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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2015
OR
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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43-2048643
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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10 East 40th Street, 42nd Floor
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New York, New York
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10016
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (212) 448-0702
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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|||
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Class of Common Stock
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Outstanding at May 5, 2015
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$0.001 par value
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358,793,412
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Page
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PART I
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FINANCIAL INFORMATION
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PART II
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OTHER INFORMATION
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March 31, 2015
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June 30, 2014
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||||
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(Unaudited)
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(Audited)
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||||
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Assets
|
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Investments at fair value:
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|
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Control investments (amortized cost of $1,792,504 and $1,719,242, respectively)
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$
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1,828,211
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$
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1,640,454
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Affiliate investments (amortized cost of $45,370 and $31,829, respectively)
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46,273
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32,121
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Non-control/non-affiliate investments (amortized cost of $4,752,152 and $4,620,451, respectively)
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4,728,287
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4,581,164
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Total investments at fair value (amortized cost of $6,590,026 and $6,371,522, respectively)
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6,602,771
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6,253,739
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Cash and cash equivalents
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63,624
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134,225
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Receivables for:
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||||
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Interest, net
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24,369
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21,997
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Other
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1,604
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2,587
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Prepaid expenses
|
1,860
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|
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2,828
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Deferred financing costs
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60,918
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61,893
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Total Assets
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6,755,146
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6,477,269
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||||
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Liabilities
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Revolving Credit Facility (Notes 4 and 8)
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317,700
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|
92,000
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Convertible Notes (Notes 5 and 8)
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1,239,500
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|
1,247,500
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Public Notes (Notes 6 and 8)
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648,045
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|
|
647,881
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Prospect Capital InterNotes
®
(Notes 7 and 8)
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778,718
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|
785,670
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Dividends payable
|
29,887
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|
|
37,843
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Due to Prospect Administration (Note 13)
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2,544
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|
|
2,208
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Due to Prospect Capital Management (Note 13)
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1,391
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3
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Accrued expenses
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3,335
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|
|
4,790
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Interest payable
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35,386
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|
37,459
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Other liabilities
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4,052
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3,733
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Total Liabilities
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3,060,558
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2,859,087
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Net Assets
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$
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3,694,588
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$
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3,618,182
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||||
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Components of Net Assets
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Common stock, par value $0.001 per share (1,000,000,000 common shares authorized; 358,661,441 and 342,626,637 issued and outstanding, respectively) (Note 9)
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$
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359
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$
|
343
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Paid-in capital in excess of par (Note 9)
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3,972,249
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3,814,634
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Accumulated (overdistributed) underdistributed net investment income
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(20,864
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)
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42,086
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Accumulated net realized loss on investments and extinguishment of debt
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(269,901
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)
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(121,098
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)
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Net unrealized appreciation (depreciation) on investments
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12,745
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(117,783
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)
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Net Assets
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$
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3,694,588
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$
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3,618,182
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Net Asset Value Per Share (Note 16)
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$
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10.30
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$
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10.56
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Three Months Ended
March 31, |
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Nine Months Ended
March 31, |
||||||||||||
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2015
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2014
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2015
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2014
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||||||||
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Investment Income
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Interest income:
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||||||
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Control investments
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$
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50,418
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$
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38,129
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$
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146,230
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$
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107,848
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Affiliate investments
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973
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727
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2,814
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3,622
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||||
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Non-control/non-affiliate investments
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94,556
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85,811
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290,665
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243,343
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||||
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CLO fund securities
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39,046
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31,709
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118,238
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87,087
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||||
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Total interest income
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184,993
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156,376
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557,947
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441,900
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Dividend income:
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Control investments
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1,346
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7,575
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4,756
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23,527
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||||
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Affiliate investments
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—
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—
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778
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|
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—
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||||
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Non-control/non-affiliate investments
|
24
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—
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46
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|
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12
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||||
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Money market funds
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1
|
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15
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27
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32
|
|
||||
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Total dividend income
|
1,371
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|
7,590
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|
5,607
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23,571
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||||
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Other income:
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||||||||
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Control investments
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1,620
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12,431
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10,352
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39,580
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|
||||
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Affiliate investments
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—
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5
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226
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12
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||||
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Non-control/non-affiliate investments
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3,366
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13,925
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18,122
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24,388
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||||
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Total other income (Note 10)
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4,986
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26,361
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28,700
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63,980
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||||
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Total Investment Income
|
191,350
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|
190,327
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|
592,254
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529,451
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|
||||
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Operating Expenses
|
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|
|
|
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|
||||||||
|
Investment advisory fees:
|
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|
||||||||
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Base management fee (Note 13)
|
33,679
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|
|
28,709
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|
|
100,878
|
|
|
76,829
|
|
||||
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Income incentive fee (Note 13)
|
21,860
|
|
|
24,631
|
|
|
68,307
|
|
|
68,269
|
|
||||
|
Total investment advisory fees
|
55,539
|
|
|
53,340
|
|
|
169,185
|
|
|
145,098
|
|
||||
|
Interest and credit facility expenses
|
42,213
|
|
|
31,747
|
|
|
127,371
|
|
|
88,410
|
|
||||
|
Legal fees
|
(4
|
)
|
|
306
|
|
|
1,554
|
|
|
483
|
|
||||
|
Valuation services
|
401
|
|
|
490
|
|
|
1,310
|
|
|
1,378
|
|
||||
|
Audit, compliance and tax related fees
|
648
|
|
|
336
|
|
|
2,239
|
|
|
1,704
|
|
||||
|
Allocation of overhead from Prospect Administration (Note 13)
|
2,984
|
|
|
3,986
|
|
|
8,414
|
|
|
11,958
|
|
||||
|
Insurance expense
|
121
|
|
|
90
|
|
|
373
|
|
|
273
|
|
||||
|
Directors’ fees
|
94
|
|
|
81
|
|
|
282
|
|
|
231
|
|
||||
|
Excise tax
|
(793
|
)
|
|
1,000
|
|
|
982
|
|
|
3,000
|
|
||||
|
Other general and administrative expenses
|
2,706
|
|
|
428
|
|
|
7,315
|
|
|
3,841
|
|
||||
|
Total Operating Expenses
|
103,909
|
|
|
91,804
|
|
|
319,025
|
|
|
256,376
|
|
||||
|
Net Investment Income
|
87,441
|
|
|
98,523
|
|
|
273,229
|
|
|
273,075
|
|
||||
|
Net realized gains (losses) on investments
|
4,704
|
|
|
(1,600
|
)
|
|
(150,973
|
)
|
|
(3,482
|
)
|
||||
|
Net change in unrealized (depreciation) appreciation on investments
|
(9,775
|
)
|
|
(14,822
|
)
|
|
130,528
|
|
|
(22,230
|
)
|
||||
|
Net realized and unrealized losses on investments
|
(5,071
|
)
|
|
(16,422
|
)
|
|
(20,445
|
)
|
|
(25,712
|
)
|
||||
|
Net realized losses on extinguishment of debt
|
(878
|
)
|
|
—
|
|
|
(1,214
|
)
|
|
—
|
|
||||
|
Net Increase in Net Assets Resulting from Operations
|
$
|
81,492
|
|
|
$
|
82,101
|
|
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$
|
251,570
|
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$
|
247,363
|
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Net increase in net assets resulting from operations per share
|
$
|
0.23
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$
|
0.26
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$
|
0.71
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|
|
$
|
0.86
|
|
|
Dividends declared per share
|
$
|
(0.28
|
)
|
|
$
|
(0.33
|
)
|
|
$
|
(0.94
|
)
|
|
$
|
(0.99
|
)
|
|
|
Nine Months Ended March 31,
|
||||||
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|
2015
|
|
2014
|
||||
|
Operations
|
|
|
|
|
|
||
|
Net investment income
|
$
|
273,229
|
|
|
$
|
273,075
|
|
|
Net realized losses on investments
|
(150,973
|
)
|
|
(3,482
|
)
|
||
|
Net change in unrealized appreciation (depreciation) on investments
|
130,528
|
|
|
(22,230
|
)
|
||
|
Net realized losses on extinguishment of debt
|
(1,214
|
)
|
|
—
|
|
||
|
Net Increase in Net Assets Resulting from Operations
|
251,570
|
|
|
247,363
|
|
||
|
|
|
|
|
||||
|
Distributions to Shareholders
|
|
|
|
||||
|
Distribution from net investment income
|
(331,863
|
)
|
|
(289,875
|
)
|
||
|
Distribution of return of capital
|
—
|
|
|
—
|
|
||
|
Net Decrease in Net Assets Resulting from Distributions to Shareholders
|
(331,863
|
)
|
|
(289,875
|
)
|
||
|
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|
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|
||||
|
Common Stock Transactions
|
|
|
|
||||
|
Issuance of common stock, net of underwriting costs
|
146,085
|
|
|
890,331
|
|
||
|
Less: Offering costs from issuance of common stock
|
(585
|
)
|
|
(1,187
|
)
|
||
|
Value of shares issued to acquire controlled investments
|
—
|
|
|
45,914
|
|
||
|
Value of shares issued through reinvestment of dividends
|
11,199
|
|
|
12,336
|
|
||
|
Net Increase in Net Assets Resulting from Common Stock Transactions
|
156,699
|
|
|
947,394
|
|
||
|
|
|
|
|
||||
|
Total Increase in Net Assets
|
76,406
|
|
|
904,882
|
|
||
|
Net assets at beginning of period
|
3,618,182
|
|
|
2,656,494
|
|
||
|
Net Assets at End of Period
|
$
|
3,694,588
|
|
|
$
|
3,561,376
|
|
|
|
|
|
|
||||
|
Common Stock Activity
|
|
|
|
||||
|
Shares sold
|
14,845,556
|
|
|
80,343,264
|
|
||
|
Shares issued to acquire controlled investments
|
—
|
|
|
4,224,636
|
|
||
|
Shares issued through reinvestment of dividends
|
1,189,248
|
|
|
1,094,996
|
|
||
|
Total shares issued due to common stock activity
|
16,034,804
|
|
|
85,662,896
|
|
||
|
Shares issued and outstanding at beginning of period
|
342,626,637
|
|
|
247,836,965
|
|
||
|
Shares Issued and Outstanding at End of Period
|
358,661,441
|
|
|
333,499,861
|
|
||
|
|
Nine Months Ended March 31,
|
||||||
|
|
2015
|
|
2014
|
||||
|
Operating Activities
|
|
|
|
||||
|
Net increase in net assets resulting from operations
|
$
|
251,570
|
|
|
$
|
247,363
|
|
|
Net realized losses on extinguishment of debt
|
1,214
|
|
|
—
|
|
||
|
Net realized losses on investments
|
150,973
|
|
|
3,482
|
|
||
|
Net change in unrealized (appreciation) depreciation on investments
|
(130,528
|
)
|
|
22,230
|
|
||
|
Amortization of discounts and premiums, net
|
64,200
|
|
|
31,837
|
|
||
|
Accretion of discount on Public Notes (Note 6)
|
164
|
|
|
133
|
|
||
|
Amortization of deferred financing costs
|
9,601
|
|
|
7,810
|
|
||
|
Payment-in-kind interest
|
(16,485
|
)
|
|
(13,043
|
)
|
||
|
Structuring fees
|
(18,055
|
)
|
|
(40,064
|
)
|
||
|
Change in operating assets and liabilities:
|
|
|
|
||||
|
Payments for purchases of investments
|
(1,594,481
|
)
|
|
(2,409,231
|
)
|
||
|
Proceeds from sale of investments and collection of investment principal
|
1,195,344
|
|
|
617,352
|
|
||
|
(Increase) decrease in interest receivable, net
|
(2,372
|
)
|
|
1,771
|
|
||
|
Decrease in other receivables
|
983
|
|
|
1,433
|
|
||
|
Decrease (increase) in prepaid expenses
|
968
|
|
|
(153
|
)
|
||
|
Decrease in due to broker
|
—
|
|
|
(43,588
|
)
|
||
|
Increase in due to Prospect Administration
|
336
|
|
|
509
|
|
||
|
Increase in due to Prospect Capital Management
|
1,388
|
|
|
21,412
|
|
||
|
(Decrease) increase in accrued expenses
|
(1,455
|
)
|
|
1,291
|
|
||
|
Decrease in interest payable
|
(2,073
|
)
|
|
(1,612
|
)
|
||
|
Increase in other liabilities
|
319
|
|
|
3,240
|
|
||
|
Net Cash Used in Operating Activities
|
(88,389
|
)
|
|
(1,547,828
|
)
|
||
|
|
|
|
|
||||
|
Financing Activities
|
|
|
|
||||
|
Borrowings under Revolving Credit Facility (Note 4)
|
1,187,000
|
|
|
986,500
|
|
||
|
Principal payments under Revolving Credit Facility (Note 4)
|
(961,300
|
)
|
|
(381,500
|
)
|
||
|
Repurchase of Convertible Notes, net (Note 5)
|
(7,658
|
)
|
|
—
|
|
||
|
Issuance of Prospect Capital InterNotes® (Note 7)
|
74,967
|
|
|
407,208
|
|
||
|
Redemptions of Prospect Capital InterNotes®, net (Note 7)
|
(83,475
|
)
|
|
(3,341
|
)
|
||
|
Financing costs paid and deferred
|
(8,626
|
)
|
|
(10,423
|
)
|
||
|
Proceeds from issuance of common stock, net of underwriting costs
|
146,085
|
|
|
890,331
|
|
||
|
Offering costs from issuance of common stock
|
(585
|
)
|
|
(1,187
|
)
|
||
|
Dividends paid
|
(328,620
|
)
|
|
(268,028
|
)
|
||
|
Net Cash Provided by Financing Activities
|
17,788
|
|
|
1,619,560
|
|
||
|
|
|
|
|
||||
|
Total (Decrease) Increase in Cash and Cash Equivalents
|
(70,601
|
)
|
|
71,732
|
|
||
|
Cash and cash equivalents at beginning of period
|
134,225
|
|
|
203,236
|
|
||
|
Cash and Cash Equivalents at End of Period
|
$
|
63,624
|
|
|
$
|
274,968
|
|
|
|
|
|
|
||||
|
Supplemental Disclosures
|
|
|
|
||||
|
Cash paid for interest
|
$
|
119,679
|
|
|
$
|
78,344
|
|
|
|
|
|
|
||||
|
Non-Cash Financing Activities
|
|
|
|
||||
|
Value of shares issued through reinvestment of dividends
|
$
|
11,199
|
|
|
$
|
12,336
|
|
|
Value of shares issued to acquire controlled investments
|
$
|
—
|
|
|
$
|
45,914
|
|
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Control Investments (greater than 25.00% voting control)(47)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
American Property REIT Corp.(32)
|
Various / Real Estate
|
Senior Secured Term Loan (6.00% (LIBOR + 4.00% with 2.00% LIBOR floor) plus 5.50% PIK, due 4/1/2019)(4)
|
$
|
106,686
|
|
$
|
106,686
|
|
$
|
106,686
|
|
2.9%
|
|
Common Stock (272,116 shares)
|
|
24,769
|
|
26,236
|
|
0.7%
|
||||||
|
Net Operating Income Interest (5% of Net Operating Income)
|
|
—
|
|
10,594
|
|
0.3%
|
||||||
|
|
|
|
|
131,455
|
|
143,516
|
|
3.9%
|
||||
|
Arctic Energy Services, LLC(30)
|
Wyoming / Oil & Gas Production
|
Senior Secured Term Loan (12.00% (LIBOR + 9.00% with 3.00% LIBOR floor), due 5/5/2019)(3)(4)
|
31,640
|
|
31,640
|
|
31,640
|
|
0.9%
|
|||
|
Senior Subordinated Term Loan (14.00% (LIBOR + 11.00% with 3.00% LIBOR floor), due 5/5/2019)(3)(4)
|
20,230
|
|
20,230
|
|
20,230
|
|
0.5%
|
|||||
|
Class A Units (700 units)
|
|
9,006
|
|
10,046
|
|
0.3%
|
||||||
|
|
|
|
|
60,876
|
|
61,916
|
|
1.7%
|
||||
|
CCPI Inc.(33)
|
Ohio / Manufacturing
|
Senior Secured Term Loan A (10.00%, due 12/31/2017)(3)
|
16,875
|
|
16,875
|
|
16,875
|
|
0.5%
|
|||
|
Senior Secured Term Loan B (12.00% plus 7.00% PIK, due 12/31/2017)
|
8,691
|
|
8,691
|
|
8,691
|
|
0.2%
|
|||||
|
Common Stock (14,857 shares)
|
|
8,553
|
|
11,308
|
|
0.3%
|
||||||
|
|
|
|
|
34,119
|
|
36,874
|
|
1.0%
|
||||
|
CP Energy Services Inc.(38)
|
Oklahoma / Oil & Gas Production
|
Senior Secured Term Loan A to CP Well Testing, LLC (7.00% (LIBOR + 5.00% with 2.00% LIBOR floor), due 4/1/2019)(4)
|
11,035
|
|
11,035
|
|
11,035
|
|
0.3%
|
|||
|
Senior Secured Term Loan B to CP Well Testing, LLC (10.00% (LIBOR + 8.00% with 2.00% LIBOR floor) plus 7.50% PIK, due 4/1/2019)(3)(4)
|
73,099
|
|
73,099
|
|
73,099
|
|
2.0%
|
|||||
|
Second Lien Term Loan to CP Well Testing, LLC (9.00% (LIBOR + 7.00% with 2.00% LIBOR floor) plus 9.00% PIK, due 4/1/2019)(4)
|
15,214
|
|
15,214
|
|
15,214
|
|
0.4%
|
|||||
|
Common Stock (2,924 shares)
|
|
15,227
|
|
2,290
|
|
0.1%
|
||||||
|
|
|
|
|
114,575
|
|
101,638
|
|
2.8%
|
||||
|
Credit Central Loan Company, LLC(34)
|
Ohio / Consumer Finance
|
Subordinated Term Loan (10.00% plus 10.00% PIK, due 6/26/2019)(22)
|
36,333
|
|
36,333
|
|
36,333
|
|
1.0%
|
|||
|
Class A Shares (7,500,000 shares)(22)
|
|
11,633
|
|
10,766
|
|
0.3%
|
||||||
|
Net Revenues Interest (25% of Net Revenues)(22)
|
|
—
|
|
4,443
|
|
0.1%
|
||||||
|
|
|
|
|
47,966
|
|
51,542
|
|
1.4%
|
||||
|
Echelon Aviation LLC
|
New York / Aerospace & Defense
|
Senior Secured Term Loan (11.75% (LIBOR + 9.75% with 2.00% LIBOR floor) plus 2.25% PIK, due 3/31/2022)(4)
|
40,808
|
|
40,808
|
|
40,808
|
|
1.1%
|
|||
|
Class A Shares (11,335,318 shares)
|
|
19,907
|
|
28,133
|
|
0.8%
|
||||||
|
|
|
|
|
60,715
|
|
68,941
|
|
1.9%
|
||||
|
First Tower Finance Company LLC(29)
|
Mississippi / Consumer Finance
|
Subordinated Term Loan to First Tower, LLC (10.00% plus 12.00% PIK, due 6/24/2019)(22)
|
251,246
|
|
251,246
|
|
251,246
|
|
6.8%
|
|||
|
Class A Shares (83,729,323 shares)(22)
|
|
66,473
|
|
103,884
|
|
2.8%
|
||||||
|
|
|
|
|
317,719
|
|
355,130
|
|
9.6%
|
||||
|
Freedom Marine Solutions, LLC(8)
|
Louisiana / Energy
|
Senior Secured Note to Vessel Company, LLC (18.00%, due 12/12/2016)
|
3,500
|
|
3,500
|
|
3,500
|
|
0.1%
|
|||
|
Senior Secured Note to Vessel Company II, LLC (13.00%, due 11/25/2018)
|
13,000
|
|
12,504
|
|
9,499
|
|
0.3%
|
|||||
|
Senior Secured Note to Vessel Company III, LLC (13.00%, due 12/3/2018)
|
16,000
|
|
16,000
|
|
14,342
|
|
0.4%
|
|||||
|
Membership Interest (100%)
|
|
7,807
|
|
1,260
|
|
—%
|
||||||
|
|
|
|
|
39,811
|
|
28,601
|
|
0.8%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Control Investments (greater than 25.00% voting control)(47)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Gulf Coast Machine & Supply Company
|
Texas / Manufacturing
|
Senior Secured Term Loan (10.50% (LIBOR + 8.50% with 2.00% LIBOR floor), in non-accrual status effective 1/1/2015, due 10/12/2017)(4)
|
$
|
23,196
|
|
$
|
23,000
|
|
$
|
8,199
|
|
0.2%
|
|
Series A Convertible Preferred Stock (99,900 shares)
|
|
25,950
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
48,950
|
|
8,199
|
|
0.2%
|
||||
|
Harbortouch Payments, LLC(43)
|
Pennsylvania / Business Services
|
Senior Secured Term Loan A (9.00% (LIBOR + 7.00% with 2.00% LIBOR floor), due 9/30/2017)(3)(4)
|
129,663
|
|
129,663
|
|
129,663
|
|
3.5%
|
|||
|
Senior Secured Term Loan B (5.50% (LIBOR + 4.00% with 1.50% LIBOR floor) plus 5.50% PIK, due 3/31/2018)(4)
|
137,226
|
|
137,226
|
|
137,226
|
|
3.7%
|
|||||
|
Senior Secured Term Loan C (13.00% (LIBOR + 9.00% with 4.00% LIBOR floor), due 9/29/2018)(4)
|
24,011
|
|
24,011
|
|
24,011
|
|
0.6%
|
|||||
|
Class C Shares (535 shares)
|
|
8,739
|
|
39,372
|
|
1.1%
|
||||||
|
|
|
|
|
299,639
|
|
330,272
|
|
8.9%
|
||||
|
MITY, Inc.(17)
|
Utah / Durable Consumer Products
|
Senior Secured Note A (10.00% (LIBOR + 7.00% with 3.00% LIBOR floor), due 3/19/2019)(3)(4)
|
18,250
|
|
18,250
|
|
18,250
|
|
0.5%
|
|||
|
Senior Secured Note B (10.00% (LIBOR + 7.00% with 3.00% LIBOR floor) plus 10.00% PIK, due 3/19/2019)(4)
|
15,896
|
|
15,896
|
|
15,896
|
|
0.4%
|
|||||
|
Subordinated Unsecured Note to Broda Enterprises ULC (10.00%, due on demand)(22)
|
7,200
|
|
7,200
|
|
7,200
|
|
0.2%
|
|||||
|
Common Stock (42,053 shares)
|
|
6,849
|
|
13,685
|
|
0.4%
|
||||||
|
|
|
|
|
48,195
|
|
55,031
|
|
1.5%
|
||||
|
National Property REIT Corp.(40)
|
Various / Real Estate
|
Senior Secured Term Loan A (6.00% (LIBOR + 4.00% with 2.00% LIBOR floor) plus 5.50% PIK, due 4/1/2019)(4)
|
172,403
|
|
172,403
|
|
172,403
|
|
4.7%
|
|||
|
Senior Secured Term Loan A to ACL Loan Holdings, Inc. (6.00% (LIBOR + 4.00% with 2.00% LIBOR floor) plus 5.50% PIK, due 4/1/2019)(4)
|
79,462
|
|
79,462
|
|
79,462
|
|
2.1%
|
|||||
|
Senior Secured Term Loan B to ACL Loan Holdings, Inc. (14.00% (LIBOR + 12.00% with 2.00% LIBOR floor) plus 3.00% PIK, due 4/1/2019)(4)
|
47,050
|
|
47,050
|
|
47,050
|
|
1.3%
|
|||||
|
Common Stock (84,567 shares)
|
|
68,757
|
|
70,665
|
|
1.9%
|
||||||
|
Net Operating Income Interest (5% of Net Operating Income)
|
|
—
|
|
20,221
|
|
0.5%
|
||||||
|
|
|
|
|
367,672
|
|
389,801
|
|
10.5%
|
||||
|
Nationwide Acceptance LLC(36)
|
Illinois / Consumer Finance
|
Subordinated Term Loan (10.00% plus 10.00% PIK, due 6/18/2019)(22)
|
14,820
|
|
14,820
|
|
14,820
|
|
0.4%
|
|||
|
Class A Shares (24,029,326 shares)(22)
|
|
12,919
|
|
15,304
|
|
0.4%
|
||||||
|
|
|
|
|
27,739
|
|
30,124
|
|
0.8%
|
||||
|
NMMB, Inc.(24)
|
New York / Media
|
Senior Secured Note (14.00%, due 5/6/2016)
|
3,714
|
|
3,714
|
|
3,147
|
|
0.1%
|
|||
|
Senior Secured Note to Armed Forces Communications, Inc. (14.00%, due 5/6/2016)
|
7,000
|
|
7,000
|
|
5,931
|
|
0.2%
|
|||||
|
Series A Preferred Stock (7,200 shares)
|
|
7,200
|
|
—
|
|
—%
|
||||||
|
Series B Preferred Stock (5,669 shares)
|
|
5,669
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
23,583
|
|
9,078
|
|
0.3%
|
||||
|
R-V Industries, Inc.
|
Pennsylvania / Manufacturing
|
Senior Subordinated Note (10.00% (LIBOR + 9.00% with 1.00% LIBOR floor), due 6/12/2018)(3)(4)
|
30,411
|
|
30,411
|
|
30,411
|
|
0.8%
|
|||
|
Common Stock (545,107 shares)
|
|
5,087
|
|
8,287
|
|
0.2%
|
||||||
|
Warrant (to purchase 200,000 shares of Common Stock, expires 6/30/2017)
|
|
1,682
|
|
3,041
|
|
0.1%
|
||||||
|
|
|
|
|
37,180
|
|
41,739
|
|
1.1%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Control Investments (greater than 25.00% voting control)(47)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
United Property REIT Corp.(41)
|
Various / Real Estate
|
Senior Term Loan (6.00% (LIBOR + 4.00% with 2.00% LIBOR floor) plus 5.50% PIK, due 4/1/2019)(4)
|
$
|
58,219
|
|
$
|
58,219
|
|
$
|
58,219
|
|
1.6%
|
|
Common Stock (70,689 shares)
|
|
11,946
|
|
12,783
|
|
0.3%
|
||||||
|
Net Operating Income Interest (5% of Net Operating Income)
|
|
—
|
|
10,916
|
|
0.3%
|
||||||
|
|
|
|
|
70,165
|
|
81,918
|
|
2.2%
|
||||
|
Valley Electric Company, Inc.(35)
|
Washington / Construction & Engineering
|
Senior Secured Note to Valley Electric Co. of Mt. Vernon, Inc. (8.00% (LIBOR + 5.00% with 3.00% LIBOR floor) plus 2.50% PIK, due 12/31/2017)(3)(4)
|
10,275
|
|
10,275
|
|
10,275
|
|
0.3%
|
|||
|
Senior Secured Note (10.00% plus 8.50% PIK, due 12/31/2018)
|
21,835
|
|
21,835
|
|
21,835
|
|
0.6%
|
|||||
|
Common Stock (50,000 shares)
|
|
26,204
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
58,314
|
|
32,110
|
|
0.9%
|
||||
|
Vets Securing America, Inc.(9)
|
North Carolina / Contracting
|
Secured Promissory Notes to The Healing Staff, Inc. and Vets Securing America, Inc. (15.00%, in non-accrual status effective 12/22/2010, past due)
|
1,688
|
|
1,686
|
|
—
|
|
—%
|
|||
|
Senior Demand Note to The Healing Staff, Inc. (15.00%, in non-accrual status effective 11/1/2010, past due)
|
1,170
|
|
1,170
|
|
—
|
|
—%
|
|||||
|
Common Stock of The Healing Staff, Inc. (1,000 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Common Stock of Vets Securing America, Inc. (1 share)
|
|
975
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
3,831
|
|
—
|
|
—%
|
||||
|
Wolf Energy, LLC(12)
|
Kansas / Oil & Gas Production
|
Senior Secured Promissory Note secured by assets formerly owned by H&M (18.00%, in non-accrual status effective 4/15/2013, due 4/15/2018)(37)
|
29,434
|
|
—
|
|
1,759
|
|
—%
|
|||
|
Membership Interest (100%)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Net Profits Interest (8% of Equity Distributions)(7)
|
|
—
|
|
22
|
|
—%
|
||||||
|
|
|
|
|
—
|
|
1,781
|
|
—%
|
||||
|
Total Control Investments
|
|
$
|
1,792,504
|
|
$
|
1,828,211
|
|
49.5%
|
||||
|
Affiliate Investments (5.00% to 24.99% voting control)(48)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
BNN Holdings Corp.
|
Michigan / Healthcare
|
Senior Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 8/29/2019)(3)(4)
|
$
|
21,348
|
|
$
|
21,348
|
|
$
|
21,348
|
|
0.6%
|
|
Senior Term Loan B (11.50% (LIBOR + 10.50% with 1.00% LIBOR floor), due 8/29/2019)(3)(4)
|
21,795
|
|
21,795
|
|
21,795
|
|
0.6%
|
|||||
|
Series A Preferred Stock (9,925.455 shares)(13)
|
|
1,779
|
|
2,582
|
|
—%
|
||||||
|
Series B Preferred Stock (1,753.636 shares)(13)
|
|
448
|
|
548
|
|
—%
|
||||||
|
|
|
|
|
45,370
|
|
46,273
|
|
1.2%
|
||||
|
Total Affiliate Investments
|
|
$
|
45,370
|
|
$
|
46,273
|
|
1.2%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Aderant North America, Inc.
|
Georgia / Software & Computer Services
|
Second Lien Term Loan (10.00% (LIBOR + 8.75% with 1.25% LIBOR floor), due 6/20/2019)(4)(16)
|
$
|
7,000
|
|
$
|
6,924
|
|
$
|
7,000
|
|
0.2%
|
|
|
|
|
|
6,924
|
|
7,000
|
|
0.2%
|
||||
|
AFI Shareholder, LLC
(f/k/a Aircraft Fasteners International, LLC) |
California / Machinery
|
Class A Units (32,500 units)
|
|
396
|
|
498
|
|
—%
|
||||
|
|
|
|
|
396
|
|
498
|
|
—%
|
||||
|
Airmall Inc.(27)
|
Pennsylvania / Property Management
|
Escrow Receivable
|
|
5,880
|
|
3,752
|
|
0.1%
|
||||
|
|
|
|
|
5,880
|
|
3,752
|
|
0.1%
|
||||
|
Ajax Rolled Ring & Machine, LLC(42)
|
South Carolina / Manufacturing
|
Escrow Receivable
|
|
—
|
|
1,731
|
|
—%
|
||||
|
|
|
|
|
—
|
|
1,731
|
|
—%
|
||||
|
ALG USA Holdings, LLC
|
Pennsylvania / Hotels, Restaurants & Leisure
|
Second Lien Term Loan (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 2/28/2020)(4)(16)
|
12,000
|
|
11,814
|
|
12,000
|
|
0.3%
|
|||
|
|
|
|
|
11,814
|
|
12,000
|
|
0.3%
|
||||
|
American Broadband Holding Company and Cameron Holdings of NC, Inc.
|
North Carolina / Telecommunication Services
|
Senior Secured Term Loan B (11.00% (LIBOR + 9.75% with 1.25% LIBOR floor), due 9/30/2018)(3)(4)
|
74,654
|
|
74,654
|
|
74,654
|
|
2.0%
|
|||
|
|
|
|
|
74,654
|
|
74,654
|
|
2.0%
|
||||
|
American Gilsonite Company
|
Utah / Metal Services & Minerals
|
Second Lien Term Loan (11.50%, due 9/1/2017)(16)
|
38,500
|
|
38,500
|
|
34,133
|
|
0.9%
|
|||
|
Membership Interest (99.9999%)(15)
|
|
—
|
|
3,976
|
|
0.1%
|
||||||
|
|
|
|
|
38,500
|
|
38,109
|
|
1.0%
|
||||
|
Apidos CLO IX
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 21.95%)(11)(22)
|
23,525
|
|
20,540
|
|
22,521
|
|
0.6%
|
|||
|
|
|
|
|
20,540
|
|
22,521
|
|
0.6%
|
||||
|
Apidos CLO XI
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.67%)(11)(22)
|
38,340
|
|
32,222
|
|
33,143
|
|
0.9%
|
|||
|
|
|
|
|
32,222
|
|
33,143
|
|
0.9%
|
||||
|
Apidos CLO XII
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 17.54%)(11)(22)
|
44,063
|
|
38,864
|
|
40,105
|
|
1.1%
|
|||
|
|
|
|
|
38,864
|
|
40,105
|
|
1.1%
|
||||
|
Apidos CLO XV
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.97%)(11)(22)
|
36,515
|
|
34,883
|
|
31,891
|
|
0.9%
|
|||
|
|
|
|
|
34,883
|
|
31,891
|
|
0.9%
|
||||
|
Arctic Glacier U.S.A., Inc.
|
Minnesota / Food Products
|
Second Lien Term Loan (10.50% (LIBOR + 9.25% with 1.25% LIBOR floor), due 11/10/2019)(3)(4)
|
150,000
|
|
150,000
|
|
148,436
|
|
4.0%
|
|||
|
|
|
|
|
150,000
|
|
148,436
|
|
4.0%
|
||||
|
Ark-La-Tex Wireline Services, LLC
|
Louisiana / Oil and Gas Production
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 4/8/2019)(4)
|
26,325
|
|
26,325
|
|
24,497
|
|
0.7%
|
|||
|
Senior Secured Term Loan B (10.50% (LIBOR + 9.50% with 1.00% LIBOR floor), due 4/8/2019)(4)
|
26,325
|
|
26,325
|
|
23,762
|
|
0.6%
|
|||||
|
|
|
|
|
52,650
|
|
48,259
|
|
1.3%
|
||||
|
Armor Holding II LLC
|
New York / Diversified Financial Services
|
Second Lien Term Loan (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 12/26/2020)(3)(4)(16)
|
7,000
|
|
6,884
|
|
6,538
|
|
0.2%
|
|||
|
|
|
|
|
6,884
|
|
6,538
|
|
0.2%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Atlantis Health Care Group (Puerto Rico), Inc.
|
Puerto Rico / Healthcare
|
Revolving Line of Credit – $4,000 Commitment (13.00% (LIBOR + 11.00% with 2.00% LIBOR floor), due 8/21/2016)(4)(25)(26)
|
$
|
2,350
|
|
$
|
2,350
|
|
$
|
2,350
|
|
0.1%
|
|
Senior Term Loan (10.00% (LIBOR + 8.00% with 2.00% LIBOR floor), due 2/21/2018)(3)(4)
|
38,660
|
|
38,660
|
|
35,340
|
|
0.9%
|
|||||
|
|
|
|
|
41,010
|
|
37,690
|
|
1.0%
|
||||
|
Babson CLO Ltd. 2014-III
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 13.47%)(11)(22)
|
52,250
|
|
51,465
|
|
49,927
|
|
1.3%
|
|||
|
|
|
|
|
51,465
|
|
49,927
|
|
1.3%
|
||||
|
Blue Coat Systems, Inc.
|
Massachusetts / Software & Computer Services
|
Second Lien Term Loan (9.50% (LIBOR + 8.50% with 1.00% LIBOR floor), due 6/28/2020)(3)(4)(16)
|
11,000
|
|
10,911
|
|
11,000
|
|
0.3%
|
|||
|
|
|
|
|
10,911
|
|
11,000
|
|
0.3%
|
||||
|
Broder Bros., Co.
|
Pennsylvania / Textiles, Apparel & Luxury Goods
|
Senior Secured Notes (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 4/8/2019)(3)(4)(46)
|
253,675
|
|
253,675
|
|
253,675
|
|
6.9%
|
|||
|
|
|
|
|
253,675
|
|
253,675
|
|
6.9%
|
||||
|
Brookside Mill CLO Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 19.42%)(11)(22)
|
26,000
|
|
21,956
|
|
24,131
|
|
0.7%
|
|||
|
|
|
|
|
21,956
|
|
24,131
|
|
0.7%
|
||||
|
Caleel + Hayden, LLC
|
Colorado / Personal & Nondurable Consumer Products
|
Membership Interest(31)
|
|
—
|
|
237
|
|
—%
|
||||
|
|
|
|
|
—
|
|
237
|
|
—%
|
||||
|
Capstone Logistics Acquisition, Inc.
|
Georgia / Business Services
|
Second Lien Term Loan (8.75% (LIBOR + 7.75% with 1.00% LIBOR floor), due 10/7/2022)(3)(4)
|
65,000
|
|
64,377
|
|
64,377
|
|
1.7%
|
|||
|
|
|
|
|
64,377
|
|
64,377
|
|
1.7%
|
||||
|
Cent CLO 17 Limited
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 13.90%)(11)(22)
|
24,870
|
|
20,642
|
|
21,432
|
|
0.6%
|
|||
|
|
|
|
|
20,642
|
|
21,432
|
|
0.6%
|
||||
|
Cent CLO 20 Limited
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 11.98%)(11)(22)
|
40,275
|
|
36,541
|
|
36,505
|
|
1.0%
|
|||
|
|
|
|
|
36,541
|
|
36,505
|
|
1.0%
|
||||
|
Cent CLO 21 Limited
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 12.80%)(11)(22)
|
48,528
|
|
44,488
|
|
42,781
|
|
1.2%
|
|||
|
|
|
|
|
44,488
|
|
42,781
|
|
1.2%
|
||||
|
CIFC Funding 2011-I, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Class D Senior Secured Notes (5.25% (LIBOR + 5.00%, due 1/19/2023)(4)(22)
|
19,000
|
|
15,526
|
|
18,538
|
|
0.5%
|
|||
|
Class E Subordinated Notes (7.25% (LIBOR + 7.00%, due 1/19/2023)(4)(22)
|
15,400
|
|
12,959
|
|
14,420
|
|
0.4%
|
|||||
|
|
|
|
|
28,485
|
|
32,958
|
|
0.9%
|
||||
|
CIFC Funding 2013-III, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.47%)(11)(22)
|
44,100
|
|
36,654
|
|
39,473
|
|
1.1%
|
|||
|
|
|
|
|
36,654
|
|
39,473
|
|
1.1%
|
||||
|
CIFC Funding 2013-IV, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.38%)(11)(22)
|
45,500
|
|
37,174
|
|
39,114
|
|
1.1%
|
|||
|
|
|
|
|
37,174
|
|
39,114
|
|
1.1%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
CIFC Funding 2014-IV Investor, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 13.30%)(11)(22)
|
$
|
41,500
|
|
$
|
36,256
|
|
$
|
37,237
|
|
1.0%
|
|
|
|
|
|
36,256
|
|
37,237
|
|
1.0%
|
||||
|
Cinedigm DC Holdings, LLC
|
New York / Software & Computer Services
|
Senior Secured Term Loan (11.00% (LIBOR + 9.00% with 2.00% LIBOR floor) plus 2.50% PIK, due 3/31/2021)(4)
|
67,967
|
|
67,917
|
|
67,967
|
|
1.8%
|
|||
|
|
|
|
|
67,917
|
|
67,967
|
|
1.8%
|
||||
|
The Copernicus Group, Inc.
|
North Carolina / Healthcare
|
Escrow Receivable
|
|
—
|
|
121
|
|
—%
|
||||
|
|
|
|
|
—
|
|
121
|
|
—%
|
||||
|
Coverall North America, Inc.
|
Florida / Commercial Services
|
Senior Secured Term Loan (11.50% (LIBOR + 8.50% with 3.00% LIBOR floor), due 12/17/2017)(3)(4)
|
50,244
|
|
50,244
|
|
50,244
|
|
1.4%
|
|||
|
|
|
|
|
50,244
|
|
50,244
|
|
1.4%
|
||||
|
Crosman Corporation
|
New York / Manufacturing
|
Second Lien Term Loan (12.00% (LIBOR + 10.50% with 1.50% LIBOR floor), due 12/30/2019)(3)(4)
|
40,000
|
|
40,000
|
|
38,166
|
|
1.0%
|
|||
|
|
|
|
|
40,000
|
|
38,166
|
|
1.0%
|
||||
|
Deltek, Inc.
|
Virginia / Software & Computer Services
|
Second Lien Term Loan (10.00% (LIBOR + 8.75% with 1.25% LIBOR floor), due 10/10/2019)(3)(4)(16)
|
12,000
|
|
11,868
|
|
11,868
|
|
0.3%
|
|||
|
|
|
|
|
11,868
|
|
11,868
|
|
0.3%
|
||||
|
Diamondback Operating, LP
|
Oklahoma / Oil & Gas Production
|
Net Profits Interest (15% of Equity Distributions)(7)
|
|
—
|
|
—
|
|
—%
|
||||
|
|
|
|
|
—
|
|
—
|
|
—%
|
||||
|
Edmentum, Inc.
|
Minnesota / Consumer Services
|
Second Lien Term Loan (12.00% (PRIME + 8.75%), in non-accrual status effective 1/1/2015, due 5/17/2019)(3)(4)(16)
|
50,000
|
|
48,623
|
|
25,329
|
|
0.7%
|
|||
|
|
|
|
|
48,623
|
|
25,329
|
|
0.7%
|
||||
|
Empire Today, LLC
|
Illinois / Durable Consumer Products
|
Senior Secured Note (11.375%, due 2/1/2017)(16)
|
15,700
|
|
15,492
|
|
13,491
|
|
0.4%
|
|||
|
|
|
|
|
15,492
|
|
13,491
|
|
0.4%
|
||||
|
Fischbein, LLC
|
North Carolina / Machinery
|
Escrow Receivable
|
|
—
|
|
123
|
|
—%
|
||||
|
|
|
|
|
—
|
|
123
|
|
—%
|
||||
|
Fleetwash, Inc.
|
New Jersey / Business Services
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 4/30/2019)(4)
|
24,625
|
|
24,625
|
|
24,625
|
|
0.6%
|
|||
|
Senior Secured Term Loan B (10.50% (LIBOR + 9.50% with 1.00% LIBOR floor), due 4/30/2019)(3)(4)
|
25,000
|
|
25,000
|
|
25,000
|
|
0.7%
|
|||||
|
Delayed Draw Term Loan – $15,000 Commitment (expires 4/30/2019)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
49,625
|
|
49,625
|
|
1.3%
|
||||
|
Focus Brands, Inc.
|
Georgia / Consumer Services
|
Second Lien Term Loan (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 8/21/2018)(4)(16)
|
18,000
|
|
17,810
|
|
18,000
|
|
0.5%
|
|||
|
|
|
|
|
17,810
|
|
18,000
|
|
0.5%
|
||||
|
Galaxy XV CLO, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.33%)(11)(22)
|
35,025
|
|
28,142
|
|
30,191
|
|
0.8%
|
|||
|
|
|
|
|
28,142
|
|
30,191
|
|
0.8%
|
||||
|
Galaxy XVI CLO, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 13.35%)(11)(22)
|
22,575
|
|
19,360
|
|
19,523
|
|
0.5%
|
|||
|
|
|
|
|
19,360
|
|
19,523
|
|
0.5%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Galaxy XVII CLO, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 12.87%)(11)(22)
|
$
|
39,905
|
|
$
|
34,322
|
|
$
|
34,222
|
|
0.9%
|
|
|
|
|
|
34,322
|
|
34,222
|
|
0.9%
|
||||
|
Global Employment Solutions, Inc.
|
Colorado / Business Services
|
Senior Secured Term Loan (10.00% (LIBOR + 9.00% with 1.00% LIBOR floor), due 3/25/2019)(3)(4)
|
28,393
|
|
28,393
|
|
28,393
|
|
0.8%
|
|||
|
|
|
|
|
28,393
|
|
28,393
|
|
0.8%
|
||||
|
GTP Operations, LLC(10)
|
Texas / Software & Computer Services
|
Senior Secured Term Loan (10.00% (LIBOR + 5.00% with 5.00% LIBOR floor), due 12/11/2018)(3)(4)
|
119,683
|
|
119,683
|
|
119,683
|
|
3.2%
|
|||
|
|
|
|
|
119,683
|
|
119,683
|
|
3.2%
|
||||
|
Halcyon Loan Advisors Funding 2012-1 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 28.96%)(11)(22)
|
23,188
|
|
20,086
|
|
22,303
|
|
0.6%
|
|||
|
|
|
|
|
20,086
|
|
22,303
|
|
0.6%
|
||||
|
Halcyon Loan Advisors Funding 2013-1 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 20.69%)(11)(22)
|
40,400
|
|
35,921
|
|
39,889
|
|
1.1%
|
|||
|
|
|
|
|
35,921
|
|
39,889
|
|
1.1%
|
||||
|
Halcyon Loan Advisors Funding 2014-1 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 16.99%)(11)(22)
|
24,500
|
|
21,408
|
|
22,578
|
|
0.6%
|
|||
|
|
|
|
|
21,408
|
|
22,578
|
|
0.6%
|
||||
|
Halcyon Loan Advisors Funding 2014-2 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 18.24%)(11)(22)
|
41,164
|
|
36,035
|
|
38,777
|
|
1.0%
|
|||
|
|
|
|
|
36,035
|
|
38,777
|
|
1.0%
|
||||
|
Harley Marine Services, Inc.
|
Washington / Transportation
|
Second Lien Term Loan (10.50% (LIBOR + 9.25% with 1.25% LIBOR floor), due 12/20/2019)(3)(4)(16)
|
9,000
|
|
8,848
|
|
8,517
|
|
0.2%
|
|||
|
|
|
|
|
8,848
|
|
8,517
|
|
0.2%
|
||||
|
Hollander Sleep Products, LLC
|
Florida / Durable Consumer Products
|
Senior Secured Term Loan (9.00% (LIBOR + 8.00% with 1.00% LIBOR floor), due 10/21/2020)(3)(4)
|
22,500
|
|
22,500
|
|
22,500
|
|
0.6%
|
|||
|
|
|
|
|
22,500
|
|
22,500
|
|
0.6%
|
||||
|
ICON Health & Fitness, Inc.
|
Utah / Durable Consumer Products
|
Senior Secured Note (11.875%, due 10/15/2016)(16)
|
21,850
|
|
21,945
|
|
21,632
|
|
0.6%
|
|||
|
|
|
|
|
21,945
|
|
21,632
|
|
0.6%
|
||||
|
ICV-CSI Holdings, LLC
|
New York / Transportation
|
Membership Units (1.6 units)
|
|
1,639
|
|
2,539
|
|
0.1%
|
||||
|
|
|
|
|
1,639
|
|
2,539
|
|
0.1%
|
||||
|
IDQ Holdings, Inc.
|
Texas / Automobile
|
Senior Secured Note (11.50%, due 4/1/2017)(16)
|
12,500
|
|
12,381
|
|
12,500
|
|
0.3%
|
|||
|
|
|
|
|
12,381
|
|
12,500
|
|
0.3%
|
||||
|
Ikaria, Inc.
|
New Jersey / Healthcare
|
Second Lien Term Loan (8.75% (LIBOR + 7.75% with 1.00% LIBOR floor), due 2/12/2022)(4)(16)
|
20,000
|
|
19,470
|
|
20,008
|
|
0.5%
|
|||
|
|
|
|
|
19,470
|
|
20,008
|
|
0.5%
|
||||
|
Instant Web, LLC
|
Minnesota / Media
|
Senior Secured Term Loan A (5.50% (LIBOR + 4.50% with 1.00% LIBOR floor), due 3/28/2019)(4)
|
146,978
|
|
146,978
|
|
146,978
|
|
4.0%
|
|||
|
Senior Secured Term Loan B (12.00% (LIBOR + 11.00% with 1.00% LIBOR floor), due 3/28/2019)(3)(4)
|
150,100
|
|
150,100
|
|
150,100
|
|
4.1%
|
|||||
|
Senior Secured Term Loan C (12.75% (LIBOR + 11.75% with 1.00% LIBOR floor), due 3/28/2019)(4)
|
27,000
|
|
27,000
|
|
27,000
|
|
0.7%
|
|||||
|
Delayed Draw Term Loan – $16,000 Commitment (expires 5/29/2016)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
324,078
|
|
324,078
|
|
8.8%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
InterDent, Inc.
|
California / Healthcare
|
Senior Secured Term Loan A (6.25% (LIBOR + 5.25% with 1.00% LIBOR floor), due 8/3/2017)(4)
|
$
|
125,694
|
|
$
|
125,694
|
|
$
|
125,694
|
|
3.4%
|
|
Senior Secured Term Loan B (11.25% (LIBOR + 10.25% with 1.00% LIBOR floor), due 8/3/2017)(3)(4)
|
131,125
|
|
131,125
|
|
131,125
|
|
3.5%
|
|||||
|
|
|
|
|
256,819
|
|
256,819
|
|
6.9%
|
||||
|
JAC Holding Corporation
|
Michigan / Transportation
|
Senior Secured Note (11.50%, due 10/1/2019)(16)
|
3,000
|
|
3,000
|
|
3,000
|
|
0.1%
|
|||
|
|
|
|
|
3,000
|
|
3,000
|
|
0.1%
|
||||
|
JHH Holdings, Inc.
|
Texas / Healthcare
|
Second Lien Term Loan (11.25% (LIBOR + 10.00% with 1.25% LIBOR floor) plus 0.50% PIK, due 3/30/2019)(3)(4)
|
35,252
|
|
35,252
|
|
35,252
|
|
1.0%
|
|||
|
|
|
|
|
35,252
|
|
35,252
|
|
1.0%
|
||||
|
LaserShip, Inc.
|
Virginia / Transportation
|
Senior Secured Term Loan A (10.25% (LIBOR + 8.25% with 2.00% LIBOR floor), due 3/18/2019)(3)(4)
|
35,391
|
|
35,391
|
|
33,110
|
|
0.9%
|
|||
|
Senior Secured Term Loan B (10.25% (LIBOR + 8.25% with 2.00% LIBOR floor), due 3/18/2019)(3)(4)
|
21,694
|
|
21,694
|
|
20,294
|
|
0.5%
|
|||||
|
Delayed Draw Term Loan – $6,000 Commitment (expires 12/31/2016)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
57,085
|
|
53,404
|
|
1.4%
|
||||
|
LCM XIV Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 16.33%)(11)(22)
|
26,500
|
|
23,232
|
|
23,722
|
|
0.6%
|
|||
|
|
|
|
|
23,232
|
|
23,722
|
|
0.6%
|
||||
|
LHC Holdings Corp.
|
Florida / Healthcare
|
Revolving Line of Credit – $750 Commitment (9.50% (LIBOR + 8.00% with 1.50% LIBOR floor), due 12/31/2015)(4)(25)(26)
|
—
|
|
—
|
|
—
|
|
—%
|
|||
|
Senior Subordinated Debt (12.50% (LIBOR + 11.00% with 1.50% LIBOR floor), due 12/31/2015)(3)(4)
|
1,265
|
|
1,265
|
|
1,265
|
|
—%
|
|||||
|
Membership Interest (125 units)
|
|
216
|
|
193
|
|
—%
|
||||||
|
|
|
|
|
1,481
|
|
1,458
|
|
—%
|
||||
|
Madison Park Funding IX, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 17.86%)(11)(22)
|
31,110
|
|
23,606
|
|
25,083
|
|
0.7%
|
|||
|
|
|
|
|
23,606
|
|
25,083
|
|
0.7%
|
||||
|
Matrixx Initiatives, Inc.
|
New Jersey / Pharmaceuticals
|
Senior Secured Term Loan A (7.50% (LIBOR + 6.00% with 1.50% LIBOR floor) plus 2.00% PIK, due 8/9/2018)(3)(4)
|
36,232
|
|
36,232
|
|
36,032
|
|
1.0%
|
|||
|
Senior Secured Term Loan B (12.50% (LIBOR + 11.00% with 1.50% LIBOR floor) plus 2.00% PIK, due 8/9/2018)(3)(4)
|
40,562
|
|
40,562
|
|
40,562
|
|
1.1%
|
|||||
|
|
|
|
|
76,794
|
|
76,594
|
|
2.1%
|
||||
|
Maverick Healthcare Equity, LLC
|
Arizona / Healthcare
|
Preferred Units (1,250,000 units)
|
|
1,252
|
|
1,997
|
|
0.1%
|
||||
|
Class A Common Units (1,250,000 units)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
1,252
|
|
1,997
|
|
0.1%
|
||||
|
Mountain View CLO 2013-I Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 18.13%)(11)(22)
|
43,650
|
|
38,274
|
|
41,698
|
|
1.1%
|
|||
|
|
|
|
|
38,274
|
|
41,698
|
|
1.1%
|
||||
|
Nathan's Famous, Inc.
|
New York / Food Products
|
Senior Secured Notes (10.00%, due 3/15/2020)(16)
|
3,000
|
|
3,000
|
|
3,000
|
|
0.1%
|
|||
|
|
|
|
|
3,000
|
|
3,000
|
|
0.1%
|
||||
|
NCP Finance Limited Partnership(23)
|
Ohio / Consumer Finance
|
Subordinated Secured Term Loan (11.00% (LIBOR + 9.75% with 1.25% LIBOR floor), due 9/30/2018)(3)(4)(16)(22)
|
16,346
|
|
16,098
|
|
16,346
|
|
0.4%
|
|||
|
|
|
|
|
16,098
|
|
16,346
|
|
0.4%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
New Century Transportation, Inc.
|
New Jersey / Transportation
|
Senior Subordinated Term Loan (12.00% (LIBOR + 10.00% with 2.00% LIBOR floor) plus 4.00% PIK, in non-accrual status effective 4/1/2014, due 2/3/2018)(4)
|
$
|
980
|
|
$
|
980
|
|
$
|
—
|
|
—%
|
|
|
|
|
|
980
|
|
—
|
|
—%
|
||||
|
Nixon, Inc.
|
California / Durable Consumer Products
|
Senior Secured Term Loan (8.75% plus 2.75% PIK, due 4/16/2018)(3)(16)
|
13,828
|
|
13,641
|
|
13,641
|
|
0.4%
|
|||
|
|
|
|
|
13,641
|
|
13,641
|
|
0.4%
|
||||
|
Octagon Investment Partners XV, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 22.03%)(11)(22)
|
26,901
|
|
23,438
|
|
24,764
|
|
0.7%
|
|||
|
|
|
|
|
23,438
|
|
24,764
|
|
0.7%
|
||||
|
Onyx Payments(44)
|
Texas / Diversified Financial Services
|
Revolving Line of Credit – $5,000 Commitment (9.00% (LIBOR + 8.00% with 1.00% LIBOR floor), due 9/10/2015)(4)(25)(26)
|
2,000
|
|
2,000
|
|
2,000
|
|
0.1%
|
|||
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 9/10/2019)(3)(4)
|
53,617
|
|
53,617
|
|
53,617
|
|
1.4%
|
|||||
|
Senior Secured Term Loan B (13.50% (LIBOR + 12.50% with 1.00% LIBOR floor), due 9/10/2019)(4)
|
59,389
|
|
59,389
|
|
59,389
|
|
1.6%
|
|||||
|
|
|
|
|
115,006
|
|
115,006
|
|
3.1%
|
||||
|
Pacific World Corporation
|
California / Personal & Nondurable Consumer Products
|
Revolving Line of Credit – $15,000 Commitment (8.00% (LIBOR + 7.00% with 1.00% LIBOR floor), due 9/26/2020)(4)(25)(26)
|
2,500
|
|
2,500
|
|
2,500
|
|
0.1%
|
|||
|
Senior Secured Term Loan A (6.00% (LIBOR + 5.00% with 1.00% LIBOR floor), due 9/26/2020)(4)
|
99,500
|
|
99,500
|
|
98,192
|
|
2.6%
|
|||||
|
Senior Secured Term Loan B (10.00% (LIBOR + 9.00% with 1.00% LIBOR floor), due 9/26/2020)(3)(4)
|
99,500
|
|
99,500
|
|
96,423
|
|
2.6%
|
|||||
|
|
|
|
|
201,500
|
|
197,115
|
|
5.3%
|
||||
|
Pelican Products, Inc.
|
California / Durable Consumer Products
|
Second Lien Term Loan (9.25% (LIBOR + 8.25% with 1.00% LIBOR floor), due 4/9/2021)(4)(16)
|
17,500
|
|
17,483
|
|
17,399
|
|
0.5%
|
|||
|
|
|
|
|
17,483
|
|
17,399
|
|
0.5%
|
||||
|
PGX Holdings, Inc.(28)
|
Utah / Consumer Services
|
Second Lien Term Loan (10.00% (LIBOR + 9.00% with 1.00% LIBOR floor), due 9/29/2021)(3)(4)
|
135,000
|
|
135,000
|
|
135,000
|
|
3.7%
|
|||
|
|
|
|
|
135,000
|
|
135,000
|
|
3.7%
|
||||
|
Photonis Technologies SAS
|
France / Aerospace & Defense
|
First Lien Term Loan (8.50% (LIBOR + 7.50% with 1.00% LIBOR floor), due 9/18/2019)(4)(16)(22)
|
10,369
|
|
10,131
|
|
10,145
|
|
0.3%
|
|||
|
|
|
|
|
10,131
|
|
10,145
|
|
0.3%
|
||||
|
Pinnacle (US) Acquisition Co. Limited
|
Texas / Software & Computer Services
|
Second Lien Term Loan (10.50% (LIBOR + 9.25% with 1.25% LIBOR floor), due 8/3/2020)(4)(16)
|
7,037
|
|
6,885
|
|
6,321
|
|
0.2%
|
|||
|
|
|
|
|
6,885
|
|
6,321
|
|
0.2%
|
||||
|
PrimeSport, Inc.
|
Georgia / Hotels, Restaurants & Leisure
|
Revolving Line of Credit – $15,000 Commitment (9.50% (LIBOR + 8.50% with 1.00% LIBOR floor), due 7/31/2015)(4)(25)(26)
|
5,000
|
|
5,000
|
|
5,000
|
|
0.1%
|
|||
|
Senior Secured Term Loan A (7.00% (LIBOR + 6.00% with 1.00% LIBOR floor), due 2/11/2021)(3)(4)
|
74,313
|
|
74,313
|
|
74,313
|
|
2.0%
|
|||||
|
Senior Secured Term Loan B (12.00% (LIBOR + 11.00% with 1.00% LIBOR floor), due 2/11/2021)(3)(4)
|
74,500
|
|
74,500
|
|
74,500
|
|
2.0%
|
|||||
|
|
|
|
|
153,813
|
|
153,813
|
|
4.1%
|
||||
|
Prince Mineral Holding Corp.
|
New York / Metal Services & Minerals
|
Senior Secured Term Loan (11.50%, due 12/15/2019)(16)
|
10,000
|
|
9,912
|
|
9,700
|
|
0.3%
|
|||
|
|
|
|
|
9,912
|
|
9,700
|
|
0.3%
|
||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Rocket Software, Inc.
|
Massachusetts / Software & Computer Services
|
Second Lien Term Loan (10.25% (LIBOR + 8.75% with 1.50% LIBOR floor), due 2/8/2019)(3)(4)(16)
|
$
|
20,000
|
|
$
|
19,790
|
|
$
|
20,000
|
|
0.5%
|
|
|
|
|
|
19,790
|
|
20,000
|
|
0.5%
|
||||
|
Royal Adhesives & Sealants, LLC
|
Indiana / Chemicals
|
Second Lien Term Loan (9.75% (LIBOR + 8.50% with 1.25% LIBOR floor), due 1/31/2019)(4)(16)
|
20,000
|
|
19,695
|
|
20,000
|
|
0.5%
|
|||
|
|
|
|
|
19,695
|
|
20,000
|
|
0.5%
|
||||
|
Ryan, LLC
|
Texas / Business Services
|
Subordinated Unsecured Notes (12.00% (LIBOR + 9.00% with 3.00% LIBOR floor) plus 3.00% PIK, due 6/30/2018)(4)
|
72,153
|
|
72,153
|
|
72,153
|
|
2.0%
|
|||
|
|
|
|
|
72,153
|
|
72,153
|
|
2.0%
|
||||
|
Sandow Media, LLC
|
Florida / Media
|
Senior Secured Term Loan (12.00%, due 5/8/2018)
|
24,425
|
|
24,425
|
|
24,913
|
|
0.7%
|
|||
|
|
|
|
|
24,425
|
|
24,913
|
|
0.7%
|
||||
|
Security Alarm Financing Enterprises, L.P.(45)
|
California / Consumer Services
|
Senior Subordinated Note (11.50% (LIBOR + 9.50% with 2.00% LIBOR floor), due 12/19/2020)(4)
|
25,000
|
|
25,000
|
|
25,000
|
|
0.7%
|
|||
|
|
|
|
|
25,000
|
|
25,000
|
|
0.7%
|
||||
|
Small Business Whole Loan Portfolio(19)
|
New York / Diversified Financial Services
|
92 small business loans purchased from Direct Capital Corporation
|
1,057
|
|
1,057
|
|
658
|
|
—%
|
|||
|
1,100 small business loans purchased from On Deck Capital, Inc.
|
39,263
|
|
39,263
|
|
37,632
|
|
1.0%
|
|||||
|
|
|
|
|
40,320
|
|
38,290
|
|
1.0%
|
||||
|
Spartan Energy Services, Inc.
|
Louisiana / Energy
|
Senior Secured Term Loan A (7.00% (LIBOR + 6.00% with 1.00% LIBOR floor), due 12/28/2017)(3)(4)
|
14,024
|
|
14,024
|
|
13,929
|
|
0.4%
|
|||
|
Senior Secured Term Loan B (11.00% (LIBOR + 10.00% with 1.00% LIBOR floor), due 12/28/2017)(3)(4)
|
14,024
|
|
14,024
|
|
14,024
|
|
0.4%
|
|||||
|
|
|
|
|
28,048
|
|
27,953
|
|
0.8%
|
||||
|
Speedy Group Holdings Corp.
|
Canada / Consumer Finance
|
Senior Unsecured Notes (12.00%, due 11/15/2017)(16)(22)
|
15,000
|
|
15,000
|
|
15,000
|
|
0.4%
|
|||
|
|
|
|
|
15,000
|
|
15,000
|
|
0.4%
|
||||
|
Stauber Performance Ingredients, Inc.
|
California / Food Products
|
Senior Secured Term Loan A (7.50% (LIBOR + 6.50% with 1.00% LIBOR floor), due 11/25/2019)(3)(4)
|
11,082
|
|
11,082
|
|
11,082
|
|
0.3%
|
|||
|
Senior Secured Term Loan B (10.50% (LIBOR + 9.50% with 1.00% LIBOR floor), due 11/25/2019)(3)(4)
|
11,138
|
|
11,138
|
|
11,138
|
|
0.3%
|
|||||
|
|
|
|
|
22,220
|
|
22,220
|
|
0.6%
|
||||
|
Stryker Energy, LLC
|
Ohio / Oil & Gas Production
|
Overriding Royalty Interests(18)
|
|
|
—
|
|
—
|
|
—%
|
|||
|
|
|
|
|
—
|
|
—
|
|
—%
|
||||
|
Sudbury Mill CLO Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.59%)(11)(22)
|
28,200
|
|
22,954
|
|
24,839
|
|
0.7%
|
|||
|
|
|
|
|
22,954
|
|
24,839
|
|
0.7%
|
||||
|
Symphony CLO IX Ltd.
|
Cayman Islands / Diversified Financial Services
|
Preference Shares (Residual Interest, current yield 20.72%)(11)(22)
|
45,500
|
|
35,659
|
|
41,533
|
|
1.1%
|
|||
|
|
|
|
|
35,659
|
|
41,533
|
|
1.1%
|
||||
|
Symphony CLO XIV Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 11.07%)(11)(22)
|
49,250
|
|
46,274
|
|
46,491
|
|
1.3%
|
|||
|
|
|
|
|
46,274
|
|
46,491
|
|
1.3%
|
||||
|
Symphony CLO XV, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 11.13%)(11)(22)
|
50,250
|
|
49,066
|
|
47,883
|
|
1.3%
|
|||
|
|
|
|
|
49,066
|
|
47,883
|
|
1.3%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
System One Holdings, LLC
|
Pennsylvania / Business Services
|
Senior Secured Term Loan (10.50% (LIBOR + 9.50% with 1.00% LIBOR floor), due 11/17/2020)(3)(4)
|
$
|
68,146
|
|
$
|
68,146
|
|
$
|
68,146
|
|
1.8%
|
|
Delayed Draw Term Loan – $11,500 Commitment (expires 12/31/2015)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
68,146
|
|
68,146
|
|
1.8%
|
||||
|
Targus Group International, Inc.
|
California / Durable Consumer Products
|
First Lien Term Loan (11.75% (PRIME + 8.50%) plus 1.00% PIK and 2.00% default interest, due 5/24/2016)(3)(4)(16)
|
21,434
|
|
21,296
|
|
16,722
|
|
0.5%
|
|||
|
|
|
|
|
21,296
|
|
16,722
|
|
0.5%
|
||||
|
TB Corp.
|
Texas / Hotels, Restaurants & Leisure
|
Senior Subordinated Note (12.00% plus 1.50% PIK, due 12/19/2018)(3)
|
23,628
|
|
23,628
|
|
23,628
|
|
0.6%
|
|||
|
|
|
|
|
23,628
|
|
23,628
|
|
0.6%
|
||||
|
Therakos, Inc.
|
New Jersey / Healthcare
|
Second Lien Term Loan (10.75% (LIBOR + 9.50% with 1.25% LIBOR floor), due 6/27/2018)(4)(16)
|
13,000
|
|
12,796
|
|
13,000
|
|
0.4%
|
|||
|
|
|
|
|
12,796
|
|
13,000
|
|
0.4%
|
||||
|
Tolt Solutions, Inc.
|
South Carolina / Business Services
|
Senior Secured Term Loan A (7.00% (LIBOR + 6.00% with 1.00% LIBOR floor), due 3/7/2019)(3)(4)
|
47,971
|
|
47,971
|
|
47,416
|
|
1.3%
|
|||
|
Senior Secured Term Loan B (12.00% (LIBOR + 11.00% with 1.00% LIBOR floor), due 3/7/2019)(3)(4)
|
48,900
|
|
48,900
|
|
48,107
|
|
1.3%
|
|||||
|
|
|
|
|
96,871
|
|
95,523
|
|
2.6%
|
||||
|
Traeger Pellet Grills LLC
|
Oregon / Durable Consumer Products
|
Senior Secured Term Loan A (6.50% (LIBOR + 4.50% with 2.00% LIBOR floor), due 6/18/2018)(3)(4)
|
28,425
|
|
28,425
|
|
28,425
|
|
0.8%
|
|||
|
Senior Secured Term Loan B (11.50% (LIBOR + 9.50% with 2.00% LIBOR floor), due 6/18/2018)(3)(4)
|
29,475
|
|
29,475
|
|
29,475
|
|
0.8%
|
|||||
|
|
|
|
|
57,900
|
|
57,900
|
|
1.6%
|
||||
|
Transaction Network Services, Inc.
|
Virginia / Telecommunication Services
|
Second Lien Term Loan (9.00% (LIBOR + 8.00% with 1.00% LIBOR floor), due 8/14/2020)(4)(16)
|
4,595
|
|
4,572
|
|
4,595
|
|
0.1%
|
|||
|
|
|
|
|
4,572
|
|
4,595
|
|
0.1%
|
||||
|
Trinity Services Group, Inc.(14)
|
Florida / Food Products
|
Revolving Line of Credit – $10,000 Commitment (9.00% (LIBOR + 8.00% with 1.00% LIBOR floor), due 4/13/2015)(4)(25)(26)
|
—
|
|
—
|
|
—
|
|
—%
|
|||
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 8/13/2019)(4)
|
98,755
|
|
98,755
|
|
98,755
|
|
2.7%
|
|||||
|
Senior Secured Term Loan B (11.50% (LIBOR + 10.50% with 1.00% LIBOR floor), due 8/13/2019)(3)(4)
|
100,000
|
|
100,000
|
|
100,000
|
|
2.7%
|
|||||
|
|
|
|
|
198,755
|
|
198,755
|
|
5.4%
|
||||
|
United Sporting Companies, Inc.(5)
|
South Carolina / Durable Consumer Products
|
Second Lien Term Loan (12.75% (LIBOR + 11.00% with 1.75% LIBOR floor), due 5/16/2018)(3)(4)
|
160,000
|
|
160,000
|
|
154,758
|
|
4.2%
|
|||
|
|
|
|
|
160,000
|
|
154,758
|
|
4.2%
|
||||
|
United States Environmental Services, LLC
|
Texas / Commercial Services
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor) plus 2.00% default interest, due 3/31/2019)(3)(4)
|
23,550
|
|
23,550
|
|
20,627
|
|
0.5%
|
|||
|
Senior Secured Term Loan B (11.50% (LIBOR + 10.50% with 1.00% LIBOR floor) plus 2.00% default interest, due 3/31/2019)(3)(4)
|
36,000
|
|
36,000
|
|
27,762
|
|
0.8%
|
|||||
|
|
|
|
|
59,550
|
|
48,389
|
|
1.3%
|
||||
|
Venio LLC
|
Pennsylvania / Business Services
|
Second Lien Term Loan (12.00% (LIBOR + 9.50% with 2.50% LIBOR floor), due 2/19/2020)(3)(4)
|
17,000
|
|
17,000
|
|
16,708
|
|
0.5%
|
|||
|
|
|
|
|
17,000
|
|
16,708
|
|
0.5%
|
||||
|
Voya CLO 2012-2, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 19.11%)(11)(22)
|
38,070
|
|
29,906
|
|
33,168
|
|
0.9%
|
|||
|
|
|
|
|
29,906
|
|
33,168
|
|
0.9%
|
||||
|
|
|
|
March 31, 2015 (Unaudited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Voya CLO 2012-3, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 16.46%)(11)(22)
|
$
|
46,632
|
|
$
|
37,329
|
|
$
|
40,246
|
|
1.1%
|
|
|
|
|
|
37,329
|
|
40,246
|
|
1.1%
|
||||
|
Voya CLO 2012-4, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 18.90%)(11)(22)
|
40,613
|
|
33,301
|
|
36,097
|
|
1.0%
|
|||
|
|
|
|
|
33,301
|
|
36,097
|
|
1.0%
|
||||
|
Voya CLO 2014-1, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.70%)(11)(22)
|
32,383
|
|
29,652
|
|
29,657
|
|
0.8%
|
|||
|
|
|
|
|
29,652
|
|
29,657
|
|
0.8%
|
||||
|
Washington Mill CLO Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.02%)(11)(22)
|
22,600
|
|
19,682
|
|
21,068
|
|
0.6%
|
|||
|
|
|
|
|
19,682
|
|
21,068
|
|
0.6%
|
||||
|
Water Pik, Inc.
|
Colorado / Personal & Nondurable Consumer Products
|
Second Lien Term Loan (9.75% (LIBOR + 8.75% with 1.00% LIBOR floor), due 1/8/2021)(4)(16)
|
9,147
|
|
8,784
|
|
8,784
|
|
0.2%
|
|||
|
|
|
|
|
8,784
|
|
8,784
|
|
0.2%
|
||||
|
Wheel Pros, LLC
|
Colorado / Business Services
|
Senior Subordinated Secured Note (11.00% (LIBOR + 7.00% with 4.00% LIBOR floor), due 6/29/2020)(3)(4)
|
12,000
|
|
12,000
|
|
12,000
|
|
0.3%
|
|||
|
Delayed Draw Term Loan – $3,000 Commitment (expires 12/30/2015)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
12,000
|
|
12,000
|
|
0.3%
|
||||
|
Wind River Resources Corporation(39)
|
Utah / Oil & Gas Production
|
Senior Secured Note (13.00% (LIBOR + 7.50% with 5.50% LIBOR floor) plus 3.00% default interest on principal and 16.00% default interest on past due interest, in non-accrual status effective 12/1/2008, past due)(4)
|
3,000
|
|
3,000
|
|
—
|
|
—%
|
|||
|
Net Profits Interest (5% of Equity Distributions)(7)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
3,000
|
|
—
|
|
—%
|
||||
|
Total Non-Control/Non-Affiliate Investments (Level 3)
|
|
$
|
4,752,089
|
|
$
|
4,728,137
|
|
128.0%
|
||||
|
|
|
|
|
|
||||||||
|
Total Level 3 Portfolio Investments
|
|
$
|
6,589,963
|
|
$
|
6,602,621
|
|
178.7%
|
||||
|
LEVEL 1 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||
|
Dover Saddlery, Inc.
|
Massachusetts / Retail
|
Common Stock (30,974 shares)
|
|
$
|
63
|
|
$
|
150
|
|
—%
|
|
|
|
|
|
63
|
|
150
|
|
—%
|
||
|
Total Non-Control/Non-Affiliate Investments (Level 1)
|
$
|
63
|
|
$
|
150
|
|
—%
|
|||
|
|
|
|
|
|
||||||
|
Total Non-Control/Non-Affiliate Investments
|
$
|
4,752,152
|
|
$
|
4,728,287
|
|
128.0%
|
|||
|
|
|
|
|
|
||||||
|
Total Portfolio Investments
|
$
|
6,590,026
|
|
$
|
6,602,771
|
|
178.7%
|
|||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Control Investments (greater than 25.00% voting control)(49)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
AMU Holdings Inc.(27)
|
Pennsylvania / Property Management
|
Senior Secured Term Loan A to Airmall Inc. (12.00% (LIBOR + 9.00% with 3.00% LIBOR floor), due 6/30/2015)(3)(4)
|
$
|
27,587
|
|
$
|
27,587
|
|
$
|
27,587
|
|
0.8%
|
|
Senior Secured Term Loan B to Airmall Inc. (12.00% plus 6.00% PIK, due 12/31/2015)
|
19,993
|
|
19,993
|
|
17,697
|
|
0.5%
|
|||||
|
Series A Preferred Stock of AMU Holdings Inc. (9,919.684 shares)
|
|
9,920
|
|
—
|
|
—%
|
||||||
|
Common Stock of AMU Holdings Inc. (100 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
57,500
|
|
45,284
|
|
1.3%
|
||||
|
APH Property
Holdings, LLC(32) |
Florida /
Real Estate |
Senior Term Loan to American Property REIT Corp. (6.00% (LIBOR + 4.00% with 2.00% LIBOR floor) plus 5.50% PIK, due 4/1/2019)(4)
|
167,743
|
|
167,743
|
|
167,743
|
|
4.6%
|
|||
|
Membership Interest in APH Property Holdings, LLC
|
|
35,024
|
|
38,416
|
|
1.1%
|
||||||
|
|
|
|
|
202,767
|
|
206,159
|
|
5.7%
|
||||
|
Arctic Oilfield Equipment USA, Inc.(30)
|
Wyoming / Oil & Gas Production
|
Senior Secured Term Loan to Arctic Energy Services, LLC (12.00% (LIBOR + 9.00% with 3.00% LIBOR floor), due 5/5/2019)(4)
|
31,640
|
|
31,640
|
|
31,640
|
|
0.9%
|
|||
|
Senior Subordinated Term Loan to Arctic Energy Services, LLC (14.00% (LIBOR + 11.00% with 3.00% LIBOR floor), due 5/5/2019)(4)
|
20,230
|
|
20,230
|
|
20,230
|
|
0.6%
|
|||||
|
Common Stock of Arctic Oilfield Equipment USA, Inc. (100 shares)
|
|
9,006
|
|
9,244
|
|
0.2%
|
||||||
|
|
|
|
|
60,876
|
|
61,114
|
|
1.7%
|
||||
|
ARRM Services, Inc.(42)
|
South Carolina / Manufacturing
|
Senior Secured Note to Ajax Rolled Ring & Machine, LLC (10.50% (LIBOR + 7.50% with 3.00% LIBOR floor), due 3/30/2018)(4)
|
19,337
|
|
19,337
|
|
19,337
|
|
0.5%
|
|||
|
Series B Preferred Stock of ARRM Services, Inc. (25,000 shares)
|
|
21,156
|
|
6,199
|
|
0.2%
|
||||||
|
Series A Convertible Preferred Stock of ARRM Services, Inc. (6,142.60 shares)
|
|
6,057
|
|
—
|
|
—%
|
||||||
|
Common Stock of ARRM Services, Inc. (6.00 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
46,550
|
|
25,536
|
|
0.7%
|
||||
|
BXC Company, Inc.
(f/k/a BXC Holding Company)(20) |
Georgia / Textiles, Apparel & Luxury Goods
|
Senior Secured Term Loan A to Boxercraft Incorporated (10.00% plus 1.00% PIK, in non-accrual status effective 1/1/2014, due 9/15/2015)
|
1,629
|
|
1,621
|
|
1,629
|
|
0.1%
|
|||
|
Senior Secured Term Loan B to Boxercraft Incorporated (10.00% plus 1.00% PIK, in non-accrual status effective 1/1/2014, due 9/15/2015)
|
4,942
|
|
4,917
|
|
486
|
|
—%
|
|||||
|
Senior Secured Term Loan C to Boxercraft Incorporated (10.00% plus 1.00% PIK, in non-accrual status effective 1/1/2014, due 9/15/2015)
|
2,395
|
|
2,383
|
|
—
|
|
—%
|
|||||
|
Senior Secured Term Loan D to Boxercraft Incorporated (10.00% plus 1.00% PIK, in non-accrual status effective 4/18/2014, due 9/15/2015)
|
301
|
|
300
|
|
—
|
|
—%
|
|||||
|
Senior Secured Term Loan to Boxercraft Incorporated (10.00% plus 1.00% PIK, in non-accrual status effective 1/1/2014, due 9/15/2015)
|
8,410
|
|
8,227
|
|
—
|
|
—%
|
|||||
|
Series A Preferred Stock of BXC Company, Inc. (12,520,000 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Series B Preferred Stock of BXC Company, Inc. (2,400,000 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Common Stock of BXC Company, Inc.
(138,250 shares) |
|
—
|
|
—
|
|
—%
|
||||||
|
Warrant (to purchase 15% of all classes of equity of BXC Company, Inc., expires 8/31/2022)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
17,448
|
|
2,115
|
|
0.1%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Control Investments (greater than 25.00% voting control)(49)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
CCPI Holdings Inc.(33)
|
Ohio / Manufacturing
|
Senior Secured Term Loan A to CCPI Inc. (10.00%, due 12/31/2017)(3)
|
$
|
17,213
|
|
$
|
17,213
|
|
$
|
17,213
|
|
0.5%
|
|
Senior Secured Term Loan B to CCPI Inc. (12.00% plus 7.00% PIK, due 12/31/2017)
|
8,245
|
|
8,245
|
|
8,245
|
|
0.2%
|
|||||
|
Common Stock of CCPI Holdings Inc. (100 shares)
|
|
8,579
|
|
7,136
|
|
0.2%
|
||||||
|
|
|
|
|
34,037
|
|
32,594
|
|
0.9%
|
||||
|
CP Holdings of
Delaware LLC(38) |
Oklahoma / Oil & Gas Production
|
Senior Secured Term Loan A to CP Well Testing, LLC (7.00% (LIBOR + 5.00% with 2.00% LIBOR floor), due 4/1/2019)(4)
|
11,035
|
|
11,035
|
|
11,035
|
|
0.3%
|
|||
|
Senior Secured Term Loan B to CP Well Testing, LLC (10.00% (LIBOR + 8.00% with 2.00% LIBOR floor) plus 7.50% PIK, due 4/1/2019)(4)
|
72,238
|
|
72,238
|
|
72,238
|
|
2.0%
|
|||||
|
Second Lien Term Loan to CP Well Testing, LLC (9.00% (LIBOR + 7.00% with 2.00% LIBOR floor) plus 9.00% PIK, due 4/1/2019)(4)
|
15,000
|
|
15,000
|
|
15,000
|
|
0.4%
|
|||||
|
Membership Interest in CP Holdings of Delaware LLC
|
|
15,228
|
|
31,846
|
|
0.9%
|
||||||
|
|
|
|
|
113,501
|
|
130,119
|
|
3.6%
|
||||
|
Credit Central Holdings of Delaware, LLC(34)
|
Ohio / Consumer Finance
|
Subordinated Term Loan to Credit Central Loan Company, LLC (10.00% plus 10.00% PIK, due 6/26/2019)(22)
|
36,333
|
|
36,333
|
|
36,333
|
|
1.0%
|
|||
|
Membership Interest in Credit Central Holdings of Delaware, LLC(22)
|
|
13,670
|
|
14,099
|
|
0.4%
|
||||||
|
|
|
|
|
50,003
|
|
50,432
|
|
1.4%
|
||||
|
Echelon Aviation LLC
|
New York / Aerospace & Defense
|
Senior Secured Term Loan to Echelon Aviation LLC (11.75% (LIBOR + 9.75% with 2.00% LIBOR floor) plus 2.25% PIK, due 3/31/2022)(4)
|
78,521
|
|
78,521
|
|
78,521
|
|
2.2%
|
|||
|
Membership Interest in Echelon Aviation LLC
|
|
14,107
|
|
14,107
|
|
0.4%
|
||||||
|
|
|
|
|
92,628
|
|
92,628
|
|
2.6%
|
||||
|
Energy Solutions Holdings Inc.(8)
|
Texas / Energy
|
Senior Secured Note to Vessel Company, LLC (18.00%, due 12/12/2016)
|
3,500
|
|
3,500
|
|
3,500
|
|
0.1%
|
|||
|
Senior Secured Note to Vessel Company II, LLC (13.00%, due 11/25/2018)
|
13,000
|
|
12,504
|
|
12,504
|
|
0.4%
|
|||||
|
Senior Secured Note to Vessel Company III, LLC (13.00%, due 12/3/2018)
|
16,000
|
|
16,000
|
|
16,000
|
|
0.4%
|
|||||
|
Senior Secured Note to Yatesville Coal Company, LLC (in non-accrual status effective 1/1/2009, past due)
|
1,449
|
|
1,449
|
|
—
|
|
—%
|
|||||
|
Common Stock of Energy Solutions Holdings Inc. (100 shares)
|
|
8,293
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
41,746
|
|
32,004
|
|
0.9%
|
||||
|
First Tower Holdings of Delaware LLC(29)
|
Mississippi / Consumer Finance
|
Subordinated Term Loan to First Tower, LLC (10.00% plus 7.00% PIK, due 6/24/2019)(22)
|
251,246
|
|
251,246
|
|
251,246
|
|
6.9%
|
|||
|
Membership Interest in First Tower Holdings of Delaware LLC(22)
|
|
68,405
|
|
75,539
|
|
2.1%
|
||||||
|
|
|
|
|
319,651
|
|
326,785
|
|
9.0%
|
||||
|
Gulf Coast Machine & Supply Company
|
Texas / Manufacturing
|
Senior Secured Term Loan to Gulf Coast Machine & Supply Company (10.50% (LIBOR + 8.50% with 2.00% LIBOR floor) plus 2.00% default interest on principal, due 10/12/2017)(4)
|
17,500
|
|
17,500
|
|
14,459
|
|
0.4%
|
|||
|
Series A Convertible Preferred Stock of Gulf Coast Machine & Supply Company (99,900 shares)
|
|
25,950
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
43,450
|
|
14,459
|
|
0.4%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Control Investments (greater than 25.00% voting control)(49)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Harbortouch Holdings of Delaware Inc.(43)
|
Pennsylvania / Business Services
|
Senior Secured Term Loan A to Harbortouch Payments, LLC (9.00% (LIBOR + 7.00% with 2.00% LIBOR floor), due 9/30/2017)(4)
|
$
|
130,796
|
|
$
|
130,796
|
|
$
|
130,796
|
|
3.6%
|
|
Senior Secured Term Loan B to Harbortouch Payments, LLC (5.50% (LIBOR + 4.00% with 1.50% LIBOR floor) plus 5.50% PIK, due 3/31/2018)(4)
|
137,226
|
|
137,226
|
|
137,226
|
|
3.8%
|
|||||
|
Common Stock of Harbortouch Holdings of Delaware Inc. (100 shares)
|
|
10,672
|
|
23,292
|
|
0.6%
|
||||||
|
|
|
|
|
278,694
|
|
291,314
|
|
8.0%
|
||||
|
The Healing Staff, Inc.(9)
|
North Carolina / Contracting
|
Secured Promissory Notes to The Healing Staff, Inc. and Vets Securing America, Inc. (15.00%, in non-accrual status effective 12/22/2010, past due)
|
1,688
|
|
1,686
|
|
—
|
|
—%
|
|||
|
Senior Demand Note to The Healing Staff, Inc. (15.00%, in non-accrual status effective 11/1/2010, past due)
|
1,170
|
|
1,170
|
|
—
|
|
—%
|
|||||
|
Common Stock of The Healing Staff, Inc. (1,000 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Common Stock of Vets Securing America, Inc. (1 share)
|
|
975
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
3,831
|
|
—
|
|
—%
|
||||
|
Manx Energy, Inc.(6)
|
Kansas / Oil & Gas Production
|
Senior Secured Note to Manx Energy, Inc. (13.00%, in non-accrual status effective 1/19/2010, past due)
|
50
|
|
50
|
|
—
|
|
—%
|
|||
|
Series A-1 Preferred Stock of Manx Energy, Inc. (6,635 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Common Stock of Manx Energy, Inc. (17,082 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
50
|
|
—
|
|
—%
|
||||
|
MITY Holdings of Delaware Inc.(17)
|
Utah / Durable Consumer Products
|
Revolving Line of Credit to MITY, Inc. – $7,500 Commitment (9.50% (LIBOR + 7.00% with 2.50% LIBOR floor), due 12/23/2014)(4)(25)(26)
|
—
|
|
—
|
|
—
|
|
—%
|
|||
|
Senior Secured Note A to MITY, Inc. (10.00% (LIBOR + 7.00% with 3.00% LIBOR floor), due 3/19/2019)(3)(4)
|
18,250
|
|
18,250
|
|
18,250
|
|
0.5%
|
|||||
|
Senior Secured Note B to MITY, Inc. (10.00% (LIBOR + 7.00% with 3.00% LIBOR floor) plus 10.00% PIK, due 3/19/2019)(4)
|
15,769
|
|
15,769
|
|
15,769
|
|
0.4%
|
|||||
|
Common Stock of MITY Holdings of Delaware Inc. (100 shares)
|
|
14,143
|
|
15,270
|
|
0.4%
|
||||||
|
|
|
|
|
48,162
|
|
49,289
|
|
1.3%
|
||||
|
Nationwide Acceptance Holdings LLC(36)
|
Illinois / Consumer Finance
|
Subordinated Term Loan to Nationwide Acceptance LLC (10.00% plus 10.00% PIK, due 6/18/2019)(22)
|
14,820
|
|
14,820
|
|
14,820
|
|
0.4%
|
|||
|
Membership Interest in Nationwide Acceptance Holdings LLC(22)
|
|
14,331
|
|
15,103
|
|
0.4%
|
||||||
|
|
|
|
|
29,151
|
|
29,923
|
|
0.8%
|
||||
|
NMMB Holdings, Inc.(24)
|
New York / Media
|
Senior Secured Note to NMMB, Inc. (14.00%, due 5/6/2016)
|
3,714
|
|
3,714
|
|
2,183
|
|
0.1%
|
|||
|
Senior Secured Note to Armed Forces Communications, Inc. (14.00%, due 5/6/2016)
|
7,000
|
|
7,000
|
|
4,114
|
|
0.1%
|
|||||
|
Series B Convertible Preferred Stock of NMMB Holdings, Inc. (8,086 shares)
|
|
8,086
|
|
—
|
|
—%
|
||||||
|
Series A Preferred Stock of NMMB Holdings, Inc. (4,400 shares)
|
|
4,400
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
23,200
|
|
6,297
|
|
0.2%
|
||||
|
NPH Property
Holdings, LLC(40) |
Texas / Real Estate
|
Senior Term Loan to National Property REIT Corp. (6.00% (LIBOR + 4.00% with 2.00% LIBOR floor) plus 5.50% PIK, due 4/1/2019)(4)
|
105,309
|
|
105,309
|
|
105,309
|
|
2.9%
|
|||
|
Membership Interest in NPH Property Holdings, LLC
|
|
21,290
|
|
19,202
|
|
0.5%
|
||||||
|
|
|
|
|
126,599
|
|
124,511
|
|
3.4%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Control Investments (greater than 25.00% voting control)(49)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
R-V Industries, Inc.
|
Pennsylvania / Manufacturing
|
Senior Subordinated Note to R-V Industries, Inc. (10.00% (LIBOR + 9.00% with 1.00% LIBOR floor), due 6/12/2018)(3)(4)
|
$
|
30,411
|
|
$
|
30,411
|
|
$
|
30,411
|
|
0.8%
|
|
Common Stock of R-V Industries, Inc. (545,107 shares)
|
|
5,087
|
|
19,989
|
|
0.6%
|
||||||
|
Warrant (to purchase 200,000 shares of Common Stock of R-V Industries, expires 6/30/2017)
|
|
1,682
|
|
7,334
|
|
0.2%
|
||||||
|
|
|
|
|
37,180
|
|
57,734
|
|
1.6%
|
||||
|
STI Holding, Inc.(21)
|
California / Manufacturing
|
Revolving Line of Credit to Borga, Inc. – $1,150 Commitment (5.00% (PRIME + 1.75%), in non-accrual status effective 3/2/2010, past due)(4)(25)
|
1,150
|
|
1,095
|
|
436
|
|
—%
|
|||
|
Senior Secured Term Loan B to Borga, Inc. (8.50% (PRIME + 5.25%), in non-accrual status effective 3/2/2010, past due)(4)
|
1,612
|
|
1,501
|
|
—
|
|
—%
|
|||||
|
Senior Secured Term Loan C to Borga, Inc. (12.00% plus 4.00% PIK, in non-accrual status effective 3/2/2010, past due)
|
10,016
|
|
581
|
|
—
|
|
—%
|
|||||
|
Common Stock of STI Holding, Inc. (100 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Warrant (to purchase 33,750 shares of Common Stock of Borga, Inc., expires 5/6/2015)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
3,177
|
|
436
|
|
—%
|
||||
|
UPH Property
Holdings, LLC(41) |
Georgia /
Real Estate |
Senior Term Loan to United Property REIT Corp. (6.00% (LIBOR + 4.00% with 2.00% LIBOR floor) plus 5.50% PIK, due 4/1/2019)(4)
|
19,027
|
|
19,027
|
|
19,027
|
|
0.5%
|
|||
|
Membership Interest in UPH Property Holdings, LLC
|
|
5,113
|
|
5,539
|
|
0.2%
|
||||||
|
|
|
|
|
24,140
|
|
24,566
|
|
0.7%
|
||||
|
Valley Electric
Holdings I, Inc.(35) |
Washington / Construction & Engineering
|
Senior Secured Note to Valley Electric Co. of Mt. Vernon, Inc. (8.00% (LIBOR + 5.00% with 3.00% LIBOR floor) plus 2.50% PIK, due 12/31/2017)(3)(4)
|
10,081
|
|
10,081
|
|
10,081
|
|
0.3%
|
|||
|
Senior Secured Note to Valley Electric Company, Inc. (10.00% plus 8.5% PIK, due 12/31/2018)
|
20,500
|
|
20,500
|
|
20,500
|
|
0.6%
|
|||||
|
Common Stock of Valley Electric Holdings I, Inc. (100 shares)
|
|
26,279
|
|
2,975
|
|
—%
|
||||||
|
|
|
|
|
56,860
|
|
33,556
|
|
0.9%
|
||||
|
Wolf Energy
Holdings Inc.(12) |
Kansas / Oil & Gas Production
|
Senior Secured Promissory Note to Wolf Energy, LLC secured by assets formerly owned by H&M (18.00%, in non-accrual status effective 4/15/2013, due 4/15/2018)(37)
|
22,000
|
|
—
|
|
3,386
|
|
0.1%
|
|||
|
Senior Secured Note to Appalachian Energy LLC (8.00%, in non-accrual status effective 1/19/2010, past due)(6)
|
2,865
|
|
2,000
|
|
—
|
|
—%
|
|||||
|
Senior Secured Note to Appalachian Energy LLC (8.00%, in non-accrual status, past due)(6)
|
56
|
|
50
|
|
—
|
|
—%
|
|||||
|
Senior Secured Note to Coalbed, LLC (8.00%, in non-accrual status effective 1/19/2010, past due)(6)
|
8,595
|
|
5,991
|
|
—
|
|
—%
|
|||||
|
Common Stock of Wolf Energy Holdings Inc.
(100 shares) |
|
—
|
|
—
|
|
—%
|
||||||
|
Net Profits Interest in Wolf Energy, LLC (8% of Equity Distributions)(7)
|
|
—
|
|
213
|
|
—%
|
||||||
|
|
|
|
|
8,041
|
|
3,599
|
|
0.1%
|
||||
|
Total Control Investments
|
|
$
|
1,719,242
|
|
$
|
1,640,454
|
|
45.3%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Affiliate Investments (5.00% to 24.99% voting control)(50)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
BNN Holdings Corp.
|
Michigan / Healthcare
|
Senior Secured Note (10.00% (LIBOR + 8.00% with 2.00% LIBOR floor), due 12/17/2017)(3)(4)
|
$
|
28,950
|
|
$
|
28,950
|
|
$
|
28,950
|
|
0.8%
|
|
Series A Preferred Stock (9,925.455 shares)(13)
|
|
2,300
|
|
2,614
|
|
0.1%
|
||||||
|
Series B Preferred Stock (1,753.636 shares)(13)
|
|
579
|
|
557
|
|
—%
|
||||||
|
|
|
|
|
31,829
|
|
32,121
|
|
0.9%
|
||||
|
Total Affiliate Investments
|
|
$
|
31,829
|
|
$
|
32,121
|
|
0.9%
|
||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Aderant North America, Inc.
|
Georgia /
Software & Computer Services |
Second Lien Term Loan (10.00% (LIBOR + 8.75% with 1.25% LIBOR floor), due 6/20/2019)(4)(16)
|
$
|
7,000
|
|
$
|
6,914
|
|
$
|
7,000
|
|
0.2%
|
|
|
|
|
|
6,914
|
|
7,000
|
|
0.2%
|
||||
|
Aircraft Fasteners International, LLC
|
California / Machinery
|
Class A Units (32,500 units)
|
|
396
|
|
505
|
|
—%
|
||||
|
|
|
|
|
396
|
|
505
|
|
—%
|
||||
|
ALG USA Holdings, LLC
|
Pennsylvania / Hotels, Restaurants & Leisure
|
Second Lien Term Loan (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 2/28/2020)(4)(16)
|
12,000
|
|
11,792
|
|
12,000
|
|
0.3%
|
|||
|
|
|
|
|
11,792
|
|
12,000
|
|
0.3%
|
||||
|
Allied Defense Group, Inc.
|
Virginia / Aerospace & Defense
|
Common Stock (10,000 shares)
|
|
5
|
|
—
|
|
—%
|
||||
|
|
|
|
|
5
|
|
—
|
|
—%
|
||||
|
American Broadband Holding Company and Cameron Holdings of NC, Inc.
|
North Carolina / Telecommunication Services
|
Senior Secured Term Loan B (11.00% (LIBOR + 9.75% with 1.25% LIBOR floor), due 9/30/2018)(3)(4)
|
74,654
|
|
74,654
|
|
74,654
|
|
2.1%
|
|||
|
|
|
|
|
74,654
|
|
74,654
|
|
2.1%
|
||||
|
American Gilsonite Company
|
Utah /
Metal Services & Minerals |
Second Lien Term Loan (11.50%, due 9/1/2017)(16)
|
38,500
|
|
38,500
|
|
38,500
|
|
1.1%
|
|||
|
Membership Interest (99.9999%)(15)
|
|
—
|
|
3,477
|
|
0.1%
|
||||||
|
|
|
|
|
38,500
|
|
41,977
|
|
1.2%
|
||||
|
Apidos CLO IX
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 18.84%)(11)(22)
|
20,525
|
|
18,444
|
|
19,903
|
|
0.5%
|
|||
|
|
|
|
|
18,444
|
|
19,903
|
|
0.5%
|
||||
|
Apidos CLO XI
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.02%)(11)(22)
|
38,340
|
|
33,937
|
|
37,087
|
|
1.0%
|
|||
|
|
|
|
|
33,937
|
|
37,087
|
|
1.0%
|
||||
|
Apidos CLO XII
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.82%)(11)(22)
|
44,063
|
|
42,042
|
|
42,499
|
|
1.2%
|
|||
|
|
|
|
|
42,042
|
|
42,499
|
|
1.2%
|
||||
|
Apidos CLO XV
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.21%)(11)(22)
|
36,515
|
|
37,038
|
|
36,715
|
|
1.0%
|
|||
|
|
|
|
|
37,038
|
|
36,715
|
|
1.0%
|
||||
|
Arctic Glacier U.S.A., Inc.
|
Minnesota /
Food Products |
Second Lien Term Loan (10.50% (LIBOR + 9.25% with 1.25% LIBOR floor), due 11/10/2019)(3)(4)
|
150,000
|
|
150,000
|
|
150,000
|
|
4.1%
|
|||
|
|
|
|
|
150,000
|
|
150,000
|
|
4.1%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Ark-La-Tex Wireline Services, LLC
|
Louisiana / Oil and Gas Production
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 4/8/2019)(4)
|
$
|
26,831
|
|
$
|
26,831
|
|
$
|
26,831
|
|
0.7%
|
|
Senior Secured Term Loan B (10.50% (LIBOR + 9.50% with 1.00% LIBOR floor), due 4/8/2019)(4)
|
26,831
|
|
26,831
|
|
26,831
|
|
0.7%
|
|||||
|
Delayed Draw Term Loan – $5,000 Commitment (expires 10/8/2015)(4)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
53,662
|
|
53,662
|
|
1.4%
|
||||
|
Armor Holding II LLC
|
New York / Diversified Financial Services
|
Second Lien Term Loan (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 12/26/2020)(3)(4)(16)
|
7,000
|
|
6,874
|
|
6,874
|
|
0.2%
|
|||
|
|
|
|
|
6,874
|
|
6,874
|
|
0.2%
|
||||
|
Atlantis Health Care Group (Puerto Rico), Inc.
|
Puerto Rico / Healthcare
|
Revolving Line of Credit – $3,000 Commitment (13.00% (LIBOR + 11.00% with 2.00% LIBOR floor), due 8/21/2014)(4)(25)(26)
|
2,350
|
|
2,350
|
|
2,350
|
|
0.1%
|
|||
|
Senior Term Loan (10.00% (LIBOR + 8.00% with 2.00% LIBOR floor), due 2/21/2018)(3)(4)
|
38,957
|
|
38,957
|
|
34,102
|
|
0.9%
|
|||||
|
|
|
|
|
41,307
|
|
36,452
|
|
1.0%
|
||||
|
Babson CLO Ltd. 2011-I
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 12.44%)(11)(22)
|
35,000
|
|
33,591
|
|
33,801
|
|
0.9%
|
|||
|
|
|
|
|
33,591
|
|
33,801
|
|
0.9%
|
||||
|
Babson CLO Ltd. 2012-I
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 13.35%)(11)(22)
|
29,075
|
|
23,471
|
|
26,401
|
|
0.7%
|
|||
|
|
|
|
|
23,471
|
|
26,401
|
|
0.7%
|
||||
|
Babson CLO Ltd. 2012-II
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 11.33%)(11)(22)
|
27,850
|
|
26,764
|
|
27,230
|
|
0.8%
|
|||
|
|
|
|
|
26,764
|
|
27,230
|
|
0.8%
|
||||
|
Blue Coat Systems, Inc.
|
Massachusetts / Software & Computer Services
|
Second Lien Term Loan (9.50% (LIBOR + 8.50% with 1.00% LIBOR floor), due 6/28/2020)(3)(4)(16)
|
11,000
|
|
10,902
|
|
11,000
|
|
0.3%
|
|||
|
|
|
|
|
10,902
|
|
11,000
|
|
0.3%
|
||||
|
Broder Bros., Co.
|
Pennsylvania / Textiles, Apparel & Luxury Goods
|
Senior Secured Notes (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 4/8/2019)(3)(4)(46)
|
257,575
|
|
257,575
|
|
257,575
|
|
7.1%
|
|||
|
|
|
|
|
257,575
|
|
257,575
|
|
7.1%
|
||||
|
Brookside Mill CLO Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 19.62%)(11)(22)
|
26,000
|
|
22,613
|
|
25,081
|
|
0.7%
|
|||
|
|
|
|
|
22,613
|
|
25,081
|
|
0.7%
|
||||
|
Byrider Systems Acquisition Corp.
|
Indiana / Auto Finance
|
Senior Subordinated Notes (12.00% plus 2.00% PIK, due 11/3/2016)(3)(22)
|
11,139
|
|
11,139
|
|
11,139
|
|
0.3%
|
|||
|
|
|
|
|
11,139
|
|
11,139
|
|
0.3%
|
||||
|
Caleel + Hayden, LLC
|
Colorado / Personal & Nondurable Consumer Products
|
Membership Interest(31)
|
|
—
|
|
182
|
|
—%
|
||||
|
Escrow Receivable
|
|
—
|
|
118
|
|
—%
|
||||||
|
|
|
|
|
—
|
|
300
|
|
—%
|
||||
|
Capstone Logistics, LLC
|
Georgia / Commercial Services
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.00% with 1.50% LIBOR floor), due 9/16/2016)(4)
|
92,085
|
|
92,085
|
|
92,085
|
|
2.6%
|
|||
|
Senior Secured Term Loan B (11.50% (LIBOR + 10.00% with 1.50% LIBOR floor), due 9/16/2016)(3)(4)
|
98,465
|
|
98,465
|
|
98,465
|
|
2.7%
|
|||||
|
|
|
|
|
190,550
|
|
190,550
|
|
5.3%
|
||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Cent CLO 17 Limited
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 10.10%)(11)(22)
|
$
|
24,870
|
|
$
|
21,999
|
|
$
|
23,896
|
|
0.7%
|
|
|
|
|
|
21,999
|
|
23,896
|
|
0.7%
|
||||
|
Cent CLO 20 Limited
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 10.83%)(11)(22)
|
40,275
|
|
40,483
|
|
40,259
|
|
1.1%
|
|||
|
|
|
|
|
40,483
|
|
40,259
|
|
1.1%
|
||||
|
Cent CLO 21 Limited
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.47%)(11)(22)
|
48,528
|
|
46,597
|
|
46,154
|
|
1.3%
|
|||
|
|
|
|
|
46,597
|
|
46,154
|
|
1.3%
|
||||
|
CIFC Funding 2011-I, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Class D Senior Secured Notes (5.23% (LIBOR + 5.00%, due 1/19/2023)(4)(22)
|
19,000
|
|
15,304
|
|
18,037
|
|
0.5%
|
|||
|
Class E Subordinated Notes (7.23% (LIBOR + 7.00%, due 1/19/2023)(4)(22)
|
15,400
|
|
12,814
|
|
15,162
|
|
0.4%
|
|||||
|
|
|
|
|
28,118
|
|
33,199
|
|
0.9%
|
||||
|
CIFC Funding 2013-III, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.01%)(11)(22)
|
44,100
|
|
39,534
|
|
43,217
|
|
1.2%
|
|||
|
|
|
|
|
39,534
|
|
43,217
|
|
1.2%
|
||||
|
CIFC Funding 2013-IV, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 12.52%)(11)(22)
|
45,500
|
|
40,255
|
|
40,934
|
|
1.1%
|
|||
|
|
|
|
|
40,255
|
|
40,934
|
|
1.1%
|
||||
|
Cinedigm DC Holdings, LLC
|
New York / Software & Computer Services
|
Senior Secured Term Loan (11.00% (LIBOR + 9.00% with 2.00% LIBOR floor) plus 2.50% PIK, due 3/31/2021)(4)
|
68,714
|
|
68,664
|
|
68,714
|
|
1.9%
|
|||
|
|
|
|
|
68,664
|
|
68,714
|
|
1.9%
|
||||
|
The Copernicus Group, Inc.
|
North Carolina / Healthcare
|
Escrow Receivable
|
|
—
|
|
115
|
|
—%
|
||||
|
|
|
|
|
—
|
|
115
|
|
—%
|
||||
|
Correctional Healthcare Holding Company, Inc.
|
Colorado / Healthcare
|
Second Lien Term Loan (11.25%, due 1/11/2020)(3)
|
27,100
|
|
27,100
|
|
27,642
|
|
0.8%
|
|||
|
|
|
|
|
27,100
|
|
27,642
|
|
0.8%
|
||||
|
Coverall North America, Inc.
|
Florida / Commercial Services
|
Senior Secured Term Loan (11.50% (LIBOR + 8.50% with 3.00% LIBOR floor), due 12/17/2017)(3)(4)
|
51,210
|
|
51,210
|
|
51,210
|
|
1.4%
|
|||
|
|
|
|
|
51,210
|
|
51,210
|
|
1.4%
|
||||
|
Crosman Corporation
|
New York / Manufacturing
|
Second Lien Term Loan (12.00% (LIBOR + 10.50% with 1.50% LIBOR floor), due 12/30/2019)(3)(4)
|
40,000
|
|
40,000
|
|
39,708
|
|
1.1%
|
|||
|
|
|
|
|
40,000
|
|
39,708
|
|
1.1%
|
||||
|
CRT MIDCO, LLC
|
Wisconsin / Media
|
Senior Secured Term Loan (10.50% (LIBOR + 7.50% with 3.00% LIBOR floor), due 6/30/2017)(3)(4)
|
47,504
|
|
47,504
|
|
47,504
|
|
1.3%
|
|||
|
|
|
|
|
47,504
|
|
47,504
|
|
1.3%
|
||||
|
Deltek, Inc.
|
Virginia /
Software & Computer Services |
Second Lien Term Loan (10.00% (LIBOR + 8.75% with 1.25% LIBOR floor), due 10/10/2019)(3)(4)(16)
|
12,000
|
|
11,852
|
|
12,000
|
|
0.3%
|
|||
|
|
|
|
|
11,852
|
|
12,000
|
|
0.3%
|
||||
|
Diamondback Operating, LP
|
Oklahoma / Oil & Gas Production
|
Net Profits Interest (15% of Equity Distributions)(7)
|
|
—
|
|
—
|
|
—%
|
||||
|
|
|
|
|
—
|
|
—
|
|
—%
|
||||
|
Edmentum, Inc.
|
Minnesota / Consumer Services
|
Second Lien Term Loan (11.25% (LIBOR + 9.75% with 1.50% LIBOR floor), due 5/17/2019)(3)(4)(16)
|
50,000
|
|
48,439
|
|
50,000
|
|
1.4%
|
|||
|
|
|
|
|
48,439
|
|
50,000
|
|
1.4%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Empire Today, LLC
|
Illinois / Durable Consumer Products
|
Senior Secured Note (11.375%, due 2/1/2017)(16)
|
$
|
15,700
|
|
$
|
15,419
|
|
$
|
15,700
|
|
0.4%
|
|
|
|
|
|
15,419
|
|
15,700
|
|
0.4%
|
||||
|
Fischbein, LLC
|
North Carolina / Machinery
|
Escrow Receivable
|
|
—
|
|
116
|
|
—%
|
||||
|
|
|
|
|
—
|
|
116
|
|
—%
|
||||
|
Fleetwash, Inc.
|
New Jersey / Business Services
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 4/30/2019)(4)
|
25,000
|
|
25,000
|
|
25,000
|
|
0.7%
|
|||
|
Senior Secured Term Loan B (10.50% (LIBOR + 9.50% with 1.00% LIBOR floor), due 4/30/2019)(4)
|
25,000
|
|
25,000
|
|
25,000
|
|
0.7%
|
|||||
|
Delayed Draw Term Loan – $15,000 Commitment (expires 4/30/2019)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
50,000
|
|
50,000
|
|
1.4%
|
||||
|
Focus Brands, Inc.
|
Georgia / Consumer Services
|
Second Lien Term Loan (10.25% (LIBOR + 9.00% with 1.25% LIBOR floor), due 8/21/2018)(4)(16)
|
18,000
|
|
17,776
|
|
18,000
|
|
0.5%
|
|||
|
|
|
|
|
17,776
|
|
18,000
|
|
0.5%
|
||||
|
Focus Products Group International, LLC
|
Illinois /
Durable Consumer Products |
Senior Secured Term Loan (12.00% (LIBOR + 11.00% with 1.00% LIBOR floor), due 1/20/2017)(3)(4)
|
20,297
|
|
20,297
|
|
19,886
|
|
0.5%
|
|||
|
Common Stock (5,638 shares)
|
|
27
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
20,324
|
|
19,886
|
|
0.5%
|
||||
|
Galaxy XII CLO, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 13.31%)(11)(22)
|
22,000
|
|
19,498
|
|
20,449
|
|
0.6%
|
|||
|
|
|
|
|
19,498
|
|
20,449
|
|
0.6%
|
||||
|
Galaxy XV CLO, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.27%)(11)(22)
|
35,025
|
|
29,777
|
|
31,824
|
|
0.9%
|
|||
|
|
|
|
|
29,777
|
|
31,824
|
|
0.9%
|
||||
|
Galaxy XVI CLO, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 12.19%)(11)(22)
|
22,575
|
|
20,790
|
|
20,573
|
|
0.6%
|
|||
|
|
|
|
|
20,790
|
|
20,573
|
|
0.6%
|
||||
|
Galaxy XVII CLO, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.79%)(11)(22)
|
39,905
|
|
36,811
|
|
36,589
|
|
1.0%
|
|||
|
|
|
|
|
36,811
|
|
36,589
|
|
1.0%
|
||||
|
Global Employment Solutions, Inc.
|
Colorado / Business Services
|
Senior Secured Term Loan (10.00% (LIBOR + 9.00% with 1.00% LIBOR floor), due 3/25/2019)(3)(4)
|
28,464
|
|
28,464
|
|
28,464
|
|
0.8%
|
|||
|
|
|
|
|
28,464
|
|
28,464
|
|
0.8%
|
||||
|
Grocery Outlet, Inc.
|
California / Retail
|
Second Lien Term Loan (10.50% (LIBOR + 9.25% with 1.25% LIBOR floor), due 6/17/2019)(4)(16)
|
14,457
|
|
14,168
|
|
14,457
|
|
0.4%
|
|||
|
|
|
|
|
14,168
|
|
14,457
|
|
0.4%
|
||||
|
GTP Operations, LLC(10)
|
Texas / Software & Computer Services
|
Senior Secured Term Loan (10.00% (LIBOR + 5.00% with 5.00% LIBOR floor), due 12/11/2018)(3)(4)
|
112,546
|
|
112,546
|
|
112,546
|
|
3.1%
|
|||
|
|
|
|
|
112,546
|
|
112,546
|
|
3.1%
|
||||
|
Halcyon Loan Advisors Funding 2012-1 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 21.35%)(11)(22)
|
23,188
|
|
20,600
|
|
22,570
|
|
0.6%
|
|||
|
|
|
|
|
20,600
|
|
22,570
|
|
0.6%
|
||||
|
Halcyon Loan Advisors Funding 2013-1 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 18.49%)(11)(22)
|
40,400
|
|
38,460
|
|
41,509
|
|
1.1%
|
|||
|
|
|
|
|
38,460
|
|
41,509
|
|
1.1%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Halcyon Loan Advisors Funding 2014-1 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.28%)(11)(22)
|
$
|
24,500
|
|
$
|
23,471
|
|
$
|
23,110
|
|
0.6%
|
|
|
|
|
|
23,471
|
|
23,110
|
|
0.6%
|
||||
|
Halcyon Loan Advisors Funding 2014-2 Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 16.06%)(11)(22)
|
41,164
|
|
38,630
|
|
38,066
|
|
1.1%
|
|||
|
|
|
|
|
38,630
|
|
38,066
|
|
1.1%
|
||||
|
Harley Marine Services, Inc.
|
Washington / Transportation
|
Second Lien Term Loan (10.50% (LIBOR + 9.25% with 1.25% LIBOR floor), due 12/20/2019)(3)(4)(16)
|
9,000
|
|
8,832
|
|
8,832
|
|
0.2%
|
|||
|
|
|
|
|
8,832
|
|
8,832
|
|
0.2%
|
||||
|
ICON Health & Fitness, Inc.
|
Utah / Durable Consumer Products
|
Senior Secured Note (11.875%, due 10/15/2016)(16)
|
21,850
|
|
22,005
|
|
20,889
|
|
0.6%
|
|||
|
|
|
|
|
22,005
|
|
20,889
|
|
0.6%
|
||||
|
ICV-CSI Holdings, LLC
|
New York / Transportation
|
Common Equity (1.6 units)
|
|
1,639
|
|
2,079
|
|
0.1%
|
||||
|
|
|
|
|
1,639
|
|
2,079
|
|
0.1%
|
||||
|
IDQ Holdings, Inc.
|
Texas / Automobile
|
Senior Secured Note (11.50%, due 4/1/2017)(16)
|
12,500
|
|
12,344
|
|
12,500
|
|
0.3%
|
|||
|
|
|
|
|
12,344
|
|
12,500
|
|
0.3%
|
||||
|
Ikaria, Inc.
|
New Jersey / Healthcare
|
Second Lien Term Loan (8.75% (LIBOR + 7.75% with 1.00% LIBOR floor), due 2/12/2022)(4)(16)
|
25,000
|
|
24,430
|
|
25,000
|
|
0.7%
|
|||
|
|
|
|
|
24,430
|
|
25,000
|
|
0.7%
|
||||
|
Injured Workers Pharmacy, LLC
|
Massachusetts / Healthcare
|
Second Lien Term Loan (11.50% (LIBOR + 7.00% with 4.50% LIBOR floor) plus 1.00% PIK, due 5/31/2019)(3)(4)
|
22,678
|
|
22,678
|
|
22,904
|
|
0.6%
|
|||
|
|
|
|
|
22,678
|
|
22,904
|
|
0.6%
|
||||
|
Instant Web, LLC
|
Minnesota / Media
|
Senior Secured Term Loan A (5.50% (LIBOR + 4.50% with 1.00% LIBOR floor), due 3/28/2019)(4)
|
126,453
|
|
126,453
|
|
126,453
|
|
3.5%
|
|||
|
Senior Secured Term Loan B (12.00% (LIBOR + 11.00% with 1.00% LIBOR floor), due 3/28/2019)(3)(4)
|
128,000
|
|
128,000
|
|
128,000
|
|
3.6%
|
|||||
|
Senior Secured Term Loan C (12.75% (LIBOR + 11.75% with 1.00% LIBOR floor), due 3/28/2019)(4)
|
12,500
|
|
12,500
|
|
12,500
|
|
0.3%
|
|||||
|
|
|
|
|
266,953
|
|
266,953
|
|
7.4%
|
||||
|
InterDent, Inc.
|
California / Healthcare
|
Senior Secured Term Loan A (7.25% (LIBOR + 5.75% with 1.50% LIBOR floor), due 8/3/2017)(4)
|
63,225
|
|
63,225
|
|
63,225
|
|
1.7%
|
|||
|
Senior Secured Term Loan B (12.25% (LIBOR + 9.25% with 3.00% LIBOR floor), due 8/3/2017)(3)(4)
|
67,625
|
|
67,625
|
|
67,625
|
|
1.9%
|
|||||
|
|
|
|
|
130,850
|
|
130,850
|
|
3.6%
|
||||
|
JHH Holdings, Inc.
|
Texas / Healthcare
|
Second Lien Term Loan (11.25% (LIBOR + 10.00% with 1.25% LIBOR floor) plus 0.50% PIK, due 3/30/2019)(3)(4)
|
35,119
|
|
35,119
|
|
35,119
|
|
1.0%
|
|||
|
|
|
|
|
35,119
|
|
35,119
|
|
1.0%
|
||||
|
LaserShip, Inc.
|
Virginia / Transportation
|
Revolving Line of Credit – $5,000 Commitment (10.25% (LIBOR + 8.25% with 2.00% LIBOR floor), due 12/21/2014)(4)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||
|
Senior Secured Term Loan A (10.25% (LIBOR + 8.25% with 2.00% LIBOR floor), due 3/18/2019)(3)(4)
|
36,094
|
|
36,094
|
|
36,094
|
|
1.0%
|
|||||
|
Senior Secured Term Loan B (10.25% (LIBOR + 8.25% with 2.00% LIBOR floor), due 3/18/2019)(3)(4)
|
22,111
|
|
22,111
|
|
22,111
|
|
0.6%
|
|||||
|
Delayed Draw Term Loan – $6,000 Commitment (expires 12/31/2016)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
58,205
|
|
58,205
|
|
1.6%
|
||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
LCM XIV Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 16.02%)(11)(22)
|
$
|
26,500
|
|
$
|
24,914
|
|
$
|
25,124
|
|
0.7%
|
|
|
|
|
|
24,914
|
|
25,124
|
|
0.7%
|
||||
|
LHC Holdings Corp.
|
Florida / Healthcare
|
Revolving Line of Credit – $750 Commitment (8.50% (LIBOR + 6.00% with 2.50% LIBOR floor), due 5/31/2015)(4)(25)(26)
|
—
|
|
—
|
|
—
|
|
—%
|
|||
|
Senior Subordinated Debt (10.50%, due 5/31/2015)(3)
|
1,865
|
|
1,865
|
|
1,865
|
|
0.1%
|
|||||
|
Membership Interest (125 units)
|
|
216
|
|
253
|
|
—%
|
||||||
|
|
|
|
|
2,081
|
|
2,118
|
|
0.1%
|
||||
|
Madison Park Funding IX, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 12.97%)(11)(22)
|
31,110
|
|
24,546
|
|
27,266
|
|
0.8%
|
|||
|
|
|
|
|
24,546
|
|
27,266
|
|
0.8%
|
||||
|
Matrixx Initiatives, Inc.
|
New Jersey / Pharmaceuticals
|
Senior Secured Term Loan A (7.50% (LIBOR + 6.00% with 1.50% LIBOR floor), due 8/9/2018)(3)(4)
|
38,319
|
|
38,319
|
|
36,839
|
|
1.0%
|
|||
|
Senior Secured Term Loan B (12.50% (LIBOR + 11.00% with 1.50% LIBOR floor), due 8/9/2018)(3)(4)
|
39,750
|
|
39,750
|
|
36,851
|
|
1.0%
|
|||||
|
|
|
|
|
78,069
|
|
73,690
|
|
2.0%
|
||||
|
Maverick Healthcare Equity, LLC
|
Arizona / Healthcare
|
Preferred Units (1,250,000 units)
|
|
1,252
|
|
821
|
|
—%
|
||||
|
Class A Common Units (1,250,000 units)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
1,252
|
|
821
|
|
—%
|
||||
|
Mountain View CLO 2013-I Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 15.64%)(11)(22)
|
43,650
|
|
40,754
|
|
43,555
|
|
1.2%
|
|||
|
|
|
|
|
40,754
|
|
43,555
|
|
1.2%
|
||||
|
NCP Finance Limited Partnership(23)
|
Ohio /
Consumer Finance |
Subordinated Secured Term Loan (11.00% (LIBOR + 9.75% with 1.25% LIBOR floor), due 9/30/2018)(3)(4)(16)(22)
|
11,910
|
|
11,692
|
|
12,208
|
|
0.3%
|
|||
|
|
|
|
|
11,692
|
|
12,208
|
|
0.3%
|
||||
|
New Century Transportation, Inc.
|
New Jersey / Transportation
|
Senior Subordinated Term Loan (12.00% (LIBOR + 10.00% with 2.00% LIBOR floor) plus 4.00% PIK, in non-accrual status effective 4/1/2014, due 2/3/2018)(4)
|
44,000
|
|
44,000
|
|
—
|
|
—%
|
|||
|
|
|
|
|
44,000
|
|
—
|
|
—%
|
||||
|
Nixon, Inc.
|
California / Durable Consumer Products
|
Senior Secured Term Loan (8.75% plus 2.75% PIK, due 4/16/2018)(16)
|
13,532
|
|
13,316
|
|
13,316
|
|
0.4%
|
|||
|
|
|
|
|
13,316
|
|
13,316
|
|
0.4%
|
||||
|
NRG Manufacturing, Inc.
|
Texas / Manufacturing
|
Escrow Receivable
|
|
—
|
|
1,110
|
|
—%
|
||||
|
|
|
|
|
—
|
|
1,110
|
|
—%
|
||||
|
Octagon Investment Partners XV, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 20.60%)(11)(22)
|
26,901
|
|
24,338
|
|
26,732
|
|
0.7%
|
|||
|
|
|
|
|
24,338
|
|
26,732
|
|
0.7%
|
||||
|
Onyx Payments(44)
|
Texas / Diversified Financial Services
|
Senior Secured Term Loan A (6.75% (LIBOR + 5.50% with 1.25% LIBOR floor), due 4/18/2018)(4)
|
15,125
|
|
15,125
|
|
15,125
|
|
0.4%
|
|||
|
Senior Secured Term Loan B (13.75% (LIBOR + 12.50% with 1.25% LIBOR floor), due 4/18/2018)(4)
|
15,938
|
|
15,938
|
|
15,938
|
|
0.4%
|
|||||
|
|
|
|
|
31,063
|
|
31,063
|
|
0.8%
|
||||
|
Pelican Products, Inc.
|
California / Durable Consumer Products
|
Second Lien Term Loan (9.25% (LIBOR + 8.25% with 1.00% LIBOR floor), due 4/9/2021)(4)(16)
|
17,500
|
|
17,482
|
|
17,500
|
|
0.5%
|
|||
|
|
|
|
|
17,482
|
|
17,500
|
|
0.5%
|
||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
PGX Holdings, Inc.(28)
|
Utah / Consumer Services
|
Senior Secured Term Loan (10.50% (LIBOR + 8.50% with 2.00% LIBOR floor), due 9/14/2017)(3)(4)
|
$
|
436,647
|
|
$
|
436,647
|
|
$
|
436,647
|
|
12.1%
|
|
|
|
|
|
436,647
|
|
436,647
|
|
12.1%
|
||||
|
Photonis Technologies SAS
|
France / Aerospace & Defense
|
First Lien Term Loan (8.50% (LIBOR + 7.50% with 1.00% LIBOR floor), due 9/18/2019)(4)(16)(22)
|
10,448
|
|
10,170
|
|
10,339
|
|
0.3%
|
|||
|
|
|
|
|
10,170
|
|
10,339
|
|
0.3%
|
||||
|
Pinnacle (US) Acquisition Co. Limited
|
Texas / Software & Computer Services
|
Second Lien Term Loan (10.50% (LIBOR + 9.25% with 1.25% LIBOR floor), due 8/3/2020)(4)(16)
|
10,000
|
|
9,833
|
|
10,000
|
|
0.3%
|
|||
|
|
|
|
|
9,833
|
|
10,000
|
|
0.3%
|
||||
|
PrimeSport, Inc.
|
Georgia / Hotels, Restaurants & Leisure
|
Revolving Line of Credit – $15,000 Commitment (10.00% (LIBOR + 9.50% with 0.50% LIBOR floor), due 6/30/2015)(4)(25)(26)
|
—
|
|
—
|
|
—
|
|
—%
|
|||
|
Senior Secured Term Loan A (7.50% (LIBOR + 6.50% with 1.00% LIBOR floor), due 12/23/2019)(3)(4)
|
43,263
|
|
43,263
|
|
43,263
|
|
1.2%
|
|||||
|
Senior Secured Term Loan B (11.50% (LIBOR + 10.50% with 1.00% LIBOR floor) plus 1.00% PIK, due 12/23/2019)(3)(4)
|
43,700
|
|
43,700
|
|
43,700
|
|
1.2%
|
|||||
|
|
|
|
|
86,963
|
|
86,963
|
|
2.4%
|
||||
|
Prince Mineral Holding Corp.
|
New York / Metal Services & Minerals
|
Senior Secured Term Loan (11.50%, due 12/15/2019)(16)
|
10,000
|
|
9,902
|
|
10,000
|
|
0.3%
|
|||
|
|
|
|
|
9,902
|
|
10,000
|
|
0.3%
|
||||
|
Rocket Software, Inc.
|
Massachusetts / Software & Computer Services
|
Second Lien Term Loan (10.25% (LIBOR + 8.75% with 1.50% LIBOR floor), due 2/8/2019)(3)(4)(16)
|
20,000
|
|
19,758
|
|
20,000
|
|
0.6%
|
|||
|
|
|
|
|
19,758
|
|
20,000
|
|
0.6%
|
||||
|
Royal Adhesives & Sealants, LLC
|
Indiana / Chemicals
|
Second Lien Term Loan (9.75% (LIBOR + 8.50% with 1.25% LIBOR floor), due 1/31/2019)(4)(16)
|
20,000
|
|
19,648
|
|
19,713
|
|
0.5%
|
|||
|
|
|
|
|
19,648
|
|
19,713
|
|
0.5%
|
||||
|
Ryan, LLC
|
Texas / Business Services
|
Subordinated Unsecured Notes (12.00% (LIBOR + 9.00% with 3.00% LIBOR floor) plus 3.00% PIK, due 6/30/2018)(4)
|
70,531
|
|
70,531
|
|
70,531
|
|
1.9%
|
|||
|
|
|
|
|
70,531
|
|
70,531
|
|
1.9%
|
||||
|
Sandow Media, LLC
|
Florida / Media
|
Senior Secured Term Loan (12.00%, due 5/8/2018)(3)
|
25,081
|
|
25,081
|
|
23,524
|
|
0.7%
|
|||
|
|
|
|
|
25,081
|
|
23,524
|
|
0.7%
|
||||
|
Small Business Whole Loan Portfolio(19)
|
New York / Diversified Financial Services
|
144 small business loans purchased from On Deck Capital, Inc.
|
4,637
|
|
4,637
|
|
4,252
|
|
0.1%
|
|||
|
|
|
|
|
4,637
|
|
4,252
|
|
0.1%
|
||||
|
Snacks Parent Corporation
|
Minnesota / Food Products
|
Series A Preferred Stock (4,021.45 shares)
|
|
—
|
|
—
|
|
—%
|
||||
|
Series B Preferred Stock (1,866.10 shares)
|
|
—
|
|
—
|
|
—%
|
||||||
|
Warrant (to purchase 31,196.52 shares of Common Stock, expires 11/12/2020)
|
|
591
|
|
1,819
|
|
0.1%
|
||||||
|
|
|
|
|
591
|
|
1,819
|
|
0.1%
|
||||
|
Spartan Energy Services, Inc.
|
Louisiana / Energy
|
Senior Secured Term Loan (10.50% (LIBOR + 9.00% with 1.50% LIBOR floor), due 12/28/2017)(3)(4)
|
35,633
|
|
35,633
|
|
35,633
|
|
1.0%
|
|||
|
|
|
|
|
35,633
|
|
35,633
|
|
1.0%
|
||||
|
Speedy Group Holdings Corp.
|
Canada / Consumer Finance
|
Senior Unsecured Notes (12.00%, due 11/15/2017)(16)(22)
|
15,000
|
|
15,000
|
|
15,000
|
|
0.4%
|
|||
|
|
|
|
|
15,000
|
|
15,000
|
|
0.4%
|
||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Sport Helmets Holdings, LLC
|
New York / Personal & Nondurable Consumer Products
|
Escrow Receivable
|
|
$
|
—
|
|
$
|
130
|
|
—%
|
||
|
|
|
|
|
—
|
|
130
|
|
—%
|
||||
|
Stauber Performance Ingredients, Inc.
|
California / Food Products
|
Senior Secured Term Loan (10.50% (LIBOR + 7.50% with 3.00% LIBOR floor), due 1/21/2016)(3)(4)
|
$
|
12,809
|
|
12,809
|
|
12,809
|
|
0.4%
|
||
|
Senior Secured Term Loan (10.50% (LIBOR + 7.50% with 3.00% LIBOR floor), due 5/21/2017)(3)(4)
|
9,975
|
|
9,975
|
|
9,975
|
|
0.3%
|
|||||
|
|
|
|
|
22,784
|
|
22,784
|
|
0.7%
|
||||
|
Stryker Energy, LLC
|
Ohio / Oil & Gas Production
|
Subordinated Secured Revolving Credit Facility – $50,300 Commitment (12.25% (LIBOR + 10.75% with 1.50% LIBOR floor) plus 3.75% PIK, in non-accrual status effective 12/1/2011, due 12/1/2015)(4)(25)
|
36,080
|
|
32,710
|
|
—
|
|
—%
|
|||
|
Overriding Royalty Interests(18)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
32,710
|
|
—
|
|
—%
|
||||
|
Sudbury Mill CLO Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 16.25%)(11)(22)
|
28,200
|
|
26,914
|
|
26,140
|
|
0.7%
|
|||
|
|
|
|
|
26,914
|
|
26,140
|
|
0.7%
|
||||
|
Symphony CLO IX Ltd.
|
Cayman Islands / Diversified Financial Services
|
Preference Shares (Residual Interest, current yield 19.76%)(11)(22)
|
45,500
|
|
37,734
|
|
44,294
|
|
1.2%
|
|||
|
|
|
|
|
37,734
|
|
44,294
|
|
1.2%
|
||||
|
Symphony CLO XIV Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.03%)(11)(22)
|
49,250
|
|
49,858
|
|
49,025
|
|
1.4%
|
|||
|
|
|
|
|
49,858
|
|
49,025
|
|
1.4%
|
||||
|
System One Holdings, LLC
|
Pennsylvania / Business Services
|
Senior Secured Term Loan (11.00% (LIBOR + 9.50% with 1.50% LIBOR floor), due 12/31/2018)(3)(4)
|
44,646
|
|
44,646
|
|
44,646
|
|
1.2%
|
|||
|
|
|
|
|
44,646
|
|
44,646
|
|
1.2%
|
||||
|
Targus Group International, Inc.
|
California / Durable Consumer Products
|
First Lien Term Loan (11.00% (LIBOR + 9.50% with 1.50% LIBOR floor) plus 1.0% PIK, due 5/24/2016)(3)(4)(16)
|
21,911
|
|
21,697
|
|
19,949
|
|
0.6%
|
|||
|
|
|
|
|
21,697
|
|
19,949
|
|
0.6%
|
||||
|
TB Corp.
|
Texas / Hotels, Restaurants & Leisure
|
Senior Subordinated Note (12.00% plus 1.50% PIK, due 12/19/2018)(3)
|
23,628
|
|
23,628
|
|
23,628
|
|
0.7%
|
|||
|
|
|
|
|
23,628
|
|
23,628
|
|
0.7%
|
||||
|
Tectum Holdings, Inc.
|
Michigan / Automobile
|
Second Lien Term Loan (9.00% (LIBOR + 8.00% with 1.00% LIBOR floor), due 3/12/2019)(4)(16)
|
10,000
|
|
9,952
|
|
9,952
|
|
0.3%
|
|||
|
|
|
|
|
9,952
|
|
9,952
|
|
0.3%
|
||||
|
Therakos, Inc.
|
New Jersey / Healthcare
|
Second Lien Term Loan (11.25% (LIBOR + 10.00% with 1.25% LIBOR floor), due 6/27/2018)(4)(16)
|
13,000
|
|
12,762
|
|
13,000
|
|
0.4%
|
|||
|
|
|
|
|
12,762
|
|
13,000
|
|
0.4%
|
||||
|
Tolt Solutions, Inc.
|
South Carolina / Business Services
|
Senior Secured Term Loan A (7.00% (LIBOR + 6.00% with 1.00% LIBOR floor), due 3/7/2019)(3)(4)
|
48,705
|
|
48,705
|
|
48,705
|
|
1.3%
|
|||
|
Senior Secured Term Loan B (12.00% (LIBOR + 11.00% with 1.00% LIBOR floor), due 3/7/2019)(3)(4)
|
48,900
|
|
48,900
|
|
48,900
|
|
1.4%
|
|||||
|
|
|
|
|
97,605
|
|
97,605
|
|
2.7%
|
||||
|
Traeger Pellet Grills LLC
|
Oregon / Durable Consumer Products
|
Senior Secured Term Loan A (6.50% (LIBOR + 4.50% with 2.00% LIBOR floor), due 6/18/2018)(3)(4)
|
29,100
|
|
29,100
|
|
29,100
|
|
0.8%
|
|||
|
Senior Secured Term Loan B (11.50% (LIBOR + 9.50% with 2.00% LIBOR floor), due 6/18/2018)(3)(4)
|
29,700
|
|
29,700
|
|
29,700
|
|
0.8%
|
|||||
|
|
|
|
|
58,800
|
|
58,800
|
|
1.6%
|
||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Transaction Network Services, Inc.
|
Virginia / Telecommunication Services
|
Second Lien Term Loan (9.00% (LIBOR + 8.00% with 1.00% LIBOR floor), due 8/14/2020)(4)(16)
|
$
|
5,000
|
|
$
|
4,976
|
|
$
|
5,000
|
|
0.1%
|
|
|
|
|
|
4,976
|
|
5,000
|
|
0.1%
|
||||
|
TriMark USA, LLC
|
Massachusetts / Hotels, Restaurants & Leisure
|
Second Lien Term Loan (10.00% (LIBOR + 9.00% with 1.00% LIBOR floor), due 8/11/2019)(4)(16)
|
10,000
|
|
9,810
|
|
9,810
|
|
0.3%
|
|||
|
|
|
|
|
9,810
|
|
9,810
|
|
0.3%
|
||||
|
United Sporting Companies, Inc.(5)
|
South Carolina / Durable Consumer Products
|
Second Lien Term Loan (12.75% (LIBOR + 11.00% with 1.75% LIBOR floor), due 5/16/2018)(3)(4)
|
160,000
|
|
160,000
|
|
160,000
|
|
4.4%
|
|||
|
|
|
|
|
160,000
|
|
160,000
|
|
4.4%
|
||||
|
United States Environmental Services, LLC
|
Texas / Commercial Services
|
Senior Secured Term Loan A (6.50% (LIBOR + 5.50% with 1.00% LIBOR floor), due 3/31/2019)(3)(4)
|
23,850
|
|
23,850
|
|
23,850
|
|
0.7%
|
|||
|
Senior Secured Term Loan B (11.50% (LIBOR + 10.50% with 1.00% LIBOR floor), due 3/31/2019)(3)(4)
|
36,000
|
|
36,000
|
|
36,000
|
|
1.0%
|
|||||
|
|
|
|
|
59,850
|
|
59,850
|
|
1.7%
|
||||
|
Venio LLC
|
Pennsylvania / Business Services
|
Second Lien Term Loan (12.00% (LIBOR + 9.50% with 2.50% LIBOR floor), due 2/19/2020)(3)(4)
|
17,000
|
|
17,000
|
|
16,726
|
|
0.5%
|
|||
|
|
|
|
|
17,000
|
|
16,726
|
|
0.5%
|
||||
|
Voya CLO 2012-2, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 14.69%)(11)(22)
|
38,070
|
|
31,058
|
|
35,843
|
|
1.0%
|
|||
|
|
|
|
|
31,058
|
|
35,843
|
|
1.0%
|
||||
|
Voya CLO 2012-3, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 12.97%)(11)(22)
|
46,632
|
|
39,368
|
|
43,960
|
|
1.2%
|
|||
|
|
|
|
|
39,368
|
|
43,960
|
|
1.2%
|
||||
|
Voya CLO 2012-4, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Income Notes (Residual Interest, current yield 15.28%)(11)(22)
|
40,613
|
|
34,941
|
|
39,647
|
|
1.1%
|
|||
|
|
|
|
|
34,941
|
|
39,647
|
|
1.1%
|
||||
|
Voya CLO 2014-1, Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 14.49%)(11)(22)
|
32,383
|
|
33,825
|
|
32,949
|
|
0.9%
|
|||
|
|
|
|
|
33,825
|
|
32,949
|
|
0.9%
|
||||
|
Washington Mill CLO Ltd.
|
Cayman Islands / Diversified Financial Services
|
Subordinated Notes (Residual Interest, current yield 17.43%)(11)(22)
|
22,600
|
|
21,601
|
|
21,583
|
|
0.6%
|
|||
|
|
|
|
|
21,601
|
|
21,583
|
|
0.6%
|
||||
|
Water Pik, Inc.
|
Colorado / Personal & Nondurable Consumer Products
|
Second Lien Term Loan (9.75% (LIBOR + 8.75% with 1.00% LIBOR floor), due 1/8/2021)(4)(16)
|
11,000
|
|
10,604
|
|
10,604
|
|
0.3%
|
|||
|
|
|
|
|
10,604
|
|
10,604
|
|
0.3%
|
||||
|
Wheel Pros, LLC
|
Colorado / Business Services
|
Senior Subordinated Secured Note (11.00% (LIBOR + 7.00% with 4.00% LIBOR floor), due 6/29/2020)(4)
|
12,000
|
|
12,000
|
|
12,000
|
|
0.3%
|
|||
|
Delayed Draw Term Loan – $3,000 Commitment (expires 12/30/2015)(25)
|
—
|
|
—
|
|
—
|
|
—%
|
|||||
|
|
|
|
|
12,000
|
|
12,000
|
|
0.3%
|
||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
|
June 30, 2014 (Audited)
|
|||||||||
|
Portfolio Company
|
Locale / Industry
|
Investments(1)
|
Principal Value
|
Cost
|
Fair
Value(2) |
% of Net Assets
|
||||||
|
|
|
|
|
|
|
|
||||||
|
LEVEL 3 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||
|
Wind River Resources Corporation(39)
|
Utah / Oil & Gas Production
|
Senior Secured Note (13.00% (LIBOR + 7.50% with 5.50% LIBOR floor) plus 3.00% default interest on principal and 16.00% default interest on past due interest, in non-accrual status effective 12/1/2008, past due)(4)
|
$
|
15,000
|
|
$
|
14,650
|
|
$
|
—
|
|
—%
|
|
Net Profits Interest (5% of Equity Distributions)(7)
|
|
—
|
|
—
|
|
—%
|
||||||
|
|
|
|
|
14,650
|
|
—
|
|
—%
|
||||
|
Total Non-Control/Non-Affiliate Investments (Level 3)
|
|
$
|
4,620,388
|
|
$
|
4,580,996
|
|
126.6%
|
||||
|
|
|
|
|
|
||||||||
|
Total Level 3 Portfolio Investments
|
|
$
|
6,371,459
|
|
$
|
6,253,571
|
|
172.8%
|
||||
|
LEVEL 1 PORTFOLIO INVESTMENTS
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||
|
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
||||
|
Dover Saddlery, Inc.
|
Massachusetts / Retail
|
Common Stock (30,974 shares)
|
|
$
|
63
|
|
$
|
168
|
|
—%
|
|
|
|
|
|
63
|
|
168
|
|
—%
|
||
|
Total Non-Control/Non-Affiliate Investments (Level 1)
|
$
|
63
|
|
$
|
168
|
|
—%
|
|||
|
|
|
|
|
|
||||||
|
Total Non-Control/Non-Affiliate Investments
|
$
|
4,620,451
|
|
$
|
4,581,164
|
|
126.6%
|
|||
|
|
|
|
|
|
||||||
|
Total Portfolio Investments
|
$
|
6,371,522
|
|
$
|
6,253,739
|
|
172.8%
|
|||
|
(1)
|
The terms “Prospect,” “we,” “us” and “our” mean Prospect Capital Corporation and its subsidiaries unless the context specifically requires otherwise. The securities in which Prospect has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These securities may be resold only in transactions that are exempt from registration under the Securities Act.
|
|
(2)
|
Fair value is determined by or under the direction of our Board of Directors. As of
March 31, 2015
and
June 30, 2014
, one of our portfolio investments, Dover Saddlery, Inc., was publicly traded and classified as Level 1 within the valuation hierarchy established by ASC 820,
Fair Value Measurement
(“ASC 820”). As of
March 31, 2015
and
June 30, 2014
, the fair value of our remaining portfolio investments was determined using significant unobservable inputs. ASC 820 classifies such inputs used to measure fair value as Level 3 within the valuation hierarchy. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion.
|
|
(3)
|
Security, or a portion thereof, is held by Prospect Capital Funding LLC (“PCF”), our wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the Revolving Credit Facility and such security is not available as collateral to our general creditors (see Note 4). The fair values of these investments held by PCF at
March 31, 2015
and
June 30, 2014
were
$1,598,477
and
$1,500,897
, respectively; they represent
24.2%
and
24.0%
of our total investments, respectively.
|
|
(4)
|
Security, or a portion thereof, has a floating interest rate which may be subject to a LIBOR or PRIME floor. Stated interest rate was in effect at
March 31, 2015
and
June 30, 2014
.
|
|
(5)
|
Ellett Brothers, LLC, Evans Sports, Inc., Jerry’s Sports, Inc., Simmons Gun Specialties, Inc., Bonitz Brothers, Inc., and Outdoor Sports Headquarters, Inc. are joint borrowers on the second lien term loan. United Sporting Companies, Inc. is a parent guarantor of this debt investment.
|
|
(6)
|
On January 19, 2010, we modified the terms of our senior secured debt in Appalachian Energy Holdings, LLC (“AEH”) and Coalbed, LLC (“Coalbed”) in conjunction with the formation of Manx Energy, Inc. (“Manx”), a new entity consisting of the assets of AEH, Coalbed and Kinley Exploration. The assets of the three companies were brought under new common management. We funded $2,800 at closing to Manx to provide for working capital. As part of the Manx roll-up, our loans to AEH and Coalbed were assigned to Manx and a portion of the debt was exchanged for Manx preferred equity, while our AEH equity interest was converted into Manx common stock. There was no change to fair value at the time of restructuring. On June 30, 2012, Manx returned the investments in Coalbed and AEH to us and we contributed these investments to Wolf Energy Holdings Inc. (“Wolf Energy Holdings”), a newly-formed, separately owned holding company. During the three months ended June 30, 2013, we determined that the impairment of Manx was other-than-temporary and recorded a realized loss of $9,397 for the amount that the amortized cost exceeded the fair value, reducing the amortized cost to $500. As of June 30, 2014, Prospect owned 41% of the equity of Manx. During the three months ended December 31, 2014, Manx was dissolved and we recorded a realized loss of $50, reducing the amortized cost to zero.
|
|
(7)
|
In addition to the stated returns, the net profits interest held will be realized upon sale of the borrower or a sale of the interests.
|
|
(8)
|
During the quarter ended December 31, 2011, our ownership of Change Clean Energy Holdings, LLC, Change Clean Energy, LLC, Freedom Marine Services Holdings, LLC (“Freedom Marine”), and Yatesville Coal Holdings, LLC was transferred to Energy Solutions Holdings Inc. (f/k/a Gas Solutions Holdings, Inc.) (“Energy Solutions”) to consolidate all of our energy holdings under one management team. We own 100% of Energy Solutions. On December 28, 2011, we made a $3,500 debt investment in Vessel Holdings, LLC, a subsidiary of Freedom Marine. On November 25, 2013, we provided $13,000 in senior secured debt financing for the recapitalization of our investment in Jettco Marine Services, LLC (“Jettco”), a subsidiary of Freedom Marine. The subordinated secured loan to Jettco was replaced with a senior secured note to Vessel Holdings II, LLC, a new subsidiary of Freedom Marine. On December 3, 2013, we made a $16,000 senior secured investment in Vessel Holdings III, LLC, another new subsidiary of Freedom Marine. On June 4, 2014, Gas Solutions GP LLC and Gas Solutions LP LLC, two subsidiaries of Energy Solutions, merged with and into Freedom Marine, with Freedom Marine as the surviving entity. In June 2014, Freedom Marine Services Holdings, LLC was renamed Freedom Marine Solutions, LLC; Vessel Holdings, LLC was renamed Vessel Company, LLC; Vessel Holdings II, LLC was renamed Vessel Company II, LLC; Vessel Holdings III, LLC was renamed Vessel Company III, LLC; Yatesville Coal Holdings, LLC was renamed Yatesville Coal Company, LLC; and Change Clean Energy Holdings, LLC was renamed Change Clean Energy Company, LLC. On July 1, 2014, we began consolidating Energy Solutions and as a result, we began reporting our investments in Change Clean Energy Company, LLC, Freedom Marine Solutions, LLC and Yatesville Coal Company, LLC as separate controlled companies. During the three months ended December 31, 2014, we determined that the impairments of Change Clean Energy Company, LLC and Yatesville Coal Company, LLC were other-than-temporary and recorded a realized loss of $1,449, reducing the amortized cost to zero.
|
|
(9)
|
We own 100% of the equity of Vets Securing America, Inc. (“VSA”) and 100% of the equity of The Healing Staff, Inc. (“THS”), a former wholly-owned subsidiary of ESA Environmental Specialists, Inc. During the
nine months ended March 31, 2015
, THS ceased operations. As of
March 31, 2015
, the VSA management team is supervising both the continued operations of VSA and the wind-down of activities at THS.
|
|
(10)
|
GTP Operations, LLC, Transplace, LLC, CI (Transplace) International, LLC, Transplace Freight Services, LLC, Transplace Texas, LP, Transplace Stuttgart, LP, Transplace International, Inc., Celtic International, LLC, and Treetop Merger Sub, LLC are joint borrowers on the senior secured term loan.
|
|
(11)
|
The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.
|
|
(12)
|
Wolf Energy Holdings, an entity in which we own 100% of the common stock, owns 100% of the equity of Wolf Energy, LLC (“Wolf Energy”). Effective June 30, 2012, the membership interests and associated operating company debt of AEH and Coalbed, which were previously owned by Manx, were assigned to Wolf Energy Holdings. Effective June 6, 2014, Appalachian Energy Holdings, LLC was renamed Appalachian Energy LLC. On July 1, 2014, we began consolidating Wolf Energy Holdings and as a result, we began reporting our investments in Appalachian Energy LLC, Coalbed, LLC and Wolf Energy, LLC as separate controlled companies. During the three months ended September 30, 2014, we determined that the impairment of Appalachian Energy LLC was other-than-temporary and recorded a realized loss of $2,050, reducing the amortized cost to zero. On November 21, 2014, Coalbed merged with and into Wolf Energy, with Wolf Energy as the surviving entity. During the three months ended December 31, 2014, we determined that the impairment of the Coalbed debt assumed by Wolf Energy was other-than-temporary and recorded a realized loss of $5,991, reducing the amortized cost to zero.
|
|
(13)
|
On a fully diluted basis represents 10.00% of voting common shares.
|
|
(14)
|
Trinity Services Group, Inc. and Trinity Services I, LLC are joint borrowers on the senior secured loan facility.
|
|
(15)
|
We own 99.9999% of AGC/PEP, LLC. AGC/PEP, LLC owns 2,037.65 out of a total of 83,818.69 shares (including 5,111 vested and unvested management options) of American Gilsonite Holding Company which owns 100% of American Gilsonite Company.
|
|
(16)
|
Syndicated investment which was originated by a financial institution and broadly distributed.
|
|
(17)
|
MITY Holdings of Delaware Inc. (“MITY Delaware”), an entity in which we own 100% of the common stock, owns 94.99% of the equity of MITY, Inc. (f/k/a MITY Enterprises, Inc.) (“MITY”). MITY owns 100% of each of MITY-Lite, Inc.; Broda Enterprises USA, Inc.; and Broda Enterprises ULC (“Broda Canada”). On June 23, 2014, Prospect made a new $15,769 debt investment in MITY and MITY distributed proceeds to MITY Delaware as a return of capital. MITY Delaware used this distribution to pay down the senior secured debt of MITY Delaware to Prospect by the same amount. The remaining amount of the senior secured debt due from MITY Delaware to Prospect, $7,200, was then contributed to the capital of MITY Delaware. As a result of this transaction, Prospect held the $15,769 MITY note. Effective June 23, 2014, Mity Enterprises, Inc. was renamed MITY, Inc. and Broda Enterprises USA, Inc. was renamed Broda USA, Inc. On June 23, 2014, Prospect also extended a new $7,500 senior secured revolving facility to MITY, of which none was funded at closing. On July 1, 2014, we began consolidating MITY Delaware and as a result, we now report MITY, Inc. as a separate controlled company. MITY Delaware has a subordinated unsecured note issued and outstanding to Broda Canada that is denominated in Canadian Dollars (CAD). As of
March 31, 2015
, the principal balance of this note was CAD 7,371. In accordance with ASC 830,
Foreign Currency Matters
(“ASC 830”), this note was remeasured into our functional currency, US Dollars (USD), and is presented on our Consolidated Schedule of Investments in USD.
|
|
(18)
|
The overriding royalty interests held receive payments at the stated rates based upon operations of the borrower.
|
|
(19)
|
Our wholly-owned subsidiary Prospect Small Business Lending, LLC purchases small business whole loans on a recurring basis from online small business loan originators, including On Deck Capital, Inc. and Direct Capital Corporation.
|
|
(20)
|
Boxercraft Incorporated (“Boxercraft”) and BXC Company, Inc. (f/k/a BXC Holding Company) (“BXC”) are joint borrowers on our senior secured investments. Effective March 28, 2014, we acquired voting control of BXC pursuant to a voting agreement and irrevocable proxy. Effective May 8, 2014, we acquired control of BXC by transferring shares held by the other equity holders of BXC to us pursuant to an assignment agreement entered into with such other equity holders. As of June 30, 2014, we owned 86.7% of Series A preferred stock, 96.8% of Series B preferred stock, and 83.1% of the fully-diluted common stock of BXC. BXC owned 100% of the common stock of Boxercraft. We owned a warrant to purchase 15% of all classes of equity of BXC, which consisted of 3,755,000 shares of Series A preferred stock, 625,000 shares of Series B preferred stock, and 43,800 shares of voting common stock as of June 30, 2014. On August 25, 2014, we sold Boxercraft, a wholly-owned subsidiary of BXC, for net proceeds of $750 and realized a net loss of $16,949 on the sale.
|
|
(21)
|
We owned warrants to purchase 33,750 shares of common stock in Metal Buildings Holding Corporation (“Metal Buildings”), the former holding company of Borga, Inc. (“Borga”). Metal Buildings owned 100% of Borga. On March 8, 2010, we foreclosed on the stock in Borga that was held by Metal Buildings, obtaining 100% ownership of Borga. On January 24, 2014, we contributed our holdings in Borga to STI Holding, Inc. (“STI”), a wholly-owned holding company. On July 1, 2014, we began consolidating STI and as a result, we reported Borga, Inc. as a separate controlled company from July 1, 2014 until its sale on August 20, 2014. On August 20, 2014, we sold the assets of Borga, a wholly-owned subsidiary of STI, for net proceeds of $382 and realized a loss of $2,589 on the sale. On December 29, 2014, Borga was dissolved.
|
|
(22)
|
Investment has been designated as an investment not “qualifying” under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. We monitor the status of these assets on an ongoing basis.
|
|
(23)
|
NCP Finance Limited Partnership, NCP Finance Ohio, LLC, and certain affiliates thereof are joint borrowers on the subordinated secured term loan.
|
|
(24)
|
On May 6, 2011, we made a secured first lien $24,250 debt investment to NMMB, Inc. (f/k/a NMMB Acquisition, Inc.) (“NMMB”), a $2,800 secured debt and $4,400 equity investment to NMMB Holdings, Inc. (“NMMB Holdings”). We owned 100% of the Series A Preferred Stock in NMMB Holdings. NMMB Holdings owned 100% of the Convertible Preferred Stock in NMMB. On December 13, 2013, we provided $8,086 in preferred equity for the recapitalization of NMMB Holdings. After the restructuring, we received repayment of $2,800 secured debt outstanding. We own 100% of the equity of NMMB Holdings as of
March 31, 2015
and
June 30, 2014
. NMMB Holdings owns 96.33% and 92.93% of the fully diluted equity of NMMB as of
March 31, 2015
and
June 30, 2014
, respectively. NMMB owns 100% of Refuel Agency, Inc. (“Refuel Agency”), which owns 100% of Armed Forces Communications, Inc. (“Armed Forces”). On June 12, 2014, Prospect made a new $7,000 senior secured term loan to Armed Forces. Armed Forces distributed this amount to Refuel Agency as a return of capital. Refuel Agency distributed this amount to NMMB as a return of capital, which was used to pay down $7,000 of NMMB’s $10,714 senior secured term loan to Prospect. On July 1, 2014, we began consolidating NMMB Holdings and as a result, we now report NMMB, Inc. as a separate controlled company.
|
|
(25)
|
Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 2.00%. As of
March 31, 2015
and
June 30, 2014
, we had
$89,400
and
$72,118
, respectively, of undrawn revolver and delayed draw term loan commitments to our portfolio companies.
|
|
(26)
|
Stated interest rates are based on
March 31, 2015
and
June 30, 2014
one month or three month LIBOR rates plus applicable spreads based on the respective credit agreements. Interest rates are subject to change based on actual elections by the borrower for a LIBOR rate contract or Base Rate contract when drawing on the revolver.
|
|
(27)
|
On July 30, 2010, we made a $30,000 senior secured debt investment in Airmall Inc. (“Airmall”), a $12,500 secured second lien in AMU Holdings Inc. (“AMU”), and acquired 100% of the Series A preferred stock and common stock of AMU. Our preferred stock in AMU had a 12.0% dividend rate which was paid from the dividends received from its operating subsidiary, Airmall. AMU owned 100% of the common stock in Airmall. On December 4, 2013, we sold a $972 participation in both debt investments, equal to 2% of the outstanding principal amount of loans on that date. On June 13, 2014, Prospect made a new $19,993 investment as a senior secured loan to Airmall. Airmall then distributed this amount to AMU as a return of capital, which AMU used to pay down the senior subordinated loan in the same amount. The minority interest held by a third party in AMU was exchanged for common stock of Airmall. As of June 30, 2014, we owned 100% of the equity of AMU, which owned 98% of Airmall. On July 1, 2014, we began consolidating AMU and as a result, we reported Airmall Inc. as a separate controlled company from July 1, 2014 until its sale on August 1, 2014. On August 1, 2014, we sold our investments in Airmall for net proceeds of $51,379 and realized a loss of $3,473 on the sale. In addition, there is $6,000 being held in escrow, of which 98% is due to Prospect, which will be recognized as an additional realized loss if it is not received. On October 22, 2014, we received a tax refund of $665 related to our investment in Airmall for which we realized a gain of the same amount.
|
|
(28)
|
As of
June 30, 2014
, Progrexion Marketing, Inc., Progrexion Teleservices, Inc., Progrexion ASG, Inc., Progrexion IP, Inc., Creditrepair.com, Inc., and eFolks, LLC were joint borrowers on the senior secured term loan. PGX Holdings, Inc. was the parent guarantor of this debt investment. As of
March 31, 2015
, PGX Holdings, Inc. is the sole borrower on the second lien term loan.
|
|
(29)
|
First Tower Holdings of Delaware LLC (“First Tower Delaware”), an entity in which we own 100% of the membership interests, owns 80.1% of First Tower Finance Company LLC (“First Tower Finance”), which owns 100% of First Tower, LLC (“First Tower”), the operating company. On June 24, 2014, Prospect made a new $251,246 second lien term loan to First Tower. First Tower distributed this amount to First Tower Finance, which distributed this amount to First Tower Delaware as a return of capital. First Tower Delaware used the distribution to partially pay down the Senior Secured Revolving Credit Facility. The remaining $23,712 of the Senior Secured Revolving Credit Facility was then converted to additional membership interests held by Prospect in First Tower Delaware. On July 1, 2014, we began consolidating First Tower Delaware and as a result, we now report First Tower Finance Company LLC as a separate controlled company.
|
|
(30)
|
Arctic Oilfield Equipment USA, Inc. (“Arctic Equipment”), an entity in which we own 100% of the common equity, owns 70% of the equity of Arctic Energy Services, LLC (“Arctic Energy”), the operating company. On July 1, 2014, we began consolidating Arctic Equipment and as a result, we now report Arctic Energy as a separate controlled company.
|
|
(31)
|
We own 2.8% (13,220 shares) of Mineral Fusion Natural, LLC, a subsidiary of Caleel + Hayden, LLC, common and preferred interest.
|
|
(32)
|
APH Property Holdings, LLC (“APH”), an entity in which we own 100% of the membership interests, owns 100% of the common equity of American Property REIT Corp. (f/k/a American Property Holdings Corp.) (“APRC”), a qualified REIT which holds investments in several real estate properties. Effective April 1, 2014, Prospect made a new $167,162 senior term loan to APRC. APRC then distributed this amount to APH as a return of capital which was used to pay down the Senior Term Loan from APH by the same amount. On July 1, 2014, we began consolidating APH and as a result, we now report APRC as a separate controlled company. See Note 3 for further discussion of the properties held by APRC.
|
|
(33)
|
CCPI Holdings Inc. (“CCPI Holdings”), an entity in which we own 100% of the common stock, owns 94.77% of CCPI Inc. (“CCPI”), the operating company. On June 13, 2014, Prospect made a new $8,218 senior secured note to CCPI. CCPI then distributed this amount to CCPI Holdings as a return of capital which was used to pay down the $8,216 senior secured note from CCPI Holdings to Prospect. The remaining $2 was distributed to Prospect as a return of capital of Prospect’s equity investment in CCPI Holdings. On July 1, 2014, we began consolidating CCPI Holdings and as a result, we now report CCPI Inc. as a separate controlled company.
|
|
(34)
|
Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), an entity in which we own 100% of the membership interests, owns 74.77% and 74.75% of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC) (“Credit Central”) as of
March 31, 2015
and
June 30, 2014
, respectively. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC, the operating companies. On June 26, 2014, Prospect made a new $36,333 second lien term loan to Credit Central. Credit Central then distributed this amount to Credit Central Delaware as a return of capital which was used to pay down the Senior Secured Revolving Credit Facility from Credit Central Delaware by the same amount. The remaining amount of the Senior Secured Revolving Credit Facility, $3,874, was then converted into additional membership interests in Credit Central Delaware. On July 1, 2014, we began consolidating Credit Central Delaware and as a result, we now report Credit Central Loan Company, LLC as a separate controlled company.
|
|
(35)
|
Valley Electric Holdings I, Inc. (“Valley Holdings I”), an entity in which we own 100% of the common stock, owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”). Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”). Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of the equity of Valley Electric Co. of Mt. Vernon, Inc. (“Valley”). On June 24, 2014, Valley Holdings II and management of Valley formed Valley Electric and contributed their shares of Valley stock to Valley Electric. Prospect made a new $20,471 senior secured loan to Valley Electric. Valley Electric then distributed this amount to Valley Holdings I, via Valley Holdings II, as a return of capital which was used to pay down the senior secured note of Valley Holdings I by the same amount. The remaining principal amount of the senior secured note, $16,754, was then contributed to the capital of Valley Holdings I. On July 1, 2014, we began consolidating Valley Holdings I and Valley Holdings II and as a result, we now report Valley Electric Company, Inc. as a separate controlled company.
|
|
(36)
|
Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), an entity in which we own 100% of the membership interests, owns 93.79% of Nationwide Acceptance LLC (“Nationwide”), the operating company. On June 18, 2014, Prospect made a new $14,820 second lien term loan to Nationwide. Nationwide distributed this amount to Nationwide Holdings as a return of capital. Nationwide Holdings used the distribution to pay down the Senior Secured Revolving Credit Facility. The remaining $9,888 of the Senior Secured Revolving Credit Facility was then converted into additional membership interests in Nationwide Holdings. On July 1, 2014, we began consolidating Nationwide Holdings and as a result, we now report Nationwide Acceptance LLC as a separate controlled company.
|
|
(37)
|
On April 15, 2013, assets previously held by H&M Oil & Gas, LLC (“H&M”) were assigned to Wolf Energy in exchange for a $66,000 term loan secured by the assets. The cost basis in this loan of $44,632 was determined in accordance with ASC 310-40,
Troubled Debt Restructurings by Creditors
, and was equal to the fair value of assets at the time of transfer resulting in a capital loss of $19,647 in connection with the foreclosure on the assets. On May 17, 2013, Wolf Energy sold the assets located in Martin County, which were previously held by H&M, for $66,000. Proceeds from the sale were primarily used to repay the loan and net profits interest receivable due to us resulting in a realized capital gain of $11,826. We received $3,960 of structuring and advisory fees from Wolf Energy during the year ended June 30, 2013 related to the sale and $991 under the net profits interest agreement which was recognized as other income during the fiscal year ended June 30, 2013.
|
|
(38)
|
CP Holdings of Delaware LLC (“CP Holdings”), an entity in which we own 100% of the membership interests, owns 82.3% and 82.9% of CP Energy Services Inc. (“CP Energy”) as of
March 31, 2015
and
June 30, 2014
, respectively. As of
June 30, 2014
, CP Energy owned directly or indirectly 100% of each of CP Well Testing Services, LLC (“CP Well Testing”); CP Well Testing, LLC (“CP Well”); Fluid Management Services, Inc.; Fluid Management Services, LLC; Wright Transport, Inc.; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; Artexoma Logistics, LLC; and Wright Trucking, Inc. On April 1, 2014, Prospect made new loans to CP Well (with ProHaul Transports, LLC; Wright Trucking, Inc.; and Foster Testing Co., Inc. as co-borrowers), comprised of two first lien loans in the amount of $11,035 and $72,238 and a second lien loan in the amount of $15,000. The proceeds of these loans were used to repay CP Well Testing’s senior secured term loan and CP Energy’s senior secured term loan from Prospect. On July 1, 2014, we began consolidating CP Holdings and as a result, we now report CP Energy Services Inc. as a separate controlled company. Effective December 31, 2014, CP Energy underwent a corporate reorganization in order to consolidate certain of its wholly-owned subsidiaries. As of
March 31, 2015
, CP Energy owned directly or indirectly 100% of each of CP Well; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc.
|
|
(39)
|
Wind River Resources Corporation and Wind River II Corporation are joint borrowers on the senior secured note.
|
|
(40)
|
NPH Property Holdings, LLC (“NPH”), an entity in which we own 100% of the membership interests, owns 100% of the common equity of National Property REIT Corp. (f/k/a National Property Holdings Corp.) (“NPRC”), a property REIT which holds investments in several real estate properties. Additionally, through its wholly-owned subsidiaries, NPRC invests in online consumer loans. Effective April 1, 2014, Prospect made a new $104,460 senior term loan to NPRC. NPRC then distributed this amount to NPH as a return of capital which was used to pay down the Senior Term Loan from NPH by the same amount. On July 1, 2014, we began consolidating NPH and as a result, we now report NPRC as a separate controlled company. See Note 3 for further discussion of the properties held by NPRC. On March 17, 2015, we entered into a new credit agreement, effective June 30, 2014, with ACL Loan Holdings, Inc. (“ACLLH”), a wholly-owned subsidiary of NPRC. The new credit agreement was in the form of two tranches of senior secured term loans, Term Loan A and Term Loan B, with the same terms as the existing NPRC Term Loan A and Term Loan B due to us. On June 30, 2014, ACLLH made a non-cash return of capital distribution of $22,390 to NPRC and NPRC transferred and assigned to ACLLH a senior secured Term Loan A due to us.
|
|
(41)
|
UPH Property Holdings, LLC (“UPH”), an entity in which we own 100% of the membership interests, owns 100% of the common equity of United Property REIT Corp. (f/k/a United Property Holdings Corp.) (“UPRC”), a property REIT which holds investments in several real estate properties. Effective April 1, 2014, Prospect made a new $19,027 senior term loan to UPRC. UPRC then distributed this amount to UPH as a return of capital which was used to pay down the Senior Term Loan from UPH by the same amount. On July 1, 2014, we began consolidating UPH and as a result, we now report UPRC as a separate controlled company. See Note 3 for further discussion of the properties held by UPRC.
|
|
(42)
|
On April 4, 2008, we acquired a controlling equity interest in ARRM Holdings, Inc. (“ARRM”), which owned 100% of Ajax Rolled Ring & Machine, LLC (“Ajax”), the operating company. On April 1, 2013, we refinanced the existing $19,837 and $18,635 senior loans to Ajax and ARRM, respectively, increasing the total size of the debt investment to $38,537. Concurrent with the refinancing, we received repayment of the $18,635 loans previously outstanding. On October 11, 2013, we provided $25,000 in preferred equity for the recapitalization of ARRM. After the financing, we received repayment of the $20,009 subordinated unsecured loan previously outstanding. On June 12, 2014, ARRM Holdings, Inc. was renamed ARRM Services, Inc. As of
June 30, 2014
, we controlled 79.53% of the fully-diluted common, 85.76% of the Series A Preferred and 100% of the Series B Preferred equity of ARRM. On October 10, 2014, ARRM sold Ajax to a third party and repaid the $19,337 loan receivable to us and we recorded a realized loss of $23,560 related to the sale. Concurrent with the sale, our ownership increased to 100% of the outstanding equity of ARRM Services, Inc. which was renamed SB Forging Company, Inc. (“SB Forging”). As such, we began consolidating SB Forging on October 11, 2014. In addition, there is $3,000 being held in escrow which will be recognized as additional gain if and when received.
|
|
(43)
|
Harbortouch Holdings of Delaware Inc. (“Harbortouch Delaware”), an entity in which we own 100% of the common stock, owns 100% of the Class C voting units of Harbortouch Payments, LLC (“Harbortouch”), which provide for a 53.5% residual profits allocation. Harbortouch management owns 100% of the Class B and Class D voting units of Harbortouch, which provide for a 46.5% residual profits allocation. Harbortouch owns 100% of Credit Card Processing USA, LLC. On April 1, 2014, Prospect made a new $137,226 senior secured term loan to Harbortouch. Harbortouch then distributed this amount to Harbortouch Delaware as a return of capital which was used to pay down the $123,000 senior secured note from Harbortouch Delaware to Prospect. The remaining $14,226 was distributed to Prospect as a return of capital of Prospect’s equity investment in Harbortouch Delaware. On July 1, 2014, we began consolidating Harbortouch Delaware and as a result, we now report Harbortouch Payments, LLC as a separate controlled company.
|
|
(44)
|
Pegasus Business Intelligence, LP, Paycom Acquisition, LLC, and Paycom Acquisition Corp. are joint borrowers on the senior secured loan facility. Paycom Intermediate Holdings, Inc. is the parent guarantor of this debt investment. These entities transact business internationally under the trade name Onyx Payments.
|
|
(45)
|
Security Alarm Financing Enterprises, L.P. and California Security Alarms, Inc. are joint borrowers on the senior subordinated note.
|
|
(46)
|
A portion of the senior secured note is denominated in Canadian Dollars (CAD). As of June 30, 2014 and
March 31, 2015
, the principal balance of this note was CAD 37,422 and CAD 37,044, respectively. In accordance with ASC 830, this note was remeasured into our functional currency, US Dollars (USD), and is presented on our Consolidated Schedules of Investments in USD.
|
|
(47)
|
As defined in the 1940 Act, we are deemed to “Control” these portfolio companies because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the
nine months ended March 31, 2015
with these controlled investments were as follows:
|
|
Portfolio Company
|
Purchases*
|
|
Redemptions*
|
Sales
|
Interest
income |
Dividend
income |
Other
income |
Net realized
gains (losses) |
Net unrealized
gains (losses) |
||||||||||||||||
|
Airmall Inc.
|
$
|
—
|
|
|
$
|
(47,580
|
)
|
$
|
(9,920
|
)
|
$
|
576
|
|
$
|
—
|
|
$
|
3,000
|
|
$
|
(2,808
|
)
|
$
|
12,216
|
|
|
American Property REIT Corp.
|
(75,810
|
)
|
**
|
(8
|
)
|
—
|
|
12,205
|
|
—
|
|
1,078
|
|
—
|
|
8,669
|
|
||||||||
|
Appalachian Energy LLC
|
—
|
|
|
(2,050
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,050
|
)
|
2,050
|
|
||||||||
|
Arctic Energy Services, LLC
|
—
|
|
|
—
|
|
—
|
|
5,045
|
|
—
|
|
—
|
|
—
|
|
802
|
|
||||||||
|
ARRM Services, Inc.
|
—
|
|
|
(19,337
|
)
|
(27,213
|
)
|
956
|
|
—
|
|
2,000
|
|
(23,560
|
)
|
21,014
|
|
||||||||
|
Borga, Inc.
|
—
|
|
|
—
|
|
(2,589
|
)
|
—
|
|
—
|
|
—
|
|
(2,589
|
)
|
2,741
|
|
||||||||
|
BXC Company, Inc.
|
250
|
|
|
(750
|
)
|
(16,949
|
)
|
—
|
|
—
|
|
5
|
|
(16,949
|
)
|
15,333
|
|
||||||||
|
CCPI Inc.
|
—
|
|
|
(338
|
)
|
—
|
|
2,495
|
|
—
|
|
—
|
|
—
|
|
4,198
|
|
||||||||
|
Change Clean Energy Company, LLC
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
|
Coalbed, LLC
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
|
CP Energy Services Inc.
|
—
|
|
|
—
|
|
—
|
|
12,273
|
|
—
|
|
—
|
|
—
|
|
(29,555
|
)
|
||||||||
|
Credit Central Loan Company, LLC
|
—
|
|
|
(141
|
)
|
—
|
|
5,538
|
|
159
|
|
608
|
|
—
|
|
3,147
|
|
||||||||
|
Echelon Aviation LLC
|
5,800
|
|
|
(37,313
|
)
|
(400
|
)
|
5,451
|
|
—
|
|
—
|
|
—
|
|
8,226
|
|
||||||||
|
First Tower Finance Company LLC
|
—
|
|
|
1,929
|
|
—
|
|
38,921
|
|
1,929
|
|
—
|
|
—
|
|
30,277
|
|
||||||||
|
Freedom Marine Solutions, LLC
|
—
|
|
|
—
|
|
—
|
|
3,349
|
|
—
|
|
—
|
|
—
|
|
(2,917
|
)
|
||||||||
|
Gulf Coast Machine & Supply Company
|
5,500
|
|
|
—
|
|
—
|
|
1,370
|
|
—
|
|
—
|
|
—
|
|
(11,760
|
)
|
||||||||
|
Harbortouch Payments, LLC
|
27,723
|
|
|
(3,595
|
)
|
—
|
|
22,092
|
|
—
|
|
579
|
|
—
|
|
18,013
|
|
||||||||
|
Manx Energy, Inc.
|
—
|
|
|
(50
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(50
|
)
|
50
|
|
||||||||
|
MITY, Inc.
|
2,500
|
|
|
(2,500
|
)
|
—
|
|
4,360
|
|
—
|
|
—
|
|
(3
|
)
|
5,709
|
|
||||||||
|
National Property REIT Corp.
|
274,919
|
|
**
|
(36,942
|
)
|
—
|
|
18,068
|
|
—
|
|
1,426
|
|
—
|
|
24,217
|
|
||||||||
|
Nationwide Acceptance LLC
|
938
|
|
|
—
|
|
—
|
|
2,256
|
|
2,444
|
|
—
|
|
—
|
|
1,613
|
|
||||||||
|
NMMB, Inc.
|
383
|
|
|
—
|
|
—
|
|
1,142
|
|
—
|
|
—
|
|
—
|
|
2,398
|
|
||||||||
|
R-V Industries, Inc.
|
—
|
|
|
—
|
|
—
|
|
2,281
|
|
224
|
|
—
|
|
—
|
|
(15,995
|
)
|
||||||||
|
United Property REIT Corp.
|
46,311
|
|
**
|
(376
|
)
|
—
|
|
4,134
|
|
—
|
|
1,656
|
|
—
|
|
11,327
|
|
||||||||
|
Valley Electric Company, Inc.
|
—
|
|
|
—
|
|
—
|
|
3,718
|
|
—
|
|
—
|
|
—
|
|
(2,900
|
)
|
||||||||
|
Vets Securing America, Inc.***
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
685
|
|
—
|
|
||||||||
|
Wolf Energy, LLC
|
—
|
|
|
(5,991
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,818
|
)
|
4,173
|
|
||||||||
|
Yatesville Coal Company, LLC
|
—
|
|
|
(1,449
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,449
|
)
|
1,449
|
|
||||||||
|
Total
|
$
|
288,514
|
|
|
$
|
(156,491
|
)
|
$
|
(57,071
|
)
|
$
|
146,230
|
|
$
|
4,756
|
|
$
|
10,352
|
|
$
|
(54,591
|
)
|
$
|
114,495
|
|
|
(48)
|
As defined in the 1940 Act, we are deemed to be an “Affiliated company” of these portfolio companies because we own more than 5% of the portfolio company’s outstanding voting securities. Transactions during the
nine months ended March 31, 2015
with these affiliated investments were as follows:
|
|
Portfolio Company
|
Purchases*
|
Redemptions*
|
Sales
|
Interest
income |
Dividend
income |
Other
income |
Net realized
gains (losses) |
Net unrealized
gains (losses) |
||||||||||||||||
|
BNN Holdings Corp.
|
$
|
44,000
|
|
$
|
(30,459
|
)
|
$
|
—
|
|
$
|
2,814
|
|
$
|
778
|
|
$
|
226
|
|
$
|
—
|
|
$
|
611
|
|
|
Total
|
$
|
44,000
|
|
$
|
(30,459
|
)
|
$
|
—
|
|
$
|
2,814
|
|
$
|
778
|
|
$
|
226
|
|
$
|
—
|
|
$
|
611
|
|
|
(49)
|
As defined in the 1940 Act, we are deemed to “Control” these portfolio companies because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended
June 30, 2014
with these controlled investments were as follows:
|
|
Portfolio Company
|
Purchases*
|
Redemptions*
|
|
Sales
|
Interest
income |
Dividend
income |
Other
income |
Net realized
gains (losses) |
Net unrealized
gains (losses) |
||||||||||||||||
|
AMU Holdings Inc.
|
$
|
7,600
|
|
$
|
(593
|
)
|
|
$
|
(972
|
)
|
$
|
6,579
|
|
$
|
12,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(15,694
|
)
|
|
APH Property Holdings, LLC
|
163,747
|
|
(118,186
|
)
|
**
|
—
|
|
18,788
|
|
—
|
|
5,946
|
|
—
|
|
3,393
|
|
||||||||
|
Arctic Oilfield Equipment USA, Inc.
|
60,876
|
|
—
|
|
|
—
|
|
1,050
|
|
—
|
|
1,713
|
|
—
|
|
238
|
|
||||||||
|
ARRM Services, Inc.
|
25,000
|
|
(24,251
|
)
|
|
—
|
|
(733
|
)
|
—
|
|
148
|
|
—
|
|
(14,957
|
)
|
||||||||
|
BXC Company, Inc.
(f/k/a BXC Holding Company)*** |
300
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,796
|
)
|
||||||||
|
CCPI Holdings Inc.
|
—
|
|
(450
|
)
|
|
—
|
|
3,312
|
|
500
|
|
71
|
|
—
|
|
(1,443
|
)
|
||||||||
|
CP Holdings of Delaware LLC
|
113,501
|
|
—
|
|
|
—
|
|
13,858
|
|
—
|
|
1,864
|
|
—
|
|
16,618
|
|
||||||||
|
Credit Central Holdings of Delaware, LLC
|
2,500
|
|
(159
|
)
|
|
—
|
|
7,845
|
|
4,841
|
|
521
|
|
—
|
|
(2,371
|
)
|
||||||||
|
Echelon Aviation LLC
|
92,628
|
|
—
|
|
|
—
|
|
2,809
|
|
—
|
|
2,771
|
|
—
|
|
—
|
|
||||||||
|
Energy Solutions Holdings Inc.
|
16,000
|
|
(8,525
|
)
|
|
—
|
|
8,245
|
|
—
|
|
2,480
|
|
—
|
|
(2,168
|
)
|
||||||||
|
First Tower Holdings of Delaware LLC
|
10,000
|
|
—
|
|
|
—
|
|
54,320
|
|
—
|
|
10,560
|
|
—
|
|
17,003
|
|
||||||||
|
Gulf Coast Machine & Supply Company
|
28,450
|
|
(26,213
|
)
|
|
—
|
|
1,449
|
|
—
|
|
—
|
|
—
|
|
(777
|
)
|
||||||||
|
Harbortouch Holdings of Delaware Inc.
|
278,694
|
|
—
|
|
|
—
|
|
6,879
|
|
—
|
|
7,536
|
|
—
|
|
12,620
|
|
||||||||
|
The Healing Staff, Inc.
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
5,825
|
|
—
|
|
—
|
|
||||||||
|
Manx Energy, Inc.
|
—
|
|
(450
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
104
|
|
||||||||
|
MITY Holdings of Delaware Inc.
|
47,985
|
|
—
|
|
|
—
|
|
4,693
|
|
—
|
|
1,049
|
|
—
|
|
1,127
|
|
||||||||
|
Nationwide Acceptance Holdings LLC
|
4,000
|
|
—
|
|
|
—
|
|
4,429
|
|
5,000
|
|
1,854
|
|
—
|
|
772
|
|
||||||||
|
NMMB Holdings, Inc.
|
8,086
|
|
(8,086
|
)
|
|
—
|
|
2,051
|
|
—
|
|
—
|
|
—
|
|
(6,852
|
)
|
||||||||
|
NPH Property Holdings, LLC
|
40,425
|
|
85,724
|
|
**
|
—
|
|
5,973
|
|
—
|
|
1,029
|
|
—
|
|
(2,088
|
)
|
||||||||
|
R-V Industries, Inc.
|
—
|
|
(2,339
|
)
|
|
—
|
|
3,188
|
|
1,100
|
|
—
|
|
—
|
|
2,005
|
|
||||||||
|
STI Holding, Inc.
|
—
|
|
(125
|
)
|
|
—
|
|
—
|
|
3,246
|
|
—
|
|
—
|
|
(25
|
)
|
||||||||
|
UPH Property Holdings, LLC
|
1,405
|
|
22,562
|
|
**
|
—
|
|
1,101
|
|
—
|
|
156
|
|
—
|
|
426
|
|
||||||||
|
Valley Electric Holdings I, Inc.
|
—
|
|
(200
|
)
|
|
—
|
|
7,471
|
|
—
|
|
148
|
|
—
|
|
(23,304
|
)
|
||||||||
|
Wolf Energy Holdings Inc.
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,350
|
)
|
||||||||
|
Total
|
$
|
901,197
|
|
$
|
(81,291
|
)
|
|
$
|
(972
|
)
|
$
|
153,307
|
|
$
|
26,687
|
|
$
|
43,671
|
|
$
|
—
|
|
$
|
(20,519
|
)
|
|
(50)
|
As defined in the 1940 Act, we are deemed to be an “Affiliated company” of these portfolio companies because we own more than 5% of the portfolio company’s outstanding voting securities. Transactions during the year ended
June 30, 2014
with these affiliated investments were as follows:
|
|
Portfolio Company
|
Purchases*
|
Redemptions*
|
|
Sales
|
Interest
income |
Dividend
income |
Other
income |
Net realized
gains (losses) |
Net unrealized
gains (losses) |
||||||||||||||||
|
BNN Holdings Corp.
|
$
|
—
|
|
$
|
(600
|
)
|
|
$
|
—
|
|
$
|
2,974
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(194
|
)
|
|
BXC Holding Company***
|
—
|
|
(100
|
)
|
|
—
|
|
1,384
|
|
—
|
|
17
|
|
—
|
|
(4,163
|
)
|
||||||||
|
Smart, LLC
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(143
|
)
|
||||||||
|
Total
|
$
|
—
|
|
$
|
(700
|
)
|
|
$
|
—
|
|
$
|
4,358
|
|
$
|
—
|
|
$
|
17
|
|
$
|
—
|
|
$
|
(4,500
|
)
|
|
1.
|
Each portfolio company or investment is reviewed by our investment professionals with independent valuation firms engaged by our Board of Directors.
|
|
2.
|
The independent valuation firms conduct independent valuations and make their own independent assessments.
|
|
3.
|
The Audit Committee of our Board of Directors reviews and discusses the preliminary valuation of Prospect Capital Management L.P. (the “Investment Adviser”) and that of the independent valuation firms.
|
|
4.
|
The Board of Directors discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of the Investment Adviser, the respective independent valuation firm and the Audit Committee.
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||
|
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
|
Revolving Line of Credit
|
$
|
11,850
|
|
|
$
|
11,850
|
|
|
$
|
3,445
|
|
|
$
|
2,786
|
|
|
Senior Secured Debt
|
3,718,150
|
|
|
3,657,943
|
|
|
3,578,339
|
|
|
3,514,198
|
|
||||
|
Subordinated Secured Debt
|
1,320,511
|
|
|
1,283,682
|
|
|
1,272,275
|
|
|
1,200,221
|
|
||||
|
Subordinated Unsecured Debt
|
94,353
|
|
|
94,353
|
|
|
85,531
|
|
|
85,531
|
|
||||
|
Small Business Loans
|
40,320
|
|
|
38,290
|
|
|
4,637
|
|
|
4,252
|
|
||||
|
CLO Debt
|
28,485
|
|
|
32,958
|
|
|
28,118
|
|
|
33,199
|
|
||||
|
CLO Residual Interest
|
1,019,332
|
|
|
1,061,992
|
|
|
1,044,656
|
|
|
1,093,985
|
|
||||
|
Equity
|
357,025
|
|
|
421,703
|
|
|
354,521
|
|
|
319,567
|
|
||||
|
Total Investments
|
$
|
6,590,026
|
|
|
$
|
6,602,771
|
|
|
$
|
6,371,522
|
|
|
$
|
6,253,739
|
|
|
•
|
Senior Secured Debt includes investments listed on the SOI such as senior secured term loans, senior term loans, secured promissory notes, senior demand notes, and first lien term loans.
|
|
•
|
Subordinated Secured Debt includes investments listed on the SOI such as subordinated secured term loans, subordinated term loans, senior subordinated notes, and second lien term loans.
|
|
•
|
Subordinated Unsecured Debt includes investments listed on the SOI such as subordinated unsecured notes and senior unsecured notes.
|
|
•
|
Small Business Loans includes our investments in small business whole loans purchased from OnDeck and Direct Capital.
|
|
•
|
CLO Debt includes our investments in the “debt” class of security of CLO funds.
|
|
•
|
CLO Residual Interest includes our investments in the “equity” class of security of CLO funds such as income notes, preference shares, and subordinated notes.
|
|
•
|
Equity includes our investments in preferred stock, common stock, membership interests, net profits interests, net operating income interests, net revenue interests, overriding royalty interests, escrows receivable, and warrants, unless specifically stated otherwise.
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Revolving Line of Credit
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,850
|
|
|
$
|
11,850
|
|
|
Senior Secured Debt
|
—
|
|
|
—
|
|
|
3,657,943
|
|
|
3,657,943
|
|
||||
|
Subordinated Secured Debt
|
—
|
|
|
—
|
|
|
1,283,682
|
|
|
1,283,682
|
|
||||
|
Subordinated Unsecured Debt
|
—
|
|
|
—
|
|
|
94,353
|
|
|
94,353
|
|
||||
|
Small Business Loans
|
—
|
|
|
—
|
|
|
38,290
|
|
|
38,290
|
|
||||
|
CLO Debt
|
—
|
|
|
—
|
|
|
32,958
|
|
|
32,958
|
|
||||
|
CLO Residual Interest
|
—
|
|
|
—
|
|
|
1,061,992
|
|
|
1,061,992
|
|
||||
|
Equity
|
150
|
|
|
—
|
|
|
421,553
|
|
|
421,703
|
|
||||
|
Total Investments
|
$
|
150
|
|
|
$
|
—
|
|
|
$
|
6,602,621
|
|
|
$
|
6,602,771
|
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Revolving Line of Credit
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,786
|
|
|
$
|
2,786
|
|
|
Senior Secured Debt
|
—
|
|
|
—
|
|
|
3,514,198
|
|
|
3,514,198
|
|
||||
|
Subordinated Secured Debt
|
—
|
|
|
—
|
|
|
1,200,221
|
|
|
1,200,221
|
|
||||
|
Subordinated Unsecured Debt
|
—
|
|
|
—
|
|
|
85,531
|
|
|
85,531
|
|
||||
|
Small Business Loans
|
—
|
|
|
—
|
|
|
4,252
|
|
|
4,252
|
|
||||
|
CLO Debt
|
—
|
|
|
—
|
|
|
33,199
|
|
|
33,199
|
|
||||
|
CLO Residual Interest
|
—
|
|
|
—
|
|
|
1,093,985
|
|
|
1,093,985
|
|
||||
|
Equity
|
168
|
|
|
—
|
|
|
319,399
|
|
|
319,567
|
|
||||
|
Total Investments
|
$
|
168
|
|
|
$
|
—
|
|
|
$
|
6,253,571
|
|
|
$
|
6,253,739
|
|
|
|
Fair Value Measurements Using Unobservable Inputs (Level 3)
|
||||||||||||||
|
|
Control
Investments
|
|
Affiliate
Investments
|
|
Non-Control/
Non-Affiliate
Investments
|
|
Total
|
||||||||
|
Fair value as of June 30, 2014
|
$
|
1,640,454
|
|
|
$
|
32,121
|
|
|
$
|
4,580,996
|
|
|
$
|
6,253,571
|
|
|
Net realized losses on investments
|
(54,591
|
)
|
|
—
|
|
|
(96,385
|
)
|
|
(150,976
|
)
|
||||
|
Net change in unrealized appreciation
|
114,495
|
|
|
611
|
|
|
15,440
|
|
|
130,546
|
|
||||
|
Net realized and unrealized gains (losses)
|
59,904
|
|
|
611
|
|
|
(80,945
|
)
|
|
(20,430
|
)
|
||||
|
Purchases of portfolio investments
|
288,514
|
|
|
44,000
|
|
|
1,280,022
|
|
|
1,612,536
|
|
||||
|
Payment-in-kind interest
|
11,224
|
|
|
—
|
|
|
5,261
|
|
|
16,485
|
|
||||
|
Amortization of discounts and premiums
|
—
|
|
|
—
|
|
|
(64,200
|
)
|
|
(64,200
|
)
|
||||
|
Repayments and sales of portfolio investments
|
(171,885
|
)
|
|
(30,459
|
)
|
|
(992,997
|
)
|
|
(1,195,341
|
)
|
||||
|
Transfers within Level 3(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Transfers in (out) of Level 3(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Fair value as of March 31, 2015
|
$
|
1,828,211
|
|
|
$
|
46,273
|
|
|
$
|
4,728,137
|
|
|
$
|
6,602,621
|
|
|
|
Revolving Line of Credit
|
|
Senior Secured
Debt |
|
Subordinated Secured Debt
|
|
Subordinated Unsecured Debt
|
|
Small Business Loans
|
|
CLO
Debt |
|
CLO
Residual Interest |
|
Equity
|
|
Total
|
||||||||||||||||||
|
Fair value as of June 30, 2014
|
$
|
2,786
|
|
|
$
|
3,514,198
|
|
|
$
|
1,200,221
|
|
|
$
|
85,531
|
|
|
$
|
4,252
|
|
|
$
|
33,199
|
|
|
$
|
1,093,985
|
|
|
$
|
319,399
|
|
|
$
|
6,253,571
|
|
|
Net realized losses on investments
|
(1,094
|
)
|
|
(33,874
|
)
|
|
(75,164
|
)
|
|
(4
|
)
|
|
(708
|
)
|
|
—
|
|
|
(15,562
|
)
|
|
(24,570
|
)
|
|
(150,976
|
)
|
|||||||||
|
Net change in unrealized appreciation (depreciation)
|
659
|
|
|
3,934
|
|
|
35,223
|
|
|
—
|
|
|
(1,644
|
)
|
|
(608
|
)
|
|
(6,667
|
)
|
|
99,649
|
|
|
130,546
|
|
|||||||||
|
Net realized and unrealized (losses) gains
|
(435
|
)
|
|
(29,940
|
)
|
|
(39,941
|
)
|
|
(4
|
)
|
|
(2,352
|
)
|
|
(608
|
)
|
|
(22,229
|
)
|
|
75,079
|
|
|
(20,430
|
)
|
|||||||||
|
Purchases of portfolio investments
|
39,500
|
|
|
1,065,797
|
|
|
237,830
|
|
|
6,593
|
|
|
63,887
|
|
|
—
|
|
|
141,167
|
|
|
57,762
|
|
|
1,612,536
|
|
|||||||||
|
Payment-in-kind interest
|
—
|
|
|
14,176
|
|
|
686
|
|
|
1,623
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,485
|
|
|||||||||
|
Accretion (amortization) of discounts and premiums
|
—
|
|
|
206
|
|
|
1,084
|
|
|
—
|
|
|
—
|
|
|
367
|
|
|
(65,857
|
)
|
|
—
|
|
|
(64,200
|
)
|
|||||||||
|
Repayments and sales of portfolio investments
|
(30,001
|
)
|
|
(906,494
|
)
|
|
(116,198
|
)
|
|
610
|
|
|
(27,497
|
)
|
|
—
|
|
|
(85,074
|
)
|
|
(30,687
|
)
|
|
(1,195,341
|
)
|
|||||||||
|
Transfers within Level 3(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Transfers in (out) of Level 3(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Fair value as of March 31, 2015
|
$
|
11,850
|
|
|
$
|
3,657,943
|
|
|
$
|
1,283,682
|
|
|
$
|
94,353
|
|
|
$
|
38,290
|
|
|
$
|
32,958
|
|
|
$
|
1,061,992
|
|
|
$
|
421,553
|
|
|
$
|
6,602,621
|
|
|
(1)
|
Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred.
|
|
|
Fair Value Measurements Using Unobservable Inputs (Level 3)
|
||||||||||||||
|
|
Control
Investments
|
|
Affiliate
Investments
|
|
Non-Control/
Non-Affiliate
Investments
|
|
Total
|
||||||||
|
Fair value as of June 30, 2013
|
$
|
811,634
|
|
|
$
|
42,443
|
|
|
$
|
3,318,663
|
|
|
$
|
4,172,740
|
|
|
Net realized losses on investments
|
—
|
|
|
—
|
|
|
(3,482
|
)
|
|
(3,482
|
)
|
||||
|
Net change in unrealized (depreciation) appreciation
|
(37,881
|
)
|
|
(4,972
|
)
|
|
20,565
|
|
|
(22,288
|
)
|
||||
|
Net realized and unrealized (losses) gains
|
(37,881
|
)
|
|
(4,972
|
)
|
|
17,083
|
|
|
(25,770
|
)
|
||||
|
Purchases of portfolio investments
|
825,898
|
|
|
—
|
|
|
1,669,311
|
|
|
2,495,209
|
|
||||
|
Payment-in-kind interest
|
8,605
|
|
|
90
|
|
|
4,348
|
|
|
13,043
|
|
||||
|
Accretion (amortization) of discounts and premiums
|
—
|
|
|
399
|
|
|
(32,236
|
)
|
|
(31,837
|
)
|
||||
|
Repayments and sales of portfolio investments
|
(67,651
|
)
|
|
(550
|
)
|
|
(549,151
|
)
|
|
(617,352
|
)
|
||||
|
Transfers within Level 3(1)
|
18,609
|
|
|
(5,611
|
)
|
|
(12,998
|
)
|
|
—
|
|
||||
|
Transfers in (out) of Level 3(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Fair value as of March 31, 2014
|
$
|
1,559,214
|
|
|
$
|
31,799
|
|
|
$
|
4,415,020
|
|
|
$
|
6,006,033
|
|
|
|
Revolving Line of Credit
|
|
Senior Secured
Debt |
|
Subordinated Secured Debt
|
|
Subordinated Unsecured Debt
|
|
Small Business Loans
|
|
CLO
Debt |
|
CLO
Residual Interest |
|
Equity
|
|
Total
|
||||||||||||||||||
|
Fair value as of June 30, 2013
|
$
|
8,729
|
|
|
$
|
2,207,091
|
|
|
$
|
1,024,901
|
|
|
$
|
88,827
|
|
|
$
|
—
|
|
|
$
|
28,589
|
|
|
$
|
658,086
|
|
|
$
|
156,517
|
|
|
$
|
4,172,740
|
|
|
Net realized (losses) gains on investments
|
—
|
|
|
(1,494
|
)
|
|
(7,558
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,184
|
|
|
4,386
|
|
|
(3,482
|
)
|
|||||||||
|
Net change in unrealized (depreciation) appreciation
|
(83
|
)
|
|
(13,072
|
)
|
|
(255
|
)
|
|
(292
|
)
|
|
(104
|
)
|
|
4,630
|
|
|
47,721
|
|
|
(60,833
|
)
|
|
(22,288
|
)
|
|||||||||
|
Net realized and unrealized (losses) gains
|
(83
|
)
|
|
(14,566
|
)
|
|
(7,813
|
)
|
|
(292
|
)
|
|
(104
|
)
|
|
4,630
|
|
|
48,905
|
|
|
(56,447
|
)
|
|
(25,770
|
)
|
|||||||||
|
Purchases of portfolio investments
|
14,850
|
|
|
1,853,544
|
|
|
207,857
|
|
|
—
|
|
|
3,654
|
|
|
—
|
|
|
261,212
|
|
|
154,092
|
|
|
2,495,209
|
|
|||||||||
|
Payment-in-kind interest
|
—
|
|
|
10,077
|
|
|
2,630
|
|
|
336
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,043
|
|
|||||||||
|
Accretion (amortization) of discounts and premiums
|
—
|
|
|
613
|
|
|
1,237
|
|
|
8
|
|
|
—
|
|
|
335
|
|
|
(34,030
|
)
|
|
—
|
|
|
(31,837
|
)
|
|||||||||
|
Repayments and sales of portfolio investments
|
(20,643
|
)
|
|
(336,913
|
)
|
|
(174,992
|
)
|
|
(58,879
|
)
|
|
(250
|
)
|
|
—
|
|
|
(21,071
|
)
|
|
(4,604
|
)
|
|
(617,352
|
)
|
|||||||||
|
Transfers within Level 3(1)
|
—
|
|
|
—
|
|
|
(70,000
|
)
|
|
70,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Transfers in (out) of Level 3(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
|
Fair value as of March 31, 2014
|
$
|
2,853
|
|
|
$
|
3,719,846
|
|
|
$
|
983,820
|
|
|
$
|
100,000
|
|
|
$
|
3,300
|
|
|
$
|
33,554
|
|
|
$
|
913,102
|
|
|
$
|
249,558
|
|
|
$
|
6,006,033
|
|
|
(1)
|
Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred.
|
|
|
|
|
|
|
|
Unobservable Input
|
||||||
|
Asset Category
|
|
Fair Value
|
|
Primary Valuation Technique
|
|
Input
|
|
Range
|
|
Weighted
Average
|
||
|
Senior Secured Debt
|
|
$
|
2,566,807
|
|
|
Yield Analysis
|
|
Market Yield
|
|
6.2%-21.0%
|
|
10.8%
|
|
Senior Secured Debt
|
|
536,146
|
|
|
EV Analysis
|
|
EBITDA Multiple
|
|
3.1x-9.5x
|
|
7.2x
|
|
|
Senior Secured Debt(1)
|
|
79,462
|
|
|
EV Analysis
|
|
Loss-Adjusted Discount Rate
|
|
4.5%-12.6%
|
|
7.4%
|
|
|
Senior Secured Debt(2)
|
|
47,050
|
|
|
EV Analysis
|
|
Loss-Adjusted Discount Rate
|
|
10.5%-14.7%
|
|
11.1%
|
|
|
Senior Secured Debt
|
|
40,808
|
|
|
EV Analysis
|
|
Discount Rate
|
|
7.0%-9.0%
|
|
8.0%
|
|
|
Senior Secured Debt
|
|
27,341
|
|
|
EV Analysis
|
|
Appraisal
|
|
N/A
|
|
N/A
|
|
|
Senior Secured Debt
|
|
24,913
|
|
|
EV Analysis
|
|
Sum of the Parts
|
|
N/A
|
|
N/A
|
|
|
Senior Secured Debt
|
|
9,958
|
|
|
Liquidation Analysis
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Senior Secured Debt
|
|
337,308
|
|
|
Net Asset Value Analysis
|
|
Capitalization Rate
|
|
2.5%-9.7%
|
|
6.2%
|
|
|
Subordinated Secured Debt
|
|
915,428
|
|
|
Yield Analysis
|
|
Market Yield
|
|
8.1%-21.0%
|
|
12.1%
|
|
|
Subordinated Secured Debt
|
|
353,434
|
|
|
EV Analysis
|
|
EBITDA Multiple
|
|
3.1x-8.7x
|
|
7.6x
|
|
|
Subordinated Secured Debt
|
|
14,820
|
|
|
EV Analysis
|
|
Book Value Multiple
|
|
1.2x-1.4x
|
|
1.3x
|
|
|
Subordinated Unsecured Debt
|
|
87,153
|
|
|
Yield Analysis
|
|
Market Yield
|
|
6.2%-12.4%
|
|
10.8%
|
|
|
Subordinated Unsecured Debt
|
|
7,200
|
|
|
EV Analysis
|
|
EBITDA Multiple
|
|
5.6x-6.5x
|
|
6.0x
|
|
|
Small Business Loans(3)
|
|
658
|
|
|
Discounted Cash Flow
|
|
Loss-Adjusted Discount Rate
|
|
17.3%-27.2%
|
|
24.8%
|
|
|
Small Business Loans(4)
|
|
37,632
|
|
|
Discounted Cash Flow
|
|
Loss-Adjusted Discount Rate
|
|
20.0%-29.6%
|
|
22.6%
|
|
|
CLO Debt
|
|
32,958
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
5.8%-7.7%
|
|
6.8%
|
|
|
CLO Residual Interest
|
|
1,061,992
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
10.9%-18.5%
|
|
13.5%
|
|
|
Equity
|
|
212,119
|
|
|
EV Analysis
|
|
EBITDA Multiple
|
|
2.0x-9.5x
|
|
7.7x
|
|
|
Equity
|
|
15,304
|
|
|
EV Analysis
|
|
Book Value Multiple
|
|
1.2x-1.4x
|
|
1.3x
|
|
|
Equity
|
|
1,260
|
|
|
EV Analysis
|
|
Appraisal
|
|
N/A
|
|
N/A
|
|
|
Equity
|
|
3,130
|
|
|
Yield Analysis
|
|
Market Yield
|
|
17.6%-21.8%
|
|
19.7%
|
|
|
Equity
|
|
109,684
|
|
|
Net Asset Value Analysis
|
|
Capitalization Rate
|
|
2.5%-9.7%
|
|
6.2%
|
|
|
Equity
|
|
28,133
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
7.2%-8.0%
|
|
7.6%
|
|
|
Participating Interest(5)
|
|
46,174
|
|
|
Yield Analysis
|
|
Market Yield
|
|
10.0%-18.0%
|
|
11.1%
|
|
|
Participating Interest(5)
|
|
22
|
|
|
Liquidation Analysis
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Escrow Receivable
|
|
5,727
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
6.8%-7.9%
|
|
7.4%
|
|
|
Total Level 3 Investments
|
|
$
|
6,602,621
|
|
|
|
|
|
|
|
|
|
|
(1)
|
EV analysis is based on the fair value of our investments in consumer loans purchased from Prosper, which are valued using a discounted cash flow valuation technique. The key unobservable input to the discounted cash flow analysis is noted above. In addition, the valuation also used projected loss rates as an unobservable input ranging from 0.7%-27.0%, with a weighted average of 8.1%.
|
|
(2)
|
EV analysis is based on the fair value of our investments in consumer loans purchased from Lending Club, which are valued using a discounted cash flow valuation technique. The key unobservable input to the discounted cash flow analysis is noted above. In addition, the valuation also used projected loss rates as an unobservable input ranging from 15.4%-24.3%, with a weighted average of 18.1%.
|
|
(3)
|
Includes our investments in small business whole loans purchased from Direct Capital. Valuation also used projected loss rates as an unobservable input ranging from 0.3%-60.0%, with a weighted average of 19.6%.
|
|
(4)
|
Includes our investments in small business whole loans purchased from OnDeck. Valuation also used projected loss rates as an unobservable input ranging from 7.7%-9.5%, with a weighted average of 8.6%.
|
|
(5)
|
Participating Interest includes our participating equity investments, such as net profits interests, net operating income interests, net revenue interests, and overriding royalty interests.
|
|
|
|
|
|
|
|
Unobservable Input
|
||||||
|
Asset Category
|
|
Fair Value
|
|
Primary Valuation Technique
|
|
Input
|
|
Range
|
|
Weighted
Average
|
||
|
Senior Secured Debt
|
|
$
|
2,550,073
|
|
|
Yield Analysis
|
|
Market Yield
|
|
5.5%-20.3%
|
|
11.1%
|
|
Senior Secured Debt
|
|
560,485
|
|
|
EV Analysis
|
|
EBITDA Multiple
|
|
3.5x-9.0x
|
|
7.1x
|
|
|
Senior Secured Debt
|
|
110,525
|
|
|
EV Analysis
|
|
Other
|
|
N/A
|
|
N/A
|
|
|
Senior Secured Debt
|
|
3,822
|
|
|
Liquidation Analysis
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Senior Secured Debt
|
|
292,079
|
|
|
Net Asset Value Analysis
|
|
Capitalization Rate
|
|
4.5%-10.0%
|
|
7.4%
|
|
|
Subordinated Secured Debt
|
|
832,181
|
|
|
Yield Analysis
|
|
Market Yield
|
|
8.7%-14.7%
|
|
10.9%
|
|
|
Subordinated Secured Debt
|
|
353,220
|
|
|
EV Analysis
|
|
EBITDA Multiple
|
|
4.5x-8.2x
|
|
6.2x
|
|
|
Subordinated Secured Debt
|
|
14,820
|
|
|
EV Analysis
|
|
Book Value Multiple
|
|
1.2x-1.4x
|
|
1.3x
|
|
|
Subordinated Unsecured Debt
|
|
85,531
|
|
|
Yield Analysis
|
|
Market Yield
|
|
7.4%-14.4%
|
|
12.1%
|
|
|
Small Business Loans
|
|
4,252
|
|
|
Yield Analysis
|
|
Market Yield
|
|
75.5%-79.5%
|
|
77.5%
|
|
|
CLO Debt
|
|
33,199
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
4.2%-5.8%
|
|
4.9%
|
|
|
CLO Residual Interest
|
|
1,093,985
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
10.4%-23.7%
|
|
16.8%
|
|
|
Equity
|
|
222,059
|
|
|
EV Analysis
|
|
EBITDA Multiple
|
|
2.0x-15.3x
|
|
5.3x
|
|
|
Equity
|
|
15,103
|
|
|
EV Analysis
|
|
Book Value Multiple
|
|
1.2x-1.4x
|
|
1.3x
|
|
|
Equity
|
|
3,171
|
|
|
Yield Analysis
|
|
Market Yield
|
|
13.7%-16.5%
|
|
15.1%
|
|
|
Equity
|
|
63,157
|
|
|
Net Asset Value Analysis
|
|
Capitalization Rate
|
|
4.5%-10.0%
|
|
7.4%
|
|
|
Equity
|
|
14,107
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
8.0%-10.0%
|
|
9.0%
|
|
|
Participating Interest(1)
|
|
213
|
|
|
Liquidation Analysis
|
|
N/A
|
|
N/A
|
|
N/A
|
|
|
Escrow Receivable
|
|
1,589
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
6.6%-7.8%
|
|
7.2%
|
|
|
Total Level 3 Investments
|
|
$
|
6,253,571
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Participating Interest includes our participating equity investments, such as net profits interests, net operating income interests, net revenue interests, and overriding royalty interests.
|
|
No.
|
|
Property Name
|
|
City
|
|
Acquisition
Date |
|
Purchase
Price |
|
Mortgage
Outstanding |
||||
|
1
|
|
1557 Terrell Mill Road, LLC
|
|
Marietta, GA
|
|
12/28/2012
|
|
$
|
23,500
|
|
|
$
|
15,229
|
|
|
2
|
|
5100 Live Oaks Blvd, LLC
|
|
Tampa, FL
|
|
1/17/2013
|
|
63,400
|
|
|
39,600
|
|
||
|
3
|
|
Lofton Place, LLC
|
|
Tampa, FL
|
|
4/30/2013
|
|
26,000
|
|
|
16,965
|
|
||
|
4
|
|
Vista Palma Sola, LLC
|
|
Bradenton, FL
|
|
4/30/2013
|
|
27,000
|
|
|
17,550
|
|
||
|
5
|
|
Arlington Park Marietta, LLC
|
|
Marietta, GA
|
|
5/8/2013
|
|
14,850
|
|
|
9,650
|
|
||
|
6
|
|
Cordova Regency, LLC
|
|
Pensacola, FL
|
|
11/15/2013
|
|
13,750
|
|
|
9,026
|
|
||
|
7
|
|
Crestview at Oakleigh, LLC
|
|
Pensacola, FL
|
|
11/15/2013
|
|
17,500
|
|
|
11,488
|
|
||
|
8
|
|
Inverness Lakes, LLC
|
|
Mobile, AL
|
|
11/15/2013
|
|
29,600
|
|
|
19,400
|
|
||
|
9
|
|
Kings Mill Pensacola, LLC
|
|
Pensacola, FL
|
|
11/15/2013
|
|
20,750
|
|
|
13,622
|
|
||
|
10
|
|
Plantations at Pine Lake, LLC
|
|
Tallahassee, FL
|
|
11/15/2013
|
|
18,000
|
|
|
11,817
|
|
||
|
11
|
|
Verandas at Rock Ridge, LLC
|
|
Birmingham, AL
|
|
11/15/2013
|
|
15,600
|
|
|
10,205
|
|
||
|
12
|
|
Plantations at Hillcrest, LLC
|
|
Mobile, AL
|
|
1/17/2014
|
|
6,930
|
|
|
4,993
|
|
||
|
13
|
|
Crestview at Cordova, LLC
|
|
Pensacola, FL
|
|
1/17/2014
|
|
8,500
|
|
|
4,972
|
|
||
|
14
|
|
Taco Bell, OK
|
|
Yukon, OK
|
|
6/4/2014
|
|
1,719
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
$
|
287,099
|
|
|
$
|
184,517
|
|
|
No.
|
|
Property Name
|
|
City
|
|
Acquisition
Date
|
|
Purchase
Price
|
|
Mortgage
Outstanding
|
||||
|
1
|
|
146 Forest Parkway, LLC
|
|
Forest Park, GA
|
|
10/24/2012
|
|
$
|
7,400
|
|
|
$
|
—
|
|
|
2
|
|
NPRC Carroll Resort, LLC
|
|
Pembroke Pines, FL
|
|
6/24/2013
|
|
225,000
|
|
|
157,500
|
|
||
|
3
|
|
APH Carroll 41, LLC
|
|
Marietta, GA
|
|
11/1/2013
|
|
30,600
|
|
|
22,173
|
|
||
|
4
|
|
Matthews Reserve II, LLC
|
|
Matthews, NC
|
|
11/19/2013
|
|
22,063
|
|
|
17,571
|
|
||
|
5
|
|
City West Apartments II, LLC
|
|
Orlando, FL
|
|
11/19/2013
|
|
23,562
|
|
|
18,533
|
|
||
|
6
|
|
Vinings Corner II, LLC
|
|
Smyrna, GA
|
|
11/19/2013
|
|
35,691
|
|
|
26,640
|
|
||
|
7
|
|
Uptown Park Apartments II, LLC
|
|
Altamonte Springs, FL
|
|
11/19/2013
|
|
36,590
|
|
|
27,471
|
|
||
|
8
|
|
Mission Gate II, LLC
|
|
Plano, TX
|
|
11/19/2013
|
|
47,621
|
|
|
36,148
|
|
||
|
9
|
|
St. Marin Apartments II, LLC
|
|
Coppell, TX
|
|
11/19/2013
|
|
73,078
|
|
|
53,863
|
|
||
|
10
|
|
APH Carroll Bartram Park, LLC
|
|
Jacksonville, FL
|
|
12/31/2013
|
|
38,000
|
|
|
28,500
|
|
||
|
11
|
|
APH Carroll Atlantic Beach, LLC
|
|
Atlantic Beach, FL
|
|
1/31/2014
|
|
13,025
|
|
|
8,951
|
|
||
|
12
|
|
23 Mile Road Self Storage, LLC
|
|
Chesterfield, MI
|
|
8/19/2014
|
|
5,804
|
|
|
4,350
|
|
||
|
13
|
|
36th Street Self Storage, LLC
|
|
Wyoming, MI
|
|
8/19/2014
|
|
4,800
|
|
|
3,600
|
|
||
|
14
|
|
Ball Avenue Self Storage, LLC
|
|
Grand Rapids, MI
|
|
8/19/2014
|
|
7,281
|
|
|
5,460
|
|
||
|
15
|
|
Ford Road Self Storage, LLC
|
|
Westland, MI
|
|
8/29/2014
|
|
4,642
|
|
|
3,480
|
|
||
|
16
|
|
Ann Arbor Kalamazoo Self Storage, LLC
|
|
Ann Arbor, MI
|
|
8/29/2014
|
|
4,458
|
|
|
3,345
|
|
||
|
17
|
|
Ann Arbor Kalamazoo Self Storage, LLC
|
|
Scio, MI
|
|
8/29/2014
|
|
8,927
|
|
|
6,695
|
|
||
|
18
|
|
Ann Arbor Kalamazoo Self Storage, LLC
|
|
Kalamazoo, MI
|
|
8/29/2014
|
|
2,363
|
|
|
1,775
|
|
||
|
19
|
|
Jolly Road Self Storage, LLC
|
|
Okemos, MI
|
|
1/16/2015
|
|
7,492
|
|
|
5,620
|
|
||
|
20
|
|
Eaton Rapids Road Self Storage, LLC
|
|
Lansing West, MI
|
|
1/16/2015
|
|
1,741
|
|
|
1,305
|
|
||
|
21
|
|
Haggerty Road Self Storage, LLC
|
|
Novi, MI
|
|
1/16/2015
|
|
6,700
|
|
|
5,025
|
|
||
|
22
|
|
Waldon Road Self Storage, LLC
|
|
Lake Orion, MI
|
|
1/16/2015
|
|
6,965
|
|
|
5,225
|
|
||
|
23
|
|
Tyler Road Self Storage, LLC
|
|
Ypsilanti, MI
|
|
1/16/2015
|
|
3,507
|
|
|
2,630
|
|
||
|
|
|
|
|
|
|
|
|
$
|
617,310
|
|
|
$
|
445,860
|
|
|
No.
|
|
Property Name
|
|
City
|
|
Acquisition
Date
|
|
Purchase
Price
|
|
Mortgage
Outstanding
|
||||
|
1
|
|
Atlanta Eastwood Village LLC
|
|
Stockbridge, GA
|
|
12/12/2013
|
|
$
|
25,957
|
|
|
$
|
19,785
|
|
|
2
|
|
Atlanta Monterey Village LLC
|
|
Jonesboro, GA
|
|
12/12/2013
|
|
11,501
|
|
|
9,193
|
|
||
|
3
|
|
Atlanta Hidden Creek LLC
|
|
Morrow, GA
|
|
12/12/2013
|
|
5,098
|
|
|
3,619
|
|
||
|
4
|
|
Atlanta Meadow Springs LLC
|
|
College Park, GA
|
|
12/12/2013
|
|
13,116
|
|
|
10,180
|
|
||
|
5
|
|
Atlanta Meadow View LLC
|
|
College Park, GA
|
|
12/12/2013
|
|
14,354
|
|
|
11,141
|
|
||
|
6
|
|
Atlanta Peachtree Landing LLC
|
|
Fairburn, GA
|
|
12/12/2013
|
|
17,224
|
|
|
13,575
|
|
||
|
7
|
|
Taco Bell, MO
|
|
Marshall, MO
|
|
6/4/2014
|
|
1,405
|
|
|
—
|
|
||
|
8
|
|
Canterbury Green Apartments Holdings LLC
|
|
Fort Wayne, IN
|
|
9/29/2014
|
|
85,500
|
|
|
65,825
|
|
||
|
9
|
|
Abbie Lakes OH Partners, LLC
|
|
Canal Winchester, OH
|
|
9/30/2014
|
|
12,600
|
|
|
10,440
|
|
||
|
10
|
|
Kengary Way OH Partners, LLC
|
|
Reynoldsburg, OH
|
|
9/30/2014
|
|
11,500
|
|
|
11,000
|
|
||
|
11
|
|
Lakeview Trail OH Partners, LLC
|
|
Canal Winchester, OH
|
|
9/30/2014
|
|
26,500
|
|
|
20,142
|
|
||
|
12
|
|
Lakepoint OH Partners, LLC
|
|
Pickerington, OH
|
|
9/30/2014
|
|
11,000
|
|
|
10,080
|
|
||
|
13
|
|
Sunbury OH Partners, LLC
|
|
Columbus, OH
|
|
9/30/2014
|
|
13,000
|
|
|
10,480
|
|
||
|
14
|
|
Heatherbridge OH Partners, LLC
|
|
Blacklick, OH
|
|
9/30/2014
|
|
18,416
|
|
|
15,480
|
|
||
|
15
|
|
Jefferson Chase OH Partners, LLC
|
|
Blacklick, OH
|
|
9/30/2014
|
|
13,551
|
|
|
12,240
|
|
||
|
16
|
|
Goldenstrand OH Partners, LLC
|
|
Hilliard, OH
|
|
10/29/2014
|
|
7,810
|
|
|
8,040
|
|
||
|
|
|
|
|
|
|
|
|
$
|
288,532
|
|
|
$
|
231,220
|
|
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||
|
Balance Sheet Data
|
|
|
|
|
||||
|
Cash and cash equivalents
|
|
$
|
71,919
|
|
|
$
|
60,368
|
|
|
Finance receivables, net
|
|
395,891
|
|
|
385,875
|
|
||
|
Intangibles, including goodwill
|
|
125,764
|
|
|
137,696
|
|
||
|
Other assets
|
|
15,158
|
|
|
14,056
|
|
||
|
Notes payable
|
|
264,432
|
|
|
250,965
|
|
||
|
Notes payable, due to Prospect or Affiliate
|
|
313,844
|
|
|
313,844
|
|
||
|
Other liabilities
|
|
53,058
|
|
|
46,276
|
|
||
|
Shareholder's deficit
|
|
(22,602
|
)
|
|
(13,090
|
)
|
||
|
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Summary of Operations
|
|
|
|
|
|
|
|
|
||||||||
|
Total revenue
|
|
$
|
50,180
|
|
|
$
|
49,045
|
|
|
$
|
157,703
|
|
|
$
|
152,152
|
|
|
Total expenses
|
|
55,215
|
|
|
40,782
|
|
|
164,207
|
|
|
121,917
|
|
||||
|
Net (loss) income
|
|
$
|
(5,035
|
)
|
|
$
|
8,263
|
|
|
$
|
(6,504
|
)
|
|
$
|
30,235
|
|
|
|
2015 Notes
|
|
|
2016 Notes
|
|
|
2017 Notes
|
|
|
2018 Notes
|
|
|
2019 Notes
|
|
|
2020 Notes
|
|
||||||
|
Initial conversion rate(1)
|
88.0902
|
|
|
78.3699
|
|
|
85.8442
|
|
|
82.3451
|
|
|
79.7766
|
|
|
80.6647
|
|
||||||
|
Initial conversion price
|
$
|
11.35
|
|
|
$
|
12.76
|
|
|
$
|
11.65
|
|
|
$
|
12.14
|
|
|
$
|
12.54
|
|
|
$
|
12.40
|
|
|
Conversion rate at March 31, 2015(1)(2)
|
89.9752
|
|
|
80.2196
|
|
|
86.9426
|
|
|
83.6661
|
|
|
79.8248
|
|
|
80.6647
|
|
||||||
|
Conversion price at March 31, 2015(2)(3)
|
$
|
11.11
|
|
|
$
|
12.47
|
|
|
$
|
11.50
|
|
|
$
|
11.95
|
|
|
$
|
12.53
|
|
|
$
|
12.40
|
|
|
Last conversion price calculation date
|
12/21/2014
|
|
|
2/18/2015
|
|
|
4/16/2014
|
|
|
8/14/2014
|
|
|
12/21/2014
|
|
|
4/11/2014
|
|
||||||
|
Dividend threshold amount (per share)(4)
|
$
|
0.101125
|
|
|
$
|
0.101150
|
|
|
$
|
0.101500
|
|
|
$
|
0.101600
|
|
|
$
|
0.110025
|
|
|
$
|
0.110525
|
|
|
(1)
|
Conversion rates denominated in shares of common stock per $1 principal amount of the Convertible Notes converted.
|
|
(2)
|
Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.
|
|
(3)
|
The conversion price in effect at
March 31, 2015
was calculated on the last anniversary of the issuance and will be adjusted again on the next anniversary, unless the exercise price shall have changed by more than 1% before the anniversary.
|
|
(4)
|
The conversion rate is increased if monthly cash dividends paid to common shares exceed the monthly dividend threshold amount, subject to adjustment.
|
|
Tenor at
Origination
(in years)
|
|
Principal
Amount
|
|
Interest Rate
Range
|
|
Weighted
Average
Interest Rate
|
|
Maturity Date Range
|
|||
|
3
|
|
$
|
5,710
|
|
|
4.00%
|
|
4.00
|
%
|
|
October 15, 2016
|
|
3.5
|
|
3,149
|
|
|
4.00%
|
|
4.00
|
%
|
|
April 15, 2017
|
|
|
4
|
|
36,992
|
|
|
3.75%–4.00%
|
|
3.96
|
%
|
|
November 15, 2017 – March 15, 2018
|
|
|
5
|
|
195,965
|
|
|
4.75%–5.00%
|
|
4.96
|
%
|
|
July 15, 2018 – August 15, 2019
|
|
|
5.5
|
|
43,820
|
|
|
4.75%–5.00%
|
|
4.77
|
%
|
|
February 15, 2019 – August 15, 2019
|
|
|
6.5
|
|
1,800
|
|
|
5.50%
|
|
5.50
|
%
|
|
February 15, 2020
|
|
|
7
|
|
47,227
|
|
|
5.25%–5.75%
|
|
5.50
|
%
|
|
July 15, 2020 – March 15, 2021
|
|
|
7.5
|
|
1,996
|
|
|
5.75%
|
|
5.75
|
%
|
|
February 15, 2021
|
|
|
10
|
|
13,691
|
|
|
5.75%–6.50%
|
|
6.02
|
%
|
|
January 15, 2024 – March 15, 2024
|
|
|
12
|
|
2,978
|
|
|
6.00%
|
|
6.00
|
%
|
|
November 15, 2025 – December 15, 2025
|
|
|
15
|
|
2,495
|
|
|
6.00%
|
|
6.00
|
%
|
|
August 15, 2028 – November 15, 2028
|
|
|
18
|
|
4,062
|
|
|
6.00%–6.25%
|
|
6.21
|
%
|
|
July 15, 2031 – August 15, 2031
|
|
|
20
|
|
2,791
|
|
|
6.00%
|
|
6.00
|
%
|
|
September 15, 2033 – October 15, 2033
|
|
|
25
|
|
24,382
|
|
|
6.25%–6.50%
|
|
6.45
|
%
|
|
August 15, 2038 – March 15, 2039
|
|
|
30
|
|
20,150
|
|
|
6.50%–6.75%
|
|
6.60
|
%
|
|
July 15, 2043 – October 15, 2043
|
|
|
|
|
$
|
407,208
|
|
|
|
|
|
|
|
|
|
Tenor at
Origination
(in years)
|
|
Principal
Amount
|
|
Interest Rate
Range
|
|
Weighted
Average
Interest Rate
|
|
Maturity Date Range
|
|||
|
3
|
|
$
|
5,710
|
|
|
4.00%
|
|
4.00
|
%
|
|
October 15, 2016
|
|
3.5
|
|
3,109
|
|
|
4.00%
|
|
4.00
|
%
|
|
April 15, 2017
|
|
|
4
|
|
45,690
|
|
|
3.75%–4.00%
|
|
3.92
|
%
|
|
November 15, 2017 – May 15, 2018
|
|
|
5
|
|
212,784
|
|
|
4.25%–5.00%
|
|
4.91
|
%
|
|
July 15, 2018 – August 15, 2019
|
|
|
5.5
|
|
78,787
|
|
|
4.25%–5.00%
|
|
4.60
|
%
|
|
February 15, 2019 – September 15, 2020
|
|
|
6.5
|
|
1,800
|
|
|
5.50%
|
|
5.50
|
%
|
|
February 15, 2020
|
|
|
7
|
|
185,497
|
|
|
4.00%–5.85%
|
|
5.13
|
%
|
|
September 15, 2019 – May 15, 2021
|
|
|
7.5
|
|
1,996
|
|
|
5.75%
|
|
5.75
|
%
|
|
February 15, 2021
|
|
|
10
|
|
36,925
|
|
|
3.27%–7.00%
|
|
6.11
|
%
|
|
March 15, 2022 – May 15, 2024
|
|
|
12
|
|
2,978
|
|
|
6.00%
|
|
6.00
|
%
|
|
November 15, 2025 – December 15, 2025
|
|
|
15
|
|
17,400
|
|
|
5.00%–6.00%
|
|
5.14
|
%
|
|
May 15, 2028 – November 15, 2028
|
|
|
18
|
|
22,804
|
|
|
4.125%–6.25%
|
|
5.52
|
%
|
|
December 15, 2030 – August 15, 2031
|
|
|
20
|
|
4,630
|
|
|
5.75%–6.00%
|
|
5.90
|
%
|
|
November 15, 2032 – October 15, 2033
|
|
|
25
|
|
36,579
|
|
|
6.25%–6.50%
|
|
6.39
|
%
|
|
August 15, 2038 – May 15, 2039
|
|
|
30
|
|
122,029
|
|
|
5.50%–6.75%
|
|
6.23
|
%
|
|
November 15, 2042 – October 15, 2043
|
|
|
|
|
$
|
778,718
|
|
|
|
|
|
|
|
|
|
Tenor at
Origination
(in years)
|
|
Principal
Amount
|
|
Interest Rate
Range
|
|
Weighted
Average
Interest Rate
|
|
Maturity Date Range
|
|||
|
3
|
|
$
|
5,710
|
|
|
4.00%
|
|
4.00
|
%
|
|
October 15, 2016
|
|
3.5
|
|
3,149
|
|
|
4.00%
|
|
4.00
|
%
|
|
April 15, 2017
|
|
|
4
|
|
45,751
|
|
|
3.75%–4.00%
|
|
3.92
|
%
|
|
November 15, 2017 – May 15, 2018
|
|
|
5
|
|
212,915
|
|
|
4.25%–5.00%
|
|
4.91
|
%
|
|
July 15, 2018 – August 15, 2019
|
|
|
5.5
|
|
3,820
|
|
|
5.00%
|
|
5.00
|
%
|
|
February 15, 2019
|
|
|
6.5
|
|
1,800
|
|
|
5.50%
|
|
5.50
|
%
|
|
February 15, 2020
|
|
|
7
|
|
256,903
|
|
|
4.00%–6.55%
|
|
5.39
|
%
|
|
June 15, 2019 – May 15, 2021
|
|
|
7.5
|
|
1,996
|
|
|
5.75%
|
|
5.75
|
%
|
|
February 15, 2021
|
|
|
10
|
|
41,952
|
|
|
3.23%–7.00%
|
|
6.18
|
%
|
|
March 15, 2022 – May 15, 2024
|
|
|
12
|
|
2,978
|
|
|
6.00%
|
|
6.00
|
%
|
|
November 15, 2025 – December 15, 2025
|
|
|
15
|
|
17,465
|
|
|
5.00%–6.00%
|
|
5.14
|
%
|
|
May 15, 2028 – November 15, 2028
|
|
|
18
|
|
25,435
|
|
|
4.125%–6.25%
|
|
5.49
|
%
|
|
December 15, 2030 – August 15, 2031
|
|
|
20
|
|
5,847
|
|
|
5.625%–6.00%
|
|
5.85
|
%
|
|
November 15, 2032 – October 15, 2033
|
|
|
25
|
|
34,886
|
|
|
6.25%–6.50%
|
|
6.39
|
%
|
|
August 15, 2038 – May 15, 2039
|
|
|
30
|
|
125,063
|
|
|
5.50%–6.75%
|
|
6.22
|
%
|
|
November 15, 2042 – October 15, 2043
|
|
|
|
|
$
|
785,670
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||
|
|
Maximum Draw Amount
|
|
Amount Outstanding
|
|
Maximum Draw Amount
|
|
Amount Outstanding
|
||||||||
|
Revolving Credit Facility
|
$
|
885,000
|
|
|
$
|
317,700
|
|
|
$
|
857,500
|
|
|
$
|
92,000
|
|
|
Convertible Notes
|
1,239,500
|
|
|
1,239,500
|
|
|
1,247,500
|
|
|
1,247,500
|
|
||||
|
Public Notes
|
648,045
|
|
|
648,045
|
|
|
647,881
|
|
|
647,881
|
|
||||
|
Prospect Capital InterNotes
®
|
778,718
|
|
|
778,718
|
|
|
785,670
|
|
|
785,670
|
|
||||
|
Total
|
$
|
3,551,263
|
|
|
$
|
2,983,963
|
|
|
$
|
3,538,551
|
|
|
$
|
2,773,051
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Less than 1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
After 5 Years
|
||||||||||
|
Revolving Credit Facility
|
$
|
317,700
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
317,700
|
|
|
$
|
—
|
|
|
Convertible Notes
|
1,239,500
|
|
|
150,000
|
|
|
497,500
|
|
|
200,000
|
|
|
392,000
|
|
|||||
|
Public Notes
|
648,045
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
|
348,045
|
|
|||||
|
Prospect Capital InterNotes
®
|
778,718
|
|
|
—
|
|
|
45,750
|
|
|
276,962
|
|
|
456,006
|
|
|||||
|
Total Contractual Obligations
|
$
|
2,983,963
|
|
|
$
|
150,000
|
|
|
$
|
543,250
|
|
|
$
|
1,094,662
|
|
|
$
|
1,196,051
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Less than 1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
After 5 Years
|
||||||||||
|
Revolving Credit Facility
|
$
|
92,000
|
|
|
$
|
—
|
|
|
$
|
92,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Convertible Notes
|
1,247,500
|
|
|
—
|
|
|
317,500
|
|
|
530,000
|
|
|
400,000
|
|
|||||
|
Public Notes
|
647,881
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
647,881
|
|
|||||
|
Prospect Capital InterNotes
®
|
785,670
|
|
|
—
|
|
|
8,859
|
|
|
261,456
|
|
|
515,355
|
|
|||||
|
Total Contractual Obligations
|
$
|
2,773,051
|
|
|
$
|
—
|
|
|
$
|
418,359
|
|
|
$
|
791,456
|
|
|
$
|
1,563,236
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Revolving Credit Facility(1)
|
$
|
—
|
|
|
$
|
317,700
|
|
|
$
|
—
|
|
|
$
|
317,700
|
|
|
Convertible Notes(2)
|
—
|
|
|
1,246,495
|
|
|
—
|
|
|
1,246,495
|
|
||||
|
Public Notes(2)
|
—
|
|
|
677,964
|
|
|
—
|
|
|
677,964
|
|
||||
|
Prospect Capital InterNotes®(3)
|
—
|
|
|
801,135
|
|
|
—
|
|
|
801,135
|
|
||||
|
Total
|
$
|
—
|
|
|
$
|
3,043,294
|
|
|
$
|
—
|
|
|
$
|
3,043,294
|
|
|
(1)
|
The carrying value of our Revolving Credit Facility approximates the fair value.
|
|
(2)
|
We use available market quotes to estimate the fair value of the Convertible Notes and Public Notes.
|
|
(3)
|
The fair value of our Prospect Capital InterNotes® is estimated by discounting remaining payments using current Treasury rates.
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
Revolving Credit Facility(1)
|
$
|
—
|
|
|
$
|
92,000
|
|
|
$
|
—
|
|
|
$
|
92,000
|
|
|
Convertible Notes(2)
|
—
|
|
|
1,293,495
|
|
|
—
|
|
|
1,293,495
|
|
||||
|
Public Notes(2)
|
—
|
|
|
679,816
|
|
|
—
|
|
|
679,816
|
|
||||
|
Prospect Capital InterNotes®(3)
|
—
|
|
|
799,631
|
|
|
—
|
|
|
799,631
|
|
||||
|
Total
|
$
|
—
|
|
|
$
|
2,864,942
|
|
|
$
|
—
|
|
|
$
|
2,864,942
|
|
|
(1)
|
The carrying value of our Revolving Credit Facility approximates the fair value.
|
|
(2)
|
We use available market quotes to estimate the fair value of the Convertible Notes and Public Notes.
|
|
(3)
|
The fair value of our Prospect Capital InterNotes® is estimated by discounting remaining payments using current Treasury rates.
|
|
Issuances of Common Stock
|
|
Number of
Shares Issued
|
|
Gross
Proceeds
|
|
Underwriting
Fees
|
|
Offering
Expenses
|
|
Average
Offering Price
|
|||||||||
|
During the nine months ended March 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
July 5, 2013 – August 21, 2013(1)
|
|
9,818,907
|
|
|
$
|
107,725
|
|
|
$
|
902
|
|
|
$
|
169
|
|
|
$
|
10.97
|
|
|
August 2, 2013(2)
|
|
1,918,342
|
|
|
21,006
|
|
|
—
|
|
|
—
|
|
|
$
|
10.95
|
|
|||
|
August 29, 2013 – November 4, 2013(1)
|
|
24,127,242
|
|
|
272,114
|
|
|
2,703
|
|
|
414
|
|
|
$
|
11.28
|
|
|||
|
November 12, 2013 – February 5, 2014(1)
|
|
27,301,889
|
|
|
307,045
|
|
|
3,068
|
|
|
436
|
|
|
$
|
11.25
|
|
|||
|
February 10, 2014 – March 31, 2014(1)
|
|
19,095,226
|
|
|
212,155
|
|
|
2,035
|
|
|
168
|
|
|
$
|
11.11
|
|
|||
|
March 31, 2014(2)
|
|
2,306,294
|
|
|
24,908
|
|
|
—
|
|
|
—
|
|
|
$
|
10.80
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
During the nine months ended March 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
September 11, 2014 – November 3, 2014(1)
|
|
9,490,975
|
|
|
95,149
|
|
|
474
|
|
|
175
|
|
|
$
|
10.03
|
|
|||
|
November 17, 2014 – December 3, 2014(1)
|
|
5,354,581
|
|
|
51,678
|
|
|
268
|
|
|
410
|
|
|
$
|
9.65
|
|
|||
|
(1)
|
Shares were issued in connection with our at-the-market offering program which we enter into from time to time with various counterparties.
|
|
(2)
|
On
August 2, 2013
and
March 31, 2014
, we issued
1,918,342
and
2,306,294
shares of our common stock, respectively, in conjunction with our investments in
CP Holdings of Delaware LLC
and
Harbortouch Holdings of Delaware Inc.
, controlled portfolio companies.
|
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Amount Per Share
|
|
Amount Distributed (in thousands)
|
||||
|
5/6/2013
|
|
7/31/2013
|
|
8/22/2013
|
|
$
|
0.110175
|
|
|
$
|
28,001
|
|
|
5/6/2013
|
|
8/30/2013
|
|
9/19/2013
|
|
0.110200
|
|
|
28,759
|
|
||
|
6/17/2013
|
|
9/30/2013
|
|
10/24/2013
|
|
0.110225
|
|
|
29,915
|
|
||
|
6/17/2013
|
|
10/31/2013
|
|
11/21/2013
|
|
0.110250
|
|
|
31,224
|
|
||
|
6/17/2013
|
|
11/29/2013
|
|
12/19/2013
|
|
0.110275
|
|
|
32,189
|
|
||
|
6/17/2013
|
|
12/31/2013
|
|
1/23/2014
|
|
0.110300
|
|
|
33,229
|
|
||
|
8/21/2013
|
|
1/31/2014
|
|
2/20/2014
|
|
0.110325
|
|
|
34,239
|
|
||
|
8/21/2013
|
|
2/28/2014
|
|
3/20/2014
|
|
0.110350
|
|
|
35,509
|
|
||
|
8/21/2013
|
|
3/31/2014
|
|
4/17/2014
|
|
0.110375
|
|
|
36,810
|
|
||
|
Total declared and payable for the nine months ended March 31, 2014
|
|
|
$
|
289,875
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
||||
|
2/3/2014
|
|
7/31/2014
|
|
8/21/2014
|
|
$
|
0.110475
|
|
|
$
|
37,863
|
|
|
2/3/2014
|
|
8/29/2014
|
|
9/18/2014
|
|
0.110500
|
|
|
37,885
|
|
||
|
2/3/2014
|
|
9/30/2014
|
|
10/22/2014
|
|
0.110525
|
|
|
38,519
|
|
||
|
5/6/2014
|
|
10/31/2014
|
|
11/20/2014
|
|
0.110550
|
|
|
38,977
|
|
||
|
5/6/2014
|
|
11/28/2014
|
|
12/18/2014
|
|
0.110575
|
|
|
39,583
|
|
||
|
5/6/2014
|
|
12/31/2014
|
|
1/22/2015
|
|
0.110600
|
|
|
39,623
|
|
||
|
9/24/2014
|
|
1/30/2015
|
|
2/19/2015
|
|
0.110625
|
|
|
39,648
|
|
||
|
12/8/2014
|
|
2/27/2015
|
|
3/19/2015
|
|
0.083330
|
|
|
29,878
|
|
||
|
12/8/2014
|
|
3/31/2015
|
|
4/23/2015
|
|
0.083330
|
|
|
29,887
|
|
||
|
Total declared and payable for the nine months ended March 31, 2015
|
|
|
$
|
331,863
|
|
|||||||
|
•
|
$0.08333 per share for April 2015 to holders of record on April 30, 2015 with a payment date of May 21, 2015.
|
|
|
Three Months Ended
March 31, |
|
Nine Months Ended
March 31, |
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Structuring and amendment fees (refer to Note 3)
|
$
|
3,380
|
|
|
$
|
24,522
|
|
|
$
|
24,988
|
|
|
$
|
54,321
|
|
|
Recovery of legal costs from prior periods from legal settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
5,000
|
|
||||
|
Royalty interests
|
1,390
|
|
|
1,704
|
|
|
3,218
|
|
|
4,316
|
|
||||
|
Administrative agent fees
|
216
|
|
|
135
|
|
|
494
|
|
|
343
|
|
||||
|
Total Other Income
|
$
|
4,986
|
|
|
$
|
26,361
|
|
|
$
|
28,700
|
|
|
$
|
63,980
|
|
|
|
Three Months Ended
March 31, |
|
Nine Months Ended
March 31, |
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Net increase in net assets resulting from operations
|
$
|
81,492
|
|
|
$
|
82,101
|
|
|
$
|
251,570
|
|
|
$
|
247,363
|
|
|
Weighted average common shares outstanding
|
358,449,304
|
|
|
316,388,733
|
|
|
351,922,217
|
|
|
286,949,781
|
|
||||
|
Net increase in net assets resulting from operations per share
|
$
|
0.23
|
|
|
$
|
0.26
|
|
|
$
|
0.71
|
|
|
$
|
0.86
|
|
|
|
|
Tax Year Ended August 31,
|
||||||||||
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Ordinary income
|
|
$
|
413,051
|
|
|
$
|
282,621
|
|
|
$
|
147,204
|
|
|
Capital gain
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Return of capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total dividends paid to shareholders
|
|
$
|
413,051
|
|
|
$
|
282,621
|
|
|
$
|
147,204
|
|
|
|
|
Tax Year Ended August 31,
|
||||||||||
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
Net increase in net assets resulting from operations
|
|
$
|
317,671
|
|
|
$
|
238,721
|
|
|
$
|
208,331
|
|
|
Net realized loss (gain) on investments
|
|
28,244
|
|
|
24,632
|
|
|
(38,363
|
)
|
|||
|
Net unrealized depreciation on investments
|
|
24,638
|
|
|
77,835
|
|
|
32,367
|
|
|||
|
Other temporary book-to-tax differences
|
|
(9,122
|
)
|
|
(6,994
|
)
|
|
(1,132
|
)
|
|||
|
Permanent differences
|
|
(4,317
|
)
|
|
5,939
|
|
|
(6,103
|
)
|
|||
|
Taxable income before deductions for distributions
|
|
$
|
357,114
|
|
|
$
|
340,133
|
|
|
$
|
195,100
|
|
|
•
|
No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate;
|
|
•
|
100.00% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hurdle rate); and
|
|
•
|
20.00% of the amount of our pre-incentive fee net investment income, if any, that exceeds 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hurdle rate).
|
|
Three Months Ended March 31, 2014
|
$
|
147
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
446
|
|
|
|
Nine Months Ended March 31, 2015
|
47,580
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
7,000
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
12,000
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
885
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
2,249
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
295
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
295
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
825
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
2,572
|
|
|
|
Nine Months Ended March 31, 2015
|
576
|
|
|
|
June 30, 2014
|
$
|
920
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
75
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
300
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
75
|
|
|
|
June 30, 2014
|
$
|
75
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
730
|
|
|
|
June 30, 2014
|
$
|
11
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
6,020
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
8,810
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
4,746
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
13,928
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
4,084
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
3,047
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
12,205
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
728
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
4,529
|
|
|
|
June 30, 2014
|
$
|
54
|
|
|
March 31, 2015
|
34
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
385
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
999
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
265
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
1,078
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
148
|
|
|
Three Months Ended March 31, 2015
|
148
|
|
|
|
Nine Months Ended March 31, 2014
|
489
|
|
|
|
Nine Months Ended March 31, 2015
|
443
|
|
|
|
June 30, 2014
|
$
|
148
|
|
|
March 31, 2015
|
148
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
744
|
|
|
Three Months Ended March 31, 2015
|
83
|
|
|
|
Nine Months Ended March 31, 2014
|
1,774
|
|
|
|
Nine Months Ended March 31, 2015
|
189
|
|
|
|
June 30, 2014
|
$
|
202
|
|
|
March 31, 2015
|
115
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1,657
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
5,045
|
|
|
|
June 30, 2014
|
$
|
18
|
|
|
March 31, 2015
|
18
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
25
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
75
|
|
|
|
June 30, 2014
|
$
|
15
|
|
|
March 31, 2015
|
25
|
|
|
|
June 30, 2014
|
$
|
6
|
|
|
March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
2
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
100
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
300
|
|
|
|
Nine Months Ended March 31, 2015
|
19,337
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
1,029
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
309
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
513
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
1,566
|
|
|
|
Nine Months Ended March 31, 2015
|
956
|
|
|
|
June 30, 2014
|
$
|
6
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
45
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
135
|
|
|
|
Nine Months Ended March 31, 2015
|
45
|
|
|
|
June 30, 2014
|
$
|
45
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
17
|
|
|
|
Nine Months Ended March 31, 2015
|
1,391
|
|
|
|
June 30, 2014
|
$
|
2
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
113
|
|
|
Three Months Ended March 31, 2015
|
113
|
|
|
|
Nine Months Ended March 31, 2014
|
338
|
|
|
|
Nine Months Ended March 31, 2015
|
338
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
990
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
500
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
500
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
383
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
1,147
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
142
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
557
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
436
|
|
|
Three Months Ended March 31, 2015
|
841
|
|
|
|
Nine Months Ended March 31, 2014
|
1,332
|
|
|
|
Nine Months Ended March 31, 2015
|
2,495
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
152
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
446
|
|
|
|
June 30, 2014
|
$
|
9
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
71
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
60
|
|
|
Three Months Ended March 31, 2015
|
60
|
|
|
|
Nine Months Ended March 31, 2014
|
180
|
|
|
|
Nine Months Ended March 31, 2015
|
180
|
|
|
|
June 30, 2014
|
$
|
60
|
|
|
March 31, 2015
|
60
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
177
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
243
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
10
|
|
|
March 31, 2015
|
1
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
3,409
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
8,121
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
619
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
1,664
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
4,037
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
12,273
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1,075
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
1,075
|
|
|
|
June 30, 2014
|
$
|
45
|
|
|
March 31, 2015
|
45
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
75
|
|
|
Three Months Ended March 31, 2015
|
75
|
|
|
|
Nine Months Ended March 31, 2014
|
200
|
|
|
|
Nine Months Ended March 31, 2015
|
225
|
|
|
|
June 30, 2014
|
$
|
75
|
|
|
March 31, 2015
|
75
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
60
|
|
|
|
Nine Months Ended March 31, 2014
|
609
|
|
|
|
Nine Months Ended March 31, 2015
|
60
|
|
|
|
June 30, 2014
|
$
|
4
|
|
|
March 31, 2015
|
1
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
300
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
300
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
2,943
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
7,596
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
2,000
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
5,000
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
1,905
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
5,819
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1,824
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
5,538
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
300
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
300
|
|
|
|
June 30, 2014
|
$
|
20
|
|
|
March 31, 2015
|
20
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
147
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
380
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
608
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
608
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
175
|
|
|
Three Months Ended March 31, 2015
|
175
|
|
|
|
Nine Months Ended March 31, 2014
|
525
|
|
|
|
Nine Months Ended March 31, 2015
|
525
|
|
|
|
June 30, 2014
|
$
|
175
|
|
|
March 31, 2015
|
175
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
15
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
126
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
38
|
|
|
March 31, 2015
|
30
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
31
|
|
|
Three Months Ended March 31, 2015
|
1,428
|
|
|
|
Nine Months Ended March 31, 2014
|
31
|
|
|
|
Nine Months Ended March 31, 2015
|
5,451
|
|
|
|
June 30, 2014
|
$
|
2,809
|
|
|
March 31, 2015
|
968
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
125
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
250
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
63
|
|
|
|
June 30, 2014
|
$
|
63
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
662
|
|
|
Three Months Ended March 31, 2015
|
206
|
|
|
|
Nine Months Ended March 31, 2014
|
662
|
|
|
|
Nine Months Ended March 31, 2015
|
211
|
|
|
|
June 30, 2014
|
$
|
78
|
|
|
March 31, 2015
|
5
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
8,500
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
5,368
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
45
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
135
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
June 30, 2014
|
$
|
45
|
|
|
March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
9,524
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
25,766
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
3,755
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
14,913
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
13,663
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
40,737
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
14,334
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
38,921
|
|
|
|
June 30, 2014
|
$
|
119
|
|
|
March 31, 2015
|
154
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
664
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
2,045
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
600
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
1,800
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
600
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
1,800
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
16
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
243
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
June 30, 2014
|
$
|
37
|
|
|
March 31, 2015
|
11
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
157
|
|
|
Three Months Ended March 31, 2015
|
157
|
|
|
|
Nine Months Ended March 31, 2014
|
481
|
|
|
|
Nine Months Ended March 31, 2015
|
480
|
|
|
|
June 30, 2014
|
$
|
2
|
|
|
March 31, 2015
|
2
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
422
|
|
|
Three Months Ended March 31, 2015
|
422
|
|
|
|
Nine Months Ended March 31, 2014
|
596
|
|
|
|
Nine Months Ended March 31, 2015
|
1,286
|
|
|
|
June 30, 2014
|
$
|
5
|
|
|
March 31, 2015
|
5
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
520
|
|
|
Three Months Ended March 31, 2015
|
520
|
|
|
|
Nine Months Ended March 31, 2014
|
688
|
|
|
|
Nine Months Ended March 31, 2015
|
1,583
|
|
|
|
June 30, 2014
|
$
|
6
|
|
|
March 31, 2015
|
6
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
75
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
225
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
75
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1
|
|
|
|
Nine Months Ended March 31, 2014
|
38
|
|
|
|
Nine Months Ended March 31, 2015
|
1
|
|
|
|
June 30, 2014
|
$
|
1
|
|
|
March 31, 2015
|
1
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
547
|
|
|
Three Months Ended March 31, 2015
|
324
|
|
|
|
Nine Months Ended March 31, 2014
|
896
|
|
|
|
Nine Months Ended March 31, 2015
|
1,370
|
|
|
|
June 30, 2014
|
$
|
6
|
|
|
March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
342
|
|
|
March 31, 2015
|
1
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1,914
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
3,554
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
41
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
41
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
55
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
55
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
33
|
|
|
Three Months Ended March 31, 2015
|
7,502
|
|
|
|
Nine Months Ended March 31, 2014
|
33
|
|
|
|
Nine Months Ended March 31, 2015
|
22,092
|
|
|
|
June 30, 2014
|
$
|
1,962
|
|
|
March 31, 2015
|
7,714
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
125
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
375
|
|
|
|
June 30, 2014
|
$
|
125
|
|
|
March 31, 2015
|
125
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
1,761
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
1,761
|
|
|
|
Nine Months Ended March 31, 2015
|
31
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
2
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
6
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
473
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
601
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
737
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
1,033
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
2,224
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
177
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
149
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
486
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
456
|
|
|
Three Months Ended March 31, 2015
|
1,259
|
|
|
|
Nine Months Ended March 31, 2014
|
983
|
|
|
|
Nine Months Ended March 31, 2015
|
3,874
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
127
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
127
|
|
|
|
June 30, 2014
|
$
|
14
|
|
|
March 31, 2015
|
14
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
75
|
|
|
Three Months Ended March 31, 2015
|
75
|
|
|
|
Nine Months Ended March 31, 2014
|
150
|
|
|
|
Nine Months Ended March 31, 2015
|
235
|
|
|
|
June 30, 2014
|
$
|
75
|
|
|
March 31, 2015
|
75
|
|
|
|
June 30, 2014
|
$
|
10
|
|
|
March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
12
|
|
|
Three Months Ended March 31, 2015
|
121
|
|
|
|
Nine Months Ended March 31, 2014
|
490
|
|
|
|
Nine Months Ended March 31, 2015
|
121
|
|
|
|
June 30, 2014
|
$
|
5
|
|
|
March 31, 2015
|
3
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
2,696
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
2,696
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
2,832
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
2,838
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
432
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
432
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
4,832
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
14,775
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1,738
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
3,056
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
55
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
3,293
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
3,293
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
48
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
278
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
278
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
506
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
1,150
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
128
|
|
|
Three Months Ended March 31, 2015
|
128
|
|
|
|
Nine Months Ended March 31, 2014
|
128
|
|
|
|
Nine Months Ended March 31, 2015
|
383
|
|
|
|
June 30, 2014
|
$
|
128
|
|
|
March 31, 2015
|
128
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
7
|
|
|
Three Months Ended March 31, 2015
|
649
|
|
|
|
Nine Months Ended March 31, 2014
|
7
|
|
|
|
Nine Months Ended March 31, 2015
|
709
|
|
|
|
June 30, 2014
|
$
|
13
|
|
|
March 31, 2015
|
66
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
1,984
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
5,694
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
5,000
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
5,000
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1,139
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
2,444
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
1,067
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
3,245
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
741
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
2,256
|
|
|
|
June 30, 2014
|
$
|
8
|
|
|
March 31, 2015
|
8
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
99
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
285
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
100
|
|
|
Three Months Ended March 31, 2015
|
100
|
|
|
|
Nine Months Ended March 31, 2014
|
300
|
|
|
|
Nine Months Ended March 31, 2015
|
300
|
|
|
|
June 30, 2014
|
$
|
100
|
|
|
March 31, 2015
|
100
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
17
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
228
|
|
|
|
Nine Months Ended March 31, 2015
|
4
|
|
|
|
June 30, 2014
|
$
|
2
|
|
|
March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
16
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
192
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
375
|
|
|
Three Months Ended March 31, 2015
|
130
|
|
|
|
Nine Months Ended March 31, 2014
|
1,480
|
|
|
|
Nine Months Ended March 31, 2015
|
393
|
|
|
|
June 30, 2014
|
$
|
1
|
|
|
March 31, 2015
|
1
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
245
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
749
|
|
|
|
June 30, 2014
|
$
|
3
|
|
|
March 31, 2015
|
3
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
100
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
300
|
|
|
March 31, 2015
|
600
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
15
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
15
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
1
|
|
|
March 31, 2015
|
1
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
75
|
|
|
Three Months Ended March 31, 2015
|
75
|
|
|
|
Nine Months Ended March 31, 2014
|
1,026
|
|
|
|
Nine Months Ended March 31, 2015
|
224
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
789
|
|
|
Three Months Ended March 31, 2015
|
761
|
|
|
|
Nine Months Ended March 31, 2014
|
2,428
|
|
|
|
Nine Months Ended March 31, 2015
|
2,281
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
45
|
|
|
Three Months Ended March 31, 2015
|
45
|
|
|
|
Nine Months Ended March 31, 2014
|
135
|
|
|
|
Nine Months Ended March 31, 2015
|
135
|
|
|
|
June 30, 2014
|
$
|
45
|
|
|
March 31, 2015
|
45
|
|
|
|
June 30, 2014
|
$
|
2
|
|
|
March 31, 2015
|
2
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
510
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
510
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
548
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
548
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
173
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
173
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
1,674
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
4,134
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
162
|
|
|
|
June 30, 2014
|
$
|
6
|
|
|
March 31, 2015
|
19
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
69
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
69
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
320
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
50
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
50
|
|
|
|
Nine Months Ended March 31, 2015
|
100
|
|
|
|
June 30, 2014
|
$
|
50
|
|
|
March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
50
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
41
|
|
|
Three Months Ended March 31, 2015
|
104
|
|
|
|
Nine Months Ended March 31, 2014
|
41
|
|
|
|
Nine Months Ended March 31, 2015
|
177
|
|
|
|
June 30, 2014
|
$
|
32
|
|
|
March 31, 2015
|
9
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
50
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
150
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
867
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
2,303
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
1,613
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
4,792
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
802
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
2,386
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
972
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
2,906
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
454
|
|
|
|
Nine Months Ended March 31, 2014
|
—
|
|
|
|
Nine Months Ended March 31, 2015
|
1,335
|
|
|
|
June 30, 2014
|
$
|
45
|
|
|
March 31, 2015
|
546
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
264
|
|
|
Three Months Ended March 31, 2015
|
268
|
|
|
|
Nine Months Ended March 31, 2014
|
806
|
|
|
|
Nine Months Ended March 31, 2015
|
812
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
63
|
|
|
Three Months Ended March 31, 2015
|
64
|
|
|
|
Nine Months Ended March 31, 2014
|
192
|
|
|
|
Nine Months Ended March 31, 2015
|
194
|
|
|
|
June 30, 2014
|
$
|
3
|
|
|
March 31, 2015
|
3
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
43
|
|
|
Three Months Ended March 31, 2015
|
N/A
|
|
|
|
Nine Months Ended March 31, 2014
|
115
|
|
|
|
Nine Months Ended March 31, 2015
|
N/A
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
75
|
|
|
Three Months Ended March 31, 2015
|
75
|
|
|
|
Nine Months Ended March 31, 2014
|
225
|
|
|
|
Nine Months Ended March 31, 2015
|
225
|
|
|
|
June 30, 2014
|
$
|
75
|
|
|
March 31, 2015
|
75
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
—
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
86
|
|
|
|
Nine Months Ended March 31, 2015
|
18
|
|
|
|
June 30, 2014
|
$
|
—
|
|
|
March 31, 2015
|
2
|
|
|
|
June 30, 2014
|
$
|
6
|
|
|
March 31, 2015
|
—
|
|
|
|
June 30, 2014
|
$
|
6
|
|
|
March 31, 2015
|
9
|
|
|
|
Three Months Ended March 31, 2014
|
$
|
101
|
|
|
Three Months Ended March 31, 2015
|
—
|
|
|
|
Nine Months Ended March 31, 2014
|
101
|
|
|
|
Nine Months Ended March 31, 2015
|
—
|
|
|
|
|
Three Months Ended
March 31, |
|
Nine Months Ended
March 31, |
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Per Share Data
|
|
|
|
|
|
|
|
||||||||
|
Net asset value at beginning of period
|
$
|
10.35
|
|
|
$
|
10.73
|
|
|
$
|
10.56
|
|
|
$
|
10.72
|
|
|
Net investment income(1)
|
0.24
|
|
|
0.31
|
|
|
0.78
|
|
|
0.95
|
|
||||
|
Net realized gains (losses) on investments(1)
|
0.01
|
|
|
(0.01
|
)
|
|
(0.44
|
)
|
|
(0.01
|
)
|
||||
|
Net change in unrealized (depreciation) appreciation on investments(1)
|
(0.02
|
)
|
|
(0.04
|
)
|
|
0.37
|
|
|
(0.08
|
)
|
||||
|
Net realized losses on extinguishment of debt(1)
|
—
|
|
(2)
|
—
|
|
|
—
|
|
(2)
|
—
|
|
||||
|
Dividends to shareholders
|
(0.28
|
)
|
|
(0.33
|
)
|
|
(0.94
|
)
|
|
(0.99
|
)
|
||||
|
Common stock transactions(3)
|
—
|
|
|
0.02
|
|
|
(0.03
|
)
|
|
0.09
|
|
||||
|
Net asset value at end of period
|
$
|
10.30
|
|
|
$
|
10.68
|
|
|
$
|
10.30
|
|
|
$
|
10.68
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Per share market value at end of period
|
$
|
8.45
|
|
|
$
|
10.80
|
|
|
$
|
8.45
|
|
|
$
|
10.80
|
|
|
Total return based on market value(4)
|
5.97
|
%
|
|
(0.85
|
%)
|
|
(11.98
|
%)
|
|
9.19
|
%
|
||||
|
Total return based on net asset value(4)
|
3.09
|
%
|
|
2.52
|
%
|
|
8.00
|
%
|
|
8.78
|
%
|
||||
|
Shares of common stock outstanding at end of period
|
358,661,441
|
|
|
333,499,861
|
|
|
358,661,441
|
|
|
333,499,861
|
|
||||
|
Weighted average shares of common stock outstanding
|
358,449,304
|
|
|
316,388,733
|
|
|
351,922,217
|
|
|
286,949,781
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net assets at end of period
|
$
|
3,694,588
|
|
|
$
|
3,561,376
|
|
|
$
|
3,694,588
|
|
|
$
|
3,561,376
|
|
|
Portfolio turnover rate
|
1.65
|
%
|
|
3.63
|
%
|
|
18.65
|
%
|
|
12.59
|
%
|
||||
|
Annualized ratio of operating expenses to average net assets
|
11.23
|
%
|
|
10.81
|
%
|
|
11.63
|
%
|
|
11.00
|
%
|
||||
|
Annualized ratio of net investment income to average net assets
|
9.45
|
%
|
|
11.60
|
%
|
|
9.96
|
%
|
|
11.71
|
%
|
||||
|
(1)
|
Financial highlights are based on the weighted average number of common shares outstanding for the period presented (except for dividends to shareholders which is based on actual rate per share).
|
|
(2)
|
Amount is less than $0.01 per weighted average share.
|
|
(3)
|
Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our dividend reinvestment plan and shares issued to acquire investments.
|
|
(4)
|
Total return based on market value is based on the change in market price per share between the opening and ending market prices per share in each period and assumes that dividends are reinvested in accordance with our dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our dividend reinvestment plan. For periods less than a year, the return is not annualized.
|
|
|
Year Ended June 30,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
Per Share Data
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net asset value at beginning of year
|
$
|
10.72
|
|
|
$
|
10.83
|
|
|
$
|
10.36
|
|
|
$
|
10.30
|
|
|
$
|
12.40
|
|
|
Net investment income(1)
|
1.19
|
|
|
1.57
|
|
|
1.63
|
|
|
1.10
|
|
|
1.13
|
|
|||||
|
Net realized (losses) gains on investments(1)
|
(0.01
|
)
|
|
(0.13
|
)
|
|
0.32
|
|
|
0.19
|
|
|
(0.87
|
)
|
|||||
|
Net change in unrealized (depreciation) appreciation on investments(1)
|
(0.12
|
)
|
|
(0.37
|
)
|
|
(0.28
|
)
|
|
0.09
|
|
|
0.07
|
|
|||||
|
Dividends to shareholders
|
(1.32
|
)
|
|
(1.28
|
)
|
|
(1.22
|
)
|
|
(1.21
|
)
|
|
(1.33
|
)
|
|||||
|
Common stock transactions(2)
|
0.10
|
|
|
0.10
|
|
|
0.02
|
|
|
(0.11
|
)
|
|
(1.22
|
)
|
|||||
|
Fair value of equity issued for Patriot acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.12
|
|
|||||
|
Net asset value at end of year
|
$
|
10.56
|
|
|
$
|
10.72
|
|
|
$
|
10.83
|
|
|
$
|
10.36
|
|
|
$
|
10.30
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Per share market value at end of year
|
$
|
10.63
|
|
|
$
|
10.80
|
|
|
$
|
11.39
|
|
|
$
|
10.11
|
|
|
$
|
9.65
|
|
|
Total return based on market value(3)
|
10.88
|
%
|
|
6.24
|
%
|
|
27.21
|
%
|
|
17.22
|
%
|
|
17.66
|
%
|
|||||
|
Total return based on net asset value(3)
|
10.97
|
%
|
|
10.91
|
%
|
|
18.03
|
%
|
|
12.54
|
%
|
|
(6.82
|
%)
|
|||||
|
Shares of common stock outstanding at end of year
|
342,626,637
|
|
|
247,836,965
|
|
|
139,633,870
|
|
|
107,606,690
|
|
|
69,086,862
|
|
|||||
|
Weighted average shares of common stock outstanding
|
300,283,941
|
|
|
207,069,971
|
|
|
114,394,554
|
|
|
85,978,757
|
|
|
59,429,222
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net assets at end of year
|
$
|
3,618,182
|
|
|
$
|
2,656,494
|
|
|
$
|
1,511,974
|
|
|
$
|
1,114,357
|
|
|
$
|
711,424
|
|
|
Portfolio turnover rate
|
15.21
|
%
|
|
29.24
|
%
|
|
29.06
|
%
|
|
27.63
|
%
|
|
21.61
|
%
|
|||||
|
Annualized ratio of operating expenses to average net assets
|
11.11
|
%
|
|
11.50
|
%
|
|
10.73
|
%
|
|
8.47
|
%
|
|
7.54
|
%
|
|||||
|
Annualized ratio of net investment income to average net assets
|
11.18
|
%
|
|
14.86
|
%
|
|
14.92
|
%
|
|
10.60
|
%
|
|
10.69
|
%
|
|||||
|
(1)
|
Financial highlights are based on the weighted average number of common shares outstanding for the period presented (except for dividends to shareholders which is based on actual rate per share).
|
|
(2)
|
Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our dividend reinvestment plan and shares issued to acquire investments. The fair value of equity issued to acquire portfolio investments from Patriot has been presented separately for the year ended June 30, 2010.
|
|
(3)
|
Total return based on market value is based on the change in market price per share between the opening and ending market prices per share in each period and assumes that dividends are reinvested in accordance with our dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our dividend reinvestment plan.
|
|
|
|
Investment Income
|
|
Net Investment Income
|
|
Net Realized and Unrealized Losses
|
|
Net Increase in Net Assets
from Operations |
||||||||||||||||||||||||
|
Quarter Ended
|
|
Total
|
|
Per Share(1)
|
|
Total
|
|
Per Share(1)
|
|
Total
|
|
Per Share(1)
|
|
Total
|
|
Per Share(1)
|
||||||||||||||||
|
September 30, 2012
|
|
$
|
123,636
|
|
|
$
|
0.76
|
|
|
$
|
74,027
|
|
|
$
|
0.46
|
|
|
$
|
(26,778
|
)
|
|
$
|
(0.17
|
)
|
|
$
|
47,249
|
|
|
$
|
0.29
|
|
|
December 31, 2012
|
|
166,035
|
|
|
0.85
|
|
|
99,216
|
|
|
0.51
|
|
|
(52,727
|
)
|
|
(0.27
|
)
|
|
46,489
|
|
|
0.24
|
|
||||||||
|
March 31, 2013
|
|
120,195
|
|
|
0.53
|
|
|
59,585
|
|
|
0.26
|
|
|
(15,156
|
)
|
|
(0.07
|
)
|
|
44,429
|
|
|
0.20
|
|
||||||||
|
June 30, 2013
|
|
166,470
|
|
|
0.68
|
|
|
92,096
|
|
|
0.38
|
|
|
(9,407
|
)
|
|
(0.04
|
)
|
|
82,689
|
|
|
0.34
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
September 30, 2013
|
|
161,034
|
|
|
0.62
|
|
|
82,337
|
|
|
0.32
|
|
|
(2,437
|
)
|
|
(0.01
|
)
|
|
79,900
|
|
|
0.31
|
|
||||||||
|
December 31, 2013
|
|
178,090
|
|
|
0.62
|
|
|
92,215
|
|
|
0.32
|
|
|
(6,853
|
)
|
|
(0.02
|
)
|
|
85,362
|
|
|
0.30
|
|
||||||||
|
March 31, 2014
|
|
190,327
|
|
|
0.60
|
|
|
98,523
|
|
|
0.31
|
|
|
(16,422
|
)
|
|
(0.05
|
)
|
|
82,101
|
|
|
0.26
|
|
||||||||
|
June 30, 2014
|
|
182,840
|
|
|
0.54
|
|
|
84,148
|
|
|
0.25
|
|
|
(12,491
|
)
|
|
(0.04
|
)
|
|
71,657
|
|
|
0.21
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
September 30, 2014
|
|
202,021
|
|
|
0.59
|
|
|
94,463
|
|
|
0.28
|
|
|
(10,355
|
)
|
|
(0.04
|
)
|
|
84,108
|
|
|
0.24
|
|
||||||||
|
December 31, 2014
|
|
198,883
|
|
|
0.56
|
|
|
91,325
|
|
|
0.26
|
|
|
(5,355
|
)
|
|
(0.02
|
)
|
|
85,970
|
|
|
0.24
|
|
||||||||
|
March 31, 2015
|
|
191,350
|
|
|
0.53
|
|
|
87,441
|
|
|
0.24
|
|
|
(5,949
|
)
|
|
(0.01
|
)
|
|
81,492
|
|
|
0.23
|
|
||||||||
|
(1)
|
Per share amounts are calculated using the weighted average number of common shares outstanding for the period presented. As such, the sum of the quarterly per share amounts above will not necessarily equal the per share amounts for the fiscal year.
|
|
•
|
$0.08333 per share for May 2015 to holders of record on May 29, 2015 with a payment date of June 18, 2015;
|
|
•
|
$0.08333 per share for June 2015 to holders of record on June 30, 2015 with a payment date of July 23, 2015;
|
|
•
|
$0.08333 per share for July 2015 to holders of record on July 31, 2015 with a payment date of August 20, 2015; and
|
|
•
|
$0.08333 per share for August 2015 to holders of record on August 31, 2015 with a payment date of September 17, 2015.
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||||||||
|
Level of Control
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
||||||||||||
|
Control Investments
|
$
|
1,792,504
|
|
27.2
|
%
|
$
|
1,828,211
|
|
27.7
|
%
|
|
$
|
1,719,242
|
|
27.0
|
%
|
$
|
1,640,454
|
|
26.2
|
%
|
|
Affiliate Investments
|
45,370
|
|
0.7
|
%
|
46,273
|
|
0.7
|
%
|
|
31,829
|
|
0.5
|
%
|
32,121
|
|
0.5
|
%
|
||||
|
Non-Control/Non-Affiliate Investments
|
4,752,152
|
|
72.1
|
%
|
4,728,287
|
|
71.6
|
%
|
|
4,620,451
|
|
72.5
|
%
|
4,581,164
|
|
73.3
|
%
|
||||
|
Total Investments
|
$
|
6,590,026
|
|
100.0
|
%
|
$
|
6,602,771
|
|
100.0
|
%
|
|
$
|
6,371,522
|
|
100.0
|
%
|
$
|
6,253,739
|
|
100.0
|
%
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||||||||
|
Type of Investment
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
||||||||||||
|
Revolving Line of Credit
|
$
|
11,850
|
|
0.2
|
%
|
$
|
11,850
|
|
0.2
|
%
|
|
$
|
3,445
|
|
0.1
|
%
|
$
|
2,786
|
|
—
|
%
|
|
Senior Secured Debt
|
3,718,150
|
|
56.4
|
%
|
3,657,943
|
|
55.4
|
%
|
|
3,578,339
|
|
56.2
|
%
|
3,514,198
|
|
56.2
|
%
|
||||
|
Subordinated Secured Debt
|
1,320,511
|
|
20.0
|
%
|
1,283,682
|
|
19.4
|
%
|
|
1,272,275
|
|
20.0
|
%
|
1,200,221
|
|
19.2
|
%
|
||||
|
Subordinated Unsecured Debt
|
94,353
|
|
1.4
|
%
|
94,353
|
|
1.4
|
%
|
|
85,531
|
|
1.3
|
%
|
85,531
|
|
1.4
|
%
|
||||
|
Small Business Loans
|
40,320
|
|
0.6
|
%
|
38,290
|
|
0.6
|
%
|
|
4,637
|
|
0.1
|
%
|
4,252
|
|
0.1
|
%
|
||||
|
CLO Debt
|
28,485
|
|
0.4
|
%
|
32,958
|
|
0.5
|
%
|
|
28,118
|
|
0.4
|
%
|
33,199
|
|
0.5
|
%
|
||||
|
CLO Residual Interest
|
1,019,332
|
|
15.5
|
%
|
1,061,992
|
|
16.1
|
%
|
|
1,044,656
|
|
16.4
|
%
|
1,093,985
|
|
17.5
|
%
|
||||
|
Preferred Stock
|
42,694
|
|
0.7
|
%
|
5,625
|
|
0.1
|
%
|
|
80,096
|
|
1.3
|
%
|
10,696
|
|
0.2
|
%
|
||||
|
Common Stock
|
288,101
|
|
4.4
|
%
|
342,863
|
|
5.2
|
%
|
|
84,768
|
|
1.3
|
%
|
80,153
|
|
1.3
|
%
|
||||
|
Membership Interest
|
18,668
|
|
0.3
|
%
|
18,251
|
|
0.3
|
%
|
|
187,384
|
|
2.9
|
%
|
217,763
|
|
3.5
|
%
|
||||
|
Participating Interest(1)
|
—
|
|
—
|
%
|
46,196
|
|
0.7
|
%
|
|
—
|
|
—
|
%
|
213
|
|
—
|
%
|
||||
|
Escrow Receivable
|
5,880
|
|
0.1
|
%
|
5,727
|
|
0.1
|
%
|
|
—
|
|
—
|
%
|
1,589
|
|
—
|
%
|
||||
|
Warrants
|
1,682
|
|
—
|
%
|
3,041
|
|
—
|
%
|
|
2,273
|
|
—
|
%
|
9,153
|
|
0.1
|
%
|
||||
|
Total Investments
|
$
|
6,590,026
|
|
100.0
|
%
|
$
|
6,602,771
|
|
100.0
|
%
|
|
$
|
6,371,522
|
|
100.0
|
%
|
$
|
6,253,739
|
|
100.0
|
%
|
|
(1)
|
Participating Interest includes our participating equity investments, such as net profits interests, net operating income interests, net revenue interests, and overriding royalty interests.
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||||||||
|
Type of Investment
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
||||||||||||
|
First Lien
|
$
|
3,730,000
|
|
59.8
|
%
|
$
|
3,669,793
|
|
59.4
|
%
|
|
$
|
3,581,784
|
|
59.5
|
%
|
$
|
3,516,984
|
|
59.3
|
%
|
|
Second Lien
|
1,320,511
|
|
21.2
|
%
|
1,283,682
|
|
20.8
|
%
|
|
1,272,275
|
|
21.1
|
%
|
1,200,221
|
|
20.2
|
%
|
||||
|
Unsecured
|
94,353
|
|
1.5
|
%
|
94,353
|
|
1.5
|
%
|
|
85,531
|
|
1.4
|
%
|
85,531
|
|
1.4
|
%
|
||||
|
Small Business Loans
|
40,320
|
|
0.6
|
%
|
38,290
|
|
0.6
|
%
|
|
4,637
|
|
0.1
|
%
|
4,252
|
|
0.1
|
%
|
||||
|
CLO Debt
|
28,485
|
|
0.5
|
%
|
32,958
|
|
0.5
|
%
|
|
28,118
|
|
0.5
|
%
|
33,199
|
|
0.6
|
%
|
||||
|
CLO Residual Interest
|
1,019,332
|
|
16.4
|
%
|
1,061,992
|
|
17.2
|
%
|
|
1,044,656
|
|
17.4
|
%
|
1,093,985
|
|
18.4
|
%
|
||||
|
Total Debt Investments
|
$
|
6,233,001
|
|
100.0
|
%
|
$
|
6,181,068
|
|
100.0
|
%
|
|
$
|
6,017,001
|
|
100.0
|
%
|
$
|
5,934,172
|
|
100.0
|
%
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||||||||
|
Geographic Location
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
||||||||||||
|
Canada
|
$
|
15,000
|
|
0.2
|
%
|
$
|
15,000
|
|
0.2
|
%
|
|
$
|
15,000
|
|
0.2
|
%
|
$
|
15,000
|
|
0.2
|
%
|
|
Cayman Islands
|
1,047,817
|
|
15.9
|
%
|
1,094,950
|
|
16.6
|
%
|
|
1,072,774
|
|
16.8
|
%
|
1,127,184
|
|
18.0
|
%
|
||||
|
France
|
10,131
|
|
0.2
|
%
|
10,145
|
|
0.2
|
%
|
|
10,170
|
|
0.2
|
%
|
10,339
|
|
0.2
|
%
|
||||
|
Midwest US
|
732,180
|
|
11.1
|
%
|
717,274
|
|
10.9
|
%
|
|
787,482
|
|
12.4
|
%
|
753,543
|
|
12.0
|
%
|
||||
|
Northeast US
|
1,125,919
|
|
17.1
|
%
|
1,148,888
|
|
17.4
|
%
|
|
1,224,403
|
|
19.2
|
%
|
1,181,533
|
|
18.9
|
%
|
||||
|
Puerto Rico
|
41,010
|
|
0.6
|
%
|
37,690
|
|
0.5
|
%
|
|
41,307
|
|
0.7
|
%
|
36,452
|
|
0.6
|
%
|
||||
|
Southeast US
|
1,600,872
|
|
24.3
|
%
|
1,635,214
|
|
24.8
|
%
|
|
1,491,554
|
|
23.4
|
%
|
1,461,516
|
|
23.4
|
%
|
||||
|
Southwest US
|
1,026,164
|
|
15.6
|
%
|
983,981
|
|
14.9
|
%
|
|
759,630
|
|
11.9
|
%
|
737,271
|
|
11.8
|
%
|
||||
|
Western US
|
990,933
|
|
15.0
|
%
|
959,629
|
|
14.5
|
%
|
|
969,202
|
|
15.2
|
%
|
930,901
|
|
14.9
|
%
|
||||
|
Total Investments
|
$
|
6,590,026
|
|
100.0
|
%
|
$
|
6,602,771
|
|
100.0
|
%
|
|
$
|
6,371,522
|
|
100.0
|
%
|
$
|
6,253,739
|
|
100.0
|
%
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||||||||
|
Industry
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
|
Cost
|
% of Portfolio
|
Fair Value
|
% of Portfolio
|
||||||||||||
|
Aerospace & Defense
|
$
|
70,846
|
|
1.1
|
%
|
$
|
79,086
|
|
1.2
|
%
|
|
$
|
102,803
|
|
1.6
|
%
|
$
|
102,967
|
|
1.6
|
%
|
|
Auto Finance
|
—
|
|
—
|
%
|
—
|
|
—
|
%
|
|
11,139
|
|
0.2
|
%
|
11,139
|
|
0.2
|
%
|
||||
|
Automobile
|
12,381
|
|
0.2
|
%
|
12,500
|
|
0.2
|
%
|
|
22,296
|
|
0.4
|
%
|
22,452
|
|
0.4
|
%
|
||||
|
Business Services
|
643,827
|
|
9.8
|
%
|
672,820
|
|
10.2
|
%
|
|
598,940
|
|
9.4
|
%
|
611,286
|
|
9.8
|
%
|
||||
|
Chemicals
|
19,695
|
|
0.3
|
%
|
20,000
|
|
0.3
|
%
|
|
19,648
|
|
0.3
|
%
|
19,713
|
|
0.3
|
%
|
||||
|
Commercial Services
|
199,171
|
|
3.0
|
%
|
188,010
|
|
2.8
|
%
|
|
301,610
|
|
4.7
|
%
|
301,610
|
|
4.8
|
%
|
||||
|
Construction & Engineering
|
58,314
|
|
0.9
|
%
|
32,110
|
|
0.5
|
%
|
|
56,860
|
|
0.9
|
%
|
33,556
|
|
0.5
|
%
|
||||
|
Consumer Finance
|
424,522
|
|
6.4
|
%
|
468,142
|
|
7.1
|
%
|
|
425,497
|
|
6.7
|
%
|
434,348
|
|
6.9
|
%
|
||||
|
Consumer Services
|
201,433
|
|
3.1
|
%
|
178,329
|
|
2.7
|
%
|
|
502,862
|
|
7.9
|
%
|
504,647
|
|
8.1
|
%
|
||||
|
Contracting
|
3,831
|
|
0.1
|
%
|
—
|
|
—
|
%
|
|
3,831
|
|
0.1
|
%
|
—
|
|
—
|
%
|
||||
|
Diversified Financial Services(1)
|
162,210
|
|
2.5
|
%
|
159,834
|
|
2.4
|
%
|
|
42,574
|
|
0.7
|
%
|
42,189
|
|
0.7
|
%
|
||||
|
Durable Consumer Products
|
378,452
|
|
5.7
|
%
|
373,074
|
|
5.7
|
%
|
|
377,205
|
|
5.9
|
%
|
375,329
|
|
6.0
|
%
|
||||
|
Energy
|
67,859
|
|
1.0
|
%
|
56,554
|
|
0.9
|
%
|
|
77,379
|
|
1.2
|
%
|
67,637
|
|
1.1
|
%
|
||||
|
Food Products
|
373,975
|
|
5.7
|
%
|
372,411
|
|
5.6
|
%
|
|
173,375
|
|
2.7
|
%
|
174,603
|
|
2.8
|
%
|
||||
|
Healthcare
|
413,450
|
|
6.3
|
%
|
412,618
|
|
6.3
|
%
|
|
329,408
|
|
5.2
|
%
|
326,142
|
|
5.2
|
%
|
||||
|
Hotels, Restaurants & Leisure
|
177,441
|
|
2.7
|
%
|
177,441
|
|
2.7
|
%
|
|
132,193
|
|
2.1
|
%
|
132,401
|
|
2.1
|
%
|
||||
|
Machinery
|
396
|
|
—
|
%
|
621
|
|
—
|
%
|
|
396
|
|
—
|
%
|
621
|
|
—
|
%
|
||||
|
Manufacturing
|
160,249
|
|
2.4
|
%
|
126,709
|
|
1.9
|
%
|
|
204,394
|
|
3.2
|
%
|
171,577
|
|
2.7
|
%
|
||||
|
Media
|
372,086
|
|
5.6
|
%
|
358,069
|
|
5.4
|
%
|
|
362,738
|
|
5.7
|
%
|
344,278
|
|
5.5
|
%
|
||||
|
Metal Services & Minerals
|
48,412
|
|
0.7
|
%
|
47,809
|
|
0.7
|
%
|
|
48,402
|
|
0.8
|
%
|
51,977
|
|
0.8
|
%
|
||||
|
Oil & Gas Production
|
231,101
|
|
3.5
|
%
|
213,594
|
|
3.2
|
%
|
|
283,490
|
|
4.4
|
%
|
248,494
|
|
4.0
|
%
|
||||
|
Personal & Nondurable Consumer Products
|
210,284
|
|
3.2
|
%
|
206,136
|
|
3.1
|
%
|
|
10,604
|
|
0.2
|
%
|
11,034
|
|
0.2
|
%
|
||||
|
Pharmaceuticals
|
76,794
|
|
1.2
|
%
|
76,594
|
|
1.2
|
%
|
|
78,069
|
|
1.2
|
%
|
73,690
|
|
1.2
|
%
|
||||
|
Property Management
|
5,880
|
|
0.1
|
%
|
3,752
|
|
0.1
|
%
|
|
57,500
|
|
0.9
|
%
|
45,284
|
|
0.7
|
%
|
||||
|
Real Estate
|
581,106
|
|
8.8
|
%
|
627,235
|
|
9.5
|
%
|
|
353,506
|
|
5.5
|
%
|
355,236
|
|
5.7
|
%
|
||||
|
Retail
|
63
|
|
—
|
%
|
150
|
|
—
|
%
|
|
14,231
|
|
0.2
|
%
|
14,625
|
|
0.2
|
%
|
||||
|
Software & Computer Services
|
243,978
|
|
3.7
|
%
|
243,839
|
|
3.7
|
%
|
|
240,469
|
|
3.8
|
%
|
241,260
|
|
3.9
|
%
|
||||
|
Telecommunication Services
|
79,226
|
|
1.2
|
%
|
79,249
|
|
1.2
|
%
|
|
79,630
|
|
1.2
|
%
|
79,654
|
|
1.3
|
%
|
||||
|
Textiles, Apparel & Luxury Goods
|
253,675
|
|
3.8
|
%
|
253,675
|
|
3.8
|
%
|
|
275,023
|
|
4.3
|
%
|
259,690
|
|
4.2
|
%
|
||||
|
Transportation
|
71,552
|
|
1.1
|
%
|
67,460
|
|
1.0
|
%
|
|
112,676
|
|
1.8
|
%
|
69,116
|
|
1.1
|
%
|
||||
|
Subtotal
|
$
|
5,542,209
|
|
84.1
|
%
|
$
|
5,507,821
|
|
83.4
|
%
|
|
$
|
5,298,748
|
|
83.2
|
%
|
$
|
5,126,555
|
|
82.0
|
%
|
|
CLO Investments(1)
|
1,047,817
|
|
15.9
|
%
|
1,094,950
|
|
16.6
|
%
|
|
1,072,774
|
|
16.8
|
%
|
1,127,184
|
|
18.0
|
%
|
||||
|
Total Investments
|
$
|
6,590,026
|
|
100.0
|
%
|
$
|
6,602,771
|
|
100.0
|
%
|
|
$
|
6,371,522
|
|
100.0
|
%
|
$
|
6,253,739
|
|
100.0
|
%
|
|
(1)
|
Although designated as Diversified Financial Services within our Schedules of Investments in Item 1 of this report, our CLO investments do not have industry concentrations and as such have been separated in the table above.
|
|
Quarter Ended
|
|
Acquisitions(1)
|
|
Dispositions(2)
|
||||
|
September 30, 2012
|
|
$
|
747,937
|
|
|
$
|
158,123
|
|
|
December 31, 2012
|
|
772,125
|
|
|
349,269
|
|
||
|
March 31, 2013
|
|
784,395
|
|
|
102,527
|
|
||
|
June 30, 2013
|
|
798,760
|
|
|
321,615
|
|
||
|
|
|
|
|
|
||||
|
September 30, 2013
|
|
556,843
|
|
|
164,167
|
|
||
|
December 31, 2013
|
|
608,153
|
|
|
255,238
|
|
||
|
March 31, 2014
|
|
1,343,256
|
|
|
197,947
|
|
||
|
June 30, 2014
|
|
444,104
|
|
|
169,617
|
|
||
|
|
|
|
|
|
||||
|
September 30, 2014
|
|
887,205
|
|
|
863,144
|
|
||
|
December 31, 2014
|
|
522,705
|
|
|
224,076
|
|
||
|
March 31, 2015
|
|
219,111
|
|
|
108,124
|
|
||
|
(1)
|
Includes investments in new portfolio companies, follow-on investments in existing portfolio companies, refinancings and PIK interest.
|
|
(2)
|
Includes sales, scheduled principal payments, prepayments and refinancings.
|
|
No.
|
|
Property Name
|
|
City
|
|
Acquisition
Date |
|
Purchase
Price |
|
Mortgage
Outstanding |
||||
|
1
|
|
1557 Terrell Mill Road, LLC
|
|
Marietta, GA
|
|
12/28/2012
|
|
$
|
23,500
|
|
|
$
|
15,229
|
|
|
2
|
|
5100 Live Oaks Blvd, LLC
|
|
Tampa, FL
|
|
1/17/2013
|
|
63,400
|
|
|
39,600
|
|
||
|
3
|
|
Lofton Place, LLC
|
|
Tampa, FL
|
|
4/30/2013
|
|
26,000
|
|
|
16,965
|
|
||
|
4
|
|
Vista Palma Sola, LLC
|
|
Bradenton, FL
|
|
4/30/2013
|
|
27,000
|
|
|
17,550
|
|
||
|
5
|
|
Arlington Park Marietta, LLC
|
|
Marietta, GA
|
|
5/8/2013
|
|
14,850
|
|
|
9,650
|
|
||
|
6
|
|
Cordova Regency, LLC
|
|
Pensacola, FL
|
|
11/15/2013
|
|
13,750
|
|
|
9,026
|
|
||
|
7
|
|
Crestview at Oakleigh, LLC
|
|
Pensacola, FL
|
|
11/15/2013
|
|
17,500
|
|
|
11,488
|
|
||
|
8
|
|
Inverness Lakes, LLC
|
|
Mobile, AL
|
|
11/15/2013
|
|
29,600
|
|
|
19,400
|
|
||
|
9
|
|
Kings Mill Pensacola, LLC
|
|
Pensacola, FL
|
|
11/15/2013
|
|
20,750
|
|
|
13,622
|
|
||
|
10
|
|
Plantations at Pine Lake, LLC
|
|
Tallahassee, FL
|
|
11/15/2013
|
|
18,000
|
|
|
11,817
|
|
||
|
11
|
|
Verandas at Rock Ridge, LLC
|
|
Birmingham, AL
|
|
11/15/2013
|
|
15,600
|
|
|
10,205
|
|
||
|
12
|
|
Plantations at Hillcrest, LLC
|
|
Mobile, AL
|
|
1/17/2014
|
|
6,930
|
|
|
4,993
|
|
||
|
13
|
|
Crestview at Cordova, LLC
|
|
Pensacola, FL
|
|
1/17/2014
|
|
8,500
|
|
|
4,972
|
|
||
|
14
|
|
Taco Bell, OK
|
|
Yukon, OK
|
|
6/4/2014
|
|
1,719
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
$
|
287,099
|
|
|
$
|
184,517
|
|
|
No.
|
|
Property Name
|
|
City
|
|
Acquisition
Date |
|
Purchase
Price |
|
Mortgage
Outstanding |
||||
|
1
|
|
146 Forest Parkway, LLC
|
|
Forest Park, GA
|
|
10/24/2012
|
|
$
|
7,400
|
|
|
$
|
—
|
|
|
2
|
|
NPRC Carroll Resort, LLC
|
|
Pembroke Pines, FL
|
|
6/24/2013
|
|
225,000
|
|
|
157,500
|
|
||
|
3
|
|
APH Carroll 41, LLC
|
|
Marietta, GA
|
|
11/1/2013
|
|
30,600
|
|
|
22,173
|
|
||
|
4
|
|
Matthews Reserve II, LLC
|
|
Matthews, NC
|
|
11/19/2013
|
|
22,063
|
|
|
17,571
|
|
||
|
5
|
|
City West Apartments II, LLC
|
|
Orlando, FL
|
|
11/19/2013
|
|
23,562
|
|
|
18,533
|
|
||
|
6
|
|
Vinings Corner II, LLC
|
|
Smyrna, GA
|
|
11/19/2013
|
|
35,691
|
|
|
26,640
|
|
||
|
7
|
|
Uptown Park Apartments II, LLC
|
|
Altamonte Springs, FL
|
|
11/19/2013
|
|
36,590
|
|
|
27,471
|
|
||
|
8
|
|
Mission Gate II, LLC
|
|
Plano, TX
|
|
11/19/2013
|
|
47,621
|
|
|
36,148
|
|
||
|
9
|
|
St. Marin Apartments II, LLC
|
|
Coppell, TX
|
|
11/19/2013
|
|
73,078
|
|
|
53,863
|
|
||
|
10
|
|
APH Carroll Bartram Park, LLC
|
|
Jacksonville, FL
|
|
12/31/2013
|
|
38,000
|
|
|
28,500
|
|
||
|
11
|
|
APH Carroll Atlantic Beach, LLC
|
|
Atlantic Beach, FL
|
|
1/31/2014
|
|
13,025
|
|
|
8,951
|
|
||
|
12
|
|
23 Mile Road Self Storage, LLC
|
|
Chesterfield, MI
|
|
8/19/2014
|
|
5,804
|
|
|
4,350
|
|
||
|
13
|
|
36th Street Self Storage, LLC
|
|
Wyoming, MI
|
|
8/19/2014
|
|
4,800
|
|
|
3,600
|
|
||
|
14
|
|
Ball Avenue Self Storage, LLC
|
|
Grand Rapids, MI
|
|
8/19/2014
|
|
7,281
|
|
|
5,460
|
|
||
|
15
|
|
Ford Road Self Storage, LLC
|
|
Westland, MI
|
|
8/29/2014
|
|
4,642
|
|
|
3,480
|
|
||
|
16
|
|
Ann Arbor Kalamazoo Self Storage, LLC
|
|
Ann Arbor, MI
|
|
8/29/2014
|
|
4,458
|
|
|
3,345
|
|
||
|
17
|
|
Ann Arbor Kalamazoo Self Storage, LLC
|
|
Scio, MI
|
|
8/29/2014
|
|
8,927
|
|
|
6,695
|
|
||
|
18
|
|
Ann Arbor Kalamazoo Self Storage, LLC
|
|
Kalamazoo, MI
|
|
8/29/2014
|
|
2,363
|
|
|
1,775
|
|
||
|
19
|
|
Jolly Road Self Storage, LLC
|
|
Okemos, MI
|
|
1/16/2015
|
|
7,492
|
|
|
5,620
|
|
||
|
20
|
|
Eaton Rapids Road Self Storage, LLC
|
|
Lansing West, MI
|
|
1/16/2015
|
|
1,741
|
|
|
1,305
|
|
||
|
21
|
|
Haggerty Road Self Storage, LLC
|
|
Novi, MI
|
|
1/16/2015
|
|
6,700
|
|
|
5,025
|
|
||
|
22
|
|
Waldon Road Self Storage, LLC
|
|
Lake Orion, MI
|
|
1/16/2015
|
|
6,965
|
|
|
5,225
|
|
||
|
23
|
|
Tyler Road Self Storage, LLC
|
|
Ypsilanti, MI
|
|
1/16/2015
|
|
3,507
|
|
|
2,630
|
|
||
|
|
|
|
|
|
|
|
|
$
|
617,310
|
|
|
$
|
445,860
|
|
|
No.
|
|
Property Name
|
|
City
|
|
Acquisition
Date |
|
Purchase
Price |
|
Mortgage
Outstanding |
||||
|
1
|
|
Atlanta Eastwood Village LLC
|
|
Stockbridge, GA
|
|
12/12/2013
|
|
$
|
25,957
|
|
|
$
|
19,785
|
|
|
2
|
|
Atlanta Monterey Village LLC
|
|
Jonesboro, GA
|
|
12/12/2013
|
|
11,501
|
|
|
9,193
|
|
||
|
3
|
|
Atlanta Hidden Creek LLC
|
|
Morrow, GA
|
|
12/12/2013
|
|
5,098
|
|
|
3,619
|
|
||
|
4
|
|
Atlanta Meadow Springs LLC
|
|
College Park, GA
|
|
12/12/2013
|
|
13,116
|
|
|
10,180
|
|
||
|
5
|
|
Atlanta Meadow View LLC
|
|
College Park, GA
|
|
12/12/2013
|
|
14,354
|
|
|
11,141
|
|
||
|
6
|
|
Atlanta Peachtree Landing LLC
|
|
Fairburn, GA
|
|
12/12/2013
|
|
17,224
|
|
|
13,575
|
|
||
|
7
|
|
Taco Bell, MO
|
|
Marshall, MO
|
|
6/4/2014
|
|
1,405
|
|
|
—
|
|
||
|
8
|
|
Canterbury Green Apartments Holdings LLC
|
|
Fort Wayne, IN
|
|
9/29/2014
|
|
85,500
|
|
|
65,825
|
|
||
|
9
|
|
Abbie Lakes OH Partners, LLC
|
|
Canal Winchester, OH
|
|
9/30/2014
|
|
12,600
|
|
|
10,440
|
|
||
|
10
|
|
Kengary Way OH Partners, LLC
|
|
Reynoldsburg, OH
|
|
9/30/2014
|
|
11,500
|
|
|
11,000
|
|
||
|
11
|
|
Lakeview Trail OH Partners, LLC
|
|
Canal Winchester, OH
|
|
9/30/2014
|
|
26,500
|
|
|
20,142
|
|
||
|
12
|
|
Lakepoint OH Partners, LLC
|
|
Pickerington, OH
|
|
9/30/2014
|
|
11,000
|
|
|
10,080
|
|
||
|
13
|
|
Sunbury OH Partners, LLC
|
|
Columbus, OH
|
|
9/30/2014
|
|
13,000
|
|
|
10,480
|
|
||
|
14
|
|
Heatherbridge OH Partners, LLC
|
|
Blacklick, OH
|
|
9/30/2014
|
|
18,416
|
|
|
15,480
|
|
||
|
15
|
|
Jefferson Chase OH Partners, LLC
|
|
Blacklick, OH
|
|
9/30/2014
|
|
13,551
|
|
|
12,240
|
|
||
|
16
|
|
Goldenstrand OH Partners, LLC
|
|
Hilliard, OH
|
|
10/29/2014
|
|
7,810
|
|
|
8,040
|
|
||
|
|
|
|
|
|
|
|
|
$
|
288,532
|
|
|
$
|
231,220
|
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||||||||||
|
|
Maximum Draw Amount
|
|
Amount Outstanding
|
|
Maximum Draw Amount
|
|
Amount Outstanding
|
||||||||
|
Revolving Credit Facility
|
$
|
885,000
|
|
|
$
|
317,700
|
|
|
$
|
857,500
|
|
|
$
|
92,000
|
|
|
Convertible Notes
|
1,239,500
|
|
|
1,239,500
|
|
|
1,247,500
|
|
|
1,247,500
|
|
||||
|
Public Notes
|
648,045
|
|
|
648,045
|
|
|
647,881
|
|
|
647,881
|
|
||||
|
Prospect Capital InterNotes®
|
778,718
|
|
|
778,718
|
|
|
785,670
|
|
|
785,670
|
|
||||
|
Total
|
$
|
3,551,263
|
|
|
$
|
2,983,963
|
|
|
$
|
3,538,551
|
|
|
$
|
2,773,051
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Less than 1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
After 5 Years
|
||||||||||
|
Revolving Credit Facility
|
$
|
317,700
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
317,700
|
|
|
$
|
—
|
|
|
Convertible Notes
|
1,239,500
|
|
|
150,000
|
|
|
497,500
|
|
|
200,000
|
|
|
392,000
|
|
|||||
|
Public Notes
|
648,045
|
|
|
—
|
|
|
—
|
|
|
300,000
|
|
|
348,045
|
|
|||||
|
Prospect Capital InterNotes®
|
778,718
|
|
|
—
|
|
|
45,750
|
|
|
276,962
|
|
|
456,006
|
|
|||||
|
Total Contractual Obligations
|
$
|
2,983,963
|
|
|
$
|
150,000
|
|
|
$
|
543,250
|
|
|
$
|
1,094,662
|
|
|
$
|
1,196,051
|
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Less than 1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
After 5 Years
|
||||||||||
|
Revolving Credit Facility
|
$
|
92,000
|
|
|
$
|
—
|
|
|
$
|
92,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Convertible Notes
|
1,247,500
|
|
|
—
|
|
|
317,500
|
|
|
530,000
|
|
|
400,000
|
|
|||||
|
Public Notes
|
647,881
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
647,881
|
|
|||||
|
Prospect Capital InterNotes®
|
785,670
|
|
|
—
|
|
|
8,859
|
|
|
261,456
|
|
|
515,355
|
|
|||||
|
Total Contractual Obligations
|
$
|
2,773,051
|
|
|
$
|
—
|
|
|
$
|
418,359
|
|
|
$
|
791,456
|
|
|
$
|
1,563,236
|
|
|
|
2015 Notes
|
|
|
2016 Notes
|
|
|
2017 Notes
|
|
|
2018 Notes
|
|
|
2019 Notes
|
|
|
2020 Notes
|
|
||||||
|
Initial conversion rate(1)
|
88.0902
|
|
|
78.3699
|
|
|
85.8442
|
|
|
82.3451
|
|
|
79.7766
|
|
|
80.6647
|
|
||||||
|
Initial conversion price
|
$
|
11.35
|
|
|
$
|
12.76
|
|
|
$
|
11.65
|
|
|
$
|
12.14
|
|
|
$
|
12.54
|
|
|
$
|
12.40
|
|
|
Conversion rate at March 31, 2015(1)(2)
|
89.9752
|
|
|
80.2196
|
|
|
86.9426
|
|
|
83.6661
|
|
|
79.8248
|
|
|
80.6647
|
|
||||||
|
Conversion price at March 31, 2015(2)(3)
|
$
|
11.11
|
|
|
$
|
12.47
|
|
|
$
|
11.50
|
|
|
$
|
11.95
|
|
|
$
|
12.53
|
|
|
$
|
12.40
|
|
|
Last conversion price calculation date
|
12/21/2014
|
|
|
2/18/2015
|
|
|
4/16/2014
|
|
|
8/14/2014
|
|
|
12/21/2014
|
|
|
4/11/2014
|
|
||||||
|
Dividend threshold amount (per share)(4)
|
$
|
0.101125
|
|
|
$
|
0.101150
|
|
|
$
|
0.101500
|
|
|
$
|
0.101600
|
|
|
$
|
0.110025
|
|
|
$
|
0.110525
|
|
|
(1)
|
Conversion rates denominated in shares of common stock per $1 principal amount of the Convertible Notes converted.
|
|
(2)
|
Represents conversion rate and conversion price, as applicable, taking into account certain de minimis adjustments that will be made on the conversion date.
|
|
(3)
|
The conversion price in effect at
March 31, 2015
was calculated on the last anniversary of the issuance and will be adjusted again on the next anniversary, unless the exercise price shall have changed by more than 1% before the anniversary.
|
|
(4)
|
The conversion rate is increased if monthly cash dividends paid to common shares exceed the monthly dividend threshold amount, subject to adjustment.
|
|
Tenor at
Origination
(in years)
|
|
Principal
Amount
|
|
Interest Rate
Range
|
|
Weighted
Average
Interest Rate
|
|
Maturity Date Range
|
|||
|
3
|
|
$
|
5,710
|
|
|
4.00%
|
|
4.00
|
%
|
|
October 15, 2016
|
|
3.5
|
|
3,149
|
|
|
4.00%
|
|
4.00
|
%
|
|
April 15, 2017
|
|
|
4
|
|
36,992
|
|
|
3.75%–4.00%
|
|
3.96
|
%
|
|
November 15, 2017 – March 15, 2018
|
|
|
5
|
|
195,965
|
|
|
4.75%–5.00%
|
|
4.96
|
%
|
|
July 15, 2018 – August 15, 2019
|
|
|
5.5
|
|
43,820
|
|
|
4.75%–5.00%
|
|
4.77
|
%
|
|
February 15, 2019 – August 15, 2019
|
|
|
6.5
|
|
1,800
|
|
|
5.50%
|
|
5.50
|
%
|
|
February 15, 2020
|
|
|
7
|
|
47,227
|
|
|
5.25%–5.75%
|
|
5.50
|
%
|
|
July 15, 2020 – March 15, 2021
|
|
|
7.5
|
|
1,996
|
|
|
5.75%
|
|
5.75
|
%
|
|
February 15, 2021
|
|
|
10
|
|
13,691
|
|
|
5.75%–6.50%
|
|
6.02
|
%
|
|
January 15, 2024 – March 15, 2024
|
|
|
12
|
|
2,978
|
|
|
6.00%
|
|
6.00
|
%
|
|
November 15, 2025 – December 15, 2025
|
|
|
15
|
|
2,495
|
|
|
6.00%
|
|
6.00
|
%
|
|
August 15, 2028 – November 15, 2028
|
|
|
18
|
|
4,062
|
|
|
6.00%–6.25%
|
|
6.21
|
%
|
|
July 15, 2031 – August 15, 2031
|
|
|
20
|
|
2,791
|
|
|
6.00%
|
|
6.00
|
%
|
|
September 15, 2033 – October 15, 2033
|
|
|
25
|
|
24,382
|
|
|
6.25%–6.50%
|
|
6.45
|
%
|
|
August 15, 2038 – March 15, 2039
|
|
|
30
|
|
20,150
|
|
|
6.50%–6.75%
|
|
6.60
|
%
|
|
July 15, 2043 – October 15, 2043
|
|
|
|
|
$
|
407,208
|
|
|
|
|
|
|
|
|
|
Tenor at
Origination
(in years)
|
|
Principal
Amount
|
|
Interest Rate
Range
|
|
Weighted
Average
Interest Rate
|
|
Maturity Date Range
|
|||
|
3
|
|
$
|
5,710
|
|
|
4.00%
|
|
4.00
|
%
|
|
October 15, 2016
|
|
3.5
|
|
3,109
|
|
|
4.00%
|
|
4.00
|
%
|
|
April 15, 2017
|
|
|
4
|
|
45,690
|
|
|
3.75%–4.00%
|
|
3.92
|
%
|
|
November 15, 2017 – May 15, 2018
|
|
|
5
|
|
212,784
|
|
|
4.25%–5.00%
|
|
4.91
|
%
|
|
July 15, 2018 – August 15, 2019
|
|
|
5.5
|
|
78,787
|
|
|
4.25%–5.00%
|
|
4.60
|
%
|
|
February 15, 2019 – September 15, 2020
|
|
|
6.5
|
|
1,800
|
|
|
5.50%
|
|
5.50
|
%
|
|
February 15, 2020
|
|
|
7
|
|
185,497
|
|
|
4.00%–5.85%
|
|
5.13
|
%
|
|
September 15, 2019 – May 15, 2021
|
|
|
7.5
|
|
1,996
|
|
|
5.75%
|
|
5.75
|
%
|
|
February 15, 2021
|
|
|
10
|
|
36,925
|
|
|
3.27%–7.00%
|
|
6.11
|
%
|
|
March 15, 2022 – May 15, 2024
|
|
|
12
|
|
2,978
|
|
|
6.00%
|
|
6.00
|
%
|
|
November 15, 2025 – December 15, 2025
|
|
|
15
|
|
17,400
|
|
|
5.00%–6.00%
|
|
5.14
|
%
|
|
May 15, 2028 – November 15, 2028
|
|
|
18
|
|
22,804
|
|
|
4.125%–6.25%
|
|
5.52
|
%
|
|
December 15, 2030 – August 15, 2031
|
|
|
20
|
|
4,630
|
|
|
5.75%–6.00%
|
|
5.90
|
%
|
|
November 15, 2032 – October 15, 2033
|
|
|
25
|
|
36,579
|
|
|
6.25%–6.50%
|
|
6.39
|
%
|
|
August 15, 2038 – May 15, 2039
|
|
|
30
|
|
122,029
|
|
|
5.50%–6.75%
|
|
6.23
|
%
|
|
November 15, 2042 – October 15, 2043
|
|
|
|
|
$
|
778,718
|
|
|
|
|
|
|
|
|
|
Tenor at
Origination
(in years)
|
|
Principal
Amount
|
|
Interest Rate
Range
|
|
Weighted
Average
Interest Rate
|
|
Maturity Date Range
|
|||
|
3
|
|
$
|
5,710
|
|
|
4.00%
|
|
4.00
|
%
|
|
October 15, 2016
|
|
3.5
|
|
3,149
|
|
|
4.00%
|
|
4.00
|
%
|
|
April 15, 2017
|
|
|
4
|
|
45,751
|
|
|
3.75%–4.00%
|
|
3.92
|
%
|
|
November 15, 2017 – May 15, 2018
|
|
|
5
|
|
212,915
|
|
|
4.25%–5.00%
|
|
4.91
|
%
|
|
July 15, 2018 – August 15, 2019
|
|
|
5.5
|
|
3,820
|
|
|
5.00%
|
|
5.00
|
%
|
|
February 15, 2019
|
|
|
6.5
|
|
1,800
|
|
|
5.50%
|
|
5.50
|
%
|
|
February 15, 2020
|
|
|
7
|
|
256,903
|
|
|
4.00%–6.55%
|
|
5.39
|
%
|
|
June 15, 2019 – May 15, 2021
|
|
|
7.5
|
|
1,996
|
|
|
5.75%
|
|
5.75
|
%
|
|
February 15, 2021
|
|
|
10
|
|
41,952
|
|
|
3.23%–7.00%
|
|
6.18
|
%
|
|
March 15, 2022 – May 15, 2024
|
|
|
12
|
|
2,978
|
|
|
6.00%
|
|
6.00
|
%
|
|
November 15, 2025 – December 15, 2025
|
|
|
15
|
|
17,465
|
|
|
5.00%–6.00%
|
|
5.14
|
%
|
|
May 15, 2028 – November 15, 2028
|
|
|
18
|
|
25,435
|
|
|
4.125%–6.25%
|
|
5.49
|
%
|
|
December 15, 2030 – August 15, 2031
|
|
|
20
|
|
5,847
|
|
|
5.625%–6.00%
|
|
5.85
|
%
|
|
November 15, 2032 – October 15, 2033
|
|
|
25
|
|
34,886
|
|
|
6.25%–6.50%
|
|
6.39
|
%
|
|
August 15, 2038 – May 15, 2039
|
|
|
30
|
|
125,063
|
|
|
5.50%–6.75%
|
|
6.22
|
%
|
|
November 15, 2042 – October 15, 2043
|
|
|
|
|
$
|
785,670
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
June 30, 2014
|
||||
|
Net assets
|
|
$
|
3,694,588
|
|
|
$
|
3,618,182
|
|
|
Shares of common stock issued and outstanding
|
|
358,661,441
|
|
|
342,626,637
|
|
||
|
Net asset value per share
|
|
$
|
10.30
|
|
|
$
|
10.56
|
|
|
|
Three Months Ended
March 31, |
|
Nine Months Ended
March 31, |
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Interest income
|
$
|
184,993
|
|
|
$
|
156,376
|
|
|
$
|
557,947
|
|
|
$
|
441,900
|
|
|
Dividend income
|
1,371
|
|
|
7,590
|
|
|
5,607
|
|
|
23,571
|
|
||||
|
Other income
|
4,986
|
|
|
26,361
|
|
|
28,700
|
|
|
63,980
|
|
||||
|
Total investment income
|
$
|
191,350
|
|
|
$
|
190,327
|
|
|
$
|
592,254
|
|
|
$
|
529,451
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average debt principal of performing investments
|
$
|
6,248,211
|
|
|
$
|
4,959,427
|
|
|
$
|
6,161,906
|
|
|
$
|
4,536,199
|
|
|
Weighted average interest rate earned on performing assets
|
11.84
|
%
|
|
12.61
|
%
|
|
11.90
|
%
|
|
12.80
|
%
|
||||
|
|
Three Months Ended
March 31, |
|
Nine Months Ended
March 31, |
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Interest on borrowings
|
$
|
37,605
|
|
|
$
|
27,206
|
|
|
$
|
112,319
|
|
|
$
|
75,826
|
|
|
Amortization of deferred financing costs
|
2,913
|
|
|
2,812
|
|
|
9,601
|
|
|
7,810
|
|
||||
|
Accretion of discount on Public Notes
|
47
|
|
|
45
|
|
|
164
|
|
|
133
|
|
||||
|
Facility commitment fees
|
1,648
|
|
|
1,684
|
|
|
5,287
|
|
|
4,641
|
|
||||
|
Total interest and credit facility expenses
|
$
|
42,213
|
|
|
$
|
31,747
|
|
|
$
|
127,371
|
|
|
$
|
88,410
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average principal debt outstanding
|
$
|
2,879,132
|
|
|
$
|
1,921,384
|
|
|
$
|
2,819,457
|
|
|
$
|
1,756,678
|
|
|
Weighted average stated interest rate on borrowings(1)
|
5.22
|
%
|
|
5.66
|
%
|
|
5.31
|
%
|
|
5.76
|
%
|
||||
|
Weighted average interest rate on borrowings(2)
|
5.86
|
%
|
|
6.61
|
%
|
|
6.02
|
%
|
|
6.71
|
%
|
||||
|
Revolving Credit Facility amount at beginning of period
|
$
|
810,000
|
|
|
$
|
650,000
|
|
|
$
|
857,500
|
|
|
$
|
552,500
|
|
|
(1)
|
Includes only the stated interest expense.
|
|
(2)
|
Includes the stated interest expense, amortization of deferred financing costs, accretion of discount on Public Notes and commitment fees on the undrawn portion of our Revolving Credit Facility.
|
|
•
|
$0.08333 per share for May 2015 to holders of record on May 29, 2015 with a payment date of June 18, 2015;
|
|
•
|
$0.08333 per share for June 2015 to holders of record on June 30, 2015 with a payment date of July 23, 2015;
|
|
•
|
$0.08333 per share for July 2015 to holders of record on July 31, 2015 with a payment date of August 20, 2015; and
|
|
•
|
$0.08333 per share for August 2015 to holders of record on August 31, 2015 with a payment date of September 17, 2015.
|
|
1.
|
Each portfolio company or investment is reviewed by our investment professionals with independent valuation firms engaged by our Board of Directors.
|
|
2.
|
The independent valuation firms conduct independent valuations and make their own independent assessments.
|
|
3.
|
The Audit Committee of our Board of Directors reviews and discusses the preliminary valuation of Prospect Capital Management L.P. (the “Investment Adviser”) and that of the independent valuation firms.
|
|
4.
|
The Board of Directors discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of the Investment Adviser, the respective independent valuation firm and the Audit Committee.
|
|
Exhibit No.
|
|
|
3.1
|
Articles of Amendment and Restatement, as amended(1)
|
|
3.2
|
Amended and Restated Bylaws(2)
|
|
4.1
|
Three Hundred Thirtieth Supplemental Indenture dated as of January 2, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(3)
|
|
4.2
|
Form of 4.250% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.1)(3)
|
|
4.3
|
Three Hundred Thirty-First Supplemental Indenture dated as of January 8, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(4)
|
|
4.4
|
Form of 4.250% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.3)(4)
|
|
4.5
|
Three Hundred Thirty-Second Supplemental Indenture dated as of January 15, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(5)
|
|
4.6
|
Form of 4.500% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.5)(5)
|
|
4.7
|
Three Hundred Thirty-Third Supplemental Indenture dated as of January 23, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(6)
|
|
4.8
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.7)(6)
|
|
4.9
|
Three Hundred Thirty-Fourth Supplemental Indenture dated as of January 29, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(7)
|
|
4.10
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.9)(7)
|
|
4.11
|
Three Hundred Thirty-Fifth Supplemental Indenture dated as of February 5, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(8)
|
|
4.12
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.11)(8)
|
|
4.13
|
Three Hundred Thirty-Sixth Supplemental Indenture dated as of February 20, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(9)
|
|
4.14
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.13)(9)
|
|
4.15
|
Three Hundred Thirty-Seventh Supplemental Indenture dated as of February 26, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(10)
|
|
4.16
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.15)(10)
|
|
4.17
|
Three Hundred Thirty-Eighth Supplemental Indenture dated as of March 5, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(11)
|
|
4.18
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.17)(11)
|
|
Exhibit No.
|
|
|
4.19
|
Three Hundred Thirty-Ninth Supplemental Indenture dated as of March 12, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(12)
|
|
4.20
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.19)(12)
|
|
4.21
|
Three Hundred Fortieth Supplemental Indenture dated as of March 19, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(13)
|
|
4.22
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.21)(13)
|
|
4.23
|
Three Hundred Forty-First Supplemental Indenture dated as of March 26, 2015, to the Indenture dated as of February 16, 2012, as amended by that certain Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American Stock Transfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee, by and between the Registrant and U.S. Bank National Association, as Trustee(14)
|
|
4.24
|
Form of 4.750% Prospect Capital InterNote® due 2020 (included as part of Exhibit 4.23)(14)
|
|
11
|
Computation of Per Share Earnings (included in the notes to the financial statements contained in this report)
|
|
12
|
Computation of Ratios (included in the notes to the financial statements contained in this report)
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended*
|
|
32.1
|
Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
|
|
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
|
|
*
|
Filed herewith.
|
|
(1)
|
Incorporated by reference from the Registrant's Form 8-K filed on May 9, 2014.
|
|
(2)
|
Incorporated by reference from the Registrant's Form 8-K filed on August 26, 2011.
|
|
(3)
|
Incorporated by reference from Post-Effective Amendment No. 8 to the Registrant's Registration Statement, filed on January 5, 2015.
|
|
(4)
|
Incorporated by reference from Post-Effective Amendment No. 9 to the Registrant's Registration Statement, filed on January 8, 2015.
|
|
(5)
|
Incorporated by reference from Post-Effective Amendment No. 10 to the Registrant's Registration Statement, filed on January 15, 2015.
|
|
(6)
|
Incorporated by reference from Post-Effective Amendment No. 11 to the Registrant's Registration Statement, filed on January 23, 2015.
|
|
(7)
|
Incorporated by reference from Post-Effective Amendment No. 12 to the Registrant's Registration Statement, filed on January 29, 2015.
|
|
(8)
|
Incorporated by reference from Post-Effective Amendment No. 13 to the Registrant's Registration Statement, filed on February 5, 2015.
|
|
(9)
|
Incorporated by reference from Post-Effective Amendment No. 14 to the Registrant's Registration Statement, filed on February 20, 2015.
|
|
(10)
|
Incorporated by reference from Post-Effective Amendment No. 15 to the Registrant's Registration Statement, filed on February 26, 2015.
|
|
(11)
|
Incorporated by reference from Post-Effective Amendment No. 16 to the Registrant's Registration Statement, filed on March 5, 2015.
|
|
(12)
|
Incorporated by reference from Post-Effective Amendment No. 17 to the Registrant's Registration Statement, filed on March 12, 2015.
|
|
(13)
|
Incorporated by reference from Post-Effective Amendment No. 18 to the Registrant's Registration Statement, filed on March 19, 2015.
|
|
(14)
|
Incorporated by reference from Post-Effective Amendment No. 19 to the Registrant's Registration Statement, filed on March 26, 2015.
|
|
|
|
PROSPECT CAPITAL CORPORATION
|
|
|
|
|
|
|
|
Date:
|
May 6, 2015
|
By:
|
/s/ JOHN F. BARRY III
|
|
|
|
|
John F. Barry III
|
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
|
|
|
|
|
|
Date:
|
May 6, 2015
|
By:
|
/s/ BRIAN H. OSWALD
|
|
|
|
|
Brian H. Oswald
|
|
|
|
|
Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|