| Delaware | | | 27-6822130 | |
| (State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification Number) | |
| 201 Rouse Boulevard Philadelphia, Pennsylvania | ||||
(Address of principal executive offices) | | | 19112 (Zip Code) | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | | | Non-accelerated filer ☒ | | | Smaller reporting company ☐ | | | Emerging Growth company ☐ | |
| | | Page | | |||
PART I | | | | | | | |
| | | | 1 | | | |
| | | | 19 | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
PART II | | | | | | | |
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
PART III | | | | | | | |
| | | | | | ||
| | | | | | ||
| | | | 138 | | | |
| | | | | | ||
| | | | | | ||
PART IV | | | | | | | |
| | | | | | ||
| | | | | | ||
| | | | | |
Assumed Return on Our Portfolio (net of expenses) | | -10% | | -5% | | 0% | | 5% | | 10% | | | -10% | | -5% | | 0% | | 5% | | 10% | | ||||||||||||||||||||||||||||||||||||||||
Corresponding return to shareholders | | | | -19.75% | | | | | -11.83% | | | | | -3.90% | | | | | 4.02% | | | | | 11.94% | | | | | | -20.11% | | | | | -11.96% | | | | | -3.82% | | | | | 4.33% | | | | | 12.48% | | |
(1) | | (2) | | (3) | | (4) | | | (2) | | (3) | | (4) | | ||||||||||||||||||||||||
Title of Class | | Amount Authorized | | Amount Held by Us or for Our Account | | Amount Outstanding Exclusive of Amount Under Column (3) | | | Amount Authorized | | Amount Held by Us or for Our Account | | Amount Outstanding Exclusive of Amount Under Column(3) | | ||||||||||||||||||||||||
Common Shares | | | | 700,000,000 | | | | | — | | | | | 438,408,254 | | | | | | 700,000,000 | | | | | — | | | | | 441,638,829 | | |
Period | | | Total Number of Shares Purchased | | | Average Price Paid per Share | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | ||||||||||||
October 1 to October 31, 2018 | | | | | 4,582,335 | | | | | $ | 6.650 | | | | | | 4,582,335 | | | | | | (1) | | |
November 1 to November 30, 2018 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
December 1 to December 31, 2018 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 4,582,335 | | | | | $ | 6.650 | | | | | | 4,582,335 | | | | | | (1) | | |
|
| | Distribution | | | Distribution | | ||||||||||||||||||||
For the Year Ended December 31, | | Per Share | | Amount | | | Per Share | | Amount | | ||||||||||||||||
2016 | | | $ | 0.7085 | | | | $ | 288,982 | | | |||||||||||||||
2017 | | | $ | 0.7085 | | | | $ | 312,694 | | | |||||||||||||||
2018 | | | $ | 0.5000 | | | | $ | 219,047 | | | | | $ | 0.5000 | | | | $ | 219,047 | | | ||||
2019 | | | $ | 0.5000 | | | | $ | 218,187 | | | |||||||||||||||
2020 | | | $ | 0.1733 | | | | $ | 75,656 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||
Statements of operations data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Investment income | | | $ | 333,978 | | | | $ | 418,756 | | | | $ | 369,740 | | | | $ | 379,653 | | | | $ | 289,970 | | | | | $ | 221,926 | | | | $ | 365,910 | | | | $ | 333,978 | | | | $ | 418,756 | | | | $ | 369,740 | | | ||||||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Total expenses | | | | 150,031 | | | | | 160,584 | | | | | 138,093 | | | | | 152,058 | | | | | 115,081 | | | | | | 140,185 | | | | | 170,118 | | | | | 150,031 | | | | | 160,584 | | | | | 138,093 | | | ||||||||||
Less: Management fee waiver | | | | (1,276) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Less: Management fee offset | | | | (706) | | | | | (5,992) | | | | | (1,276) | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Less: Expense reimbursement from sponsor | | | | — | | | | | (31,260) | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | (31,260) | | | | | — | | | ||||||||||
Add: Expense reimbursement due to sponsor | | | | — | | | | | 2,858 | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | 2,858 | | | | | — | | | ||||||||||
Net expenses | | | | 148,755 | | | | | 132,182 | | | | | 138,093 | | | | | 152,058 | | | | | 115,081 | | | | | | 139,479 | | | | | 164,126 | | | | | 148,755 | | | | | 132,182 | | | | | 138,093 | | | ||||||||||
Net investment income | | | | 185,223 | | | | | 286,574 | | | | | 231,647 | | | | | 227,595 | | | | | 174,889 | | | | | | 82,447 | | | | | 201,784 | | | | | 185,223 | | | | | 286,574 | | | | | 231,647 | | | ||||||||||
Total net realized and unrealized gain (loss) on investments, swap contracts and foreign currency | | | | (245,565) | | | | | (399,544) | | | | | 520,937 | | | | | (738,894) | | | | | (344,398) | | | | | | (957,232) | | | | | (238,907) | | | | | (245,565) | | | | | (399,544) | | | | | 520,937 | | | ||||||||||
Net increase (decrease) in net assets resulting from operations | | | $ | (60,342) | | | | $ | (112,970) | | | | $ | 752,584 | | | | $ | (511,299) | | | | $ | (169,509) | | | | | $ | (874,785) | | | | $ | (37,123) | | | | $ | (60,342) | | | | $ | (112,970) | | | | $ | 752,584 | | | ||||||||||
Per share data:(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net investment income—basic and diluted | | | $ | 0.42 | | | | $ | 0.65 | | | | $ | 0.57 | | | | $ | 0.67 | | | | $ | 0.74 | | | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations—basic and diluted | | | $ | (0.14) | | | | $ | (0.26) | | | | $ | 1.84 | | | | $ | (1.51) | | | | $ | (0.72) | | | ||||||||||||||||||||||||||||||||||||
Net investment income – basic and diluted | | | $ | 0.19 | | | | $ | 0.46 | | | | $ | 0.42 | | | | $ | 0.65 | | | | $ | 0.57 | | | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations – basic and diluted | | | $ | (2.00) | | | | $ | (0.08) | | | | $ | (0.14) | | | | $ | (0.26) | | | | $ | 1.84 | | | ||||||||||||||||||||||||||||||||||||
Distributions declared(2) | | | $ | 0.50 | | | | $ | 0.71 | | | | $ | 0.71 | | | | $ | 0.71 | | | | $ | 0.69 | | | | | $ | 0.17 | | | | $ | 0.50 | | | | $ | 0.50 | | | | $ | 0.71 | | | | $ | 0.71 | | | ||||||||||
Balance sheet data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Total assets | | | $ | 3,893,516 | | | | $ | 4,316,431 | | | | $ | 4,268,297 | | | | $ | 3,498,105 | | | | $ | 3,714,351 | | | | | $ | 2,358,642 | | | | $ | 3,674,784 | | | | $ | 3,893,516 | | | | $ | 4,316,431 | | | | $ | 4,268,297 | | | ||||||||||
Credit facilities, senior secured notes and repurchase agreement payable | | | $ | 1,131,667 | | | | $ | 1,220,000 | | | | $ | 873,665 | | | | $ | 1,040,494 | | | | $ | 1,090,413 | | | | | $ | 905,667 | | | | $ | 1,236,667 | | | | $ | 1,131,667 | | | | $ | 1,220,000 | | | | $ | 873,665 | | | ||||||||||
Total net assets | | | $ | 2,648,186 | | | | $ | 2,966,042 | | | | $ | 3,348,894 | | | | $ | 2,417,861 | | | | $ | 2,565,721 | | | | | $ | 1,428,577 | | | | $ | 2,379,605 | | | | $ | 2,648,186 | | | | $ | 2,966,042 | | | | $ | 3,348,894 | | | ||||||||||
Other data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Total return(3) | | | | (2.49)% | | | | | (3.65)% | | | | | 29.53% | | | | | (17.34)% | | | | | (4.79)% | | | | | | (37.68)% | | | | | (1.83)% | | | | | (2.49)% | | | | | (3.65)% | | | | | 29.53% | | | ||||||||||
Total return (without assuming reinvestment of distributions)(3) | | | | (2.11)% | | | | | (3.29)% | | | | | 28.00% | | | | | (15.87)% | | | | | (4.14)% | | | | | | (37.02)% | | | | | (1.33)% | | | | | (2.11)% | | | | | (3.29)% | | | | | 28.00% | | | ||||||||||
Number of portfolio company investments at year end | | | | 79 | | | | | 76 | | | | | 84 | | | | | 90 | | | | | 125 | | | | | | 54 | | | | | 77 | | | | | 79 | | | | | 76 | | | | | 84 | | | ||||||||||
Total portfolio investments for the year | | | $ | 1,915,034 | | | | $ | 1,861,618 | | | | $ | 1,488,179 | | | | $ | 1,195,947 | | | | $ | 2,437,689 | | | | | $ | 687,208 | | | | $ | 1,240,325 | | | | $ | 1,915,034 | | | | $ | 1,861,618 | | | | $ | 1,488,179 | | | ||||||||||
Proceeds from sales and prepayments of investments | | | $ | 1,948,414 | | | | $ | 1,431,648 | | | | $ | 1,225,052 | | | | $ | 800,534 | | | | $ | 1,044,311 | | | | | $ | 1,075,528 | | | | $ | 1,313,072 | | | | $ | 1,948,414 | | | | $ | 1,431,648 | | | | $ | 1,225,052 | | |
| | | For the Year Ended December 31, | | |||||||||
Net Investment Activity | | | 2018 | | | 2017 | | ||||||
Purchases | | | | $ | 1,915,034 | | | | | $ | 1,861,618 | | |
Sales and Repayments | | | | | (1,948,414) | | | | | | (1,431,648) | | |
Net Portfolio Activity | | | | $ | (33,380) | | | | | $ | 429,970 | | |
|
| | | For the Year Ended December 31, | | |||||||||||||||||||||
| | | 2018 | | | 2017 | | ||||||||||||||||||
New Investment Activity by Asset Class | | | Purchases | | | Percentage | | | Purchases | | | Percentage | | ||||||||||||
Senior Secured Loans—First Lien | | | | $ | 743,640 | | | | | | 39% | | | | | $ | 397,162 | | | | | | 21% | | |
Senior Secured Loans—Second Lien | | | | | 128,292 | | | | | | 7% | | | | | | 428,871 | | | | | | 23% | | |
Senior Secured Bonds | | | | | 118,587 | | | | | | 6% | | | | | | 347,091 | | | | | | 19% | | |
Unsecured Debt | | | | | 368,741 | | | | | | 19% | | | | | | 621,372 | | | | | | 33% | | |
Preferred Equity | | | | | 415,370 | | | | | | 22% | | | | | | 13,412 | | | | | | 0% | | |
Equity/Other | | | | | 140,404 | | | | | | 7% | | | | | | 53,710 | | | | | | 4% | | |
Total | | | | $ | 1,915,034 | | | | | | 100% | | | | | $ | 1,861,618 | | | | | | 100% | | |
|
| | | For the Year Ended December 31, | | |||||||||
Net Investment Activity | | | 2020 | | | 2019 | | ||||||
Purchases | | | | $ | 687,208 | | | | | $ | 1,240,325 | | |
Sales and Repayments | | | | | (1,075,528) | | | | | | (1,313,072) | | |
Net Portfolio Activity | | | | $ | (388,320) | | | | | $ | (72,747) | | |
| | | For the Year Ended December 31, | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
New Investment Activity by Asset Class | | | Purchases | | | Percentage | | | Purchases | | | Percentage | | ||||||||||||
Senior Secured Loans – First Lien | | | | $ | 221,371 | | | | | | 33% | | | | | $ | 677,674 | | | | | | 55% | | |
Senior Secured Loans – Second Lien | | | | | 19,111 | | | | | | 3% | | | | | | 175,756 | | | | | | 14% | | |
Senior Secured Bonds | | | | | 71,267 | | | | | | 10% | | | | | | 66,393 | | | | | | 5% | | |
Unsecured Debt | | | | | 113,193 | | | | | | 16% | | | | | | 63,668 | | | | | | 5% | | |
Preferred Equity | | | | | 22,716 | | | | | | 3% | | | | | | 242,227 | | | | | | 20% | | |
Sustainable Infrastructure Investments, LLC | | | | | 60,603 | | | | | | 9% | | | | | | — | | | | | | — | | |
Equity/Other | | | | | 178,947 | | | | | | 26% | | | | | | 14,607 | | | | | | 1% | | |
Total | | | | $ | 687,208 | | | | | | 100% | | | | | $ | 1,240,325 | | | | | | 100% | | |
| | | December 31, 2018 | | | December 31, 2017 | | ||||||||||||||||||||||||||||||
| | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | ||||||||||||||||||
Senior Secured Loans—First Lien | | | | $ | 1,231,279 | | | | | $ | 1,176,881 | | | | | | 32% | | | | | $ | 961,883 | | | | | $ | 924,926 | | | | | | 23% | | |
Senior Secured Loans—Second Lien | | | | | 673,014 | | | | | | 580,144 | | | | | | 16% | | | | | | 860,470 | | | | | | 796,524 | | | | | | 20% | | |
Senior Secured Bonds | | | | | 497,970 | | | | | | 491,916 | | | | | | 13% | | | | | | 664,542 | | | | | | 660,151 | | | | | | 17% | | |
Unsecured Debt | | | | | 797,146 | | | | | | 706,090 | | | | | | 19% | | | | | | 1,229,790 | | | | | | 1,203,524 | | | | | | 30% | | |
Preferred Equity | | | | | 554,652 | | | | | | 502,594 | | | | | | 13% | | | | | | 145,239 | | | | | | 78,161 | | | | | | 2% | | |
Equity/Other | | | | | 494,442 | | | | | | 264,327 | | | | | | 7% | | | | | | 495,842 | | | | | | 333,419 | | | | | | 8% | | |
Total | | | | $ | 4,248,503 | | | | | $ | 3,721,952 | | | | | | 100% | | | | | $ | 4,357,766 | | | | | $ | 3,996,705 | | | | | | 100% | | |
|
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||
| | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | ||||||||||||||||||
Senior Secured Loans – First Lien | | | | $ | 649,708 | | | | | $ | 607,338 | | | | | | 28% | | | | | $ | 1,252,529 | | | | | $ | 1,134,571 | | | | | | 33% | | |
Senior Secured Loans – Second Lien | | | | | 277,018 | | | | | | 276,312 | | | | | | 13% | | | | | | 752,528 | | | | | | 564,813 | | | | | | 16% | | |
Senior Secured Bonds | | | | | 286,082 | | | | | | 340,042 | | | | | | 16% | | | | | | 529,773 | | | | | | 524,221 | | | | | | 15% | | |
Unsecured Debt | | | | | 245,180 | | | | | | 134,560 | | | | | | 6% | | | | | | 398,233 | | | | | | 323,220 | | | | | | 9% | | |
Preferred Equity | | | | | 689,253 | | | | | | 471,077 | | | | | | 22% | | | | | | 711,883 | | | | | | 721,842 | | | | | | 21% | | |
Sustainable Infrastructure Investments, LLC | | | | | 60,603 | | | | | | 61,816 | | | | | | 3% | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | 367,561 | | | | | | 290,331 | | | | | | 12% | | | | | | 480,760 | | | | | | 213,970 | | | | | | 6% | | |
Total | | | | $ | 2,575,405 | | | | | $ | 2,181,476 | | | | | | 100% | | | | | $ | 4,125,706 | | | | | $ | 3,482,637 | | | | | | 100% | | |
| | December 31, 2018 | | December 31, 2017 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||
Number of Portfolio Companies | | | | 79 | | | | | 76 | | | | | | 54 | | | | | 77 | | | ||||
% Variable Rate (based on fair value) | | | | 39.0% | | | | | 40.1% | | | | | | 37.7% | | | | | 47.4% | | | ||||
% Fixed Rate (based on fair value) | | | | 40.4% | | | | | 49.6% | | | | | | 24.6% | | | | | 25.7% | | | ||||
% Income Producing Preferred Equity and Equity/Other Investments (based on fair value) | | | | 12.2% | | | | | 0.7% | | | | | | 24.2% | | | | | 20.3% | | | ||||
% Non-Income Producing Preferred Equity and Equity/Other Investments (based on fair value) | | | | 8.4% | | | | | 9.6% | | | | | | 13.5% | | | | | 6.6% | | | ||||
Weighted Average Annual EBITDA of Portfolio Companies | | | $ | 202,135 | | | | $ | 164,421 | | | | | $ | 309,742 | | | | $ | 248,795 | | | ||||
Weighted Average Purchase Price of Debt Investments (as a % of par value) | | | | 97.7% | | | | | 97.0% | | | | | | 93.6% | | | | | 96.1% | | | ||||
% of Investments on Non-Accrual (based on fair value) | | | | 1.9% | | | | | 2.6% | | | | | | 8.2% | | | | | 2.1% | | | ||||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) | | | | 8.1% | | | | | 8.0% | | | | | | 7.0% | | | | | 8.1% | | | ||||
Gross Portfolio Yield Prior to Leverage (based on amortized cost)—Excluding Non-Income Producing Assets | | | | 10.1% | | | | | 9.8% | | | |||||||||||||||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) – Excluding Non-Income Producing Assets | | | | 9.7% | | | | | 10.1% | | |
New Direct Originations | | | For the Three Months Ended December 31, 2018 | | | For the Year Ended December 31, 2018 | | ||||||
Total Commitments (including unfunded commitments) | | | | $ | 203,529 | | | | | $ | 828,509 | | |
Exited Investments (including partial paydowns) | | | | | (105,702) | | | | | | (340,064) | | |
Net Direct Originations | | | | $ | 97,827 | | | | | $ | 488,445 | | |
|
| | | For the Three Months Ended December 31, 2018 | | | For the Year Ended December 31, 2018 | | ||||||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments) | | | Commitment Amount | | | Percentage | | | Commitment Amount | | | Percentage | | ||||||||||||
Senior Secured Loans—First Lien | | | | $ | 107,500 | | | | | | 53% | | | | | $ | 287,473 | | | | | | 35% | | |
Senior Secured Loans—Second Lien | | | | | 16,341 | | | | | | 8% | | | | | | 109,031 | | | | | | 13% | | |
Senior Secured Bonds | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Unsecured Debt | | | | | — | | | | | | — | | | | | | 13,636 | | | | | | 2% | | |
Preferred Equity | | | | | 75,000 | | | | | | 37% | | | | | | 403,151 | | | | | | 48% | | |
Equity/Other | | | | | 4,688 | | | | | | 2% | | | | | | 15,218 | | | | | | 2% | | |
Total | | | | $ | 203,529 | | | | | | 100% | | | | | $ | 828,509 | | | | | | 100% | | |
|
| | | For the Three Months Ended December 31, 2018 | | | For the Year Ended December 31, 2018 | | ||||||
Average New Direct Origination Commitment Amount | | | | $ | 29,076 | | | | | $ | 29,590 | | |
Weighted Average Maturity for New Direct Originations | | | | | 5/28/24 | | | | | | 2/11/24 | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period | | | | | 10.9% | | | | | | 11.1% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period—Excluding Non-Income Producing Assets | | | | | 11.1% | | | | | | 11.2% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period | | | | | 10.9% | | | | | | 10.6% | | |
New Direct Originations | | | For the Three Months Ended December 31, 2020 | | | For the Year Ended December 31, 2020 | | ||||||
Total Commitments (including unfunded commitments) | | | | $ | 70,289 | | | | | $ | 541,036 | | |
Exited Investments (including partial paydowns) | | | | | (160,761) | | | | | | (601,606) | | |
Net Direct Originations | | | | $ | (90,472) | | | | | $ | (60,570) | | |
| | | For the Three Months Ended December 31, 2020 | | | For the Year Ended December 31, 2020 | | ||||||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments) | | | Commitment Amount | | | Percentage | | | Commitment Amount | | | Percentage | | ||||||||||||
Senior Secured Loans – First Lien | | | | $ | 41,112 | | | | | | 59% | | | | | $ | 124,119 | | | | | | 23% | | |
Senior Secured Loans – Second Lien | | | | | 10,420 | | | | | | 15% | | | | | | 10,420 | | | | | | 2% | | |
Senior Secured Bonds | | | | | 16,381 | | | | | | 23% | | | | | | 71,213 | | | | | | 13% | | |
Unsecured Debt | | | | | — | | | | | | — | | | | | | 112,848 | | | | | | 21% | | |
Preferred Equity | | | | | — | | | | | | — | | | | | | 10,156 | | | | | | 2% | | |
Sustainable Infrastructure Investments, LLC | | | | | — | | | | | | — | | | | | | 60,603 | | | | | | 11% | | |
Equity/Other | | | | | 2,376 | | | | | | 3% | | | | | | 151,677 | | | | | | 28% | | |
Total | | | | $ | 70,289 | | | | | | 100% | | | | | $ | 541,036 | | | | | | 100% | | |
| | | For the Three Months Ended December 31, 2020 | | | For the Year Ended December 31, 2020 | |
Average New Direct Origination Commitment Amount | | | $10,041 | | | $28,476 | |
Weighted Average Maturity for New Direct Originations | | | 12/19/22 | | | 4/11/23 | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period | | | 7.9% | | | 8.7% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period – Excluding Non-Income Producing Assets | | | 8.1% | | | 12.0% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period | | | 6.4% | | | 8.2% | |
Characteristics of All Direct Originations held in Portfolio | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Number of Portfolio Companies | | | | | 47 | | | | | | 36 | | |
Weighted Average Annual EBITDA of Portfolio Companies | | | | $ | 190,915 | | | | | $ | 108,771 | | |
Weighted Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other Securities | | | | | 4.4x | | | | | | 3.7x | | |
% of Investments on Non-Accrual (based on fair value) | | | | | 2.7% | | | | | | 2.6% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations | | | | | 8.2% | | | | | | 7.4% | | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—Excluding Non-Income Producing Assets | | | | | 10.9% | | | | | | 9.8% | | |
Characteristics of All Direct Originations held in Portfolio | | | December 31, 2020 | | | December 31, 2019 | |
Number of Portfolio Companies | | | 46 | | | 49 | |
Weighted Average Annual EBITDA of Portfolio Companies | | | $310,123 | | | $267,575 | |
Weighted Average Leverage Through Tranche of Portfolio Companies – Excluding Equity/Other Securities | | | 4.3x | | | 4.7x | |
% of Investments on Non-Accrual (based on fair value) | | | 9.1% | | | 2.8% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations | | | 7.1% | | | 8.0% | |
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations – Excluding Non-Income Producing Assets | | | 10.0% | | | 10.4% | |
| | December 31, 2018 | | December 31, 2017 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||
Portfolio Composition by Strategy | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | ||||||||||||||||||||||||||||||||
Direct Originations | | | $ | 2,644,594 | | | | | 71% | | | | $ | 2,277,397 | | | | | 57% | | | | | $ | 1,953,804 | | | | | 90% | | | | $ | 2,617,063 | | | | | 75% | | | ||||||||
Broadly Syndicated/Other | | | | 1,077,358 | | | | | 29% | | | | | 1,719,308 | | | | | 43% | | | | | | 227,672 | | | | | 10% | | | | | 865,574 | | | | | 25% | | | ||||||||
Total | | | $ | 3,721,952 | | | | | 100% | | | | $ | 3,996,705 | | | | | 100% | | | | | $ | 2,181,476 | | | | | 100% | | | | $ | 3,482,637 | | | | | 100% | | | ||||||||
|
Investment Rating | | | Summary Description | | |
1 | | | Investment exceeding expectations and/or capital gain expected. | | |
2 | | | Performing investment generally executing in accordance with the portfolio company’s business | | |
3 | | | Performing investment requiring closer monitoring. | | |
4 | | | Underperforming | | |
5 | | | Underperforming investment with expected loss of interest and some principal. | |
| | December 31, 2018 | | December 31, 2017 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||
Investment Rating | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | ||||||||||||||||||||||||||||||||
1 | | | $ | — | | | | | — | | | | $ | 99,205 | | | | | 2% | | | | | $ | — | | | | | — | | | | $ | — | | | | | — | | | ||||||||
2 | | | | 3,143,439 | | | | | 84% | | | | | 3,125,386 | | | | | 78% | | | | | | 966,968 | | | | | 44% | | | | | 2,115,875 | | | | | 61% | | | ||||||||
3 | | | | 446,877 | | | | | 12% | | | | | 546,153 | | | | | 14% | | | | | | 888,656 | | | | | 41% | | | | | 805,934 | | | | | 23% | | | ||||||||
4 | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 162,251 | | | | | 7% | | | | | 206,535 | | | | | 6% | | | ||||||||
5 | | | | 131,636 | | | | | 4% | | | | | 225,961 | | | | | 6% | | | | | | 163,601 | | | | | 8% | | | | | 354,293 | | | | | 10% | | | ||||||||
| | | $ | 3,721,952 | | | | | 100% | | | | $ | 3,996,705 | | | | | 100% | | | | | $ | 2,181,476 | | | | | 100% | | | | $ | 3,482,637 | | | | | 100% | | | ||||||||
|
| | Years Ended December 31, | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | Amount | | Percentage of Total Income | | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | | | $ | 305,891 | | | | | 92% | | | | $ | 344,600 | | | | | 82% | | | | $ | 310,721 | | | | | 84% | | | | | $ | 190,177 | | | | | 85% | | | | $ | 322,641 | | | | | 88% | | | | $ | 305,891 | | | | | 92% | | | ||||||||||||
Paid-in-kind interest income | | | | 10,163 | | | | | 3% | | | | | 32,981 | | | | | 8% | | | | | 40,900 | | | | | 11% | | | | | | 30,396 | | | | | 14% | | | | | 35,302 | | | | | 10% | | | | | 10,163 | | | | | 3% | | | ||||||||||||
Fee income | | | | 17,736 | | | | | 5% | | | | | 41,175 | | | | | 10% | | | | | 18,119 | | | | | 5% | | | | | | 1,287 | | | | | 1% | | | | | 7,688 | | | | | 2% | | | | | 17,736 | | | | | 5% | | | ||||||||||||
Dividend income | | | | 188 | | | | | 0% | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 66 | | | | | 0% | | | | | 279 | | | | | 0% | | | | | 188 | | | | | 0% | | | ||||||||||||
Total investment income(1) | | | $ | 333,978 | | | | | 100% | | | | $ | 418,756 | | | | | 100% | | | | $ | 369,740 | | | | | 100% | | | | | $ | 221,926 | | | | | 100% | | | | $ | 365,910 | | | | | 100% | | | | $ | 333,978 | | | | | 100% | | | ||||||||||||
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||
Management fees | | | | $ | 70,075 | | | | | $ | 88,938 | | | | | $ | 76,580 | | |
Subordinated income incentive fees | | | | | — | | | | | | 10,499 | | | | | | 5,774 | | |
Administrative services expenses | | | | | 3,717 | | | | | | 2,829 | | | | | | 3,870 | | |
Share transfer agent fees | | | | | 2,608 | | | | | | 2,723 | | | | | | 2,884 | | |
Accounting and administrative fees | | | | | 1,318 | | | | | | 1,608 | | | | | | 1,392 | | |
Interest expense | | | | | 66,681 | | | | | | 49,286 | | | | | | 37,126 | | |
Trustees’ fees | | | | | 1,004 | | | | | | 996 | | | | | | 962 | | |
Offering costs | | | | | — | | | | | | — | | | | | | 4,675 | | |
Expenses associated with our independent audit and related fees | | | | | 411 | | | | | | 524 | | | | | | 484 | | |
Legal fees | | | | | 599 | | | | | | 477 | | | | | | 536 | | |
Printing fees | | | | | 954 | | | | | | 1,417 | | | | | | 2,203 | | |
Insurance expense | | | | | 132 | | | | | | 186 | | | | | | 226 | | |
Other | | | | | 2,532 | | | | | | 1,101 | | | | | | 1,381 | | |
Total operating Expenses | | | | | 150,031 | | | | | | 160,584 | | | | | | 138,093 | | |
Less: Management fee waiver | | | | | (1,276) | | | | | | — | | | | | | — | | |
Less: Expense reimbursement from sponsor | | | | | — | | | | | | (31,260) | | | | | | — | | |
Add: Expense reimbursement due to sponsor | | | | | — | | | | | | 2,858 | | | | | | — | | |
Net operating expenses | | | | $ | 148,755 | | | | | $ | 132,182 | | | | | $ | 138,093 | | |
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||
Ratio of operating expenses to average net assets | | | | | 5.19% | | | | | | 4.94% | | | | | | 4.88% | | |
Ratio of management fee waiver and expense reimbursement to (from) sponsor to average net assets | | | | | (0.05)% | | | | | | (0.87) | | | | | | — | | |
Ratio of net operating expenses to average net assets | | | | | 5.14% | | | | | | 4.07% | | | | | | 4.88% | | |
Less: Ratio of income incentive fees, interest expense and offering costs to average net assets(1) | | | | | 2.30% | | | | | | 1.84% | | | | | | 1.68% | | |
Ratio of net operating expenses, excluding certain expenses, to average net assets | | | | | 2.84% | | | | | | 2.23% | | | | | | 3.20% | | |
|
| | | Year Ended December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Management fees | | | | $ | 49,029 | | | | | $ | 68,526 | | | | | $ | 70,075 | | |
Administrative services expenses | | | | | 6,579 | | | | | | 4,760 | | | | | | 3,717 | | |
Share transfer agent fees | | | | | 2,728 | | | | | | 2,748 | | | | | | 2,608 | | |
Accounting and administrative fees | | | | | 787 | | | | | | 1,106 | | | | | | 1,318 | | |
Interest expense | | | | | 75,101 | | | | | | 88,364 | | | | | | 66,681 | | |
Trustees’ fees | | | | | 789 | | | | | | 762 | | | | | | 1,004 | | |
Expenses associated with our independent audit and related fees | | | | | 451 | | | | | | 444 | | | | | | 411 | | |
Legal fees | | | | | 1,581 | | | | | | 438 | | | | | | 599 | | |
Printing fees | | | | | 736 | | | | | | 1,018 | | | | | | 954 | | |
Insurance expense | | | | | 143 | | | | | | 99 | | | | | | 132 | | |
Other | | | | | 2,261 | | | | | | 1,853 | | | | | | 2,532 | | |
Total operating Expenses | | | | | 140,185 | | | | | | 170,118 | | | | | | 150,031 | | |
Less: Management fee offset | | | | | (706) | | | | | | (5,992) | | | | | | (1,276) | | |
Net operating expenses | | | | $ | 139,479 | | | | | $ | 164,126 | | | | | $ | 148,755 | | |
| | | Year Ended December 31, | | |||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||
Ratio of operating expenses to average net assets | | | | | 8.20% | | | | | | 6.54% | | | | | | 5.19% | | |
Ratio of management fee offset to average net assets | | | | | (0.04)% | | | | | | (0.23)% | | | | | | (0.05)% | | |
Ratio of net operating expenses to average net assets | | | | | 8.16% | | | | | | 6.31% | | | | | | 5.14% | | |
Less: Ratio of interest expense to average net assets | | | | | (4.40)% | | | | | | (3.40)% | | | | | | (2.30)% | | |
Ratio of net operating expenses, excluding interest expenses, to average net assets | | | | | 3.76% | | | | | | 2.91% | | | | | | 2.84% | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Net realized gain (loss) on investments(1) | | | $ | (100,914) | | | | $ | (91,083) | | | | $ | (251,431) | | | | | $ | (1,222,667) | | | | $ | (114,746) | | | | $ | (100,914) | | | ||||||
Net realized gain (loss) on swap contracts | | | | 1,165 | | | | | — | | | | | — | | | | | | 20,250 | | | | | 5,453 | | | | | 1,165 | | | ||||||
Net realized gain (loss) on foreign currency | | | | — | | | | | 1 | | | | | — | | | ||||||||||||||||||||||
Net realized gain (loss) on debt extinguishment | | | | 2,591 | | | | | — | | | | | — | | | ||||||||||||||||||||||
Total net realized gain (loss) | | | $ | (99,749) | | | | $ | (91,082) | | | | $ | (251,431) | | | | | $ | (1,199,826) | | | | $ | (109,293) | | | | $ | (99,749) | | | ||||||
|
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | | | $ | (165,490) | | | | $ | (308,513) | | | | $ | 772,361 | | | | | $ | 249,140 | | | | $ | (116,518) | | | | $ | (165,490) | | | ||||||
Net change in unrealized appreciation (depreciation) on swap contracts | | | | 19,654 | | | | | — | | | | | — | | | | | | (6,551) | | | | | (13,103) | | | | | 19,654 | | | ||||||
Net change in unrealized appreciation (depreciation) on foreign currency | | | | 20 | | | | | 51 | | | | | 7 | | | | | | 5 | | | | | 7 | | | | | 20 | | | ||||||
Total net change in unrealized appreciation (depreciation) | | | $ | (145,816) | | | | $ | (308,462) | | | | $ | 772,368 | | | | | $ | 242,594 | | | | $ | (129,614) | | | | $ | (145,816) | | | ||||||
|
Arrangement(1) | | Type of Arrangement | | Rate | | Amount Outstanding | | Amount Available | | Maturity Date | | | Type of Arrangement | | Rate(2) | | Amount Outstanding | | Amount Available | | Maturity Date | | ||||||||||||||||||||||
Goldman Facility | | Term | | L+3.72% | | | $ | 425,000 | | | | $ | — | | | September 15, 2019 | | |||||||||||||||||||||||||||
JPMorgan Facility | | Revolving/Term | | L+2.75% | | | | 206,667 | | | | | 413,333 | | | February 16, 2023 | | | Revolving/Term | | L+3.00% | | | $ | 416,667 | | | | $ | — | | | February 16, 2023 | | ||||||||||
Senior Secured Notes(2) | | Bond | | 7.50% | | | | 500,000 | | | | | — | | | August 15, 2023 | | |||||||||||||||||||||||||||
Senior Secured Notes(3) | | Bond | | 7.50% | | | | 489,000 | | | | | — | | | August 15, 2023 | | |||||||||||||||||||||||||||
Total | | | | | | | $ | 1,131,667 | | | | $ | 413,333 | | | | | | | | | | | $ | 905,667 | | | | $ | — | | | | | ||||||||||
|
| | Distribution | | | Distribution | | ||||||||||||||||||||
For the Year Ended December 31, | | Per Share | | Amount | | | Per Share | | Amount | | ||||||||||||||||
2016 | | | $ | 0.7085 | | | | $ | 288,982 | | | |||||||||||||||
2017 | | | $ | 0.7085 | | | | $ | 312,694 | | | |||||||||||||||
2018 | | | $ | 0.5000 | | | | $ | 219,047 | | | | | $ | 0.5000 | | | | $ | 219,047 | | | ||||
2019 | | | $ | 0.5000 | | | | $ | 218,187 | | |
| | | Distribution | | |||||||||
For the Year Ended December 31, | | | Per Share | | | Amount | | ||||||
2020 | | | | $ | 0.1733 | | | | | $ | 75,656 | | |
| | | | Payments Due By Period | | | | | Payments Due By Period | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Maturity Date(1) | | Total | | Less than 1 year | | 1–3 years | | 3–5 years | | More than 5 years | | | Maturity Date(1) | | Total | | Less than 1 year | | 1 – 3 years | | 3 – 5 years | | More than 5 years | | ||||||||||||||||||||||||||||||||||||||||||
Goldman Facility(2) | | September 15, 2019 | | | $ | 425,000 | | | | $ | 425,000 | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||
JPMorgan Facility(3) | | February 16, 2023 | | | $ | 206,667 | | | | | — | | | | | — | | | | $ | 206,667 | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||
JPMorgan Facility(2) | | February 16, 2023 | | | $ | 416,667 | | | | | — | | | | $ | 416,667 | | | | $ | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Notes(2) | | August 15, 2023 | | | $ | 500,000 | | | | | — | | | | | — | | | | $ | 500,000 | | | | | — | | | | August 15, 2023 | | | $ | 489,000 | | | | | — | | | | $ | 489,000 | | | | $ | — | | | | | — | | |
Basis Point Change in Interest Rates | | Increase (Decrease) in Interest Income | | Increase (Decrease) in Interest Expense | | Increase (Decrease) in Net Interest Income | | Percentage Change in Net Interest Income | | | Increase (Decrease) in Interest Income | | Increase (Decrease) in Interest Expense | | Increase (Decrease) in Net Interest Income | | Percentage Change in Net Interest Income | | ||||||||||||||||||||||||||||||||
Down 100 basis points | | | $ | (14,125) | | | | $ | (6,451) | | | | $ | (7,674) | | | | | (2.9)% | | | |||||||||||||||||||||||||||||
Down 24 basis points | | | $ | (399) | | | | $ | (716) | | | | $ | 317 | | | | | 0.2% | | | |||||||||||||||||||||||||||||
No Change | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
Up 100 basis points | | | $ | 14,125 | | | | $ | 6,451 | | | | $ | 7,674 | | | | | 2.9% | | | | | $ | 3,001 | | | | $ | 3,578 | | | | $ | (577) | | | | | (0.4)% | | | ||||||||
Up 300 basis points | | | $ | 42,376 | | | | $ | 19,353 | | | | $ | 23,023 | | | | | 8.6% | | | | | $ | 18,731 | | | | $ | 10,733 | | | | $ | 7,998 | | | | | 6.1% | | | ||||||||
Up 500 basis points | | | $ | 70,627 | | | | $ | 32,255 | | | | $ | 38,372 | | | | | 14.4% | | | | | $ | 35,025 | | | | $ | 17,889 | | | | $ | 17,136 | | | | | 13.1% | | |
| | | Page | | |||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | December 31, | | | December 31, | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2020 | | 2019 | | ||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | ||||
Investments, at fair value | | | | | | | | | | | | | | | | | | | | | | | ||||
Non-controlled/unaffiliated investments (amortized cost—$3,339,313 and $3,490,683, respectively) | | | $ | 3,099,252 | | | | $ | 3,281,536 | | | |||||||||||||||
Non-controlled/affiliated investments (amortized cost—$881,726 and $839,619, respectively) | | | | 622,700 | | | | | 715,169 | | | |||||||||||||||
Controlled/affiliated investments (amortized cost—$27,464 and $27,464, respectively) | | | | — | | | | | — | | | |||||||||||||||
Total investments, at fair value (amortized cost—$4,248,503 and $4,357,766 respectively) | | | | 3,721,952 | | | | | 3,996,705 | | | |||||||||||||||
Non-controlled/unaffiliated investments (amortized cost – $2,053,838 and $3,399,611, respectively) | | | $ | 1,825,470 | | | | $ | 3,108,039 | | | |||||||||||||||
Non-controlled/affiliated investments (amortized cost – $406,430 and $698,631, respectively) | | | | 239,279 | | | | | 374,598 | | | |||||||||||||||
Controlled/affiliated investments (amortized cost – $115,137 and $27,464, respectively) | | | | 116,727 | | | | | — | | | |||||||||||||||
Total investments, at fair value (amortized cost – $2,575,405 and $4,125,706 respectively) | | | | 2,181,476 | | | | | 3,482,637 | | | |||||||||||||||
Cash | | | | 97,839 | | | | | 195,376 | | | | | | 142,536 | | | | | 149,752 | | | ||||
Restricted cash | | | | 667 | | | | | — | | | | | | — | | | | | 667 | | | ||||
Receivable for investments sold and repaid | | | | 15,974 | | | | | 66,337 | | | | | | 7,691 | | | | | 729 | | | ||||
Swap income receivable | | | | 854 | | | | | — | | | | | | — | | | | | 395 | | | ||||
Unrealized appreciation on swap contracts | | | | 20,521 | | | | | — | | | | | | — | | | | | 6,831 | | | ||||
Interest receivable | | | | 33,339 | | | | | 51,293 | | | | | | 26,705 | | | | | 33,507 | | | ||||
Deferred financing costs | | | | — | | | | | 720 | | | |||||||||||||||
Reimbursement due from sponsor(1) | | | | — | | | | | 5,945 | | | |||||||||||||||
Prepaid expenses and other assets | | | | 2,370 | | | | | 55 | | | | | | 234 | | | | | 266 | | | ||||
Total assets | | | $ | 3,893,516 | | | | $ | 4,316,431 | | | | | $ | 2,358,642 | | | | $ | 3,674,784 | | | ||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | ||||
Payable for investments purchased | | | $ | 91,894 | | | | $ | 88,033 | | | | | $ | — | | | | $ | 28,518 | | | ||||
Credit facilities payable (net of deferred financing costs of $6,465 and $1,883, respectively)(2) | | | | 625,202 | | | | | 1,218,117 | | | |||||||||||||||
Secured note payable (net of deferred financing costs of $9,146 and $0, respectively)(2) | | | | 481,485 | | | | | — | | | |||||||||||||||
Credit facilities payable (net of deferred financing costs of $5,816 and $6,370, respectively) (1) | | | | 410,851 | | | | | 730,297 | | | |||||||||||||||
Secured note payable (net of deferred financing costs of $5,284 and $7,344, respectively) (1) | | | | 478,521 | | | | | 485,313 | | | |||||||||||||||
Shareholder distributions payable | | | | 9,036 | | | | | 10,938 | | | | | | 13,188 | | | | | 10,240 | | | ||||
Management fees payable | | | | 16,406 | | | | | 21,834 | | | | | | 10,156 | | | | | 15,582 | | | ||||
Administrative services expenses payable | | | | 498 | | | | | 361 | | | | | | 949 | | | | | 507 | | | ||||
Interest payable | | | | 16,228 | | | | | 6,033 | | | | | | 14,236 | | | | | 16,567 | | | ||||
Swap income payable | | | | 225 | | | | | — | | | |||||||||||||||
Unrealized depreciation on swap contracts | | | | 867 | | | | | — | | | | | | — | | | | | 280 | | | ||||
Trustees’ fees payable | | | | 183 | | | | | 252 | | | | | | 192 | | | | | 192 | | | ||||
Other accrued expenses and liabilities | | | | 3,306 | | | | | 4,821 | | | | | | 1,972 | | | | | 7,683 | | | ||||
Total Liabilities | | | | 1,245,330 | | | | | 1,350,389 | | | | | | 930,065 | | | | | 1,295,179 | | | ||||
Commitments and contingencies ($28,104 and $28,104, respectively)(3) | | | | | | | | |||||||||||||||||||
Commitments and contingencies ($0 and $28,104, respectively)(2) | | | | | | | | | | | | |||||||||||||||
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | ||||
Preferred shares, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Common shares, $0.001 par value, 700,000,000 shares authorized, 440,451,167 and 446,045,135 shares issued and outstanding, respectively | | | | 440 | | | | | 446 | | | |||||||||||||||
Common shares, $0.001 par value, 700,000,000 shares authorized, 440,020,123 and 438,477,007 shares issued and outstanding, respectively | | | | 440 | | | | | 438 | | | |||||||||||||||
Capital in excess of par value | | | | 3,746,792 | | | | | 3,814,303 | | | | | | 3,152,485 | | | | | 3,610,533 | | | ||||
Accumulated earnings (deficit) | | | | (1,099,046) | | | | | (848,707) | | | | | | (1,724,348) | | | | | (1,231,366) | | | ||||
Total shareholders’ equity | | | | 2,648,186 | | | | | 2,966,042 | | | | | | 1,428,577 | | | | | 2,379,605 | | | ||||
Total liabilities and shareholders’ equity | | | $ | 3,893,516 | | | | $ | 4,316,431 | | | | | $ | 2,358,642 | | | | $ | 3,674,784 | | | ||||
Net asset value per common share at year end | | | $ | 6.01 | | | | $ | 6.65 | | | | | $ | 3.25 | | | | $ | 5.43 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Investment income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
From non-controlled/unaffiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest income | | | $ | 258,862 | | | | $ | 272,881 | | | | $ | 249,340 | | | | | $ | 177,147 | | | | $ | 292,728 | | | | $ | 258,862 | | | ||||||
Paid-in-kind interest income | | | | 7,878 | | | | | 21,463 | | | | | 31,931 | | | | | | 18,397 | | | | | 34,228 | | | | | 7,878 | | | ||||||
Fee income | | | | 15,645 | | | | | 40,519 | | | | | 10,428 | | | | | | 1,287 | | | | | 3,031 | | | | | 15,645 | | | ||||||
Dividend income | | | | 188 | | | | | — | | | | | — | | | | | | 66 | | | | | 279 | | | | | 188 | | | ||||||
From non-controlled/affiliated investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest income | | | | 47,029 | | | | | 71,719 | | | | | 61,381 | | | | | | 10,144 | | | | | 29,913 | | | | | 47,029 | | | ||||||
Paid-in-kind interest income | | | | 2,285 | | | | | 11,518 | | | | | 8,969 | | | | | | 11,999 | | | | | 1,074 | | | | | 2,285 | | | ||||||
Fee income | | | | 2,091 | | | | | 656 | | | | | 7,691 | | | | | | — | | | | | 4,657 | | | | | 2,091 | | | ||||||
From controlled/affiliated investments: | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Interest income | | | | 2,886 | | | | | — | | | | | — | | | ||||||||||||||||||||||
Total investment income | | | | 333,978 | | | | | 418,756 | | | | | 369,740 | | | | | | 221,926 | | | | | 365,910 | | | | | 333,978 | | | ||||||
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Management fees | | | | 70,075 | | | | | 88,938 | | | | | 76,580 | | | | | | 49,029 | | | | | 68,526 | | | | | 70,075 | | | ||||||
Subordinated income incentive fees(1) | | | | — | | | | | 10,499 | | | | | 5,774 | | | ||||||||||||||||||||||
Administrative services expenses | | | | 3,717 | | | | | 2,829 | | | | | 3,870 | | | | | | 6,579 | | | | | 4,760 | | | | | 3,717 | | | ||||||
Share transfer agent fees | | | | 2,608 | | | | | 2,723 | | | | | 2,884 | | | | | | 2,728 | | | | | 2,748 | | | | | 2,608 | | | ||||||
Accounting and administrative fees | | | | 1,318 | | | | | 1,608 | | | | | 1,392 | | | | | | 787 | | | | | 1,106 | | | | | 1,318 | | | ||||||
Interest expense(2) | | | | 66,681 | | | | | 49,286 | | | | | 37,126 | | | ||||||||||||||||||||||
Interest expense(1) | | | | 75,101 | | | | | 88,364 | | | | | 66,681 | | | ||||||||||||||||||||||
Trustees’ fees | | | | 1,004 | | | | | 996 | | | | | 962 | | | | | | 789 | | | | | 762 | | | | | 1,004 | | | ||||||
Offering costs | | | | — | | | | | — | | | | | 4,675 | | | ||||||||||||||||||||||
Other general and administrative expenses | | | | 4,628 | | | | | 3,705 | | | | | 4,830 | | | | | | 5,172 | | | | | 3,852 | | | | | 4,628 | | | ||||||
Total operating expenses | | | | 150,031 | | | | | 160,584 | | | | | 138,093 | | | | | | 140,185 | | | | | 170,118 | | | | | 150,031 | | | ||||||
Less: Management fee waiver(3) | | | | (1,276) | | | | | — | | | | | — | | | ||||||||||||||||||||||
Less: Expense reimbursement from sponsor(4) | | | | — | | | | | (31,260) | | | | | — | | | ||||||||||||||||||||||
Add: Expense reimbursement due to sponsor(4) | | | | — | | | | | 2,858 | | | | | — | | | ||||||||||||||||||||||
Less: Management fee offset(2) | | | | (706) | | | | | (5,992) | | | | | (1,276) | | | ||||||||||||||||||||||
Net expenses | | | | 148,755 | | | | | 132,182 | | | | | 138,093 | | | | | | 139,479 | | | | | 164,126 | | | | | 148,755 | | | ||||||
Net investment income | | | | 185,223 | | | | | 286,574 | | | | | 231,647 | | | | | | 82,447 | | | | | 201,784 | | | | | 185,223 | | | ||||||
Realized and unrealized gain/loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net realized gain (loss) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-controlled/unaffiliated | | | | (94,085) | | | | | (88,725) | | | | | (252,003) | | | | | | (766,774) | | | | | (121,361) | | | | | (94,085) | | | ||||||
Non-controlled/affiliated | | | | (6,829) | | | | | (2,358) | | | | | 572 | | | | | | (428,429) | | | | | 6,615 | | | | | (6,829) | | | ||||||
Controlled/affiliated | | | | (27,464) | | | | | — | | | | | — | | | ||||||||||||||||||||||
Net realized gain (loss) on swap contracts | | | | 1,165 | | | | | — | | | | | — | | | | | | 20,250 | | | | | 5,453 | | | | | 1,165 | | | ||||||
Net realized gain (loss) on foreign currency | | | | — | | | | | 1 | | | | | — | | | ||||||||||||||||||||||
Net realized gain (loss) on debt extinguishment | | | | 2,591 | | | | | — | | | | | — | | | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Non-controlled/unaffiliated | | | | (30,914) | | | | | (88,210) | | | | | 614,513 | | | | | | 63,204 | | | | | (51,511) | | | | | (30,914) | | | ||||||
Non-controlled/affiliated | | | | (134,576) | | | | | (218,472) | | | | | 174,231 | | | | | | 156,882 | | | | | (65,007) | | | | | (134,576) | | | ||||||
Controlled/affiliated | | | | — | | | | | (1,831) | | | | | (16,383) | | | | | | 29,054 | | | | | — | | | | | — | | | ||||||
Net change in unrealized appreciation (depreciation) on swap contracts | | | | 19,654 | | | | | — | | | | | — | | | | | | (6,551) | | | | | (13,103) | | | | | 19,654 | | | ||||||
Net change in unrealized gain (loss) on foreign currency | | | | 20 | | | | | 51 | | | | | 7 | | | | | | 5 | | | | | 7 | | | | | 20 | | | ||||||
Total net realized and unrealized gain (loss) | | | | (245,565) | | | | | (399,544) | | | | | 520,937 | | | | | | (957,232) | | | | | (238,907) | | | | | (245,565) | | | ||||||
Net increase (decrease) in net assets resulting from operations | | | $ | (60,342) | | | | $ | (112,970) | | | | $ | 752,584 | | | | | $ | (874,785) | | | | $ | (37,123) | | | | $ | (60,342) | | | ||||||
Per share information—basic and diluted | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Per share information – basic and diluted | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations (Earnings per Share) | | | $ | (0.14) | | | | $ | (0.26) | | | | $ | 1.84 | | | | | $ | (2.00) | | | | $ | (0.08) | | | | $ | (0.14) | | | ||||||
Weighted average shares outstanding | | | | 438,963,491 | | | | | 442,570,942 | | | | | 408,967,511 | | | | | | 437,620,915 | | | | | 437,167,745 | | | | | 438,963,491 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net investment income | | | $ | 185,223 | | | | $ | 286,574 | | | | $ | 231,647 | | | | | $ | 82,447 | | | | $ | 201,784 | | | | $ | 185,223 | | | ||||||
Net realized gain (loss) on investments, swap contracts and foreign currency | | | | (99,749) | | | | | (91,082) | | | | | (251,431) | | | ||||||||||||||||||||||
Net realized gain (loss) on investments, swap contracts and debt extinguishment | | | | (1,199,826) | | | | | (109,293) | | | | | (99,749) | | | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | | | | (165,490) | | | | | (308,513) | | | | | 772,361 | | | | | | 249,140 | | | | | (116,518) | | | | | (165,490) | | | ||||||
Net change in unrealized appreciation (depreciation) on swap contracts | | | | 19,654 | | | | | — | | | | | — | | | | | | (6,551) | | | | | (13,103) | | | | | 19,654 | | | ||||||
Net change in unrealized gain (loss) on foreign currency | | | | 20 | | | | | 51 | | | | | 7 | | | | | | 5 | | | | | 7 | | | | | 20 | | | ||||||
Net increase (decrease) in net assets resulting from operations | | | | (60,342) | | | | | (112,970) | | | | | 752,584 | | | | | | (874,785) | | | | | (37,123) | | | | | (60,342) | | | ||||||
Shareholder distributions(1) | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Distributions to shareholders | | | | (219,047) | | | | | (311,103) | | | | | (273,529) | | | | | | (63,272) | | | | | (218,187) | | | | | (219,047) | | | ||||||
Distributions representing return of capital | | | | — | | | | | (1,591) | | | | | (15,453) | | | | | | (12,384) | | | | | — | | | | | — | | | ||||||
Net decrease in net assets resulting from shareholder distributions | | | | (219,047) | | | | | (312,694) | | | | | (288,982) | | | | | | (75,656) | | | | | (218,187) | | | | | (219,047) | | | ||||||
Capital share transactions(2) | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Issuance of common shares | | | | — | | | | | — | | | | | 354,727 | | | ||||||||||||||||||||||
Reinvestment of shareholder distributions | | | | 118,191 | | | | | 186,471 | | | | | 180,011 | | | | | | 26,236 | | | | | 101,727 | | | | | 118,191 | | | ||||||
Repurchases of common shares | | | | (156,658) | | | | | (143,659) | | | | | (67,307) | | | | | | (26,823) | | | | | (114,998) | | | | | (156,658) | | | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | (38,467) | | | | | 42,812 | | | | | 467,431 | | | | | | (587) | | | | | (13,271) | | | | | (38,467) | | | ||||||
Total increase (decrease) in net assets | | | | (317,856) | | | | | (382,852) | | | | | 931,033 | | | | | | (951,028) | | | | | (268,581) | | | | | (317,856) | | | ||||||
Net assets at beginning of year | | | | 2,966,042 | | | | | 3,348,894 | | | | | 2,417,861 | | | | | | 2,379,605 | | | | | 2,648,186 | | | | | 2,966,042 | | | ||||||
Net assets at end of year | | | $ | 2,648,186 | | | | $ | 2,966,042 | | | | $ | 3,348,894 | | | | | $ | 1,428,577 | | | | $ | 2,379,605 | | | | $ | 2,648,186 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net increase (decrease) in net assets resulting from operations | | | $ | (60,342) | | | | $ | (112,970) | | | | $ | 752,584 | | | | | $ | (874,785) | | | | $ | (37,123) | | | | $ | (60,342) | | | ||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Purchases of investments | | | | (1,768,663) | | | | | (1,757,630) | | | | | (965,957) | | | | | | (375,782) | | | | | (1,111,384) | | | | | (1,768,663) | | | ||||||
Paid-in-kind interest | | | | (10,163) | | | | | (32,981) | | | | | (40,900) | | | | | | (30,396) | | | | | (35,302) | | | | | (10,163) | | | ||||||
Proceeds from sales and repayments of investments | | | | 1,802,043 | | | | | 1,327,660 | | | | | 702,830 | | | | | | 764,102 | | | | | 1,184,131 | | | | | 1,802,043 | | | ||||||
Net realized (gain) loss on investments | | | | 100,914 | | | | | 91,083 | | | | | 251,431 | | | | | | 1,222,667 | | | | | 114,746 | | | | | 100,914 | | | ||||||
Net change in unrealized (appreciation) depreciation on investments | | | | 165,490 | | | | | 308,513 | | | | | (772,361) | | | | | | (249,140) | | | | | 116,518 | | | | | 165,490 | | | ||||||
Net change in unrealized (appreciation) depreciation on swap contracts | | | | (19,654) | | | | | — | | | | | — | | | | | | 6,551 | | | | | 13,103 | | | | | (19,654) | | | ||||||
Accretion of discount | | | | (14,868) | | | | | (22,910) | | | | | (15,985) | | | | | | (30,290) | | | | | (29,394) | | | | | (14,868) | | | ||||||
Amortization of deferred financing costs and discount | | | | 4,217 | | | | | 3,689 | | | | | 3,207 | | | | | | 7,523 | | | | | 6,123 | | | | | 4,217 | | | ||||||
Amortization of deferred offering costs | | | | — | | | | | — | | | | | 4,675 | | | ||||||||||||||||||||||
(Increase) decrease in receivable for investments sold and repaid | | | | 50,363 | | | | | (66,315) | | | | | 13,770 | | | | | | (6,962) | | | | | 15,245 | | | | | 50,363 | | | ||||||
(Increase) decrease in interest receivable | | | | 17,954 | | | | | (13,436) | | | | | (2,936) | | | | | | 6,802 | | | | | (168) | | | | | 17,954 | | | ||||||
(Increase) decrease in expense reimbursement due from sponsor(1) | | | | 5,945 | | | | | (5,945) | | | | | — | | | | | | — | | | | | — | | | | | 5,945 | | | ||||||
(Increase) decrease in swap income receivable | | | | (854) | | | | | — | | | | | — | | | | | | 395 | | | | | 459 | | | | | (854) | | | ||||||
(Increase) decrease in prepaid expenses and other assets | | | | (2,315) | | | | | (40) | | | | | 232 | | | | | | 32 | | | | | 2,104 | | | | | (2,315) | | | ||||||
Increase (decrease) in payable for investments purchased | | | | 3,861 | | | | | 81,987 | | | | | 6,046 | | | | | | (28,518) | | | | | (63,376) | | | | | 3,861 | | | ||||||
Increase (decrease) in management fees payable | | | | (5,428) | | | | | 979 | | | | | 2,517 | | | | | | (5,426) | | | | | (824) | | | | | (5,428) | | | ||||||
Increase (decrease) in subordinated income incentive fees payable | | | | — | | | | | — | | | | | (12,048) | | | ||||||||||||||||||||||
Increase (decrease) in administrative services expense payable | | | | 137 | | | | | (1,116) | | | | | (395) | | | | | | 442 | | | | | 9 | | | | | 137 | | | ||||||
Increase (decrease) in swap income payable | | | | 225 | | | | | — | | | | | — | | | | | | — | | | | | (225) | | | | | 225 | | | ||||||
Increase (decrease) in interest payable(2) | | | | 10,195 | | | | | 1,705 | | | | | 1,282 | | | | | | (2,331) | | | | | 339 | | | | | 10,195 | | | ||||||
Increase (decrease) in trustees’ fees payable | | | | (69) | | | | | 2 | | | | | (4) | | | | | | — | | | | | 9 | | | | | (69) | | | ||||||
Increase (decrease) in other accrued expenses and liabilities | | | | (1,515) | | | | | 377 | | | | | (1,014) | | | | | | (5,711) | | | | | 4,377 | | | | | (1,515) | | | ||||||
Net cash provided by (used in) operating activities | | | | 277,473 | | | | | (197,348) | | | | | (73,026) | | | | | | 399,173 | | | | | 179,367 | | | | | 277,473 | | | ||||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Issuance of common shares | | | | — | | | | | — | | | | | 361,642 | | | ||||||||||||||||||||||
Reinvestment of shareholder distributions | | | | 118,191 | | | | | 186,471 | | | | | 180,011 | | | ||||||||||||||||||||||
Repurchases of common shares | | | | (156,658) | | | | | (143,659) | | | | | (67,307) | | | | | | (26,823) | | | | | (114,998) | | | | | (156,658) | | | ||||||
Offering costs incurred | | | | — | | | | | — | | | | | (4,675) | | | ||||||||||||||||||||||
Shareholder distributions | | | | (220,949) | | | | | (311,230) | | | | | (279,556) | | | ||||||||||||||||||||||
Shareholder distributions paid | | | | (46,472) | | | | | (115,256) | | | | | (102,758) | | | ||||||||||||||||||||||
Borrowings under credit facilities(2) | | | | 321,667 | | | | | 878,263 | | | | | 65,400 | | | | | | 160,000 | | | | | 580,000 | | | | | 321,667 | | | ||||||
Borrowings under repurchase facility(2) | | | | — | | | | | — | | | | | 16 | | | ||||||||||||||||||||||
Borrowings under secured notes(2) | | | | 489,865 | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | 489,865 | | | ||||||
Repayments of credit facilities(2) | | | | (910,000) | | | | | (206,928) | | | | | (232,245) | | | | | | (480,000) | | | | | (475,000) | | | | | (910,000) | | | ||||||
Repayments of repurchase facility(2) | | | | — | | | | | (325,000) | | | | | — | | | ||||||||||||||||||||||
Repayments under senior secured notes(2) | | | | (11,000) | | | | | — | | | | | — | | | ||||||||||||||||||||||
Deferred financing costs paid | | | | (16,459) | | | | | (2,713) | | | | | (1,607) | | | | | | (2,761) | | | | | (2,200) | | | | | (16,459) | | | ||||||
Net cash provided by financing activities | | | | (374,343) | | | | | 75,204 | | | | | 21,679 | | | | | | (407,056) | | | | | (127,454) | | | | | (374,343) | | | ||||||
Total increase (decrease) in cash | | | | (96,870) | | | | | (122,144) | | | | | (51,347) | | | | | | (7,883) | | | | | 51,913 | | | | | (96,870) | | | ||||||
Cash at beginning of year | | | | 195,376 | | | | | 317,520 | | | | | 368,867 | | | ||||||||||||||||||||||
Cash and restricted cash at beginning of year(3) | | | | 150,419 | | | | | 98,506 | | | | | 195,376 | | | ||||||||||||||||||||||
Cash and restricted cash at end of year(3) | | | $ | 98,506 | | | | $ | 195,376 | | | | $ | 317,520 | | | | | $ | 142,536 | | | | $ | 150,419 | | | | $ | 98,506 | | | ||||||
Supplemental disclosure | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Reinvestment of shareholder distributions | | | $ | 26,236 | | | | $ | 101,727 | | | | $ | 118,191 | | | ||||||||||||||||||||||
Non-cash purchases of investments | | | $ | (146,371) | | | | $ | (103,988) | | | | $ | (522,222) | | | | | $ | (311,426) | | | | $ | (128,941) | | | | $ | (146,371) | | | ||||||
Non-cash sales of investments | | | $ | 146,371 | | | | $ | 103,988 | | | | $ | 522,222 | | | | | $ | 311,426 | | | | $ | 128,941 | | | | $ | 146,371 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Senior Secured Loans—First Lien—44.4% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC | | | (h) | | | Service & Equipment | | | L+950 | | | | | 1.0% | | | | 11/20/20 | | | | $ | 14,281 | | | | | $ | 13,814 | | | | | $ | 14,121 | | |
Allied Wireline Services, LLC | | | (w)(x) | | | Service & Equipment | | | L+950 | | | | | 1.5% | | | | 6/30/20 | | | | | 105,600 | | | | | | 105,505 | | | | | | 104,148 | | |
Altus Power America, Inc. | | | (h)(w)(z) | | | Power | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 85,939 | | | | | | 85,939 | | | | | | 83,361 | | |
Altus Power America, Inc. | | | (e)(w)(z) | | | Power | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 3,787 | | | | | | 3,787 | | | | | | 3,673 | | |
ARB Midstream Operating Company, LLC | | | (w)(x) | | | Midstream | | | L+725 | | | | | 1.0% | | | | 11/6/21 | | | | | 3,557 | | | | | | 3,540 | | | | | | 3,502 | | |
Bioenergy Infrastructure Holdings Limited | | | (k)(w) | | | Power | | | L+725 | | | | | 1.0% | | | | 12/22/22 | | | | | 957 | | | | | | 951 | | | | | | 947 | | |
Bioenergy Infrastructure Holdings Limited | | | (e)(k)(w) | | | Power | | | L+725 | | | | | 1.0% | | | | 12/22/22 | | | | | 543 | | | | | | 543 | | | | | | 537 | | |
Bioenergy Infrastructure Holdings Limited | | | (e)(k)(w) | | | Power | | | L+725 | | | | | 1.0% | | | | 12/22/22 | | | | | 544 | | | | | | 544 | | | | | | 537 | | |
BL Sand Hills Unit, L.P. | | | (w)(x)(z) | | | Upstream | | | Prime+650 | | | | | 3.5% | | | | 12/17/21 | | | | | 20,000 | | | | | | 17,369 | | | | | | 20,000 | | |
Brazos Delaware II LLC | | | | | | Midstream | | | L+400 | | | | | | | | | 5/29/25 | | | | | 34,912 | | | | | | 34,142 | | | | | | 32,148 | | |
Cimarron Energy Inc. | | | (o)(w)(x) | | | Service & Equipment | | | L+900 PIK (L+900 Max PIK) | | | | | 1.0% | | | | 6/30/21 | | | | | 7,500 | | | | | | 7,500 | | | | | | 7,500 | | |
Cox Oil Offshore, LLC, Volumetric Production Payments | | | (w)(x)(y) | | | Upstream | | | 9.9% | | | | | | | | | 12/31/23 | | | | | 100,000 | | | | | | 93,401 | | | | | | 81,750 | | |
CPV Shore Holdings LLC | | | (f) | | | Power | | | L+375 | | | | | | | | | 12/14/25 | | | | | 20,000 | | | | | | 19,800 | | | | | | 19,775 | | |
Eagle Midstream Canada Finance Inc. | | | (k)(w)(x) | | | Midstream | | | 8.5%, 1.0% PIK (1.0% Max PIK) | | | | | | | | | 9/27/20 | | | | | 175,000 | | | | | | 175,000 | | | | | | 171,281 | | |
Edgewater Generation LLC | | | | | | Power | | | L+375 | | | | | | | | | 11/16/25 | | | | | 20,000 | | | | | | 19,951 | | | | | | 19,625 | | |
EIF Van Hook Holdings, LLC | | | | | | Midstream | | | L+525 | | | | | | | | | 9/5/24 | | | | | 24,844 | | | | | | 24,360 | | | | | | 24,192 | | |
Felix Investments Holdings II, LLC | | | (w) | | | Upstream | | | L+650 | | | | | 1.0% | | | | 8/9/22 | | | | | 3,933 | | | | | | 3,925 | | | | | | 3,960 | | |
Fortis Minerals Intermediate Holdings, LLC | | | (w) | | | Upstream | | | L+625 | | | | | 1.0% | | | | 2/16/25 | | | | | 18,760 | | | | | | 18,656 | | | | | | 18,919 | | |
Fortis Minerals Intermediate Holdings, LLC | | | (e)(w) | | | Upstream | | | L+625 | | | | | 1.0% | | | | 2/16/25 | | | | | 28,140 | | | | | | 28,140 | | | | | | 28,379 | | |
Industrial Group Intermediate Holdings, LLC | | | (h)(w)(x) | | | Industrials | | | L+800 | | | | | 1.3% | | | | 5/31/20 | | | | | 20,972 | | | | | | 20,972 | | | | | | 20,841 | | |
JSS Holdings, Inc. | | | (h)(w) | | | Industrials | | | L+800, 0.0% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 14,938 | | | | | | 14,827 | | | | | | 15,386 | | |
LMBE-MC Holdco II LLC | | | (f) | | | Power | | | L+400 | | | | | 1.0% | | | | 11/15/25 | | | | | 24,100 | | | | | | 23,957 | | | | | | 23,980 | | |
Lusk Operating LLC | | | (m)(o)(w)(x)(aa) | | | Upstream | | | Prime+500 PIK (8.8% Max PIK) | | | | | 3.3% | | | | 1/31/19 | | | | | 29,297 | | | | | | 27,464 | | | | | | — | | |
MB Precision Holdings LLC | | | (m)(o)(w)(x)(z) | | | Industrials | | | L+725, 2.3% PIK (2.3% Max PIK) | | | | | 1.3% | | | | 1/23/21 | | | | | 4,573 | | | | | | 4,313 | | | | | | 4,573 | | |
MECO IV LLC | | | (h)(w) | | | Upstream | | | L+725 | | | | | 1.5% | | | | 9/14/21 | | | | | 22,750 | | | | | | 22,526 | | | | | | 22,336 | | |
MECO IV LLC | | | (e)(w) | | | Upstream | | | L+725 | | | | | 1.5% | | | | 9/14/21 | | | | | 12,250 | | | | | | 12,250 | | | | | | 12,027 | | |
Navitas Midstream Midland Basin LLC | | | (f) | | | Midstream | | | L+450 | | | | | 1.0% | | | | 12/13/24 | | | | | 39,679 | | | | | | 39,724 | | | | | | 38,092 | | |
NNE Holding LLC | | | (h)(w) | | | Upstream | | | L+800 | | | | | | | | | 3/2/22 | | | | | 35,000 | | | | | | 34,978 | | | | | | 34,129 | | |
ORYX Southern Delaware Holdings | | | | | | Midstream | | | L+325 | | | | | 1.0% | | | | 2/28/25 | | | | | 17,860 | | | | | | 17,942 | | | | | | 16,610 | | |
Panda Hummel Station LLC | | | (f) | | | Power | | | L+600 | | | | | 1.0% | | | | 10/27/22 | | | | | 23,915 | | | | | | 23,349 | | | | | | 22,958 | | |
Panda Hummel Station LLC | | | (f) | | | Power | | | L+600 | | | | | 1.0% | | | | 10/27/22 | | | | | 9,860 | | | | | | 9,700 | | | | | | 9,466 | | |
Panda Stonewall LLC | | | (f) | | | Power | | | L+550 | | | | | 1.0% | | | | 11/13/21 | | | | | 29,924 | | | | | | 30,119 | | | | | | 29,775 | | |
Permian Production Partners LLC | | | (h)(w) | | | Upstream | | | L+600 | | | | | 1.0% | | | | 5/18/24 | | | | | 42,257 | | | | | | 41,516 | | | | | | 41,411 | | |
Plainfield Renewable Energy Holdings LLC | | | (w) | | | Power | | | 10.0% | | | | | | | | | 8/22/25 | | | | | 2,589 | | | | | | 2,589 | | | | | | 2,568 | | |
Plainfield Renewable Energy Holdings LLC, Letter of Credit | | | (e)(w) | | | Power | | | 10.0% | | | | | | | | | 8/22/23 | | | | | 2,709 | | | | | | 2,709 | | | | | | 2,687 | | |
Plainfield Renewable Energy Holdings LLC | | | (w) | | | Power | | | 15.5% | | | | | | | | | 8/22/25 | | | | | 9,589 | | | | | | 9,589 | | | | | | 9,527 | | |
Power Distribution, Inc. | | | (w)(x) | | | Power | | | L+725 | | | | | 1.3% | | | | 1/25/23 | | | | | 29,347 | | | | | | 29,347 | | | | | | 29,347 | | |
Sandy Creek Energy Associates, L.P. | | | (f) | | | Power | | | L+400 | | | | | 1.0% | | | | 11/9/20 | | | | | 16,290 | | | | | | 14,464 | | | | | | 14,152 | | |
Strike, LLC | | | (h) | | | Midstream | | | L+800 | | | | | 1.0% | | | | 11/30/22 | | | | | 22,500 | | | | | | 22,015 | | | | | | 22,527 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||||||||
Senior Secured Loans – First Lien – 42.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIRRO (Mauritius) Holdings II | | | (k)(p)(s) | | | Power | | | L+350, 3.5% PIK, (3.5% Max PIK) | | | | | 1.5% | | | | | | 7/24/25 | | | | | $ | 20,734 | | | | | $ | 18,082 | | | | | $ | 15,992 | | |
AIRRO (Mauritius) Holdings II | | | (e)(k)(p)(s) | | | Power | | | L+350, 3.5% PIK, (3.5% Max PIK) | | | | | 1.5% | | | | | | 7/24/25 | | | | | | 15,189 | | | | | | 15,189 | | | | | | 11,715 | | |
Allied Wireline Services, LLC | | | (f)(n)(o)(s)(x) | | | Service & Equipment | | | 10.0% PIK (10.0% Max PIK) | | | | | | | | | | | 6/15/25 | | | | | | 53,007 | | | | | | 53,007 | | | | | | 53,007 | | |
ARB Midstream Operating Company, LLC | | | (s) | | | Midstream | | | L+825 | | | | | 1.0% | | | | | | 11/6/21 | | | | | | 1,807 | | | | | | 1,804 | | | | | | 1,698 | | |
Bioenergy Infrastructure Holdings Limited | | | (k)(s) | | | Power | | | L+725 | | | | | 1.0% | | | | | | 12/22/22 | | | | | | 429 | | | | | | 429 | | | | | | 395 | | |
Birch Permian LLC | | | (s) | | | Upstream | | | L+800 | | | | | 1.5% | | | | | | 4/12/23 | | | | | | 49,865 | | | | | | 49,598 | | | | | | 49,372 | | |
Brazos Delaware II LLC | | | | | | Midstream | | | L+400 | | | | | | | | | | | 5/21/25 | | | | | | 40,111 | | | | | | 38,155 | | | | | | 35,140 | | |
Cimarron Energy Inc. | | | (s) | | | Service & Equipment | | | L+900 | | | | | 1.0% | | | | | | 6/30/21 | | | | | | 7,500 | | | | | | 7,500 | | | | | | 6,797 | | |
Cox Oil Offshore, LLC, Volumetric Production Payments | | | (i)(o)(s)(v) | | | Upstream | | | 0.0% | | | | | | | | | | | 12/31/23 | | | | | | 100,000 | | | | | | 37,527 | | | | | | 31,670 | | |
EIF Van Hook Holdings, LLC | | | (h) | | | Midstream | | | L+525 | | | | | | | | | | | 9/5/24 | | | | | | 33,392 | | | | | | 32,769 | | | | | | 21,601 | | |
FR BR Holdings LLC | | | (f)(h)(s) | | | Midstream | | | L+650 | | | | | | | | | | | 12/14/23 | | | | | | 85,700 | | | | | | 82,258 | | | | | | 82,966 | | |
FR XIII PAA Holdings HoldCo, LLC | | | (s) | | | Midstream | | | L+725 | | | | | 0.5% | | | | | | 10/15/26 | | | | | | 29,925 | | | | | | 29,343 | | | | | | 29,955 | | |
Luxe Drillship Operating, LLC | | | (s) | | | Upstream | | | 8.0% | | | | | | | | | | | 10/30/24 | | | | | | 16,976 | | | | | | 16,088 | | | | | | 15,779 | | |
MECO IV LLC | | | (s) | | | Upstream | | | L+925 | | | | | 1.5% | | | | | | 9/14/21 | | | | | | 33,250 | | | | | | 32,951 | | | | | | 23,275 | | |
MRP CalPeak Holdings, LLC | | | (h)(s) | | | Power | | | L+525 | | | | | 1.5% | | | | | | 1/27/25 | | | | | | 14,328 | | | | | | 14,328 | | | | | | 14,122 | | |
MRP West Power Holdings II, LLC | | | (h)(s) | | | Power | | | L+525 | | | | | 1.5% | | | | | | 1/27/25 | | | | | | 14,586 | | | | | | 14,586 | | | | | | 14,378 | | |
Navitas Midstream Midland Basin LLC | | | (h) | | | Midstream | | | L+450 | | | | | 1.0% | | | | | | 12/13/24 | | | | | | 29,650 | | | | | | 28,861 | | | | | | 29,298 | | |
Navitas Midstream Midland Basin LLC (Mirror Tranche) | | | | | | Midstream | | | L+450 | | | | | 1.0% | | | | | | 12/13/24 | | | | | | 39,400 | | | | | | 38,041 | | | | | | 38,931 | | |
NNE Holding LLC | | | (h)(s) | | | Upstream | | | L+475, 4.5% PIK (4.5% Max PIK) | | | | | | | | | | | 3/2/22 | | | | | | 40,455 | | | | | | 40,419 | | | | | | 38,432 | | |
Permian Production Holdings, LLC | | | (f)(s)(w) | | | Upstream | | | 7.0%, 2.0% PIK (2.0% Max PIK) | | | | | | | | | | | 11/23/25 | | | | | | 14,075 | | | | | | 11,498 | | | | | | 11,446 | | |
Plainfield Renewable Energy Holdings LLC | | | (o)(s) | | | Power | | | 10.0% (10.0% Max PIK) | | | | | | | | | | | 8/22/25 | | | | | | 2,998 | | | | | | 2,998 | | | | | | — | | |
Plainfield Renewable Energy Holdings LLC, Letter of Credit | | | (e)(s) | | | Power | | | 10.0% | | | | | | | | | | | 8/22/23 | | | | | | 2,709 | | | | | | 2,709 | | | | | | — | | |
Plainfield Renewable Energy Holdings LLC | | | (s) | | | Power | | | 15.5% (9.5% Max PIK) | | | | | | | | | | | 8/22/25 | | | | | | 10,801 | | | | | | 10,801 | | | | | | 10,602 | | |
Swift Worldwide Resources US Holdings Corp. | | | (h)(s) | | | Service & Equipment | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | | | 7/20/21 | | | | | | 60,877 | | | | | | 60,877 | | | | | | 60,877 | | |
Warren Resources, Inc. | | | (s)(w) | | | Upstream | | | L+900, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | | | 5/21/21 | | | | | | 27,788 | | | | | | 27,788 | | | | | | 27,788 | | |
Total Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 667,606 | | | | | | 625,236 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (17,898) | | | | | | (17,898) | | |
Net Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 649,708 | | | | | | 607,338 | | |
Senior Secured Loans – Second Lien – 19.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon III BR LLC | | | (s) | | | Upstream | | | L+750 | | | | | 1.5% | | | | | | 1/10/25 | | | | | | 20,000 | | | | | | 19,740 | | | | | | 20,000 | | |
Aethon United BR LP | | | (f)(h)(s) | | | Upstream | | | L+675 | | | | | 1.0% | | | | | | 9/8/23 | | | | | | 148,150 | | | | | | 146,950 | | | | | | 147,365 | | |
Chisholm Energy Holdings, LLC | | | (f)(s) | | | Upstream | | | L+625 | | | | | 1.5% | | | | | | 5/15/26 | | | | | | 21,429 | | | | | | 21,353 | | | | | | 20,792 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||||||||
Encino Acquisition Partners Holdings LLC | | | (f) | | | Upstream | | | L+675 | | | | | 1.0% | | | | | | 10/29/25 | | | | | $ | 41,828 | | | | | $ | 36,014 | | | | | $ | 38,561 | | |
Peak Exploration & Production, LLC | | | (f)(s) | | | Upstream | | | L+675 | | | | | 1.5% | | | | | | 11/16/23 | | | | | | 13,545 | | | | | | 13,497 | | | | | | 13,334 | | |
Peak Exploration & Production, LLC | | | (e)(s) | | | Upstream | | | L+675 | | | | | 1.5% | | | | | | 11/16/23 | | | | | | 1,505 | | | | | | 1,505 | | | | | | 1,482 | | |
Penn Virginia Holdings Corp. | | | (f)(h)(k)(s) | | | Upstream | | | L+700 | | | | | 1.0% | | | | | | 9/29/22 | | | | | | 20,950 | | | | | | 20,587 | | | | | | 19,563 | | |
SilverBow Resources, Inc. | | | (f)(h)(k)(s) | | | Upstream | | | L+750 | | | | | 1.0% | | | | | | 12/15/24 | | | | | | 19,000 | | | | | | 18,877 | | | | | | 16,720 | | |
Total Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 278,523 | | | | | | 277,817 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,505) | | | | | | (1,505) | | |
Net Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 277,018 | | | | | | 276,312 | | |
Senior Secured Bonds – 23.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd. | | | (k)(s) | | | Upstream | | | 9.0% | | | | | | | | | | | 1/20/24 | | | | | | 90,000 | | | | | | 90,000 | | | | | | 89,100 | | |
Limetree Bay Ventures, LLC | | | (f)(m)(o)(s)(w) | | | Midstream | | | 20.0% PIK (20.0% Max PIK) | | | | | | | | | | | 1/4/21 | | | | | | 25,538 | | | | | | 25,562 | | | | | | 25,538 | | |
Limetree Bay Ventures, LLC | | | (f)(m)(o)(s)(w) | | | Midstream | | | 20.0% PIK (20.0% Max PIK) | | | | | | | | | | | 1/4/21 | | | | | | 36,308 | | | | | | 34,139 | | | | | | 36,308 | | |
Limetree Bay Ventures, LLC | | | (f)(m)(o)(s)(w) | | | Midstream | | | 20.0% PIK (20.0% Max PIK) | | | | | | | | | | | 1/4/21 | | | | | | 89,968 | | | | | | 16,381 | | | | | | 89,968 | | |
Velvet Energy Ltd. | | | (f)(k)(s) | | | Upstream | | | 9.0% | | | | | | | | | | | 10/5/23 | | | | | | 120,000 | | | | | | 120,000 | | | | | | 99,128 | | |
Total Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 286,082 | | | | | | 340,042 | | |
Unsecured Debt – 9.5% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Jet Capital Holdings, LP | | | (f)(o)(s) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 1/30/25 | | | | | | 1,330 | | | | | | 1,178 | | | | | | 1,172 | | |
Global Jet Capital Holdings, LP | | | (f)(o)(s) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 4/30/25 | | | | | | 8,450 | | | | | | 7,484 | | | | | | 7,447 | | |
Global Jet Capital Holdings, LP | | | (f)(o)(s) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 9/3/25 | | | | | | 1,746 | | | | | | 1,547 | | | | | | 1,539 | | |
Global Jet Capital Holdings, LP | | | (f)(o)(s) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 9/29/25 | | | | | | 1,644 | | | | | | 1,456 | | | | | | 1,449 | | |
Global Jet Capital Holdings, LP | | | (f)(o)(s) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 12/2/26 | | | | | | 1,446 | | | | | | 1,280 | | | | | | 1,274 | | |
Great Western Petroleum, LLC | | | (f)(s) | | | Upstream | | | 8.5% | | | | | | | | | | | 4/15/25 | | | | | | 13,636 | | | | | | 13,183 | | | | | | 12,954 | | |
Great Western Petroleum, LLC | | | (f) | | | Upstream | | | 9.0% | | | | | | | | | | | 9/30/21 | | | | | | 35,830 | | | | | | 35,827 | | | | | | 21,140 | | |
Hammerhead Resources Inc. | | | (f)(k)(o)(s) | | | Upstream | | | 12.0% PIK (12.0% Max PIK) | | | | | | | | | | | 7/15/24 | | | | | | 55,607 | | | | | | 55,144 | | | | | | 55,607 | | |
Limetree Bay Ventures, LLC | | | (f)(m)(o)(s)(w) | | | Midstream | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 3/3/21 | | | | | | 37,778 | | | | | | 37,814 | | | | | | — | | |
Limetree Bay Ventures, LLC | | | (f)(m)(o)(s)(w) | | | Midstream | | | 20.0% PIK (20.0% Max PIK) | | | | | | | | | | | 2/1/21 | | | | | | 9,882 | | | | | | 9,892 | | | | | | — | | |
Moss Creek Resources, LLC | | | (f) | | | Upstream | | | 7.5% | | | | | | | | | | | 1/15/26 | | | | | | 6,693 | | | | | | 5,075 | | | | | | 5,103 | | |
Tenrgys, LLC | | | (f)(m)(n)(o)(s) | | | Upstream | | | L+900 | | | | | 2.5% | | | | | | 12/23/18 | | | | | | 75,000 | | | | | | 75,300 | | | | | | 26,875 | | |
Total Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 245,180 | | | | | | 134,560 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Swift Worldwide Resources US Holdings Corp. | | | (h)(w)(x) | | | Service & Equipment | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 7/20/21 | | | | $ | 58,475 | | | | | $ | 58,475 | | | | | $ | 58,475 | | |
Traverse Midstream Partners LLC | | | (f)(h) | | | Midstream | | | L+400 | | | | | 1.0% | | | | 9/27/24 | | | | | 94,172 | | | | | | 94,346 | | | | | | 90,640 | | |
Ultra Resources, Inc. | | | (f) | | | Upstream | | | L+375, 0.25% PIK (0.25% Max PIK) | | | | | 1.0% | | | | 4/12/24 | | | | | 42,000 | | | | | | 37,917 | | | | | | 37,695 | | |
Warren Resources, Inc. | | | (h)(w)(x)(z) | | | Upstream | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 5/22/20 | | | | | 27,297 | | | | | | 27,297 | | | | | | 27,297 | | |
Total Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,279,252 | | | | | | 1,224,854 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (47,973) | | | | | | (47,973) | | |
Net Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,231,279 | | | | | | 1,176,881 | | |
Senior Secured Loans—Second Lien—21.9% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon United BR LP | | | (h)(w) | | | Upstream | | | L+675 | | | | | 1.0% | | | | 9/8/23 | | | | | 103,919 | | | | | | 102,671 | | | | | | 103,503 | | |
Aethon United BR LP | | | (e)(w) | | | Upstream | | | L+675 | | | | | 1.0% | | | | 9/8/23 | | | | | 23,981 | | | | | | 23,981 | | | | | | 23,885 | | |
Arena Energy, LP | | | (h)(w)(x) | | | Upstream | | | L+900, 4.0% PIK (4.0% Max PIK) | | | | | 1.0% | | | | 1/24/21 | | | | | 112,114 | | | | | | 112,114 | | | | | | 112,114 | | |
Bellatrix Exploration Ltd. | | | (k)(w)(x) | | | Upstream | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 22,511 | | | | | | 22,511 | | | | | | 22,442 | | |
Bellatrix Exploration Ltd. | | | (e)(k)(w)(x) | | | Upstream | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 7,504 | | | | | | 7,504 | | | | | | 7,481 | | |
Bellatrix Exploration Ltd. | | | (k)(w) | | | Upstream | | | 8.5% | | | | | | | | | 7/26/23 | | | | | 54,108 | | | | | | 49,005 | | | | | | 47,841 | | |
Chisholm Oil and Gas Operating, LLC | | | (h)(w)(x) | | | Upstream | | | L+800 | | | | | 1.0% | | | | 3/21/24 | | | | | 196,000 | | | | | | 196,000 | | | | | | 193,683 | | |
Encino Acquisition Partners Holdings LLC | | | | | | Upstream | | | L+675 | | | | | 1.0% | | | | 9/26/25 | | | | | 20,000 | | | | | | 19,804 | | | | | | 19,100 | | |
Granite Acquisition, Inc. | | | (x) | | | Power | | | L+725 | | | | | 1.0% | | | | 12/19/22 | | | | | 22,331 | | | | | | 22,072 | | | | | | 21,872 | | |
Peak Exploration & Production, LLC | | | (w) | | | Upstream | | | L+675 | | | | | 1.5% | | | | 11/16/23 | | | | | 7,525 | | | | | | 7,451 | | | | | | 7,404 | | |
Peak Exploration & Production, LLC | | | (e)(w) | | | Upstream | | | L+675 | | | | | 1.5% | | | | 11/16/23 | | | | | 7,525 | | | | | | 7,525 | | | | | | 7,404 | | |
Penn Virginia Holdings Corp. | | | (h)(k)(w) | | | Upstream | | | L+700 | | | | | 1.0% | | | | 9/29/22 | | | | | 20,000 | | | | | | 20,000 | | | | | | 19,650 | | |
Rosehill Operating Company, LLC | | | (w)(x) | | | Upstream | | | 10.0% | | | | | | | | | 1/31/23 | | | | | 1,667 | | | | | | 1,652 | | | | | | 1,649 | | |
SilverBow Resources, Inc. | | | (h)(k)(w) | | | Upstream | | | L+750 | | | | | 1.0% | | | | 12/15/24 | | | | | 19,000 | | | | | | 18,832 | | | | | | 18,715 | | |
Titan Energy Operating, LLC | | | (m)(o)(w)(x)(z) | | | Upstream | | | L+1300 PIK (L+1300 Max PIK) | | | | | 1.0% | | | | 2/23/20 | | | | | 133,445 | | | | | | 100,902 | | | | | | 12,411 | | |
Total Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 712,024 | | | | | | 619,154 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,010) | | | | | | (39,010) | | |
Net Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 673,014 | | | | | | 580,144 | | |
Senior Secured Bonds—18.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd. | | | (h)(k)(w)(x) | | | Upstream | | | 9.0% | | | | | | | | | 1/20/24 | | | | | 90,000 | | | | | | 90,000 | | | | | | 86,850 | | |
Denbury Resources Inc. | | | (k) | | | Upstream | | | 7.5% | | | | | | | | | 2/15/24 | | | | | 12,000 | | | | | | 11,994 | | | | | | 9,675 | | |
Denbury Resources Inc. | | | (k) | | | Upstream | | | 9.3% | | | | | | | | | 3/31/22 | | | | | 27,341 | | | | | | 29,041 | | | | | | 25,666 | | |
FourPoint Energy, LLC | | | (h)(i)(w)(x)(z) | | | Upstream | | | 9.0% | | | | | | | | | 12/31/21 | | | | | 235,125 | | | | | | 229,067 | | | | | | 231,010 | | |
Sunnova Energy Corp. | | | (h)(w)(z) | | | Power | | | 6.0%, 6.0% PIK (6.0% Max PIK) | | | | | | | | | 7/31/19 | | | | | 17,868 | | | | | | 17,868 | | | | | | 17,757 | | |
Velvet Energy Ltd. | | | (h)(k)(w) | | | Upstream | | | 9.0% | | | | | | | | | 10/5/23 | | | | | 120,000 | | | | | | 120,000 | | | | | | 120,958 | | |
Total Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 497,970 | | | | | | 491,916 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Unsecured Debt—26.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Amerigas—Amerigas Partners, L.P. | | | (k)(x) | | | Midstream | | | 5.8% | | | | | | | | | 5/20/27 | | | | $ | 13,267 | | | | | $ | 13,038 | | | | | $ | 11,874 | | |
Amerigas—Amerigas Partners, L.P. | | | (k)(x) | | | Midstream | | | 5.9% | | | | | | | | | 8/20/26 | | | | | 4,508 | | | | | | 4,462 | | | | | | 4,080 | | |
Archrock Partners, L.P. | | | (k) | | | Midstream | | | 6.0% | | | | | | | | | 10/1/22 | | | | | 26,333 | | | | | | 26,536 | | | | | | 25,436 | | |
Archrock Partners, L.P. | | | (k) | | | Midstream | | | 6.0% | | | | | | | | | 4/1/21 | | | | | 5,690 | | | | | | 5,728 | | | | | | 5,534 | | |
Ascent Resources Utica Holdings, LLC | | | (x) | | | Upstream | | | 10.0% | | | | | | | | | 4/1/22 | | | | | 97,701 | | | | | | 97,701 | | | | | | 99,988 | | |
Bruin E&P Partners, LLC | | | (x) | | | Upstream | | | 8.9% | | | | | | | | | 8/1/23 | | | | | 36,250 | | | | | | 35,782 | | | | | | 32,444 | | |
Canbriam Energy Inc. | | | (h)(k)(x) | | | Upstream | | | 9.8% | | | | | | | | | 11/15/19 | | | | | 109,790 | | | | | | 108,872 | | | | | | 96,341 | | |
Compressco Partners, LP | | | (x) | | | Midstream | | | 7.3% | | | | | | | | | 8/15/22 | | | | | 13,050 | | | | | | 13,006 | | | | | | 11,615 | | |
Covey Park Energy LLC | | | (x) | | | Upstream | | | 7.5% | | | | | | | | | 5/15/25 | | | | | 62,289 | | | | | | 62,725 | | | | | | 54,269 | | |
Ferrellgas, L.P. | | | | | | Midstream | | | 6.5% | | | | | | | | | 5/1/21 | | | | | 3,000 | | | | | | 2,501 | | | | | | 2,499 | | |
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 1/30/25 | | | | | 986 | | | | | | 971 | | | | | | 986 | | |
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 4/30/25 | | | | | 6,267 | | | | | | 6,174 | | | | | | 6,267 | | |
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/3/25 | | | | | 1,295 | | | | | | 1,276 | | | | | | 1,295 | | |
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/29/25 | | | | | 1,219 | | | | | | 1,201 | | | | | | 1,219 | | |
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/2/26 | | | | | 1,072 | | | | | | 1,056 | | | | | | 1,072 | | |
Great Western Petroleum, LLC | | | (w)(x) | | | Upstream | | | 8.5% | | | | | | | | | 4/15/25 | | | | | 13,636 | | | | | | 13,026 | | | | | | 11,967 | | |
Great Western Petroleum, LLC | | | (w)(x) | | | Upstream | | | 9.0% | | | | | | | | | 9/30/21 | | | | | 35,830 | | | | | | 35,735 | | | | | | 31,665 | | |
Hammerhead Resources Inc. | | | (h)(k)(x) | | | Upstream | | | 9.0% | | | | | | | | | 7/10/22 | | | | | 100,000 | | | | | | 97,739 | | | | | | 95,000 | | |
Hilcorp Energy I, L.P. | | | | | | Upstream | | | 5.0% | | | | | | | | | 12/1/24 | | | | | 23,418 | | | | | | 22,514 | | | | | | 20,892 | | |
Hilcorp Energy I, L.P. | | | | | | Upstream | | | 5.8% | | | | | | | | | 10/1/25 | | | | | 12,067 | | | | | | 12,038 | | | | | | 10,772 | | |
Lonestar Resources America Inc. | | | (x) | | | Upstream | | | 11.3% | | | | | | | | | 1/1/23 | | | | | 37,500 | | | | | | 38,537 | | | | | | 35,437 | | |
Martin Midstream Partners L.P. | | | (k)(x) | | | Midstream | | | 7.3% | | | | | | | | | 2/15/21 | | | | | 12,723 | | | | | | 12,235 | | | | | | 12,300 | | |
Moss Creek Resources, LLC | | | (x) | | | Upstream | | | 7.5% | | | | | | | | | 1/15/26 | | | | | 55,500 | | | | | | 55,035 | | | | | | 48,400 | | |
Suburban Propane Partners LP | | | (k) | | | Midstream | | | 5.8% | | | | | | | | | 3/1/25 | | | | | 8,433 | | | | | | 8,217 | | | | | | 7,811 | | |
Suburban Propane Partners LP | | | (k) | | | Midstream | | | 5.9% | | | | | | | | | 3/1/27 | | | | | 37,758 | | | | | | 35,572 | | | | | | 33,368 | | |
Talen Energy Supply LLC | | | | | | Power | | | 9.5% | | | | | | | | | 7/15/22 | | | | | 10,365 | | | | | | 10,469 | | | | | | 10,459 | | |
Tenrgys, LLC | | | (i)(m)(o)(w)(x) | | | Upstream | | | L+900 | | | | | 2.5% | | | | 12/23/18 | | | | | 75,000 | | | | | | 75,000 | | | | | | 33,100 | | |
Total Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 797,146 | | | | | | 706,090 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | ||||||||||||
Preferred Equity – 33.0%(l) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Preferred Equity | | | (o)(s) | | | Service & Equipment | | | | | | | | | | | | | | | | | 28,942,003 | | | | | $ | 1,447 | | | | | $ | 5,354 | | |
Altus Midstream LP, Series A Preferred Units | | | (j)(s) | | | Midstream | | | 11.0% | | | | | | | | 6/28/26 | | | | | | 52,856 | | | | | | 56,228 | | | | | | 54,177 | | |
Global Jet Capital Holdings, LP, Preferred Equity | | | (f)(o)(s) | | | Industrials | | | | | | | | | | | | | | | | | 27,856 | | | | | | 2,786 | | | | | | — | | |
Great Western Petroleum, LLC, Preferred Equity | | | (f)(h)(r)(s) | | | Upstream | | | 15.5% | | | | | | | | 12/31/27 | | | | | | 36,364 | | | | | | 47,372 | | | | | | 18,182 | | |
Limetree Bay Ventures, LLC, Preferred Equity | | | (f)(m)(o)(s)(w) | | | Midstream | | | 13.5% | | | | | | | | 11/30/24 | | | | | | 95,821,000 | | | | | | 86,729 | | | | | | — | | |
Limetree Bay Ventures, LLC, Preferred Equity | | | (f)(m)(o)(s)(w) | | | Midstream | | | 13.5% | | | | | | | | 11/27/23 | | | | | | 59,819,000 | | | | | | 53,548 | | | | | | — | | |
NGL Energy Partners, LP, Preferred Equity | | | (k)(s) | | | Midstream | | | 14.2% | | | | | | | | 7/2/27 | | | | | | 156,250 | | | | | | 168,049 | | | | | | 109,375 | | |
NuStar, Preferred Equity | | | (f)(h)(k)(s) | | | Midstream | | | 12.8% | | | | | | | | 6/29/28 | | | | | | 3,910,165 | | | | | | 102,744 | | | | | | 118,048 | | |
Segreto Power Holdings, LLC, Preferred Equity | | | (f)(g)(s) | | | Power | | | 13.1% | | | | | | | | 6/30/25 | | | | | | 70,297 | | | | | | 92,750 | | | | | | 79,546 | | |
USA Compression Partners, LP, Preferred Equity | | | (h)(k)(s) | | | Midstream | | | 9.8% | | | | | | | | 4/3/28 | | | | | | 79,336 | | | | | | 77,600 | | | | | | 86,395 | | |
Total Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 689,253 | | | | | | 471,077 | | |
| | | | | | | | | | | | | | | | | | | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Sustainable Infrastructure Investments, LLC – 4.3% | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||
Sustainable Infrastructure Investments, LLC | | | (k)(s)(x) | | | Power | | | | | | | | | | | | | | | | $ | 60,603 | | | | | $ | 60,603 | | | | | $ | 61,816 | | |
Total Sustainable Infrastructure Investments, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 60,603 | | | | | | 61,816 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Equity/Other – 20.3%(l) | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Common Equity | | | (f)(o)(s) | | | Service & Equipment | | | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 896 | | |
AIRRO (Mauritius) Holdings II, Warrants | | | (f)(k)(o)(p)(s) | | | Power | | | | | 35 | | | | | | 2,652 | | | | | | 2,504 | | |
Allied Wireline Services, LLC, Common Equity | | | (f)(n)(o)(s)(x) | | | Service & Equipment | | | | | 48,400 | | | | | | 1,527 | | | | | | 1,904 | | |
Allied Wireline Services, LLC, Warrants | | | (f)(n)(o)(s)(x) | | | Service & Equipment | | | | | 22,000 | | | | | | — | | | | | | — | | |
Arena Energy, LP, Contingent Value Rights | | | (f)(o)(s) | | | Upstream | | | | | 126,632,117 | | | | | | 351 | | | | | | 418 | | |
Ascent Resources Utica Holdings, LLC, Common Equity | | | (f)(o)(q)(s) | | | Upstream | | | | | 148,692,908 | | | | | | 44,700 | | | | | | 33,084 | | |
Chisholm Oil and Gas, LLC, Series A Units | | | (g)(o)(s) | | | Upstream | | | | | 14,700,000 | | | | | | 14,700 | | | | | | — | | |
Cimarron Energy Holdco Inc., Common Equity | | | (f)(o)(s) | | | Service & Equipment | | | | | 4,302,293 | | | | | | 3,950 | | | | | | 30 | | |
Cimarron Energy Holdco Inc., Participation Option | | | (f)(o)(s) | | | Service & Equipment | | | | | 25,000,000 | | | | | | 1,289 | | | | | | 175 | | |
Denbury Inc., Common Equity | | | (f)(k)(o) | | | Upstream | | | | | 1,265,510 | | | | | | 22,906 | | | | | | 32,511 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Maturity | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Preferred Equity—18.9%(l) | | | | | | | | | |||||||||||||||||||||||
Abaco Energy Technologies LLC, Preferred Equity | | | (o)(w)(x) | | | Service & Equipment | | | | | | | | | | | | 28,942,003 | | | | $ | 1,447 | | | | | $ | 15,195 | | |
Altus Power America Holdings, LLC, Preferred Equity | | | (i)(p)(w)(x)(z) | | | Power | | | 9.0%, 5.0% PIK (5.0% Max PIK) | | | | | 10/3/23 | | | | 28,646,341 | | | | | 28,646 | | | | | | 28,217 | | |
Global Jet Capital Holdings, LP, Preferred Equity | | | (o)(w)(x) | | | Industrials | | | | | | | | | | | | 2,785,562 | | | | | 2,786 | | | | | | 390 | | |
Great Western Petroleum, LLC, Preferred Equity | | | (i)(n)(w)(x) | | | Upstream | | | 15.5% | | | | | 12/31/27 | | | | 36,363 | | | | | 38,480 | | | | | | 36,424 | | |
Limetree Bay Ventures, LLC, Preferred Equity | | | (w)(x) | | | Midstream | | | 13.9% | | | | | 11/30/24 | | | | 75,000,000 | | | | | 71,878 | | | | | | 71,594 | | |
MB Precision Investment Holdings LLC, Class A Preferred Units | | | (o)(w)(x)(z) | | | Industrials | | | | | | | | | | | | 8,952,623 | | | | | 1,843 | | | | | | 1,248 | | |
NuStar, Preferred Equity | | | (k)(w)(x) | | | Midstream | | | 12.8% | | | | | 6/29/28 | | | | 5,910,165 | | | | | 146,794 | | | | | | 160,981 | | |
Rosehill Resources, Inc. Preferred Equity | | | (o)(w)(x) | | | Upstream | | | | | | | | | | | | 2,536 | | | | | 2,511 | | | | | | 2,555 | | |
Segreto Power Holdings, LLC, Preferred Equity | | | (g)(w)(x) | | | Power | | | 13.1% | | | | | 5/8/25 | | | | 70,297 | | | | | 69,242 | | | | | | 74,131 | | |
Sunnova Energy Corp., Preferred Equity | | | (o)(w)(x)(z) | | | Power | | | | | | | | | | | | 1,117,214 | | | | | 5,948 | | | | | | 6,134 | | |
Synergy Offshore LLC, Preferred Equity | | | (i)(m)(o)(v)(w)(x) | | | Upstream | | | | | | | | | | | | 71,131 | | | | | 93,009 | | | | | | 20,486 | | |
TE Holdings, LLC, Preferred Equity | | | (o)(x) | | | Upstream | | | | | | | | | | | | 1,475,531 | | | | | 14,734 | | | | | | 4,427 | | |
USA Compression Partners, LP, Preferred Equity | | | (k)(w)(x) | | | Midstream | | | 9.8% | | | | | 4/3/28 | | | | 79,336 | | | | | 77,334 | | | | | | 80,812 | | |
Total Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | 554,652 | | | | | | 502,594 | | |
Equity/Other—10.0%(l) | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Abaco Energy Technologies LLC, Common Equity | | | (o)(w)(x) | | | Service & Equipment | | | | | | | | | | | | 6,944,444 | | | | | 6,944 | | | | | | 2,951 | | |
Allied Downhole Technologies, LLC, Common Equity | | | (i)(n)(o)(w)(x) | | | Service & Equipment | | | | | | | | | | | | 7,431,113 | | | | | 7,223 | | | | | | 6,316 | | |
Allied Downhole Technologies, LLC, Warrants, 2/28/29 | | | (i)(n)(o)(w)(x) | | | Service & Equipment | | | | | | | | | | | | 5,344,680 | | | | | 1,865 | | | | | | 4,543 | | |
Altus Power America Holdings, LLC, Common Equity | | | (i)(o)(w)(x)(z) | | | Power | | | | | | | | | | | | 12,474,205 | | | | | 12,474 | | | | | | 2,183 | | |
Ascent Resources Utica Holdings, LLC, Common Equity | | | (o)(q)(w)(x) | | | Upstream | | | | | | | | | | | | 148,692,909 | | | | | 44,700 | | | | | | 41,337 | | |
BL Sand Hills Unit, L.P., Net Profits Interest | | | (o)(s)(w)(x)(z) | | | Upstream | | | | | | | | | | | | N/A | | | | | 5,180 | | | | | | 1,150 | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest | | | (s)(w)(x)(z) | | | Upstream | | | | | | | | | | | | N/A | | | | | 740 | | | | | | 738 | | |
BL Sand Hills Unit, L.P., Series A Units | | | (g)(o)(w)(x)(z) | | | Upstream | | | | | | | | | | | | 29,117 | | | | | 24,019 | | | | | | 3,239 | | |
Chisholm Oil and Gas, LLC, Series A Units | | | (g)(o)(w)(x) | | | Upstream | | | | | | | | | | | | 14,700,000 | | | | | 14,700 | | | | | | 6,273 | | |
Cimarron Energy Holdco Inc., Common Equity | | | (o)(w)(x) | | | Service & Equipment | | | | | | | | | | | | 4,302,293 | | | | | 3,950 | | | | | | 194 | | |
Cimarron Energy Holdco Inc., Participation Option | | | (o)(w)(x) | | | Service & Equipment | | | | | | | | | | | | 25,000,000 | | | | | 1,289 | | | | | | 1,125 | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | (i)(n)(o)(w)(x)(z) | | | Upstream | | | | | | | | | | | | 66,000 | | | | | 66,000 | | | | | | 14,768 | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | (i)(n)(o)(w)(x)(z) | | | Upstream | | | | | | | | | | | | 12,374 | | | | | 8,176 | | | | | | 2,800 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | (g)(o)(w)(x)(z) | | | Upstream | | | | | | | | | | | | 150,937 | | | | | 37,734 | | | | | | 33,772 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | (g)(i)(n)(o)(w)(x)(z) | | | Upstream | | | | | | | | | | | | 222,750 | | | | | 55,688 | | | | | | 49,840 | | |
Harvest Oil & Gas Corp., Common Equity | | | (o)(x)(z) | | | Upstream | | | | | | | | | | | | 1,350,620 | | | | | 29,714 | | | | | | 24,284 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity | | | (i)(n)(o)(w)(x) | | | Industrials | | | | | | | | | | | | 472,755 | | | | | 473 | | | | | | 284 | | |
JSS Holdco, LLC, Net Profits Interest | | | (o)(w)(x) | | | Industrials | | | | | | | | | | | | N/A | | | | | — | | | | | | 97 | | |
Limetree Bay Ventures, LLC, Common Equity | | | (o)(w)(x) | | | Midstream | | | | | | | | | | | | 13,486 | | | | | 3,406 | | | | | | 3,406 | | |
Lusk Operating LLC, Common Equity | | | (o)(r)(w)(x)(aa) | | | Upstream | | | | | | | | | | | | 2,000 | | | | | — | | | | | | — | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
MB Precision Investment Holdings LLC, Class A-2 Units | | | (i)(n)(o)(w)(x)(z) | | | Industrials | | | | | 1,426,110 | | | | | $ | 490 | | | | | $ | — | | |
PDI Parent LLC, Common Equity | | | (o)(w)(x) | | | Power | | | | | 1,384,615 | | | | | | 1,385 | | | | | | 727 | | |
Ridgeback Resources Inc., Common Equity | | | (j)(k)(o)(t)(w)(x)(z) | | | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 47,488 | | |
Sunnova Energy Corp., Common Equity | | | (o)(w)(x)(z) | | | Power | | | | | 6,667,368 | | | | | | 25,026 | | | | | | — | | |
Swift Worldwide Resources Holdco Limited, Common Equity | | | (k)(o)(u)(w)(x) | | | Service & Equipment | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 1,875 | | |
TE Holdings, LLC, Common Equity | | | (g)(o)(x) | | | Upstream | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 1,391 | | |
The Brock Group, Inc., Common Equity | | | (j)(o)(w)(x) | | | Service & Equipment | | | | | 786,094 | | | | | | 15,617 | | | | | | — | | |
Titan Energy, LLC, Common Equity | | | (o)(x)(z) | | | Upstream | | | | | 555,496 | | | | | | 17,554 | | | | | | 167 | | |
USA Compression Partners, LP, Warrants (Market), 4/3/28 | | | (k)(o)(w)(x) | | | Midstream | | | | | 793,359 | | | | | | 555 | | | | | | 627 | | |
USA Compression Partners, LP, Warrants (Premium), 4/3/28 | | | (k)(o)(w)(x) | | | Midstream | | | | | 1,586,719 | | | | | | 714 | | | | | | 793 | | |
Warren Resources, Inc., Common Equity | | | (j)(o)(w)(x)(z) | | | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 10,377 | | |
White Star Petroleum Holdings, LLC, Common Equity | | | (g)(o)(w)(x) | | | Upstream | | | | | 4,867,084 | | | | | | 4,137 | | | | | | 1,582 | | |
Total Equity/Other | | | | | | | | | | | | | | | | | 494,442 | | | | | | 264,327 | | |
TOTAL INVESTMENTS—140.5% | | | | | | | | | | | | | | | | $ | 4,248,503 | | | | | | 3,721,952 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(40.5%) | | | (bb) | | | | | | | | | | | | | | | | | | | | (1,073,766) | | |
NET ASSETS—100.0% | | | | | | | | | | | | | | | | | | | | | | $ | 2,648,186 | | |
|
Derivative Instruments Swap Contracts—Crude Oil(y) | | | | | | | | | |||||||||||||||||||||||
Counterparty | | | Type | | | Location | | | Period | | | Bbls | | | Weighted Average Price ($/Bbls) | | | Unrealized Appreciation | | | Unrealized Depreciation | | |||||||||
BP Energy Company | | | Fixed | | | NYMEX WTI | | | January 1, 2019–December 31, 2023 | | | | | 1,441,514 | | | | $63.88 | | | | $ | 20,162 | | | | | $ | — | | |
BP Energy Company | | | Basis | | | NYMEX WTI/Argus LLS | | | January 1, 2019–December 31, 2023 | | | | | 1,233,639 | | | | 3.42 | | | | | 149 | | | | | | 672 | | |
Macquarie Bank Limited | | | Basis | | | NYMEX WTI/Argus LLS | | | January 1, 2019–December 31, 2019 | | | | | 207,837 | | | | 5.38 | | | | | 130 | | | | | | — | | |
Total Swap Contracts—Crude Oil | | | | | | | | | | | | | | | | | | | | | | | 20,441 | | | | | | 672 | | |
|
Swap Contracts—Natural Gas(y) Counterparty | | | Type | | | Location | | | Period | | | MMBtu | | | Weighted Average Price ($/MMBtu) | | | Unrealized Appreciation | | | Unrealized Depreciation | | |||||||||
Macquarie Bank Limited | | | Fixed | | | NYMEX Henry Hub | | | January 1, 2019–December 31, 2023 | | | | | 4,099,135 | | | | $2.71 | | | | $ | 80 | | | | | $ | 195 | | |
Total Swap Contracts—Natural Gas | | | | | | | | | | | | | | | | | | | | | | | 80 | | | | | | 195 | | |
TOTAL SWAP CONTRACTS | | | | | | | | | | | | | | | | | | | | | | $ | 20,521 | | | | | $ | 867 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Harvest Oil & Gas Corp., Common Equity | | | (f)(o)(w) | | | Upstream | | | | | 135,062 | | | | | $ | 17,558 | | | | | $ | 2,794 | | |
Limetree Bay Ventures, LLC, Common Equity | | | (f)(o)(s)(w) | | | Midstream | | | | | 128,645 | | | | | | 3,406 | | | | | | — | | |
Lonestar Resources US Inc., Common Equity | | | (f)(o)(w) | | | Upstream | | | | | 864,000 | | | | | | 2,376 | | | | | | 2,592 | | |
Luxe Drillship Operating, LLC, Overriding Royalty Interest | | | (f)(o)(s) | | | Upstream | | | | | N/A | | | | | | 1,354 | | | | | | 773 | | |
Maverick Natural Resources, LLC, Common Equity | | | (f)(g)(n)(o)(s) | | | Upstream | | | | | 503,176 | | | | | | 138,208 | | | | | | 152,860 | | |
MB Precision Investment Holdings LLC, Class A-2 Units | | | (f)(n)(o)(s) | | | Industrials | | | | | 1,426,110 | | | | | | 490 | | | | | | — | | |
NGL Energy Partners, LP, Warrants (Par) | | | (f)(k)(o)(s) | | | Midstream | | | | | 2,187,500 | | | | | | 3,083 | | | | | | 88 | | |
NGL Energy Partners, LP, Warrants (Premium) | | | (f)(k)(o)(s) | | | Midstream | | | | | 3,125,000 | | | | | | 2,623 | | | | | | 81 | | |
NGL Energy Partners, LP, Warrants (Premium) | | | (f)(k)(o)(s) | | | Midstream | | | | | 781,250 | | | | | | 576 | | | | | | 21 | | |
NGL Energy Partners, LP, Warrants (Par) | | | (f)(k)(o)(s) | | | Midstream | | | | | 546,880 | | | | | | 630 | | | | | | 22 | | |
Permian Production Holdings, LLC, Common Equity | | | (f)(n)(o)(s)(w) | | | Upstream | | | | | 1,951,667 | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity | | | (f)(k)(o)(s)(t)(w) | | | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 38,385 | | |
Rosehill Operating Company, LLC, Common Equity | | | (f)(n)(o)(s) | | | Upstream | | | | | 13,973 | | | | | | 2,182 | | | | | | 2,377 | | |
Swift Worldwide Resources Holdco Limited, Common Equity | | | (f)(k)(o)(s)(u) | | | Service & Equipment | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 2,531 | | |
UP Energy, LLC, Common Equity | | | (f)(o)(s) | | | Upstream | | | | | 367,237 | | | | | | 9,019 | | | | | | 8,160 | | |
USA Compression Partners, LP, Warrants (Market) | | | (f)(h)(k)(o)(s) | | | Midstream | | | | | 793,359 | | | | | | 555 | | | | | | 1,412 | | |
USA Compression Partners, LP, Warrants (Premium) | | | (f)(h)(k)(o)(s) | | | Midstream | | | | | 1,586,719 | | | | | | 714 | | | | | | 2,253 | | |
Warren Resources, Inc., Common Equity | | | (f)(o)(s)(w) | | | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 4,460 | | |
Total Equity/Other | | | | | | | | | | | | | | | | | 367,561 | | | | | | 290,331 | | |
TOTAL INVESTMENTS – 152.7% | | | | | | | | | | | | | | | | $ | 2,575,405 | | | | | | 2,181,476 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS – (52.7%) | | | | | | | | | | | | | | | | | | | | | | | (752,899) | | |
NET ASSETS – 100.0% | | | | | | | | | | | | | | | | | | | | | | $ | 1,428,577 | | |
|
Portfolio Company | | | Fair Value at December 31, 2017 | | | Purchases, Paid-in-Kind Interest and Transfers In | | | Sales, Repayments and Transfers Out | | | Accretion of Discount | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Fair Value at December 31, 2018 | | | Interest Income(2) | | | PIK Income(2) | | | Fee Income(2) | | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc.(1) | | | �� | $ | 75,353 | | | | | $ | 8,561 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (667) | | | | | $ | 83,247 | | | | | $ | 7,975 | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P. | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | 2,281 | | | | | | — | | | | | | — | | |
MB Precision Holdings LLC | | | | | — | | | | | | 13,945 | | | | | | (2,747) | | | | | | — | | | | | | (6,885) | | | | | | 260 | | | | | | 4,573 | | | | | | 749 | | | | | | 152 | | | | | | — | | |
Warren Resources, Inc. | | | | | 81,214 | | | | | | 329 | | | | | | (52,265) | | | | | | — | | | | | | — | | | | | | (1,981) | | | | | | 27,297 | | | | | | 3,612 | | | | | | 329 | | | | | | 2,091 | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC | | | | | 62,026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (49,615) | | | | | | 12,411 | | | | | | 895 | | | | | | — | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FourPoint Energy, LLC | | | | | 238,946 | | | | | | — | | | | | | (1,485) | | | | | | 2,737 | | | | | | — | | | | | | (9,188) | | | | | | 231,010 | | | | | | 24,133 | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc. | | | | | 3,887 | | | | | | — | | | | | | (3,887) | | | | | | 6 | | | | | | 56 | | | | | | (62) | | | | | | — | | | | | | 297 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp. | | | | | — | | | | | | 35,474 | | | | | | (17,606) | | | | | | — | | | | | | — | | | | | | (111) | | | | | | 17,757 | | | | | | 3,341 | | | | | | 1,804 | | | | | | — | | |
Preferred Equity | | | | | | ��� | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Preferred Equity | | | | | 25,793 | | | | | | 6,694 | | | | | | (3,841) | | | | | | — | | | | | | — | | | | | | (429) | | | | | | 28,217 | | | | | | 3,746 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A Preferred Units | | | | | — | | | | | | 1,843 | | | | | | — | | | | | | — | | | | | | — | | | | | | (595) | | | | | | 1,248 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity | | | | | — | | | | | | 5,948 | | | | | | — | | | | | | — | | | | | | — | | | | | | 186 | | | | | | 6,134 | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity | | | | | 1,871 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 312 | | | | | | 2,183 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest | | | | | 966 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 184 | | | | | | 1,150 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest | | | | | 726 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12 | | | | | | 738 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units | | | | | 7,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,761) | | | | | | 3,239 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | | | 19,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,372) | | | | | | 14,768 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | | | 3,619 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (819) | | | | | | 2,800 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | | | 43,395 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,623) | | | | | | 33,772 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | | | 64,598 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,758) | | | | | | 49,840 | | | | | | — | | | | | | — | | | | | | — | | |
Harvest Oil & Gas Corp., Common Equity | | | | | — | | | | | | 29,714 | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,430) | | | | | | 24,284 | | | | | | — | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units | | | | | — | | | | | | 490 | | | | | | — | | | | | | — | | | | | | — | | | | | | (490) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity | | | | | 58,284 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,796) | | | | | | 47,488 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity | | | | | — | | | | | | 25,026 | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,026) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity | | | | | 844 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (677) | | | | | | 167 | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity | | | | | 7,507 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,870 | | | | | | 10,377 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 715,169 | | | | | $ | 128,024 | | | | | $ | (81,831) | | | | | $ | 2,743 | | | | | $ | (6,829) | | | | | $ | (134,576) | | | | | $ | 622,700 | | | | | $ | 47,029 | | | | | $ | 2,285 | | | | | $ | 2,091 | | |
|
Portfolio Company | | | Fair Value at December 31, 2019 | | | Purchases, Paid-in-Kind Interest and Transfers In | | | Sales, Repayments and Transfers Out | | | Accretion of Discount | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Fair Value at December 31, 2020 | | | Interest Income(1) | | | PIK Income(1) | | | |||||||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
BL Sand Hills Unit, L.P. | | | | $ | 288 | | | | | $ | — | | | | | $ | (223) | | | | | $ | — | | | | | $ | (16,451) | | | | | $ | 16,386 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | ||
MB Precision Holdings LLC | | | | | 4,585 | | | | | | 157 | | | | | | (3,949) | | | | | | 48 | | | | | | (748) | | | | | | (93) | | | | | | — | | | | | | 305 | | | | | | 157 | | | | ||
Permian Production Holdings, LLC | | | | | — | | | | | | 11,450 | | | | | | — | | | | | | 48 | | | | | | — | | | | | | (52) | | | | | | 11,446 | | | | | | 262 | | | | | | 23 | | | | ||
Warren Resources, Inc. | | | | | 27,507 | | | | | | 281 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,788 | | | | | | 2,915 | | | | | | 280 | | | | ||
Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Titan Energy Operating, LLC | | | | | — | | | | | | — | | | | | | (600) | | | | | | — | | | | | | (100,302) | | | | | | 100,902 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
FourPoint Energy, LLC | | | | | 223,369 | | | | | | — | | | | | | (135,635) | | | | | | 636 | | | | | | (96,598) | | | | | | 8,228 | | | | | | — | | | | | | 5,647 | | | | | | — | | | | ||
Limetree Bay Ventures, LLC | | | | | — | | | | | | 25,562 | | | | | | — | | | | | | — | | | | | | — | | | | | | (24) | | | | | | 25,538 | | | | | | — | | | | | | 2,700 | | | | ||
Limetree Bay Ventures, LLC | | | | | — | | | | | | 33,813 | | | | | | — | | | | | | 326 | | | | | | — | | | | | | 2,169 | | | | | | 36,308 | | | | | | 326 | | | | | | 1,790 | | | | ||
Limetree Bay Ventures, LLC | | | | | — | | | | | | 16,381 | | | | | | — | | | | | | — | | | | | | — | | | | | | 73,587 | | | | | | 89,968 | | | | | | — | | | | | | — | | | | ||
Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Limetree Bay Ventures, LLC | | | | | — | | | | | | 37,814 | | | | | | — | | | | | | — | | | | | | — | | | | | | (37,814) | | | | | | — | | | | | | — | | | | | | 3,068 | | | | ||
Limetree Bay Ventures, LLC | | | | | — | | | | | | 9,892 | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,892) | | | | | | — | | | | | | — | | | | | | 1,045 | | | | ||
Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Limetree Bay Ventures, LLC, Preferred Equity | | | | | — | | | | | | 86,105 | | | | | | — | | | | | | 624 | | | | | | — | | | | | | (86,729) | | | | | | — | | | | | | 689 | | | | | | 1,950 | | | | ||
Limetree Bay Ventures, LLC, Preferred Equity | | | | | — | | | | | | 53,548 | | | | | | — | | | | | | — | | | | | | — | | | | | | (53,548) | | | | | | — | | | | | | — | | | | | | 986 | | | | ||
MB Precision Investment Holdings LLC, Class A Preferred Units | | | | | 1,205 | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,880) | | | | | | 675 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
BL Sand Hills Unit, L.P., Net Profits Interest | | | | | — | | | | | | — | | | | | | (60) | | | | | | — | | | | | | (5,120) | | | | | | 5,180 | | | | | | — | | | | | | — | | | | | | — | | | | ||
BL Sand Hills Unit, L.P., Overriding Royalty Interest | | | | | — | | | | | | — | | | | | | (8) | | | | | | — | | | | | | (732) | | | | | | 740 | | | | | | — | | | | | | — | | | | | | — | | | | | |
BL Sand Hills Unit, L.P., Series A Units | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,019) | | | | | | 24,019 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | | | 6,906 | | | | | | — | | | | | | (376) | | | | | | — | | | | | | (65,624) | | | | | | 59,094 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class D Units | | | | | 1,307 | | | | | | — | | | | | | (70) | | | | | | — | | | | | | (8,106) | | | | | | 6,869 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | | | 15,793 | | | | | | — | | | | | | (859) | | | | | | — | | | | | | (36,875) | | | | | | 21,941 | | | | | | — | | | | | | — | | | | | | — | | | | ||
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | | | 23,306 | | | | | | — | | | | | | (1,268) | | | | | | — | | | | | | (54,420) | | | | | | 32,382 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Harvest Oil & Gas Corp., Common Equity | | | | | 8,644 | | | | | | — | | | | | | (2,701) | | | | | | — | | | | | | — | | | | | | (3,149) | | | | | | 2,794 | | | | | | — | | | | | | — | | | | ||
Limetree Bay Ventures, LLC, Common Equity | | | | | — | | | | | | 3,406 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,406) | | | | | | — | | | | | | — | | | | | | — | | | | ||
Lonestar Resources US Inc., Common Equity | | | | | — | | | | | | 2,376 | | | | | | — | | | | | | — | | | | | | — | | | | | | 216 | | | | | | 2,592 | | | | | | — | | | | | | — | | | | ||
MB Precision Investment Holdings LLC, Class A-2 Units | | | | | — | | | | | | — | | | | | | (490) | | | | | | — | | | | | | — | | | | | | 490 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Permian Production Holdings, LLC, Common Equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Ridgeback Resources Inc., Common Equity | | | | | 50,721 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,336) | | | | | | 38,385 | | | | | | — | | | | | | — | | | | ||
Titan Energy, LLC, Common Equity | | | | | 16 | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,554) | | | | | | 17,538 | | | | | | — | | | | | | — | | | | | | — | | | | ||
Warren Resources, Inc., Common Equity | | | | | 10,951 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,491) | | | | | | 4,460 | | | | | | — | | | | | | — | | | | ||
| | | | $ | 374,598 | | | | | $ | 280,785 | | | | | $ | (146,239) | | | | | $ | 1,682 | | | | | $ | (428,429) | | | | | $ | 156,882 | | | | | $ | 239,279 | | | | | $ | 10,144 | | | | | $ | 11,999 | | | |
Portfolio Company | | | Fair Value at December 31, 2019 | | | Purchases, Paid-in-Kind Interest and Transfers In | | | Sales, Repayments and Transfers Out | | | Accretion of Discount | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Fair Value at December 31, 2020 | | | Interest Income(1) | | ||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allied Wireline Services, LLC | | | | $ | — | | | | | $ | 53,007 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 53,007 | | | | | $ | 2,886 | | |
Lusk Operating LLC | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (27,464) | | | | | | 27,464 | | | | | | — | | | | | | — | | |
Sustainable Infrastructure Investments, LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sustainable Infrastructure Investments, LLC | | | | | — | | | | | | 60,603 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,213 | | | | | | 61,816 | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allied Wireline Services, LLC, Common Equity | | | | | — | | | | | | 1,527 | | | | | | — | | | | | | — | | | | | | — | | | | | | 377 | | | | | | 1,904 | | | | | | — | | |
Allied Wireline Services, LLC, Warrants | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lusk Operating LLC, Common Equity | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | — | | | | | $ | 115,137 | | | | | $ | — | | | | | $ | — | | | | | $ | (27,464) | | | | | $ | 29,054 | | | | | $ | 116,727 | | | | | $ | 2,886 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | |||||||||||
Senior Secured Loans—First Lien—31.2% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC | | | (g)(j) | | | Service & Equipment | | | L+700, 2.5% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 11/20/20 | | | | $ | 86,207 | | | | | $ | 82,722 | | | | | $ | 84,697 |
Allied Wireline Services, LLC | | | (k)(l) | | | Service & Equipment | | | L+400, 5.5% PIK (5.5% Max PIK) | | | | | 1.5% | | | | 2/28/19 | | | | | 115,104 | | | | | | 114,625 | | | | | | 113,377 |
Altus Power America, Inc. | | | (j)(aa) | | | Power | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 77,378 | | | | | | 77,378 | | | | | | 75,830 |
Altus Power America, Inc. | | | (e)(aa) | | | Power | | | L+750 | | | | | 1.5% | | | | 9/30/21 | | | | | 23,872 | | | | | | 23,872 | | | | | | 23,395 |
BL Sand Hills Unit, L.P. | | | (l)(aa) | | | Upstream | | | Prime+650 | | | | | 3.5% | | | | 12/17/21 | | | | | 20,000 | | | | | | 17,369 | | | | | | 20,000 |
Cactus Wellhead, LLC | | | (f)(j) | | | Service & Equipment | | | L+600 | | | | | 1.0% | | | | 7/31/20 | | | | | 41,225 | | | | | | 39,865 | | | | | | 41,293 |
Cimarron Energy Inc. | | | | | | Service & Equipment | | | L+1150 PIK (L+1150 Max PIK) | | | | | 1.0% | | | | 12/15/19 | | | | | 25,470 | | | | | | 25,470 | | | | | | 10,379 |
CITGO Holding, Inc. | | | (f) | | | Downstream | | | L+850 | | | | | 1.0% | | | | 5/12/18 | | | | | 26,014 | | | | | | 26,149 | | | | | | 26,340 |
Crestwood Holdings LLC | | | (f) | | | Midstream | | | L+800 | | | | | 1.0% | | | | 6/19/19 | | | | | 29,151 | | | | | | 29,210 | | | | | | 29,297 |
Eagle Midstream Canada Finance Inc. | | | (l)(m) | | | Midstream | | | 8.5% | | | | | | | | | 9/27/20 | | | | | 175,000 | | | | | | 175,000 | | | | | | 175,000 |
Gulf Finance, LLC | | | (f) | | | Midstream | | | L+525 | | | | | 1.0% | | | | 8/25/23 | | | | | 18,485 | | | | | | 18,030 | | | | | | 16,687 |
Industrial Group Intermediate Holdings, LLC | | | | | | Service & Equipment | | | L+800 | | | | | 1.3% | | | | 5/31/20 | | | | | 23,027 | | | | | | 23,027 | | | | | | 23,373 |
JSS Holdings, Inc. | | | (l) | | | Service & Equipment | | | L+800, 0.0% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 14,941 | | | | | | 14,809 | | | | | | 15,173 |
JSS Holdings, Inc. | | | (e) | | | Service & Equipment | | | L+800, 0.0% PIK (2.5% Max PIK) | | | | | 1.0% | | | | 3/31/23 | | | | | 2,727 | | | | | | 2,727 | | | | | | 2,770 |
Kraken Oil & Gas LLC | | | | | | Upstream | | | L+750 | | | | | 1.0% | | | | 5/7/21 | | | | | 35,000 | | | | | | 34,660 | | | | | | 34,913 |
Kraken Oil & Gas LLC | | | (e) | | | Upstream | | | L+750 | | | | | 1.0% | | | | 5/7/21 | | | | | 25,000 | | | | | | 25,000 | | | | | | 24,938 |
Lusk Operating LLC | | | (p)(r)(bb) | | | Upstream | | | Prime+500 PIK (8.8% Max PIK) | | | | | 3.3% | | | | 1/31/18 | | | | | 29,297 | | | | | | 27,464 | | | | | | — |
MB Precision Holdings LLC | | | | | | Service & Equipment | | | L+725, 2.25% PIK (2.25% Max PIK) | | | | | 1.3% | | | | 1/23/21 | | | | | 13,793 | | | | | | 13,793 | | | | | | 12,638 |
Panda Temple Power, LLC | | | (j)(p)(r) | | | Power | | | L+625 | | | | | 1.0% | | | | 3/6/22 | | | | | 9,923 | | | | | | 9,782 | | | | | | 7,219 |
Panda Temple Power, LLC | | | | | | Power | | | L+900 | | | | | 1.0% | | | | 4/28/18 | | | | | 377 | | | | | | 377 | | | | | | 378 |
Power Distribution, Inc. | | | | | | Power | | | L+725 | | | | | 1.3% | | | | 1/25/23 | | | | | 29,928 | | | | | | 29,928 | | | | | | 30,377 |
Strike, LLC | | | (j) | | | Midstream | | | L+800 | | | | | 1.0% | | | | 5/30/19 | | | | | 19,600 | | | | | | 19,358 | | | | | | 19,698 |
Strike, LLC | | | (j) | | | Midstream | | | L+800 | | | | | 1.0% | | | | 11/30/22 | | | | | 23,750 | | | | | | 23,160 | | | | | | 24,106 |
Swift Worldwide Resources US Holdings Corp. | | | (j) | | | Service & Equipment | | | L+1000, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 7/20/21 | | | | | 58,468 | | | | | | 58,468 | | | | | | 59,637 |
UTEX Industries, Inc. | | | (f) | | | Service & Equipment | | | L+400 | | | | | 1.0% | | | | 5/21/21 | | | | | 24,210 | | | | | | 22,006 | | | | | | 23,796 |
Warren Resources, Inc. | | | (j)(l)(aa) | | | Upstream | | | L+900, 1.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | 5/22/20 | | | | | 79,233 | | | | | | 79,233 | | | | | | 81,214 |
Total Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,013,482 | | | | | | 976,525 |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (51,599) | | | | | | (51,599) |
Net Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 961,883 | | | | | | 924,926 |
Senior Secured Loans—Second Lien—26.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon United BR LP | | | | | | Upstream | | | L+675 | | | | | 1.0% | | | | 9/8/23 | | | | | 85,938 | | | | | | 84,698 | | | | | | 85,052 |
Aethon United BR LP | | | (e) | | | Upstream | | | L+675 | | | | | 1.0% | | | | 9/8/23 | | | | | 39,063 | | | | | | 39,063 | | | | | | 38,660 |
Arena Energy, LP | | | (j)(k) | | | Upstream | | | L+900, 4.0% PIK (4.0% Max PIK) | | | | | 1.0% | | | | 1/24/21 | | | | | 107,656 | | | | | | 107,656 | | | | | | 102,360 |
Chief Exploration & Development LLC | | | (f) | | | Upstream | | | L+650 | | | | | 1.0% | | | | 5/16/21 | | | | | 16,156 | | | | | | 15,685 | | | | | | 15,928 |
Chisholm Oil and Gas Operating, LLC | | | (j)(k)(l) | | | Upstream | | | L+800 | | | | | 1.0% | | | | 3/21/24 | | | | | 196,000 | | | | | | 196,000 | | | | | | 195,971 |
Emerald Performance Materials, LLC | | | (f) | | | Downstream | | | L+775 | | | | | 1.0% | | | | 8/1/22 | | | | | 11,819 | | | | | | 11,764 | | | | | | 11,838 |
Fieldwood Energy LLC | | | (f)(p)(r) | | | Upstream | | | L+713 | | | | | 1.3% | | | | 9/30/20 | | | | | 33,591 | | | | | | 34,068 | | | | | | 11,252 |
Granite Acquisition, Inc. | | | (f) | | | Power | | | L+725 | | | | | 1.0% | | | | 12/19/22 | | | | | 18,694 | | | | | | 18,330 | | | | | | 18,825 |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||||||||
Senior Secured Loans – First Lien – 47.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AIRRO (Mauritius) Holdings II | | | (k)(p)(w) | | | Power | | | L+695 | | | | | 1.5% | | | | | | 7/24/25 | | | | | $ | 18,186 | | | | | $ | 15,534 | | | | | $ | 15,378 | | |
AIRRO (Mauritius) Holdings II | | | (e)(k)(p)(w) | | | Power | | | L+695 | | | | | 1.5% | | | | | | 7/24/25 | | | | | | 17,055 | | | | | | 17,055 | | | | | | 14,421 | | |
Allied Wireline Services, LLC | | | (w)(x) | | | Service & Equipment | | | L+950 | | | | | 1.5% | | | | | | 6/30/20 | | | | | | 102,718 | | | | | | 102,657 | | | | | | 92,960 | | |
ARB Midstream Operating Company, LLC | | | (w)(x) | | | Midstream | | | L+725 | | | | | 1.0% | | | | | | 11/6/21 | | | | | | 3,193 | | | | | | 3,183 | | | | | | 3,186 | | |
Bellatrix Exploration Ltd. | | | (k)(w) | | | Upstream | | | 10.0% | | | | | | | | | | | 3/31/20 | | | | | | 7,879 | | | | | | 7,879 | | | | | | 7,879 | | |
Bellatrix Exploration Ltd. | | | (e)(k)(w) | | | Upstream | | | 10.0% | | | | | | | | | | | 3/31/20 | | | | | | 3,377 | | | | | | 3,377 | | | | | | 3,377 | | |
Bioenergy Infrastructure Holdings Limited | | | (k)(w) | | | Power | | | L+725 | | | | | 1.0% | | | | | | 12/22/22 | | | | | | 909 | | | | | | 904 | | | | | | 912 | | |
Bioenergy Infrastructure Holdings Limited | | | (e)(k)(w) | | | Power | | | L+725 | | | | | 1.0% | | | | | | 12/22/22 | | | | | | 543 | | | | | | 543 | | | | | | 545 | | |
Bioenergy Infrastructure Holdings Limited | | | (e)(k)(w) | | | Power | | | L+725 | | | | | 1.0% | | | | | | 12/22/22 | | | | | | 544 | | | | | | 544 | | | | | | 546 | | |
Birch Permian LLC | | | (h)(w) | | | Upstream | | | L+800 | | | | | 1.5% | | | | | | 4/12/23 | | | | | | 41,531 | | | | | | 41,176 | | | | | | 41,436 | | |
Birch Permian LLC | | | (e)(w) | | | Upstream | | | L+800 | | | | | 1.5% | | | | | | 4/12/23 | | | | | | 8,333 | | | | | | 8,333 | | | | | | 8,314 | | |
BL Sand Hills Unit, L.P. | | | (m)(o)(w)(x)(z) | | | Upstream | | | Prime+650 | | | | | 3.5% | | | | | | 12/17/21 | | | | | | 19,200 | | | | | | 16,674 | | | | | | 288 | | |
Brazos Delaware II LLC | | | (h) | | | Midstream | | | L+400 | | | | | | | | | | | 5/21/25 | | | | | | 63,656 | | | | | | 60,357 | | | | | | 54,744 | | |
Cimarron Energy Inc. | | | (w)(x) | | | Service & Equipment | | | 10.0% | | | | | | | | | | | 6/30/21 | | | | | | 7,500 | | | | | | 7,500 | | | | | | 7,472 | | |
Cox Oil Offshore, LLC, Volumetric Production Payments | | | (v)(w)(x)(y) | | | Upstream | | | 6.6% | | | | | | | | | | | 12/31/23 | | | | | | 100,000 | | | | | | 63,884 | | | | | | 63,646 | | |
CPV Shore Holdings LLC | | | | | | Power | | | L+375 | | | | | | | | | | | 12/29/25 | | | | | | 1,089 | | | | | | 1,080 | | | | | | 1,098 | | |
Edgewater Generation LLC | | | | | | Power | | | L+375 | | | | | | | | | | | 12/13/25 | | | | | | 2,885 | | | | | | 2,879 | | | | | | 2,775 | | |
EIF Van Hook Holdings, LLC | | | (h) | | | Midstream | | | L+525 | | | | | | | | | | | 9/5/24 | | | | | | 34,521 | | | | | | 33,739 | | | | | | 32,967 | | |
EPIC Crude Services LP | | | (h) | | | Midstream | | | L+500 | | | | | | | | | | | 3/2/26 | | | | | | 9,500 | | | | | | 9,327 | | | | | | 9,183 | | |
Felix Investments Holdings II, LLC | | | (w) | | | Upstream | | | L+650 | | | | | 1.0% | | | | | | 8/9/22 | | | | | | 5,900 | | | | | | 5,878 | | | | | | 5,959 | | |
FR BR Holdings LLC | | | (h)(w) | | | Midstream | | | L+650 | | | | | | | | | | | 12/14/23 | | | | | | 89,233 | | | | | | 84,669 | | | | | | 86,770 | | |
LMBE-MC Holdco II LLC | | | | | | Power | | | L+400 | | | | | 1.0% | | | | | | 12/3/25 | | | | | | 1,712 | | | | | | 1,693 | | | | | | 1,703 | | |
Lower Cadence Holdings LLC | | | (f)(h) | | | Midstream | | | L+400 | | | | | | | | | | | 5/22/26 | | | | | | 18,957 | | | | | | 17,827 | | | | | | 18,803 | | |
Lusk Operating LLC | | | (m)(o)(w)(aa) | | | Upstream | | | Prime+500 PIK (8.8% Max PIK) | | | | | 3.3% | | | | | | 1/31/20 | | | | | | 29,297 | | | | | | 27,464 | | | | | | — | | |
Luxe Drillship Operating, LLC | | | (w) | | | Upstream | | | 8.0% | | | | | | | | | | | 10/30/24 | | | | | | 17,143 | | | | | | 16,115 | | | | | | 15,819 | | |
Luxe Drillship Operating, LLC | | | (e)(w) | | | Upstream | | | 8.0% | | | | | | | | | | | 10/30/24 | | | | | | 32,857 | | | | | | 32,857 | | | | | | 30,321 | | |
MB Precision Holdings LLC | | | (w)(x)(z) | | | Industrials | | | L+725, 2.3% PIK (2.3% Max PIK) | | | | | 1.3% | | | | | | 1/23/21 | | | | | | 4,602 | | | | | | 4,492 | | | | | | 4,585 | | |
MECO IV LLC | | | (h)(w) | | | Upstream | | | L+725 | | | | | 1.5% | | | | | | 9/14/21 | | | | | | 35,000 | | | | | | 34,849 | | | | | | 34,405 | | |
Navitas Midstream Midland Basin LLC | | | (h) | | | Midstream | | | L+450 | | | | | 1.0% | | | | | | 12/13/24 | | | | | | 77,895 | | | | | | 76,815 | | | | | | 73,416 | | |
Navitas Midstream Midland Basin LLC (Mirror Tranche) | | | | | | Midstream | | | L+450 | | | | | 1.0% | | | | | | 12/13/24 | | | | | | 39,800 | | | | | | 38,141 | | | | | | 37,512 | | |
NNE Holding LLC | | | (h)(w) | | | Upstream | | | L+800 | | | | | | | | | | | 3/2/22 | | | | | | 40,000 | | | | | | 39,938 | | | | | | 39,492 | | |
Panda Hummel Station LLC | | | | | | Power | | | L+600 | | | | | 1.0% | | | | | | 10/27/22 | | | | | | 19,150 | | | | | | 18,668 | | | | | | 17,060 | | |
Panda Hummel Station LLC | | | (h) | | | Power | | | L+600 | | | | | 1.0% | | | | | | 10/27/22 | | | | | | 24,227 | | | | | | 23,802 | | | | | | 21,582 | | |
Panda Stonewall LLC | | | (f)(h) | | | Power | | | L+550 | | | | | 1.0% | | | | | | 11/13/21 | | | | | | 53,447 | | | | | | 53,070 | | | | | | 49,791 | | |
Panda Stonewall LLC | | | (h) | | | Power | | | L+550 | | | | | 1.0% | | | | | | 11/13/21 | | | | | | 21,372 | | | | | | 20,813 | | | | | | 19,910 | | |
Permian Production Partners LLC | | | (h)(m)(o)(w)(x) | | | Upstream | | | L+600 | | | | | 1.0% | | | | | | 5/18/24 | | | | | | 44,498 | | | | | | 43,184 | | | | | | 28,648 | | |
Plainfield Renewable Energy Holdings LLC | | | (w) | | | Power | | | 10.0% | | | | | | | | | | | 8/22/25 | | | | | | 2,855 | | | | | | 2,855 | | | | | | 2,569 | | |
Plainfield Renewable Energy Holdings LLC, Letter of Credit | | | (e)(w) | | | Power | | | 10.0% | | | | | | | | | | | 8/22/23 | | | | | | 2,709 | | | | | | 2,709 | | | | | | 2,437 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | |||||||||||
Gruden Acquisition, Inc. | | | (j) | | | Service & Equipment | | | L+850 | | | | | 1.0% | | | | 8/18/23 | | | | $ | 15,000 | | | | | $ | 14,463 | | | | | $ | 14,981 |
Horn Intermediate Holdings, Inc. | | | (j) | | | Service & Equipment | | | L+775 | | | | | 1.3% | | | | 10/2/18 | | | | | 50,250 | | | | | | 50,250 | | | | | | 50,501 |
P2 Upstream Acquisition Co. | | | (f)(j) | | | Service & Equipment | | | L+800 | | | | | 1.0% | | | | 4/30/21 | | | | | 42,399 | | | | | | 42,046 | | | | | | 39,218 |
Penn Virginia Holding Corp. | | | (m) | | | Upstream | | | L+700 | | | | | 1.0% | | | | 9/29/22 | | | | | 50,000 | | | | | | 50,000 | | | | | | 50,053 |
SilverBow Resources, Inc. | | | (m) | | | Upstream | | | L+750 | | | | | 1.0% | | | | 12/15/24 | | | | | 15,000 | | | | | | 14,850 | | | | | | 14,850 |
Talos Production LLC | | | (k)(l) | | | Upstream | | | 11.0% | | | | | | | | | 4/3/22 | | | | | 43,250 | | | | | | 40,495 | | | | | | 42,926 |
Titan Energy Operating, LLC | | | (k)(aa) | | | Upstream | | | 2.0%, L+1100 PIK (L+1100 Max PIK) | | | | | 1.0% | | | | 2/23/20 | | | | | 116,964 | | | | | | 100,902 | | | | | | 62,026 |
UTEX Industries, Inc. | | | (f)(j) | | | Service & Equipment | | | L+725 | | | | | 1.0% | | | | 5/20/22 | | | | | 85,192 | | | | | | 79,263 | | | | | | 81,146 |
Total Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 899,533 | | | | | | 835,587 |
Unfunded Loan Commitment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (39,063) | | | | | | (39,063) |
Net Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 860,470 | | | | | | 796,524 |
Senior Secured Bonds—22.3% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd. | | | (j)(m) | | | Upstream | | | 9.0% | | | | | | | | | 1/20/24 | | | | | 90,000 | | | | | | 90,000 | | | | | | 90,675 |
CITGO Holding, Inc. | | | (f) | | | Downstream | | | 10.8% | | | | | | | | | 2/15/20 | | | | | 9,000 | | | | | | 9,045 | | | | | | 9,653 |
CSVC Acquisition Corp. | | | (f) | | | Service & Equipment | | | 7.8% | | | | | | | | | 6/15/25 | | | | | 30,608 | | | | | | 30,608 | | | | | | 29,460 |
EP Energy LLC | | | (f)(h)(m)(o) | | | Upstream | | | 8.0% | | | | | | | | | 2/15/25 | | | | | 54,880 | | | | | | 52,838 | | | | | | 40,131 |
EP Energy LLC | | | (g)(h)(m) | | | Upstream | | | 9.4% | | | | | | | | | 5/1/24 | | | | | 68,614 | | | | | | 63,012 | | | | | | 60,134 |
FourPoint Energy, LLC | | | (j)(k)(l)(aa) | | | Upstream | | | 9.0% | | | | | | | | | 12/31/21 | | | | | 235,125 | | | | | | 227,815 | | | | | | 238,946 |
Mirant Mid-Atlantic Trust | | | (f)(h)(o) | | | Power | | | 10.1% | | | | | | | | | 12/30/28 | | | | | 31,752 | | | | | | 33,728 | | | | | | 32,052 |
Ridgeback Resources Inc. | | | (k)(m)(aa) | | | Upstream | | | 12.0% | | | | | | | | | 12/29/20 | | | | | 3,887 | | | | | | 3,825 | | | | | | 3,887 |
Sunnova Energy Corp. | | | (j) | | | Power | | | 6.0%, 6.0% PIK (6.0% Max PIK) | | | | | | | | | 10/24/18 | | | | | 33,671 | | | | | | 33,671 | | | | | | 33,671 |
Velvet Energy Ltd. | | | (j)(l)(m) | | | Upstream | | | 9.0% | | | | | | | | | 10/5/23 | | | | | 120,000 | | | | | | 120,000 | | | | | | 121,542 |
Total Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 664,542 | | | | | | 660,151 |
Unsecured Debt—40.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alta Mesa Holdings, LP | | | (f)(h) | | | Upstream | | | 7.9% | | | | | | | | | 12/15/24 | | | | | 20,425 | | | | | | 20,425 | | | | | | 22,459 |
Archrock Partners, L.P. | | | (h)(m)(o) | | | Midstream | | | 6.0% | | | | | | | | | 4/1/21 | | | | | 8,555 | | | | | | 7,714 | | | | | | 8,587 |
Archrock Partners, L.P. | | | (h)(m) | | | Midstream | | | 6.0% | | | | | | | | | 10/1/22 | | | | | 14,283 | | | | | | 12,661 | | | | | | 14,337 |
Ascent Resources Utica Holdings, LLC | | | (f)(h)(j)(o) | | | Upstream | | | 10.0% | | | | | | | | | 4/1/22 | | | | | 200,000 | | | | | | 200,000 | | | | | | 216,132 |
Bellatrix Exploration Ltd. | | | (f)(h)(m)(o) | | | Upstream | | | 8.5% | | | | | | | | | 5/15/20 | | | | | 60,120 | | | | | | 59,240 | | | | | | 57,415 |
Brand Energy & Infrastructure Services, Inc. | | | (f)(h) | | | Service & Equipment | | | 8.5% | | | | | | | | | 7/15/25 | | | | | 44,759 | | | | | | 44,759 | | | | | | 47,165 |
Canbriam Energy Inc. | | | (f)(h)(j)(m)(o) | | | Upstream | | | 9.8% | | | | | | | | | 11/15/19 | | | | | 115,200 | | | | | | 113,222 | | | | | | 117,648 |
Compressco Partners, LP | | | (f)(h)(o) | | | Service & Equipment | | | 7.3% | | | | | | | | | 8/15/22 | | | | | 20,050 | | | | | | 19,929 | | | | | | 18,972 |
Covey Park Energy LLC | | | (h)(o) | | | Upstream | | | 7.5% | | | | | | | | | 5/15/25 | | | | | 8,333 | | | | | | 8,333 | | | | | | 8,705 |
Eclipse Resources Corp. | | | (f)(h)(m)(o) | | | Upstream | | | 8.9% | | | | | | | | | 7/15/23 | | | | | 62,745 | | | | | | 57,444 | | | | | | 64,549 |
EV Energy Partners, L.P. | | | (f)(h)(o)(p) | | | Upstream | | | 8.0% | | | | | | | | | 4/15/19 | | | | | 48,814 | | | | | | 39,678 | | | | | | 24,895 |
Extraction Oil & Gas Holdings, LLC | | | (h)(o) | | | Upstream | | | 7.9% | | | | | | | | | 7/15/21 | | | | | 37,500 | | | | | | 37,500 | | | | | | 39,777 |
Genesis Energy, L.P. | | | (f)(m) | | | Midstream | | | 6.8% | | | | | | | | | 8/1/22 | | | | | 23,540 | | | | | | 23,036 | | | | | | 24,477 |
Genesis Energy, L.P. | | | (f)(m) | | | Midstream | | | 6.0% | | | | | | | | | 5/15/23 | | | | | 15,280 | | | | | | 14,264 | | | | | | 15,519 |
Global Jet Capital Inc. | | | | | | Service & Equipment | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 1/30/25 | | | | | 849 | | | | | | 849 | | | | | | 864 |
Global Jet Capital Inc. | | | | | | Service & Equipment | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 4/30/25 | | | | | 5,398 | | | | | | 5,398 | | | | | | 5,492 |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | |||||||||||||||
Plainfield Renewable Energy Holdings LLC | | | (w) | | | Power | | | 15.5% | | | | | | | | | | | 8/22/25 | | | | | $ | 10,397 | | | | | $ | 10,397 | | | | | $ | 10,441 | | |
Power Distribution, Inc. | | | (w)(x) | | | Power | | | L+725 | | | | | 1.3% | | | | | | 1/25/23 | | | | | | 27,891 | | | | | | 27,891 | | | | | | 25,982 | | |
Prairie ECI Acquiror LP | | | (f) | | | Midstream | | | L+475 | | | | | | | | | | | 3/11/26 | | | | | | 17,991 | | | | | | 17,615 | | | | | | 17,901 | | |
Sandy Creek Energy Associates, L.P. | | | (f) | | | Power | | | L+400 | | | | | 1.0% | | | | | | 11/9/20 | | | | | | 72,666 | | | | | | 66,553 | | | | | | 62,054 | | |
Swift Worldwide Resources US Holdings Corp. | | | (h)(w)(x) | | | Service & Equipment | | | 9.5%, L+150 PIK (L+1.5% Max PIK) | | | | | 2.5% | | | | | | 7/20/21 | | | | | | 59,901 | | | | | | 59,901 | | | | | | 59,901 | | |
Terra-Gen Finance Co LLC | | | | | | Power | | | L+425 | | | | | 1.0% | | | | | | 12/9/21 | | | | | | 25,185 | | | | | | 23,922 | | | | | | 24,429 | | |
Traverse Midstream Partners LLC | | | (h) | | | Midstream | | | L+400 | | | | | 1.0% | | | | | | 9/27/24 | | | | | | 60,273 | | | | | | 60,283 | | | | | | 54,728 | | |
Ultra Resources, Inc. | | | | | | Upstream | | | L+375, 0.25% PIK (0.25% Max PIK) | | | | | 1.0% | | | | | | 4/12/24 | | | | | | 67,405 | | | | | | 57,066 | | | | | | 40,542 | | |
Warren Resources, Inc. | | | (h)(w)(z) | | | Upstream | | | L+1000, 0.0% PIK (1.0% Max PIK) | | | | | 1.0% | | | | | | 5/22/20 | | | | | | 27,507 | | | | | | 27,507 | | | | | | 27,507 | | |
Waterbridge Operating LLC | | | (h) | | | Midstream | | | L+575 | | | | | 1.0% | | | | | | 6/22/26 | | | | | | 24,938 | | | | | | 24,348 | | | | | | 24,595 | | |
Total Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,317,947 | | | | | | 1,199,989 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (65,418) | | | | | | (65,418) | | |
Net Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,252,529 | | | | | | 1,134,571 | | |
Senior Secured Loans – Second Lien – 23.7% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aethon III BR LLC | | | (w) | | | Upstream | | | L+675 | | | | | 1.0% | | | | | | 1/10/25 | | | | | | 10,000 | | | | | | 9,868 | | | | | | 9,956 | | |
Aethon United BR LP | | | (h)(w) | | | Upstream | | | L+675 | | | | | 1.0% | | | | | | 9/8/23 | | | | | | 148,150 | | | | | | 146,582 | | | | | | 146,298 | | |
Arena Energy, LP | | | (h)(w)(x) | | | Upstream | | | L+900, 4.0% PIK (4.0% Max PIK) | | | | | 1.0% | | | | | | 1/24/21 | | | | | | 116,730 | | | | | | 116,730 | | | | | | 113,575 | | |
Bellatrix Exploration Ltd. | | | (k)(w) | | | Upstream | | | 8.5% | | | | | | | | | | | 9/11/23 | | | | | | 22,511 | | | | | | 22,511 | | | | | | 22,511 | | |
Bellatrix Exploration Ltd. | | | (k)(m)(o)(w)(x) | | | Upstream | | | 8.5% | | | | | | | | | | | 9/11/23 | | | | | | 54,108 | | | | | | 49,379 | | | | | | 17,168 | | |
Chisholm Oil and Gas Operating, LLC | | | (w)(x) | | | Upstream | | | L+550, 3.0% PIK (3.0% Max PIK) | | | | | 1.3% | | | | | | 3/21/24 | | | | | | 197,503 | | | | | | 196,000 | | | | | | 149,201 | | |
Chisholm Energy Holdings, LLC | | | (w) | | | Upstream | | | L+625 | | | | | 1.5% | | | | | | 5/15/26 | | | | | | 21,429 | | | | | | 21,230 | | | | | | 21,090 | | |
Chisholm Energy Holdings, LLC | | | (e)(w) | | | Upstream | | | L+625 | | | | | 1.5% | | | | | | 5/15/26 | | | | | | 8,571 | | | | | | 8,571 | | | | | | 8,436 | | |
Encino Acquisition Partners Holdings LLC | | | | | | Upstream | | | L+675 | | | | | 1.0% | | | | | | 10/29/25 | | | | | | 41,828 | | | | | | 35,334 | | | | | | 31,579 | | |
Peak Exploration & Production, LLC | | | (w) | | | Upstream | | | L+675 | | | | | 1.5% | | | | | | 11/16/23 | | | | | | 13,545 | | | | | | 13,484 | | | | | | 13,435 | | |
Peak Exploration & Production, LLC | | | (e)(w) | | | Upstream | | | L+675 | | | | | 1.5% | | | | | | 11/16/23 | | | | | | 1,505 | | | | | | 1,505 | | | | | | 1,493 | | |
Penn Virginia Holdings Corp. | | | (h)(k)(w) | | | Upstream | | | L+700 | | | | | 1.0% | | | | | | 9/29/22 | | | | | | 20,000 | | | | | | 20,000 | | | | | | 19,726 | | |
Rosehill Operating Company, LLC | | | (w)(x) | | | Upstream | | | 10.0% | | | | | | | | | | | 1/31/23 | | | | | | 1,667 | | | | | | 1,655 | | | | | | 1,619 | | |
SilverBow Resources, Inc. | | | (h)(k)(w) | | | Upstream | | | L+750 | | | | | 1.0% | | | | | | 12/15/24 | | | | | | 19,000 | | | | | | 18,853 | | | | | | 18,802 | | |
Titan Energy Operating, LLC | | | (m)(o)(w)(x)(z) | | | Upstream | | | L+1300 PIK (L+1300 Max PIK) | | | | | 1.0% | | | | | | 2/23/20 | | | | | | 137,233 | | | | | | 100,902 | | | | | | — | | |
Total Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 762,604 | | | | | | 574,889 | | |
Unfunded Loan Commitments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (10,076) | | | | | | (10,076) | | |
Net Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 752,528 | | | | | | 564,813 | | |
Senior Secured Bonds – 22.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Black Swan Energy Ltd. | | | (h)(k)(w)(x) | | | Upstream | | | 9.0% | | | | | | | | | | | 1/20/24 | | | | | | 90,000 | | | | | | 90,000 | | | | | | 91,692 | | |
Denbury Resources Inc. | | | (k) | | | Upstream | | | 7.5% | | | | | | | | | | | 2/15/24 | | | | | | 12,000 | | | | | | 11,995 | | | | | | 10,260 | | |
Denbury Resources Inc. | | | (k) | | | Upstream | | | 9.3% | | | | | | | | | | | 3/31/22 | | | | | | 42,341 | | | | | | 42,139 | | | | | | 40,024 | | |
FourPoint Energy, LLC | | | (h)(w)(x)(z) | | | Upstream | | | 9.0% | | | | | | | | | | | 12/31/21 | | | | | | 235,125 | | | | | | 231,597 | | | | | | 223,369 | | |
Talen Energy Supply LLC | | | (h) | | | Power | | | 7.3% | | | | | | | | | | | 5/15/27 | | | | | | 34,319 | | | | | | 34,042 | | | | | | 36,176 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | |||||||||||
Global Jet Capital Inc. | | | | | | Service & Equipment | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/3/25 | | | | $ | 1,115 | | | | | $ | 1,115 | | | | | $ | 1,135 |
Global Jet Capital Inc. | | | | | | Service & Equipment | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 9/29/25 | | | | | 1,050 | | | | | | 1,050 | | | | | | 1,068 |
Global Jet Capital Inc. | | | | | | Service & Equipment | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | 12/2/26 | | | | | 923 | | | | | | 923 | | | | | | 940 |
Global Partners L.P. | | | (f)(h)(m)(o) | | | Midstream | | | 6.3% | | | | | | | | | 7/15/22 | | | | | 68,335 | | | | | | 68,188 | | | | | | 70,385 |
Global Partners L.P. | | | (f)(m) | | | Midstream | | | 7.0% | | | | | | | | | 6/15/23 | | | | | 2,824 | | | | | | 2,466 | | | | | | 2,909 |
Great Western Petroleum, LLC | | | (f)(h)(o) | | | Upstream | | | 9.0% | | | | | | | | | 9/30/21 | | | | | 35,830 | | | | | | 35,708 | | | | | | 37,398 |
Gulfport Energy Corp. | | | (h)(m)(o) | | | Upstream | | | 6.0% | | | | | | | | | 10/15/24 | | | | | 10,000 | | | | | | 10,000 | | | | | | 10,010 |
Hammerhead Resources Inc. | | | (j)(m) | | | Upstream | | | 9.0% | | | | | | | | | 7/10/22 | | | | | 100,000 | | | | | | 97,229 | | | | | | 100,000 |
Jupiter Resources Inc. | | | (h)(m) | | | Upstream | | | 8.5% | | | | | | | | | 10/1/22 | | | | | 76,125 | | | | | | 72,383 | | | | | | 47,007 |
Lonestar Resources America Inc. | | | (f)(h) | | | Upstream | | | 8.8% | | | | | | | | | 4/15/19 | | | | | 24,200 | | | | | | 24,055 | | | | | | 25,289 |
Lonestar Resources America Inc. | | | (g) | | | Upstream | | | 11.3% | | | | | | | | | 1/1/23 | | | | | 25,000 | | | | | | 25,000 | | | | | | 25,563 |
Martin Midstream Partners L.P. | | | (f)(h)(m)(o) | | | Midstream | | | 7.3% | | | | | | | | | 2/15/21 | | | | | 24,660 | | | | | | 24,059 | | | | | | 25,073 |
Moss Creek Resources, LLC | | | (l) | | | Upstream | | | L+800 | | | | | 1.5% | | | | 4/7/22 | | | | | 65,000 | | | | | | 65,000 | | | | | | 66,443 |
ONEOK, Inc. | | | (f)(m) | | | Midstream | | | 7.5% | | | | | | | | | 9/1/23 | | | | | 12,600 | | | | | | 11,789 | | | | | | 15,114 |
Tenrgys, LLC | | | (k)(p)(r) | | | Upstream | | | L+900 | | | | | 2.5% | | | | 12/23/18 | | | | | 75,000 | | | | | | 75,000 | | | | | | 34,313 |
Whiting Petroleum Corp. | | | (h)(m)(o) | | | Upstream | | | 5.0% | | | | | | | | | 3/15/19 | | | | | 11,685 | | | | | | 11,034 | | | | | | 11,990 |
Whiting Petroleum Corp. | | | (f)(m) | | | Upstream | | | 5.8% | | | | | | | | | 3/15/21 | | | | | 7,000 | | | | | | 6,479 | | | | | | 7,219 |
WildHorse Resource Development Corp. | | | (h)(m) | | | Upstream | | | 6.9% | | | | | | | | | 2/1/25 | | | | | 10,000 | | | | | | 9,930 | | | | | | 10,242 |
Zachry Holdings, Inc. | | | (f) | | | Service & Equipment | | | 7.5% | | | | | | | | | 2/1/20 | | | | | 23,925 | | | | | | 23,930 | | | | | | 24,433 |
Total Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,229,790 | | | | | | 1,203,524 |
|
| | | | | | | | | | | | | | | | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Preferred Equity—2.7%(n) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Abaco Energy Technologies LLC, Preferred Equity | | | (r) | | | Service & Equipment | | | | | | | | | | | | | | 28,942,003 | | | | | $ | 1,447 | | | | | $ | 5,065 | | |
Altus Power America Holdings, LLC, Preferred Equity | | | (k)(s)(aa) | | | Power | | | 9.0%, 5.0% PIK (5.0% Max PIK) | | | | | | 10/3/23 | | | | | 25,792,683 | | | | | | 25,793 | | | | | | 25,793 | | |
AP Exhaust Holdings, LLC, Class A1 Preferred Units | | | (k)(q)(r) | | | Service & Equipment | | | | | | | | | | | | | | 803 | | | | | | 895 | | | | | | 811 | | |
Cimarron Energy Holdco Inc., Preferred Equity | | | (r) | | | Service & Equipment | | | | | | | | | | | | | | 626,806 | | | | | | 627 | | | | | | — | | |
Global Jet Capital Holdings, LP, Preferred Equity | | | (r) | | | Service & Equipment | | | | | | | | | | | | | | 2,785,562 | | | | | | 2,786 | | | | | | 2,507 | | |
Sunnova Energy Corp., Preferred Equity | | | (r) | | | Power | | | | | | | | | | | | | | 1,117,214 | | | | | | 5,948 | | | | | | 4,502 | | |
Synergy Offshore LLC, Preferred Equity | | | (k)(p)(r)(y) | | | Upstream | | | | | | | | | | | | | | 71,131 | | | | | | 93,009 | | | | | | 25,465 | | |
TE Holdings, LLC, Preferred Equity | | | (l)(r) | | | Upstream | | | | | | | | | | | | | | 1,475,531 | | | | | | 14,734 | | | | | | 14,018 | | |
Total Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | 145,239 | | | | | | 78,161 | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | | |||||||||||||||||
Velvet Energy Ltd. | | | (h)(k)(w) | | | Upstream | | | 9.0% | | | | | | | | | | | 10/5/23 | | | | | $ | 120,000 | | | | | $ | 120,000 | | | | | $ | 122,700 | | | | ||
Total Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 529,773 | | | | | | 524,221 | | | | ||
Unsecured Debt – 13.6% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Ferrellgas, L.P. | | | | | | Midstream | | | 6.5% | | | | | | | | | | | 5/1/21 | | | | | | 24,729 | | | | | | 22,296 | | | | | | 21,462 | | | | ||
Ferrellgas, L.P. | | | | | | Midstream | | | 6.8% | | | | | | | | | | | 1/15/22 | | | | | | 25,020 | | | | | | 22,137 | | | | | | 21,337 | | | | ||
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 1/30/25 | | | | | | 1,145 | | | | | | 1,067 | | | �� | | | 1,145 | | | | ||
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 4/30/25 | | | | | | 7,276 | | | | | | 6,779 | | | | | | 7,276 | | | | ||
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 9/3/25 | | | | | | 1,503 | | | | | | 1,401 | | | | | | 1,503 | | | | ||
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 9/29/25 | | | | | | 1,415 | | | | | | 1,319 | | | | | | 1,415 | | | | ||
Global Jet Capital Holdings, LP | | | (w)(x) | | | Industrials | | | 15.0% PIK (15.0% Max PIK) | | | | | | | | | | | 12/2/26 | | | | | | 1,245 | | | | | | 1,160 | | | | | | 1,245 | | | | ||
Great Western Petroleum, LLC | | | (w)(x) | | | Upstream | | | 8.5% | | | | | | | | | | | 4/15/25 | | | | | | 13,636 | | | | | | 13,101 | | | | | | 11,966 | | | | ||
Great Western Petroleum, LLC | | | (x) | | | Upstream | | | 9.0% | | | | | | | | | | | 9/30/21 | | | | | | 35,830 | | | | | | 35,764 | | | | | | 32,129 | | | | ||
Hammerhead Resources Inc. | | | (k)(w)(x) | | | Upstream | | | 9.0% | | | | | | | | | | | 7/10/22 | | | | | | 100,000 | | | | | | 98,299 | | | | | | 96,750 | | | | ||
Lonestar Resources America Inc. | | | (x) | | | Upstream | | | 11.3% | | | | | | | | | | | 1/1/23 | | | | | | 37,500 | | | | | | 38,310 | | | | | | 25,781 | | | | ||
Martin Midstream Partners L.P. | | | (k)(x) | | | Midstream | | | 7.3% | | | | | | | | | | | 2/15/21 | | | | | | 12,723 | | | | | | 12,453 | | | | | | 11,615 | | | | ||
Moss Creek Resources, LLC | | | (x) | | | Upstream | | | 7.5% | | | | | | | | | | | 1/15/26 | | | | | | 42,693 | | | | | | 40,473 | | | | | | 32,566 | | | | ||
Oasis Petroleum Inc. | | | (k) | | | Upstream | | | 6.9% | | | | | | | | | | | 3/15/22 | | | | | | 2,000 | | | | | | 1,946 | | | | | | 1,930 | | | | ||
Oasis Petroleum Inc. | | | (k) | | | Upstream | | | 6.9% | | | | | | | | | | | 1/15/23 | | | | | | 11,850 | | | | | | 11,085 | | | | | | 11,613 | | | | ||
Talen Energy Supply LLC | | | | | | Power | | | 9.5% | | | | | | | | | | | 7/15/22 | | | | | | 10,365 | | | | | | 10,442 | | | | | | 10,371 | | | | ||
Tenrgys, LLC | | | (m)(n)(o)(w)(x) | | | Upstream | | | L+900 | | | | | 2.5% | | | | | | 12/23/18 | | | | | | 75,000 | | | | | | 75,000 | | | | | | 28,000 | | | | ||
Whiting Petroleum Corp. | | | (k) | | | Upstream | | | 5.8% | | | | | | | | | | | 3/15/21 | | | | | | 5,395 | | | | | | 5,201 | | | | | | 5,116 | | | | ||
Total Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 398,233 | | | | | | 323,220 | | | | | |
|
Portfolio Company(a) | | | Footnotes | | | Industry | | | Rate(b) | | | Floor | | | Maturity | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Preferred Equity – 30.4%(l) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Abaco Energy Technologies LLC, Preferred Equity | | | (o)(w)(x) | | | Service & Equipment | | | | | | | | | | | | | | | | | 28,942,003 | | | | | $ | 1,447 | | | | $11,982 | |
Altus Midstream LP, Series A Preferred Units | | | (j)(w)(x) | | | Midstream | | | 11.0% | | | | | | | | 6/28/26 | | | | | | 51,053 | | | | | | 52,185 | | | | 53,095 | |
Global Jet Capital Holdings, LP, Preferred Equity | | | (o)(w)(x) | | | Industrials | | | | | | | | | | | | | | | | | 27,856 | | | | | | 2,786 | | | | 348 | |
Great Western Petroleum, LLC, Preferred Equity | | | (n)(w)(x) | | | Upstream | | | 15.5% | | | | | | | | 12/31/27 | | | | | | 36,364 | | | | | | 42,306 | | | | 39,332 | |
Limetree Bay Ventures, LLC, Preferred Equity | | | (w)(x) | | | Midstream | | | 13.5% | | | | | | | | 11/27/23 | | | | | | 83,877,497 | | | | | | 84,155 | | | | 72,831 | |
Limetree Bay Ventures, LLC, Preferred Equity | | | (w)(x) | | | Midstream | | | 13.5% | | | | | | | | 11/27/23 | | | | | | 42,402,611 | | | | | | 42,403 | | | | 35,489 | |
MB Precision Investment Holdings LLC, Class A Preferred Units | | | (n)(o)(w)(x)(z) | | | Industrials | | | | | | | | | | | | | | | | | 8,952,623 | | | | | | 1,880 | | | | 1,205 | |
NGL Energy Partners, LP, Preferred Equity | | | (k)(w)(x) | | | Midstream | | | 14.2% | | | | | | | | 7/2/27 | | | | | | 156,250 | | | | | | 155,770 | | | | 159,198 | |
NuStar, Preferred Equity | | | (h)(k)(w)(x) | | | Midstream | | | 12.8% | | | | | | | | 6/29/28 | | | | | | 5,910,165 | | | | | | 150,836 | | | | 178,842 | |
Rosehill Resources, Inc. Preferred Equity | | | (o)(w)(x) | | | Upstream | | | | | | | | | | | | | | | | | 2,536 | | | | | | 2,511 | | | | 2,709 | |
Segreto Power Holdings, LLC, Preferred Equity | | | (g)(w)(x) | | | Power | | | 13.1% | | | | | | | | 5/8/25 | | | | | | 70,297 | | | | | | 83,418 | | | | 82,311 | |
TE Holdings, LLC, Preferred Equity | | | (o)(x) | | | Upstream | | | | | | | | | | | | | | | | | 1,475,531 | | | | | | 14,734 | | | | — | |
USA Compression Partners, LP, Preferred Equity | | | (h)(k)(w)(x) | | | Midstream | | | 9.8% | | | | | | | | 4/3/28 | | | | | | 79,336 | | | | | | 77,452 | | | | 84,500 | |
Total Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 711,883 | | | | 721,842 | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Equity/Other – 9.0%(l) | | | | | | | | | | | | | | | | | | | | | | | | | |
Abaco Energy Technologies LLC, Common Equity | | | (o)(w)(x) | | | Service & Equipment | | | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 2,167 | | |
AIRRO (Mauritius) Holdings II, Warrants | | | (k)(o)(p)(w) | | | Power | | | | | 35 | | | | | | 2,652 | | | | | | 1,129 | | |
Allied Downhole Technologies, LLC, Common Equity | | | (n)(o)(w)(x) | | | Service & Equipment | | | | | 7,431,113 | | | | | | 7,223 | | | | | | 372 | | |
Allied Downhole Technologies, LLC, Warrants | | | (n)(o)(w)(x) | | | Service & Equipment | | | | | 5,344,680 | | | | | | 1,865 | | | | | | 267 | | |
Ascent Resources Utica Holdings, LLC, Common Equity | | | (o)(q)(w)(x) | | | Upstream | | | | | 148,692,908 | | | | | | 44,700 | | | | | | 39,404 | | |
Bellatrix Exploration Ltd., Warrants | | | (k)(o)(w) | | | Upstream | | | | | 1,533,197 | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest | | | (o)(s)(w)(x)(z) | | | Upstream | | | | | N/A | | | | | | 5,180 | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest | | | (o)(s)(w)(x)(z) | | | Upstream | | | | | N/A | | | | | | 740 | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units | | | (g)(o)(w)(x)(z) | | | Upstream | | | | | 29,117 | | | | | | 24,019 | | | | | | — | | |
Chisholm Oil and Gas, LLC, Series A Units | | | (g)(o)(w)(x) | | | Upstream | | | | | 14,700,000 | | | | | | 14,700 | | | | | | — | | |
Cimarron Energy Holdco Inc., Common Equity | | | (o)(w)(x) | | | Service & Equipment | | | | | 4,302,293 | | | | | | 3,950 | | | | | | 277 | | |
Cimarron Energy Holdco Inc., Participation Option | | | (o)(w)(x) | | | Service & Equipment | | | | | 25,000,000 | | | | | | 1,289 | | | | | | 1,613 | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | (n)(o)(w)(x)(z) | | | Upstream | | | | | 66,000 | | | | | | 66,000 | | | | | | 6,906 | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | (n)(o)(w)(x)(z) | | | Upstream | | | | | 12,374 | | | | | | 8,176 | | | | | | 1,307 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | (g)(o)(w)(x)(z) | | | Upstream | | | | | 150,937 | | | | | | 37,734 | | | | | | 15,793 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | (g)(n)(o)(w)(x)(z) | | | Upstream | | | | | 222,750 | | | | | | 55,688 | | | | | | 23,306 | | |
Harvest Oil & Gas Corp., Common Equity | | | (o)(x)(z) | | | Upstream | | | | | 1,350,620 | | | | | | 20,259 | | | | | | 8,644 | | |
JSS Holdco, LLC, Net Profits Interest | | | (o)(w)(x) | | | Industrials | | | | | N/A | | | | | | — | | | | | | 156 | | |
Limetree Bay Ventures, LLC, Common Equity | | | (o)(w)(x) | | | Midstream | | | | | 106,363 | | | | | | 3,406 | | | | | | — | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Lusk Operating LLC, Common Equity | | | (o)(r)(w)(aa) | | | Upstream | | | | | 2,000 | | | | | $ | — | | | | | $ | — | | |
Luxe Drillship Operating, LLC, Overriding Royalty Interest | | | (o)(w) | | | Upstream | | | | | N/A | | | | | | 1,354 | | | | | | 1,354 | | |
MB Precision Investment Holdings LLC, Class A-2 Units | | | (n)(o)(w)(z) | | | Industrials | | | | | 1,426,110 | | | | | | 490 | | | | | | — | | |
NGL Energy Partners, LP, Warrants (Par) | | | (k)(o)(w) | | | Midstream | | | | | 2,187,500 | | | | | | 3,083 | | | | | | 2,142 | | |
NGL Energy Partners, LP, Warrants (Premium) | | | (k)(o)(w)(x) | | | Midstream | | | | | 3,125,000 | | | | | | 2,623 | | | | | | 1,924 | | |
NGL Energy Partners, LP, Warrants (Premium) | | | (k)(o)(w) | | | Midstream | | | | | 781,250 | | | | | | 576 | | | | | | 576 | | |
NGL Energy Partners, LP, Warrants (Par) | | | (k)(o)(w) | | | Midstream | | | | | 546,875 | | | | | | 630 | | | | | | 630 | | |
PDI Parent LLC, Common Equity | | | (o)(w)(x) | | | Power | | | | | 1,941,431 | | | | | | 1,663 | | | | | | 757 | | |
Ridgeback Resources Inc., Common Equity | | | (k)(o)(t)(w)(x)(z) | | | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 50,721 | | |
Sunnova Energy Corp., Common Equity | | | (o)(x) | | | Power | | | | | 3,392,666 | | | | | | 38,167 | | | | | | 37,862 | | |
Swift Worldwide Resources Holdco Limited, Common Equity | | | (k)(o)(u)(w)(x) | | | Service & Equipment | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 1,575 | | |
TE Holdings, LLC, Common Equity | | | (g)(o)(x) | | | Upstream | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 178 | | |
Titan Energy, LLC, Common Equity | | | (o)(x)(z) | | | Upstream | | | | | 555,496 | | | | | | 17,554 | | | | | | 16 | | |
USA Compression Partners, LP, Warrants (Market) | | | (k)(o)(w)(x) | | | Midstream | | | | | 793,359 | | | | | | 555 | | | | | | 1,722 | | |
USA Compression Partners, LP, Warrants (Premium) | | | (k)(o)(w)(x) | | | Midstream | | | | | 1,586,719 | | | | | | 714 | | | | | | 2,221 | | |
Warren Resources, Inc., Common Equity | | | (o)(w)(x)(z) | | | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 10,951 | | |
White Star Petroleum Holdings, LLC, Common Equity | | | (g)(o)(w)(x) | | | Upstream | | | | | 4,867,084 | | | | | | 4,137 | | | | | | — | | |
Total Equity/Other | | | | | | | | | | | | | | | | | 480,760 | | | | | | 213,970 | | |
TOTAL INVESTMENTS – 146.4% | | | | | | | | | | | | | | | | $ | 4,125,706 | | | | | | 3,482,637 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS – (46.4%) | | | (i) | | | | | | | | | | | | | | | | | | | | (1,103,032) | | |
NET ASSETS – 100.0% | | | | | | | | | | | | | | | | | | | | | | $ | 2,379,605 | | |
|
Counterparty | | | Type | | | Location | | | Period | | | Bbls | | | Weighted Average Price ($/Bbls) | | | Unrealized Appreciation(1) | | | Unrealized Depreciation(1) | | ||||||||||||
BP Energy Company | | | Fixed | | | NYMEX WTI | | | January 1, 2020 – December 31, 2023 | | | | | 993,727 | | | | | $ | 61.69 | | | | | $ | 5,988 | | | | | $ | — | | |
BP Energy Company | | | Basis | | | NYMEX WTI/Argus LLS | | | January 1, 2020 – December 31, 2023 | | | | | 993,702 | | | | | $ | 2.97 | | | | | | 274 | | | | | | 280 | | |
Total Swap Contracts – Crude Oil | | | | | | | | | | | | | | | | | | | | | | | | | | 6,262 | | | | | | 280 | | |
Portfolio Company(a) | | | Footnotes | | | Industry | | | Number of Shares | | | Amortized Cost | | | Fair Value(d) | | |||||||||
Equity/Other—11.2%(n) | | | | | | | | | | | | | | | | ||||||||||
Abaco Energy Technologies LLC, Common Equity | | | (r) | | | Service & Equipment | | | | | 6,944,444 | | | | | $ | 6,944 | | | | | $ | 1,042 | | |
Allied Downhole Technologies, LLC, Common Equity | | | (k)(q)(r) | | | Service & Equipment | | | | | 7,431,113 | | | | | | 7,223 | | | | | | 1,858 | | |
Allied Downhole Technologies, LLC, Warrants, 2/28/2019 | | | (k)(q)(r) | | | Service & Equipment | | | | | 5,344,680 | | | | | | 1,865 | | | | | | 1,336 | | |
Altus Power America Holdings, LLC, Common Equity | | | (k)(r)(aa) | | | Power | | | | | 12,474,205 | | | | | | 12,474 | | | | | | 1,871 | | |
AP Exhaust Holdings, LLC, Class A1 Common Units | | | (k)(q)(r) | | | Service & Equipment | | | | | 8 | | | | | | — | | | | | | — | | |
Ascent Resources Utica Holdings, LLC, Common Equity | | | (r)(t) | | | Upstream | | | | | 148,692,909 | | | | | | 44,700 | | | | | | 37,173 | | |
BL Sand Hills Unit, L.P., Net Profits Interest | | | (r)(v)(aa) | | | Upstream | | | | | N/A | | | | | | 5,180 | | | | | | 966 | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest | | | (v)(aa) | | | Upstream | | | | | N/A | | | | | | 740 | | | | | | 726 | | |
BL Sand Hills Unit, L.P., Series A Units | | | (i)(r)(aa) | | | Upstream | | | | | 29,117 | | | | | | 24,019 | | | | | | 7,000 | | |
Chisholm Oil and Gas, LLC, Series A Units | | | (i)(r) | | | Upstream | | | | | 13,905,565 | | | | | | 13,906 | | | | | | 13,815 | | |
Cimarron Energy Holdco Inc., Common Equity | | | (r) | | | Service & Equipment | | | | | 3,675,487 | | | | | | 3,323 | | | | | | — | | |
Extraction Oil & Gas, Inc., Common Equity | | | (k)(r)(z) | | | Upstream | | | | | 1,140,637 | | | | | | 11,250 | | | | | | 16,323 | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | (k)(q)(r)(aa) | | | Upstream | | | | | 66,000 | | | | | | 66,000 | | | | | | 19,140 | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | (k)(q)(r)(aa) | | | Upstream | | | | | 12,374 | | | | | | 8,176 | | | | | | 3,619 | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | (i)(r)(aa) | | | Upstream | | | | | 150,937 | | | | | | 37,734 | | | | | | 43,395 | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | (i)(k)(q)(r)(aa) | | | Upstream | | | | | 222,750 | | | | | | 55,688 | | | | | | 64,598 | | |
Industrial Group Intermediate Holdings, LLC, Common Equity | | | (k)(q)(r) | | | Service & Equipment | | | | | 472,755 | | | | | | 473 | | | | | | 709 | | |
JSS Holdco, LLC, Net Profits Interest | | | (r) | | | Service & Equipment | | | | | N/A | | | | | | — | | | | | | 103 | | |
Lusk Operating LLC, Common Equity | | | (r)(u)(bb) | | | Upstream | | | | | 2,000 | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units | | | (k)(q)(r) | | | Service & Equipment | | | | | 490,213 | | | | | | 490 | | | | | | — | | |
PDI Parent LLC, Common Equity | | | (r) | | | Power | | | | | 1,384,615 | | | | | | 1,385 | | | | | | 1,454 | | |
Ridgeback Resources Inc., Common Equity | | | (k)(l)(m)(r)(w)(aa) | | | Upstream | | | | | 9,599,928 | | | | | | 58,985 | | | | | | 58,284 | | |
SandRidge Energy, Inc., Common Equity | | | (h)(l)(m)(o)(r)(z) | | | Upstream | | | | | 1,009,878 | | | | | | 22,542 | | | | | | 21,278 | | |
Sunnova Energy Corp., Common Equity | | | (r) | | | Power | | | | | 6,667,368 | | | | | | 25,026 | | | | | | — | | |
Swift Worldwide Resources Holdco Limited, Common Equity | | | (m)(r)(x) | | | Service & Equipment | | | | | 3,750,000 | | | | | | 6,029 | | | | | | 2,062 | | |
TE Holdings, LLC, Common Equity | | | (i)(r) | | | Upstream | | | | | 2,225,950 | | | | | | 18,921 | | | | | | 3,617 | | |
The Brock Group, Inc., Common Equity | | | (j)(r) | | | Service & Equipment | | | | | 786,094 | | | | | | 15,617 | | | | | | 16,390 | | |
Titan Energy, LLC, Common Equity | | | (k)(r)(z)(aa) | | | Upstream | | | | | 555,496 | | | | | | 17,554 | | | | | | 844 | | |
Total Safety Holdings, LLC, Common Equity | | | (j)(r) | | | Service & Equipment | | | | | 12,897 | | | | | | 4,707 | | | | | | 4,659 | | |
Warren Resources, Inc., Common Equity | | | (l)(r)(aa) | | | Upstream | | | | | 4,415,749 | | | | | | 20,754 | | | | | | 7,507 | | |
White Star Petroleum Holdings, LLC, Common Equity | | | (i)(r) | | | Upstream | | | | | 4,867,084 | | | | | | 4,137 | | | | | | 3,650 | | |
Total Equity/Other | | | | | | | | | | | | | | | | | 495,842 | | | | | | 333,419 | | |
TOTAL INVESTMENTS—134.8% | | | | | | | | | | | | | | | | $ | 4,357,766 | | | | | | 3,996,705 | | |
LIABILITIES IN EXCESS OF OTHER ASSETS—(34.8%) | | | | | | | | | | | | | | | | | | | | | | | (1,030,663) | | |
NET ASSETS—100.0% | | | | | | | | | | | | | | | | | | | | | | $ | 2,966,042 | | |
|
Counterparty | | | Type | | | Location | | | Period | | | MMBtu | | | Weighted Average Price ($/MMBtu) | | | Unrealized Appreciation(1) | | | Unrealized Depreciation(1) | | ||||||||||||
Macquarie Bank Limited | | | Fixed | | | NYMEX Henry Hub | | | February 1, 2020 – December 31, 2023 | | | | | 6,368,951 | | | | | $ | 2.58 | | | | | $ | 569 | | | | | $ | — | | |
Total Swap Contracts – Natural Gas | | | | | | | | | | | | | | | | | | | | | | | | | | 569 | | | | | | — | | |
TOTAL SWAP CONTRACTS | | | | | | | | | | | | | | | | | | | | | | | | | $ | 6,831 | | | | | $ | 280 | | |
Portfolio Company | | | Fair Value at December 31, 2016 | | | Purchases, Paid-In-Kind, Interest and Transfers In | | | Sales, Repayments and Transfers Out | | | Accretion of Discount | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Fair Value at December 31, 2017 | | | Interest Income(2) | | | PIK Income(2) | | | Fee Income(2) | | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc.(1) | | | | $ | 73,294 | | | | | $ | 5,433 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (3,374) | | | | | $ | 75,353 | | | | | $ | 7,152 | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P. | | | | | — | | | | | | 64,187 | | | | | | (44,460) | | | | | | — | | | | | | (2,358) | | | | | | 2,631 | | | | | | 20,000 | | | | | | 3,857 | | | | | | — | | | | | | — | | |
Sunnova Asset Portfolio 5 Holdings, LLC | | | | | 151,148 | | | | | | — | | | | | | (149,652) | | | | | | 2,217 | | | | | | — | | | | | | (3,713) | | | | | | — | | | | | | 6,992 | | | | | | — | | | | | | — | | |
Warren Resources, Inc. | | | | | 78,437 | | | | | | 796 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,981 | | | | | | 81,214 | | | | | | 7,818 | | | | | | 796 | | | | | | — | | |
Senior Secured Loans—Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC | | | | | 85,427 | | | | | | 9,863 | | | | | | (332) | | | | | | 4,237 | | | | | | — | | | | | | (37,169) | | | | | | 62,026 | | | | | | 16,269 | | | | | | 9,863 | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | | | | |
FourPoint Energy, LLC | | | | | 240,709 | | | | | | — | | | | | | (2,227) | | | | | | 2,183 | | | | | | — | | | | | | (1,719) | | | | | | 238,946 | | | | | | 22,834 | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc. | | | | | 3,887 | | | | | | — | | | | | | — | | | | | | 16 | | | | | | — | | | | | | (16) | | | | | | 3,887 | | | | | | 473 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp(3) | | | | | — | | | | | | 33,671 | | | | | | (33,671) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,738 | | | | | | 859 | | | | | | 656 | | |
Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Preferred Equity | | | | | 23,982 | | | | | | 1,811 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,793 | | | | | | 3,586 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity(3) | | | | | 3,141 | | | | | | 2,868 | | | | | | (5,948) | | | | | | — | | | | | | — | | | | | | (61) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity | | | | | 12,474 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,603) | | | | | | 1,871 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest | | | | | — | | | | | | 5,180 | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,214) | | | | | | 966 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest | | | | | — | | | | | | 740 | | | | | | — | | | | | | — | | | | | | — | | | | | | (14) | | | | | | 726 | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units | | | | | — | | | | | | 24,019 | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,019) | | | | | | 7,000 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | | | 31,845 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,705) | | | | | | 19,140 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | | | 6,032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,413) | | | | | | 3,619 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | | | 125,670 | | | | | | — | | | | | | (30,938) | | | | | | — | | | | | | — | | | | | | (51,337) | | | | | | 43,395 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | | | 107,477 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (42,879) | | | | | | 64,598 | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity | | | | | 58,985 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (701) | | | | | | 58,284 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity(3) | | | | | 36,204 | | | | | | — | | | | | | (25,026) | | | | | | — | | | | | | — | | | | | | (11,178) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity | | | | | 13,332 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,488) | | | | | | 844 | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity | | | | | 18,988 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,481) | | | | | | 7,507 | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,071,032 | | | | | $ | 148,568 | | | | | $ | (292,254) | | | | | $ | 8,653 | | | | | $ | (2,358) | | | | | $ | (218,472) | | | | | $ | 715,169 | | | | | $ | 71,719 | | | | | $ | 11,518 | | | | | $ | 656 | | |
|
Portfolio Company | | | Fair Value at December 31, 2018 | | | Purchases, Paid-in-Kind Interest and Transfers In | | | Sales, Repayments and Transfers Out | | | Accretion of Discount | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Fair Value at December 31, 2019 | | | Interest Income(1) | | | PIK Income(1) | | | Fee Income(1) | | ||||||||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America, Inc. | | | | $ | 83,247 | | | | | $ | — | | | | | $ | (85,939) | | | | | $ | — | | | | | $ | — | | | | | $ | 2,692 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
BL Sand Hills Unit, L.P. | | | | | 20,000 | | | | | | — | | | | | | (800) | | | | | | — | | | | | | 105 | | | | | | (19,017) | | | | | | 288 | | | | | | 782 | | | | | | — | | | | | | — | | |
MB Precision Holdings LLC | | | | | 4,573 | | | | | | 105 | | | | | | (112) | | | | | | 148 | | | | | | 38 | | | | | | (167) | | | | | | 4,585 | | | | | | 696 | | | | | | 105 | | | | | | — | | |
Warren Resources, Inc. | | | | | 27,297 | | | | | | 210 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,507 | | | | | | 3,256 | | | | | | 210 | | | | | | — | | |
Senior Secured Loans – Second Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Titan Energy Operating, LLC | | | | | 12,411 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,411) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Senior Secured Bonds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FourPoint Energy, LLC | | | | | 231,010 | | | | | | — | | | | | | — | | | | | | 2,530 | | | | | | — | | | | | | (10,171) | | | | | | 223,369 | | | | | | 24,088 | | | | | | — | | | | | | — | | |
Sunnova Energy Corp. | | | | | 17,757 | | | | | | 19,637 | | | | | | (37,474) | | | | | | (67) | | | | | | 36 | | | | | | 111 | | | | | | — | | | | | | 1,091 | | | | | | 759 | | | | | | 4,657 | | |
Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sunnova Energy Corp. | | | | | — | | | | | | 757 | | | | | | (629) | | | | | | — | | | | | | (128) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Preferred Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Preferred Equity | | | | | 28,217 | | | | | | — | | | | | | (28,646) | | | | | | — | | | | | | — | | | | | | 429 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A Preferred Units | | | | | 1,248 | | | | | | 37 | | | | | | — | | | | | | — | | | | | | — | | | | | | (80) | | | | | | 1,205 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Preferred Equity | | | | | 6,134 | | | | | ��� | — | | | | | | (5,387) | | | | | | — | | | | | | (561) | | | | | | (186) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Altus Power America Holdings, LLC, Common Equity | | | | | 2,183 | | | | | | — | | | | | | (12,474) | | | | | | — | | | | | | — | | | | | | 10,291 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Net Profits Interest | | | | | 1,150 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,150) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Overriding Royalty Interest | | | | | 738 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (738) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BL Sand Hills Unit, L.P., Series A Units | | | | | 3,239 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,239) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class C-II-A Units | | | | | 14,768 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,862) | | | | | | 6,906 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class D Units | | | | | 2,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,493) | | | | | | 1,307 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-II Units | | | | | 33,772 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,979) | | | | | | 15,793 | | | | | | — | | | | | | — | | | | | | — | | |
FourPoint Energy, LLC, Common Equity, Class E-III Units | | | | | 49,840 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (26,534) | | | | | | 23,306 | | | | | | — | | | | | | — | | | | | | — | | |
Harvest Oil & Gas Corp., Common Equity | | | | | 24,284 | | | | | | — | | | | | | (9,455) | | | | | | — | | | | | | — | | | | | | (6,185) | | | | | | 8,644 | | | | | | — | | | | | | — | | | | | | — | | |
MB Precision Investment Holdings LLC, Class A-2 Units | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ridgeback Resources Inc., Common Equity | | | | | 47,488 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,233 | | | | | | 50,721 | | | | | | — | | | | | | — | | | | | | — | | |
Sunnova Energy Corp., Common Equity | | | | | — | | | | | | — | | | | | | (32,151) | | | | | | — | | | | | | 7,125 | | | | | | 25,026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Titan Energy, LLC, Common Equity | | | | | 167 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (151) | | | | | | 16 | | | | | | — | | | | | | — | | | | | | — | | |
Warren Resources, Inc., Common Equity | | | | | 10,377 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 574 | | | | | | 10,951 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | $ | 622,700 | | | | | $ | 20,746 | | | | | $ | (213,067) | | | | | $ | 2,611 | | | | | $ | 6,615 | | | | | $ | (65,007) | | | | | $ | 374,598 | | | | | $ | 29,913 | | | | | $ | 1,074 | | | | | $ | 4,657 | | |
Portfolio Company | | | Fair Value at December 31, 2016 | | | Purchases, Paid-In-Kind, Interest and Transfers In | | | Sales, Repayments and Transfers Out | | | Accretion of Discount | | | Net Realized Gain (Loss) | | | Net Change in Unrealized Appreciation (Depreciation) | | | Fair Value at December 31, 2017 | | |||||||||||||||||||||
Senior Secured Loans—First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lusk Operating LLC | | | | $ | 1,031 | | | | | $ | 1,800 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (2,831) | | | | | $ | — | | |
Equity/Other | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lusk Operating LLC, Common Equity | | | | | — | | | | | | — | | | | | | (1,000) | | | | | | — | | | | | | — | | | | | | 1,000 | | | | | | — | | |
Total | | | | $ | 1,031 | | | | | $ | 1,800 | | | | | $ | (1,000) | | | | | $ | — | | | | | $ | — | | | | | $ | (1,831) | | | | | $ | — | | |
|
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross Proceeds from Offering | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | | 51,914,810 | | | | $ | 388,426 | | | |||||||||||||||||||||||||||||||||||||||||||
Reinvestment of Distributions | | | | 18,007,138 | | | | | 118,191 | | | | | 25,383,052 | | | | | 186,471 | | | | | 25,722,629 | | | | | 180,011 | | | | | | 6,420,185 | | | | $ | 26,236 | | | | | 16,921,366 | | | | $ | 101,727 | | | | | 18,007,138 | | | | $ | 118,191 | | | ||||||||||||
Total Gross Proceeds | | | | 18,007,138 | | | | | 118,191 | | | | | 25,383,052 | | | | | 186,471 | | | | | 77,637,439 | | | | | 568,437 | | | |||||||||||||||||||||||||||||||||||||||||||
Commissions and Dealer Manager Fees | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | (33,699) | | | |||||||||||||||||||||||||||||||||||||||||||
Net Proceeds to Company | | | | 18,007,138 | | | | | 118,191 | | | | | 25,383,052 | | | | | 186,471 | | | | | 77,637,439 | | | | | 534,738 | | | |||||||||||||||||||||||||||||||||||||||||||
Repurchases of Common Shares | | | | (23,601,106) | | | | | (156,658) | | | | | (19,500,012) | | | | | (143,659) | | | | | (9,685,608) | | | | | (67,307) | | | |||||||||||||||||||||||||||||||||||||||||||
Share Repurchase Program | | | | (4,877,069) | | | | | (26,823) | | | | | (18,895,526) | | | | | (114,998) | | | | | (23,601,106) | | | | | (156,658) | | | |||||||||||||||||||||||||||||||||||||||||||
Net Proceeds from Share Transactions | | | | (5,593,968) | | | | $ | (38,467) | | | | | 5,883,040 | | | | $ | 42,812 | | | | | 67,951,831 | | | | $ | 467,431 | | | | | | 1,543,116 | | | | $ | (587) | | | | | (1,974,160) | | | | $ | (13,271) | | | | | (5,593,968) | | | | $ | (38,467) | | | ||||||||||||
|
For the Three Months Ended | | | Repurchase Date | | | Shares Repurchased | | | Percentage of Shares Tendered That Were Repurchased | | | Percentage of Outstanding Shares Repurchased as of the Repurchase Date | | | Repurchase Price Per Share(1) | | | Aggregate Consideration for Repurchased Shares | | |||||||||||||||
Fiscal 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2015 | | | January 6, 2016 | | | | | 2,716,924 | | | | | | 100% | | | | | | 0.73% | | | | | $ | 6.750 | | | | | $ | 18,339 | | |
March 31, 2016 | | | April 6, 2016 | | | | | 2,196,742 | | | | | | 100% | | | | | | 0.56% | | | | | $ | 6.345 | | | | | | 13,938 | | |
June 30, 2016 | | | July 6, 2016 | | | | | 1,788,021 | | | | | | 100% | | | | | | 0.43% | | | | | $ | 7.200 | | | | | | 12,874 | | |
September 30, 2016 | | | October 5, 2016 | | | | | 2,983,921 | | | | | | 100% | | | | | | 0.69% | | | | | $ | 7.425 | | | | | | 22,156 | | |
Total | | | | | | | | 9,685,608 | | | | | | | | | | | | | | | | | | | | | | | $ | 67,307 | | |
Fiscal 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2016 | | | January 3, 2017 | | | | | 2,239,480 | | | | | | 100% | | | | | | 0.51% | | | | | $ | 7.700 | | | | | $ | 17,244 | | |
March 31, 2017 | | | April 17, 2017 | | | | | 4,587,306 | | | | | | 100% | | | | | | 1.03% | | | | | $ | 7.750 | | | | | | 35,552 | | |
June 30, 2017 | | | July 3, 2017 | | | | | 4,990,805 | | | | | | 100% | | | | | | 1.12% | | | | | $ | 7.200 | | | | | | 35,934 | | |
September 30, 2017 | | | October 2, 2017 | | | | | 7,682,421 | | | | | | 100% | | | | | | 1.72% | | | | | $ | 7.150 | | | | | | 54,929 | | |
Total | | | | | | | | 19,500,012 | | | | | | | | | | | | | | | | | | | | | | | $ | 143,659 | | |
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017 | | | January 12, 2018 | | | | | 9,018,665 | | | | | | 64% | | | | | | 2.02% | | | | | $ | 6.700 | | | | | $ | 60,425 | | |
March 31, 2018 | | | April 2, 2018 | | | | | 4,786,015 | | | | | | 24% | | | | | | 1.08% | | | | | $ | 6.550 | | | | | | 31,348 | | |
June 30, 2018 | | | July 2, 2018 | | | | | 4,554,498 | | | | | | 20% | | | | | | 1.03% | | | | | $ | 6.600 | | | | | | 30,060 | | |
September 30, 2018 | | | October 1, 2018 | | | | | 4,346,141 | | | | | | 16% | | | | | | 0.99% | | | | | $ | 6.650 | | | | | | 28,902 | | |
Total | | | | | | | | 22,705,319 | | | | | | | | | | | | | | | | | | | | | | | $ | 150,735 | | |
|
For the Three Months Ended | | | Repurchase Date | | | Shares Repurchased | | | Percentage of Shares Tendered That Were Repurchased | | | Percentage of Outstanding Shares Repurchased as of the Repurchase Date | | | Repurchase Price Per Share | | | Aggregate Consideration for Repurchased Shares | | |||||||||||||||
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2017 | | | January 12, 2018 | | | | | 9,018,665 | | | | | | 64% | | | | | | 2.02% | | | | | $ | 6.70 | | | | | $ | 60,425 | | |
March 31, 2018 | | | April 2, 2018 | | | | | 4,786,015 | | | | | | 24% | | | | | | 1.08% | | | | | $ | 6.55 | | | | | | 31,348 | | |
June 30, 2018 | | | July 2, 2018 | | | | | 4,554,498 | | | | | | 20% | | | | | | 1.03% | | | | | $ | 6.60 | | | | | | 30,060 | | |
September 30, 2018 | | | October 1, 2018 | | | | | 4,346,141 | | | | | | 16% | | | | | | 0.99% | | | | | $ | 6.65 | | | | | | 28,902 | | |
Total | | | | | | | | 22,705,319 | | | | | | | | | | | | | | | | | | | | | | | $ | 150,735 | | |
Fiscal 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2018 | | | January 2, 2019 | | | | | 4,568,195 | | | | | | 16% | | | | | | 1.04% | | | | | $ | 6.10 | | | | | $ | 27,866 | | |
March 31, 2019 | | | April 1, 2019 | | | | | 4,365,903 | | | | | | 13% | | | | | | 0.99% | | | | | $ | 6.20 | | | | | | 27,069 | | |
June 30, 2019 | | | July 23, 2019 | | | | | 4,193,499 | | | | | | 10% | | | | | | 0.95% | | | | | $ | 6.20 | | | | | | 26,000 | | |
September 30, 2019 | | | October 2, 2019 | | | | | 4,243,599 | | | | | | 9% | | | | | | 0.97% | | | | | $ | 5.85 | | | | | | 24,825 | | |
Total | | | | | | | | 17,371,196 | | | | | | | | | | | | | | | | | | | | | | | $ | 105,760 | | |
Fiscal 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2019 | | | January 8, 2020 | | | | | 4,354,073 | | | | | | 9% | | | | | | 0.99% | | | | | $ | 5.50 | | | | | $ | 23,947 | | |
March 31, 2020 | | | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020 | | | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020 | | | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | | | | 4,354,073 | | | | | | | | | | | | | | | | | | | | | | | $ | 23,947 | | |
For the Three Months Ended | | | Repurchase Date | | | Shares Repurchased | | | Percentage of Outstanding Shares Repurchased as of the Repurchase Date | | | Repurchase Price Per Share | | | Aggregate Consideration for Repurchased Shares | | ||||||||||||
Fiscal 2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2018 | | | July 19, 2018 | | | | | 659,593 | | | | | | 0.15% | | | | | $ | 6.60 | | | | | $ | 4,353 | | |
September 30, 2018 | | | October 10, 2018 | | | | | 236,194 | | | | | | 0.05% | | | | | $ | 6.65 | | | | | | 1,570 | | |
Total | | | | | | | | 895,787 | | | | | | | | | | | | | | | | | $ | 5,923 | | |
Fiscal 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2018 | | | January 16, 2019 | | | | | 423,643 | | | | | | 0.10% | | | | | $ | 6.10 | | | | | $ | 2,584 | | |
March 31, 2019 | | | April 11, 2019 | | | | | 297,672 | | | | | | 0.07% | | | | | $ | 6.20 | | | | | | 1,846 | | |
June 30, 2019 | | | August 8, 2019 | | | | | 312,841 | | | | | | 0.07% | | | | | $ | 6.20 | | | | | | 1,940 | | |
September 30, 2019 | | | October 17, 2019 | | | | | 490,174 | | | | | | 0.11% | | | | | $ | 5.85 | | | | | | 2,868 | | |
Total | | | | | | | | 1,524,330 | | | | | | | | | | | | | | | | | $ | 9,238 | | |
Fiscal 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2019 | | | January 17, 2020 | | | | | 522,996 | | | | | | 0.12% | | | | | $ | 5.50 | | | | | $ | 2,876 | | |
March 31, 2020(1) | | | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
June 30, 2020(1) | | | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
September 30, 2020(1) | | | — | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | | | | 522,996 | | | | | | | | | | | | | | | | | $ | 2,876 | | |
| | | | | | Year Ended December 31, | | | | | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||
Related Party | | Source Agreement | | Description | | 2018 | | 2017 | | 2016 | | | Source Agreement | | Description | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||||||
FS Advisor and FS/EIG Advisor | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | Base Management Fee(1) | | | $ | 68,799 | | | | $ | 88,938 | | | | $ | 76,580 | | | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | Base Management Fee(1) | | | $ | 48,323 | | | | $ | 62,534 | | | | $ | 68,799 | | | ||||||||||
FS Advisor and FS/EIG Advisor | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | Subordinated Incentive Fee on Income(2) | | | | — | | | | $ | 10,499 | | | | $ | 5,774 | | | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | Administrative Services Expenses(2) | | | $ | 6,579 | | | | $ | 4,760 | | | | $ | 3,717 | | | ||||||||||
FS Advisor and FS/EIG Advisor | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | Administrative Services Expenses(3) | | | $ | 3,717 | | | | $ | 2,829 | | | | $ | 3,870 | | | ||||||||||||||||||||||||||||||
FS Advisor and FS/EIG Advisor | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | Offering Costs(4) | | | | — | | | | | — | | | | $ | 3,548 | | | ||||||||||||||||||||||||||||||
FS Advisor and FS/EIG Advisor | | Expense support and conditional reimbursement agreement | | Expense Recoupment(5) | | | | — | | | | $ | 2,858 | | | | | — | | | ||||||||||||||||||||||||||||||
FS Investment Solutions | | Dealer manager agreement | | Dealer Manager Fee(6) | | | | — | | | | | — | | | | $ | 6,545 | | |
For the Three Months Ended | | | Amount of Expense Reimbursement Payment | | | Annualized “Other Operating Expenses” Ratio as of the Date of Expense Reimbursement | | | Annualized Rate of Distributions Per Share(1) | | | Reimbursement Eligibility Expiration | | |||||||||
March 31, 2017 | | | | $ | 15,362(2) | | | | | | 0.40% | | | | | | 9.14% | | | | March 31, 2020 | |
September 30, 2017 | | | | | 7,095 | | | | | | 0.36% | | | | | | 9.91% | | | | September 30, 2020 | |
December 31, 2017 | | | | | 5,647 | | | | | | 0.36% | | | | | | 10.57% | | | | December 31, 2020 | |
Total | | | | $ | 28,104 | | | | | | | | | | | | | | | | | |
|
| | Distribution | | | Distribution | | ||||||||||||||||||||
For the Year Ended December 31, | | Per Share | | Amount | | | Per Share | | Amount | | ||||||||||||||||
2016 | | | $ | 0.7085 | | | | $ | 288,982 | | | |||||||||||||||
2017 | | | $ | 0.7085 | | | | $ | 312,694 | | | |||||||||||||||
2018 | | | $ | 0.5000 | | | | $ | 219,047 | | | | | $ | 0.5000 | | | | $ | 219,047 | | | ||||
2019 | | | $ | 0.5000 | | | | $ | 218,187 | | | |||||||||||||||
2020 | | | $ | 0.1733 | | | | $ | 75,656 | | |
| | | Year Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||||||||||||||
Source of Distribution | | | Distribution Amount | | | Percentage | | | Distribution Amount | | | Percentage | | | Distribution Amount | | | Percentage | | ||||||||||||||||||
Offering proceeds | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | |
Borrowings | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net investment income (prior to expense reimbursement)(1) | | | | | 219,047 | | | | | | 100% | | | | | | 282,701 | | | | | | 90% | | | | | | 273,529 | | | | | | 95% | | |
Short-term capital gains proceeds from the sale of assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains proceeds from the sale of assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Non-capital gains proceeds from the sale of assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions on account of investments in portfolio companies | | | | | — | | | | | | — | | | | | | 1,591 | | | | | | 1% | | | | | | 15,453 | | | | | | 5% | | |
Expense reimbursement from sponsor | | | | | — | | | | | | — | | | | | | 28,402 | | | | | | 9% | | | | | | — | | | | | | — | | |
Total | | | | $ | 219,047 | | | | | | 100% | | | | | $ | 312,694 | | | | | | 100% | | | | | $ | 288,982 | | | | | | 100% | | |
|
| | | Year Ended December 31, | | |||||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | 2018 | | |||||||||||||||||||||||||||
Source of Distribution | | | Distribution Amount | | | Percentage | | | Distribution Amount | | | Percentage | | | Distribution Amount | | | Percentage | | ||||||||||||||||||
Net investment income(1)(2) | | | | $ | 63,272 | | | | | | 84% | | | | | $ | 217,484 | | | | | | 100% | | | | | $ | 219,047 | | | | | | 100% | | |
Short-term capital gains proceeds from the sale of assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Long-term capital gains proceeds from the sale of assets | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Return of capital | | | | | 12,384 | | | | | | 16% | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 75,656 | | | | | | 100% | | | | | $ | 217,484 | | | | | | 100% | | | | | $ | 219,047 | | | | | | 100% | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||
GAAP-basis net investment income | | | $ | 185,223 | | | | $ | 286,574 | | | | $ | 231,647 | | | | | $ | 82,447 | | | | $ | 201,784 | | | | $ | 185,223 | | | ||||||
Reclassification of unamortized original issue discount, amendment fees and prepayment fees | | | | (11,451) | | | | | (22,840) | | | | | (5,791) | | | | | | (404) | | | | | (7,407) | | | | | (11,451) | | | ||||||
GAAP vs. tax-basis consolidation of certain subsidiaries | | | | 25,434 | | | | | 29,972 | | | | | 18,088 | | | | | | (5,565) | | | | | 21,789 | | | | | 25,434 | | | ||||||
Income subject to tax not recorded for GAAP | | | | 25,211 | | | | | 17,419 | | | | | 13,834 | | | ||||||||||||||||||||||
Income subject to tax not recorded for GAAP (income recorded for GAAP not subject to tax) | | | | (24,640) | | | | | (10,863) | | | | | 25,211 | | | ||||||||||||||||||||||
Other miscellaneous differences | | | | 1,142 | | | | | (22) | | | | | 4,652 | | | | | | 3,810 | | | | | 5,411 | | | | | 1,142 | | | ||||||
Tax-basis net investment income | | | $ | 225,559 | | | | $ | 311,103 | | | | $ | 262,430 | | | | | $ | 55,648 | | | | $ | 210,714 | | | | $ | 225,559 | | | ||||||
|
| | December 31, | | | December 31, | | ||||||||||||||||||||
| | 2018 | | 2017 | | | 2020 | | 2019 | | ||||||||||||||||
Distributable ordinary income | | | $ | 6,510 | | | | $ | — | | | | | $ | — | | | | $ | — | | | ||||
Accumulated capital losses(1) | | | | (550,356) | | | | | (427,687) | | | | | | (1,303,633) | | | | | (548,859) | | | ||||
Other temporary differences | | | | (178) | | | | | (198) | | | | | | (13,320) | | | | | (5,721) | | | ||||
Net unrealized appreciation (depreciation) on investments, swap contracts and unrealized gain/loss on foreign currency(2) | | | | (555,022) | | | | | (500,674) | | | | | | (407,395) | | | | | (676,786) | | | ||||
Total | | | $ | (1,099,046) | | | | $ | (928,559) | | | | | $ | (1,724,348) | | | | $ | (1,231,366) | | | ||||
|
Year | | | Location | | | Bbls | | | Weighted Average Price ($/Bbls) | | ||||||
2019 | | | NYMEX WTI | | | | | 447,787 | | | | | $ | 68.75 | | |
2020 | | | NYMEX WTI | | | | | 511,363 | | | | | $ | 65.12 | | |
2021 | | | NYMEX WTI | | | | | 132,918 | | | | | $ | 61.24 | | |
2022 | | | NYMEX WTI | | | | | 180,928 | | | | | $ | 57.96 | | |
2023 | | | NYMEX WTI | | | | | 168,518 | | | | | $ | 55.63 | | |
Year | | | Location | | | MMBtu | | | Weighted Average Price ($/MMBtu) | | ||||||
2019 | | | NYMEX Henry Hub | | | | | 1,494,753 | | | | | $ | 2.88 | | |
2020 | | | NYMEX Henry Hub | | | | | 1,537,598 | | | | | $ | 2.64 | | |
2021 | | | NYMEX Henry Hub | | | | | 337,174 | | | | | $ | 2.55 | | |
2022 | | | NYMEX Henry Hub | | | | | 385,908 | | | | | $ | 2.55 | | |
2023 | | | NYMEX Henry Hub | | | | | 343,702 | | | | | $ | 2.58 | | |
Year | | | Location | | | Bbls | | | Weighted Average Price ($/Bbls) | | ||||||
2019 | | | Argus LLS/NYMEX WTI | | | | | 447,774 | | | | | $ | 5.34 | | |
2020 | | | Argus LLS/NYMEX WTI | | | | | 511,357 | | | | | $ | 3.71 | | |
2021 | | | Argus LLS/NYMEX WTI | | | | | 132,912 | | | | | $ | 2.85 | | |
2022 | | | Argus LLS/NYMEX WTI | | | | | 180,921 | | | | | $ | 2.07 | | |
2023 | | | Argus LLS/NYMEX WTI | | | | | 168,512 | | | | | $ | 1.78 | | |
| | Fair Value | | | December 31, 2019 | | December 31, 2018 | | ||||||||||||||||||||||||||||||
Instrument | | Asset(1) | | Liability(2) | | | Asset(1) | | Liability(2) | | Asset(1) | | Liability(2) | | ||||||||||||||||||||||||
Swap Contracts—Crude Oil | | | $ | 20,441 | | | | $ | 672 | | | |||||||||||||||||||||||||||
Swap Contracts—Natural Gas | | | | 80 | | | | | 195 | | | |||||||||||||||||||||||||||
Swap Contracts – Crude Oil | | | $ | 6,262 | | | | $ | 280 | | | | $ | 20,441 | | | | $ | 672 | | | |||||||||||||||||
Swap Contracts – Natural Gas | | | | 569 | | | | | — | | | | | 80 | | | | | 195 | | | |||||||||||||||||
Total | | | $ | 20,521 | | | | $ | 867 | | | | | $ | 6,831 | | | | $ | 280 | | | | $ | 20,521 | | | | $ | 867 | | | ||||||
|
| | Year Ended December 31, | | |||||||||||||||||||||||||||||||||||||||||||||||
| | 2020 | | 2019 | | 2018 | | |||||||||||||||||||||||||||||||||||||||||||
Instrument | | Realized Gain (Loss) on Derivatives Recognized in Income(1) | | Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) | | | Realized Gain (Loss) on Derivatives Recognized in Income(1) | | Net Change in Unrealized Appreciation (Depreciation) onDerivatives Recognized in Income(2) | | Realized Gain (Loss) on Derivatives Recognized in Income(1) | | Net Change in Unrealized Appreciation (Depreciation) onDerivatives Recognized in Income(2) | | Realized Gain (Loss) on Derivatives Recognized in Income(1) | | Net Change in Unrealized Appreciation (Depreciation) onDerivatives Recognized in Income(2) | | ||||||||||||||||||||||||||||||||
Swap Contracts—Crude Oil | | | $ | 1,383 | | | | $ | 19,768 | | | |||||||||||||||||||||||||||||||||||||||
Swap Contracts—Natural Gas | | | | (218) | | | | | (114) | | | |||||||||||||||||||||||||||||||||||||||
Swap Contracts – Crude Oil | | | $ | 19,313 | | | | $ | (5,982) | | | | $ | 5,078 | | | | $ | (13,787) | | | | $ | 1,383 | | | | $ | 19,768 | | | |||||||||||||||||||
Swap Contracts – Natural Gas | | | | 937 | | | | | (569) | | | | | 375 | | | | | 684 | | | | | (218) | | | | | (114) | | | |||||||||||||||||||
Total | | | $ | 1,165 | | | | $ | 19,654 | | | | | $ | 20,250 | | | | $ | (6,551) | | | | $ | 5,453 | | | | $ | (13,103) | | | | $ | 1,165 | | | | $ | 19,654 | | | ||||||||
|
Counterparty | | | Derivative Assets Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Net Amount of Derivative Assets(1) | | |||||||||
BP Energy Company | | | | $ | 21,163 | | | | | $ | 672 | | | | | $ | 20,491 | | |
Macquarie Bank Limited | | | | | 212 | | | | | | 212 | | | | | | — | | |
Total | | | | $ | 21,375 | | | | | $ | 884 | | | | | $ | 20,491 | | |
|
| | | December 31, 2019 | | |||||||||||||||
Counterparty | | | Derivative Assets Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Net Amount of Derivative Assets(1) | | |||||||||
BP Energy Co. | | | | $ | 6,551 | | | | | $ | 280 | | | | | $ | 6,271 | | |
Macquarie Bank Ltd. | | | | | 675 | | | | | | — | | | | | | 675 | | |
Total | | | | $ | 7,226 | | | | | $ | 280 | | | | | $ | 6,946 | | |
Counterparty | | | Derivative Liabilities Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Net Amount of Derivative Liabilities(2) | | |||||||||
BP Energy Co. | | | | $ | 280 | | | | | $ | 280 | | | | | $ | — | | |
Macquarie Bank Ltd. | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | $ | 280 | | | | | $ | 280 | | | | | $ | — | | |
| | | December 31, 2018 | | |||||||||||||||
Counterparty | | | Derivative Assets Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Net Amount of Derivative Assets(1) | | |||||||||
BP Energy Co. | | | | $ | 21,163 | | | | | $ | 672 | | | | | $ | 20,491 | | |
Macquarie Bank Ltd. | | | | | 212 | | | | | | 212 | | | | | | — | | |
Total | | | | $ | 21,375 | | | | | $ | 884 | | | | | $ | 20,491 | | |
Counterparty | | | Derivative Liabilities Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Net Amount of Derivative Liabilities(2) | | |||||||||
BP Energy Company | | | | $ | 672 | | | | | $ | 672 | | | | | $ | — | | |
Macquarie Bank Limited | | | | | 420 | | | | | | 212 | | | | | | 208 | | |
Total | | | | $ | 1,092 | | | | | $ | 884 | | | | | $ | 208 | | |
|
Counterparty | | | Derivative Liabilities Subject to Master Netting Agreement | | | Derivatives Available for Offset | | | Net Amount of Derivative Liabilities(2) | | |||||||||
BP Energy Co. | | | | $ | 672 | | | | | $ | 672 | | | | | $ | — | | |
Macquarie Bank Ltd. | | | | | 420 | | | | | | 212 | | | | | | 208 | | |
Total | | | | $ | 1,092 | | | | | $ | 884 | | | | | $ | 208 | | |
| | | December 31, 2018 | | | December 31, 2017 | | ||||||||||||||||||||||||||||||
| | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | ||||||||||||||||||
Senior Secured Loans—First Lien | | | | $ | 1,231,279 | | | | | $ | 1,176,881 | | | | | | 32% | | | | | $ | 961,883 | | | | | $ | 924,926 | | | | | | 23% | | |
Senior Secured Loans—Second Lien | | | | | 673,014 | | | | | | 580,144 | | | | | | 16% | | | | | | 860,470 | | | | | | 796,524 | | | | | | 20% | | |
Senior Secured Bonds | | | | | 497,970 | | | | | | 491,916 | | | | | | 13% | | | | | | 664,542 | | | | | | 660,151 | | | | | | 17% | | |
Unsecured Debt | | | | | 797,146 | | | | | | 706,090 | | | | | | 19% | | | | | | 1,229,790 | | | | | | 1,203,524 | | | | | | 30% | | |
Preferred Equity | | | | | 554,652 | | | | | | 502,594 | | | | | | 13% | | | | | | 145,239 | | | | | | 78,161 | | | | | | 2% | | |
Equity/Other | | | | | 494,442 | | | | | | 264,327 | | | | | | 7% | | | | | | 495,842 | | | | | | 333,419 | | | | | | 8% | | |
| | | | $ | 4,248,503 | | | | | $ | 3,721,952 | | | | | | 100% | | | | | $ | 4,357,766 | | | | | $ | 3,996,705 | | | | | | 100% | | |
| | | December 31, 2020 | | | December 31, 2019 | | ||||||||||||||||||||||||||||||
| | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | | Amortized Cost(1) | | | Fair Value | | | Percentage of Portfolio | | ||||||||||||||||||
Senior Secured Loans – First Lien | | | | $ | 649,708 | | | | | $ | 607,338 | | | | | | 28% | | | | | $ | 1,252,529 | | | | | $ | 1,134,571 | | | | | | 33% | | |
Senior Secured Loans – Second Lien | | | | | 277,018 | | | | | | 276,312 | | | | | | 13% | | | | | | 752,528 | | | | | | 564,813 | | | | | | 16% | | |
Senior Secured Bonds | | | | | 286,082 | | | | | | 340,042 | | | | | | 16% | | | | | | 529,773 | | | | | | 524,221 | | | | | | 15% | | |
Unsecured Debt | | | | | 245,180 | | | | | | 134,560 | | | | | | 6% | | | | | | 398,233 | | | | | | 323,220 | | | | | | 9% | | |
Preferred Equity | | ��� | | | 689,253 | | | | | | 471,077 | | | | | | 22% | | | | | | 711,883 | | | | | | 721,842 | | | | | | 21% | | |
Sustainable Infrastructure Investments, LLC | | | | | 60,603 | | | | | | 61,816 | | | | | | 3% | | | | | | — | | | | | | — | | | | | | — | | |
Equity/Other | | | | | 367,561 | | | | | | 290,331 | | | | | | 12% | | | | | | 480,760 | | | | | | 213,970 | | | | | | 6% | | |
| | | | $ | 2,575,405 | | | | | $ | 2,181,476 | | | | | | 100% | | | | | $ | 4,125,706 | | | | | $ | 3,482,637 | | | | | | 100% | | |
| | December 31, 2018 | | December 31, 2017 | | | December 31, 2020 | | December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||
Industry Classification | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | | Fair Value | | Percentage of Portfolio | | Fair Value | | Percentage of Portfolio | | ||||||||||||||||||||||||||||||||
Upstream | | | $ | 2,193,317 | | | | | 59% | | | | $ | 2,539,867 | | | | | 64% | | | | | $ | 1,080,577 | | | | | 50% | | | | $ | 1,802,396 | | | | | 52% | | | ||||||||
Midstream | | | | 831,722 | | | | | 22% | | | | | 441,189 | | | | | 11% | | | | | | 763,275 | | | | | 34% | | | | | 1,061,389 | | | | | 30% | | | ||||||||
Downstream | | | | — | | | | | — | | | | | 47,831 | | | | | 1% | | | |||||||||||||||||||||||||||||
Power | | | | 426,812 | | | | | 12% | | | | | 231,495 | | | | | 6% | | | | | | 131,356 | | | | | 6% | | | | | 421,388 | | | | | 12% | | | ||||||||
Service & Equipment | | | | 216,443 | | | | | 6% | | | | | 672,278 | | | | | 16% | | | | | | 131,571 | | | | | 6% | | | | | 178,586 | | | | | 5% | | | ||||||||
Industrials(1) | | | | 53,658 | | | | | 1% | | | | | 64,045 | | | | | 2% | | | |||||||||||||||||||||||||||||
Industrials | | | | 12,881 | | | | | 1% | | | | | 18,878 | | | | | 1% | | | |||||||||||||||||||||||||||||
Sustainable Infrastructure Investments, LLC(1) | | | | 61,816 | | | | | 3% | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Total | | | $ | 3,721,952 | | | | | 100% | | | | $ | 3,996,705 | | | | | 100% | | | | | $ | 2,181,476 | | | | | 100% | | | | $ | 3,482,637 | | | | | 100% | | | ||||||||
|
| Total investments(1) | | | | $ | 442,916 | | |
| Weighted average current interest rate on debt investments(2) | | | | | 2.24% | | |
| Number of portfolio assets in SIIJV | | | | | 14 | | |
| Largest investment in a single portfolio company(1) | | | | $ | 84,914 | | |
Portfolio Company(a)(g) | | | Footnotes | | | Industry | | | Rate(b) | | | Maturity | | | Principal Amount(c) | | | Amortized Cost | | | Fair Value(d) | | | |||||||||||||||||
Senior Secured Loans – First Lien – 95.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
AES DE Holdings V, LLC | | | | | | Renewables | | | | | L+175 | | | | | | 6/13/26 | | | | | $ | 15,442 | | | | | $ | 15,442 | | | | | $ | 14,971 | | | | ||
Alianca Transportadora de Gas Participacoes S.A. | | | | | | Midstream | | | | | L+230 | | | | | | 5/23/27 | | | | | | 84,914 | | | | | | 84,914 | | | | | | 83,790 | | | | ||
Astoria Energy II LLC | | | | | | Power | | | | | L+150 | | | | | | 8/31/24 | | | | | | 58,789 | | | | | | 58,789 | | | | | | 59,178 | | | | ||
Blue Heron Intermediate Holdco I, LLC | | | | | | Midstream | | | | | L+175 | | | | | | 4/22/24 | | | | | | 33,884 | | | | | | 33,884 | | | | | | 33,872 | | | | ||
Cedar Creek II LLC | | | | | | Renewables | | | | | L+188 | | | | | | 11/18/23 | | | | | | 10,580 | | | | | | 10,580 | | | | | | 10,633 | | | | ||
Copper Mountain Solar 3, LLC | | | (f) | | | Renewables | | | | | L+175 | | | | | | 5/29/25 | | | | | | 20,539 | | | | | | 20,539 | | | | | | 20,698 | | | | ||
CPV Maryland, LLC | | | (f) | | | Power | | | | | L+425 | | | | | | 3/31/22 | | | | | | 12,386 | | | | | | 12,386 | | | | | | 12,353 | | | | ||
Flex Intermediate Holdco, LLC | | | (f) | | | Midstream | | | | | L+250 | | | | | | 5/15/23 | | | | | | 30,151 | | | | | | 30,151 | | | | | | 29,921 | | | | ||
FLNG Liquefaction 2, LLC | | | | | | Midstream | | | | | L+150 | | | | | | 12/31/26 | | | | | | 31,330 | | | | | | 31,330 | | | | | | 31,165 | | | | | |
Meikle Wind Energy, LP | | | (e)(f) | | | Renewables | | | | | C+150 | | | | | | 5/29/24 | | | | | C$ | 17,397 | | | | | | 13,382 | | | | | | 13,870 | | | | ||
NES Hercules Class B Member, LLC | | | (f) | | | Renewables | | | | | L+125 | | | | | | 12/15/27 | | | | | $ | 24,906 | | | | | | 24,906 | | | | | | 24,412 | | | | ||
ST EIP Holdco LLC | | | | | | Midstream | | | | | L+250 | | | | | | 11/5/24 | | | | | | 60,000 | | | | | | 60,000 | | | | | | 59,779 | | | | ||
Top of the World Wind Energy LLC | | | | | | Renewables | | | | | L+188 | | | | | | 12/2/28 | | | | | | 24,617 | | | | | | 24,617 | | | | | | 24,556 | | | | ||
Total Senior Secured Loans – First Lien | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 420,920 | | | | | | 419,198 | | | | ||
Unsecured Debt – 5.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Sociedad Minera Cerro Verde S.A.A. | | | | | | Power | | | | | L+190 | | | | | | 6/19/22 | | | | | | 21,996 | | | | | | 21,996 | | | | | | 21,934 | | | | ||
Total Unsecured Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 21,996 | | | | | | 21,934 | | | | ||
TOTAL INVESTMENTS – 100.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 442,916 | | | | | $ | 441,132 | | | |
| Selected Balance Sheet Information | | | | | | | |
| Total investments, at fair value | | | | $ | 441,132 | | |
| Cash and other assets | | | | | 71,809 | | |
| Total assets | | | | $ | 512,941 | | |
| Debt | | | | $ | 439,533 | | |
| Other liabilities | | | | | 1,527 | | |
| Total liabilities | | | | | 441,060 | | |
| Member’s equity | | | | $ | 71,881 | | |
| Selected Statement of Operations Information | | | | | | | |
| Total investment income | | | | $ | 18,426 | | |
| Expenses | | | | | | | |
| Interest expense | | | | | 12,492 | | |
| Custodian and accounting fees | | | | | 157 | | |
| Administrative services | | | | | 129 | | |
| Professional services | | | | | 990 | | |
| Total expenses | | | | | 13,768 | | |
| Net investment income | | | | | 4,658 | | |
| Net realized and unrealized gain (loss) | | | | | (2,053) | | |
| Net increase in net assets resulting from operations | | | | $ | 2,605 | | |
Valuation Inputs | | | December 31, 2018 | | | December 31, 2017 | | ||||||
Level 1—Price quotations in active markets | | | | $ | 24,451 | | | | | $ | 38,445 | | |
Level 2—Significant other observable inputs | | | | | 1,148,071 | | | | | | — | | |
Level 3—Significant unobservable inputs | | | | | 2,549,430 | | | | | | 3,958,260 | | |
Total | | | | $ | 3,721,952 | | | | | $ | 3,996,705 | | |
|
Valuation Inputs | | | December 31, 2020 | | | December 31, 2019 | | ||||||
Level 1 – Price quotations in active markets | | | | $ | 35,305 | | | | | $ | 46,522 | | |
Level 2 – Significant other observable inputs | | | | | 192,366 | | | | | | 856,930 | | |
Level 3 – Significant unobservable inputs | | | | | 1,953,805 | | | | | | 2,579,185 | | |
Total | | | | $ | 2,181,476 | | | | | $ | 3,482,637 | | |
| | December 31, 2019 | | |||||||||||||||||||||||
Valuation Inputs | | Assets | | Liabilities | | | Assets | | Liabilities | | ||||||||||||||||
Level 1—Price quotations in active markets | | | $ | — | | | | $ | — | | | |||||||||||||||
Level 2—Significant other observable inputs | | | | 20,521 | | | | | 867 | | | |||||||||||||||
Level 3—Significant unobservable inputs | | | | — | | | | | — | | | |||||||||||||||
Level 1 – Price quotations in active markets | | | $ | — | | | | $ | — | | | |||||||||||||||
Level 2 – Significant other observable inputs | | | | 6,831 | | | | | 280 | | | |||||||||||||||
Level 3 – Significant unobservable inputs | | | | — | | | | | — | | | |||||||||||||||
Total | | | $ | 20,521 | | | | $ | 867 | | | | | $ | 6,831 | | | | $ | 280 | | | ||||
|
| | | For the Year Ended December 31, 2018 | | |||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans— First Lien | | | Senior Secured Loans— Second Lien | | | Senior Secured Bonds | | | Unsecured Debt | | | Preferred Equity | | | Equity/ Other | | | Total | | |||||||||||||||||||||
Fair value at beginning of period | | | | $ | 924,926 | | | | | $ | 796,524 | | | | | $ | 660,151 | | | | | $ | 1,203,524 | | | | | $ | 78,161 | | | | | $ | 294,974 | | | | | $ | 3,958,260 | | |
Accretion of discount (amortization of premium) | | | | | 917 | | | | | | 1,621 | | | | | | 2,743 | | | | | | 78 | | | | | | 4,397 | | | | | | — | | | | | | 9,756 | | |
Net realized gain (loss) | | | | | (21,098) | | | | | | 731 | | | | | | 55 | | | | | | — | | | | | | (82) | | | | | | (19) | | | | | | (20,413) | | |
Net change in unrealized appreciation (depreciation) | | | | | (2,177) | | | | | | (48,020) | | | | | | (13,769) | | | | | | (3,719) | | | | | | 24,607 | | | | | | (55,597) | | | | | | (98,675) | | |
Purchases | | | | | 312,733 | | | | | | 104,801 | | | | | | — | | | | | | 12,948 | | | | | | 415,370 | | | | | | 7,403 | | | | | | 853,255 | | |
Paid-in-kind interest | | | | | 1,772 | | | | | | 4,534 | | | | | | 1,804 | | | | | | 1,343 | | | | | | 710 | | | | | | — | | | | | | 10,163 | | |
Sales and repayments | | | | | (190,033) | | | | | | (84,904) | | | | | | (22,978) | | | | | | (65,000) | | | | | | (10,978) | | | | | | — | | | | | | (373,893) | | |
Net transfers in or out of Level 3(1) | | | | | (265,915) | | | | | | (236,115) | | | | | | (171,431) | | | | | | (1,093,268) | | | | | | (14,018) | | | | | | (8,276) | | | | | | (1,789,023) | | |
Fair value at end of period | | | | $ | 761,125 | | | | | $ | 539,172 | | | | | $ | 456,575 | | | | | $ | 55,906 | | | | | $ | 498,167 | | | | | $ | 238,485 | | | | | $ | 2,549,430 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | (20,289) | | | | | $ | (86,420) | | | | | $ | (13,731) | | | | | $ | (2,302) | | | | | $ | 14,428 | | | | | $ | (51,567) | | | | | $ | (159,881) | | |
|
| | | For the Year Ended December 31, 2017 | | |||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans— First Lien | | | Senior Secured Loans— Second Lien | | | Senior Secured Bonds | | | Unsecured Debt | | | Preferred Equity | | | Equity/ Other | | | Total | | |||||||||||||||||||||
Fair value at beginning of period | | | | $ | 912,491 | | | | | $ | 873,869 | | | | | $ | 397,614 | | | | | $ | 1,043,167 | | | | | $ | — | | | | | $ | 636,571 | | | | | $ | 3,863,712 | | |
Accretion of discount (amortization of premium) | | | | | 4,400 | | | | | | 7,294 | | | | | | 2,191 | | | | | | 9,025 | | | | | | — | | | | | | — | | | | | | 22,910 | | |
Net realized gain (loss) | | | | | (7,205) | | | | | | (65,483) | | | | | | 801 | | | | | | (4,238) | | | | | | — | | | | | | (14,958) | | | | | | (91,083) | | |
Net change in unrealized appreciation (depreciation) | | | | | (1,645) | | | | | | 10,947 | | | | | | (13,493) | | | | | | (20,336) | | | | | | (79,591) | | | | | | (184,757) | | | | | | (288,875) | | |
Purchases | | | | | 397,162 | | | | | | 428,871 | | | | | | 347,091 | | | | | | 621,372 | | | | | | 13,412 | | | | | | 42,355 | | | | | | 1,850,263 | | |
Paid-in-kind interest | | | | | 12,854 | | | | | | 14,222 | | | | | | 859 | | | | | | 1,295 | | | | | | — | | | | | | 3,751 | | | | | | 32,981 | | |
Sales and repayments | | | | | (393,131) | | | | | | (473,196) | | | | | | (74,912) | | | | | | (446,761) | | | | | | — | | | | | | (43,648) | | | | | | (1,431,648) | | |
Net transfers in or out of Level 3(2) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 144,340 | | | | | | (144,340) | | | | | | — | | |
Fair value at end of period | | | | $ | 924,926 | | | | | $ | 796,524 | | | | | $ | 660,151 | | | | | $ | 1,203,524 | | | | | $ | 78,161 | | | | | $ | 294,974 | | | | | $ | 3,958,260 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | 1,089 | | | | | $ | 7,011 | | | | | $ | (12,818) | | | | | $ | (5,215) | | | | | $ | (73,583) | | | | | $ | (16,893) | | | | | $ | (100,409) | | |
|
| | | For the Year Ended December 31, 2020 | | |||||||||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans — First Lien | | | Senior Secured Loans — Second Lien | | | Senior Secured Bonds | | | Unsecured Debt | | | Preferred Equity | | | Sustainable Infrastructure Investments, LLC | | | Equity/ Other | | | Total | | ||||||||||||||||||||||||
Fair value at beginning of period | | | | $ | 569,778 | | | | | $ | 533,234 | | | | | $ | 437,761 | | | | | $ | 149,300 | | | | | $ | 721,842 | | | | | $ | — | | | | | $ | 167,270 | | | | | $ | 2,579,185 | | |
Accretion of discount (amortization of premium) | | | | | 1,712 | | | | | | 453 | | | | | | 961 | | | | | | 450 | | | | | | 21,276 | | | | | | — | | | | | | — | | | | | | 24,852 | | |
Net realized gain (loss) | | | | | (125,577) | | | | | | (482,045) | | | | | | (96,598) | | | | | | (44,131) | | | | | | (3,249) | | | | | | — | | | | | | (207,995) | | | | | | (959,595) | | |
Net change in unrealized appreciation (depreciation) | | | | | 45,240 | | | | | | 180,705 | | | | | | 57,797 | | | | | | (47,134) | | | | | | (242,869) | | | | | | 1,213 | | | | | | 146,304 | | | | | | 141,256 | | |
Purchases | | | | | 206,015 | | | | | | 19,111 | | | | | | 71,267 | | | | | | 113,193 | | | | | | 22,716 | | | | | | 60,603 | | | | | | 152,046 | | | | | | 644,951 | | |
Paid-in-kind interest | | | | | 4,599 | | | | | | — | | | | | | 4,489 | | | | | | 5,939 | | | | | | 15,369 | | | | | | — | | | | | | — | | | | | | 30,396 | | |
Sales and repayments | | | | | (219,399) | | | | | | (13,707) | | | | | | (135,635) | | | | | | (69,300) | | | | | | (64,008) | | | | | | — | | | | | | (5,191) | | | | | | (507,240) | | |
Net transfers in or out of Level 3(1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Fair value at end of period | | | | $ | 482,368 | | | | | $ | 237,751 | | | | | $ | 340,042 | | | | | $ | 108,317 | | | | | $ | 471,077 | | | | | $ | 61,816 | | | | | $ | 252,434 | | | | | $ | 1,953,805 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | (26,696) | | | | | $ | (2,678) | | | | | $ | 49,569 | | | | | $ | (48,822) | | | | | $ | (243,489) | | | | | $ | 1,213 | | | | | $ | 13,569 | | | | | $ | (257,334) | | |
| | | For the Year Ended December 31, 2019 | | |||||||||||||||||||||||||||||||||||||||
| | | Senior Secured Loans — First Lien | | | Senior Secured Loans — Second Lien | | | Senior Secured Bonds | | | Unsecured Debt | | | Preferred Equity | | | Equity/ Other | | | Total | | |||||||||||||||||||||
Fair value at beginning of period | | | | $ | 761,125 | | | | | $ | 539,172 | | | | | $ | 456,575 | | | | | $ | 55,906 | | | | | $ | 498,167 | | | | | $ | 238,485 | | | | | $ | 2,549,430 | | |
Accretion of discount (amortization of premium) | | | | | 2,009 | | | | | | 784 | | | | | | 2,464 | | | | | | 634 | | | | | | 16,649 | | | | | | 142 | | | | | | 22,682 | | |
Net realized gain (loss) | | | | | 167 | | | | | | 2 | | | | | | 36 | | | | | | (128) | | | | | | (92,070) | | | | | | (7,633) | | | | | | (99,626) | | |
Net change in unrealized appreciation (depreciation) | | | | | (30,512) | | | | | | (91,992) | | | | | | (3,476) | | | | | | (3,287) | | | | | | 66,448 | | | | | | (28,823) | | | | | | (91,642) | | |
Purchases | | | | | 234,257 | | | | | | 160,405 | | | | | | 18,877 | | | | | | 757 | | | | | | 242,227 | | | | | | 14,607 | | | | | | 671,130 | | |
Paid-in-kind interest | | | | | 3,809 | | | | | | 4,616 | | | | | | 759 | | | | | | 1,047 | | | | | | 25,005 | | | | | | 10 | | | | | | 35,246 | | |
Sales and repayments | | | | | (415,198) | | | | | | (79,753) | | | | | | (37,474) | | | | | | (629) | | | | | | (34,584) | | | | | | (49,518) | | | | | | (617,156) | | |
Net transfers in or out of Level 3(1) | | | | | 14,121 | | | | | | — | | | | | | — | | | | | | 95,000 | | | | | | — | | | | | | — | | | | | | 109,121 | | |
Fair value at end of period | | | | $ | 569,778 | | | | | $ | 533,234 | | | | | $ | 437,761 | | | | | $ | 149,300 | | | | | $ | 721,842 | | | | | $ | 167,270 | | | | | $ | 2,579,185 | | |
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | | | | $ | (34,637) | | | | | $ | (90,100) | | | | | $ | (4,992) | | | | | $ | (3,315) | | | | | $ | (2,522) | | | | | $ | (3,928) | | | | | $ | (139,494) | | |
Type of Investment | | Fair Value at December 31, 2018 | | Valuation Technique(1) | | Unobservable Input | | Range | | Weighted Average | | | Fair Value at December 31, 2020 | | Valuation Technique(1) | | Unobservable Input | | Range | | Weighted Average | | ||||||||||||||||
Senior Secured Loans— First Lien | | | $ | 726,328 | | | Market Comparables | | Market Yield (%) | | 9.3%–17.5% | | 11.6% | | ||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | $ | 450,698 | | | Market Comparables | | Market Yield (%) | | 6.8%-26.3% | | 10.4% | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 5.5x–8.0x | | 6.1x | | | | | | | | | | EBITDA Multiples (x) | | 2.3x-6.7x | | 4.1x | | ||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $5.7–$7.3 | | $6.5 | | | | | 31,670 | | | Discounted Cash Flow | | Discount Rate (%) | | 10.0%-12.5% | | 11.3% | | ||||||||||
Senior Secured Loans – Second Lien | | | | 237,751 | | | Market Comparables | | Market Yield (%) | | 8.0%-15.3% | | 9.7% | | ||||||||||||||||||||||||
Senior Secured Bonds | | | | 340,042 | | | Market Comparables | | Market Yield (%) | | 8.7%-15.8% | | 12.6% | | ||||||||||||||||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 0.5x–0.5x | | 0.5x | | | | | | | | | | EBITDA Multiples (x) | | 6.0x-8.0x | | 7.0x | | ||||||||||
Unsecured Debt | | | | 81,442 | | | Market Comparables | | Market Yield (%) | | 9.8%-11.5% | | 10.8% | | ||||||||||||||||||||||||
| | | | 34,797 | | | Other(2) | | Other(2) | | N/A | | N/A | | | | | | | | | | Net Aircraft Book Value Multiple (x) | | 1.0x-1.0x | | 1.0x | | ||||||||||
Senior Secured Loans— Second Lien | | | | 519,478 | | | Market Comparables | | Market Yield (%) | | 8.9%–13.8% | | 10.9% | | ||||||||||||||||||||||||
| | | | 7,283 | | | Discounted Cash Flow | | Discount Rate (%) | | 10.0%–11.0% | | 10.5% | | ||||||||||||||||||||||||
| | | | 12,411 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||||||||||||||||
Senior Secured Bonds | | | | 456,575 | | | Market Comparables | | Market Yield (%) | | 9.4%–13.6% | | 10.0% | | ||||||||||||||||||||||||
Unsecured Debt | | | | 55,906 | | | Market Comparables | | Market Yield (%) | | 11.0%–15.3% | | 13.2% | | ||||||||||||||||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 0.9x–1.1x | | 1.0x | | | | | 26,875 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||
Preferred Equity | | | | 383,625 | | | Market Comparables | | Market Yield (%) | | 10.0%–18.8% | | 10.5% | | | | | 5,354 | | | Market Comparables | | EBITDA Multiples (x) | | 6.0x-10.5x | | 10.0x | | ||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 7.5x–12.0x | | 10.8x | | | | | 465,723 | | | Discounted Cash Flow | | Discount Rate (%) | | 7.5%-50.3% | | 18.8% | | ||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $6.7–$6.7 | | $6.7 | | ||||||||||||||||||||||||
| | | | 108,018 | | | Discounted Cash Flow | | Discount Rate (%) | | 14.0%–18.0% | | 15.8% | | ||||||||||||||||||||||||
| | | | 6,524 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||||||||||||||||
Sustainable Infrastructure Investments, LLC | | | | 61,816 | | | Discounted Cash Flow | | Discount Rate (%) | | 10.8%-11.3% | | 11.0% | | ||||||||||||||||||||||||
Equity/Other | | | | 220,605 | | | Market Comparables | | EBITDA Multiples (x) | | 0.2x–9.0x | | 6.5x | | | | | 92,002 | | | Market Comparables | | EBITDA Multiples (x) | | 2.3x-10.5x | | 4.6x | | ||||||||||
| | | | | | | | | Production Multiples (Mboe/d) | | $25,000.0–$38,750.0 | | $29,476.4 | | | | | | | | | | Production Multiples (Mboe/d) | | $26,500.0-$31,500.0 | | $29,000.0 | | ||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $3.5–$13.8 | | $6.7 | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | 7.6x-9.1x | | 8.4x | | ||||||||||
| | | | | | | | | Production Multiples (MMcfe/d) | | $4,100.0–$4,600.0 | | $4,350.0 | | | | | | | | | | Production Multiples (MMcfe/d) | | $1,650.0-$3,400.0 | | $2,923.6 | | ||||||||||
| | | | | | | | | Proved Reserves Multiples (Bcfe) | | 1.2x–1.3x | | 1.2x | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | 0.4x-0.7x | | 0.6x | | ||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 0.5x–2.3x | | 1.2x | | | | | | | | | | PV-10 Multiples (x) | | 0.5x-1.6x | | 1.0x | | ||||||||||
| | | | | | | | | Capacity Multiple ($/kW) | | $1,875.0–$2,125.0 | | $2,000.0 | | | | | 3,695 | | | Discounted Cash Flow | | Discount Rate (%) | | 8.0%-32.0% | | 24.0% | | ||||||||||
| | | | 5,294 | | | Discounted Cash Flow | | Discount Rate (%) | | 11.8%–31.0% | | 13.5% | | | | | 3,877 | | | Option Valuation Model | | Volatility (%) | | 55.0%-65.0% | | 60.0% | | ||||||||||
| | | | 890 | | | Option Valuation Model | | Volatility (%) | | 26.0%–34.0% | | 30.0% | | | | | 152,860 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||
| | | | 11,696 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||||||||||||||||
Total | | | $ | 2,549,430 | | | | | | | | | | | | | $ | 1,953,805 | | | | | | | | | | | ||||||||||
|
Type of Investment | | Fair Value at December 31, 2017 | | Valuation Technique(1) | | Unobservable Input | | Range | | Weighted Average | | | Fair Value at December 31, 2019 | | Valuation Technique(1) | | Unobservable Input | | Range | | Weighted Average | | ||||||||||||||||
Senior Secured Loans— First Lien | | | $ | 560,200 | | | Market Comparables | | Market Yield (%) | | 8.0%–13.0% | | 10.4% | | ||||||||||||||||||||||||
Senior Secured Loans – First Lien | | | $ | 478,337 | | | Market Comparables | | Market Yield (%) | | 7.5%-27.0% | | 13.8% | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 5.3x–8.0x | | 6.4x | | | | | | | | | | EBITDA Multiples (x) | | 3.6x-4.6x | | 4.1x | | ||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $5.8–$6.3 | | $6.0 | | | | | 63,646 | | | Discounted Cash Flow | | Discount Rate (%) | | 18.5%-23.5% | | 21.0% | | ||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 0.4x–0.5x | | 0.4x | | | | | 27,795 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||
| | | | 273,133 | | | Market Quotes | | Indicative Dealer Quotes | | 71.3%–102.0% | | 98.4% | | ||||||||||||||||||||||||
| | | | 91,593 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||||||||||||||||
Senior Secured Loans— Second Lien | | | | 588,486 | | | Market Comparables | | Market Yield (%) | | 8.5%–20.7% | | 11.9% | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 6.0x–6.5x | | 6.3x | | ||||||||||||||||||||||||
| | | | 14,850 | | | Cost | | Cost | | 100.0%–100.0% | | 100.0% | | ||||||||||||||||||||||||
Senior Secured Loans – Second Lien | | | | 533,234 | | | Market Comparables | | Market Yield (%) | | 8.5%-19.1% | | 13.7% | | ||||||||||||||||||||||||
| | | | 193,188 | | | Market Quotes | | Indicative Dealer Quotes | | 31.0%–101.3% | | 92.6% | | | | | | | | | | EBITDA Multiples (x) | | 3.6x-4.6x | | 4.1x | | ||||||||||
Senior Secured Bonds | | | | 488,721 | | | Market Comparables | | Market Yield (%) | | 7.7%–12.3% | | 8.9% | | | | | 437,761 | | | Market Comparables | | Market Yield (%) | | 7.9%-12.1% | | 10.1% | | ||||||||||
| | | | | | | | | Production Multiples (Mboe/d) | | $42,250.0–$44,750.0 | | $43,500.0 | | ||||||||||||||||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $10.3–$11.3 | | $10.8 | | ||||||||||||||||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 0.8x–0.8x | | 0.8x | | ||||||||||||||||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 4.8x–5.3x | | 5.0x | | ||||||||||||||||||||||||
| | | | 171,430 | | | Market Quotes | | Indicative Dealer Quotes | | 73.0%–107.8% | | 89.1% | | ||||||||||||||||||||||||
Unsecured Debt | | | | 110,255 | | | Market Comparables | | Market Yield (%) | | 11.0%–14.8% | | 11.4% | | | | | 121,300 | | | Market Comparables | | Market Yield (%) | | 10.2%-12.5% | | 10.6% | | ||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 1.2x–1.2x | | 1.2x | | | | | | | | | | Net Aircraft Book Value Multiple (x) | | 1.0x-1.0x | | 1.0x | | ||||||||||
| | | | 1,093,269 | | | Market Quotes | | Indicative Dealer Quotes | | 50.0%–120.2% | | 100.7% | | | | | 28,000 | | | Other(2) | | Other | | N/A | | N/A | | ||||||||||
Preferred Equity | | | | 58,830 | | | Market Comparables | | Market Yield (%) | | 15.3%–15.8% | | 15.5% | | | | | 13,187 | | | Market Comparables | | EBITDA Multiples (x) | | 6.8x-8.8x | | 8.4x | | ||||||||||
| | | | | | | | | EBITDA Multiples (x) | | 8.5x–13.3x | | 10.2x | | ||||||||||||||||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $8.4–$8.4 | | $8.4 | | ||||||||||||||||||||||||
| | | | 14,018 | | | Market Quotes | | Indicative Dealer Quotes | | $9.3–$9.8 | | $9.5 | | | | | 708,307 | | | Discounted Cash Flow | | Discount Rate (%) | | 9.3%-19.0% | | 13.8% | | ||||||||||
| | | | 5,313 | | | Other(2) | | Other(2) | | N/A | | N/A | | | | | 348 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||
Equity/Other | | | | 270,396 | | | Market Comparables | | EBITDA Multiples (x) | | 6.5x–23.5x | | 8.0x | | | | | 144,465 | | | Market Comparables | | EBITDA Multiples (x) | | 3.5x-10.3x | | 4.6x | | ||||||||||
| | | | | | | | | Production Multiples (Mboe/d) | | $32,500.0–$51,250.0 | | $37,007.0 | | | | | | | | | | Production Multiples (Mboe/d) | | $20,000.0-$37,500.0 | | $28,364.1 | | ||||||||||
| | | | | | | | | Proved Reserves Multiples (Mmboe) | | $8.3–$11.3 | | $9.1 | | | | | | | | | | Proved Reserves Multiples (Mmboe) | | $2.8-$12.0 | | $7.2 | | ||||||||||
| | | | | | | | | Production Multiples (MMcfe/d) | | $5,000.0–$5,500.0 | | $5,250.0 | | | | | | | | | | Production Multiples (MMcfe/d) | | $3,050.0-$3,550.0 | | $3,300.0 | | ||||||||||
| | | | | | | | | Proved Reserves Multiples (Bcfe) | | $1.8–$2.0 | | $1.9 | | | | | | | | | | Proved Reserves Multiples (Bcfe) | | 0.8x-0.9x | | 0.9x | | ||||||||||
| | | | | | | | | PV-10 Multiples (x) | | 0.8x–2.6x | | 2.0x | | | | | | | | | | PV-10 Multiples (x) | | 0.5x-1.2x | | 0.8x | | ||||||||||
| | | | | | | | | Capacity Multiple ($/kW) | | $2,000.0–$2,250.0 | | $2,125.0 | | | | | 1,354 | | | Discounted Cash Flow | | Discount Rate (%) | | 14.5%-20.5% | | 17.5% | | ||||||||||
| | | | 1,692 | | | Discounted Cash Flow | | Discount Rate (%) | | 11.0%–30.5% | | 12.2% | | | | | 9,371 | | | Option Valuation Model | | Volatility (%) | | 24.0%-37.5% | | 30.7% | | ||||||||||
| | | | 103 | | | Option Valuation Model | | Volatility (%) | | 30.0%–30.0% | | 30.0% | | | | | 12,080 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||
| | | | 8,276 | | | Market Quotes | | Indicative Dealer Quotes | | $1.5–$372.5 | | $81.7 | | ||||||||||||||||||||||||
| | | | 14,507 | | | Other(2) | | Other(2) | | N/A | | N/A | | ||||||||||||||||||||||||
Total | | | $ | 3,958,260 | | | | | | | | | | | | | $ | 2,579,185 | | | | | | | | | | | ||||||||||
|
| | | As of December 31, 2018 | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
Goldman Facility | | | Term | | | L+3.72% | | | | $ | 425,000 | | | | | $ | — | | | | September 15, 2019 | |
JPMorgan Facility | | | Revolving/Term | | | L+2.75% | | | | | 206,667 | | | | | | 413,333 | | | | February 16, 2023 | |
Senior Secured Notes(2) | | | Bond | | | 7.50% | | | | | 500,000 | | | | | | — | | | | August 15, 2023 | |
Total | | | | | | | | | | $ | 1,131,667 | | | | | $ | 413,333 | | | | | |
|
| | | As of December 31, 2017 | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
Barclays Credit Facility | | | Revolving | | | L+3.25% | | | | $ | — | | | | | $ | 100,000 | | | | May 18, 2021 | |
BNP Facility | | | Prime Brokerage | | | L+1.35% | | | | | 300,000 | | | | | | — | | | | September 27, 2018(3) | |
Deutsche Bank Credit Facility | | | Revolving | | | L+2.05% | | | | | 340,000 | | | | | | — | | | | June 11, 2018 | |
Fortress Facility | | | Term | | | L+5.00%(4) | | | | | 155,000 | | | | | | — | | | | November 6, 2020 | |
Goldman Facility | | | Term | | | L+3.72% | | | | | 425,000 | | | | | | — | | | | September 15, 2019 | |
Total | | | | | | | | | | $ | 1,220,000 | | | | | $ | 100,000 | | | | | |
|
| | | As of December 31, 2020 | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate(2) | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
JPMorgan Facility | | | Revolving/Term | | | L+3.00% | | | | $ | 416,667 | | | | | $ | — | | | | February 16, 2023 | |
Senior Secured Notes(3) | | | Bond | | | 7.50% | | | | | 489,000 | | | | | | — | | | | August 15, 2023 | |
Total | | | | | | | | | | $ | 905,667 | | | | | $ | — | | | | | |
| | | As of December 31, 2019 | | ||||||||||||||||||
Arrangement(1) | | | Type of Arrangement | | | Rate(2) | | | Amount Outstanding | | | Amount Available | | | Maturity Date | | ||||||
Goldman Facility | | | Term | | | L+3.20% | | | | $ | 425,000 | | | | | $ | 50,000 | | | | December 2, 2022 | |
JPMorgan Facility | | | Revolving/Term | | | L+2.75% | | | | | 311,667 | | | | | | 383,333 | | | | February 16, 2023 | |
Senior Secured Notes(3) | | | Bond | | | 7.50% | | | | | 500,000 | | | | | | — | | | | August 15, 2023 | |
Total | | | | | | | | | | $ | 1,236,667 | | | | | $ | 433,333 | | | | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | | 2020 | | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement(1) | | Direct Interest Expense(2) | | Amortization of Deferred Financing Costs and Discount | | Total Interest Expense | | Direct Interest Expense(2) | | Amortization of Deferred Financing Costs | | Total Interest Expense | | Direct Interest Expense(2) | | Amortization of Deferred Financing Costs | | Total Interest Expense | | | Direct Interest Expense(2) | | Amortization of Deferred Financing Costs and Discount | | Total Interest Expense | | Direct Interest Expense(2) | | Amortization of Deferred Financing Costs | | Total Interest Expense | | Direct Interest Expense(2) | | Amortization of Deferred Financing Costs | | Total Interest Expense | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goldman Facility | | | $ | 25,359 | | | | $ | 587 | | | | $ | 25,946 | | | | $ | 14,251 | | | | $ | 412 | | | | $ | 14,663 | | | | $ | — | | | | $ | — | | | | $ | — | | | | | $ | 13,882 | | | | $ | 773 | | | | $ | 14,655 | | | | $ | 26,343 | | | | $ | 481 | | | | $ | 26,824 | | | | $ | 25,359 | | | | $ | 587 | | | | $ | 25,946 | | | ||||||||||||||||||
JPMorgan Facility | | | | 4,686 | | | | | 543 | | | | | 5,229 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 16,687 | | | | | 2,417 | | | | | 19,104 | | | | | 18,398 | | | | | 1,591 | | | | | 19,989 | | | | | 4,686 | | | | | 543 | | | | | 5,229 | | | ||||||||||||||||||
Senior Secured Notes | | | | 14,063 | | | | | 1,483 | | | | | 15,546 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 37,009 | | | | | 4,333 | | | | | 41,342 | | | | | 37,500 | | | | | 4,051 | | | | | 41,551 | | | | | 14,063 | | | | | 1,483 | | | | | 15,546 | | | ||||||||||||||||||
Barclays Credit Facility | | | | 236 | | | | | 196 | | | | | 432 | | | | | 460 | | | | | 58 | | | | | 518 | | | | | 238 | | | | | 29 | | | | | 267 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 236 | | | | | 196 | | | | | 432 | | | ||||||||||||||||||
BNP Facility | | | | 5,016 | | | | | — | | | | | 5,016 | | | | | 6,696 | | | | | — | | | | | 6,696 | | | | | 3,173 | | | | | — | | | | | 3,173 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,016 | | | | | — | | | | | 5,016 | | | ||||||||||||||||||
Deutsche Bank Credit Facility | | | | 6,378 | | | | | 524 | | | | | 6,902 | | | | | 9,111 | | | | | 1,153 | | | | | 10,264 | | | | | 6,609 | | | | | 1,145 | | | | | 7,754 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,378 | | | | | 524 | | | | | 6,902 | | | ||||||||||||||||||
Fortress Facility | | | | 6,726 | | | | | 884 | | | | | 7,610 | | | | | 9,494 | | | | | 273 | | | | | 9,767 | | | | | 6,503 | | | | | 270 | | | | | 6,773 | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | ��� | | | | 6,726 | | | | | 884 | | | | | 7,610 | | | ||||||||||||||||||
Goldman Repurchase Financing | | | | — | | | | | — | | | | | — | | | | | 4,305 | | | | | 91 | | | | | 4,396 | | | | | 11,927 | | | | | 129 | | | | | 12,056 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natixis Credit Facility | | | | — | | | | | — | | | | | — | | | | | 750 | | | | | 342 | | | | | 1,092 | | | | | 2,217 | | | | | 1,044 | | | | | 3,261 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Credit Facility | | | | — | | | | | — | | | | | — | | | | | 530 | | | | | 1,360 | | | | | 1,890 | | | | | 3,252 | | | | | 590 | | | | | 3,842 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | | | $ | 62,464 | | | | $ | 4,217 | | | | $ | 66,681 | | | | $ | 45,597 | | | | $ | 3,689 | | | | $ | 49,286 | | | | $ | 33,919 | | | | $ | 3,207 | | | | $ | 37,126 | | | | | $ | 67,578 | | | | $ | 7,523 | | | | $ | 75,101 | | | | $ | 82,241 | | | | $ | 6,123 | | | | $ | 88,364 | | | | $ | 62,464 | | | | $ | 4,217 | | | | $ | 66,681 | | | ||||||||||||||||||
|
For the Years Ended December 31, | | Cash Paid for Interest Expense | | Average Borrowings | | Effective Interest Rate(1) | | Weighted Average Interest Rate(1) | | | Cash Paid for Interest Expense | | Average Borrowings | | Effective Interest Rate(1) | | Weighted Average Interest Rate(1) | | ||||||||||||||||||||||||||||||||
2016 | | | $ | 32,637 | | | | $ | 918,992 | | | | | 3.85% | | | | | 3.69% | | | |||||||||||||||||||||||||||||
2017 | | | $ | 43,892 | | | | $ | 1,055,139 | | | | | 4.24% | | | | | 4.32% | | | |||||||||||||||||||||||||||||
2018 | | | $ | 52,269 | | | | $ | 1,063,699 | | | | | 6.81% | | | | | 5.87% | | | | | $ | 52,269 | | | | $ | 1,063,699 | | | | | 6.81% | | | | | 5.87% | | | ||||||||
2019 | | | $ | 81,902 | | | | $ | 1,259,900 | | | | | 6.05% | | | | | 6.53% | | | |||||||||||||||||||||||||||||
2020 | | | $ | 69,909 | | | | $ | 1,062,486 | | | | | 5.52% | | | | | 7.07% | | |
Year Ended December 31, | | Total Amount Outstanding Exclusive of Treasury Securities(1) | | Asset Coverage Per Unit(2) | | Involuntary Liquidation Preference per Unit(3) | | Average Market Value per Unit (Exclude Bank Loans)(4) | | | Total Amount Outstanding Exclusive of Treasury Securities | | Asset Coverage Per Unit(1) | | Involuntary Liquidation Preference per Unit(2) | | Average Market Value per Unit (Exclude Bank Loans)(3) | | ||||||||||||||||||||||||||||||||
2014 | | | $ | 1,090,413 | | | | | 3.35 | | | | | — | | | | | N/A | | | |||||||||||||||||||||||||||||
2015 | | | $ | 1,040,494 | | | | | 3.32 | | | | | — | | | | | N/A | | | |||||||||||||||||||||||||||||
2016 | | | $ | 873,665 | | | | | 4.83 | | | | | — | | | | | N/A | | | | | $ | 873,665 | | | | | 4.83 | | | | | — | | | | | N/A | | | ||||||||
2017 | | | $ | 1,220,000 | | | | | 3.43 | | | | | — | | | | | N/A | | | | | $ | 1,220,000 | | | | | 3.43 | | | | | — | | | | | N/A | | | ||||||||
2018 | | | $ | 1,131,667 | | | | | 3.34 | | | | | — | | | | | N/A | | | | | $ | 1,131,667 | | | | | 3.34 | | | | | — | | | | | N/A | | | ||||||||
2019 | | | $ | 1,236,667 | | | | | 2.92 | | | | | — | | | | | N/A | | | |||||||||||||||||||||||||||||
2020 | | | $ | 905,667 | | | | | 2.58 | | | | | — | | | | | N/A | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||
Per Share Data:(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net asset value, beginning of year | | | $ | 6.65 | | | | $ | 7.61 | | | | $ | 6.50 | | | | $ | 8.57 | | | | $ | 9.66 | | | | | $ | 5.43 | | | | $ | 6.01 | | | | $ | 6.65 | | | | $ | 7.61 | | | | $ | 6.50 | | | ||||||||||
Results of operations(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net investment income | | | | 0.42 | | | | | 0.65 | | | | | 0.57 | | | | | 0.67 | | | | | 0.74 | | | | | | 0.19 | | | | | 0.46 | | | | | 0.42 | | | | | 0.65 | | | | | 0.57 | | | ||||||||||
Net realized and unrealized appreciation (depreciation) on investments, swaps and gain/loss on foreign currency | | | | (0.56) | | | | | (0.90) | | | | | 1.25 | | | | | (2.18) | | | | | (1.46) | | | | | | (2.20) | | | | | (0.54) | | | | | (0.56) | | | | | (0.90) | | | | | 1.25 | | | ||||||||||
Net increase (decrease) in net assets resulting from operations | | | | (0.14) | | | | | (0.25) | | | | | 1.82 | | | | | (1.51) | | | | | (0.72) | | | | | | (2.01) | | | | | (0.08) | | | | | (0.14) | | | | | (0.25) | | | | | 1.82 | | | ||||||||||
Shareholder distributions(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Distributions from net investment income | | | | (0.50) | | | | | (0.71) | | | | | (0.67) | | | | | (0.67) | | | | | (0.62) | | | | | | (0.14) | | | | | (0.50) | | | | | (0.50) | | | | | (0.71) | | | | | (0.67) | | | ||||||||||
Distributions from net realized gain on investments | | | | — | | | | | — | | | | | — | | | | | (0.04) | | | | | (0.07) | | | ||||||||||||||||||||||||||||||||||||
Distributions representing return of capital | | | | — | | | | | (0.00) | | | | | (0.04) | | | | | — | | | | | — | | | | | | (0.03) | | | | | — | | | | | — | | | | | (0.00) | | | | | (0.04) | | | ||||||||||
Net decrease in net assets resulting from shareholder distributions | | | | (0.50) | | | | | (0.71) | | | | | (0.71) | | | | | (0.71) | | | | | (0.69) | | | | | | (0.17) | | | | | (0.50) | | | | | (0.50) | | | | | (0.71) | | | | | (0.71) | | | ||||||||||
Capital share transactions | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Issuance of common shares(4) | | | | — | | | | | — | | | | | — | | | | | 0.18 | | | | | 0.35 | | | ||||||||||||||||||||||||||||||||||||
Repurchases of common shares(5) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Offering costs(2) | | | | — | | | | | — | | | | | — | | | | | (0.03) | | | | | (0.03) | | | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | | | | — | | | | | — | | | | | — | | | | | 0.15 | | | | | 0.32 | | | ||||||||||||||||||||||||||||||||||||
Net asset value, end of year | | | $ | 6.01 | | | | $ | 6.65 | | | | $ | 7.61 | | | | $ | 6.50 | | | | $ | 8.57 | | | | | $ | 3.25 | | | | $ | 5.43 | | | | $ | 6.01 | | | | $ | 6.65 | | | | $ | 7.61 | | | ||||||||||
Shares outstanding, end of year | | | | 440,451,167 | | | | | 446,045,135 | | | | | 440,162,095 | | | | | 372,210,264 | | | | | 299,394,371 | | | | | | 440,020,123 | | | | | 438,477,007 | | | | | 440,451,167 | | | | | 446,045,135 | | | | | 440,162,095 | | | ||||||||||
Total return(6) | | | | (2.49)% | | | | | (3.65)% | | | | | 29.53% | | | | | (17.34)% | | | | | (4.79)% | | | ||||||||||||||||||||||||||||||||||||
Total return (without assuming reinvestment of distributions)(6) | | | | (2.11)% | | | | | (3.29)% | | | | | 28.00% | | | | | (15.87)% | | | | | (4.14)% | | | ||||||||||||||||||||||||||||||||||||
Total return(4) | | | | (37.68)% | | | | | (1.83)% | | | | | (2.49)% | | | | | (3.65)% | | | | | 29.53% | | | ||||||||||||||||||||||||||||||||||||
Total return (without assuming reinvestment of distributions) (4) | | | | (37.02)% | | | | | (1.33)% | | | | | (2.11)% | | | | | (3.29)% | | | | | 28.00% | | | ||||||||||||||||||||||||||||||||||||
Ratio/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Net assets, end of year | | | $ | 2,648,186 | | | | $ | 2,966,042 | | | | $ | 3,348,894 | | | | $ | 2,417,861 | | | | $ | 2,565,721 | | | | | $ | 1,428,577 | | | | $ | 2,379,605 | | | | $ | 2,648,186 | | | | $ | 2,966,042 | | | | $ | 3,348,894 | | | ||||||||||
Ratio of net investment income to average net assets(7) | | | | 6.40% | | | | | 8.82% | | | | | 8.19% | | | | | 8.31% | | | | | 7.71% | | | ||||||||||||||||||||||||||||||||||||
Ratio of total expenses to average net assets(7) | | | | 5.19% | | | | | 4.94% | | | | | 4.88% | | | | | 5.55% | | | | | 5.07% | | | ||||||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets (5) | | | | 4.82% | | | | | 7.76% | | | | | 6.40% | | | | | 8.82% | | | | | 8.19% | | | ||||||||||||||||||||||||||||||||||||
Ratio of total expenses to average net assets (5) | | | | 8.20% | | | | | 6.54% | | | | | 5.19% | | | | | 4.94% | | | | | 4.88% | | | ||||||||||||||||||||||||||||||||||||
Portfolio turnover | | | | 51.25% | | | | | 34.08% | | | | | 35.85% | | | | | 22.70% | | | | | 35.55% | | | | | | 26.54% | | | | | 32.88% | | | | | 51.25% | | | | | 34.08% | | | | | 35.85% | | | ||||||||||
Total amount of senior securities outstanding, exclusive of treasury securities(8) | | | $ | 1,131,667 | | | | $ | 1,220,000 | | | | $ | 873,665 | | | | $ | 1,040,494 | | | | $ | 1,090,413 | | | ||||||||||||||||||||||||||||||||||||
Asset coverage per unit(9) | | | | 3.34 | | | | | 3.43 | | | | | 4.83 | | | | | 3.32 | | | | | 3.35 | | | ||||||||||||||||||||||||||||||||||||
Total amount of senior securities outstanding, exclusive of treasury securities (6) | | | $ | 905,667 | | | | $ | 1,236,667 | | | | $ | 1,131,667 | | | | $ | 1,220,000 | | | | $ | 873,665 | | | ||||||||||||||||||||||||||||||||||||
Asset coverage per unit(7) | | | | 2.58 | | | | | 2.92 | | | | | 3.34 | | | | | 3.43 | | | | | 4.83 | | |
| | Year Ended December 31, | | | Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 2018 | | 2017 | | 2016 | | 2015 | | 2014 | | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | ||||||||||||||||||||||||||||||||||||||||
Ratio of subordinated income incentive fees to average net assets | | | | — | | | | | 0.32% | | | | | 0.20% | | | | | 1.13% | | | | | 1.41% | | | | | | — | | | | | — | | | | | — | | | | | 0.32% | | | | | 0.20% | | | ||||||||||
Ratio of interest expense to average net assets | | | | 2.30% | | | | | 1.52% | | | | | 1.31% | | | | | 1.12% | | | | | 0.84% | | | | | | 4.39% | | | | | 3.40% | | | | | 2.30% | | | | | 1.52% | | | | | 1.31% | | |
| | | Quarter Ended | | |||||||||||||||||||||
| | | December 31, 2018 | | | September 30, 2018 | | | June 30, 2018 | | | March 31, 2018 | | ||||||||||||
Investment income | | | | $ | 85,592 | | | | | $ | 80,341 | | | | | $ | 78,072 | | | | | $ | 89,973 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | 41,276 | | | | | | 39,015 | | | | | | 34,155 | | | | | | 35,585 | | |
Less: Management fee waiver | | | | | (1,276) | | | | | | — | | | | | | — | | | | | | — | | |
Net expenses | | | | | 40,000 | | | | | | 39,015 | | | | | | 34,155 | | | | | | 35,585 | | |
Net investment income | | | | | 45,592 | | | | | | 41,326 | | | | | | 43,917 | | | | | | 54,388 | | |
Realized and unrealized gain (loss) | | | | | (240,943) | | | | | | 45,969 | | | | | | 43,004 | | | | | | (93,595) | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (195,351) | | | | | $ | 87,295 | | | | | $ | 86,921 | | | | | $ | (39,207) | | |
Per share information—basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 0.10 | | | | | $ | 0.09 | | | | | $ | 0.10 | | | | | $ | 0.13 | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (0.45) | | | | | $ | 0.20 | | | | | $ | 0.20 | | | | | $ | (0.09) | | |
Weighted average shares outstanding | | | | | 438,199,742 | | | | | | 438,931,809 | | | | | | 439,286,145 | | | | | | 439,924,494 | | |
|
| | | Quarter Ended | | |||||||||||||||||||||
| | | December 31, 2017 | | | September 30, 2017 | | | June 30, 2017 | | | March 31, 2017 | | ||||||||||||
Investment income | | | | $ | 98,799 | | | | | $ | 101,071 | | | | | $ | 102,640 | | | | | $ | 116,246 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | 38,611 | | | | | | 38,139 | | | | | | 37,376 | | | | | | 46,458 | | |
Less: Expense reimbursement from sponsor | | | | | (5,945) | | | | | | (7,095) | | | | | | — | | | | | | (18,220) | | |
Add: Expense reimbursement due to sponsor | | | | | — | | | | | | — | | | | | | 2,858 | | | | | | — | | |
Net expenses | | | | | 32,666 | | | | | | 31,044 | | | | | | 40,234 | | | | | | 28,238 | | |
Net investment income | | | | | 66,133 | | | | | | 70,027 | | | | | | 62,406 | | | | | | 88,008 | | |
Realized and unrealized gain (loss) | | | | | (160,738) | | | | | | (1,053) | | | | | | (211,264) | | | | | | (26,489) | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (94,605) | | | | | $ | 68,974 | | | | | $ | (148,858) | | | | | $ | 61,519 | | |
Per share information—basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 0.15 | | | | | $ | 0.16 | | | | | $ | 0.14 | | | | | $ | 0.20 | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (0.21) | | | | | $ | 0.16 | | | | | $ | (0.34) | | | | | $ | 0.14 | | |
Weighted average shares outstanding | | | | | 442,770,887 | | | | | | 443,940,981 | | | | | | 443,232,133 | | | | | | 440,957,676 | | |
|
| | | Quarter Ended | | |||||||||||||||||||||
| | | December 31, 2020 | | | September 30, 2020 | | | June 30, 2020 | | | March 31, 2020 | | ||||||||||||
Investment income | | | | $ | 51,001 | | | | | $ | 46,119 | | | | | $ | 46,025 | | | | | $ | 78,781 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | 28,901 | | | | | | 35,424 | | | | | | 35,267 | | | | | | 40,593 | | |
Less: Management fee offset | | | | | (254) | | | | | | (2) | | | | | | — | | | | | | (450) | | |
Net expenses | | | | | 28,647 | | | | | | 35,422 | | | | | | 35,267 | | | | | | 40,143 | | |
Net investment income | | | | | 22,354 | | | | | | 10,697 | | | | | | 10,758 | | | | | | 38,638 | | |
Realized and unrealized gain (loss) | | | | | (22,569) | | | | | | (17,154) | | | | | | (114,991) | | | | | | (802,518) | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (215) | | | | | $ | (6,457) | | | | | $ | (104,233) | | | | | $ | (763,880) | | |
Per share information – basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 0.05 | | | | | $ | 0.02 | | | | | $ | 0.02 | | | | | $ | 0.09 | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (0.00) | | | | | $ | (0.01) | | | | | $ | (0.24) | | | | | $ | (1.75) | | |
Weighted average shares outstanding | | | | | 439,914,053 | | | | | | 438,305,464 | | | | | | 436,770,076 | | | | | | 435,458,944 | | |
| | | Quarter Ended | | |||||||||||||||||||||
| | | December 31, 2019 | | | September 30, 2019 | | | June 30, 2019 | | | March 31, 2019 | | ||||||||||||
Investment income | | | | $ | 94,919 | | | | | $ | 96,474 | | | | | $ | 86,104 | | | | | $ | 88,413 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | 42,848 | | | | | | 44,280 | | | | | | 41,356 | | | | | | 41,634 | | |
Less: Management fee offset | | | | | (1,473) | | | | | | (3,158) | | | | | | (1,161) | | | | | | (200) | | |
Net expenses | | | | | 41,375 | | | | | | 41,122 | | | | | | 40,195 | | | | | | 41,434 | | |
Net investment income | | | | | 53,544 | | | | | | 55,352 | | | | | | 45,909 | | | | | | 46,979 | | |
Realized and unrealized gain (loss) | | | | | (140,097) | | | | | | (149,121) | | | | | | (10,565) | | | | | | 60,876 | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (86,553) | | | | | $ | (93,769) | | | | | $ | 35,344 | | | | | $ | 107,855 | | |
Per share information – basic and diluted | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 0.12 | | | | | $ | 0.13 | | | | | $ | 0.10 | | | | | $ | 0.11 | | |
Net increase (decrease) in net assets resulting from operations | | | | $ | (0.20) | | | | | $ | (0.21) | | | | | $ | 0.08 | | | | | $ | 0.25 | | |
Weighted average shares outstanding | | | | | 436,460,589 | | | | | | 437,324,544 | | | | | | 437,249,452 | | | | | | 437,647,716 | | |
Name | | | Age | | | Trustee Since | | | Expiration of Term | |
Interested Trustees(1) | | | | | ||||||
Michael C. Forman | | | 58 | | | 2010 | | | 2019 | |
William C. Sonneborn | | | 49 | | | 2018 | | | 2019 | |
Independent Trustees | | | | | ||||||
Sidney R. Brown | | | 61 | | | 2011 | | | 2019 | |
Stephen T. Burdumy | | | 61 | | | 2018 | | | 2019 | |
Gregory P. Chandler | | | 52 | | | 2010 | | | 2019 | |
Richard I. Goldstein | | | 58 | | | 2011 | | | 2019 | |
Charles P. Pizzi | | | 68 | | | 2012 | | | 2019 | |
Pedro A. Ramos | | | 54 | | | 2018 | | | 2019 | |
Fee | | | Amount | | |||
Annual Board Retainer | | | | $ | 100,000 | | |
Board Meeting Fees | | | | $ | 2,500 | | |
Annual Committee Chair Retainers: | | | | | | | |
Audit and Valuation Committees | | | | $ | 20,000 | | |
Nominating and Governance Committee | | | | $ | 15,000 | | |
Other Committees | | | | $ | 10,000 | | |
Committee Meeting Fees | | | | $ | 1,000 | | |
Annual Lead Independent Trustee Retainer | | | | $ | 25,000 | | |
Name of Trustee | | | Fees Earned or Paid in Cash by the Company | | | Total Compensation from the Company | | ||||||
David J. Adelman(1) | | | | $ | — | | | | | $ | — | | |
Sidney R. Brown | | | | $ | 135,500 | | | | | $ | 135,500 | | |
Stephen T. Burdumy(2) | | | | $ | — | | | | | $ | — | | |
Gregory P. Chandler | | | | $ | 164,000 | | | | | $ | 164,000 | | |
Michael C. Forman | | | | $ | — | | | | | $ | — | | |
Richard I. Goldstein | | | | $ | 184,000 | | | | | $ | 184,000 | | |
Michael J. Heller(1) | | | | $ | — | | | | | $ | 53,500 | | |
Charles P. Pizzi | | | | $ | 136,000 | | | | | $ | 136,000 | | |
Pedro A. Ramos(2) | | | | $ | — | | | | | $ | — | | |
William C. Sonneborn(3) | | | | $ | — | | | | | $ | — | | |
Richard W. Vague(4) | | | | $ | 132,000 | | | | | $ | 132,000 | | |
Thomas J. Gravina(1) | | | | $ | 57,250 | | | | | $ | 57,250 | | |
R. Richard Williams(4) | | | | $ | 140,469 | | | | | $ | 140,469 | | |
| | | | | | | | | Year Ended December 31, | | |||||||||
Related Party | | | Source Agreement | | | Description | | | 2018 | | | 2017 | | ||||||
FS Advisor and FS/EIG Advisor | | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | | Base Management Fee(1) | | | | $ | 68,799 | | | | | $ | 88,938 | | |
FS Advisor and FS/EIG Advisor | | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | | Subordinated Incentive Fee on Income(2) | | | | | — | | | | | $ | 10,499 | | |
FS Advisor and FS/EIG Advisor | | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | | Administrative Services Expenses(3) | | | | $ | 3,717 | | | | | $ | 2,829 | | |
FS Advisor and FS/EIG Advisor | | | FS Advisor investment advisory agreement and FS/EIG investment advisory agreement | | | Expense Recoupment(4) | | | | | — | | | | | $ | 2,858 | | |
Fiscal Year | | | Audit Fees | | | Audit-Related Fees(1) | | | Tax Fees | | | All Other Fees(2) | | ||||||||||||
2018 | | | | $ | 399,700 | | | | | $ | 45,215 | | | | | | — | | | | | | — | | |
2017 | | | | $ | 400,000 | | | | | $ | — | | | | | | — | | | | | $ | 54,600 | | |
| | | Page | | |||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | | ||
| | | | | |
| | | | FS ENERGY AND POWER FUND | | |
| Date: March | | | /s/ Michael C. Forman Michael C. Forman Chief Executive Officer | |
| Date: March | | | /s/ Michael C. Forman Michael C. Forman Chief Executive Officer and Trustee (Principal Executive Officer) | |
| Date: March | | | /s/ Edward T. Gallivan, Jr. Edward T. Gallivan, Jr. Chief Financial Officer (Principal Accounting and Financial Officer) | |
| Date: March | | | /s/ Trustee | |
| Date: March | | | /s/ Sidney Brown Sidney Brown Trustee | |
| Date: March | ||||
| | /s/ Gregory P. Chandler Gregory P. Chandler Trustee | | ||
| Date: March | | | /s/ Richard Goldstein Richard Goldstein Trustee | |
| Date: March | | | /s/ Kathleen A. McGinty Kathleen A. McGinty Trustee | |
| Date: March 10, 2021 | | | /s/ Charles P. Pizzi Charles P. Pizzi Trustee | |
| Date: March | | | /s/ Pedro A. Ramos Pedro A. Ramos Trustee | |