chase Bank, N.A.
|
|
$
|
(87
|
)
|
|
(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)
|
Equity ownership may be held in shares or units of companies related to the portfolio companies.
|
|
(4)
|
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.
|
|
(5)
|
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 the ING Facility (as defined in Note 6 to the accompanying notes to the Consolidated Financial Statements).
|
|
(6)
|
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 base 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. As of December 31, 2018, the reference rates for our variable rate loans were the 30-day LIBOR at 2.52%, 60-day LIBOR at 2.62%, the 90-day LIBOR at 2.80%, the 180-day LIBOR at 2.88%, the PRIME at 5.50%, the 30-day UK LIBOR at 0.73% and the 30-day EURIBOR at (0.41)%.
|
|
(7)
|
Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. All other investments are denominated in U.S. dollars.
|
|
(8)
|
Control Investments generally are defined by the Investment Company Act of 1940, as amended ("Investment Company 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.
|
|
(9)
|
As defined in the Investment Company Act, the Company is deemed to be both an "Affiliated Person" of and to "Control" this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement). See Schedule 12-14 in the accompanying notes to the Consolidated Financial Statements for transactions during the three months ended
December 31, 2018
in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
|
|
(10)
|
First Star Speir Aviation 1 Limited is a wholly-owned holding company 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 company to be an investment company 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 company 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 company are disregarded for accounting purposes since the economic substance of these instruments are equity investments in the operating entities.
|
|
(11)
|
Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of
December 31, 2018
, qualifying assets represented 74.6% of the Company's total assets and non-qualifying assets represented 25.4% of the Company's total assets.
|
|
(12)
|
Income producing through payment of dividends or distributions.
|
|
(13)
|
Payments on the Company's investment in Refac Optical Group are currently past due. In October 2018, the Company entered into a forbearance agreement with Refac Optical Group in which the Company has temporarily agreed not to take action against Refac Optical Group. The forbearance agreement extended to January 9, 2019.
|
|
(14)
|
See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition.
|
|
(15)
|
On December 28, 2018, the mezzanine notes issued by SLF Repack Issuer 2016, LLC, a wholly-owned, special purpose issuer subsidiary of Senior Loan Fund JV I, LLC ("SLF JV I"), were redeemed and the Company purchased subordinated notes and LLC equity interests issued by SLF JV I. Prior to December 28, 2018, the mezzanine notes issued by SLF Repack Issuer 2016, LLC consisted of Class A mezzanine secured deferrable floating rate notes and Class B mezzanine secured deferrable fixed rate notes.
|
|
(16)
|
This investment was valued using net asset value as a practical expedient for fair value. Consistent with Financial Accounting Standards Board ("FASB") guidance under Accounting Standards Codification ("ASC") Topic 820,
Fair Value Measurements and Disclosures
("ASC 820"), these investments are excluded from the hierarchical levels.
|
|
(17)
|
Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities.
|
|
(18)
|
Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments.
|
|
(19)
|
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.
|
|
(20)
|
As of
December 31, 2018
, these investments are categorized as Level 2 within the fair value hierarchy established by ASC 820. All other investments subject to leveling are categorized as Level 3 as of
December 31, 2018
and were valued using significant unobservable inputs.
|
|
(21)
|
This investment was on cash non-accrual status as of
December 31, 2018
. Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
(22)
|
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.
|
|
(23)
|
This investment was on PIK non-accrual status as of
December 31, 2018
. PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(24)
|
The sale of a portion of this loan does not qualify for true sale accounting under 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
December 31, 2018
includes
$9.3 million
related to the Company's secured borrowings. (See Note 14 in the accompanying notes to the Consolidated Financial Statements.)
|
|
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 Speir Aviation Limited (16)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9% cash due 12/15/2020 (11)
|
|
|
|
|
|
$
|
32,510
|
|
|
$
|
24,102
|
|
|
$
|
32,510
|
|
|
|
100% equity interest (6)(11)
|
|
|
|
|
|
|
|
8,500
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
32,602
|
|
|
32,510
|
|
|||||
|
Keypath Education, Inc. (25)
|
|
|
|
Advertising
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 (13)
|
|
9.39
|
%
|
|
|
|
18,146
|
|
|
18,146
|
|
|
18,146
|
|
|||
|
First Lien Revolver, LIBOR+7.75% (1% floor) cash due 4/3/2022 (13)
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
|
|
10,648
|
|
|
7,984
|
|
|||||
|
|
|
|
|
|
|
|
|
28,794
|
|
|
26,130
|
|
|||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
7.39
|
%
|
|
|
|
4,107
|
|
|
4,107
|
|
|
4,107
|
|
|||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (13)
|
|
7.49
|
%
|
|
|
|
1,453
|
|
|
1,453
|
|
|
1,453
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (13)
|
|
7.39
|
%
|
|
|
|
1,009
|
|
|
1,009
|
|
|
1,009
|
|
|||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
|
|
—
|
|
|
2,291
|
|
|||||
|
|
|
|
|
|
|
|
|
6,569
|
|
|
8,860
|
|
|||||
|
Senior Loan Fund JV I, LLC (17)(18)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC (11)(13)
|
|
8.33
|
%
|
|
|
|
99,813
|
|
|
99,813
|
|
|
99,813
|
|
|||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 10% cash due 2036 in SLF Repack Issuer 2016 LLC (11)
|
|
|
|
|
|
29,520
|
|
|
29,520
|
|
|
29,520
|
|
||||
|
87.5% LLC equity interest (6)(11)(24)
|
|
|
|
|
|
|
|
16,172
|
|
|
41
|
|
|||||
|
|
|
|
|
|
|
|
|
145,505
|
|
|
129,374
|
|
|||||
|
Total Control Investments (22.9% of net assets)
|
|
|
|
|
|
|
|
$
|
213,470
|
|
|
$
|
196,874
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
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
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
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)
|
|
8.24
|
%
|
|
|
|
$
|
5,922
|
|
|
$
|
5,873
|
|
|
$
|
5,922
|
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13)
|
|
|
|
|
|
|
|
(17
|
)
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
5,856
|
|
|
5,922
|
|
|||||
|
99 Cents Only Stores LLC
|
|
|
|
General merchandise stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan LIBOR+5% cash 1.5% PIK due 1/13/2022 (13)(21)
|
|
7.35
|
%
|
|
|
|
23,832
|
|
|
22,958
|
|
|
23,058
|
|
|||
|
|
|
|
|
|
|
|
|
22,958
|
|
|
23,058
|
|
|||||
|
Access CIG LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 (13)(21)
|
|
9.99
|
%
|
|
|
|
14,235
|
|
|
14,118
|
|
|
14,316
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+7.75% cash due 2/27/2026 (13)(21)
|
|
|
|
|
|
|
|
—
|
|
|
4
|
|
|||||
|
|
|
|
|
|
|
|
|
14,118
|
|
|
14,320
|
|
|||||
|
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 11/30/2018 (13)(22)
|
|
|
|
|
|
25,267
|
|
|
22,596
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
22,596
|
|
|
—
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
AdVenture Interactive, Corp. (25)
|
|
|
|
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 7/9/2025 (11)(13)(21)
|
|
7.02
|
%
|
|
|
|
$
|
40,000
|
|
|
38,831
|
|
|
40,238
|
|
||
|
|
|
|
|
|
|
|
|
38,831
|
|
|
40,238
|
|
|||||
|
AI Sirona (Luxembourg) Acquisition S.a.r.l
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, EURIBOR+7.25% (0% Floor) cash due 7/10/2026 (11)(13)(21)
|
|
7.25
|
%
|
|
|
|
€
|
17,500
|
|
|
20,035
|
|
|
20,225
|
|
||
|
|
|
|
|
|
|
|
|
20,035
|
|
|
20,225
|
|
|||||
|
AirStrip Technologies, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
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)
|
|
6.74
|
%
|
|
|
|
$
|
7,980
|
|
|
7,905
|
|
|
7,943
|
|
||
|
|
|
|
|
|
|
|
|
7,905
|
|
|
7,943
|
|
|||||
|
Algeco Scotsman Global Finance Plc
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10% cash due 8/15/2023 (11)(21)
|
|
|
|
|
|
15,000
|
|
|
14,539
|
|
|
15,450
|
|
||||
|
Fixed Rate Bond 8% cash due 2/15/2023 (11)(21)
|
|
|
|
|
|
16,000
|
|
|
15,898
|
|
|
16,480
|
|
||||
|
|
|
|
|
|
|
|
|
30,437
|
|
|
31,930
|
|
|||||
|
Allen Media, LLC
|
|
|
|
Movies & entertainment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+6.5% (1% floor) cash due 8/30/2023 (13)
|
|
8.81
|
%
|
|
|
|
20,000
|
|
|
19,503
|
|
|
19,475
|
|
|||
|
|
|
|
|
|
|
|
|
19,503
|
|
|
19,475
|
|
|||||
|
Allied Universal Holdco LLC
|
|
|
|
Security & alarm services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (13)(21)
|
|
6.14
|
%
|
|
|
|
9,853
|
|
|
9,904
|
|
|
9,724
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/28/2023 (13)(21)
|
|
10.79
|
%
|
|
|
|
1,149
|
|
|
1,167
|
|
|
1,142
|
|
|||
|
|
|
|
|
|
|
|
|
11,071
|
|
|
10,866
|
|
|||||
|
Altice France S.A.
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 8.125% cash due 1/15/2024 (11)(21)
|
|
|
|
|
|
3,000
|
|
|
3,054
|
|
|
3,056
|
|
||||
|
Fixed Rate Bond 7.625% cash due 2/15/2025 (11)(21)
|
|
|
|
|
|
2,000
|
|
|
2,014
|
|
|
1,808
|
|
||||
|
|
|
|
|
|
|
|
|
5,068
|
|
|
4,864
|
|
|||||
|
Ancile Solutions, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13)
|
|
9.39
|
%
|
|
|
|
9,585
|
|
|
9,433
|
|
|
9,528
|
|
|||
|
|
|
|
|
|
|
|
|
9,433
|
|
|
9,528
|
|
|||||
|
Aretec Group, Inc.
|
|
|
|
Investment banking & brokerage
|
|
|
|
|
|
|
|||||||
|
Second Lien Exit Term Loan, PRIME+2% cash due 5/23/2021 (13)(21)
|
|
7.25
|
%
|
|
|
|
12,679
|
|
|
12,539
|
|
|
12,759
|
|
|||
|
|
|
|
|
|
|
|
|
12,539
|
|
|
12,759
|
|
|||||
|
Asset International, Inc.
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/29/2025 (13)
|
|
11.64
|
%
|
|
|
|
15,000
|
|
|
14,691
|
|
|
14,836
|
|
|||
|
|
|
|
|
|
|
|
|
14,691
|
|
|
14,836
|
|
|||||
|
Asurion, LLC
|
|
|
|
Property & casualty insurance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B2, LIBOR+6.5% (1% floor) cash due 8/4/2025 (13)(21)
|
|
8.74
|
%
|
|
|
|
22,000
|
|
|
21,946
|
|
|
22,653
|
|
|||
|
|
|
|
|
|
|
|
|
21,946
|
|
|
22,653
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Avantor Inc.
|
|
|
|
Commodity chemicals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9% cash due 10/1/2025 (21)
|
|
|
|
|
|
$
|
3,000
|
|
|
$
|
2,972
|
|
|
$
|
3,100
|
|
|
|
|
|
|
|
|
|
|
|
2,972
|
|
|
3,100
|
|
|||||
|
Belk Inc.
|
|
|
|
Department stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% (1% Floor) cash due 12/12/2022 (13)(21)
|
|
6.88
|
%
|
|
|
|
662
|
|
|
573
|
|
|
581
|
|
|||
|
|
|
|
|
|
|
|
|
573
|
|
|
581
|
|
|||||
|
BeyondTrust Holdings LLC
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
3.01% Class A membership interests
|
|
|
|
|
|
|
|
4,500
|
|
|
15,831
|
|
|||||
|
|
|
|
|
|
|
|
|
4,500
|
|
|
15,831
|
|
|||||
|
Blackhawk Network Holdings, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7% (1% Floor) cash due 6/15/2026 (13)(21)
|
|
9.38
|
%
|
|
|
|
26,250
|
|
|
25,978
|
|
|
26,545
|
|
|||
|
|
|
|
|
|
|
|
|
25,978
|
|
|
26,545
|
|
|||||
|
Blueline Rental Finance Corp
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9.25% cash due 3/15/2024 (21)
|
|
|
|
|
|
5,000
|
|
|
5,342
|
|
|
5,259
|
|
||||
|
|
|
|
|
|
|
|
|
5,342
|
|
|
5,259
|
|
|||||
|
California Pizza Kitchen, Inc.
|
|
|
|
Restaurants
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)(21)
|
|
8.39
|
%
|
|
|
|
3,154
|
|
|
3,129
|
|
|
3,076
|
|
|||
|
|
|
|
|
|
|
|
|
3,129
|
|
|
3,076
|
|
|||||
|
Cenegenics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 (22)
|
|
|
|
|
|
29,134
|
|
|
27,738
|
|
|
8,464
|
|
||||
|
First Lien Revolver, 15% cash due 9/30/2019 (22)
|
|
|
|
|
|
2,203
|
|
|
2,203
|
|
|
429
|
|
||||
|
452,914.87 Common Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
598
|
|
|
—
|
|
|||||
|
345,380.141 Preferred Units in Cenegenics, LLC
|
|
|
|
|
|
|
|
300
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
30,839
|
|
|
8,893
|
|
|||||
|
CITGO Holdings Inc.
|
|
|
|
Oil & gas refining & marketing
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.75% cash due 2/15/2020 (21)
|
|
|
|
|
|
21,300
|
|
|
22,494
|
|
|
22,685
|
|
||||
|
|
|
|
|
|
|
|
|
22,494
|
|
|
22,685
|
|
|||||
|
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
|
|
|
442
|
|
|||||
|
|
|
|
|
|
|
|
|
105
|
|
|
442
|
|
|||||
|
Covia Holdings Corporation
|
|
|
|
Oil & gas equipment & services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+3.75% (1% Floor) cash due 6/1/2025 (11)(13)(21)
|
|
6.14
|
%
|
|
|
|
7,980
|
|
|
7,980
|
|
|
7,568
|
|
|||
|
|
|
|
|
|
|
|
|
7,980
|
|
|
7,568
|
|
|||||
|
DAE Aviation Holdings
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10% cash due 7/15/2023 (21)
|
|
|
|
|
|
1,500
|
|
|
1,616
|
|
|
1,622
|
|
||||
|
|
|
|
|
|
|
|
|
1,616
|
|
|
1,622
|
|
|||||
|
Datto Inc.
|
|
|
|
Technology distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8% (1% floor) cash due 12/7/2022 (13)
|
|
10.15
|
%
|
|
|
|
35,000
|
|
|
34,414
|
|
|
34,622
|
|
|||
|
First Lien Revolver, LIBOR+8% (1% floor) cash due 12/7/2022 (10)(13)
|
|
10.15
|
%
|
|
|
|
|
|
(39
|
)
|
|
(25
|
)
|
||||
|
|
|
|
|
|
|
|
|
34,375
|
|
|
34,597
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Dodge Data & Analytics LLC
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
500,000 Class A Common Units in Skyline Data, News and Analytics LLC
|
|
|
|
|
|
|
|
$
|
500
|
|
|
$
|
258
|
|
|||
|
|
|
|
|
|
|
|
|
500
|
|
|
258
|
|
|||||
|
Dominion Diagnostics, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Subordinated Term Loan, 11% cash 1% PIK due 10/18/2019 (22)
|
|
|
|
|
|
$
|
20,052
|
|
|
15,589
|
|
|
1,043
|
|
|||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 (13)
|
|
7.34
|
%
|
|
|
|
46,435
|
|
|
34,964
|
|
|
40,538
|
|
|||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019 (10)(13)
|
|
|
|
|
|
|
|
—
|
|
|
(531
|
)
|
|||||
|
|
|
|
|
|
|
|
|
50,553
|
|
|
41,050
|
|
|||||
|
Eagleview Technology Corporation
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% Floor) cash due 8/14/2026 (13)
|
|
9.63
|
%
|
|
|
|
12,000
|
|
|
11,880
|
|
|
12,240
|
|
|||
|
|
|
|
|
|
|
|
|
11,880
|
|
|
12,240
|
|
|||||
|
EHR Canada, LLC
|
|
|
|
Food retail
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8% (1% Floor) cash due 9/28/2020 (13)
|
|
10.30
|
%
|
|
|
|
22,500
|
|
|
22,052
|
|
|
22,050
|
|
|||
|
|
|
|
|
|
|
|
|
22,052
|
|
|
22,050
|
|
|||||
|
EOS Fitness Opco Holdings, LLC
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+8.25% (0.75% floor) cash due 12/30/2019 (13)
|
|
10.36
|
%
|
|
|
|
3,502
|
|
|
3,502
|
|
|
3,502
|
|
|||
|
First Lien Revolver, LIBOR+8.25% (0.75% floor) cash due 12/30/2019 (13)
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
487.5 Class A Preferred Units, 12%
|
|
|
|
|
|
|
|
488
|
|
|
760
|
|
|||||
|
12,500 Class B Common Units
|
|
|
|
|
|
|
|
13
|
|
|
872
|
|
|||||
|
|
|
|
|
|
|
|
|
4,003
|
|
|
5,134
|
|
|||||
|
Eton
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (0% floor) cash due 5/1/2026 (13)(21)
|
|
9.74
|
%
|
|
|
|
20,000
|
|
|
19,904
|
|
|
20,100
|
|
|||
|
|
|
|
|
|
|
|
|
19,904
|
|
|
20,100
|
|
|||||
|
ExamSoft Worldwide, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
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
|
|
|
142
|
|
||||
|
4,950,000 Preferred Units in GRG Holdings, LP, 8%
|
|
|
|
|
|
|
|
495
|
|
|
—
|
|
|||||
|
50,000 Common Units in GRG Holdings, LP
|
|
|
|
|
|
|
|
5
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
1,211
|
|
|
142
|
|
|||||
|
Gentiva Health Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7% cash due 7/2/2026 (13)(21)
|
|
9.34
|
%
|
|
|
|
14,500
|
|
|
14,401
|
|
|
14,935
|
|
|||
|
|
|
|
|
|
|
|
|
14,401
|
|
|
14,935
|
|
|||||
|
GI Chill Acquisition LLC
|
|
|
|
Managed healthcare
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4% cash due 8/6/2025 (13)
|
|
6.39
|
%
|
|
|
|
18,000
|
|
|
17,910
|
|
|
18,113
|
|
|||
|
Second Lien Term Loan, LIBOR+7.5% cash due 8/6/2026 (13)
|
|
9.68
|
%
|
|
|
|
10,000
|
|
|
9,902
|
|
|
9,900
|
|
|||
|
|
|
|
|
|
|
|
|
27,812
|
|
|
28,013
|
|
|||||
|
GKD Index Partners, LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7.25% (1% Floor) cash due 6/29/2023 (13)
|
|
9.64
|
%
|
|
|
|
24,379
|
|
|
24,147
|
|
|
24,135
|
|
|||
|
First Lien Revolver, LIBOR+7.25% (1% Floor) cash due 6/29/2023 (13)
|
|
9.60
|
%
|
|
|
|
867
|
|
|
856
|
|
|
855
|
|
|||
|
|
|
|
|
|
|
|
|
25,003
|
|
|
24,990
|
|
|||||
|
GOBP Holdings Inc.
|
|
|
|
Hypermarkets & super centers
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)(21)
|
|
10.49
|
%
|
|
|
|
2,071
|
|
|
2,057
|
|
|
2,082
|
|
|||
|
|
|
|
|
|
|
|
|
2,057
|
|
|
2,082
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Golden State Medical Supply, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021
|
|
|
|
|
|
$
|
15,000
|
|
|
$
|
15,000
|
|
|
$
|
15,001
|
|
|
|
|
|
|
|
|
|
|
|
15,000
|
|
|
15,001
|
|
|||||
|
HC2 Holdings Inc.
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 11% cash due 12/1/2019 (11)(21)
|
|
|
|
|
|
10,500
|
|
|
10,555
|
|
|
10,605
|
|
||||
|
|
|
|
|
|
|
|
|
10,555
|
|
|
10,605
|
|
|||||
|
HealthEdge Software, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023
|
|
|
|
|
|
|
|
213
|
|
|
773
|
|
|||||
|
|
|
|
|
|
|
|
|
213
|
|
|
773
|
|
|||||
|
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
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 8/2/2022 (13)
|
|
9.44
|
%
|
|
|
|
14,809
|
|
|
13,143
|
|
|
13,624
|
|
|||
|
|
|
|
|
|
|
|
|
13,143
|
|
|
13,624
|
|
|||||
|
iCIMs, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6.5% (1% Floor) cash due 9/12/2024 (13)
|
|
8.64
|
%
|
|
|
|
14,118
|
|
|
13,838
|
|
|
13,835
|
|
|||
|
First Lien Revolver, LIBOR+6.5% (1% Floor) cash due 9/12/2024 (10)(13)
|
|
|
|
|
|
|
|
(17
|
)
|
|
(18
|
)
|
|||||
|
|
|
|
|
|
|
|
|
13,821
|
|
|
13,817
|
|
|||||
|
InMotion Entertainment Group, LLC
|
|
|
|
Consumer electronics
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13)
|
|
9.65
|
%
|
|
|
|
11,568
|
|
|
11,529
|
|
|
11,568
|
|
|||
|
First Lien Term Loan B, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13)
|
|
9.65
|
%
|
|
|
|
5,043
|
|
|
4,955
|
|
|
5,043
|
|
|||
|
Letter of Credit 6.25% cash due 10/1/2021
|
|
|
|
|
|
3,904
|
|
|
3,897
|
|
|
3,904
|
|
||||
|
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2021 (13)
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|||||
|
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2021 (13)
|
|
10.15
|
%
|
|
|
|
755
|
|
|
747
|
|
|
755
|
|
|||
|
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC
|
|
|
|
|
|
|
|
1,000
|
|
|
2,167
|
|
|||||
|
|
|
|
|
|
|
|
|
22,128
|
|
|
23,437
|
|
|||||
|
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 services & infrastructure
|
|
|
|
|
|
|
|||||||
|
Incremental First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 8/4/2022 (13)
|
|
7.00
|
%
|
|
|
|
5,510
|
|
|
5,454
|
|
|
5,509
|
|
|||
|
|
|
|
|
|
|
|
|
5,454
|
|
|
5,509
|
|
|||||
|
Janrain, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
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
|
|
|
11,808
|
|
|
12,390
|
|
||||
|
|
|
|
|
|
|
|
|
11,808
|
|
|
12,390
|
|
|||||
|
Kason Corporation
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019
|
|
|
|
|
|
6,113
|
|
|
6,113
|
|
|
5,606
|
|
||||
|
498.6 Class A Preferred Units in Kason Investment, LLC, 8%
|
|
|
|
|
|
|
|
499
|
|
|
249
|
|
|||||
|
5,540 Class A Common Units in Kason Investment, LLC
|
|
|
|
|
|
|
|
55
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
6,667
|
|
|
5,855
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
|
Cost
|
|
Fair Value
|
|
|||||
|
Kellermeyer Bergensons Services, LLC
|
|
|
|
Environmental & facilities services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/29/2022 (13)
|
|
10.84
|
%
|
|
|
|
$
|
6,105
|
|
|
$
|
5,923
|
|
|
$
|
6,189
|
|
|
|
|
|
|
|
|
|
|
5,923
|
|
|
6,189
|
|
|||||
|
L Squared Capital Partners LLC
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|||||||
|
2% limited partnership interest (11)(24)
|
|
|
|
|
|
|
|
1,824
|
|
|
3,058
|
|
|||||
|
|
|
|
|
|
|
|
|
1,824
|
|
|
3,058
|
|
|||||
|
Lanai Holdings III, Inc.
|
|
|
|
Healthcare distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 8/29/2022 (13)(21)
|
|
7.09
|
%
|
|
|
|
20,099
|
|
|
19,683
|
|
|
19,395
|
|
|||
|
|
|
|
|
|
|
|
|
19,683
|
|
|
19,395
|
|
|||||
|
Lannett Company, Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+4.75% (1% Floor) cash due 11/25/2020 (11)(13)(21)
|
|
6.99
|
%
|
|
|
|
1,883
|
|
|
1,885
|
|
|
1,792
|
|
|||
|
|
|
|
|
|
|
|
|
1,885
|
|
|
1,792
|
|
|||||
|
Lift Brands Holdings, Inc.
|
|
|
|
Leisure facilities
|
|
|
|
|
|
|
|||||||
|
2,000,000 Class A Common Units in Snap Investments, LLC
|
|
|
|
|
|
|
|
1,398
|
|
|
3,020
|
|
|||||
|
|
|
|
|
|
|
|
|
1,398
|
|
|
3,020
|
|
|||||
|
Long's Drugs Incorporated
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
50 Series A Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
385
|
|
|
761
|
|
|||||
|
25 Series B Preferred Shares in Long's Drugs Incorporated
|
|
|
|
|
|
|
|
210
|
|
|
491
|
|
|||||
|
|
|
|
|
|
|
|
|
595
|
|
|
1,252
|
|
|||||
|
LTI Holdings, Inc.
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 (13)(21)
|
|
8.99
|
%
|
|
|
|
9,000
|
|
|
9,000
|
|
|
9,024
|
|
|||
|
|
|
|
|
|
|
|
|
9,000
|
|
|
9,024
|
|
|||||
|
Lytx Holdings, LLC
|
|
|
|
Research & consulting services
|
|
|
|
|
|
|
|||||||
|
3,500 Class B Units
|
|
|
|
|
|
|
|
—
|
|
|
1,423
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
1,423
|
|
|||||
|
Maravai Intermediate Holdings, LLC
|
|
|
|
Biotechnology
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.25% cash due 8/2/2025 (13)
|
|
6.38
|
%
|
|
|
|
12,000
|
|
|
11,880
|
|
|
11,963
|
|
|||
|
|
|
|
|
|
|
|
|
11,880
|
|
|
11,963
|
|
|||||
|
Maverick Healthcare Group, LLC (20)
|
|
|
|
Healthcare equipment
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+7.5% cash (1.75% floor) cash due 3/15/2019 (13)(22)
|
|
|
|
|
|
11,068
|
|
|
8,181
|
|
|
9,102
|
|
||||
|
First Lien Term Loan B, LIBOR+11% cash (1.75% floor) cash due 3/15/2019 (13)(22)
|
|
|
|
|
|
50,740
|
|
|
39,110
|
|
|
—
|
|
||||
|
CapEx Line, LIBOR+7.75% (1.75% floor) cash due 3/15/2019 (13)(22)
|
|
|
|
|
|
863
|
|
|
611
|
|
|
710
|
|
||||
|
|
|
|
|
|
|
|
|
47,902
|
|
|
9,812
|
|
|||||
|
Mayfield Agency Borrower Inc.
|
|
|
|
Property & casualty insurance
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/28/2025 (13)(21)
|
|
6.74
|
%
|
|
|
|
7,481
|
|
|
7,447
|
|
|
7,537
|
|
|||
|
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/2/2026 (13)
|
|
10.74
|
%
|
|
|
|
37,500
|
|
|
36,977
|
|
|
37,219
|
|
|||
|
|
|
|
|
|
|
|
|
44,424
|
|
|
44,756
|
|
|||||
|
McAfee, LLC
|
|
|
|
Systems software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.5% (1% floor) cash due 9/30/2024 (13)(21)
|
|
6.74
|
%
|
|
|
|
7,920
|
|
|
7,853
|
|
|
7,995
|
|
|||
|
Second Lien Term Loan LIBOR+8.5% (1% floor) cash due 9/29/2025 (13)(21)
|
|
10.74
|
%
|
|
|
|
8,000
|
|
|
8,045
|
|
|
8,180
|
|
|||
|
|
|
|
|
|
|
|
|
15,898
|
|
|
16,175
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
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)
|
|
7.24
|
%
|
|
|
|
$
|
31,144
|
|
|
$
|
30,725
|
|
|
$
|
31,604
|
|
|
|
|
|
|
|
|
|
|
30,725
|
|
|
31,604
|
|
|||||
|
MHE Intermediate Holdings, LLC
|
|
|
|
Diversified support services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/8/2024 (13)
|
|
7.39
|
%
|
|
|
|
2,963
|
|
|
2,938
|
|
|
2,935
|
|
|||
|
|
|
|
|
|
|
|
|
2,938
|
|
|
2,935
|
|
|||||
|
Ministry Brands, LLC
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
11.75
|
%
|
|
|
|
7,056
|
|
|
6,980
|
|
|
7,090
|
|
|||
|
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13)
|
|
11.75
|
%
|
|
|
|
1,944
|
|
|
1,923
|
|
|
1,953
|
|
|||
|
First Lien Revolver PRIME+4% (1% floor) cash due 12/2/2022 (13)
|
|
9.25
|
%
|
|
|
|
300
|
|
|
291
|
|
|
300
|
|
|||
|
|
|
|
|
|
|
|
|
9,194
|
|
|
9,343
|
|
|||||
|
Morphe LLC
|
|
|
|
Personal products
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/10/2023 (13)
|
|
8.40
|
%
|
|
|
|
19,500
|
|
|
19,327
|
|
|
19,500
|
|
|||
|
|
|
|
|
|
|
|
|
19,327
|
|
|
19,500
|
|
|||||
|
Natural Resource Partners LP
|
|
|
|
Coal & consumable fuels
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)(21)
|
|
|
|
|
|
7,000
|
|
|
7,329
|
|
|
7,525
|
|
||||
|
|
|
|
|
|
|
|
|
7,329
|
|
|
7,525
|
|
|||||
|
Navicure, Inc.
|
|
|
|
Healthcare technology
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2025 (13)
|
|
9.74
|
%
|
|
|
|
14,500
|
|
|
14,371
|
|
|
14,500
|
|
|||
|
|
|
|
|
|
|
|
|
14,371
|
|
|
14,500
|
|
|||||
|
Numericable SFR SA
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 7.375% cash due 5/1/2026 (11)(21)
|
|
|
|
|
|
5,000
|
|
|
5,116
|
|
|
5,024
|
|
||||
|
|
|
|
|
|
|
|
|
5,116
|
|
|
5,024
|
|
|||||
|
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)
|
|
12.89
|
%
|
|
|
|
16,750
|
|
|
16,750
|
|
|
13,479
|
|
|||
|
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
|
|
|
13,645
|
|
|||||
|
P2 Upstream Acquisition Co.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 (10)(13)(21)
|
|
|
|
|
|
|
|
—
|
|
|
(94
|
)
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
(94
|
)
|
|||||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
|
|
Thrift & mortgage finance
|
|
|
|
|
|
|
|||||||
|
1.86% limited partnership interest (11)(24)
|
|
|
|
|
|
|
|
5,343
|
|
|
4,759
|
|
|||||
|
|
|
|
|
|
|
|
|
5,343
|
|
|
4,759
|
|
|||||
|
PLATO Learning Inc. (27)
|
|
|
|
Education services
|
|
|
|
|
|
|
|||||||
|
Unsecured Senior PIK Note, 8.5% PIK due 12/9/2021 (23)
|
|
|
|
|
|
2,649
|
|
|
2,434
|
|
|
—
|
|
||||
|
Unsecured Junior PIK Note, 10% PIK due 12/9/2021 (23)
|
|
|
|
|
|
12,490
|
|
|
10,227
|
|
|
—
|
|
||||
|
Unsecured Revolver, 5% cash due 12/9/2021 (22)
|
|
|
|
|
|
60
|
|
|
(40
|
)
|
|
(2,124
|
)
|
||||
|
126,127.80 Class A Common Units of Edmentum
|
|
|
|
|
|
|
|
126
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
12,747
|
|
|
(2,124
|
)
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
ProFrac Services, LLC
|
|
|
|
Industrial machinery
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5.75% (1% Floor) cash due 9/15/2023 (13)
|
|
8.07
|
%
|
|
|
|
$
|
18,300
|
|
|
$
|
18,118
|
|
|
$
|
18,209
|
|
|
|
|
|
|
|
|
|
|
18,118
|
|
|
18,209
|
|
|||||
|
QuorumLabs, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
64,887,669 Junior-2 Preferred Stock
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
375
|
|
|
—
|
|
|||||
|
Refac Optical Group (26)
|
|
|
|
Specialty stores
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan A, LIBOR+8% cash due 1/9/2019 (13)(22)
|
|
|
|
|
|
2,242
|
|
|
2,149
|
|
|
2,241
|
|
||||
|
First Lien Term Loan B, LIBOR+9% cash 1.75% PIK due 1/9/2019 (13)(22)
|
|
|
|
|
|
34,994
|
|
|
33,700
|
|
|
34,994
|
|
||||
|
First Lien Term Loan C, 12.5% cash due 1/9/2019 (22)
|
|
|
|
|
|
3,416
|
|
|
3,308
|
|
|
3,245
|
|
||||
|
First Lien Revolver, LIBOR+8% cash due 1/9/2019 (13)(22)
|
|
|
|
|
|
3,520
|
|
|
3,424
|
|
|
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
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
43,886
|
|
|
44,000
|
|
|||||
|
Salient CRGT, Inc.
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (13)(21)
|
|
7.99
|
%
|
|
|
|
3,174
|
|
|
3,129
|
|
|
3,222
|
|
|||
|
|
|
|
|
|
|
|
|
3,129
|
|
|
3,222
|
|
|||||
|
Scilex Pharmaceuticals Inc.
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Zero Coupon Bond due 8/15/2026
|
|
|
|
|
|
16,000
|
|
|
10,000
|
|
|
10,000
|
|
||||
|
|
|
|
|
|
|
|
|
10,000
|
|
|
10,000
|
|
|||||
|
Sequa Mezzanine Holdings, LLC
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5% (1% Floor) cash due 11/28/2021 (13)(21)
|
|
7.19
|
%
|
|
|
|
8,479
|
|
|
8,411
|
|
|
8,355
|
|
|||
|
Second Lien Term Loan, LIBOR+9% (1% Floor) cash due 4/28/2022 (13)(21)
|
|
11.20
|
%
|
|
|
|
2,000
|
|
|
2,023
|
|
|
1,973
|
|
|||
|
|
|
|
|
|
|
|
|
10,434
|
|
|
10,328
|
|
|||||
|
ShareThis, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024
|
|
|
|
|
|
|
|
367
|
|
|
4
|
|
|||||
|
|
|
|
|
|
|
|
|
367
|
|
|
4
|
|
|||||
|
Swordfish Merger Sub LLC
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 2/2/2026 (13)(21)
|
|
8.86
|
%
|
|
|
|
12,500
|
|
|
12,442
|
|
|
12,406
|
|
|||
|
|
|
|
|
|
|
|
|
12,442
|
|
|
12,406
|
|
|||||
|
TerSera Therapeutics, LLC
|
|
|
|
Pharmaceuticals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (13)
|
|
11.64
|
%
|
|
|
|
15,000
|
|
|
14,651
|
|
|
14,945
|
|
|||
|
Second Lien Incremental Term loan, LIBOR+9.25% cash due 3/30/2024 (13)
|
|
11.59
|
%
|
|
|
|
3,281
|
|
|
3,202
|
|
|
3,269
|
|
|||
|
Second Lien Incremental Delayed Draw Term Loan, LIBOR+9.25% cash due 12/31/2018 (10)(13)
|
|
11.59
|
%
|
|
|
|
|
|
—
|
|
|
(12
|
)
|
||||
|
668,879 Common Units of TerSera Holdings LLC
|
|
|
|
|
|
|
|
1,731
|
|
|
2,626
|
|
|||||
|
|
|
|
|
|
|
|
|
19,584
|
|
|
20,828
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
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)
|
|
|
|
|
|
$
|
46,906
|
|
|
$
|
46,462
|
|
|
$
|
34,292
|
|
|
|
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 (13)(22)
|
|
|
|
|
|
2,702
|
|
|
2,603
|
|
|
2,702
|
|
||||
|
2,000,000 Units in T5 Investment Vehicle, LLC
|
|
|
|
|
|
|
|
2,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
51,065
|
|
|
36,994
|
|
|||||
|
TigerText, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024
|
|
|
|
|
|
|
|
60
|
|
|
544
|
|
|||||
|
|
|
|
|
|
|
|
|
60
|
|
|
544
|
|
|||||
|
TravelCLICK, Inc.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13)
|
|
9.99
|
%
|
|
|
|
1,510
|
|
|
1,376
|
|
|
1,510
|
|
|||
|
|
|
|
|
|
|
|
|
1,376
|
|
|
1,510
|
|
|||||
|
Tribe Buyer LLC
|
|
|
|
Human resource & employment services
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/16/2024 (13)(21)
|
|
6.74
|
%
|
|
|
|
1,581
|
|
|
1,581
|
|
|
1,593
|
|
|||
|
|
|
|
|
|
|
|
|
1,581
|
|
|
1,593
|
|
|||||
|
Truck Hero, Inc.
|
|
|
|
Auto parts & equipment
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 (13)
|
|
10.46
|
%
|
|
|
|
21,500
|
|
|
21,191
|
|
|
21,715
|
|
|||
|
|
|
|
|
|
|
|
|
21,191
|
|
|
21,715
|
|
|||||
|
UOS, LLC
|
|
|
|
Trading companies & distributors
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+5.5% (1% floor) cash due 4/18/2023 (13)(21)
|
|
7.74
|
%
|
|
|
|
6,847
|
|
|
6,981
|
|
|
7,009
|
|
|||
|
|
|
|
|
|
|
|
|
6,981
|
|
|
7,009
|
|
|||||
|
Veritas US Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B-1, LIBOR+4.5% (1% floor) cash due 1/27/2023 (13)(21)
|
|
6.81
|
%
|
|
|
|
34,551
|
|
|
34,902
|
|
|
33,741
|
|
|||
|
|
|
|
|
|
|
|
|
34,902
|
|
|
33,741
|
|
|||||
|
Verra Mobility, Corp.
|
|
|
|
Data processing & outsourced services
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 (13)
|
|
9.99
|
%
|
|
|
|
8,750
|
|
|
8,698
|
|
|
8,958
|
|
|||
|
|
|
|
|
|
|
|
|
8,698
|
|
|
8,958
|
|
|||||
|
Verscend Holding Corp.
|
|
|
|
Healthcare technology
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.50% cash due 8/27/2025 (13)(21)
|
|
6.74
|
%
|
|
|
|
25,000
|
|
|
24,887
|
|
|
25,255
|
|
|||
|
Fixed Rate Bond 9.75% cash due 8/15/2026 (21)
|
|
|
|
|
|
12,000
|
|
|
12,025
|
|
|
12,405
|
|
||||
|
|
|
|
|
|
|
|
|
36,912
|
|
|
37,660
|
|
|||||
|
Vertex Aerospace Services Corp.
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
First Lien Term Loan B, LIBOR+4.75% cash due 6/29/2025 (13)(21)
|
|
6.99
|
%
|
|
|
|
15,960
|
|
|
15,883
|
|
|
16,135
|
|
|||
|
|
|
|
|
|
|
|
|
15,883
|
|
|
16,135
|
|
|||||
|
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)
|
|
9.12
|
%
|
|
|
|
23,000
|
|
|
22,919
|
|
|
23,173
|
|
|||
|
|
|
|
|
|
|
|
|
22,919
|
|
|
23,173
|
|
|||||
|
Vitalyst Holdings, Inc.
|
|
|
|
IT consulting & other services
|
|
|
|
|
|
|
|||||||
|
675 Series A Preferred Units of PCH Support Holdings, Inc., 10%
|
|
|
|
|
|
|
|
675
|
|
|
497
|
|
|||||
|
7,500 Class A Common Stock Units of PCH Support Holdings, Inc.
|
|
|
|
|
|
|
|
75
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
750
|
|
|
497
|
|
|||||
|
Portfolio Company/Type of Investment (1)(2)(5)(9)(14)
|
|
Cash Interest Rate (13)
|
|
Industry
|
|
Principal (8)
|
|
Cost
|
|
Fair Value
|
|||||||
|
Weatherford International
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 9.875% cash due 2/15/2024 (11)(21)
|
|
|
|
|
|
$
|
12,000
|
|
|
$
|
11,479
|
|
|
$
|
11,790
|
|
|
|
|
|
|
|
|
|
|
|
11,479
|
|
|
11,790
|
|
|||||
|
WeddingWire, Inc.
|
|
|
|
Internet services & infrastructure
|
|
|
|
|
|
|
|||||||
|
Earn-out (19)
|
|
|
|
|
|
|
|
—
|
|
|
70
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
70
|
|
|||||
|
Windstream Services, LLC
|
|
|
|
Integrated telecommunication services
|
|
|
|
|
|
|
|||||||
|
Fixed Rate Bond 8.625% cash due 10/31/2025 (11)(21)
|
|
|
|
|
|
5,000
|
|
|
4,867
|
|
|
4,825
|
|
||||
|
|
|
|
|
|
|
|
|
4,867
|
|
|
4,825
|
|
|||||
|
WP CPP Holdings, LLC
|
|
|
|
Aerospace & defense
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 4/30/2026 (13)(21)
|
|
10.15
|
%
|
|
|
|
15,000
|
|
|
14,855
|
|
|
15,033
|
|
|||
|
|
|
|
|
|
|
|
|
14,855
|
|
|
15,033
|
|
|||||
|
xMatters, Inc.
|
|
|
|
Application software
|
|
|
|
|
|
|
|||||||
|
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025
|
|
|
|
|
|
|
|
709
|
|
|
287
|
|
|||||
|
|
|
|
|
|
|
|
|
709
|
|
|
287
|
|
|||||
|
Yeti Acquisition, LLC
|
|
|
|
Leisure products
|
|
|
|
|
|
|
|||||||
|
2,000,000 Common Stock Units of Yeti Holdings, Inc. (28)
|
|
|
|
|
|
|
|
—
|
|
|
12,073
|
|
|||||
|
|
|
|
|
|
|
|
|
—
|
|
|
12,073
|
|
|||||
|
Zep Inc.
|
|
|
|
Specialty chemicals
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 (13)
|
|
10.64
|
%
|
|
|
|
30,000
|
|
|
29,870
|
|
|
28,800
|
|
|||
|
First Lien Term Loan B, LIBOR+4.00% (1% floor) cash due 8/12/2024 (13)(21)
|
|
6.39
|
%
|
|
|
|
1,995
|
|
|
1,903
|
|
|
1,904
|
|
|||
|
|
|
|
|
|
|
|
|
31,773
|
|
|
30,704
|
|
|||||
|
Zephyr Bidco Limited
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|||||||
|
Second Lien Term Loan, UK LIBOR+7.50% (0% floor) cash due 7/23/2026 (11)(13)(21)
|
|
8.22
|
%
|
|
|
|
£
|
18,000
|
|
|
23,568
|
|
|
23,258
|
|
||
|
|
|
|
|
|
|
|
|
23,568
|
|
|
23,258
|
|
|||||
|
Total Non-Control/Non-Affiliate Investments (150.6% of net assets)
|
|
|
|
|
|
|
|
$
|
1,392,383
|
|
|
$
|
1,292,166
|
|
|||
|
Total Portfolio Investments (173.8% of net assets)
|
|
|
|
|
|
|
|
$
|
1,606,933
|
|
|
$
|
1,491,201
|
|
|||
|
Cash and Cash Equivalents and Restricted Cash
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
JP Morgan Prime Money Market Fund, Institutional Shares
|
|
|
|
|
|
|
|
$
|
9,108
|
|
|
$
|
9,108
|
|
|||
|
Other cash accounts
|
|
|
|
|
|
|
|
4,381
|
|
|
4,381
|
|
|||||
|
Total Cash and Cash Equivalents and Restricted Cash (1.6% of net assets)
|
|
|
|
|
|
|
|
$
|
13,489
|
|
|
$
|
13,489
|
|
|||
|
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (175.4% of net assets)
|
|
|
|
|
|
|
|
$
|
1,620,422
|
|
|
$
|
1,504,690
|
|
|||
|
Derivative Instrument
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Counterparty
|
|
Cumulative Unrealized Appreciation /(Depreciation)
|
||||||
|
Foreign currency forward contract
|
|
$
|
23,113
|
|
|
£
|
17,579
|
|
|
10/26/2018
|
|
JPMorgan Chase Bank, N.A.
|
|
$
|
162
|
|
|
(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, 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 Investment Company 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. “£” signifies the investment is denominated in British Pounds. "€" signifies the investment is denominated in Euros. 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 Investment Company Act. Under the Investment Company 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, 2018, qualifying assets represented 73.4% of the Company's total assets and non-qualifying assets represented 26.6% 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, 2018 includes $9.7 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 base 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. As of September 30, 2018, the reference rates for our variable rate loans were the 30-day LIBOR at 2.24%, 60-day LIBOR at 2.29%, the 90-day LIBOR at 2.39%, the 180-day LIBOR at 2.59%, the PRIME at 5.25%, the 30-day UK LIBOR at 0.72% and the 30-day EURIBOR at (0.40)%.
|
|
(14)
|
With the exception of investments held by the Company’s wholly-owned subsidiaries that each formerly held a license from the SBA to operate as a SBIC, each of the Company's investments is pledged as collateral under its credit facility.
|
|
(15)
|
As defined in the Investment Company 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 Company's annual report on Form 10-K for the year ended September 30, 2018 for transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to control.
|
|
(16)
|
First Star Speir Aviation 1 Limited is a wholly-owned holding company formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding company to be an investment company under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company 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 company 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 year ended September 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 are currently past due. In May 2017, the Company entered into a forbearance agreement with Maverick Healthcare in which the Company has temporarily agreed not to take action against Maverick Healthcare. As of September 30, 2018, the forbearance agreement, as amended in June 2018, extended to March 15, 2019.
|
|
(21)
|
As of September 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 September 30, 2018 and were valued using significant unobservable inputs.
|
|
(22)
|
This investment was on cash non-accrual status as of September 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 September 30, 2018. PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(24)
|
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.
|
|
(25)
|
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
|
|
(26)
|
Payments on the Company's investment in Refac Optical Group are currently past due. In October 2018, the Company entered into a forbearance agreement with Refac Optical Group in which the Company has temporarily agreed not to take action against Refac Optical Group. As of September 30, 2018, the forbearance agreement extended to January 9, 2019.
|
|
(27)
|
This investment was renamed PLATO Learning Inc. as of September 30, 2018. Prior to September 30, 2018, this investment was previously named Edmentum, Inc.
|
|
(28)
|
During the three months ended December 31, 2018, the Company's shares in Yeti Holdings, Inc. were subject to a 0.397 reverse share split. Subsequent to the reverse split, the Company held 794,000 shares in Yeti Holdings, Inc.
|
|
•
|
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.
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||
|
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Investments in debt securities
|
|
$
|
1,375,792
|
|
|
$
|
1,286,514
|
|
|
$
|
1,390,672
|
|
|
$
|
1,287,958
|
|
|
Investments in equity securities
|
|
65,946
|
|
|
56,121
|
|
|
70,756
|
|
|
73,869
|
|
||||
|
Debt investments in SLF JV I
|
|
96,250
|
|
|
96,250
|
|
|
129,333
|
|
|
129,333
|
|
||||
|
Equity investment in SLF JV I
|
|
49,322
|
|
|
26,000
|
|
|
16,172
|
|
|
41
|
|
||||
|
Total
|
|
$
|
1,587,310
|
|
|
$
|
1,464,885
|
|
|
$
|
1,606,933
|
|
|
$
|
1,491,201
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
|
|
|
Fair Value
|
|
% of Debt
Portfolio
|
|
Fair Value
|
|
% of Debt
Portfolio
|
||||||
|
Fixed rate debt securities, including debt investments in SLF JV I
|
|
$
|
185,751
|
|
|
13.43
|
%
|
|
$
|
237,718
|
|
|
16.77
|
%
|
|
Floating rate debt securities, including debt investments in SLF JV I
|
|
1,197,013
|
|
|
86.57
|
|
|
1,179,573
|
|
|
83.23
|
|
||
|
Total
|
|
$
|
1,382,764
|
|
|
100.00
|
%
|
|
$
|
1,417,291
|
|
|
100.00
|
%
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Measured at Net Asset Value (a)
|
|
Total
|
||||||||||
|
Investments in debt securities (senior secured)
|
|
$
|
—
|
|
|
$
|
430,682
|
|
|
$
|
741,372
|
|
|
$
|
—
|
|
|
$
|
1,172,054
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
90,757
|
|
|
119,953
|
|
|
—
|
|
|
210,710
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
4,988
|
|
|
—
|
|
|
4,988
|
|
|||||
|
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I)
|
|
9,408
|
|
|
—
|
|
|
34,107
|
|
|
33,618
|
|
|
77,133
|
|
|||||
|
Total investments at fair value
|
|
9,408
|
|
|
521,439
|
|
|
900,420
|
|
|
33,618
|
|
|
1,464,885
|
|
|||||
|
Cash equivalents
|
|
51,241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,241
|
|
|||||
|
Total assets at fair value
|
|
$
|
60,649
|
|
|
$
|
521,439
|
|
|
$
|
900,420
|
|
|
$
|
33,618
|
|
|
$
|
1,516,126
|
|
|
Derivative liability
|
|
—
|
|
|
190
|
|
|
—
|
|
|
—
|
|
|
190
|
|
|||||
|
Secured borrowings
|
|
—
|
|
|
—
|
|
|
9,302
|
|
|
—
|
|
|
9,302
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
190
|
|
|
$
|
9,302
|
|
|
$
|
—
|
|
|
$
|
9,492
|
|
|
(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)
|
|
$
|
—
|
|
|
$
|
485,436
|
|
|
$
|
638,971
|
|
|
$
|
—
|
|
|
$
|
1,124,407
|
|
|
Investments in debt securities (subordinated, including debt investments in SLF JV I)
|
|
—
|
|
|
134,025
|
|
|
158,859
|
|
|
—
|
|
|
292,884
|
|
|||||
|
Investments in equity securities (preferred)
|
|
—
|
|
|
—
|
|
|
4,918
|
|
|
—
|
|
|
4,918
|
|
|||||
|
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I)
|
|
—
|
|
|
—
|
|
|
61,134
|
|
|
7,858
|
|
|
68,992
|
|
|||||
|
Total investments at fair value
|
|
—
|
|
|
619,461
|
|
|
863,882
|
|
|
7,858
|
|
|
1,491,201
|
|
|||||
|
Cash equivalents
|
|
9,108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,108
|
|
|||||
|
Derivative asset
|
|
—
|
|
|
162
|
|
|
—
|
|
|
—
|
|
|
162
|
|
|||||
|
Total assets at fair value
|
|
$
|
9,108
|
|
|
$
|
619,623
|
|
|
$
|
863,882
|
|
|
$
|
7,858
|
|
|
$
|
1,500,471
|
|
|
Secured borrowings
|
|
—
|
|
|
—
|
|
|
9,728
|
|
|
—
|
|
|
9,728
|
|
|||||
|
Total liabilities at fair value
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,728
|
|
|
$
|
—
|
|
|
$
|
9,728
|
|
|
(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 September 30, 2018
|
|
$
|
638,971
|
|
|
$
|
158,859
|
|
|
$
|
4,918
|
|
|
$
|
61,134
|
|
|
$
|
863,882
|
|
|
$
|
9,728
|
|
|
New investments & net revolver activity
|
|
89,999
|
|
|
533
|
|
|
—
|
|
|
2,514
|
|
|
93,046
|
|
|
—
|
|
||||||
|
Redemptions/repayments/sales
|
|
(33,022
|
)
|
|
(15,749
|
)
|
|
—
|
|
|
(21,291
|
)
|
|
(70,062
|
)
|
|
(445
|
)
|
||||||
|
Transfers in (a)
|
|
3,222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,222
|
|
|
—
|
|
||||||
|
Transfers out (b)
|
|
—
|
|
|
(33,150
|
)
|
|
—
|
|
|
(12,073
|
)
|
|
(45,223
|
)
|
|
|
|||||||
|
Net accrual of PIK interest income
|
|
645
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
740
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
6,594
|
|
|
370
|
|
|
—
|
|
|
—
|
|
|
6,964
|
|
|
—
|
|
||||||
|
Net unrealized appreciation (depreciation)
|
|
35,541
|
|
|
8,995
|
|
|
565
|
|
|
(11,463
|
)
|
|
33,638
|
|
|
19
|
|
||||||
|
Net realized gains (losses)
|
|
(578
|
)
|
|
—
|
|
|
(495
|
)
|
|
15,286
|
|
|
14,213
|
|
|
—
|
|
||||||
|
Fair value as of December 31, 2018
|
|
$
|
741,372
|
|
|
$
|
119,953
|
|
|
$
|
4,988
|
|
|
$
|
34,107
|
|
|
$
|
900,420
|
|
|
$
|
9,302
|
|
|
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of December 31, 2018 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2018
|
|
$
|
35,508
|
|
|
$
|
8,995
|
|
|
$
|
70
|
|
|
$
|
857
|
|
|
$
|
45,430
|
|
|
$
|
19
|
|
|
|
|
Investments
|
|
Liabilities
|
||||||||||||||||||||
|
|
|
Senior Secured Debt
|
|
Subordinated
Debt (including debt investments in SLF JV I)
|
|
Preferred
Equity
|
|
Common
Equity
|
|
Total
|
|
Secured Borrowings
|
||||||||||||
|
Fair value as of September 30, 2017
|
|
$
|
1,060,442
|
|
|
$
|
180,331
|
|
|
$
|
16,445
|
|
|
$
|
69,164
|
|
|
$
|
1,326,382
|
|
|
$
|
13,256
|
|
|
New investments & net revolver activity
|
|
58,869
|
|
|
1,730
|
|
|
—
|
|
|
2,500
|
|
|
63,099
|
|
|
—
|
|
||||||
|
Redemptions/repayments/sales
|
|
(239,894
|
)
|
|
(812
|
)
|
|
—
|
|
|
9
|
|
|
(240,697
|
)
|
|
—
|
|
||||||
|
Transfers out (a)
|
|
(37,368
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37,368
|
)
|
|
—
|
|
||||||
|
Net accrual of PIK interest income
|
|
683
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
758
|
|
|
—
|
|
||||||
|
Accretion of OID
|
|
186
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
186
|
|
|
—
|
|
||||||
|
Net unrealized depreciation
|
|
(27,566
|
)
|
|
(11,372
|
)
|
|
(95
|
)
|
|
(3,230
|
)
|
|
(42,263
|
)
|
|
(1,655
|
)
|
||||||
|
Net realized losses
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(9
|
)
|
|
(10
|
)
|
|
—
|
|
||||||
|
Fair value as of December 31, 2017
|
|
$
|
815,352
|
|
|
$
|
169,951
|
|
|
$
|
16,350
|
|
|
$
|
68,434
|
|
|
$
|
1,070,087
|
|
|
$
|
11,601
|
|
|
Net unrealized depreciation relating to Level 3 assets & liabilities still held as of December 31, 2017 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2017
|
|
$
|
(27,539
|
)
|
|
$
|
(11,441
|
)
|
|
$
|
(94
|
)
|
|
$
|
(4,243
|
)
|
|
$
|
(43,317
|
)
|
|
$
|
(1,655
|
)
|
|
Asset
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted
Average (a)
|
|||||
|
Senior secured debt
|
|
$
|
322,808
|
|
|
Market yield technique
|
|
Market yield
|
|
(b)
|
7.5%
|
-
|
23.2%
|
|
14.2%
|
|
|
|
143,573
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
1.9x
|
-
|
8.5x
|
|
6.3x
|
|
|
|
|
32,510
|
|
|
Transactions precedent technique
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
242,481
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
16,325
|
|
|
Market yield technique
|
|
Market yield
|
|
(b)
|
14.5%
|
-
|
19.4%
|
|
16.3%
|
|
|
|
|
7,378
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
5.5x
|
-
|
7.2x
|
|
5.8x
|
|
|
SLF JV I debt investments
|
|
96,250
|
|
|
Enterprise value technique
|
|
N/A
|
|
(f)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
2,056
|
|
|
Enterprise value technique
|
|
Revenue multiple
|
|
(c)
|
0.9x
|
-
|
10.9x
|
|
6.4x
|
|
|
|
|
36,072
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
0.3x
|
-
|
18.0x
|
|
6.0x
|
|
|
|
|
967
|
|
|
Transactions precedent technique
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Total
|
|
$
|
900,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings
|
|
9,302
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
5.3x
|
-
|
5.5x
|
|
5.4x
|
|
|
Total
|
|
$
|
9,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Weighted averages are calculated based on fair value of investments or secured borrowings.
|
|
(b)
|
Used when market participant would take into account market yield when pricing the investment.
|
|
(c)
|
Used when market participant would use such multiples when pricing the investment 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 evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. 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 of its subordinated notes of SLF JV I based on the total assets less the total liabilities senior to the subordinated 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 (a)
|
|||||
|
Senior secured debt
|
|
$
|
241,522
|
|
|
Market yield technique
|
|
Market yield
|
|
(b)
|
7.4%
|
-
|
20.0%
|
|
12.1%
|
|
|
|
97,057
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
2.8x
|
-
|
7.6x
|
|
5.1x
|
|
|
|
|
32,510
|
|
|
Enterprise value technique
|
|
Asset multiple
|
|
(c)
|
0.9x
|
-
|
1.1x
|
|
1.0x
|
|
|
|
|
55,343
|
|
|
Transactions precedent technique
|
|
Transaction price
|
|
(d)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
|
|
212,539
|
|
|
Market quotations
|
|
Broker quoted price
|
|
(e)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Subordinated debt
|
|
30,608
|
|
|
Market yield technique
|
|
Market yield
|
|
(b)
|
10.4%
|
-
|
24.2%
|
|
14.2%
|
|
|
|
|
(1,082
|
)
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
4.8x
|
-
|
7.2x
|
|
6.4x
|
|
|
SLF JV I debt investments
|
|
129,333
|
|
|
Enterprise value technique
|
|
N/A
|
|
(f)
|
N/A
|
-
|
N/A
|
|
N/A
|
|
|
Preferred & common equity
|
|
24,654
|
|
|
Enterprise value technique
|
|
Revenue multiple
|
|
(c)
|
0.4x
|
-
|
10.9x
|
|
4.8x
|
|
|
|
|
41,286
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
2.8x
|
-
|
18.0x
|
|
8.7x
|
|
|
|
|
112
|
|
|
Enterprise value technique
|
|
Asset multiple
|
|
(c)
|
0.9x
|
-
|
1.1x
|
|
1.0x
|
|
|
Total
|
|
$
|
863,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured borrowings
|
|
9,728
|
|
|
Enterprise value technique
|
|
EBITDA multiple
|
|
(c)
|
5.8x
|
-
|
6.0x
|
|
5.9x
|
|
|
Total
|
|
$
|
9,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Weighted averages are calculated based on fair value of investments or secured borrowings.
|
|
(b)
|
Used when market participant would take into account market yield when pricing the investment.
|
|
(c)
|
Used when market participant would use such multiples when pricing the investment 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 evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. 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 of its mezzanine notes of SLF JV I 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)
|
|
386,839
|
|
|
382,485
|
|
|
—
|
|
|
155,948
|
|
|
226,537
|
|
|||||
|
Total
|
|
$
|
597,839
|
|
|
$
|
593,485
|
|
|
$
|
—
|
|
|
$
|
155,948
|
|
|
$
|
437,537
|
|
|
|
|
Carrying
Value
|
|
Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
Credit facility payable
|
|
$
|
241,000
|
|
|
$
|
241,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
241,000
|
|
|
Unsecured notes payable (net of unamortized financing costs)
|
|
386,485
|
|
|
393,144
|
|
|
—
|
|
|
162,626
|
|
|
230,518
|
|
|||||
|
Total
|
|
$
|
627,485
|
|
|
$
|
634,144
|
|
|
$
|
—
|
|
|
$
|
162,626
|
|
|
$
|
471,518
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Senior secured debt
|
|
$
|
1,232,608
|
|
|
77.65
|
%
|
|
$
|
1,200,242
|
|
|
74.69
|
%
|
|
Subordinated debt
|
|
143,184
|
|
|
9.02
|
|
|
190,430
|
|
|
11.85
|
|
||
|
Debt investments in SLF JV I
|
|
96,250
|
|
|
6.06
|
|
|
129,333
|
|
|
8.05
|
|
||
|
LLC equity interests of SLF JV I
|
|
49,322
|
|
|
3.11
|
|
|
16,172
|
|
|
1.01
|
|
||
|
Purchased equity
|
|
53,788
|
|
|
3.39
|
|
|
59,524
|
|
|
3.70
|
|
||
|
Equity grants
|
|
5,814
|
|
|
0.37
|
|
|
4,064
|
|
|
0.25
|
|
||
|
Limited partnership interests
|
|
6,344
|
|
|
0.40
|
|
|
7,168
|
|
|
0.45
|
|
||
|
Total
|
|
$
|
1,587,310
|
|
|
100.00
|
%
|
|
$
|
1,606,933
|
|
|
100.00
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
||||||||
|
Senior secured debt
|
|
$
|
1,172,054
|
|
|
80.01
|
%
|
|
134.36
|
%
|
|
$
|
1,124,408
|
|
|
75.40
|
%
|
|
131.05
|
%
|
|
Subordinated debt
|
|
114,460
|
|
|
7.81
|
%
|
|
13.12
|
%
|
|
163,550
|
|
|
10.97
|
%
|
|
19.06
|
%
|
||
|
Debt investments in SLF JV I
|
|
96,250
|
|
|
6.57
|
%
|
|
11.03
|
%
|
|
129,333
|
|
|
8.67
|
%
|
|
15.07
|
%
|
||
|
LLC equity interests of SLF JV I
|
|
26,000
|
|
|
1.77
|
%
|
|
2.98
|
%
|
|
41
|
|
|
0.00
|
%
|
|
0.00
|
%
|
||
|
Purchased equity
|
|
40,596
|
|
|
2.77
|
%
|
|
4.65
|
%
|
|
59,550
|
|
|
3.99
|
%
|
|
6.94
|
%
|
||
|
Equity grants
|
|
7,907
|
|
|
0.54
|
%
|
|
0.91
|
%
|
|
6,502
|
|
|
0.44
|
%
|
|
0.76
|
%
|
||
|
Limited partnership interests
|
|
7,618
|
|
|
0.53
|
%
|
|
0.87
|
%
|
|
7,817
|
|
|
0.53
|
%
|
|
0.91
|
%
|
||
|
Total
|
|
$
|
1,464,885
|
|
|
100.00
|
%
|
|
167.92
|
%
|
|
$
|
1,491,201
|
|
|
100.00
|
%
|
|
173.79
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Northeast
|
|
$
|
531,622
|
|
|
33.49
|
%
|
|
$
|
539,568
|
|
|
33.58
|
%
|
|
West
|
|
295,888
|
|
|
18.64
|
%
|
|
247,831
|
|
|
15.42
|
%
|
||
|
Midwest
|
|
284,606
|
|
|
17.93
|
%
|
|
278,632
|
|
|
17.34
|
%
|
||
|
International
|
|
164,760
|
|
|
10.38
|
%
|
|
155,657
|
|
|
9.69
|
%
|
||
|
Southeast
|
|
141,383
|
|
|
8.91
|
%
|
|
172,461
|
|
|
10.73
|
%
|
||
|
Southwest
|
|
130,925
|
|
|
8.25
|
%
|
|
200,904
|
|
|
12.50
|
%
|
||
|
South
|
|
26,246
|
|
|
1.65
|
%
|
|
—
|
|
|
—
|
|
||
|
Northwest
|
|
11,880
|
|
|
0.75
|
%
|
|
11,880
|
|
|
0.74
|
%
|
||
|
Total
|
|
$
|
1,587,310
|
|
|
100.00
|
%
|
|
$
|
1,606,933
|
|
|
100.00
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
||||||||
|
Northeast
|
|
$
|
483,838
|
|
|
33.03
|
%
|
|
55.45
|
%
|
|
$
|
495,942
|
|
|
33.26
|
%
|
|
57.80
|
%
|
|
West
|
|
266,899
|
|
|
18.22
|
%
|
|
30.60
|
%
|
|
230,117
|
|
|
15.43
|
%
|
|
26.82
|
%
|
||
|
Midwest
|
|
232,591
|
|
|
15.88
|
%
|
|
26.66
|
%
|
|
229,222
|
|
|
15.37
|
%
|
|
26.71
|
%
|
||
|
International
|
|
163,122
|
|
|
11.14
|
%
|
|
18.70
|
%
|
|
158,048
|
|
|
10.60
|
%
|
|
18.42
|
%
|
||
|
Southeast
|
|
141,139
|
|
|
9.63
|
%
|
|
16.18
|
%
|
|
177,024
|
|
|
11.87
|
%
|
|
20.63
|
%
|
||
|
Southwest
|
|
139,478
|
|
|
9.52
|
%
|
|
15.99
|
%
|
|
188,608
|
|
|
12.65
|
%
|
|
21.98
|
%
|
||
|
South
|
|
26,058
|
|
|
1.78
|
%
|
|
2.99
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Northwest
|
|
11,760
|
|
|
0.80
|
%
|
|
1.35
|
%
|
|
12,240
|
|
|
0.82
|
%
|
|
1.43
|
%
|
||
|
Total
|
|
$
|
1,464,885
|
|
|
100.00
|
%
|
|
167.92
|
%
|
|
$
|
1,491,201
|
|
|
100.00
|
%
|
|
173.79
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
|
Cost:
|
|
|
|
% of Total Investments
|
|
|
|
% of Total Investments
|
||||||
|
Multi-sector holdings (1)
|
|
$
|
147,074
|
|
|
9.26
|
%
|
|
$
|
157,883
|
|
|
9.85
|
%
|
|
Healthcare services
|
|
131,532
|
|
|
8.29
|
|
|
119,468
|
|
|
7.43
|
|
||
|
Application software
|
|
87,894
|
|
|
5.54
|
|
|
85,875
|
|
|
5.34
|
|
||
|
Data processing & outsourced services
|
|
76,179
|
|
|
4.80
|
|
|
87,617
|
|
|
5.45
|
|
||
|
Property & casualty insurance
|
|
68,185
|
|
|
4.29
|
|
|
66,370
|
|
|
4.13
|
|
||
|
Biotechnology
|
|
65,944
|
|
|
4.15
|
|
|
11,880
|
|
|
0.74
|
|
||
|
Pharmaceuticals
|
|
57,711
|
|
|
3.63
|
|
|
69,098
|
|
|
4.30
|
|
||
|
Healthcare technology
|
|
51,223
|
|
|
3.23
|
|
|
51,283
|
|
|
3.19
|
|
||
|
Specialized finance
|
|
49,199
|
|
|
3.10
|
|
|
48,571
|
|
|
3.02
|
|
||
|
Healthcare equipment
|
|
47,456
|
|
|
2.99
|
|
|
47,901
|
|
|
2.98
|
|
||
|
Auto parts & equipment
|
|
42,635
|
|
|
2.69
|
|
|
42,633
|
|
|
2.65
|
|
||
|
Specialty stores
|
|
42,536
|
|
|
2.68
|
|
|
43,887
|
|
|
2.73
|
|
||
|
Advertising
|
|
42,405
|
|
|
2.67
|
|
|
42,405
|
|
|
2.64
|
|
||
|
Aerospace & defense
|
|
40,409
|
|
|
2.54
|
|
|
45,918
|
|
|
2.86
|
|
||
|
Research & consulting services
|
|
34,610
|
|
|
2.18
|
|
|
34,595
|
|
|
2.15
|
|
||
|
Technology distributors
|
|
34,413
|
|
|
2.17
|
|
|
34,375
|
|
|
2.14
|
|
||
|
Integrated telecommunication services
|
|
33,766
|
|
|
2.13
|
|
|
33,768
|
|
|
2.10
|
|
||
|
Airlines
|
|
32,199
|
|
|
2.03
|
|
|
32,602
|
|
|
2.03
|
|
||
|
Specialty chemicals
|
|
31,777
|
|
|
2.00
|
|
|
31,773
|
|
|
1.98
|
|
||
|
Oil & gas equipment & services
|
|
29,944
|
|
|
1.89
|
|
|
56,753
|
|
|
3.53
|
|
||
|
Systems software
|
|
29,230
|
|
|
1.84
|
|
|
15,898
|
|
|
0.99
|
|
||
|
Managed healthcare
|
|
27,770
|
|
|
1.75
|
|
|
27,812
|
|
|
1.73
|
|
||
|
Construction & engineering
|
|
25,958
|
|
|
1.63
|
|
|
30,437
|
|
|
1.89
|
|
||
|
Industrial machinery
|
|
24,777
|
|
|
1.56
|
|
|
30,127
|
|
|
1.87
|
|
||
|
Diversified support services
|
|
24,691
|
|
|
1.55
|
|
|
19,266
|
|
|
1.20
|
|
||
|
General merchandise stores
|
|
23,059
|
|
|
1.45
|
|
|
22,959
|
|
|
1.43
|
|
||
|
Food retail
|
|
22,695
|
|
|
1.43
|
|
|
22,052
|
|
|
1.37
|
|
||
|
Healthcare distributors
|
|
22,632
|
|
|
1.42
|
|
|
19,683
|
|
|
1.22
|
|
||
|
Oil & gas refining & marketing
|
|
22,272
|
|
|
1.40
|
|
|
22,493
|
|
|
1.40
|
|
||
|
Interactive media & services
|
|
21,761
|
|
|
1.37
|
|
|
—
|
|
|
—
|
|
||
|
Electrical components & equipment
|
|
21,416
|
|
|
1.35
|
|
|
38,831
|
|
|
2.42
|
|
||
|
Movies & entertainment
|
|
19,529
|
|
|
1.23
|
|
|
19,504
|
|
|
1.21
|
|
||
|
Personal products
|
|
19,089
|
|
|
1.20
|
|
|
19,327
|
|
|
1.20
|
|
||
|
Apparel, accessories & luxury goods
|
|
18,351
|
|
|
1.16
|
|
|
18,308
|
|
|
1.14
|
|
||
|
Oil & gas drilling
|
|
15,344
|
|
|
0.97
|
|
|
—
|
|
|
—
|
|
||
|
Education services
|
|
14,280
|
|
|
0.90
|
|
|
13,748
|
|
|
0.86
|
|
||
|
Oil & gas storage & transportation
|
|
11,640
|
|
|
0.73
|
|
|
—
|
|
|
—
|
|
||
|
Security & alarm services
|
|
11,041
|
|
|
0.70
|
|
|
11,071
|
|
|
0.69
|
|
||
|
Trading companies & distributors
|
|
10,460
|
|
|
0.66
|
|
|
6,981
|
|
|
0.43
|
|
||
|
Internet services & infrastructure
|
|
9,654
|
|
|
0.61
|
|
|
5,454
|
|
|
0.34
|
|
||
|
Household appliances
|
|
7,888
|
|
|
0.50
|
|
|
7,905
|
|
|
0.49
|
|
||
|
Coal & consumable fuels
|
|
7,294
|
|
|
0.46
|
|
|
7,329
|
|
|
0.46
|
|
||
|
Environmental & facilities services
|
|
5,927
|
|
|
0.37
|
|
|
5,923
|
|
|
0.37
|
|
||
|
Commercial printing
|
|
5,829
|
|
|
0.37
|
|
|
5,856
|
|
|
0.36
|
|
||
|
Leisure facilities
|
|
5,401
|
|
|
0.34
|
|
|
5,401
|
|
|
0.34
|
|
||
|
Thrifts & mortgage finance
|
|
4,842
|
|
|
0.31
|
|
|
5,344
|
|
|
0.33
|
|
||
|
Restaurants
|
|
3,121
|
|
|
0.20
|
|
|
3,129
|
|
|
0.19
|
|
||
|
Alternative carriers
|
|
1,985
|
|
|
0.13
|
|
|
—
|
|
|
—
|
|
||
|
Human resource & employment services
|
|
845
|
|
|
0.05
|
|
|
1,581
|
|
|
0.10
|
|
||
|
IT consulting & other services
|
|
750
|
|
|
0.05
|
|
|
750
|
|
|
0.05
|
|
||
|
Department stores
|
|
575
|
|
|
0.04
|
|
|
573
|
|
|
0.04
|
|
||
|
Other diversified financial services
|
|
113
|
|
|
0.01
|
|
|
113
|
|
|
0.01
|
|
||
|
Commodity chemicals
|
|
—
|
|
|
—
|
|
|
2,972
|
|
|
0.18
|
|
||
|
Consumer electronics
|
|
—
|
|
|
—
|
|
|
22,128
|
|
|
1.38
|
|
||
|
Hypermarkets & super centers
|
|
—
|
|
|
—
|
|
|
2,057
|
|
|
0.13
|
|
||
|
Investment banking & brokerage
|
|
—
|
|
|
—
|
|
|
12,539
|
|
|
0.78
|
|
||
|
Oil & gas exploration & production
|
|
—
|
|
|
—
|
|
|
34,727
|
|
|
2.16
|
|
||
|
Total
|
|
$
|
1,587,310
|
|
|
100.00
|
%
|
|
$
|
1,606,933
|
|
|
100.00
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||||||
|
Fair Value:
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
|
|
|
% of Total Investments
|
|
% of Net Assets
|
||||||||
|
Multi-sector holdings (1)
|
|
$
|
125,535
|
|
|
8.56
|
%
|
|
14.40
|
%
|
|
$
|
143,037
|
|
|
9.57
|
%
|
|
16.66
|
%
|
|
Healthcare services
|
|
85,260
|
|
|
5.82
|
|
|
9.77
|
|
|
67,039
|
|
|
4.50
|
|
|
7.81
|
|
||
|
Application software
|
|
82,302
|
|
|
5.62
|
|
|
9.43
|
|
|
96,457
|
|
|
6.47
|
|
|
11.24
|
|
||
|
Property & casualty insurance
|
|
68,008
|
|
|
4.64
|
|
|
7.80
|
|
|
67,409
|
|
|
4.52
|
|
|
7.86
|
|
||
|
Biotechnology
|
|
65,294
|
|
|
4.46
|
|
|
7.48
|
|
|
11,963
|
|
|
0.80
|
|
|
1.39
|
|
||
|
Data processing & outsourced services
|
|
62,242
|
|
|
4.25
|
|
|
7.13
|
|
|
74,266
|
|
|
4.98
|
|
|
8.66
|
|
||
|
Pharmaceuticals
|
|
60,017
|
|
|
4.10
|
|
|
6.88
|
|
|
71,946
|
|
|
4.82
|
|
|
8.39
|
|
||
|
Healthcare equipment
|
|
52,021
|
|
|
3.55
|
|
|
5.96
|
|
|
9,812
|
|
|
0.66
|
|
|
1.14
|
|
||
|
Healthcare technology
|
|
49,797
|
|
|
3.40
|
|
|
5.71
|
|
|
52,160
|
|
|
3.50
|
|
|
6.08
|
|
||
|
Specialized finance
|
|
48,167
|
|
|
3.29
|
|
|
5.52
|
|
|
48,248
|
|
|
3.24
|
|
|
5.62
|
|
||
|
Specialty stores
|
|
41,672
|
|
|
2.84
|
|
|
4.78
|
|
|
44,001
|
|
|
2.95
|
|
|
5.13
|
|
||
|
Auto parts & equipment
|
|
41,456
|
|
|
2.83
|
|
|
4.75
|
|
|
43,146
|
|
|
2.89
|
|
|
5.03
|
|
||
|
Aerospace & defense
|
|
40,217
|
|
|
2.75
|
|
|
4.61
|
|
|
46,338
|
|
|
3.11
|
|
|
5.40
|
|
||
|
Research & consulting services
|
|
36,237
|
|
|
2.47
|
|
|
4.15
|
|
|
36,359
|
|
|
2.44
|
|
|
4.24
|
|
||
|
Technology distributors
|
|
34,103
|
|
|
2.33
|
|
|
3.91
|
|
|
34,597
|
|
|
2.32
|
|
|
4.03
|
|
||
|
Airlines
|
|
33,477
|
|
|
2.29
|
|
|
3.84
|
|
|
32,510
|
|
|
2.18
|
|
|
3.79
|
|
||
|
Advertising
|
|
32,687
|
|
|
2.23
|
|
|
3.75
|
|
|
32,687
|
|
|
2.19
|
|
|
3.81
|
|
||
|
Specialty chemicals
|
|
29,394
|
|
|
2.01
|
|
|
3.37
|
|
|
30,704
|
|
|
2.06
|
|
|
3.58
|
|
||
|
Systems software
|
|
28,730
|
|
|
1.96
|
|
|
3.29
|
|
|
16,175
|
|
|
1.08
|
|
|
1.89
|
|
||
|
Managed healthcare
|
|
27,955
|
|
|
1.91
|
|
|
3.20
|
|
|
28,012
|
|
|
1.88
|
|
|
3.26
|
|
||
|
Integrated telecommunication services
|
|
26,736
|
|
|
1.83
|
|
|
3.06
|
|
|
28,358
|
|
|
1.90
|
|
|
3.30
|
|
||
|
Oil & gas equipment & services
|
|
25,768
|
|
|
1.76
|
|
|
2.95
|
|
|
59,822
|
|
|
4.01
|
|
|
6.97
|
|
||
|
Construction & engineering
|
|
24,808
|
|
|
1.69
|
|
|
2.84
|
|
|
31,930
|
|
|
2.14
|
|
|
3.72
|
|
||
|
Diversified support services
|
|
24,539
|
|
|
1.68
|
|
|
2.81
|
|
|
18,295
|
|
|
1.23
|
|
|
2.13
|
|
||
|
Industrial machinery
|
|
24,064
|
|
|
1.64
|
|
|
2.76
|
|
|
29,323
|
|
|
1.97
|
|
|
3.42
|
|
||
|
Food retail
|
|
22,901
|
|
|
1.56
|
|
|
2.63
|
|
|
22,050
|
|
|
1.48
|
|
|
2.57
|
|
||
|
Interactive media & services
|
|
22,111
|
|
|
1.51
|
|
|
2.53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Electrical components & equipment
|
|
21,857
|
|
|
1.49
|
|
|
2.51
|
|
|
40,238
|
|
|
2.70
|
|
|
4.69
|
|
||
|
Oil & gas refining & marketing
|
|
21,779
|
|
|
1.49
|
|
|
2.50
|
|
|
22,684
|
|
|
1.52
|
|
|
2.64
|
|
||
|
Healthcare distributors
|
|
21,526
|
|
|
1.47
|
|
|
2.47
|
|
|
19,395
|
|
|
1.30
|
|
|
2.26
|
|
||
|
General merchandise stores
|
|
20,762
|
|
|
1.42
|
|
|
2.38
|
|
|
23,058
|
|
|
1.55
|
|
|
2.69
|
|
||
|
Movies & entertainment
|
|
19,426
|
|
|
1.33
|
|
|
2.23
|
|
|
19,475
|
|
|
1.31
|
|
|
2.27
|
|
||
|
Personal products
|
|
19,154
|
|
|
1.31
|
|
|
2.20
|
|
|
19,500
|
|
|
1.31
|
|
|
2.27
|
|
||
|
Oil & gas drilling
|
|
15,408
|
|
|
1.05
|
|
|
1.77
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Apparel, accessories & luxury goods
|
|
13,187
|
|
|
0.90
|
|
|
1.51
|
|
|
13,624
|
|
|
0.91
|
|
|
1.59
|
|
||
|
Oil & gas storage & transportation
|
|
11,770
|
|
|
0.80
|
|
|
1.35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Security & alarm services
|
|
10,446
|
|
|
0.71
|
|
|
1.20
|
|
|
10,865
|
|
|
0.73
|
|
|
1.27
|
|
||
|
Trading companies & distributors
|
|
10,320
|
|
|
0.70
|
|
|
1.18
|
|
|
7,009
|
|
|
0.47
|
|
|
0.82
|
|
||
|
Internet services & infrastructure
|
|
9,636
|
|
|
0.66
|
|
|
1.10
|
|
|
5,580
|
|
|
0.37
|
|
|
0.65
|
|
||
|
Leisure products
|
|
9,408
|
|
|
0.64
|
|
|
1.08
|
|
|
12,073
|
|
|
0.81
|
|
|
1.41
|
|
||
|
Leisure facilities
|
|
8,357
|
|
|
0.57
|
|
|
0.96
|
|
|
8,154
|
|
|
0.55
|
|
|
0.95
|
|
||
|
Household appliances
|
|
7,522
|
|
|
0.51
|
|
|
0.86
|
|
|
7,943
|
|
|
0.53
|
|
|
0.93
|
|
||
|
Coal & consumable fuels
|
|
7,245
|
|
|
0.49
|
|
|
0.83
|
|
|
7,525
|
|
|
0.50
|
|
|
0.88
|
|
||
|
Environmental & facilities services
|
|
6,158
|
|
|
0.42
|
|
|
0.71
|
|
|
6,189
|
|
|
0.42
|
|
|
0.72
|
|
||
|
Commercial printing
|
|
5,891
|
|
|
0.40
|
|
|
0.68
|
|
|
5,922
|
|
|
0.40
|
|
|
0.69
|
|
||
|
Thrifts & mortgage finance
|
|
4,334
|
|
|
0.30
|
|
|
0.50
|
|
|
4,759
|
|
|
0.32
|
|
|
0.55
|
|
||
|
Restaurants
|
|
3,060
|
|
|
0.21
|
|
|
0.35
|
|
|
3,076
|
|
|
0.21
|
|
|
0.36
|
|
||
|
Alternative carriers
|
|
1,945
|
|
|
0.13
|
|
|
0.22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Human resource & employment services
|
|
811
|
|
|
0.06
|
|
|
0.09
|
|
|
1,593
|
|
|
0.11
|
|
|
0.19
|
|
||
|
Department stores
|
|
535
|
|
|
0.04
|
|
|
0.06
|
|
|
581
|
|
|
0.04
|
|
|
0.07
|
|
||
|
IT consulting & other services
|
|
440
|
|
|
0.03
|
|
|
0.05
|
|
|
497
|
|
|
0.03
|
|
|
0.06
|
|
||
|
Education services
|
|
(1,590
|
)
|
|
(0.11
|
)
|
|
(0.18
|
)
|
|
(2,125
|
)
|
|
(0.14
|
)
|
|
(0.25
|
)
|
||
|
Commodity chemicals
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,101
|
|
|
0.21
|
|
|
0.36
|
|
||
|
Consumer electronics
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,438
|
|
|
1.57
|
|
|
2.73
|
|
||
|
Hypermarkets & super centers
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,082
|
|
|
0.14
|
|
|
0.24
|
|
||
|
Investment banking & brokerage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,759
|
|
|
0.86
|
|
|
1.49
|
|
||
|
Oil & gas exploration & production
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,562
|
|
|
2.38
|
|
|
4.14
|
|
||
|
Total
|
|
$
|
1,464,885
|
|
|
100.00
|
%
|
|
167.92
|
%
|
|
$
|
1,491,201
|
|
|
100.00
|
%
|
|
173.79
|
%
|
|
(1)
|
This industry includes the Company's investment in SLF JV I.
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
Senior secured loans (1)
|
|
$290,872
|
|
$297,053
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.20%
|
|
7.20%
|
|
Number of borrowers in SLF JV I
|
|
42
|
|
40
|
|
Largest exposure to a single borrower (1)
|
|
$17,512
|
|
$17,512
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$58,329
|
|
$66,507
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
Accudyne Industries, LLC
|
|
Industrial machinery
|
|
First Lien Term Loan B
|
|
8/18/2024
|
|
LIBOR+3% (1% floor)
|
|
5.52
|
%
|
|
$
|
8,906
|
|
|
$
|
8,906
|
|
|
$
|
8,474
|
|
|
AdVenture Interactive, Corp. (4)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
1,390
|
|
|
670
|
|
|||||
|
AI Ladder (Luxembourg) Subco S.a.r.l.
(4) |
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
7/9/2025
|
|
LIBOR+4.5%
|
|
7.02
|
%
|
|
6,225
|
|
|
6,050
|
|
|
6,174
|
|
|||
|
Air Newco LP
|
|
IT consulting & other services
|
|
First Lien Term Loan B
|
|
5/31/2024
|
|
LIBOR+4.75%
|
|
7.14
|
%
|
|
9,975
|
|
|
9,950
|
|
|
9,900
|
|
|||
|
AL Midcoast Holdings LLC
|
|
Oil & gas storage & transportation
|
|
First Lien Term Loan B
|
|
8/1/2025
|
|
LIBOR+5.5%
|
|
8.30
|
%
|
|
9,975
|
|
|
9,875
|
|
|
9,710
|
|
|||
|
Allied Universal Holdco LLC (4)
|
|
Security & alarm services
|
|
First Lien Term Loan
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
6.27
|
%
|
|
6,894
|
|
|
6,936
|
|
|
6,559
|
|
|||
|
Altice France S.A.
|
|
Integrated telecommunication services
|
|
First Lien Term Loan B13
|
|
8/14/2026
|
|
LIBOR+4%
|
|
6.46
|
%
|
|
7,500
|
|
|
7,319
|
|
|
7,105
|
|
|||
|
Alvogen Pharma US, Inc.
|
|
Pharmaceuticals
|
|
First Lien Term Loan B
|
|
4/1/2022
|
|
LIBOR+4.75% (1% floor)
|
|
7.27
|
%
|
|
9,750
|
|
|
9,750
|
|
|
9,576
|
|
|||
|
Asset International, Inc.
|
|
Research & consulting services
|
|
First Lien Term Loan
|
|
12/30/2024
|
|
LIBOR+4.5% (1% floor)
|
|
7.02
|
%
|
|
6,930
|
|
|
6,811
|
|
|
6,815
|
|
|||
|
Blackhawk Network Holdings, Inc.
|
|
Data processing & outsourced services
|
|
First Lien Term Loan
|
|
6/15/2025
|
|
LIBOR+3%
|
|
5.52
|
%
|
|
9,950
|
|
|
9,927
|
|
|
9,502
|
|
|||
|
Brazos Delaware II, LLC
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/21/2025
|
|
LIBOR+4%
|
|
6.47
|
%
|
|
7,463
|
|
|
7,429
|
|
|
6,872
|
|
|||
|
Clearent Newco, LLC
|
|
Application software
|
|
First Lien Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.52
|
%
|
|
6,877
|
|
|
6,788
|
|
|
6,704
|
|
|||
|
|
|
|
|
Delayed Draw Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.52
|
%
|
|
336
|
|
|
310
|
|
|
286
|
|
|||
|
|
|
|
|
First Lien Revolver
|
|
3/20/2023
|
|
PRIME+4% (1% floor)
|
|
8.50
|
%
|
|
480
|
|
|
466
|
|
|
453
|
|
|||
|
Total Clearent Newco, LLC
|
|
|
|
|
|
|
|
|
|
|
|
7,693
|
|
|
7,564
|
|
|
7,443
|
|
||||
|
DigiCert, Inc.
|
|
Internet services & infrastructure
|
|
First Lien Term Loan
|
|
10/31/2024
|
|
LIBOR+4% (1% floor)
|
|
6.52
|
%
|
|
4,313
|
|
|
4,210
|
|
|
4,237
|
|
|||
|
EOS Fitness Opco Holdings, LLC (4)
|
|
Leisure facilities
|
|
First Lien Term Loan
|
|
12/30/2019
|
|
LIBOR+8.25% (0.75% floor)
|
|
10.60
|
%
|
|
17,512
|
|
|
17,416
|
|
|
17,513
|
|
|||
|
Eton (4)
|
|
Research & consulting services
|
|
Second Lien Term Loan
|
|
5/1/2026
|
|
LIBOR+7.5% (0% floor)
|
|
10.02
|
%
|
|
6,000
|
|
|
5,972
|
|
|
6,030
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B
|
|
5/9/2024
|
|
LIBOR+3% (1% floor)
|
|
5.52
|
%
|
|
4,925
|
|
|
4,902
|
|
|
4,792
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien Term Loan B
|
|
12/14/2021
|
|
LIBOR+6.75% (1% floor)
|
|
9.27
|
%
|
|
4,121
|
|
|
4,092
|
|
|
4,093
|
|
|||
|
Gentiva Health Services Inc.
|
|
Healthcare services
|
|
First Lien Term Loan
|
|
7/2/2025
|
|
LIBOR+3.75%
|
|
6.31
|
%
|
|
7,980
|
|
|
7,845
|
|
|
7,761
|
|
|||
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien Term Loan
|
|
12/27/2024
|
|
LIBOR+4.25% (1% floor)
|
|
7.05
|
%
|
|
7,920
|
|
|
7,852
|
|
|
7,821
|
|
|||
|
GoodRx, Inc.
|
|
Interactive media & services
|
|
First Lien Term Loan
|
|
10/10/2025
|
|
LIBOR+3%
|
|
5.43
|
%
|
|
8,000
|
|
|
7,981
|
|
|
7,740
|
|
|||
|
Intelsat Jackson Holdings S.A. (4)
|
|
Alternative carriers
|
|
First Lien Term Loan B3
|
|
11/27/2023
|
|
LIBOR+3.75% (1% floor)
|
|
6.26
|
%
|
|
5,000
|
|
|
4,878
|
|
|
4,863
|
|
|||
|
Keypath Education, Inc. (4)
|
|
Advertising
|
|
First Lien Term Loan
|
|
4/3/2022
|
|
LIBOR+7% (1% floor) cash
|
|
9.80
|
%
|
|
1,854
|
|
|
1,852
|
|
|
1,854
|
|
|||
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,088
|
|
|
816
|
|
|||||
|
Total Keypath Education, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
1,854
|
|
|
2,940
|
|
|
2,670
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
KIK Custom Products Inc.
|
|
Household products
|
|
First Lien Term Loan B
|
|
5/15/2023
|
|
LIBOR+4% (1% floor) cash
|
|
6.52
|
%
|
|
$
|
8,000
|
|
|
$
|
7,966
|
|
|
$
|
7,570
|
|
|
McDermott Technology (Americas), Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/12/2025
|
|
LIBOR+5% (1% floor) cash
|
|
7.52
|
%
|
|
9,925
|
|
|
9,743
|
|
|
9,292
|
|
|||
|
Morphe LLC (4)
|
|
Personal products
|
|
First Lien Term Loan
|
|
2/10/2023
|
|
LIBOR+6% (1% floor) cash
|
|
8.52
|
%
|
|
4,331
|
|
|
4,295
|
|
|
4,310
|
|
|||
|
New IPT, Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan
|
|
3/17/2021
|
|
LIBOR+5% (1% floor) cash
|
|
7.80
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien Term Loan
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor) cash
|
|
7.90
|
%
|
|
394
|
|
|
394
|
|
|
394
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,188
|
|
|
2,188
|
|
|
3,189
|
|
||||
|
Northern Star Industries Inc.
|
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
3/31/2025
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.55
|
%
|
|
6,948
|
|
|
6,916
|
|
|
6,939
|
|
|||
|
Novetta Solutions, LLC
|
|
Application software
|
|
First Lien Term Loan
|
|
10/17/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.53
|
%
|
|
6,040
|
|
|
6,000
|
|
|
5,889
|
|
|||
|
OCI Beaumont LLC
|
|
Commodity chemicals
|
|
First Lien Term Loan B
|
|
3/13/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.80
|
%
|
|
7,940
|
|
|
7,931
|
|
|
7,806
|
|
|||
|
Refac Optical Group (4)(5)
|
|
Specialty stores
|
|
First Lien Term Loan A
|
|
1/9/2019
|
|
LIBOR+8% cash
|
|
|
|
|
2,123
|
|
|
1,940
|
|
|
2,123
|
|
|||
|
Salient CRGT, Inc. (4)
|
|
Aerospace & defense
|
|
First Lien Term Loan
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor) cash
|
|
8.27
|
%
|
|
2,251
|
|
|
2,222
|
|
|
2,218
|
|
|||
|
Scientific Games International, Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B-5
|
|
8/14/2024
|
|
LIBOR+2.75% (1% floor) cash
|
|
5.25
|
%
|
|
6,565
|
|
|
6,537
|
|
|
6,183
|
|
|||
|
Sequa Corp.
|
|
Aerospace & defense
|
|
First Lien Term Loan B
|
|
11/28/2021
|
|
LIBOR+5% (1% floor) cash
|
|
7.41
|
%
|
|
4,987
|
|
|
4,813
|
|
|
4,782
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien Term Loan
|
|
11/18/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.53
|
%
|
|
8,485
|
|
|
8,464
|
|
|
8,050
|
|
|||
|
Signify Health, LLC
|
|
Healthcare services
|
|
First Lien Term Loan
|
|
12/23/2024
|
|
LIBOR+4.5% (1% floor) cash
|
|
7.30
|
%
|
|
9,925
|
|
|
9,838
|
|
|
9,975
|
|
|||
|
Sirva Worldwide, Inc.
|
|
Diversified support services
|
|
First Lien Term Loan
|
|
8/4/2025
|
|
LIBOR+5.5% cash
|
|
8.06
|
%
|
|
5,000
|
|
|
4,925
|
|
|
4,913
|
|
|||
|
Triple Royalty Sub LLC
|
|
Pharmaceuticals
|
|
Fixed Rate Bond 144A
|
|
4/15/2033
|
|
9% PIK
|
|
|
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien Term Loan
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.55
|
%
|
|
2,013
|
|
|
2,006
|
|
|
2,003
|
|
|||
|
Uber Technologies, Inc.
|
|
Application software
|
|
First Lien Term Loan
|
|
4/4/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.39
|
%
|
|
9,950
|
|
|
9,905
|
|
|
9,720
|
|
|||
|
Uniti Group LP
|
|
Specialized REITs
|
|
First Lien Term Loan B
|
|
10/24/2022
|
|
LIBOR+3% (1% floor) cash
|
|
5.52
|
%
|
|
6,451
|
|
|
6,225
|
|
|
5,859
|
|
|||
|
Veritas US Inc. (4)
|
|
Application software
|
|
First Lien Term Loan B-1
|
|
1/27/2023
|
|
LIBOR+4.5% (1% floor) cash
|
|
7.09
|
%
|
|
6,947
|
|
|
6,900
|
|
|
5,972
|
|
|||
|
Verra Mobility, Corp.
|
|
Data processing & outsourced services
|
|
First Lien Term Loan B
|
|
2/28/2025
|
|
LIBOR+3.75% (1% floor) cash
|
|
6.27
|
%
|
|
10,917
|
|
|
10,933
|
|
|
10,672
|
|
|||
|
WP CPP Holdings, LLC (4)
|
|
Aerospace & defense
|
|
Second Lien Term Loan
|
|
4/30/2026
|
|
LIBOR+7.75% (1% floor) cash
|
|
10.28
|
%
|
|
6,000
|
|
|
5,944
|
|
|
5,905
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
290,872
|
|
|
$
|
290,686
|
|
|
$
|
284,690
|
|
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
Accudyne Industries, LLC
|
|
Industrial machinery
|
|
First Lien Term Loan B
|
|
8/18/2024
|
|
LIBOR+3% (1% floor)
|
|
5.24
|
%
|
|
$
|
9,088
|
|
|
$
|
9,088
|
|
|
$
|
9,134
|
|
|
AdVenture Interactive, Corp. (4)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
1,390
|
|
|
670
|
|
|||||
|
AI Ladder (Luxembourg) Subco S.a.r.l
(4)
|
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
7/9/2025
|
|
LIBOR+4.5%
|
|
7.02
|
%
|
|
11,300
|
|
|
10,970
|
|
|
11,367
|
|
|||
|
Air Newco LP
|
|
IT consulting & other services
|
|
First Lien Term Loan B
|
|
5/31/2024
|
|
LIBOR+4.75%
|
|
6.88
|
%
|
|
10,000
|
|
|
9,975
|
|
|
10,100
|
|
|||
|
AL Midcoast Holdings LLC
|
|
Oil & gas storage & transportation
|
|
First Lien Term Loan B
|
|
8/1/2025
|
|
LIBOR+5.5%
|
|
7.84
|
%
|
|
10,000
|
|
|
9,900
|
|
|
10,041
|
|
|||
|
Allied Universal Holdco LLC (4)
|
|
Security & alarm services
|
|
First Lien Term Loan
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
6.14
|
%
|
|
6,912
|
|
|
6,956
|
|
|
6,821
|
|
|||
|
Altice France S.A.
|
|
Integrated telecommunication services
|
|
First Lien Term Loan B13
|
|
8/14/2026
|
|
LIBOR+4%
|
|
6.16
|
%
|
|
7,500
|
|
|
7,313
|
|
|
7,457
|
|
|||
|
Alvogen Pharma US, Inc.
|
|
Pharmaceuticals
|
|
First Lien Term Loan B
|
|
4/1/2022
|
|
LIBOR+4.75% (1% floor)
|
|
6.99
|
%
|
|
9,822
|
|
|
9,822
|
|
|
9,918
|
|
|||
|
Asset International, Inc.
|
|
Research & consulting services
|
|
First Lien Term Loan
|
|
12/30/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.89
|
%
|
|
6,948
|
|
|
6,824
|
|
|
6,917
|
|
|||
|
Blackhawk Network Holdings, Inc.
|
|
Data processing & outsourced services
|
|
First Lien Term Loan
|
|
6/15/2025
|
|
LIBOR+3%
|
|
5.39
|
%
|
|
9,975
|
|
|
9,951
|
|
|
10,049
|
|
|||
|
Brazos Delaware II, LLC
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/21/2025
|
|
LIBOR+4%
|
|
6.17
|
%
|
|
7,481
|
|
|
7,446
|
|
|
7,458
|
|
|||
|
Chloe Ox Parent LLC
|
|
Healthcare services
|
|
First Lien Term Loan
|
|
12/23/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.89
|
%
|
|
9,950
|
|
|
9,860
|
|
|
9,987
|
|
|||
|
Clearent Newco, LLC
|
|
Application software
|
|
First Lien Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.24
|
%
|
|
6,894
|
|
|
6,800
|
|
|
6,796
|
|
|||
|
|
|
|
|
Delayed Draw Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.19
|
%
|
|
337
|
|
|
310
|
|
|
309
|
|
|||
|
|
|
|
|
First Lien Revolver
|
|
3/20/2023
|
|
PRIME+3% (1% floor)
|
|
8.00
|
%
|
|
852
|
|
|
837
|
|
|
836
|
|
|||
|
Total Clearent Newco, LLC
|
|
|
|
|
|
|
|
|
|
|
|
8,083
|
|
|
7,947
|
|
|
7,941
|
|
||||
|
EOS Fitness Opco Holdings, LLC (4)
|
|
Leisure facilities
|
|
First Lien Term Loan
|
|
12/30/2019
|
|
LIBOR+8.25% (0.75% floor)
|
|
10.36
|
%
|
|
17,512
|
|
|
17,399
|
|
|
17,512
|
|
|||
|
Eton (4)
|
|
Research & consulting services
|
|
Second Lien Term Loan
|
|
5/1/2026
|
|
LIBOR+7.5%
|
|
9.74
|
%
|
|
6,000
|
|
|
5,971
|
|
|
6,030
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B
|
|
5/9/2024
|
|
LIBOR+3% (1% floor)
|
|
5.24
|
%
|
|
4,938
|
|
|
4,914
|
|
|
4,973
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien Term Loan B
|
|
12/14/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.99
|
%
|
|
4,330
|
|
|
4,300
|
|
|
4,330
|
|
|||
|
Garretson Resolution Group, Inc. (5)
|
|
Diversified support services
|
|
First Lien Term Loan
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
|
|
5,797
|
|
|
5,772
|
|
|
1,159
|
|
||||
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien Term Loan
|
|
12/27/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.89
|
%
|
|
7,940
|
|
|
7,869
|
|
|
8,000
|
|
|||
|
IBC Capital Ltd.
|
|
Metal & glass containers
|
|
First Lien Term Loan B
|
|
9/11/2023
|
|
LIBOR+3.75%
|
|
6.09
|
%
|
|
8,955
|
|
|
8,933
|
|
|
9,028
|
|
|||
|
InMotion Entertainment Group, LLC (4)
|
|
Consumer electronics
|
|
First Lien Term Loan A
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.65
|
%
|
|
8,375
|
|
|
8,389
|
|
|
8,375
|
|
|||
|
|
|
|
|
First Lien Term Loan B
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.65
|
%
|
|
8,375
|
|
|
8,306
|
|
|
8,375
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
16,750
|
|
|
16,695
|
|
|
16,750
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
Keypath Education, Inc. (4)
|
|
Advertising
|
|
First Lien Term Loan
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor) cash
|
|
9.39
|
%
|
|
$
|
1,855
|
|
|
$
|
1,853
|
|
|
$
|
1,854
|
|
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,088
|
|
|
816
|
|
|||||
|
Total Keypath Education, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
1,855
|
|
|
2,941
|
|
|
2,670
|
|
||||
|
KIK Custom Products Inc.
|
|
Household products
|
|
First Lien Term Loan B
|
|
5/15/2023
|
|
LIBOR+4% (1% floor) cash
|
|
6.24
|
%
|
|
8,000
|
|
|
7,965
|
|
|
7,975
|
|
|||
|
McDermott Technology (Americas) Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/12/2025
|
|
LIBOR+5% (1% floor) cash
|
|
7.24
|
%
|
|
9,950
|
|
|
9,760
|
|
|
10,097
|
|
|||
|
Morphe LLC (4)
|
|
Personal products
|
|
First Lien Term Loan
|
|
2/10/2023
|
|
LIBOR+6% (1% floor) cash
|
|
8.40
|
%
|
|
4,388
|
|
|
4,348
|
|
|
4,388
|
|
|||
|
New IPT, Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan
|
|
3/17/2021
|
|
LIBOR+5% (1% floor) cash
|
|
7.39
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien Term Loan
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor) cash
|
|
7.49
|
%
|
|
634
|
|
|
634
|
|
|
634
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,428
|
|
|
2,428
|
|
|
3,429
|
|
||||
|
Northern Star Industries Inc.
|
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
3/31/2025
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.08
|
%
|
|
6,965
|
|
|
6,933
|
|
|
6,974
|
|
|||
|
Novetta Solutions, LLC
|
|
Application software
|
|
First Lien Term Loan B
|
|
10/17/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.25
|
%
|
|
6,055
|
|
|
6,012
|
|
|
5,881
|
|
|||
|
OCI Beaumont LLC
|
|
Commodity chemicals
|
|
First Lien Term Loan B
|
|
3/13/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.39
|
%
|
|
7,960
|
|
|
7,951
|
|
|
8,089
|
|
|||
|
Refac Optical Group (4)(5)
|
|
Specialty stores
|
|
First Lien Term Loan A
|
|
1/9/2019
|
|
LIBOR+8% cash
|
|
10.26
|
%
|
|
2,573
|
|
|
2,476
|
|
|
2,573
|
|
|||
|
Salient CRGT, Inc. (4)
|
|
Aerospace & defense
|
|
First Lien Term Loan
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor) cash
|
|
7.99
|
%
|
|
2,267
|
|
|
2,235
|
|
|
2,301
|
|
|||
|
Scientific Games International, Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B-5
|
|
8/14/2024
|
|
LIBOR+2.75% (1% floor) cash
|
|
5.03
|
%
|
|
6,582
|
|
|
6,552
|
|
|
6,579
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien Term Loan
|
|
11/18/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.34
|
%
|
|
8,507
|
|
|
8,484
|
|
|
8,082
|
|
|||
|
Sirva Worldwide, Inc.
|
|
Diversified support services
|
|
First Lien Term Loan
|
|
8/4/2025
|
|
LIBOR+5.5% cash
|
|
7.75
|
%
|
|
5,000
|
|
|
4,925
|
|
|
5,019
|
|
|||
|
TravelCLICK, Inc. (4)
|
|
Data Processing & outsourced services
|
|
Second Lien Term Loan
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor) cash
|
|
9.99
|
%
|
|
2,871
|
|
|
2,871
|
|
|
2,871
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien Term Loan
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.14
|
%
|
|
2,019
|
|
|
2,011
|
|
|
2,026
|
|
|||
|
Uber Technologies Inc.
|
|
Application software
|
|
First Lien Term Loan
|
|
4/4/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.12
|
%
|
|
9,975
|
|
|
9,928
|
|
|
10,055
|
|
|||
|
Uniti Group LP
|
|
Specialized REITs
|
|
First Lien Term Loan B
|
|
10/24/2022
|
|
LIBOR+3% (1% floor) cash
|
|
5.24
|
%
|
|
6,467
|
|
|
6,225
|
|
|
6,198
|
|
|||
|
Veritas US Inc.
|
|
Application software
|
|
First Lien Term Loan B-1
|
|
1/27/2023
|
|
LIBOR+4.5% (1% floor) cash
|
|
6.78
|
%
|
|
6,965
|
|
|
6,915
|
|
|
6,801
|
|
|||
|
Verra Mobility, Corp. (4)
|
|
Data processing & outsourced services
|
|
First Lien Term Loan B
|
|
2/28/2025
|
|
LIBOR+3.75% (1% floor) cash
|
|
5.99
|
%
|
|
10,945
|
|
|
10,961
|
|
|
11,013
|
|
|||
|
WP CPP Holdings, LLC
|
|
Aerospace & defense
|
|
Second Lien Term Loan
|
|
4/30/2026
|
|
LIBOR+7.75% cash
|
|
10.15
|
%
|
|
6,000
|
|
|
5,942
|
|
|
6,013
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
297,053
|
|
|
$
|
297,158
|
|
|
$
|
294,676
|
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2018: $290,686; cost September 30, 2018: $297,158)
|
|
$
|
284,690
|
|
|
$
|
294,676
|
|
|
Receivables from secured financing arrangements at fair value (cost December 31, 2018: $9,801; cost September 30, 2018: $9,801)
|
|
7,127
|
|
|
7,069
|
|
||
|
Cash and cash equivalents
|
|
8,512
|
|
|
3,226
|
|
||
|
Restricted cash
|
|
4,826
|
|
|
4,808
|
|
||
|
Other assets
|
|
4,460
|
|
|
4,418
|
|
||
|
Total assets
|
|
$
|
309,615
|
|
|
$
|
314,197
|
|
|
|
|
|
|
|
||||
|
Senior credit facility payable
|
|
$
|
143,010
|
|
|
$
|
153,010
|
|
|
Debt securities payable at fair value (proceeds December 31, 2018: $110,000; proceeds September 30, 2018: $147,808)
|
|
110,000
|
|
|
147,808
|
|
||
|
Other liabilities
|
|
26,891
|
|
|
13,331
|
|
||
|
Total liabilities
|
|
$
|
279,901
|
|
|
$
|
314,149
|
|
|
Members' equity
|
|
29,714
|
|
|
48
|
|
||
|
Total liabilities and members' equity
|
|
$
|
309,615
|
|
|
$
|
314,197
|
|
|
|
|
Three months ended December 31, 2018
|
|
Three months ended December 31, 2017
|
||||
|
Selected Statements of Operations Information:
|
|
|
|
|
||||
|
Interest income
|
|
$
|
5,438
|
|
|
$
|
4,728
|
|
|
Other income
|
|
9
|
|
|
—
|
|
||
|
Total investment income
|
|
5,447
|
|
|
4,728
|
|
||
|
Interest expense
|
|
5,154
|
|
|
5,145
|
|
||
|
Other expenses
|
|
50
|
|
|
161
|
|
||
|
Total expenses (1)
|
|
5,204
|
|
|
5,306
|
|
||
|
Net unrealized depreciation
|
|
(3,456
|
)
|
|
(226
|
)
|
||
|
Net realized loss
|
|
(5,005
|
)
|
|
(4
|
)
|
||
|
Net loss
|
|
$
|
(8,218
|
)
|
|
$
|
(808
|
)
|
|
(Share amounts in thousands)
|
|
Three months ended
December 31, 2018 |
|
Three months ended
December 31, 2017 |
||||
|
Earnings (loss) per common share — basic and diluted:
|
|
|
|
|
||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
27,718
|
|
|
$
|
(30,441
|
)
|
|
Weighted average common shares outstanding — basic
|
|
140,961
|
|
|
140,961
|
|
||
|
Earnings (loss) per common share — basic and diluted
|
|
$
|
0.20
|
|
|
$
|
(0.22
|
)
|
|
Date Declared
|
|
Record Date
|
|
Payment Date
|
|
Amount
per Share
|
|
Cash
Distribution
|
|
DRIP Shares
Issued (1)
|
|
DRIP Shares
Value
|
|||
|
November 19, 2018
|
|
December 17, 2018
|
|
December 28, 2018
|
|
$
|
0.095
|
|
|
$ 13.0 million
|
|
87,429
|
|
|
$ 0.4 million
|
|
Total for the three months ended December 31, 2018
|
|
$
|
0.095
|
|
|
$ 13.0 million
|
|
87,429
|
|
|
$ 0.4 million
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
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
|
|
Total for the three months ended December 31, 2017
|
|
$
|
0.125
|
|
|
$ 17.3 million
|
|
58,456
|
|
|
$ 0.3 million
|
||||
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
||||||||||||
|
Accrual
|
|
$
|
1,262,978
|
|
|
85.79
|
%
|
|
$
|
1,250,409
|
|
|
90.43
|
%
|
|
$
|
1,298,999
|
|
|
85.46
|
%
|
|
$
|
1,318,531
|
|
|
93.03
|
%
|
|
PIK non-accrual (1)
|
|
51,771
|
|
|
3.52
|
|
|
40,715
|
|
|
2.94
|
|
|
12,661
|
|
|
0.83
|
|
|
—
|
|
|
—
|
|
||||
|
Cash non-accrual (2)
|
|
157,293
|
|
|
10.69
|
|
|
91,640
|
|
|
6.63
|
|
|
208,345
|
|
|
13.71
|
|
|
98,760
|
|
|
6.97
|
|
||||
|
Total
|
|
$
|
1,472,042
|
|
|
100.00
|
%
|
|
$
|
1,382,764
|
|
|
100.00
|
%
|
|
$
|
1,520,005
|
|
|
100.00
|
%
|
|
$
|
1,417,291
|
|
|
100.00
|
%
|
|
(1)
|
PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(2)
|
Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
|
|
Three months ended
December 31, 2018 |
|
Three months ended
December 31, 2017 |
||||
|
Net increase (decrease) in net assets resulting from operations
|
|
$
|
27,718
|
|
|
$
|
(30,441
|
)
|
|
Net unrealized appreciation (depreciation)
|
|
6,975
|
|
|
43,472
|
|
||
|
Book/tax difference due to loan fees
|
|
—
|
|
|
264
|
|
||
|
Book/tax difference due to organizational costs
|
|
(10
|
)
|
|
(22
|
)
|
||
|
Book/tax difference due to interest income on certain loans
|
|
878
|
|
|
—
|
|
||
|
Book/tax difference due to capital losses not recognized / (recognized)
|
|
(17,702
|
)
|
|
591
|
|
||
|
Other book/tax differences
|
|
586
|
|
|
(1,206
|
)
|
||
|
Taxable/Distributable Income (1)
|
|
$
|
18,445
|
|
|
$
|
12,658
|
|
|
Undistributed ordinary income, net
|
$
|
—
|
|
|
Net realized capital losses
|
(535,102
|
)
|
|
|
Unrealized losses, net
|
(101,011
|
)
|
|
|
($ in millions)
|
|
||
|
Portfolio Company
|
Net Realized Gains
|
||
|
BeyondTrust Holdings LLC
|
$
|
12.4
|
|
|
InMotion Entertainment Group, LLC
|
2.7
|
|
|
|
YETI Holdings, Inc.
|
2.7
|
|
|
|
Other, net
|
0.2
|
|
|
|
Total, net
|
$
|
18.0
|
|
|
•
|
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 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.
|
|
(Share amounts in thousands)
|
|
Three months ended
December 31, 2018 |
|
Three months ended
December 31, 2017 (1) |
|
Net asset value per share at beginning of period
|
|
$6.09
|
|
$6.16
|
|
Net investment income (2)
|
|
0.12
|
|
0.09
|
|
Net unrealized appreciation (depreciation) (2)
|
|
(0.05)
|
|
(0.31)
|
|
Net realized gains (losses) (2)
|
|
0.13
|
|
—
|
|
Distributions to stockholders (2)
|
|
(0.10)
|
|
(0.13)
|
|
Net asset value per share at end of period
|
|
$6.19
|
|
$5.81
|
|
Per share market value at beginning of period
|
|
$4.96
|
|
$5.47
|
|
Per share market value at end of period
|
|
$4.23
|
|
$4.89
|
|
Total return (3)
|
|
(12.87)%
|
|
(8.37)%
|
|
Common shares outstanding at beginning of period
|
|
140,961
|
|
140,961
|
|
Common shares outstanding at end of period
|
|
140,961
|
|
140,961
|
|
Net assets at beginning of period
|
|
$858,035
|
|
$867,657
|
|
Net assets at end of period
|
|
$872,362
|
|
$819,595
|
|
Average net assets (4)
|
|
$869,855
|
|
$849,181
|
|
Ratio of net investment income to average net assets
|
|
7.90%
|
|
6.22%
|
|
Ratio of total expenses to average net assets
|
|
10.27%
|
|
9.67%
|
|
Ratio of net expenses to average net assets
|
|
9.56%
|
|
9.61%
|
|
Ratio of portfolio turnover to average investments at fair value
|
|
10.99%
|
|
12.76%
|
|
Weighted average outstanding debt (5)
|
|
$614,369
|
|
$651,826
|
|
Average debt per share (2)
|
|
$4.36
|
|
$4.62
|
|
Asset coverage ratio (6)
|
|
241.91%
|
|
230.61%
|
|
(1)
|
Beginning on October 17, 2017, the Company is externally managed by Oaktree. Prior to October 17, 2017, the Company was externally managed by the Former Adviser.
|
|
(2)
|
Calculated based upon weighted average shares outstanding for the period.
|
|
(3)
|
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.
|
|
(4)
|
Calculated based upon the weighted average net assets for the period.
|
|
(5)
|
Calculated based upon the weighted average of loans payable for the period.
|
|
(6)
|
Based on outstanding senior securities of $612.9 million and $627.5 million as of December 31, 2018 and 2017, respectively.
|
|
Description
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Gross Amount of Recognized Assets
|
|
Gross Amount of Recognized Liabilities
|
|
Balance Sheet Location of Net Amounts
|
||||||||
|
Foreign currency forward contract
|
|
$
|
22,719
|
|
|
£
|
17,888
|
|
|
2/4/2019
|
|
$
|
—
|
|
|
$
|
103
|
|
|
Derivative liability
|
|
Foreign currency forward contract
|
|
$
|
19,747
|
|
|
€
|
17,325
|
|
|
1/17/2019
|
|
$
|
—
|
|
|
$
|
87
|
|
|
Derivative liability
|
|
Description
|
|
Notional Amount to be Purchased
|
|
Notional Amount to be Sold
|
|
Maturity Date
|
|
Gross Amount of Recognized Assets
|
|
Gross Amount of Recognized Liabilities
|
|
Balance Sheet Location of Net Amounts
|
||||||||
|
Foreign currency forward contract
|
|
$
|
23,113
|
|
|
£
|
17,579
|
|
|
10/26/2018
|
|
$
|
162
|
|
|
$
|
—
|
|
|
Derivative asset
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||
|
Assembled Brands Capital LLC
|
|
$
|
39,951
|
|
|
$
|
—
|
|
|
U.S. Well Services, LLC
|
|
14,000
|
|
|
—
|
|
||
|
Sorrento Therapeutics, Inc.
|
|
12,500
|
|
|
—
|
|
||
|
P2 Upstream Acquisition Co.
|
|
7,667
|
|
|
10,000
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
4,656
|
|
|
4,656
|
|
||
|
Keypath Education, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Dominion Diagnostics, LLC (1)
|
|
2,439
|
|
|
4,180
|
|
||
|
Datto Inc.
|
|
2,356
|
|
|
2,356
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
2,229
|
|
||
|
PLATO Learning Inc. (1)
|
|
2,138
|
|
|
2,671
|
|
||
|
Thing5, LLC (1)(2)
|
|
1,726
|
|
|
1,298
|
|
||
|
Senior Loan Fund JV I, LLC
|
|
1,328
|
|
|
1,328
|
|
||
|
Ministry Brands, LLC
|
|
1,000
|
|
|
700
|
|
||
|
iCIMs, Inc.
|
|
882
|
|
|
882
|
|
||
|
GKD Index Partners, LLC
|
|
809
|
|
|
289
|
|
||
|
Access CIG LLC
|
|
497
|
|
|
765
|
|
||
|
Cenegenics, LLC (1)(2)
|
|
297
|
|
|
297
|
|
||
|
InMotion Entertainment Group, LLC
|
|
—
|
|
|
7,534
|
|
||
|
TerSera Therapeutics, LLC
|
|
—
|
|
|
3,281
|
|
||
|
Total
|
|
$
|
104,707
|
|
|
$
|
52,698
|
|
|
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,
2018
|
|
Gross
Additions (3)
|
|
Gross
Reductions (4)
|
|
Fair Value
at December 31, 2018
|
|
% of Total Net Assets
|
||||||||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Star Speir Aviation Limited (5)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
$
|
32,510
|
|
|
$
|
—
|
|
|
$
|
453
|
|
|
$
|
32,510
|
|
|
$
|
403
|
|
|
$
|
(403
|
)
|
|
$
|
32,510
|
|
|
3.7
|
%
|
|
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
967
|
|
|
—
|
|
|
967
|
|
|
0.1
|
%
|
||||||||
|
Keypath Education, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022
|
|
9.80
|
%
|
|
|
|
18,146
|
|
|
—
|
|
|
436
|
|
|
18,146
|
|
|
—
|
|
|
—
|
|
|
18,146
|
|
|
2.1
|
%
|
|||||||
|
First Lien Revolver, LIBOR+7.75% (1% floor) cash due 4/3/2022
|
|
|
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,984
|
|
|
—
|
|
|
—
|
|
|
7,984
|
|
|
0.9
|
%
|
||||||||
|
New IPT, Inc.
|
|
|
|
Oil & gas equipment services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
7.80
|
%
|
|
|
|
4,107
|
|
|
—
|
|
|
84
|
|
|
4,107
|
|
|
—
|
|
|
—
|
|
|
4,107
|
|
|
0.5
|
%
|
|||||||
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021
|
|
7.90
|
%
|
|
|
|
902
|
|
|
—
|
|
|
23
|
|
|
1,453
|
|
|
—
|
|
|
(550
|
)
|
|
903
|
|
|
0.1
|
%
|
|||||||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
7.80
|
%
|
|
|
|
1,009
|
|
|
—
|
|
|
21
|
|
|
1,009
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
|
0.1
|
%
|
|||||||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,291
|
|
|
—
|
|
|
—
|
|
|
2,291
|
|
|
0.3
|
%
|
||||||||
|
Senior Loan Fund JV I, LLC (6)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
2,036
|
|
|
99,813
|
|
|
—
|
|
|
(99,813
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 10% cash due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
707
|
|
|
29,520
|
|
|
67
|
|
|
(29,587
|
)
|
|
—
|
|
|
—
|
%
|
||||||||
|
Subordinated Note, LIBOR+7% cash due 12/29/2028
|
|
9.45
|
%
|
|
|
|
96,250
|
|
|
—
|
|
|
101
|
|
|
—
|
|
|
96,250
|
|
|
—
|
|
|
96,250
|
|
|
11.0
|
%
|
|||||||
|
87.5% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
|
33,150
|
|
|
(7,191
|
)
|
|
26,000
|
|
|
3.0
|
%
|
||||||||
|
Total Control Investments
|
|
|
|
|
|
$
|
152,924
|
|
|
$
|
—
|
|
|
$
|
3,865
|
|
|
$
|
196,874
|
|
|
$
|
130,837
|
|
|
$
|
(137,544
|
)
|
|
$
|
190,167
|
|
|
21.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Assembled Brands Capital LLC
|
|
|
|
Specialized finance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Delayed Draw Term Loan LIBOR+6% cash due 10/17/2023
|
|
8.80
|
%
|
|
|
|
$
|
815
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
815
|
|
|
$
|
—
|
|
|
$
|
815
|
|
|
0.1
|
%
|
|
764,376.60 Class A Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
764
|
|
|
—
|
|
|
764
|
|
|
0.1
|
%
|
||||||||
|
583,190.81 Class B Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
1,080,399 shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,161
|
|
|
—
|
|
|
—
|
|
|
2,161
|
|
|
0.2
|
%
|
||||||||
|
Total Affiliate Investments
|
|
|
|
|
|
$
|
815
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
2,161
|
|
|
$
|
1,579
|
|
|
$
|
—
|
|
|
$
|
3,740
|
|
|
0.4
|
%
|
|
|
Total Control & Affiliate Investments
|
|
|
|
|
|
$
|
153,739
|
|
|
$
|
—
|
|
|
$
|
3,882
|
|
|
$
|
199,035
|
|
|
$
|
132,416
|
|
|
$
|
(137,544
|
)
|
|
$
|
193,907
|
|
|
22.2
|
%
|
|
|
(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)
|
First Star Speir Aviation Limited is a wholly-owned holding company formed by the Company in order to facilitate its investment strategy. In accordance with ASU 2013-08, the Company has deemed the holding company to be investment companies under GAAP and therefore deemed it appropriate to consolidate the financial results and financial position of the holding company 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 entity.
|
|
(6)
|
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).
|
|
Portfolio Company/Type of Investment
|
|
Cash Interest Rate
|
|
Industry
|
|
Principal
|
|
Net Realized Gain (Loss)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (1)
|
|
Fair Value
at October 1,
2017
|
|
Gross
Additions (2)
|
|
Gross
Reductions (3)
|
|
Fair Value
at December 31, 2017
|
|
% of Total Net Assets
|
||||||||||||||||
|
Control Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Traffic Solutions Holdings, Inc.
|
|
|
|
Construction & engineering
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021
|
|
8.70
|
%
|
|
|
|
$
|
36,661
|
|
|
$
|
—
|
|
|
$
|
1,088
|
|
|
$
|
36,568
|
|
|
$
|
186
|
|
|
$
|
(92
|
)
|
|
$
|
36,662
|
|
|
4.5
|
%
|
|
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021
|
|
7.70
|
%
|
|
|
|
2,000
|
|
|
—
|
|
|
37
|
|
|
1,250
|
|
|
750
|
|
|
—
|
|
|
2,000
|
|
|
0.2
|
%
|
|||||||
|
LC Facility, 6% cash due 4/1/2021
|
|
|
|
|
|
4,752
|
|
|
—
|
|
|
64
|
|
|
4,752
|
|
|
—
|
|
|
—
|
|
|
4,752
|
|
|
0.6
|
%
|
||||||||
|
746,114 Series A Preferred Units, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,700
|
|
|
—
|
|
|
—
|
|
|
7,700
|
|
|
0.9
|
%
|
||||||||
|
746,114 Common Stock Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
TransTrade Operators, Inc. (6)
|
|
|
|
Air freight and logistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, 5% cash due 12/31/2017
|
|
|
|
|
|
15,973
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|
—
|
|
|
—
|
|
|
1,810
|
|
|
0.2
|
%
|
||||||||
|
First Lien Revolver, 8% cash due 12/31/2017
|
|
|
|
|
|
7,757
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
596.67 Series A Common Units
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,000 Series A Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
5,200,000 Series B Preferred Units in TransTrade Holdings LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
First Star Speir Aviation Limited (5)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, 9% cash due 12/15/2020
|
|
|
|
|
|
32,510
|
|
|
—
|
|
|
634
|
|
|
41,395
|
|
|
464
|
|
|
(9,348
|
)
|
|
32,511
|
|
|
4.0
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,926
|
|
|
3,011
|
|
|
—
|
|
|
6,937
|
|
|
0.8
|
%
|
||||||||
|
First Star Bermuda Aviation Limited (5)
|
|
|
|
Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018
|
|
|
|
|
|
11,868
|
|
|
—
|
|
|
406
|
|
|
11,868
|
|
|
—
|
|
|
—
|
|
|
11,868
|
|
|
1.4
|
%
|
||||||||
|
100% equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,323
|
|
|
4,993
|
|
|
—
|
|
|
7,316
|
|
|
0.9
|
%
|
||||||||
|
Eagle Hospital Physicians, LLC
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Earn-out
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,986
|
|
|
97
|
|
|
—
|
|
|
5,083
|
|
|
0.6
|
%
|
||||||||
|
Senior Loan Fund JV I, LLC (4)
|
|
|
|
Multi-sector holdings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC
|
|
6.52
|
%
|
|
|
|
100,804
|
|
|
—
|
|
|
1,754
|
|
|
101,030
|
|
|
—
|
|
|
(226
|
)
|
|
100,804
|
|
|
12.3
|
%
|
|||||||
|
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC
|
|
|
|
|
|
27,463
|
|
|
—
|
|
|
1,006
|
|
|
27,641
|
|
|
—
|
|
|
(178
|
)
|
|
27,463
|
|
|
3.4
|
%
|
||||||||
|
87.5% LLC equity interest
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,525
|
|
|
—
|
|
|
(645
|
)
|
|
4,880
|
|
|
0.6
|
%
|
||||||||
|
Ameritox Ltd. (6)
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021
|
|
6.69
|
%
|
|
|
|
39,438
|
|
|
—
|
|
|
—
|
|
|
4,445
|
|
|
361
|
|
|
(6
|
)
|
|
4,800
|
|
|
0.6
|
%
|
|||||||
|
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
4,930.03 Common Units in Ameritox Holdings II, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||||||
|
Portfolio Company/Type of Investment
|
|
Cash Interest Rate
|
|
Industry
|
|
Principal
|
|
Net Realized Gain (Loss)
|
|
Amount of
Interest,
Fees or
Dividends
Credited in
Income (1)
|
|
Fair Value
at October 1,
2017
|
|
Gross
Additions (2)
|
|
Gross
Reductions (3)
|
|
Fair Value
at December 31, 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
|
|
6.69
|
%
|
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
67
|
|
|
$
|
4,107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,107
|
|
|
0.5
|
%
|
|
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021
|
|
6.79
|
%
|
|
|
|
2,504
|
|
|
—
|
|
|
41
|
|
|
2,504
|
|
|
—
|
|
|
—
|
|
|
2,504
|
|
|
0.3
|
%
|
|||||||
|
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021
|
|
6.69
|
%
|
|
|
|
1,009
|
|
|
—
|
|
|
18
|
|
|
1,009
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
|
0.1
|
%
|
|||||||
|
50.087 Class A Common Units in New IPT Holdings, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
736
|
|
|
227
|
|
|
—
|
|
|
963
|
|
|
0.1
|
%
|
||||||||
|
AdVenture Interactive, Corp.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
9,073 shares of common stock
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,818
|
|
|
—
|
|
|
(7,397
|
)
|
|
6,421
|
|
|
0.8
|
%
|
||||||||
|
Keypath Education, Inc.
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022
|
|
8.69
|
%
|
|
|
|
19,960
|
|
|
—
|
|
|
435
|
|
|
19,960
|
|
|
—
|
|
|
—
|
|
|
19,960
|
|
|
2.4
|
%
|
|||||||
|
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022
|
|
8.69
|
%
|
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||||||
|
9,073 Class A Units in FS AVI Holdco, LLC
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,918
|
|
|
66
|
|
|
—
|
|
|
7,984
|
|
|
1.0
|
%
|
||||||||
|
Total Control Investments
|
|
|
|
|
|
$
|
306,806
|
|
|
$
|
—
|
|
|
$
|
5,554
|
|
|
$
|
305,271
|
|
|
$
|
10,155
|
|
|
$
|
(17,892
|
)
|
|
$
|
297,534
|
|
|
36.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Affiliate Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Caregiver Services, Inc.
|
|
|
|
Healthcare services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019
|
|
|
|
|
|
$
|
9,752
|
|
|
$
|
—
|
|
|
$
|
265
|
|
|
$
|
9,665
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
9,708
|
|
|
1.2
|
%
|
|
|
1,080,399 shares of Series A Preferred Stock, 10%
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,534
|
|
|
—
|
|
|
(373
|
)
|
|
2,161
|
|
|
0.3
|
%
|
||||||||
|
AmBath/ReBath Holdings, Inc.
|
|
|
|
Home improvement retail
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018
|
|
|
|
|
|
22,552
|
|
|
—
|
|
|
864
|
|
|
22,957
|
|
|
169
|
|
|
(574
|
)
|
|
22,552
|
|
|
2.8
|
%
|
||||||||
|
4,668,788 shares of Preferred Stock
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,827
|
|
|
221
|
|
|
—
|
|
|
2,048
|
|
|
0.2
|
%
|
||||||||
|
Total Affiliate Investments
|
|
|
|
|
|
$
|
32,304
|
|
|
$
|
—
|
|
|
$
|
1,129
|
|
|
$
|
36,983
|
|
|
$
|
433
|
|
|
$
|
(947
|
)
|
|
$
|
36,469
|
|
|
4.4
|
%
|
|
|
Total Control & Affiliate Investments
|
|
|
|
|
|
$
|
339,110
|
|
|
$
|
—
|
|
|
$
|
6,683
|
|
|
$
|
342,254
|
|
|
$
|
10,588
|
|
|
$
|
(18,839
|
)
|
|
$
|
334,003
|
|
|
40.8
|
%
|
|
|
(1)
|
Represents the total amount of interest, fees and dividends credited to income for the portion of the period an investment was included in the Control or Affiliate categories.
|
|
(2)
|
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.
|
|
(3)
|
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.
|
|
(4)
|
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).
|
|
(5)
|
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.
|
|
(6)
|
This investment was on cash non-accrual status as of December 31, 2017 and September 30, 2017.
|
|
•
|
our future operating results and distribution projections;
|
|
•
|
the ability of Oaktree Capital Management, L.P., or Oaktree, our investment adviser 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.
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||
|
Cost:
|
|
|
|
|
||
|
Senior secured debt
|
|
77.65
|
%
|
|
74.69
|
%
|
|
Subordinated debt
|
|
9.02
|
|
|
11.85
|
|
|
Debt investments in SLF JV I
|
|
6.06
|
|
|
8.05
|
|
|
LLC equity interests of SLF JV I
|
|
3.11
|
|
|
1.01
|
|
|
Purchased equity
|
|
3.39
|
|
|
3.70
|
|
|
Equity grants
|
|
0.37
|
|
|
0.25
|
|
|
Limited partnership interests
|
|
0.40
|
|
|
0.45
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||
|
Fair value:
|
|
|
|
|
||
|
Senior secured debt
|
|
80.01
|
%
|
|
75.40
|
%
|
|
Subordinated debt
|
|
7.81
|
|
|
10.97
|
|
|
Debt investments in SLF JV I
|
|
6.57
|
|
|
8.67
|
|
|
LLC equity interests of SLF JV I
|
|
1.77
|
|
|
—
|
|
|
Purchased equity
|
|
2.77
|
|
|
3.99
|
|
|
Equity grants
|
|
0.54
|
|
|
0.44
|
|
|
Limited partnership interests
|
|
0.53
|
|
|
0.53
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||
|
Cost:
|
|
|
|
|
||
|
Multi-sector holdings (1)
|
|
9.26
|
%
|
|
9.85
|
%
|
|
Healthcare services
|
|
8.29
|
|
|
7.43
|
|
|
Application software
|
|
5.54
|
|
|
5.34
|
|
|
Data processing & outsourced services
|
|
4.80
|
|
|
5.45
|
|
|
Property & casualty insurance
|
|
4.29
|
|
|
4.13
|
|
|
Biotechnology
|
|
4.15
|
|
|
0.74
|
|
|
Pharmaceuticals
|
|
3.63
|
|
|
4.30
|
|
|
Healthcare technology
|
|
3.23
|
|
|
3.19
|
|
|
Specialized finance
|
|
3.10
|
|
|
3.02
|
|
|
Healthcare equipment
|
|
2.99
|
|
|
2.98
|
|
|
Auto parts & equipment
|
|
2.69
|
|
|
2.65
|
|
|
Specialty stores
|
|
2.68
|
|
|
2.73
|
|
|
Advertising
|
|
2.67
|
|
|
2.64
|
|
|
Aerospace & defense
|
|
2.54
|
|
|
2.86
|
|
|
Research & consulting services
|
|
2.18
|
|
|
2.15
|
|
|
Technology distributors
|
|
2.17
|
|
|
2.14
|
|
|
Integrated telecommunication services
|
|
2.13
|
|
|
2.10
|
|
|
Airlines
|
|
2.03
|
|
|
2.03
|
|
|
Specialty chemicals
|
|
2.00
|
|
|
1.98
|
|
|
Oil & gas equipment & services
|
|
1.89
|
|
|
3.53
|
|
|
Systems software
|
|
1.84
|
|
|
0.99
|
|
|
Managed healthcare
|
|
1.75
|
|
|
1.73
|
|
|
Construction & engineering
|
|
1.63
|
|
|
1.89
|
|
|
Industrial machinery
|
|
1.56
|
|
|
1.87
|
|
|
Diversified support services
|
|
1.55
|
|
|
1.20
|
|
|
General merchandise stores
|
|
1.45
|
|
|
1.43
|
|
|
Food retail
|
|
1.43
|
|
|
1.37
|
|
|
Healthcare distributors
|
|
1.42
|
|
|
1.22
|
|
|
Oil & gas refining & marketing
|
|
1.40
|
|
|
1.40
|
|
|
Interactive media & services
|
|
1.37
|
|
|
—
|
|
|
Electrical components & equipment
|
|
1.35
|
|
|
2.42
|
|
|
Movies & entertainment
|
|
1.23
|
|
|
1.21
|
|
|
Personal products
|
|
1.20
|
|
|
1.20
|
|
|
Apparel, accessories & luxury goods
|
|
1.16
|
|
|
1.14
|
|
|
Oil & gas drilling
|
|
0.97
|
|
|
—
|
|
|
Education services
|
|
0.90
|
|
|
0.86
|
|
|
Oil & gas storage & transportation
|
|
0.73
|
|
|
—
|
|
|
Security & alarm services
|
|
0.70
|
|
|
0.69
|
|
|
Trading companies & distributors
|
|
0.66
|
|
|
0.43
|
|
|
Internet services & infrastructure
|
|
0.61
|
|
|
0.34
|
|
|
Household appliances
|
|
0.50
|
|
|
0.49
|
|
|
Coal & consumable fuels
|
|
0.46
|
|
|
0.46
|
|
|
Environmental & facilities services
|
|
0.37
|
|
|
0.37
|
|
|
Commercial printing
|
|
0.37
|
|
|
0.36
|
|
|
Leisure facilities
|
|
0.34
|
|
|
0.34
|
|
|
Thrifts & mortgage finance
|
|
0.31
|
|
|
0.33
|
|
|
Restaurants
|
|
0.20
|
|
|
0.19
|
|
|
Alternative carriers
|
|
0.13
|
|
|
—
|
|
|
Human resource & employment services
|
|
0.05
|
|
|
0.10
|
|
|
IT consulting & other services
|
|
0.05
|
|
|
0.05
|
|
|
Department stores
|
|
0.04
|
|
|
0.04
|
|
|
Other diversified financial services
|
|
0.01
|
|
|
0.01
|
|
|
Commodity chemicals
|
|
—
|
|
|
0.18
|
|
|
Consumer electronics
|
|
—
|
|
|
1.38
|
|
|
Hypermarkets & super centers
|
|
—
|
|
|
0.13
|
|
|
Investment banking & brokerage
|
|
—
|
|
|
0.78
|
|
|
Oil & gas exploration & production
|
|
—
|
|
|
2.16
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||
|
Fair value:
|
|
|
|
|
||
|
Multi-sector holdings (1)
|
|
8.56
|
%
|
|
9.57
|
%
|
|
Healthcare services
|
|
5.82
|
|
|
4.50
|
|
|
Application software
|
|
5.62
|
|
|
6.47
|
|
|
Property & casualty insurance
|
|
4.64
|
|
|
4.52
|
|
|
Biotechnology
|
|
4.46
|
|
|
0.80
|
|
|
Data processing & outsourced services
|
|
4.25
|
|
|
4.98
|
|
|
Pharmaceuticals
|
|
4.10
|
|
|
4.82
|
|
|
Healthcare equipment
|
|
3.55
|
|
|
0.66
|
|
|
Healthcare technology
|
|
3.40
|
|
|
3.50
|
|
|
Specialized finance
|
|
3.29
|
|
|
3.24
|
|
|
Specialty stores
|
|
2.84
|
|
|
2.95
|
|
|
Auto parts & equipment
|
|
2.83
|
|
|
2.89
|
|
|
Aerospace & defense
|
|
2.75
|
|
|
3.11
|
|
|
Research & consulting services
|
|
2.47
|
|
|
2.44
|
|
|
Technology distributors
|
|
2.33
|
|
|
2.32
|
|
|
Airlines
|
|
2.29
|
|
|
2.18
|
|
|
Advertising
|
|
2.23
|
|
|
2.19
|
|
|
Specialty chemicals
|
|
2.01
|
|
|
2.06
|
|
|
Systems software
|
|
1.96
|
|
|
1.08
|
|
|
Managed healthcare
|
|
1.91
|
|
|
1.88
|
|
|
Integrated telecommunication services
|
|
1.83
|
|
|
1.90
|
|
|
Oil & gas equipment & services
|
|
1.76
|
|
|
4.01
|
|
|
Construction & engineering
|
|
1.69
|
|
|
2.14
|
|
|
Diversified support services
|
|
1.68
|
|
|
1.23
|
|
|
Industrial machinery
|
|
1.64
|
|
|
1.97
|
|
|
Food retail
|
|
1.56
|
|
|
1.48
|
|
|
Interactive media & services
|
|
1.51
|
|
|
—
|
|
|
Electrical components & equipment
|
|
1.49
|
|
|
2.70
|
|
|
Oil & gas refining & marketing
|
|
1.49
|
|
|
1.52
|
|
|
Healthcare distributors
|
|
1.47
|
|
|
1.30
|
|
|
General merchandise stores
|
|
1.42
|
|
|
1.55
|
|
|
Movies & entertainment
|
|
1.33
|
|
|
1.31
|
|
|
Personal products
|
|
1.31
|
|
|
1.31
|
|
|
Oil & gas drilling
|
|
1.05
|
|
|
—
|
|
|
Apparel, accessories & luxury goods
|
|
0.90
|
|
|
0.91
|
|
|
Oil & gas storage & transportation
|
|
0.80
|
|
|
—
|
|
|
Security & alarm services
|
|
0.71
|
|
|
0.73
|
|
|
Trading companies & distributors
|
|
0.70
|
|
|
0.47
|
|
|
Internet services & infrastructure
|
|
0.66
|
|
|
0.37
|
|
|
Leisure products
|
|
0.64
|
|
|
0.81
|
|
|
Leisure facilities
|
|
0.57
|
|
|
0.55
|
|
|
Household appliances
|
|
0.51
|
|
|
0.53
|
|
|
Coal & consumable fuels
|
|
0.49
|
|
|
0.50
|
|
|
Environmental & facilities services
|
|
0.42
|
|
|
0.42
|
|
|
Commercial printing
|
|
0.40
|
|
|
0.40
|
|
|
Thrifts & mortgage finance
|
|
0.30
|
|
|
0.32
|
|
|
Restaurants
|
|
0.21
|
|
|
0.21
|
|
|
Alternative carriers
|
|
0.13
|
|
|
—
|
|
|
Human resource & employment services
|
|
0.06
|
|
|
0.11
|
|
|
Department stores
|
|
0.04
|
|
|
0.04
|
|
|
IT consulting & other services
|
|
0.03
|
|
|
0.03
|
|
|
Education services
|
|
(0.11
|
)
|
|
(0.14
|
)
|
|
Hypermarkets & super centers
|
|
—
|
|
|
0.14
|
|
|
Commodity chemicals
|
|
—
|
|
|
0.21
|
|
|
Consumer electronics
|
|
—
|
|
|
1.57
|
|
|
Investment banking & brokerage
|
|
—
|
|
|
0.86
|
|
|
Oil & gas exploration & production
|
|
—
|
|
|
2.38
|
|
|
Total
|
|
100.00
|
%
|
|
100.00
|
%
|
|
(1)
|
This industry includes our investment in SLF JV I.
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||||||||||||||
|
|
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
|
Cost
|
|
% of Debt
Portfolio |
|
Fair
Value |
|
% of Debt
Portfolio |
||||||||||||
|
Accrual
|
|
$
|
1,262,978
|
|
|
85.79
|
%
|
|
$
|
1,250,409
|
|
|
90.43
|
%
|
|
$
|
1,298,999
|
|
|
85.46
|
%
|
|
$
|
1,318,531
|
|
|
93.03
|
%
|
|
PIK non-accrual (1)
|
|
51,771
|
|
|
3.52
|
|
|
40,715
|
|
|
2.94
|
|
|
12,661
|
|
|
0.83
|
|
|
—
|
|
|
—
|
|
||||
|
Cash non-accrual (2)
|
|
157,293
|
|
|
10.69
|
|
|
91,640
|
|
|
6.63
|
|
|
208,345
|
|
|
13.71
|
|
|
98,760
|
|
|
6.97
|
|
||||
|
Total
|
|
$
|
1,472,042
|
|
|
100.00
|
%
|
|
$
|
1,382,764
|
|
|
100.00
|
%
|
|
$
|
1,520,005
|
|
|
100.00
|
%
|
|
$
|
1,417,291
|
|
|
100.00
|
%
|
|
(1)
|
PIK non-accrual status is inclusive of other non-cash income, where applicable.
|
|
(2)
|
Cash non-accrual status is inclusive of PIK and other non-cash income, where applicable.
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
|
Senior secured loans (1)
|
|
$290,872
|
|
$297,053
|
|
Weighted average interest rate on senior secured loans (2)
|
|
7.20%
|
|
7.20%
|
|
Number of borrowers in SLF JV I
|
|
42
|
|
40
|
|
Largest exposure to a single borrower (1)
|
|
$17,512
|
|
$17,512
|
|
Total of five largest loan exposures to borrowers (1)
|
|
$58,329
|
|
$66,507
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
Accudyne Industries, LLC
|
|
Industrial machinery
|
|
First Lien Term Loan B
|
|
8/18/2024
|
|
LIBOR+3% (1% floor)
|
|
5.52
|
%
|
|
$
|
8,906
|
|
|
$
|
8,906
|
|
|
$
|
8,474
|
|
|
AdVenture Interactive, Corp. (4)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
1,390
|
|
|
670
|
|
|||||
|
AI Ladder (Luxembourg) Subco S.a.r.l.
(4) |
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
7/9/2025
|
|
LIBOR+4.5%
|
|
7.02
|
%
|
|
6,225
|
|
|
6,050
|
|
|
6,174
|
|
|||
|
Air Newco LP
|
|
IT consulting & other services
|
|
First Lien Term Loan B
|
|
5/31/2024
|
|
LIBOR+4.75%
|
|
7.14
|
%
|
|
9,975
|
|
|
9,950
|
|
|
9,900
|
|
|||
|
AL Midcoast Holdings LLC
|
|
Oil & gas storage & transportation
|
|
First Lien Term Loan B
|
|
8/1/2025
|
|
LIBOR+5.5%
|
|
8.30
|
%
|
|
9,975
|
|
|
9,875
|
|
|
9,710
|
|
|||
|
Allied Universal Holdco LLC (4)
|
|
Security & alarm services
|
|
First Lien Term Loan
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
6.27
|
%
|
|
6,894
|
|
|
6,936
|
|
|
6,559
|
|
|||
|
Altice France S.A.
|
|
Integrated telecommunication services
|
|
First Lien Term Loan B13
|
|
8/14/2026
|
|
LIBOR+4%
|
|
6.46
|
%
|
|
7,500
|
|
|
7,319
|
|
|
7,105
|
|
|||
|
Alvogen Pharma US, Inc.
|
|
Pharmaceuticals
|
|
First Lien Term Loan B
|
|
4/1/2022
|
|
LIBOR+4.75% (1% floor)
|
|
7.27
|
%
|
|
9,750
|
|
|
9,750
|
|
|
9,576
|
|
|||
|
Asset International, Inc.
|
|
Research & consulting services
|
|
First Lien Term Loan
|
|
12/30/2024
|
|
LIBOR+4.5% (1% floor)
|
|
7.02
|
%
|
|
6,930
|
|
|
6,811
|
|
|
6,815
|
|
|||
|
Blackhawk Network Holdings, Inc.
|
|
Data processing & outsourced services
|
|
First Lien Term Loan
|
|
6/15/2025
|
|
LIBOR+3%
|
|
5.52
|
%
|
|
9,950
|
|
|
9,927
|
|
|
9,502
|
|
|||
|
Brazos Delaware II, LLC
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/21/2025
|
|
LIBOR+4%
|
|
6.47
|
%
|
|
7,463
|
|
|
7,429
|
|
|
6,872
|
|
|||
|
Clearent Newco, LLC
|
|
Application software
|
|
First Lien Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.52
|
%
|
|
6,877
|
|
|
6,788
|
|
|
6,704
|
|
|||
|
|
|
|
|
Delayed Draw Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.52
|
%
|
|
336
|
|
|
310
|
|
|
286
|
|
|||
|
|
|
|
|
First Lien Revolver
|
|
3/20/2023
|
|
PRIME+4% (1% floor)
|
|
8.50
|
%
|
|
480
|
|
|
466
|
|
|
453
|
|
|||
|
Total Clearent Newco, LLC
|
|
|
|
|
|
|
|
|
|
|
|
7,693
|
|
|
7,564
|
|
|
7,443
|
|
||||
|
DigiCert, Inc.
|
|
Internet services & infrastructure
|
|
First Lien Term Loan
|
|
10/31/2024
|
|
LIBOR+4% (1% floor)
|
|
6.52
|
%
|
|
4,313
|
|
|
4,210
|
|
|
4,237
|
|
|||
|
EOS Fitness Opco Holdings, LLC (4)
|
|
Leisure facilities
|
|
First Lien Term Loan
|
|
12/30/2019
|
|
LIBOR+8.25% (0.75% floor)
|
|
10.60
|
%
|
|
17,512
|
|
|
17,416
|
|
|
17,513
|
|
|||
|
Eton (4)
|
|
Research & consulting services
|
|
Second Lien Term Loan
|
|
5/1/2026
|
|
LIBOR+7.5% (0% floor)
|
|
10.02
|
%
|
|
6,000
|
|
|
5,972
|
|
|
6,030
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B
|
|
5/9/2024
|
|
LIBOR+3% (1% floor)
|
|
5.52
|
%
|
|
4,925
|
|
|
4,902
|
|
|
4,792
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien Term Loan B
|
|
12/14/2021
|
|
LIBOR+6.75% (1% floor)
|
|
9.27
|
%
|
|
4,121
|
|
|
4,092
|
|
|
4,093
|
|
|||
|
Gentiva Health Services Inc.
|
|
Healthcare services
|
|
First Lien Term Loan
|
|
7/2/2025
|
|
LIBOR+3.75%
|
|
6.31
|
%
|
|
7,980
|
|
|
7,845
|
|
|
7,761
|
|
|||
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien Term Loan
|
|
12/27/2024
|
|
LIBOR+4.25% (1% floor)
|
|
7.05
|
%
|
|
7,920
|
|
|
7,852
|
|
|
7,821
|
|
|||
|
GoodRx, Inc.
|
|
Interactive media & services
|
|
First Lien Term Loan
|
|
10/10/2025
|
|
LIBOR+3%
|
|
5.43
|
%
|
|
8,000
|
|
|
7,981
|
|
|
7,740
|
|
|||
|
Intelsat Jackson Holdings S.A. (4)
|
|
Alternative carriers
|
|
First Lien Term Loan B3
|
|
11/27/2023
|
|
LIBOR+3.75% (1% floor)
|
|
6.26
|
%
|
|
5,000
|
|
|
4,878
|
|
|
4,863
|
|
|||
|
Keypath Education, Inc. (4)
|
|
Advertising
|
|
First Lien Term Loan
|
|
4/3/2022
|
|
LIBOR+7% (1% floor) cash
|
|
9.80
|
%
|
|
1,854
|
|
|
1,852
|
|
|
1,854
|
|
|||
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,088
|
|
|
816
|
|
|||||
|
Total Keypath Education, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
1,854
|
|
|
2,940
|
|
|
2,670
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
KIK Custom Products Inc.
|
|
Household products
|
|
First Lien Term Loan B
|
|
5/15/2023
|
|
LIBOR+4% (1% floor) cash
|
|
6.52
|
%
|
|
$
|
8,000
|
|
|
$
|
7,966
|
|
|
$
|
7,570
|
|
|
McDermott Technology (Americas), Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/12/2025
|
|
LIBOR+5% (1% floor) cash
|
|
7.52
|
%
|
|
9,925
|
|
|
9,743
|
|
|
9,292
|
|
|||
|
Morphe LLC (4)
|
|
Personal products
|
|
First Lien Term Loan
|
|
2/10/2023
|
|
LIBOR+6% (1% floor) cash
|
|
8.52
|
%
|
|
4,331
|
|
|
4,295
|
|
|
4,310
|
|
|||
|
New IPT, Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan
|
|
3/17/2021
|
|
LIBOR+5% (1% floor) cash
|
|
7.80
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien Term Loan
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor) cash
|
|
7.90
|
%
|
|
394
|
|
|
394
|
|
|
394
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,188
|
|
|
2,188
|
|
|
3,189
|
|
||||
|
Northern Star Industries Inc.
|
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
3/31/2025
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.55
|
%
|
|
6,948
|
|
|
6,916
|
|
|
6,939
|
|
|||
|
Novetta Solutions, LLC
|
|
Application software
|
|
First Lien Term Loan
|
|
10/17/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.53
|
%
|
|
6,040
|
|
|
6,000
|
|
|
5,889
|
|
|||
|
OCI Beaumont LLC
|
|
Commodity chemicals
|
|
First Lien Term Loan B
|
|
3/13/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.80
|
%
|
|
7,940
|
|
|
7,931
|
|
|
7,806
|
|
|||
|
Refac Optical Group (4)(5)
|
|
Specialty stores
|
|
First Lien Term Loan A
|
|
1/9/2019
|
|
LIBOR+8% cash
|
|
|
|
|
2,123
|
|
|
1,940
|
|
|
2,123
|
|
|||
|
Salient CRGT, Inc. (4)
|
|
Aerospace & defense
|
|
First Lien Term Loan
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor) cash
|
|
8.27
|
%
|
|
2,251
|
|
|
2,222
|
|
|
2,218
|
|
|||
|
Scientific Games International, Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B-5
|
|
8/14/2024
|
|
LIBOR+2.75% (1% floor) cash
|
|
5.25
|
%
|
|
6,565
|
|
|
6,537
|
|
|
6,183
|
|
|||
|
Sequa Corp.
|
|
Aerospace & defense
|
|
First Lien Term Loan B
|
|
11/28/2021
|
|
LIBOR+5% (1% floor) cash
|
|
7.41
|
%
|
|
4,987
|
|
|
4,813
|
|
|
4,782
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien Term Loan
|
|
11/18/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.53
|
%
|
|
8,485
|
|
|
8,464
|
|
|
8,050
|
|
|||
|
Signify Health, LLC
|
|
Healthcare services
|
|
First Lien Term Loan
|
|
12/23/2024
|
|
LIBOR+4.5% (1% floor) cash
|
|
7.30
|
%
|
|
9,925
|
|
|
9,838
|
|
|
9,975
|
|
|||
|
Sirva Worldwide, Inc.
|
|
Diversified support services
|
|
First Lien Term Loan
|
|
8/4/2025
|
|
LIBOR+5.5% cash
|
|
8.06
|
%
|
|
5,000
|
|
|
4,925
|
|
|
4,913
|
|
|||
|
Triple Royalty Sub LLC
|
|
Pharmaceuticals
|
|
Fixed Rate Bond 144A
|
|
4/15/2033
|
|
9% PIK
|
|
|
|
|
5,000
|
|
|
5,000
|
|
|
5,000
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien Term Loan
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.55
|
%
|
|
2,013
|
|
|
2,006
|
|
|
2,003
|
|
|||
|
Uber Technologies, Inc.
|
|
Application software
|
|
First Lien Term Loan
|
|
4/4/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.39
|
%
|
|
9,950
|
|
|
9,905
|
|
|
9,720
|
|
|||
|
Uniti Group LP
|
|
Specialized REITs
|
|
First Lien Term Loan B
|
|
10/24/2022
|
|
LIBOR+3% (1% floor) cash
|
|
5.52
|
%
|
|
6,451
|
|
|
6,225
|
|
|
5,859
|
|
|||
|
Veritas US Inc. (4)
|
|
Application software
|
|
First Lien Term Loan B-1
|
|
1/27/2023
|
|
LIBOR+4.5% (1% floor) cash
|
|
7.09
|
%
|
|
6,947
|
|
|
6,900
|
|
|
5,972
|
|
|||
|
Verra Mobility, Corp.
|
|
Data processing & outsourced services
|
|
First Lien Term Loan B
|
|
2/28/2025
|
|
LIBOR+3.75% (1% floor) cash
|
|
6.27
|
%
|
|
10,917
|
|
|
10,933
|
|
|
10,672
|
|
|||
|
WP CPP Holdings, LLC (4)
|
|
Aerospace & defense
|
|
Second Lien Term Loan
|
|
4/30/2026
|
|
LIBOR+7.75% (1% floor) cash
|
|
10.28
|
%
|
|
6,000
|
|
|
5,944
|
|
|
5,905
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
290,872
|
|
|
$
|
290,686
|
|
|
$
|
284,690
|
|
|
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
Accudyne Industries, LLC
|
|
Industrial machinery
|
|
First Lien Term Loan B
|
|
8/18/2024
|
|
LIBOR+3% (1% floor)
|
|
5.24
|
%
|
|
$
|
9,088
|
|
|
$
|
9,088
|
|
|
$
|
9,134
|
|
|
AdVenture Interactive, Corp. (4)
|
|
Advertising
|
|
927 Common Stock Shares
|
|
|
|
|
|
|
|
|
|
1,390
|
|
|
670
|
|
|||||
|
AI Ladder (Luxembourg) Subco S.a.r.l
(4) |
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
7/9/2025
|
|
LIBOR+4.5%
|
|
7.02
|
%
|
|
11,300
|
|
|
10,970
|
|
|
11,367
|
|
|||
|
Air Newco LP
|
|
IT consulting & other services
|
|
First Lien Term Loan B
|
|
5/31/2024
|
|
LIBOR+4.75%
|
|
6.88
|
%
|
|
10,000
|
|
|
9,975
|
|
|
10,100
|
|
|||
|
AL Midcoast Holdings LLC
|
|
Oil & gas storage & transportation
|
|
First Lien Term Loan B
|
|
8/1/2025
|
|
LIBOR+5.5%
|
|
7.84
|
%
|
|
10,000
|
|
|
9,900
|
|
|
10,041
|
|
|||
|
Allied Universal Holdco LLC (4)
|
|
Security & alarm services
|
|
First Lien Term Loan
|
|
7/28/2022
|
|
LIBOR+3.75% (1% floor)
|
|
6.14
|
%
|
|
6,912
|
|
|
6,956
|
|
|
6,821
|
|
|||
|
Altice France S.A.
|
|
Integrated telecommunication services
|
|
First Lien Term Loan B13
|
|
8/14/2026
|
|
LIBOR+4%
|
|
6.16
|
%
|
|
7,500
|
|
|
7,313
|
|
|
7,457
|
|
|||
|
Alvogen Pharma US, Inc.
|
|
Pharmaceuticals
|
|
First Lien Term Loan B
|
|
4/1/2022
|
|
LIBOR+4.75% (1% floor)
|
|
6.99
|
%
|
|
9,822
|
|
|
9,822
|
|
|
9,918
|
|
|||
|
Asset International, Inc.
|
|
Research & consulting services
|
|
First Lien Term Loan
|
|
12/30/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.89
|
%
|
|
6,948
|
|
|
6,824
|
|
|
6,917
|
|
|||
|
Blackhawk Network Holdings, Inc.
|
|
Data processing & outsourced services
|
|
First Lien Term Loan
|
|
6/15/2025
|
|
LIBOR+3%
|
|
5.39
|
%
|
|
9,975
|
|
|
9,951
|
|
|
10,049
|
|
|||
|
Brazos Delaware II, LLC
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/21/2025
|
|
LIBOR+4%
|
|
6.17
|
%
|
|
7,481
|
|
|
7,446
|
|
|
7,458
|
|
|||
|
Chloe Ox Parent LLC
|
|
Healthcare services
|
|
First Lien Term Loan
|
|
12/23/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.89
|
%
|
|
9,950
|
|
|
9,860
|
|
|
9,987
|
|
|||
|
Clearent Newco, LLC
|
|
Application software
|
|
First Lien Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.24
|
%
|
|
6,894
|
|
|
6,800
|
|
|
6,796
|
|
|||
|
|
|
|
|
Delayed Draw Term Loan
|
|
3/20/2024
|
|
LIBOR+4% (1% floor)
|
|
6.19
|
%
|
|
337
|
|
|
310
|
|
|
309
|
|
|||
|
|
|
|
|
First Lien Revolver
|
|
3/20/2023
|
|
PRIME+3% (1% floor)
|
|
8.00
|
%
|
|
852
|
|
|
837
|
|
|
836
|
|
|||
|
Total Clearent Newco, LLC
|
|
|
|
|
|
|
|
|
|
|
|
8,083
|
|
|
7,947
|
|
|
7,941
|
|
||||
|
EOS Fitness Opco Holdings, LLC (4)
|
|
Leisure facilities
|
|
First Lien Term Loan
|
|
12/30/2019
|
|
LIBOR+8.25% (0.75% floor)
|
|
10.36
|
%
|
|
17,512
|
|
|
17,399
|
|
|
17,512
|
|
|||
|
Eton (4)
|
|
Research & consulting services
|
|
Second Lien Term Loan
|
|
5/1/2026
|
|
LIBOR+7.5%
|
|
9.74
|
%
|
|
6,000
|
|
|
5,971
|
|
|
6,030
|
|
|||
|
Everi Payments Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B
|
|
5/9/2024
|
|
LIBOR+3% (1% floor)
|
|
5.24
|
%
|
|
4,938
|
|
|
4,914
|
|
|
4,973
|
|
|||
|
Falmouth Group Holdings Corp.
|
|
Specialty chemicals
|
|
First Lien Term Loan B
|
|
12/14/2021
|
|
LIBOR+6.75% (1% floor)
|
|
8.99
|
%
|
|
4,330
|
|
|
4,300
|
|
|
4,330
|
|
|||
|
Garretson Resolution Group, Inc. (5)
|
|
Diversified support services
|
|
First Lien Term Loan
|
|
5/22/2021
|
|
LIBOR+6.5% (1% floor)
|
|
|
|
5,797
|
|
|
5,772
|
|
|
1,159
|
|
||||
|
Gigamon Inc.
|
|
Systems software
|
|
First Lien Term Loan
|
|
12/27/2024
|
|
LIBOR+4.5% (1% floor)
|
|
6.89
|
%
|
|
7,940
|
|
|
7,869
|
|
|
8,000
|
|
|||
|
IBC Capital Ltd.
|
|
Metal & glass containers
|
|
First Lien Term Loan B
|
|
9/11/2023
|
|
LIBOR+3.75%
|
|
6.09
|
%
|
|
8,955
|
|
|
8,933
|
|
|
9,028
|
|
|||
|
InMotion Entertainment Group, LLC (4)
|
|
Consumer electronics
|
|
First Lien Term Loan A
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.65
|
%
|
|
8,375
|
|
|
8,389
|
|
|
8,375
|
|
|||
|
|
|
|
|
First Lien Term Loan B
|
|
10/1/2021
|
|
LIBOR+7.25% (1.25% floor)
|
|
9.65
|
%
|
|
8,375
|
|
|
8,306
|
|
|
8,375
|
|
|||
|
Total InMotion Entertainment Group, LLC
|
|
|
|
|
|
|
|
|
|
|
|
16,750
|
|
|
16,695
|
|
|
16,750
|
|
||||
|
Portfolio Company
|
|
Industry
|
|
Investment Type
|
|
Maturity Date
|
|
Current Interest Rate(1)(2)
|
|
Cash Interest Rate
|
|
Principal
|
|
Cost
|
|
Fair Value (3)
|
|||||||
|
Keypath Education, Inc. (4)
|
|
Advertising
|
|
First Lien Term Loan
|
|
4/3/2022
|
|
LIBOR+7% (1.00% floor) cash
|
|
9.39
|
%
|
|
$
|
1,855
|
|
|
$
|
1,853
|
|
|
$
|
1,854
|
|
|
|
|
|
|
927 shares Common Stock
|
|
|
|
|
|
|
|
|
|
1,088
|
|
|
816
|
|
|||||
|
Total Keypath Education, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
1,855
|
|
|
2,941
|
|
|
2,670
|
|
||||
|
KIK Custom Products Inc.
|
|
Household products
|
|
First Lien Term Loan B
|
|
5/15/2023
|
|
LIBOR+4% (1% floor) cash
|
|
6.24
|
%
|
|
8,000
|
|
|
7,965
|
|
|
7,975
|
|
|||
|
McDermott Technology (Americas) Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan B
|
|
5/12/2025
|
|
LIBOR+5% (1% floor) cash
|
|
7.24
|
%
|
|
9,950
|
|
|
9,760
|
|
|
10,097
|
|
|||
|
Morphe LLC (4)
|
|
Personal products
|
|
First Lien Term Loan
|
|
2/10/2023
|
|
LIBOR+6% (1% floor) cash
|
|
8.40
|
%
|
|
4,388
|
|
|
4,348
|
|
|
4,388
|
|
|||
|
New IPT, Inc. (4)
|
|
Oil & gas equipment & services
|
|
First Lien Term Loan
|
|
3/17/2021
|
|
LIBOR+5% (1% floor) cash
|
|
7.39
|
%
|
|
1,794
|
|
|
1,794
|
|
|
1,794
|
|
|||
|
|
|
|
|
Second Lien Term Loan
|
|
9/17/2021
|
|
LIBOR+5.1% (1% floor) cash
|
|
7.49
|
%
|
|
634
|
|
|
634
|
|
|
634
|
|
|||
|
|
|
|
|
21.876 Class A Common Units
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
1,001
|
|
||||
|
Total New IPT, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
2,428
|
|
|
2,428
|
|
|
3,429
|
|
||||
|
Northern Star Industries Inc.
|
|
Electrical components & equipment
|
|
First Lien Term Loan B
|
|
3/31/2025
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.08
|
%
|
|
6,965
|
|
|
6,933
|
|
|
6,974
|
|
|||
|
Novetta Solutions, LLC
|
|
Application software
|
|
First Lien Term Loan B
|
|
10/17/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.25
|
%
|
|
6,055
|
|
|
6,012
|
|
|
5,881
|
|
|||
|
OCI Beaumont LLC
|
|
Commodity chemicals
|
|
First Lien Term Loan B
|
|
3/13/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.39
|
%
|
|
7,960
|
|
|
7,951
|
|
|
8,089
|
|
|||
|
Refac Optical Group (4)(5)
|
|
Specialty stores
|
|
First Lien Term Loan A
|
|
9/30/2018
|
|
LIBOR+8% cash
|
|
10.26
|
%
|
|
2,573
|
|
|
2,476
|
|
|
2,573
|
|
|||
|
Salient CRGT, Inc. (4)
|
|
Aerospace & defense
|
|
First Lien Term Loan
|
|
2/28/2022
|
|
LIBOR+5.75% (1% floor) cash
|
|
7.99
|
%
|
|
2,267
|
|
|
2,235
|
|
|
2,301
|
|
|||
|
Scientific Games International, Inc.
|
|
Casinos & gaming
|
|
First Lien Term Loan B-5
|
|
8/14/2024
|
|
LIBOR+2.75% (1% floor) cash
|
|
5.03
|
%
|
|
6,582
|
|
|
6,552
|
|
|
6,579
|
|
|||
|
SHO Holding I Corporation
|
|
Footwear
|
|
First Lien Term Loan
|
|
11/18/2022
|
|
LIBOR+5% (1% floor) cash
|
|
7.34
|
%
|
|
8,507
|
|
|
8,484
|
|
|
8,082
|
|
|||
|
Sirva Worldwide, Inc.
|
|
Diversified support services
|
|
First Lien Term Loan
|
|
8/4/2025
|
|
LIBOR+5.5% cash
|
|
7.75
|
%
|
|
5,000
|
|
|
4,925
|
|
|
5,019
|
|
|||
|
TravelCLICK, Inc. (4)
|
|
Data Processing & outsourced services
|
|
Second Lien Term Loan
|
|
11/6/2021
|
|
LIBOR+7.75% (1% floor) cash
|
|
9.99
|
%
|
|
2,871
|
|
|
2,871
|
|
|
2,871
|
|
|||
|
TV Borrower US, LLC
|
|
Integrated telecommunications services
|
|
First Lien Term Loan
|
|
2/22/2024
|
|
LIBOR+4.75% (1% floor) cash
|
|
7.14
|
%
|
|
2,019
|
|
|
2,011
|
|
|
2,026
|
|
|||
|
Uber Technologies Inc.
|
|
Application software
|
|
First Lien Term Loan
|
|
4/4/2025
|
|
LIBOR+4% (1% floor) cash
|
|
6.12
|
%
|
|
9,975
|
|
|
9,928
|
|
|
10,055
|
|
|||
|
Uniti Group LP
|
|
Specialized REITs
|
|
First Lien Term Loan B
|
|
10/24/2022
|
|
LIBOR+3% (1% floor) cash
|
|
5.24
|
%
|
|
6,467
|
|
|
6,225
|
|
|
6,198
|
|
|||
|
Veritas US Inc.
|
|
Application software
|
|
First Lien Term Loan B-1
|
|
1/27/2023
|
|
LIBOR+4.5% (1% floor) cash
|
|
6.78
|
%
|
|
6,965
|
|
|
6,915
|
|
|
6,801
|
|
|||
|
Verra Mobility, Corp. (4)
|
|
Data processing & outsourced services
|
|
First Lien Term Loan B
|
|
2/28/2025
|
|
LIBOR+3.75% (1% floor) cash
|
|
5.99
|
%
|
|
10,945
|
|
|
10,961
|
|
|
11,013
|
|
|||
|
WP CPP Holdings, LLC
|
|
Aerospace & defense
|
|
Second Lien Term Loan
|
|
4/30/2026
|
|
LIBOR+7.75% cash
|
|
10.15
|
%
|
|
6,000
|
|
|
5,942
|
|
|
6,013
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
291,053
|
|
|
$
|
297,158
|
|
|
$
|
294,676
|
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||
|
Selected Balance Sheet Information:
|
|
|
|
|
||||
|
Investments in loans at fair value (cost December 31, 2018: $290,686; cost September 30, 2018: $297,158)
|
|
$
|
284,690
|
|
|
$
|
294,676
|
|
|
Receivables from secured financing arrangements at fair value (cost December 31, 2018: $9,801; cost September 30, 2018: $9,801)
|
|
7,127
|
|
|
7,069
|
|
||
|
Cash and cash equivalents
|
|
8,512
|
|
|
3,226
|
|
||
|
Restricted cash
|
|
4,826
|
|
|
4,808
|
|
||
|
Other assets
|
|
4,460
|
|
|
4,418
|
|
||
|
Total assets
|
|
$
|
309,615
|
|
|
$
|
314,197
|
|
|
|
|
|
|
|
||||
|
Senior credit facility payable
|
|
$
|
143,010
|
|
|
$
|
153,010
|
|
|
Debt securities payable at fair value (proceeds December 31, 2018: $110,000; proceeds September 30, 2018: $147,808)
|
|
110,000
|
|
|
147,808
|
|
||
|
Other liabilities
|
|
26,891
|
|
|
13,331
|
|
||
|
Total liabilities
|
|
279,901
|
|
|
314,149
|
|
||
|
Members' equity
|
|
29,714
|
|
|
48
|
|
||
|
Total liabilities and members' equity
|
|
$
|
309,615
|
|
|
$
|
314,197
|
|
|
|
|
Three months ended December 31, 2018
|
|
Three months ended December 31, 2017
|
||||
|
Selected Statements of Operations Information:
|
|
|
|
|
||||
|
Interest income
|
|
$
|
5,438
|
|
|
$
|
4,728
|
|
|
Other income
|
|
9
|
|
|
—
|
|
||
|
Total investment income
|
|
5,447
|
|
|
4,728
|
|
||
|
Interest expense
|
|
5,154
|
|
|
5,145
|
|
||
|
Other expenses
|
|
50
|
|
|
161
|
|
||
|
Total expenses (1)
|
|
5,204
|
|
|
5,306
|
|
||
|
Net unrealized depreciation
|
|
(3,456
|
)
|
|
(226
|
)
|
||
|
Net realized loss
|
|
(5,005
|
)
|
|
(4
|
)
|
||
|
Net loss
|
|
$
|
(8,218
|
)
|
|
$
|
(808
|
)
|
|
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
|
|
|
August 1, 2018
|
|
September 15, 2018
|
|
September 28, 2018
|
|
0.095
|
|
|
13.2 million
|
|
34,575
|
|
|
0.2 million
|
|
|
November 19, 2018
|
|
December 17, 2018
|
|
December 28, 2018
|
|
0.095
|
|
|
13.0 million
|
|
87,429
|
|
|
0.4 million
|
|
|
(1)
|
Shares were purchased on the open market and distributed.
|
|
Financial Covenant
|
|
Description
|
|
Target Value
|
|
September 30, 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
|
|
$858 million
|
|
Asset coverage ratio
|
|
Asset coverage ratio shall not be less than 2.00:1
|
|
2.00:1
|
|
2.33:1
|
|
Interest coverage ratio
|
|
Interest coverage ratio shall not be less than 2.00:1
|
|
2.00:1
|
|
2.74:1
|
|
Minimum net worth
|
|
Net worth shall not be less than $650 million
|
|
$650 million
|
|
$846 million
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||
|
Assembled Brands Capital LLC
|
|
$
|
39,951
|
|
|
$
|
—
|
|
|
U.S. Well Services, LLC
|
|
14,000
|
|
|
—
|
|
||
|
Sorrento Therapeutics, Inc.
|
|
12,500
|
|
|
—
|
|
||
|
P2 Upstream Acquisition Co.
|
|
7,667
|
|
|
10,000
|
|
||
|
EOS Fitness Opco Holdings, LLC
|
|
5,000
|
|
|
5,000
|
|
||
|
Pingora MSR Opportunity Fund I-A, LP
|
|
4,656
|
|
|
4,656
|
|
||
|
Keypath Education, Inc.
|
|
3,000
|
|
|
3,000
|
|
||
|
Dominion Diagnostics, LLC (1)
|
|
2,439
|
|
|
4,180
|
|
||
|
Datto Inc.
|
|
2,356
|
|
|
2,356
|
|
||
|
4 Over International, LLC
|
|
2,232
|
|
|
2,232
|
|
||
|
New IPT, Inc.
|
|
2,229
|
|
|
2,229
|
|
||
|
PLATO Learning Inc. (1)
|
|
2,138
|
|
|
2,671
|
|
||
|
Thing5, LLC (1)(2)
|
|
1,726
|
|
|
1,298
|
|
||
|
Senior Loan Fund JV I, LLC
|
|
1,328
|
|
|
1,328
|
|
||
|
Ministry Brands, LLC
|
|
1,000
|
|
|
700
|
|
||
|
iCIMs, Inc.
|
|
882
|
|
|
882
|
|
||
|
GKD Index Partners, LLC
|
|
809
|
|
|
289
|
|
||
|
Access CIG LLC
|
|
497
|
|
|
765
|
|
||
|
Cenegenics, LLC (1)(2)
|
|
297
|
|
|
297
|
|
||
|
InMotion Entertainment Group, LLC
|
|
—
|
|
|
7,534
|
|
||
|
TerSera Therapeutics, LLC
|
|
—
|
|
|
3,281
|
|
||
|
Total
|
|
$
|
104,707
|
|
|
$
|
52,698
|
|
|
|
|
Debt Outstanding
as of September 30, 2018 |
|
Debt Outstanding
as of December 31, 2018
|
|
Weighted average debt
outstanding for the
three months ended
December 31, 2018
|
|
Maximum debt
outstanding
for the three months ended
December 31, 2018
|
||||||||
|
ING Facility
|
|
$
|
241,000
|
|
|
$
|
211,000
|
|
|
$
|
211,978
|
|
|
$
|
241,000
|
|
|
2019 Notes
|
|
228,825
|
|
|
228,825
|
|
|
228,825
|
|
|
228,825
|
|
||||
|
2024 Notes
|
|
75,000
|
|
|
75,000
|
|
|
75,000
|
|
|
75,000
|
|
||||
|
2028 Notes
|
|
86,250
|
|
|
86,250
|
|
|
86,250
|
|
|
86,250
|
|
||||
|
Secured borrowings
|
|
12,314
|
|
|
11,869
|
|
|
12,314
|
|
|
12,314
|
|
||||
|
Total debt
|
|
$
|
643,389
|
|
|
$
|
612,944
|
|
|
$
|
614,367
|
|
|
|
||
|
|
|
Payments due by period as of December 31, 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
|
|
29,216
|
|
|
10,023
|
|
|
19,193
|
|
|
—
|
|
|
—
|
|
|||||
|
Secured borrowings
|
|
11,869
|
|
|
—
|
|
|
11,869
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on secured borrowings
|
|
2,411
|
|
|
1,354
|
|
|
1,057
|
|
|
—
|
|
|
—
|
|
|||||
|
2019 Notes
|
|
228,825
|
|
|
228,825
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest due on 2019 Notes
|
|
1,834
|
|
|
1,834
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
2024 Notes
|
|
75,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
|||||
|
Interest due on 2024 Notes
|
|
25,713
|
|
|
4,406
|
|
|
8,813
|
|
|
8,813
|
|
|
3,681
|
|
|||||
|
2028 Notes
|
|
86,250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,250
|
|
|||||
|
Interest due on 2028 Notes
|
|
49,326
|
|
|
5,283
|
|
|
10,566
|
|
|
10,566
|
|
|
22,911
|
|
|||||
|
Total
|
|
$
|
721,444
|
|
|
$
|
251,725
|
|
|
$
|
262,498
|
|
|
$
|
19,379
|
|
|
$
|
187,842
|
|
|
Year Ended
|
|
Qualified Net Interest Income
|
Qualified Short-Term Capital Gains
|
||
|
September 30, 2018
|
|
82.1
|
%
|
—
|
|
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||
|
($ in thousands)
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
|
Fair Value
|
|
% of Floating
Rate Portfolio
|
||||||
|
Under 1%
|
|
$
|
452,253
|
|
|
37.78
|
%
|
|
$
|
282,999
|
|
|
23.99
|
%
|
|
1% to under 2%
|
|
744,760
|
|
|
62.22
|
|
|
896,574
|
|
|
76.01
|
|
||
|
2% to under 3%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
3% and over
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
|
Total
|
|
$
|
1,197,013
|
|
|
100.00
|
%
|
|
$
|
1,179,573
|
|
|
100.00
|
%
|
|
($ in thousands)
|
|
|
|
|
|
|
||||||
|
Basis point increase
|
|
Interest
income
|
|
Interest
expense
|
|
Net increase
(decrease)
|
||||||
|
300
|
|
$
|
33,553
|
|
|
$
|
(6,300
|
)
|
|
$
|
27,253
|
|
|
200
|
|
22,393
|
|
|
(4,200
|
)
|
|
18,193
|
|
|||
|
100
|
|
11,232
|
|
|
(2,100
|
)
|
|
9,132
|
|
|||
|
Basis point decrease
|
|
Interest Income
|
|
Interest Expense
|
|
Net increase (decrease)
|
||||||
|
100
|
|
$
|
(11,089
|
)
|
|
$
|
2,100
|
|
|
$
|
(8,989
|
)
|
|
200
(1)
|
|
(18,738
|
)
|
|
4,200
|
|
|
(14,538
|
)
|
|||
|
|
|
December 31, 2018
|
|
September 30, 2018
|
||||||||||||
|
($ in thousands)
|
|
Interest Bearing
Cash and
Investments
|
|
Borrowings
|
|
Interest Bearing
Cash and Investments |
|
Borrowings
|
||||||||
|
Money market rate
|
|
$
|
51,241
|
|
|
$
|
—
|
|
|
$
|
9,108
|
|
|
$
|
—
|
|
|
Prime rate
|
|
—
|
|
|
—
|
|
|
1,011
|
|
|
—
|
|
||||
|
LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
701,021
|
|
|
211,000
|
|
|
609,755
|
|
|
241,000
|
|
||||
|
60 day
|
|
—
|
|
|
—
|
|
|
55,949
|
|
|
—
|
|
||||
|
90 day
|
|
544,522
|
|
|
11,869
|
|
|
606,856
|
|
|
12,314
|
|
||||
|
180 day
|
|
—
|
|
|
—
|
|
|
15,000
|
|
|
—
|
|
||||
|
EURIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
20,005
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
UK LIBOR
|
|
|
|
|
|
|
|
|
||||||||
|
30 day
|
|
22,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Fixed rate
|
|
250,648
|
|
|
390,075
|
|
|
296,031
|
|
|
390,075
|
|
||||
|
Total
|
|
$
|
1,590,362
|
|
|
$
|
612,944
|
|
|
$
|
1,593,710
|
|
|
$
|
643,389
|
|
|
Assumed Return on Portfolio (Net of Expenses)
|
- 10%
|
- 5%
|
0%
|
5%
|
10%
|
|
Corresponding net return to common stockholder assuming actual asset coverage as of December 31, 2018
(1)
|
-20.66%
|
-12.18%
|
-3.70%
|
4.78%
|
13.26%
|
|
Corresponding return to common stockholder assuming 200% asset coverage
(2)
|
-25.26%
|
-15.26%
|
-5.26%
|
4.74%
|
14.74%
|
|
Corresponding return to common stockholder assuming 150% asset coverage
(3)
|
-40.50%
|
-25.51%
|
-10.51%
|
4.48%
|
19.47%
|
|
•
|
issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) of the Investment Company Act as modified by Section 61(a)(1) of the Investment Company Act or any successor provisions, whether or not we continue to be subject to such provisions of the Investment Company Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC (these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the Investment Company Act, after such borrowings equals at least 200% through February 1, 2020 or, if earlier, the first day after approval by our stockholders of a proposal to reduce the asset coverage requirements, and subject to compliance with certain disclosure requirements, 150% thereafter);
|
|
•
|
declare or pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including subordinated indebtedness, in each case, while the Notes remain outstanding, except that the indenture governing the 2024 Notes prohibits, (1) dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) of the Investment Company Act as modified by Section 61(a)(1) of the Investment Company Act, or any successor provisions and (2) dividends (except a dividend payable in our stock), or any other distribution, upon a class of our capital stock, or purchasing any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any such purchase, we have an asset coverage (as defined in the Investment Company Act) of at least 200% after deducting the amount of such dividend, distribution or purchase price, as the case may be, giving effect to any exemptive relief granted to us by the SEC;
|
|
•
|
sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);
|
|
•
|
enter into transactions with affiliates;
|
|
•
|
create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;
|
|
•
|
make investments; or
|
|
•
|
create restrictions on the payment of dividends or other amounts to us from our subsidiaries and maintain our ability to be subject to tax as a RIC.
|
|
|
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 |
|---|