þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) | ||||||||||
OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | |||||||||||
OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE (State or jurisdiction of incorporation or organization) | 26-1219283 (I.R.S. Employer Identification No.) | |||||||
333 South Grand Avenue, 28th Floor Los Angeles, CA (Address of principal executive office) | 90071 (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||||
Common Stock, par value $0.01 per share | OCSL | The Nasdaq Stock Market LLC |
Large accelerated filer | Accelerated filer | Non-accelerated filer ¨ | Smaller reporting company ¨ | |||||||||||||||||
Emerging growth company ¨ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨ |
PART I | |||||||||
PART II | |||||||||
PART III | |||||||||
PART IV | |||||||||
Investment A | Investment B | Investment C | Investment D | Investment E | Cumulative Unrealized Capital Depreciation | Cumulative Realized Capital Losses | Cumulative Realized Capital Gains | |||||||||||||||||||
Year 1 | $10 million (cost basis) | $10 million (cost basis) | $10 million (cost basis) | $10 million (cost basis) | $10 million (cost basis) | -- | -- | -- | ||||||||||||||||||
Year 2 | $20 million (sale price) | $8 million FMV | $12 million FMV | $10 million FMV | $10 million FMV | $2 million | -- | $10 million | ||||||||||||||||||
Year 3 | -- | $8 million FMV | $14 million FMV | $14 million FMV | $16 million FMV | $2 million | -- | $10 million | ||||||||||||||||||
Year 4 | -- | $10 million FMV | $16 million FMV | $12 million (sale price) | $14 million FMV | -- | -- | $12 million | ||||||||||||||||||
Year 5 | -- | $14 million FMV | $20 million (sale price) | -- | $10 million FMV | -- | -- | $22 million | ||||||||||||||||||
Year 6 | -- | $16 million (sale price) | -- | -- | $8 million FMV | $2 million | -- | $28 million | ||||||||||||||||||
Year 7 | -- | -- | -- | -- | $8 million (sale price) | -- | $2 million | $28 million |
◦(i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, 16 securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of its assets or more than 10% of the outstanding voting securities of the issuer; and ◦ |
(ii) no more than 25% of the value of our assets is invested in (a) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (b) the securities of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (c) the securities of one or more “qualified publicly traded partnerships” ((i) and (ii) collectively, the “Diversification Tests”). |
Assumed Return on Portfolio (Net of Expenses) | - 10% | - 5% | 0% | 5% | 10% | ||||||||||
Corresponding net return to common stockholder | -17.53% | -9.99% | -2.44% | 5.10% | 12.64% |
Assumed Return on Portfolio (Net of Expenses) | - 10% | - 5% | 0% | 5% | 10% | ||||||||||||
Corresponding net return to common stockholder | -21.96% | -12.13% | -2.30% | 7.53% | 17.36% |
Subscription Rights Exercise Price | Net Asset Value Per Share Prior To Exercise | Net Asset Value Per Share After Exercise | ||||||||||||
10% premium to net asset value per common share | $ | 10.00 | $ | 10.20 | ||||||||||
Net asset value per common share | $ | 10.00 | $ | 10.00 | ||||||||||
10% discount to net asset value per common share | $ | 10.00 | $ | 9.80 |
Subscription Rights Exercise Price | Net Asset Value Per Share Prior To Exercise | Net Asset Value Per Share After Exercise | ||||||
10% premium to net asset value per common share | $ | 10.00 | $ | 10.20 | ||||
Net asset value per common share | $ | 10.00 | $ | 10.00 | ||||
10% discount to net asset value per common share | $ | 10.00 | $ | 9.80 |
Sale Price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale Price | NAV (1) | High | Low | Premium (Discount) of High Sales Price to NAV (2) | Premium (Discount) of Low Sales Price to NAV (2) | Cash Distribution per Share (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
NAV (1) | High | Low | Premium (Discount) of High Sales Price to NAV (2) | Premium (Discount) of Low Sales Price to NAV (2) | Cash Distribution per Share (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended September 30, 2020 | Year ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 5.81 | $ | 5.91 | $ | 4.63 | 1.7 | % | (20.3 | )% | $ | 0.125 | First quarter | $ | 6.61 | $ | 5.52 | $ | 5.00 | (16.5) | % | (24.4) | % | $ | 0.095 | |||||||||||||||||||||||||||||||
Second quarter | 5.87 | 5.11 | 4.17 | (12.9 | )% | (29.0 | )% | $ | 0.085 | Second quarter | $ | 5.34 | $ | 5.65 | $ | 2.33 | 5.8 | % | (56.4) | % | $ | 0.095 | ||||||||||||||||||||||||||||||||||
Third quarter | 5.95 | 5.05 | 4.19 | (15.1 | )% | (29.6 | )% | $ | 0.095 | Third quarter | $ | 6.09 | $ | 4.90 | $ | 3.00 | (19.5) | % | (50.7) | % | $ | 0.095 | ||||||||||||||||||||||||||||||||||
Fourth quarter | 6.09 | 5.14 | 4.67 | (15.6 | )% | (23.3 | )% | $ | 0.095 | Fourth quarter | $ | 6.49 | $ | 5.23 | $ | 4.29 | (19.4) | % | (33.9) | % | $ | 0.105 | ||||||||||||||||||||||||||||||||||
Year ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended September 30, 2021 | Year ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
First quarter | 6.19 | 5.01 | 4.08 | (19.1 | )% | (34.1 | )% | $ | 0.095 | First quarter | $ | 6.85 | $ | 5.66 | $ | 4.52 | (17.4) | % | (34.0) | % | $ | 0.110 | ||||||||||||||||||||||||||||||||||
Second quarter | 6.55 | 5.29 | 4.20 | (19.2 | )% | (35.9 | )% | $ | 0.095 | Second quarter | $ | 7.09 | $ | 6.36 | $ | 5.47 | (10.3) | % | (22.8) | % | $ | 0.120 | ||||||||||||||||||||||||||||||||||
Third quarter | 6.60 | 5.75 | 5.13 | (12.9 | )% | (22.3 | )% | $ | 0.095 | Third quarter | $ | 7.22 | $ | 6.92 | $ | 6.19 | (4.2) | % | (14.3) | % | $ | 0.130 | ||||||||||||||||||||||||||||||||||
Fourth quarter | 6.60 | 5.50 | 5.01 | (16.7 | )% | (24.1 | )% | $ | 0.095 | Fourth quarter | $ | 7.28 | $ | 7.40 | $ | 6.58 | 1.6 | % | (9.6) | % | $ | 0.145 | ||||||||||||||||||||||||||||||||||
Year ending September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First quarter (through November 18, 2019) | * | 5.33 | 5.00 | * | * | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year ending September 30, 2022 | Year ending September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
First quarter (through November 12, 2021) | First quarter (through November 12, 2021) | * | $ | 7.57 | $ | 7.03 | * | * | $0.155(4) |
September 30, 2014 | September 30, 2015 | September 30, 2016 | September 30, 2017 | September 30, 2018 | September 30, 2019 | September 30, 2016 | September 30, 2017 | September 30, 2018 | September 30, 2019 | September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||
Oaktree Specialty Lending Corporation | 100.00 | 74.65 | 80.20 | 82.47 | 81.33 | 91.57 | Oaktree Specialty Lending Corporation | $ | 100.00 | $ | 102.82 | $ | 101.41 | $ | 114.18 | $ | 116.02 | $ | 182.99 | |||||||||||||||||
S&P 500 | 100.00 | 99.39 | 114.72 | 136.07 | 160.44 | 167.27 | S&P 500 | $ | 100.00 | $ | 118.61 | $ | 139.85 | $ | 145.80 | $ | 167.89 | $ | 218.27 | |||||||||||||||||
Russell 2000 Financial Services | 100.00 | 108.20 | 125.41 | 153.60 | 164.03 | 161.81 | Russell 2000 Financial Services | $ | 100.00 | $ | 120.74 | $ | 139.14 | $ | 126.77 | $ | 127.27 | $ | 187.94 | |||||||||||||||||
S&P BDC Index | S&P BDC Index | $ | 100.00 | $ | 108.84 | $ | 113.27 | $ | 121.96 | $ | 97.89 | $ | 151.09 |
Stockholder transaction expenses: | Stockholder transaction expenses: | |||||||||||||||||||||||||||||||||||||||||
Sales load (as a percentage of offering price) | — | % | (1 | ) | Sales load (as a percentage of offering price) | —% | (1) | |||||||||||||||||||||||||||||||||||
Offering expenses (as a percentage of offering price) | — | % | (2 | ) | Offering expenses (as a percentage of offering price) | —% | (2) | |||||||||||||||||||||||||||||||||||
Dividend reinvestment plan fees | — | % | (3 | ) | Dividend reinvestment plan fees | Up to $15 | (3) | |||||||||||||||||||||||||||||||||||
Total stockholder transaction expenses (as a percentage of offering price) | — | % | (4 | ) | Total stockholder transaction expenses (as a percentage of offering price) | —% | (4) | |||||||||||||||||||||||||||||||||||
Annual expenses (as a percentage of net assets attributable to common stock): | Annual expenses (as a percentage of net assets attributable to common stock): | |||||||||||||||||||||||||||||||||||||||||
Base management fees | 2.36 | % | (5 | ) | Base management fees | 2.98% | (5) | |||||||||||||||||||||||||||||||||||
Incentive fees (17.5%) | 2.10 | % | (6 | ) | Incentive fees (17.5%) | 2.65% | (6) | |||||||||||||||||||||||||||||||||||
Interest payments on borrowed funds (including other costs of servicing and offering debt securities) | 2.80 | % | (7 | ) | Interest payments on borrowed funds (including other costs of servicing and offering debt securities) | 2.77% | (7) | |||||||||||||||||||||||||||||||||||
Other expenses | 0.85 | % | (8 | ) | Other expenses | 0.76% | (8) | |||||||||||||||||||||||||||||||||||
Acquired fund fees and expenses | Acquired fund fees and expenses | 0.76% | (9) | |||||||||||||||||||||||||||||||||||||||
Total annual expenses | 8.11 | % | (9 | ) | Total annual expenses | 9.92% | (10) |
(1)If applicable, the prospectus or prospectus supplement relating to an offering of our common stock will disclose the applicable sales load. (2)In the event that we conduct an offering of our securities, the related prospectus or prospectus supplement will disclose the estimated offering expenses. (3)The expenses of administering our dividend reinvestment plan are included in “Other expenses.” The plan administrator’s fees under the plan are paid by us. If a participant elects by notice to the plan administrator in advance of termination to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a transaction fee of up to $15 plus a $0.10 per share fee from the proceeds. (4)Total stockholder transaction expenses may include sales load and will be disclosed in a future prospectus supplement, if any. (5)Under the Investment Advisory Agreement, the base management fee is calculated at an annual rate of 1.50% of our total gross assets at the end of each quarter, including any investments made with borrowings, but excluding cash and cash equivalents; provided, however, the base management fee will be calculated at an annual rate of 1.00% of the value of our total gross assets, including any investments made with borrowings, but excluding cash and cash equivalents, that exceeds the product of (i) 200% (calculated in accordance with the Investment Company Act and giving effect to exemptive relief we have received with respect to debentures issued by a small business investment company subsidiary) and (ii) our net assets. For purposes of this table, we have assumed $2.6 billion of total gross assets (excluding cash and cash equivalents), which was the actual amount of our total gross assets as of September 30, 2021 and does not reflect the waiver by Oaktree of $750,000 of base management fees in each quarter. The base management fee net of such waiver would be 2.75% of net assets attributable to common stock. See “Item 1. Business - Investment Advisory Agreement - Management and Incentive Fee.” 48 (6)The incentive fee consists of two parts. Under the Investment Advisory Agreement, the incentive fee on income is calculated and payable quarterly in arrears based upon our pre-incentive fee net investment income for the immediately preceding quarter. The payment of the incentive fee on income is subject to payment of a preferred return to investors each quarter (i.e., a “hurdle rate”), expressed as a rate of return on the value of our net assets at the end of the most recently completed quarter, of 1.50%, subject to a “catch up” feature. In addition, pre-incentive fee net investment income does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting adjustments in connection with the assets acquired in the Mergers, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related accounting adjustments, in the aggregate, would result in an increase in pre-incentive fee net investment income. See “Item 1. Business - Investment Advisory Agreement - Management and Incentive Fee” for additional information. |
An investor would pay the following expenses on a $1,000 investment | 1 Year | 3 Years | 5 Years | 10 Years | An investor would pay the following expenses on a $1,000 investment | 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||||||||
Assuming a 5% annual return (assumes no return from net realized capital gains) | $ | 58 | $ | 175 | $ | 294 | $ | 605 | Assuming a 5% annual return (assumes no return from net realized capital gains) | $ | 72 | $ | 218 | $ | 368 | $ | 760 | |||||||||||||||||||||
Assuming a 5% annual return (assumes return entirely from net realized capital gains) | $ | 70 | $ | 212 | $ | 353 | $ | 711 | Assuming a 5% annual return (assumes return entirely from net realized capital gains) | $ | 88 | $ | 266 | $ | 446 | $ | 901 |
(Share amounts in thousands) | Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | Year ended September 30, 2018 (1) | Year ended September 30, 2017 | |||||||||||||||||||||||||||
Net asset value per share at beginning of period | $6.49 | $6.60 | $6.09 | $6.16 | $7.97 | |||||||||||||||||||||||||||
Net investment income (2) | 0.60 | 0.51 | 0.48 | 0.43 | 0.51 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) (2)(3) | 0.73 | (0.14) | 0.27 | 0.73 | (0.69) | |||||||||||||||||||||||||||
Net realized gains (losses) (2) | 0.16 | (0.10) | 0.14 | (0.83) | (1.21) | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) (2) | — | 0.01 | — | — | — | |||||||||||||||||||||||||||
Distributions of net investment income to stockholders | (0.51) | (0.39) | (0.38) | (0.27) | (0.47) | |||||||||||||||||||||||||||
Tax return of capital | — | — | — | (0.13) | — | |||||||||||||||||||||||||||
Issuance of common stock | (0.19) | — | — | — | 0.05 | |||||||||||||||||||||||||||
Net asset value per share at end of period | $7.28 | $6.49 | $6.60 | $6.09 | $6.16 | |||||||||||||||||||||||||||
Per share market value at beginning of period | $4.84 | $5.18 | $4.96 | $5.47 | $5.81 | |||||||||||||||||||||||||||
Per share market value at end of period | $7.06 | $4.84 | $5.18 | $4.96 | $5.47 | |||||||||||||||||||||||||||
Total return (4) | 57.61% | 2.10% | 12.56% | (1.49)% | 2.84% | |||||||||||||||||||||||||||
Common shares outstanding at beginning of period | 140,961 | 140,961 | 140,961 | 140,961 | 143,259 | |||||||||||||||||||||||||||
Common shares outstanding at end of period | 180,361 | 140,961 | 140,961 | 140,961 | 140,961 | |||||||||||||||||||||||||||
Net assets at beginning of period | $914,879 | $930,630 | $858,035 | $867,657 | $1,142,288 | |||||||||||||||||||||||||||
Net assets at end of period | $1,312,823 | $914,879 | $930,630 | $858,035 | $867,657 | |||||||||||||||||||||||||||
Average net assets (5) | $1,150,662 | $871,305 | $909,264 | $841,583 | $1,018,498 | |||||||||||||||||||||||||||
Ratio of net investment income to average net assets (5) | 8.44% | 8.26% | 7.47% | 7.13% | 7.13% | |||||||||||||||||||||||||||
Ratio of total expenses to average net assets (5) | 9.65% | 7.57% | 9.65% | 9.51% | 10.49% | |||||||||||||||||||||||||||
Ratio of net expenses to average net assets (5) | 9.51% | 8.16% | 8.78% | 9.35% | 10.35% | |||||||||||||||||||||||||||
Ratio of portfolio turnover to average investments at fair value | 39.66% | 38.99% | 32.50% | 67.66% | 39.06% | |||||||||||||||||||||||||||
Weighted average outstanding debt (6) | $964,390 | $647,080 | $573,891 | $608,553 | $982,372 | |||||||||||||||||||||||||||
Average debt per share (2) | $5.95 | $4.59 | $4.07 | $4.32 | $6.95 | |||||||||||||||||||||||||||
Asset coverage ratio at end of period (7) | 201.68% | 227.22% | 294.91% | 232.98% | 227.40% |
(1) | Beginning on October 17, 2017, the Company is externally managed by Oaktree or its affiliates. Prior to October 17, 2017, the Company was externally managed by the Former Adviser. | ||||
(2) | Calculated based upon weighted average shares outstanding for the period. | ||||
(3) | For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the Mergers. | ||||
(4) | Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load. | ||||
(5) | Calculated based upon the weighted average net assets for the period. | ||||
(6) | Calculated based upon the weighted average of principal debt outstanding for the period. | ||||
(7) | Based on outstanding senior securities of $1,280.0 million, $714.8 million, $476.1 million, $643.4 million, and $680.7 million as of September 30, 2021, 2020, 2019, 2018 and 2017, respectively. |
Year ended September 30, 2016 | Year Ended September 30, 2015 | Year Ended September 30, 2014 | Year Ended September 30, 2013 | Year Ended September 30, 2012 | ||||||||||||||||||||||||||||
Net asset value at beginning of period | $9.00 | $9.64 | $9.85 | $9.92 | $10.07 | |||||||||||||||||||||||||||
Net investment income (4) | 0.72 | 0.75 | 1.00 | 1.04 | 1.11 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and secured borrowings (4) | (0.33) | (0.46) | (0.23) | 0.12 | 0.70 | |||||||||||||||||||||||||||
Net realized gain (loss) on investments, interest rate swap and secured borrowings (4) | (0.84) | (0.19) | 0.02 | (0.24) | (0.81) | |||||||||||||||||||||||||||
Distributions of net investment income to stockholders (4) | (0.67) | (0.79) | (0.94) | (0.90) | (1.04) | |||||||||||||||||||||||||||
Tax return of capital (4) | (0.05) | — | (0.06) | (0.25) | (0.14) | |||||||||||||||||||||||||||
Net issuance/repurchase of common stock (4) | 0.14 | 0.05 | — | 0.16 | 0.03 | |||||||||||||||||||||||||||
Net asset value at end of period | $7.97 | $9.00 | $9.64 | $9.85 | $9.92 | |||||||||||||||||||||||||||
Per share market value at beginning of period | $6.17 | $9.18 | $10.29 | $10.98 | $9.32 | |||||||||||||||||||||||||||
Per share market value at end of period | $5.81 | $6.17 | $9.18 | $10.29 | $10.98 | |||||||||||||||||||||||||||
Total return (1) | 7.02% | (27.18)% | (0.97)% | 4.89% | 32.59% | |||||||||||||||||||||||||||
Common shares outstanding at beginning of period | 150,263 | 153,340 | 139,041 | 91,048 | 72,376 | |||||||||||||||||||||||||||
Common shares outstanding at end of period | 143,259 | 150,263 | 153,340 | 139,041 | 91,048 | |||||||||||||||||||||||||||
Net assets at beginning of period | $1,353,094 | $1,478,475 | $1,368,872 | $903,570 | $728,627 | |||||||||||||||||||||||||||
Net assets at end of period | $1,142,288 | $1,353,094 | $1,478,475 | $1,368,872 | $903,570 | |||||||||||||||||||||||||||
Average net assets (2) | $1,229,639 | $1,413,357 | $1,393,635 | $1,095,225 | $790,921 | |||||||||||||||||||||||||||
Ratio of net investment income to average net assets | 8.68% | 8.13% | 10.23% | 10.50% | 11.13% | |||||||||||||||||||||||||||
Ratio of total expenses to average net assets | 13.09% | 10.69% | 10.91% | 9.95% | 9.95% | |||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 11.48% | 10.65% | 10.86% | 9.74% | 9.95% | |||||||||||||||||||||||||||
Ratio of portfolio turnover to average investments at fair value | 23.39% | 23.02% | 25.50% | 38.22% | 29.74% | |||||||||||||||||||||||||||
Weighted average outstanding debt (3) | $1,190,105 | $1,228,413 | $1,110,021 | $597,596 | $421,366 | |||||||||||||||||||||||||||
Average debt per share (4) | $8.07 | $8.02 | $7.82 | $5.42 | $5.30 | |||||||||||||||||||||||||||
Asset coverage ratio at end of period (5) | 220.84% | 238.95% | 259.50% | 394.86% | 385.71% |
(1) | Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. | ||||
(2) | Calculated based upon the weighted average net assets for the period. | ||||
(3) | Calculated based upon the weighted average of loans payable for the period. | ||||
(4) | Calculated based upon weighted average shares outstanding for the period. | ||||
(5) | Based on outstanding senior securities of $946.5 million, $975.3 million, $928.4 million, $464.3 million and $316.3 million as of September 30, 2016, 2015, 2014, 2013 and 2012, respectively. |
As of and for the Years Ended | ||||||||||
(dollars in thousands, except per share amounts) | September 30, 2019 | September 30, 2018 | September 30, 2017 | September 30, 2016 | September 30, 2015 | |||||
Statement of Operations data: | ||||||||||
Total investment income | $147,702 | $138,722 | $177,964 | $247,872 | $265,475 | |||||
Base management fee | 22,343 | 22,652 | 31,369 | 41,483 | 51,615 | |||||
Part I incentive fee | 14,873 | 10,485 | 10,713 | 22,091 | 28,575 | |||||
Part II incentive fee | 10,194 | — | — | — | — | |||||
Fees waived | (7,990) | (1,342) | (240) | (338) | (546) | |||||
All other expenses | 40,373 | 46,881 | 64,729 | 97,338 | 70,891 | |||||
Insurance recoveries | — | — | (1,259) | (19,429) | — | |||||
Net investment income | 67,909 | 60,046 | 72,652 | 106,727 | 114,940 | |||||
Net unrealized appreciation (depreciation) | 38,457 | 102,605 | (97,839) | (48,000) | (71,016) | |||||
Net realized gains (losses) | 20,805 | (115,267) | (171,782) | (125,283) | (28,529) | |||||
Provision for income tax (expense) benefit | (1,011) | (622) | — | — | — | |||||
Net increase (decrease) in net assets resulting from operations | 126,160 | 46,762 | (196,969) | (66,556) | 15,395 | |||||
Per share data: | ||||||||||
Net asset value per common share at period end | $6.60 | $6.09 | $6.16 | $7.97 | $9.00 | |||||
Market price at period end | 5.18 | 4.96 | 5.47 | 5.81 | 6.17 | |||||
Net investment income | 0.48 | 0.43 | 0.51 | 0.72 | 0.75 | |||||
Net realized and unrealized gains (losses), net of taxes | 0.41 | (0.10) | (1.90) | (1.17) | (0.65) | |||||
Net increase (decrease) in net assets resulting from operations | 0.89 | 0.33 | (1.39) | (0.45) | 0.10 | |||||
Distributions per common share | 0.38 | 0.40 | 0.465 | 0.72 | 0.79 | |||||
Balance Sheet data at period end: | ||||||||||
Total investments at fair value | $1,438,042 | $1,491,201 | $1,541,755 | $2,165,491 | $2,402,495 | |||||
Cash, cash equivalents and restricted cash | 15,406 | 13,489 | 59,913 | 130,362 | 143,484 | |||||
Other assets | 27,590 | 46,768 | 14,380 | 47,432 | 39,678 | |||||
Total assets | 1,481,038 | 1,551,458 | 1,616,048 | 2,343,285 | 2,585,657 | |||||
Total liabilities | 550,408 | 693,423 | 748,391 | 1,200,997 | 1,232,563 | |||||
Total net assets | 930,630 | 858,035 | 867,657 | 1,142,288 | 1,353,094 | |||||
Other data: | ||||||||||
Weighted average yield on debt investments (1) | 8.9% | 8.4% | 9.6% | 10.4% | 10.8% | |||||
Number of portfolio companies at period end | 104 | 113 | 125 | 129 | 135 |
September 30, 2021 | September 30, 2020 | |||||||||||||
Cost: | ||||||||||||||
Senior secured debt | 85.85 | % | 80.58 | % | ||||||||||
Debt investments in the JVs | 5.79 | 5.77 | ||||||||||||
Preferred equity | 2.60 | 2.37 | ||||||||||||
Common equity and warrants | 2.15 | 3.69 | ||||||||||||
LLC equity interests of the JVs | 1.94 | 2.95 | ||||||||||||
Subordinated debt | 1.67 | 4.64 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||
Fair value: | ||||||||||||||
Senior secured debt | 86.72 | % | 84.06 | % | ||||||||||
Debt investments in the JVs | 5.94 | 6.12 | ||||||||||||
Preferred equity | 2.49 | 1.90 | ||||||||||||
Common equity and warrants | 1.71 | 2.40 | ||||||||||||
Subordinated debt | 1.67 | 4.17 | ||||||||||||
LLC equity interests of the JVs | 1.47 | 1.35 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||
Cost: | ||||||
Senior secured debt | 77.35 | % | 74.69 | % | ||
Subordinated debt | 6.88 | 11.85 | ||||
Debt investments in SLF JV I | 6.36 | 8.05 | ||||
Common equity & warrants | 3.48 | 3.97 | ||||
LLC equity interests of SLF JV I | 3.26 | 1.01 | ||||
Preferred equity | 2.67 | 0.43 | ||||
Total | 100.00 | % | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||
Fair value: | ||||||
Senior secured debt | 78.64 | % | 75.40 | % | ||
Debt investments in SLF JV I | 6.69 | 8.67 | ||||
Subordinated debt | 5.65 | 10.97 | ||||
Common equity and warrants | 4.10 | 4.63 | ||||
Preferred equity | 2.82 | 0.33 | ||||
LLC equity interests of SLF JV I | 2.10 | — | ||||
Total | 100.00 | % | 100.00 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||
Cost: | ||||||||||||||
Application Software | 14.49 | % | 9.71 | % | ||||||||||
Multi-Sector Holdings (1) | 7.73 | 8.87 | ||||||||||||
Pharmaceuticals | 5.44 | 5.96 | ||||||||||||
Data Processing & Outsourced Services | 4.74 | 6.57 | ||||||||||||
Biotechnology | 4.41 | 5.36 | ||||||||||||
Personal Products | 4.08 | 3.00 | ||||||||||||
Industrial Machinery | 3.47 | 0.90 | ||||||||||||
Health Care Services | 3.34 | 4.26 | ||||||||||||
Specialized Finance | 2.70 | 3.11 | ||||||||||||
Aerospace & Defense | 2.66 | 1.68 | ||||||||||||
Fertilizers & Agricultural Chemicals | 2.63 | 2.02 | ||||||||||||
Internet & Direct Marketing Retail | 2.45 | 0.89 | ||||||||||||
Construction & Engineering | 2.44 | 0.80 | ||||||||||||
Integrated Telecommunication Services | 1.85 | 2.67 | ||||||||||||
Internet Services & Infrastructure | 1.85 | 1.72 | ||||||||||||
Specialty Chemicals | 1.84 | 2.68 | ||||||||||||
Home Improvement Retail | 1.83 | — | ||||||||||||
Automotive Retail | 1.65 | — | ||||||||||||
Airport Services | 1.64 | 1.34 | ||||||||||||
Diversified Support Services | 1.60 | 1.13 | ||||||||||||
Real Estate Services | 1.59 | 2.34 | ||||||||||||
Oil & Gas Storage & Transportation | 1.44 | 1.59 | ||||||||||||
Oil & Gas Refining & Marketing | 1.42 | 1.87 | ||||||||||||
Soft Drinks | 1.32 | — | ||||||||||||
Electrical Components & Equipment | 1.27 | 1.25 | ||||||||||||
Health Care Supplies | 1.17 | 1.30 | ||||||||||||
Advertising | 1.13 | 0.82 | ||||||||||||
Real Estate Operating Companies | 1.08 | — | ||||||||||||
Cable & Satellite | 1.05 | — | ||||||||||||
Movies & Entertainment | 1.02 | 2.68 | ||||||||||||
Insurance Brokers | 1.00 | 1.05 | ||||||||||||
Leisure Facilities | 0.99 | 0.11 | ||||||||||||
Health Care Equipment | 0.93 | — | ||||||||||||
Independent Power Producers & Energy Traders | 0.92 | 1.29 | ||||||||||||
Airlines | 0.88 | 0.63 | ||||||||||||
Health Care Distributors | 0.78 | 0.77 | ||||||||||||
Commercial Printing | 0.78 | 0.47 | ||||||||||||
Home Furnishings | 0.77 | — | ||||||||||||
Managed Health Care | 0.73 | 1.65 | ||||||||||||
Metal & Glass Containers | 0.69 | 0.68 | ||||||||||||
Other Diversified Financial Services | 0.63 | 0.01 | ||||||||||||
Thrifts & Mortgage Finance | 0.63 | 0.06 | ||||||||||||
Health Care Technology | 0.55 | 1.29 | ||||||||||||
Auto Parts & Equipment | 0.49 | 2.02 | ||||||||||||
Electronic Components | 0.40 | 1.53 | ||||||||||||
Property & Casualty Insurance | 0.39 | 2.88 | ||||||||||||
Restaurants | 0.37 | 0.61 | ||||||||||||
IT Consulting & Other Services | 0.30 | 0.89 | ||||||||||||
Research & Consulting Services | 0.29 | 1.49 | ||||||||||||
Systems Software | 0.26 | 1.24 | ||||||||||||
Leisure Products | 0.26 | — | ||||||||||||
Alternative Carriers | 0.26 | — | ||||||||||||
Apparel, Accessories & Luxury Goods | 0.20 | 0.82 | ||||||||||||
Air Freight & Logistics | 0.19 | — | ||||||||||||
Integrated Oil & Gas | 0.19 | — | ||||||||||||
Food Distributors | 0.18 | — | ||||||||||||
Food Retail | 0.15 | 0.41 | ||||||||||||
Diversified Banks | 0.14 | — | ||||||||||||
Technology Distributors | 0.12 | — | ||||||||||||
Construction Materials | 0.09 | 0.13 | ||||||||||||
Housewares & Specialties | 0.07 | — | ||||||||||||
Education Services | 0.04 | 1.37 | ||||||||||||
General Merchandise Stores | — | 1.15 | ||||||||||||
Hotels, Resorts & Cruise Lines | — | 0.92 | ||||||||||||
Diversified Real Estate Activities | — | 0.92 | ||||||||||||
Trading Companies & Distributors | — | 0.61 | ||||||||||||
Oil & Gas Equipment & Services | — | 0.20 | ||||||||||||
Health Care Facilities | — | 0.19 | ||||||||||||
Specialty Stores | — | 0.08 | ||||||||||||
Specialized REITs | — | 0.01 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||
Cost: | ||||||
Multi-sector holdings (1) | 9.67 | % | 9.85 | % | ||
Application software | 8.73 | 5.34 | ||||
Healthcare services | 6.62 | 7.43 | ||||
Data processing & outsourced services | 6.46 | 5.45 | ||||
Biotechnology | 5.43 | 0.74 | ||||
Property & casualty insurance | 4.83 | 4.13 | ||||
Pharmaceuticals | 3.92 | 4.30 | ||||
Specialized finance | 3.52 | 3.02 | ||||
Healthcare technology | 3.37 | 3.19 | ||||
Auto parts & equipment | 2.82 | 2.65 | ||||
Advertising | 2.80 | 2.64 | ||||
Real estate services | 2.60 | — | ||||
Research & consulting services | 2.30 | 2.15 | ||||
Integrated telecommunication services | 2.23 | 2.10 | ||||
Aerospace & defense | 2.23 | 2.86 | ||||
Internet services & infrastructure | 2.15 | 0.34 | ||||
Specialty chemicals | 2.10 | 1.98 | ||||
Systems software | 2.10 | 0.99 | ||||
Oil & gas refining & marketing | 2.01 | 1.40 | ||||
Alternative carriers | 1.94 | — | ||||
Managed healthcare | 1.83 | 1.73 | ||||
Construction & engineering | 1.55 | 1.89 | ||||
Healthcare distributors | 1.49 | 1.22 | ||||
Interactive media & services | 1.44 | — | ||||
Electrical components & equipment | 1.40 | 2.42 | ||||
General merchandise stores | 1.25 | 1.43 | ||||
Movies & entertainment | 1.25 | 1.21 | ||||
Diversified support services | 1.24 | 1.20 | ||||
Apparel, accessories & luxury goods | 1.20 | 1.14 | ||||
Industrial machinery | 1.13 | 1.87 | ||||
Education services | 1.04 | 0.86 | ||||
IT consulting & other services | 0.99 | 0.05 | ||||
Food retail | 0.96 | 1.37 | ||||
Oil & gas equipment & services | 0.80 | 3.53 | ||||
Oil & gas storage & transportation | 0.77 | — | ||||
Airlines | 0.70 | 2.03 | ||||
Trading companies & distributors | 0.68 | 0.43 | ||||
Specialized REITs | 0.55 | — | ||||
Household appliances | 0.52 | 0.49 | ||||
Commercial printing | 0.40 | 0.36 | ||||
Environmental & facilities services | 0.39 | 0.37 | ||||
Restaurants | 0.20 | 0.19 | ||||
Leisure facilities | 0.12 | 0.34 | ||||
Specialty stores | 0.09 | 2.73 | ||||
Thrifts & mortgage finance | 0.08 | 0.33 | ||||
Human resource & employment services | 0.05 | 0.10 | ||||
Department stores | 0.04 | 0.04 | ||||
Other diversified financial services | 0.01 | 0.01 | ||||
Healthcare equipment | — | 2.98 | ||||
Oil & gas exploration & production | — | 2.16 | ||||
Technology distributors | — | 2.14 | ||||
Consumer electronics | — | 1.38 | ||||
Personal products | — | 1.20 | ||||
Investment banking & brokerage | — | 0.78 | ||||
Security & alarm services | — | 0.69 | ||||
Coal & consumable fuels | — | 0.46 | ||||
Commodity chemicals | — | 0.18 | ||||
Hypermarkets & super centers | — | 0.13 | ||||
Total | 100.00 | % | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||
Fair value: | ||||||
Application software | 9.00 | % | 6.47 | % | ||
Multi-sector holdings (1) | 8.94 | 9.57 | ||||
Data processing & outsourced services | 6.83 | 4.98 | ||||
Biotechnology | 5.96 | 0.80 | ||||
Property & casualty insurance | 5.16 | 4.52 | ||||
Pharmaceuticals | 4.18 | 4.82 | ||||
Healthcare services | 4.06 | 4.50 | ||||
Healthcare technology | 3.64 | 3.50 | ||||
Specialized finance | 3.58 | 3.24 | ||||
Auto parts & equipment | 2.82 | 2.89 | ||||
Real estate services | 2.75 | — | ||||
Research & consulting services | 2.60 | 2.44 | ||||
Advertising | 2.59 | 2.19 | ||||
Aerospace & defense | 2.35 | 3.11 | ||||
Internet services & infrastructure | 2.26 | 0.37 | ||||
Oil & gas refining & marketing | 2.20 | 1.52 | ||||
Systems software | 2.19 | 1.08 | ||||
Alternative carriers | 2.06 | — | ||||
Integrated telecommunication services | 2.01 | 1.90 | ||||
Managed healthcare | 1.93 | 1.88 | ||||
Construction & engineering | 1.67 | 2.14 | ||||
Specialty chemicals | 1.64 | 2.06 | ||||
Interactive media & services | 1.56 | — | ||||
Healthcare distributors | 1.53 | 1.30 | ||||
Electrical components & equipment | 1.39 | 2.70 | ||||
Diversified support services | 1.30 | 1.23 | ||||
Movies & entertainment | 1.29 | 1.31 | ||||
General merchandise stores | 1.18 | 1.55 | ||||
Industrial machinery | 1.17 | 1.97 | ||||
Airlines | 1.12 | 2.18 | ||||
Leisure products | 1.05 | 0.81 | ||||
Food retail | 1.04 | 1.48 | ||||
IT consulting & other services | 0.96 | 0.03 | ||||
Oil & gas equipment & services | 0.95 | 4.01 | ||||
Apparel, accessories & luxury goods | 0.92 | 0.91 | ||||
Oil & gas storage & transportation | 0.83 | — | ||||
Trading companies & distributors | 0.72 | 0.47 | ||||
Specialized REITs | 0.57 | — | ||||
Household appliances | 0.53 | 0.53 | ||||
Environmental & facilities services | 0.41 | 0.42 | ||||
Commercial printing | 0.41 | 0.40 | ||||
Leisure facilities | 0.33 | 0.55 | ||||
Restaurants | 0.19 | 0.21 | ||||
Human resource & employment services | 0.05 | 0.11 | ||||
Thrifts & mortgage finance | 0.05 | 0.32 | ||||
Department stores | 0.03 | 0.04 | ||||
Education services | — | (0.14 | ) | |||
Specialty stores | — | 2.95 | ||||
Oil & gas exploration & production | — | 2.38 | ||||
Technology distributors | — | 2.32 | ||||
Consumer electronics | — | 1.57 | ||||
Personal products | — | 1.31 | ||||
Investment banking & brokerage | — | 0.86 | ||||
Security & alarm services | — | 0.73 | ||||
Healthcare equipment | — | 0.66 | ||||
Coal & consumable fuels | — | 0.50 | ||||
Commodity chemicals | — | 0.21 | ||||
Hypermarkets & super centers | — | 0.14 | ||||
Total | 100.00 | % | 100.00 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||
Fair value: | ||||||||||||||
Application Software | 14.58 | % | 10.21 | % | ||||||||||
Multi-Sector Holdings (1) | 7.41 | 7.74 | ||||||||||||
Pharmaceuticals | 5.56 | 6.55 | ||||||||||||
Data Processing & Outsourced Services | 4.46 | 6.33 | ||||||||||||
Biotechnology | 4.44 | 6.14 | ||||||||||||
Personal Products | 4.13 | 3.24 | ||||||||||||
Industrial Machinery | 3.53 | 0.74 | ||||||||||||
Health Care Services | 3.31 | 3.81 | ||||||||||||
Aerospace & Defense | 2.72 | 1.56 | ||||||||||||
Specialized Finance | 2.69 | 3.08 | ||||||||||||
Internet & Direct Marketing Retail | 2.68 | 0.97 | ||||||||||||
Fertilizers & Agricultural Chemicals | 2.64 | 2.14 | ||||||||||||
Construction & Engineering | 2.47 | 0.86 | ||||||||||||
Integrated Telecommunication Services | 1.94 | 2.61 | ||||||||||||
Internet Services & Infrastructure | 1.87 | 1.69 | ||||||||||||
Specialty Chemicals | 1.82 | 2.48 | ||||||||||||
Home Improvement Retail | 1.82 | — | ||||||||||||
Automotive Retail | 1.65 | — | ||||||||||||
Real Estate Services | 1.61 | 2.40 | ||||||||||||
Diversified Support Services | 1.60 | 1.12 | ||||||||||||
Airport Services | 1.59 | 1.35 | ||||||||||||
Oil & Gas Refining & Marketing | 1.43 | 1.90 | ||||||||||||
Oil & Gas Storage & Transportation | 1.35 | 1.64 | ||||||||||||
Soft Drinks | 1.31 | — | ||||||||||||
Electrical Components & Equipment | 1.26 | 1.30 | ||||||||||||
Advertising | 1.19 | 0.85 | ||||||||||||
Health Care Supplies | 1.18 | 1.37 | ||||||||||||
Real Estate Operating Companies | 1.11 | — | ||||||||||||
Insurance Brokers | 1.08 | 1.15 | ||||||||||||
Cable & Satellite | 1.06 | — | ||||||||||||
Movies & Entertainment | 1.06 | 2.77 | ||||||||||||
Airlines | 0.96 | 0.83 | ||||||||||||
Health Care Equipment | 0.93 | — | ||||||||||||
Independent Power Producers & Energy Traders | 0.92 | 1.32 | ||||||||||||
Leisure Facilities | 0.90 | — | ||||||||||||
Commercial Printing | 0.79 | 0.47 | ||||||||||||
Home Furnishings | 0.77 | — | ||||||||||||
Health Care Distributors | 0.77 | 0.78 | ||||||||||||
Managed Health Care | 0.74 | 1.70 | ||||||||||||
Metal & Glass Containers | 0.68 | 0.75 | ||||||||||||
Thrifts & Mortgage Finance | 0.62 | 0.02 | ||||||||||||
Other Diversified Financial Services | 0.62 | — | ||||||||||||
Health Care Technology | 0.55 | 1.40 | ||||||||||||
Auto Parts & Equipment | 0.48 | 1.99 | ||||||||||||
Electronic Components | 0.40 | 1.69 | ||||||||||||
Property & Casualty Insurance | 0.39 | 2.97 | ||||||||||||
Restaurants | 0.37 | 0.50 | ||||||||||||
Research & Consulting Services | 0.30 | 1.54 | ||||||||||||
IT Consulting & Other Services | 0.29 | 0.88 | ||||||||||||
Alternative Carriers | 0.27 | — | ||||||||||||
Systems Software | 0.26 | 1.30 | ||||||||||||
Leisure Products | 0.26 | — | ||||||||||||
Air Freight & Logistics | 0.19 | — | ||||||||||||
Integrated Oil & Gas | 0.19 | — | ||||||||||||
Food Distributors | 0.18 | — | ||||||||||||
Food Retail | 0.15 | 0.44 | ||||||||||||
Diversified Banks | 0.14 | — | ||||||||||||
Technology Distributors | 0.12 | — | ||||||||||||
Construction Materials | 0.09 | 0.13 | ||||||||||||
Housewares & Specialties | 0.08 | — | ||||||||||||
Education Services | 0.04 | 0.45 | ||||||||||||
Apparel, Accessories & Luxury Goods | — | 0.50 | ||||||||||||
General Merchandise Stores | — | 1.14 | ||||||||||||
Hotels, Resorts & Cruise Lines | — | 1.09 | ||||||||||||
Diversified Real Estate Activities | — | 1.07 | ||||||||||||
Trading Companies & Distributors | — | 0.64 | ||||||||||||
Health Care Facilities | — | 0.23 | ||||||||||||
Oil & Gas Equipment & Services | — | 0.16 | ||||||||||||
Specialized REITs | — | 0.01 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
September 30, 2019 | September 30, 2018 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||||||||||||||||||||||||||||||||||
Accrual | $ | 1,311,849 | 95.72 | % | $ | 1,305,718 | 99.79 | % | $ | 1,298,999 | 85.46 | % | $ | 1,318,531 | 93.03 | % | Accrual | $ | 1,500,364 | 98.79 | % | $ | 1,483,284 | 99.89 | % | |||||||||||||||||||||||||||||
PIK non-accrual (1) | 12,661 | 0.92 | — | — | 12,661 | 0.83 | — | — | PIK non-accrual (1) | 12,661 | 0.83 | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash non-accrual (2) | 46,107 | 3.36 | 2,706 | 0.21 | 208,345 | 13.71 | 98,760 | 6.97 | Cash non-accrual (2) | 5,712 | 0.38 | 1,571 | 0.11 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,370,617 | 100.00 | % | $ | 1,308,424 | 100.00 | % | $ | 1,520,005 | 100.00 | % | $ | 1,417,291 | 100.00 | % | Total | $ | 1,518,737 | 100.00 | % | $ | 1,484,855 | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||
Senior secured loans (1) | $340,960 | $297,053 | ||
Weighted average interest rate on senior secured loans (2) | 6.57% | 7.20% | ||
Number of borrowers in SLF JV I | 51 | 40 | ||
Largest exposure to a single borrower (1) | $10,835 | $17,512 | ||
Total of five largest loan exposures to borrowers (1) | $50,510 | $66,507 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 6.07 | % | Diversified support services | $ | 9,300 | $ | 9,256 | $ | 9,201 | ||||||
AdVenture Interactive, Corp. | 927 shares of common stock | Advertising | 1,390 | 1,295 | (4) | |||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 6.60 | % | Electrical components & equipment | 6,145 | 5,992 | 5,659 | (4) | ||||||||
Air Newco LP | First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024 | 6.79 | % | IT consulting & other services | 9,900 | 9,875 | 9,916 | |||||||||
AL Midcoast Holdings LLC | First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025 | 7.60 | % | Oil & gas storage & transportation | 9,900 | 9,801 | 9,764 | |||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 6.03 | % | Integrated telecommunication services | 7,444 | 7,282 | 7,439 | |||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022 | 6.79 | % | Pharmaceuticals | 7,656 | 7,656 | 6,963 | |||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 9.56 | % | Application software | 4,615 | 4,534 | 4,530 | (4) | ||||||||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | Application software | — | (7 | ) | (7 | ) | (4)(5) | |||||||||
Total Apptio, Inc. | 4,527 | 4,523 | ||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 5.04 | % | Data processing & outsourced services | 9,875 | 9,855 | 9,858 | |||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 6.29 | % | Systems software | 7,609 | 7,518 | 7,336 | (4) | ||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 6.05 | % | Oil & gas equipment & services | 7,406 | 7,376 | 6,855 | |||||||||
C5 Technology Holdings, LLC | 171 Common Units | IT consulting & other services | — | — | (4) | |||||||||||
7,193,539.63 Preferred Units | 7,194 | 7,194 | (4) | |||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 7,194 | ||||||||||||||
Cast & Crew Payroll, LLC | First Lien Term Loan, LIBOR+4.00% cash due 2/9/2026 | 6.05 | % | Application software | 4,975 | 4,925 | 5,018 | |||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 7.10 | % | Oil & gas refining & marketing | 7,960 | 7,880 | 8,010 | (4) | ||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026 | 7.10 | % | Alternative Carriers | 8,000 | 7,840 | 7,888 | (4) | ||||||||
Curium Bidco S.à r.l. | First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026 | 6.10 | % | Biotechnology | 6,000 | 5,955 | 6,030 | |||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 8/8/2026 | 6.26 | % | Internet services & infrastructure | 8,000 | 7,980 | 7,985 | |||||||||
DigiCert, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/31/2024 | 6.04 | % | Internet services & infrastructure | 8,250 | 8,148 | 8,249 | (4) | ||||||||
Ellie Mae, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/17/2026 | 6.04 | % | Application software | 5,000 | 4,975 | 5,015 | |||||||||
Everi Payments Inc. | First Lien Term Loan, LIBOR+3.00% cash due 5/9/2024 | 5.04 | % | Casinos & gaming | 4,764 | 4,742 | 4,776 | |||||||||
Falmouth Group Holdings Corp. | First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021 | 8.95 | % | Specialty chemicals | 4,938 | 4,909 | 4,910 | |||||||||
Frontier Communications Corporation | First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024 | 5.80 | % | Integrated telecommunication services | 6,473 | 6,400 | 6,471 | |||||||||
Gentiva Health Services, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 7/2/2025 | 5.81 | % | Healthcare services | 7,920 | 7,801 | 7,974 | |||||||||
Gigamon, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024 | 6.29 | % | Systems software | 7,860 | 7,801 | 7,644 | |||||||||
GoodRx, Inc. | First Lien Term Loan, LIBOR+2.75% cash due 10/10/2025 | 4.81 | % | Interactive media & services | 7,852 | 7,835 | 7,862 | |||||||||
Guidehouse LLP | Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026 | 9.54 | % | Research & consulting services | 6,000 | 5,975 | 5,925 | (4) |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Indivior Finance S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022 | 6.76 | % | Pharmaceuticals | $ | 7,898 | $ | 7,797 | $ | 7,272 | ||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023 | 5.80 | % | Alternative Carriers | 10,000 | 9,891 | 10,042 | |||||||||
KIK Custom Products Inc. | First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023 | 6.26 | % | Household products | 8,000 | 7,972 | 7,610 | |||||||||
McDermott Technology (Americas), Inc. | First Lien Term Loan, LIBOR+5.00% cash due 5/9/2025 | 7.10 | % | Oil & gas equipment & services | 4,187 | 4,119 | 2,676 | |||||||||
Mindbody, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025 | 9.06 | % | Internet services & infrastructure | 4,524 | 4,443 | 4,438 | (4) | ||||||||
First Lien Revolver, LIBOR+7.00% cash due 2/15/2025 | Internet services & infrastructure | — | (9 | ) | (9 | ) | (4)(5) | |||||||||
Total Mindbody, Inc. | 4,434 | 4,429 | ||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 9/18/2026 | 6.13 | % | Healthcare technology | 6,000 | 5,970 | 6,008 | |||||||||
New IPT, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 7.10 | % | Oil & gas equipment & services | 1,422 | 1,422 | 1,422 | (4) | ||||||||
21.876 Class A Common Units in New IPT Holdings, LLC | Oil & gas equipment & services | — | 1,268 | (4) | ||||||||||||
Total New IPT, Inc. | 1,422 | 2,690 | ||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 6.56 | % | Electrical components & equipment | 6,895 | 6,868 | 6,792 | |||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 7.05 | % | Application software | 5,993 | 5,961 | 5,882 | |||||||||
OCI Beaumont LLC | First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025 | 6.10 | % | Commodity chemicals | 7,880 | 7,872 | 7,890 | |||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026 | 6.13 | % | Application software | 7,312 | 7,275 | 7,298 | |||||||||
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026 | Application software | — | (3 | ) | (1 | ) | (5) | |||||||||
Total OEConnection LLC | 7,272 | 7,297 | ||||||||||||||
Red Ventures, LLC | First Lien Term Loan, LIBOR+3.00% cash due 11/8/2024 | 5.04 | % | Interactive media & services | 3,990 | 3,971 | 4,011 | |||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+6.00% cash due 2/28/2022 | 8.05 | % | Aerospace & defense | 2,205 | 2,183 | 2,094 | (4) | ||||||||
Scientific Games International, Inc. | First Lien Term Loan, LIBOR+2.75% cash due 8/14/2024 | 4.79 | % | Casinos & gaming | 6,516 | 6,491 | 6,470 | |||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022 | 7.26 | % | Footwear | 8,420 | 8,403 | 7,999 | |||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 6.60 | % | Healthcare services | 9,850 | 9,775 | 9,838 | |||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 7.54 | % | Diversified support services | 4,906 | 4,833 | 4,759 | |||||||||
Sunshine Luxembourg VII SARL | First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026 | 6.59 | % | Personal products | 8,000 | 7,960 | 8,048 | |||||||||
Thruline Marketing, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 | 9.10 | % | Advertising | 1,854 | 1,851 | 1,854 | (4) | ||||||||
927 Class A Units in FS AVI Holdco, LLC | Advertising | 1,088 | 658 | (4) | ||||||||||||
Total Thruline Marketing, Inc. | 2,939 | 2,512 | ||||||||||||||
Triple Royalty Sub LLC | Fixed Rate Bond 144A 9.0% Toggle PIK cash due 4/15/2033 | Pharmaceuticals | 5,000 | 5,000 | 5,175 | |||||||||||
Uber Technologies, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 6.03 | % | Application software | 9,875 | 9,836 | 9,836 | (4) | ||||||||
UFC Holdings, LLC | First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026 | 5.30 | % | Movies & entertainment | 4,489 | 4,489 | 4,506 | |||||||||
Uniti Group LP | First Lien Term Loan, LIBOR+5.00% cash due 10/24/2022 | 7.04 | % | Specialized REITs | 6,401 | 6,221 | 6,256 | (4) | ||||||||
Valeant Pharmaceuticals International Inc. | First Lien Term Loan, LIBOR+2.75% cash due 11/27/2025 | 4.79 | % | Pharmaceuticals | 1,772 | 1,764 | 1,778 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023 | 6.60 | % | Application software | $ | 6,894 | $ | 6,856 | $ | 6,534 | (4) | |||||
Verra Mobility, Corp. | First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025 | 5.79 | % | Data processing & outsourced services | 10,835 | 10,849 | 10,894 | |||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 10.01 | % | Aerospace & defense | 6,000 | 5,949 | 5,974 | (4) | ||||||||
$ | 340,960 | $ | 347,985 | $ | 345,032 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Accudyne Industries, LLC | First Lien Term Loan, LIBOR+3.00% cash due 8/18/2024 | 5.24 | % | Industrial machinery | $ | 9,088 | $ | 9,088 | $ | 9,134 | ||||||
AdVenture Interactive, Corp. | 927 Common Stock Shares | Advertising | 1,390 | 670 | (4) | |||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 7.02 | % | Electrical components & equipment | 11,300 | 10,970 | 11,367 | (4) | ||||||||
Air Newco LP | First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024 | 6.88 | % | IT consulting & other services | 10,000 | 9,975 | 10,100 | |||||||||
AL Midcoast Holdings LLC | First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025 | 7.84 | % | Oil & gas storage & transportation | 10,000 | 9,900 | 10,041 | |||||||||
Allied Universal Holdco LLC | First Lien Term Loan, LIBOR+3.75% cash due 7/28/2022 | 6.14 | % | Security & alarm services | 6,912 | 6,956 | 6,821 | (4) | ||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 6.16 | % | Integrated telecommunication services | 7,500 | 7,313 | 7,457 | |||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022 | 6.99 | % | Pharmaceuticals | 9,822 | 9,822 | 9,918 | |||||||||
Asset International, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 12/30/2024 | 6.89 | % | Research & consulting services | 6,948 | 6,824 | 6,917 | |||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 5.39 | % | Data processing & outsourced services | 9,975 | 9,951 | 10,049 | |||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 6.17 | % | Oil & gas equipment & services | 7,481 | 7,446 | 7,458 | |||||||||
Chloe Ox Parent LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 6.89 | % | Healthcare services | 9,950 | 9,860 | 9,987 | |||||||||
Clearent Newco, LLC | First Lien Term Loan, LIBOR+4.00% cash due 3/20/2024 | 6.24 | % | Application software | 6,894 | 6,800 | 6,796 | |||||||||
Delayed Draw Term Loan, LIBOR+4.00% cash due 3/20/2024 | 6.19 | % | Application software | 337 | 310 | 309 | ||||||||||
First Lien Revolver, PRIME+3.00% cash due 3/20/2023 | 8.00 | % | Application software | 852 | 837 | 836 | ||||||||||
Total Clearent Newco, LLC | 8,083 | 7,947 | 7,941 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
EOS Fitness Opco Holdings, LLC | First Lien Term Loan, LIBOR+8.25% cash due 12/30/2019 | 10.36 | % | Leisure facilities | $ | 17,512 | $ | 17,399 | $ | 17,512 | (4) | |||||
Eton | Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026 | 9.74 | % | Research & consulting services | 6,000 | 5,971 | 6,030 | (4) | ||||||||
Everi Payments Inc. | First Lien Term Loan, LIBOR+3.00% cash due 5/9/2024 | 5.24 | % | Casinos & gaming | 4,938 | 4,914 | 4,973 | |||||||||
Falmouth Group Holdings Corp. | First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021 | 8.99 | % | Specialty chemicals | 4,330 | 4,300 | 4,330 | |||||||||
Garretson Resolution Group, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 5/22/2021 | Diversified support services | 5,797 | 5,772 | 1,159 | (5) | ||||||||||
Gigamon Inc. | First Lien Term Loan, LIBOR+4.50% cash due 12/27/2024 | 6.89 | % | Systems software | 7,940 | 7,869 | 8,000 | |||||||||
IBC Capital Ltd. | First Lien Term Loan, LIBOR+3.75% cash due 9/11/2023 | 6.09 | % | Metal & glass containers | 8,955 | 8,933 | 9,028 | |||||||||
InMotion Entertainment Group, LLC | First Lien Term Loan, LIBOR+7.25% cash due 10/1/2021 | 9.65 | % | Consumer electronics | 8,375 | 8,389 | 8,375 | (4) | ||||||||
First Lien Term Loan, LIBOR+7.25% cash due 10/1/2021 | 9.65 | % | Consumer electronics | 8,375 | 8,306 | 8,375 | ||||||||||
Total InMotion Entertainment Group, LLC | 16,750 | 16,695 | 16,750 | |||||||||||||
Keypath Education, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 | 9.39 | % | Advertising | 1,855 | 1,853 | 1,854 | (4) | ||||||||
927 shares Common Stock | Advertising | 1,088 | 816 | (4) | ||||||||||||
Total Keypath Education, Inc. | 1,855 | 2,941 | 2,670 | |||||||||||||
KIK Custom Products Inc. | First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023 | 6.24 | % | Household products | 8,000 | 7,965 | 7,975 | |||||||||
McDermott Technology (Americas) Inc. | First Lien Term Loan, LIBOR+5.00% cash due 5/12/2025 | 7.24 | % | Oil & gas equipment & services | 9,950 | 9,760 | 10,097 | (4) | ||||||||
Morphe LLC | First Lien Term Loan, LIBOR+6.00% cash due 2/10/2023 | 8.40 | % | Personal products | 4,388 | 4,348 | 4,388 | (4) | ||||||||
New IPT, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 7.39 | % | Oil & gas equipment & services | 1,794 | 1,794 | 1,794 | (4) | ||||||||
Second Lien Term Loan, LIBOR+5.10% cash due 9/17/2021 | 7.49 | % | Oil & gas equipment & services | 634 | 634 | 634 | (4) | |||||||||
21.876 Class A Common Units | Oil & gas equipment & services | — | — | 1,001 | (4) | |||||||||||
Total New IPT, Inc. | 2,428 | 2,428 | 3,429 | |||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.75% cash due 3/31/2025 | 7.08 | % | Electrical components & equipment | 6,965 | 6,933 | 6,974 | |||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 7.25 | % | Application software | 6,055 | 6,012 | 5,881 | |||||||||
OCI Beaumont LLC | First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025 | 6.39 | % | Commodity chemicals | 7,960 | 7,951 | 8,089 | |||||||||
Refac Optical Group | First Lien Term Loan, LIBOR+8.00% cash due 1/9/2019 | 10.26 | % | Specialty stores | 2,573 | 2,476 | 2,573 | (4)(5) | ||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+5.75% cash due 2/28/2022 | 7.99 | % | Aerospace & defense | 2,267 | 2,235 | 2,301 | (4) | ||||||||
Scientific Games International, Inc. | First Lien Term Loan, LIBOR+2.75% cash due 8/14/2024 | 5.03 | % | Casinos & gaming | 6,582 | 6,552 | 6,579 | |||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.00% cash due 11/18/2022 | 7.34 | % | Footwear | 8,507 | 8,484 | 8,082 | |||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 7.75 | % | Diversified support services | 5,000 | 4,925 | 5,019 | |||||||||
TravelCLICK, Inc. | Second Lien Term Loan, LIBOR+7.75% cash due 11/6/2021 | 9.99 | % | Data Processing & outsourced services | 2,871 | 2,871 | 2,871 | (4) | ||||||||
TV Borrower US, LLC | First Lien Term Loan, LIBOR+4.75% cash due 2/22/2024 | 7.14 | % | Integrated telecommunication services | 2,019 | 2,011 | 2,026 | |||||||||
Uber Technologies Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 6.12 | % | Application software | 9,975 | 9,928 | 10,055 | |||||||||
Uniti Group LP | First Lien Term Loan, LIBOR+3.00% cash due 10/24/2022 | 5.24 | % | Specialized REITs | 6,467 | 6,225 | 6,198 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023 | 6.78 | % | Application software | $ | 6,965 | $ | 6,915 | $ | 6,801 | ||||||
Verra Mobility, Corp. | First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025 | 5.99 | % | Data processing & outsourced services | 10,945 | 10,961 | 11,013 | (4) | ||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 10.15 | % | Aerospace & defense | 6,000 | 5,942 | 6,013 | |||||||||
$ | 297,053 | $ | 297,158 | $ | 294,676 |
September 30, 2021 | ||||||||
Senior secured loans (1) | $344,196 | |||||||
Weighted average interest rate on senior secured loans (2) | 5.60% | |||||||
Number of borrowers in SLF JV I | 55 | |||||||
Largest exposure to a single borrower (1) | $9,875 | |||||||
Total of five largest loan exposures to borrowers (1) | $46,984 |
September 30, 2019 | September 30, 2018 | |||||||
Selected Balance Sheet Information: | ||||||||
Investments at fair value (cost September 30, 2019: $347,985; cost September 30, 2018: $297,158) | $ | 345,032 | $ | 294,676 | ||||
Receivables from secured financing arrangements at fair value (cost September 30, 2019: $0; cost September 30, 2018: $9,801) | — | 7,069 | ||||||
Cash and cash equivalents | 3,674 | 3,226 | ||||||
Restricted cash | 5,242 | 4,808 | ||||||
Other assets | 6,912 | 4,418 | ||||||
Total assets | $ | 360,860 | $ | 314,197 | ||||
Senior credit facility payable | $ | 170,210 | $ | 153,010 | ||||
Debt securities payable at fair value (proceeds September 30, 2019: $110,000; proceeds September 30, 2018: $147,808) | 110,000 | 147,808 | ||||||
Other liabilities | 46,303 | 13,331 | ||||||
Total liabilities | 326,513 | 314,149 | ||||||
Members' equity | 34,347 | 48 | ||||||
Total liabilities and members' equity | $ | 360,860 | $ | 314,197 |
Year ended September 30, 2019 | Year ended September 30, 2018 | |||||||
Selected Statements of Operations Information: | ||||||||
Interest income | $ | 22,727 | $ | 20,574 | ||||
Other income | 153 | 65 | ||||||
Total investment income | 22,880 | 20,639 | ||||||
Interest expense | 19,858 | 20,713 | ||||||
Other expenses | 358 | 473 | ||||||
Total expenses (1) | 20,216 | 21,186 | ||||||
Net unrealized appreciation (depreciation) | 2,257 | 12,386 | ||||||
Net realized gains (losses) | (8,507 | ) | (16,311 | ) | ||||
Net income (loss) | $ | (3,586 | ) | $ | (4,472 | ) |
September 30, 2021 | ||||||||
Senior secured loans (1) | $126,512 | |||||||
Weighted average current interest rate on senior secured loans (2) | 5.86% | |||||||
Number of borrowers in the Glick JV | 37 | |||||||
Largest loan exposure to a single borrower (1) | $6,907 | |||||||
Total of five largest loan exposures to borrowers (1) | $28,324 |
Debt Outstanding as of September 30, 2020 | Debt Outstanding as of September 30, 2021 | Weighted average debt outstanding for the year ended September 30, 2021 | Maximum debt outstanding for the year ended September 30, 2021 | |||||||||||||||||||||||
Syndicated Facility | $ | 414,825 | $ | 495,000 | $ | 455,292 | $ | 700,025 | ||||||||||||||||||
Citibank Facility | — | 135,000 | 65,478 | 149,057 | ||||||||||||||||||||||
Deutsche Bank Facility | — | — | 13,107 | 115,700 | ||||||||||||||||||||||
2025 Notes | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||||||||||||||||
2027 Notes | — | 350,000 | 130,411 | 350,000 | ||||||||||||||||||||||
Secured borrowings | — | — | 102 | 9,341 | ||||||||||||||||||||||
Total debt | $ | 714,825 | $ | 1,280,000 | $ | 964,390 |
Payments due by period as of September 30, 2021 | ||||||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||||
Syndicated Facility | $ | 495,000 | $ | — | $ | — | $ | 495,000 | $ | — | ||||||||||||||||||||||
Interest due on Syndicated Facility | 49,305 | 10,731 | 21,462 | 17,112 | — | |||||||||||||||||||||||||||
Citibank Facility | 135,000 | — | 135,000 | — | — | |||||||||||||||||||||||||||
Interest due on Citibank Facility | 7,311 | 2,611 | 4,700 | — | — | |||||||||||||||||||||||||||
2025 Notes | 300,000 | — | — | 300,000 | — | |||||||||||||||||||||||||||
Interest due on 2025 Notes | 35,786 | 10,500 | 21,000 | 4,286 | — | |||||||||||||||||||||||||||
2027 Notes | 350,000 | — | — | — | 350,000 | |||||||||||||||||||||||||||
Interest due on 2027 Notes (a) | 33,607 | 6,346 | 12,692 | 12,692 | 1,877 | |||||||||||||||||||||||||||
Total | $ | 1,406,009 | $ | 30,188 | $ | 194,854 | $ | 829,090 | $ | 351,877 |
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | |||||||||
August 3, 2016 | October 14, 2016 | October 31, 2016 | $ | 0.06 | $ 8.2 million | 81,391 | $ 0.4 million | ||||||||
August 3, 2016 | November 15, 2016 | November 30, 2016 | 0.06 | 8.2 million | 80,962 | 0.4 million | |||||||||
October 18, 2016 | December 15, 2016 | December 30, 2016 | 0.06 | 7.7 million | 70,316 | 0.4 million | |||||||||
October 18, 2016 | January 13, 2017 | January 31, 2017 | 0.06 | 8.0 million | 73,940 | 0.4 million | |||||||||
October 18, 2016 | February 15, 2017 | February 28, 2017 | 0.06 | 8.0 million | 86,120 | 0.4 million | |||||||||
February 6, 2017 | March 15, 2017 | March 31, 2017 | 0.02 | 2.7 million | 27,891 | 0.1 million | |||||||||
February 6, 2017 | June 15, 2017 | June 30, 2017 | 0.02 | 2.7 million | 20,502 | 0.1 million | |||||||||
February 6, 2017 | September 15, 2017 | September 29, 2017 | 0.125 | 17.0 million | 118,992 | 0.7 million | |||||||||
August 7, 2017 | December 15, 2017 | December 29, 2017 | 0.125 | 17.3 million | 58,456 | 0.3 million | |||||||||
February 5, 2018 | March 15, 2018 | March 30, 2018 | 0.085 | 11.5 million | 122,884 | 0.5 million | |||||||||
May 3, 2018 | June 15, 2018 | June 29, 2018 | 0.095 | 13.0 million | 87,283 | 0.4 million | |||||||||
August 1, 2018 | September 15, 2018 | September 28, 2018 | 0.095 | 13.2 million | 34,575 | 0.2 million | |||||||||
November 19, 2018 | December 17, 2018 | December 28, 2018 | 0.095 | 13.0 million | 87,429 | 0.4 million | |||||||||
February 1, 2019 | March 15, 2019 | March 29, 2019 | 0.095 | 13.1 million | 59,603 | 0.3 million | |||||||||
May 3, 2019 | June 14, 2019 | June 28, 2019 | 0.095 | 13.1 million | 61,093 | 0.3 million | |||||||||
August 2, 2019 | September 13, 2019 | September 30, 2019 | 0.095 | 13.1 million | 61,205 | 0.3 million |
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | ||||||||||||||||||||||||||||||||||||||
November 19, 2018 | December 17, 2018 | December 28, 2018 | $ | 0.095 | $ 13.0 million | 87,429 | $ 0.4 million | |||||||||||||||||||||||||||||||||||||
February 1, 2019 | March 15, 2019 | March 29, 2019 | 0.095 | 13.1 million | 59,603 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
May 3, 2019 | June 14, 2019 | June 28, 2019 | 0.095 | 13.1 million | 61,093 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
August 2, 2019 | September 13, 2019 | September 30, 2019 | 0.095 | 13.1 million | 61,205 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
November 12, 2019 | December 13, 2019 | December 31, 2019 | 0.095 | 12.9 million | 87,747 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
January 31, 2020 | March 13, 2020 | March 31, 2020 | 0.095 | 12.9 million | 157,523 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
April 30, 2020 | June 15, 2020 | June 30, 2020 | 0.095 | 13.0 million | 87,351 | 0.4 million | ||||||||||||||||||||||||||||||||||||||
July 31, 2020 | September 15, 2020 | September 30, 2020 | 0.105 | 14.3 million | 102,404 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
November 13, 2020 | December 15, 2020 | December 31, 2020 | 0.11 | 15.0 million | 93,964 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
January 29, 2021 | March 15, 2021 | March 31, 2021 | 0.12 | 16.4 million | 81,702 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
April 30, 2021 | June 15, 2021 | June 30, 2021 | 0.13 | 22.9 million | 76,979 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
July 30, 2021 | September 15, 2021 | September 30, 2021 | 0.145 | 25.5 million | 85,075 | 0.6 million |
Financial Covenant | Description | Target Value | June 30, | |||||||||||||||||
Minimum shareholders' equity | Net assets shall not be less than the | $ | $ | |||||||||||||||||
Asset coverage ratio | Asset coverage ratio shall not be less than the greater of | |||||||||||||||||||
Interest coverage ratio | Interest coverage ratio shall not be less than | |||||||||||||||||||
Minimum net worth | Net worth shall not be less than | $ | $ |
As of September 30, 2021 | ||||||||||||||
($ in millions) | 2025 Notes | 2027 Notes | ||||||||||||
Principal | $ | 300.0 | $ | 350.0 | ||||||||||
Unamortized financing costs | (2.6) | (4.0) | ||||||||||||
Unaccreted discount | (1.7) | (0.9) | ||||||||||||
Interest rate swap fair value adjustment | — | (2.1) | ||||||||||||
Net carrying value | $ | 295.7 | $ | 343.0 | ||||||||||
Fair Value | $ | 314.5 | $ | 351.1 |
As of September 30, 2020 | ||||||||
($ in millions) | 2025 Notes | |||||||
Principal | $ | 300.0 | ||||||
Unamortized financing costs | (3.3) | |||||||
Unaccreted discount | (2.2) | |||||||
Net carrying value | $ | 294.5 | ||||||
Fair Value | $ | 301.4 |
($ in millions) | 2025 Notes | 2027 Notes | ||||||||||||
Coupon interest | $ | 10.5 | $ | 3.5 | ||||||||||
Amortization of financing costs and discount | 1.3 | 0.3 | ||||||||||||
Effect of interest rate swap | — | (1.1) | ||||||||||||
Total interest expense | $ | 11.8 | $ | 2.7 | ||||||||||
Coupon interest rate (net of effect of interest rate swap for 2027 Notes) | 3.500 | % | 1.813 | % |
($ in millions) | 2025 Notes | |||||||
Coupon interest | $ | 6.3 | ||||||
Amortization of financing costs and discount | 0.7 | |||||||
Total interest expense | $ | 7.0 | ||||||
Coupon interest rate | 3.500 | % |
September 30, 2019 | September 30, 2018 | |||||||
Assembled Brands Capital LLC | $ | 35,182 | $ | — | ||||
PaySimple, Inc. | 12,250 | — | ||||||
P2 Upstream Acquisition Co. | 9,000 | 10,000 | ||||||
Sorrento Therapeutics, Inc. | 7,500 | — | ||||||
TerSera Therapeutics, LLC | 4,200 | 3,281 | ||||||
Pingora MSR Opportunity Fund I-A, LP | 3,500 | 4,656 | ||||||
Mindbody, Inc. | 3,048 | — | ||||||
Thruline Marketing, Inc. | 3,000 | 3,000 | ||||||
New IPT, Inc. | 2,229 | 2,229 | ||||||
4 Over International, LLC | 1,977 | 2,232 | ||||||
Apptio, Inc. | 1,538 | — | ||||||
Senior Loan Fund JV I, LLC | 1,328 | 1,328 | ||||||
GKD Index Partners, LLC | 1,156 | 289 | ||||||
iCIMs, Inc. | 882 | 882 | ||||||
Ministry Brands, LLC | 800 | 700 | ||||||
PLATO Learning Inc. (1) | 746 | 2,671 | ||||||
Datto Inc. | — | 2,356 | ||||||
Thing5, LLC | — | 1,298 | ||||||
Dominion Diagnostics, LLC | — | 4,180 | ||||||
EOS Fitness Opco Holdings, LLC | — | 5,000 | ||||||
InMotion Entertainment Group, LLC | — | 7,534 | ||||||
Access CIG LLC | — | 765 | ||||||
Cenegenics, LLC (1) | — | 297 | ||||||
Total | $ | 88,336 | $ | 52,698 |
Debt Outstanding as of September 30, 2018 | Debt Outstanding as of September 30, 2019 | Weighted average debt outstanding for the year ended September 30, 2019 | Maximum debt outstanding for the year ended September 30, 2019 | |||||||||||||
Credit Facility | $ | 241,000 | $ | 314,825 | $ | 306,210 | $ | 439,825 | ||||||||
2019 Notes | 228,825 | — | 94,665 | 228,825 | ||||||||||||
2024 Notes | 75,000 | 75,000 | 75,000 | 75,000 | ||||||||||||
2028 Notes | 86,250 | 86,250 | 86,250 | 86,250 | ||||||||||||
Secured borrowings | 12,314 | — | 11,766 | 12,314 | ||||||||||||
Total debt | $ | 643,389 | $ | 476,075 | $ | 573,891 |
Payments due by period as of September 30, 2019 | ||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
Credit Facility | $ | 314,825 | $ | — | $ | — | $ | 314,825 | $ | — | ||||||||||
Interest due on Credit Facility | 57,540 | 13,061 | 26,122 | 18,357 | — | |||||||||||||||
2024 Notes | 75,000 | — | — | — | 75,000 | |||||||||||||||
Interest due on 2024 Notes | 22,418 | 4,406 | 8,813 | 8,813 | 386 | |||||||||||||||
2028 Notes | 86,250 | — | — | — | 86,250 | |||||||||||||||
Interest due on 2028 Notes | 45,374 | 5,283 | 10,566 | 10,566 | 18,959 | |||||||||||||||
Total | $ | 601,407 | $ | 22,750 | $ | 45,501 | $ | 352,561 | $ | 180,595 |
Year Ended | Qualified Net Interest Income | Qualified Short-Term Capital Gains | |||||||||
September 30, | % | — |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | % of Floating Rate Portfolio | Fair Value | % of Floating Rate Portfolio | ||||||||||||||||||||||||||||||||||
0% | $ | 322,222 | 14.6 | % | $ | 553,829 | 42.2 | % | ||||||||||||||||||||||||||||||
>0% and <1% | 283,065 | 12.8 | % | 39,789 | 3.0 | % | ||||||||||||||||||||||||||||||||
1% | 1,507,977 | 68.4 | % | 672,529 | 51.3 | % | ||||||||||||||||||||||||||||||||
>1% | 92,384 | 4.2 | % | 45,362 | 3.5 | % | ||||||||||||||||||||||||||||||||
Total Floating Rate Investments | $ | 2,205,648 | 100.0 | % | $ | 1,311,509 | 100.0 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||
($ in thousands) | Fair Value | % of Floating Rate Portfolio | Fair Value | % of Floating Rate Portfolio | ||||||||||
Under 1% | $ | 489,464 | 41.64 | % | $ | 282,999 | 23.99 | % | ||||||
1% to 2% | 685,995 | 58.36 | 896,574 | 76.01 | ||||||||||
Total | $ | 1,175,459 | 100.00 | % | $ | 1,179,573 | 100.00 | % |
($ in thousands) | ||||||||||||||||||||
Basis point increase | Increase in Interest Income | (Increase) in Interest Expense | Net increase (decrease) in net assets resulting from operations | |||||||||||||||||
250 | $ | 38,500 | $ | (24,500) | $ | 14,000 | ||||||||||||||
200 | 27,660 | (19,600) | 8,060 | |||||||||||||||||
150 | 16,905 | (14,700) | 2,205 | |||||||||||||||||
100 | 6,338 | (9,800) | (3,462) | |||||||||||||||||
50 | 1,744 | (4,900) | (3,156) |
($ in thousands) | ||||||||||||
Basis point increase | Interest Income | Interest Expense | Net increase (decrease) | |||||||||
300 | $ | 36,166 | $ | (9,445 | ) | $ | 26,721 | |||||
200 | 24,078 | (6,297 | ) | 17,781 | ||||||||
100 | 11,991 | (3,148 | ) | 8,843 |
Basis point decrease | Interest Income | Interest Expense | Net increase (decrease) | |||||||||
100 | $ | (11,832 | ) | $ | 3,148 | $ | (8,684 | ) | ||||
200 (1) | (16,903 | ) | 6,297 | (10,606 | ) |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
($ in thousands) | Interest Bearing Cash and Investments | Borrowings | Interest Bearing Cash and Investments | Borrowings | ||||||||||||||||||||||
Money market rate | $ | 23,600 | $ | — | $ | 35,248 | $ | — | ||||||||||||||||||
Prime rate | 305 | 10,000 | 305 | — | ||||||||||||||||||||||
LIBOR | ||||||||||||||||||||||||||
30 day | 674,613 | 485,000 | 717,576 | 414,825 | ||||||||||||||||||||||
60 day | — | — | 6,861 | — | ||||||||||||||||||||||
90 day (a) | 1,037,019 | 485,000 | 362,141 | — | ||||||||||||||||||||||
180 day | 323,869 | — | 201,699 | — | ||||||||||||||||||||||
360 day | 96,095 | — | 23,351 | — | ||||||||||||||||||||||
EURIBOR | ||||||||||||||||||||||||||
30 day | 28,786 | — | 29,126 | — | ||||||||||||||||||||||
90 day | 19,599 | — | — | — | ||||||||||||||||||||||
180 day | 18,516 | — | 1,689 | — | ||||||||||||||||||||||
UK LIBOR | ||||||||||||||||||||||||||
30 day | 28,991 | — | 23,270 | — | ||||||||||||||||||||||
180 day | 25,128 | — | 14,612 | — | ||||||||||||||||||||||
Fixed rate | 200,599 | 300,000 | 171,976 | 300,000 | ||||||||||||||||||||||
Total | $ | 2,477,120 | $ | 1,280,000 | $ | 1,587,854 | $ | 714,825 |
September 30, 2019 | September 30, 2018 | |||||||||||||||
($ in thousands) | Interest Bearing Cash and Investments | Borrowings | Interest Bearing Cash and Investments | Borrowings | ||||||||||||
Money market rate | $ | 9,611 | $ | — | $ | 9,108 | $ | — | ||||||||
Prime rate | 48,036 | 14,000 | 1,011 | — | ||||||||||||
LIBOR | ||||||||||||||||
30 day | 686,880 | 300,825 | 609,755 | 241,000 | ||||||||||||
60 day | 9,000 | — | 55,949 | — | ||||||||||||
90 day | 402,603 | — | 606,856 | 12,314 | ||||||||||||
180 day | 20,967 | — | 15,000 | — | ||||||||||||
EURIBOR | ||||||||||||||||
180 day | 19,078 | — | — | — | ||||||||||||
UK LIBOR | ||||||||||||||||
30 day | 22,181 | — | — | — | ||||||||||||
Fixed rate | 185,809 | 161,250 | 296,031 | 390,075 | ||||||||||||
Total | $ | 1,404,165 | $ | 476,075 | $ | 1,593,710 | $ | 643,389 |
Item 8. | Consolidated Financial Statements. |
Description of the Matter | As described in Note 3 to the consolidated financial statements, the Company classified $2,161,581 thousand of its investments as Level 3 within the fair value hierarchy (Level 3 investments) as of September 30, 2021. As described in Note 2 and Note 3 to the consolidated financial statements, the Company’s Board of Directors determined the fair value of the Company’s Level 3 investments by using valuation techniques such as broker quotations, precedent transactions, enterprise value analyses or market yield techniques. These techniques require management to make judgments about the significant unobservable inputs including, among others, comparable EBITDA, revenue or asset multiples, market yields and broker quoted prices. Auditing the fair value of the Company’s Level 3 investments involved a high degree of auditor judgment and extensive audit effort, as changes in the valuation techniques or significant unobservable inputs could have resulted in significant changes in fair value measurements. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls related to the Company’s investment valuation process, including controls related to the Company’s assessment of valuation techniques and significant unobservable inputs used in determining the fair value measurements of the Level 3 investments. Our audit procedures included, among others, evaluating the Company’s valuation techniques and significant unobservable inputs used. Our audit procedures also included, for a sample of Level 3 investments, validating the mathematical accuracy of the fair value calculations and validating the accuracy of other relevant inputs used in estimating fair value measurement, such as investment terms and portfolio company financial information. For example, we compared publicly available information in the Company’s valuation models (e.g., market yields, EBITDA, revenue, and asset multiples of comparable public companies and comparable public transactions) to information available from third-party market research providers. We also compared the significant company-specific inputs in the Company’s valuation models to source documents, such as portfolio company financial statements and covenant certificates provided by the Company. To evaluate the reasonableness of significant unobservable inputs, we assessed whether these inputs were developed in a manner consistent with the Company’s valuation policies and in some instances, we involved our valuation specialists to independently develop ranges using portfolio company and available market information to estimate the fair value of selected investments and we compared these ranges to the Company’s fair value measurements. We also evaluated subsequent events and transactions and considered whether they corroborated or contradicted the Company’s fair value measurements. |
September 30, 2021 | September 30, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Investments at fair value: | ||||||||||||||
Control investments (cost September 30, 2021: $283,599; cost September 30, 2020: $245,950) | $ | 270,765 | $ | 201,385 | ||||||||||
Affiliate investments (cost September 30, 2021: $18,763; cost September 30, 2020: $7,551) | 18,289 | 6,509 | ||||||||||||
Non-control/Non-affiliate investments (cost September 30, 2021: $2,236,759; cost September 30, 2020: $1,415,669) | 2,267,575 | 1,365,957 | ||||||||||||
Total investments at fair value (cost September 30, 2021: $2,539,121; cost September 30, 2020: $1,669,170) | 2,556,629 | 1,573,851 | ||||||||||||
Cash and cash equivalents | 29,334 | 39,096 | ||||||||||||
Restricted cash | 2,301 | — | ||||||||||||
Interest, dividends and fees receivable | 22,125 | 6,935 | ||||||||||||
Due from portfolio companies | 1,990 | 2,725 | ||||||||||||
Receivables from unsettled transactions | 8,150 | 9,123 | ||||||||||||
Due from broker | 1,640 | — | ||||||||||||
Deferred financing costs | 9,274 | 5,947 | ||||||||||||
Deferred offering costs | 34 | 67 | ||||||||||||
Deferred tax asset, net | 714 | 847 | ||||||||||||
Derivative assets at fair value | 1,912 | 223 | ||||||||||||
Other assets | 2,284 | 1,898 | ||||||||||||
Total assets | $ | 2,636,387 | $ | 1,640,712 | ||||||||||
LIABILITIES AND NET ASSETS | ||||||||||||||
Liabilities: | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 3,024 | $ | 1,072 | ||||||||||
Base management fee and incentive fee payable | 32,649 | 11,212 | ||||||||||||
Due to affiliate | 4,357 | 2,130 | ||||||||||||
Interest payable | 4,597 | 1,626 | ||||||||||||
Payables from unsettled transactions | 8,086 | 478 | ||||||||||||
Derivative liability at fair value | 2,108 | — | ||||||||||||
Credit facilities payable | 630,000 | 414,825 | ||||||||||||
Unsecured notes payable (net of $6,501 and $3,272 of unamortized financing costs as of September 30, 2021 and September 30, 2020, respectively) | 638,743 | 294,490 | ||||||||||||
Total liabilities | 1,323,564 | 725,833 | ||||||||||||
Commitments and contingencies (Note 14) | ||||||||||||||
Net assets: | ||||||||||||||
Common stock, $0.01 par value per share, 250,000 shares authorized; 180,361 and 140,961 shares issued and outstanding as of September 30, 2021 and September 30, 2020, respectively | 1,804 | 1,409 | ||||||||||||
Additional paid-in-capital | 1,804,354 | 1,487,774 | ||||||||||||
Accumulated overdistributed earnings | (493,335) | (574,304) | ||||||||||||
Total net assets (equivalent to $7.28 and $6.49 per common share as of September 30, 2021 and September 30, 2020, respectively) (Note 12) | 1,312,823 | 914,879 | ||||||||||||
Total liabilities and net assets | $ | 2,636,387 | $ | 1,640,712 |
September 30, 2019 | September 30, 2018 | |||||||
ASSETS | ||||||||
Investments at fair value: | ||||||||
Control investments (cost September 30, 2019: $224,255; cost September 30, 2018: $213,470) | $ | 209,178 | $ | 196,874 | ||||
Affiliate investments (cost September 30, 2019: $8,449; cost September 30, 2018: $1,080) | 9,170 | 2,161 | ||||||
Non-control/Non-affiliate investments (cost September 30, 2019: $1,280,310; cost September 30, 2018: $1,392,383) | 1,219,694 | 1,292,166 | ||||||
Total investments at fair value (cost September 30, 2019: $1,513,014; cost September 30, 2018: $1,606,933) | 1,438,042 | 1,491,201 | ||||||
Cash and cash equivalents | 15,406 | 13,380 | ||||||
Restricted cash | — | 109 | ||||||
Interest, dividends and fees receivable | 11,167 | 10,272 | ||||||
Due from portfolio companies | 2,616 | 1,357 | ||||||
Receivables from unsettled transactions | 4,586 | 26,760 | ||||||
Deferred financing costs | 6,396 | 5,209 | ||||||
Derivative assets at fair value | 490 | 162 | ||||||
Other assets | 2,335 | 3,008 | ||||||
Total assets | $ | 1,481,038 | $ | 1,551,458 | ||||
LIABILITIES AND NET ASSETS | ||||||||
Liabilities: | ||||||||
Accounts payable, accrued expenses and other liabilities | $ | 1,589 | $ | 3,581 | ||||
Base management fee and incentive fee payable | 10,167 | 8,223 | ||||||
Due to affiliate | 2,689 | 3,274 | ||||||
Interest payable | 2,296 | 3,365 | ||||||
Payable to syndication partners | — | 109 | ||||||
Payables from unsettled transactions | 59,596 | 37,236 | ||||||
Deferred tax liability | 704 | 422 | ||||||
Credit facility payable | 314,825 | 241,000 | ||||||
Unsecured notes payable (net of $2,708 and $3,483 of unamortized financing costs as of September 30, 2019 and September 30, 2018, respectively) | 158,542 | 386,485 | ||||||
Secured borrowings at fair value (proceeds September 30, 2019: $0; proceeds September 30, 2018: $12,314) | — | 9,728 | ||||||
Total liabilities | 550,408 | 693,423 | ||||||
Commitments and contingencies (Note 16) | ||||||||
Net assets: | ||||||||
Common stock, $0.01 par value per share, 250,000 shares authorized; 140,961 shares issued and outstanding as of September 30, 2019 and September 30, 2018 | 1,409 | 1,409 | ||||||
Additional paid-in-capital | 1,487,774 | 1,492,739 | ||||||
Accumulated overdistributed earnings | (558,553 | ) | (636,113 | ) | ||||
Total net assets (equivalent to $6.60 and $6.09 per common share as of September 30, 2019 and September 30, 2018, respectively) (Note 12) | 930,630 | 858,035 | ||||||
Total liabilities and net assets | $ | 1,481,038 | $ | 1,551,458 |
Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | ||||||||||||||||||
Interest income: | ||||||||||||||||||||
Control investments | $ | 11,792 | $ | 9,832 | $ | 11,886 | ||||||||||||||
Affiliate investments | 716 | 467 | 206 | |||||||||||||||||
Non-control/Non-affiliate investments | 161,864 | 114,947 | 120,888 | |||||||||||||||||
Interest on cash and cash equivalents | 9 | 322 | 690 | |||||||||||||||||
Total interest income | 174,381 | 125,568 | 133,670 | |||||||||||||||||
PIK interest income: | ||||||||||||||||||||
Control investments | — | — | 67 | |||||||||||||||||
Non-control/Non-affiliate investments | 16,447 | 7,863 | 5,430 | |||||||||||||||||
Total PIK interest income | 16,447 | 7,863 | 5,497 | |||||||||||||||||
Fee income: | ||||||||||||||||||||
Control investments | 59 | 42 | 25 | |||||||||||||||||
Affiliate investments | 20 | 20 | 19 | |||||||||||||||||
Non-control/Non-affiliate investments | 14,019 | 8,457 | 6,666 | |||||||||||||||||
Total fee income | 14,098 | 8,519 | 6,710 | |||||||||||||||||
Dividend income: | ||||||||||||||||||||
Control investments | 4,459 | 1,180 | 1,825 | |||||||||||||||||
Non-control/Non-affiliate investments | — | 3 | — | |||||||||||||||||
Total dividend income | 4,459 | 1,183 | 1,825 | |||||||||||||||||
Total investment income | 209,385 | 143,133 | 147,702 | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Base management fee | 32,288 | 22,895 | 22,343 | |||||||||||||||||
Part I incentive fee | 21,598 | 15,194 | 14,873 | |||||||||||||||||
Part II incentive fee | 17,615 | (5,557) | 10,194 | |||||||||||||||||
Professional fees | 4,231 | 2,532 | 2,906 | |||||||||||||||||
Directors fees | 607 | 570 | 570 | |||||||||||||||||
Interest expense | 30,518 | 26,289 | 32,426 | |||||||||||||||||
Administrator expense | 1,510 | 1,524 | 1,941 | |||||||||||||||||
General and administrative expenses | 2,725 | 2,494 | 2,530 | |||||||||||||||||
Total expenses | 111,092 | 65,941 | 87,783 | |||||||||||||||||
Reversal of fees waived (fees waived) | (1,608) | 5,200 | (7,990) | |||||||||||||||||
Net expenses | 109,484 | 71,141 | 79,793 | |||||||||||||||||
Net investment income before taxes | 99,901 | 71,992 | 67,909 | |||||||||||||||||
(Provision) benefit for taxes on net investment income | (2,795) | — | — | |||||||||||||||||
Net investment income | 97,106 | 71,992 | 67,909 | |||||||||||||||||
Unrealized appreciation (depreciation): | ||||||||||||||||||||
Control investments | 31,731 | (29,488) | 1,519 | |||||||||||||||||
Affiliate investments | 568 | (1,763) | (360) | |||||||||||||||||
Non-control/Non-affiliate investments | 80,531 | 10,904 | 39,689 | |||||||||||||||||
Secured borrowings | — | — | (2,719) | |||||||||||||||||
Foreign currency forward contracts | 1,689 | (267) | 328 | |||||||||||||||||
Net unrealized appreciation (depreciation) | 114,519 | (20,614) | 38,457 | |||||||||||||||||
Realized gains (losses): | ||||||||||||||||||||
Control investments | — | (4,155) | — | |||||||||||||||||
Non-control/Non-affiliate investments | 27,094 | (4,615) | 15,300 | |||||||||||||||||
Extinguishment of unsecured notes payable | — | (2,541) | — | |||||||||||||||||
Secured borrowings | — | — | 2,625 | |||||||||||||||||
Foreign currency forward contracts | (674) | (2,613) | 2,880 | |||||||||||||||||
Net realized gains (losses) | 26,420 | (13,924) | 20,805 | |||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | (785) | 1,770 | (1,011) | |||||||||||||||||
Net realized and unrealized gains (losses), net of taxes | 140,154 | (32,768) | 58,251 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 237,260 | $ | 39,224 | $ | 126,160 | ||||||||||||||
Net investment income per common share — basic and diluted | $ | 0.60 | $ | 0.51 | $ | 0.48 | ||||||||||||||
Earnings (loss) per common share — basic and diluted (Note 5) | $ | 1.46 | $ | 0.28 | $ | 0.89 | ||||||||||||||
Weighted average common shares outstanding — basic and diluted | 162,118 | 140,961 | 140,961 |
Year ended September 30, 2019 | Year ended September 30, 2018 | Year ended September 30, 2017 | ||||||||||
Interest income: | ||||||||||||
Control investments | $ | 11,886 | $ | 12,698 | $ | 14,230 | ||||||
Affiliate investments | 206 | 2,027 | 3,939 | |||||||||
Non-control/Non-affiliate investments | 120,888 | 103,223 | 133,344 | |||||||||
Interest on cash and cash equivalents | 690 | 563 | 810 | |||||||||
Total interest income | 133,670 | 118,511 | 152,323 | |||||||||
PIK interest income: | ||||||||||||
Control investments | 67 | 3,446 | 6,631 | |||||||||
Affiliate investments | — | 416 | 788 | |||||||||
Non-control/Non-affiliate investments | 5,430 | 1,907 | 3,674 | |||||||||
Total PIK interest income | 5,497 | 5,769 | 11,093 | |||||||||
Fee income: | ||||||||||||
Control investments | 25 | 951 | 1,244 | |||||||||
Affiliate investments | 19 | 48 | 753 | |||||||||
Non-control/Non-affiliate investments | 6,666 | 8,433 | 8,510 | |||||||||
Total fee income | 6,710 | 9,432 | 10,507 | |||||||||
Dividend income: | ||||||||||||
Control investments | 1,825 | 5,010 | 3,954 | |||||||||
Non-control/Non-affiliate investments | — | — | 87 | |||||||||
Total dividend income | 1,825 | 5,010 | 4,041 | |||||||||
Total investment income | 147,702 | 138,722 | 177,964 | |||||||||
Expenses: | ||||||||||||
Base management fee | 22,343 | 22,652 | 31,369 | |||||||||
Part I incentive fee | 14,873 | 10,485 | 10,713 | |||||||||
Part II incentive fee | 10,194 | — | — | |||||||||
Professional fees | 2,906 | 5,696 | 5,703 | |||||||||
Directors fees | 570 | 650 | 872 | |||||||||
Interest expense | 32,426 | 35,728 | 49,935 | |||||||||
Administrator expense | 1,941 | 1,687 | 2,217 | |||||||||
General and administrative expenses | 2,530 | 3,120 | 5,999 | |||||||||
Loss on legal settlements | — | — | 3 | |||||||||
Total expenses | 87,783 | 80,018 | 106,811 | |||||||||
Fees waived | (7,990 | ) | (1,342 | ) | (240 | ) | ||||||
Insurance recoveries | — | — | (1,259 | ) | ||||||||
Net expenses | 79,793 | 78,676 | 105,312 | |||||||||
Net investment income | 67,909 | 60,046 | 72,652 | |||||||||
Unrealized appreciation (depreciation): | ||||||||||||
Control investments | 1,519 | 115,906 | (71,329 | ) | ||||||||
Affiliate investments | (360 | ) | (2,159 | ) | (1,574 | ) | ||||||
Non-control/Non-affiliate investments | 39,689 | (13,657 | ) | (24,640 | ) | |||||||
Secured borrowings | (2,719 | ) | 2,353 | (296 | ) | |||||||
Foreign currency forward contracts | 328 | 162 | — | |||||||||
Net unrealized appreciation (depreciation) | 38,457 | 102,605 | (97,839 | ) | ||||||||
Realized gains (losses): | ||||||||||||
Control investments | — | (122,801 | ) | (59,722 | ) | |||||||
Affiliate investments | — | 2,048 | — | |||||||||
Non-control/Non-affiliate investments | 15,300 | 6,042 | (112,060 | ) | ||||||||
Secured borrowings | 2,625 | — | — | |||||||||
Foreign currency forward contracts | 2,880 | (436 | ) | — | ||||||||
Net realized gains (losses) | 20,805 | (115,147 | ) | (171,782 | ) | |||||||
Redemption premium on unsecured notes payable | — | (120 | ) | — | ||||||||
Provision for income tax (expense) benefit | (1,011 | ) | (622 | ) | — | |||||||
Net realized and unrealized gains (losses), net of taxes | 58,251 | (13,284 | ) | (269,621 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | $ | 126,160 | $ | 46,762 | $ | (196,969 | ) | |||||
Net investment income per common share — basic and diluted | $ | 0.48 | $ | 0.43 | $ | 0.51 | ||||||
Earnings (loss) per common share — basic and diluted (Note 5) | $ | 0.89 | $ | 0.33 | $ | (1.39 | ) | |||||
Weighted average common shares outstanding — basic and diluted | 140,961 | 140,961 | 141,438 |
Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | ||||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income | $ | 97,106 | $ | 71,992 | $ | 67,909 | ||||||||||||||
Net unrealized appreciation (depreciation) | 114,519 | (20,614) | 38,457 | |||||||||||||||||
Net realized gains (losses) | 26,420 | (13,924) | 20,805 | |||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | (785) | 1,770 | (1,011) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 237,260 | 39,224 | 126,160 | |||||||||||||||||
Stockholder transactions: | ||||||||||||||||||||
Distributions to stockholders | (82,020) | (54,975) | (53,565) | |||||||||||||||||
Net increase (decrease) in net assets from stockholder transactions | (82,020) | (54,975) | (53,565) | |||||||||||||||||
Capital share transactions: | ||||||||||||||||||||
Issuance of common stock in connection with the Mergers | 242,704 | — | — | |||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 2,170 | 1,878 | 1,344 | |||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (2,170) | (1,878) | (1,344) | |||||||||||||||||
Net increase (decrease) in net assets from capital share transactions | 242,704 | — | — | |||||||||||||||||
Total increase (decrease) in net assets | 397,944 | (15,751) | 72,595 | |||||||||||||||||
Net assets at beginning of period | 914,879 | 930,630 | 858,035 | |||||||||||||||||
Net assets at end of period | $ | 1,312,823 | $ | 914,879 | $ | 930,630 | ||||||||||||||
Net asset value per common share | $ | 7.28 | $ | 6.49 | $ | 6.60 | ||||||||||||||
Common shares outstanding at end of period | 180,361 | 140,961 | 140,961 |
Year ended September 30, 2019 | Year ended September 30, 2018 | Year ended September 30, 2017 | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 67,909 | $ | 60,046 | $ | 72,652 | ||||||
Net unrealized appreciation (depreciation) | 38,457 | 102,605 | (97,839 | ) | ||||||||
Net realized gains (losses) | 20,805 | (115,147 | ) | (171,782 | ) | |||||||
Redemption premium on unsecured notes payable | — | (120 | ) | — | ||||||||
Provision for income taxes | (1,011 | ) | (622 | ) | — | |||||||
Net increase (decrease) in net assets resulting from operations | 126,160 | 46,762 | (196,969 | ) | ||||||||
Stockholder transactions: | ||||||||||||
Contributions from stockholders | — | — | 287 | |||||||||
Distributions to stockholders | (53,565 | ) | (38,699 | ) | (65,449 | ) | ||||||
Tax return of capital | — | (17,685 | ) | — | ||||||||
Net increase (decrease) in net assets from stockholder transactions | (53,565 | ) | (56,384 | ) | (65,162 | ) | ||||||
Capital share transactions: | ||||||||||||
Issuance of common stock under dividend reinvestment plan | 1,344 | 1,411 | 2,924 | |||||||||
Repurchases of common stock under stock repurchase program | — | — | (12,500 | ) | ||||||||
Repurchases of common stock under dividend reinvestment program | (1,344 | ) | (1,411 | ) | (2,924 | ) | ||||||
Net increase (decrease) in net assets from capital share transactions | — | — | (12,500 | ) | ||||||||
Total increase (decrease) in net assets | 72,595 | (9,622 | ) | (274,631 | ) | |||||||
Net assets at beginning of period | 858,035 | 867,657 | 1,142,288 | |||||||||
Net assets at end of period | $ | 930,630 | $ | 858,035 | $ | 867,657 | ||||||
Net asset value per common share | $ | 6.60 | $ | 6.09 | $ | 6.16 | ||||||
Common shares outstanding at end of period | 140,961 | 140,961 | 140,961 |
Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 237,260 | $ | 39,224 | $ | 126,160 | ||||||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Net unrealized (appreciation) depreciation | (114,519) | 20,614 | (38,457) | |||||||||||||||||
Net realized (gains) losses | (26,420) | 13,924 | (20,805) | |||||||||||||||||
PIK interest income | (16,447) | (7,863) | (5,497) | |||||||||||||||||
Accretion of original issue discount on investments | (29,391) | (12,305) | (17,982) | |||||||||||||||||
Accretion of original issue discount on unsecured notes payable | 572 | 302 | 107 | |||||||||||||||||
Amortization of deferred financing costs | 4,151 | 2,187 | 2,471 | |||||||||||||||||
Deferred taxes | 133 | (1,551) | 282 | |||||||||||||||||
Purchases of investments | (1,120,168) | (727,161) | (477,967) | |||||||||||||||||
Proceeds from the sales and repayments of investments | 792,161 | 579,550 | 606,270 | |||||||||||||||||
Cash acquired in the Mergers | 20,945 | — | — | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
(Increase) decrease in interest, dividends and fees receivable | (8,495) | 4,232 | (895) | |||||||||||||||||
(Increase) decrease in due from portfolio companies | 1,360 | (109) | (1,259) | |||||||||||||||||
(Increase) decrease in receivables from unsettled transactions | 2,514 | (4,537) | 22,174 | |||||||||||||||||
(Increase) decrease in due from broker | (1,640) | — | — | |||||||||||||||||
(Increase) decrease in other assets | (1,427) | 437 | 673 | |||||||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (426) | (517) | (1,992) | |||||||||||||||||
Increase (decrease) in base management fee and incentive fee payable | 19,516 | 1,045 | 1,944 | |||||||||||||||||
Increase (decrease) in due to affiliate | 1,119 | (559) | (585) | |||||||||||||||||
Increase (decrease) in interest payable | 1,163 | (670) | (1,069) | |||||||||||||||||
Increase (decrease) in payables from unsettled transactions | 7,608 | (59,118) | 22,360 | |||||||||||||||||
Increase (decrease) in director fees payable | (90) | — | — | |||||||||||||||||
Increase (decrease) in amounts payable to syndication partners | — | — | (109) | |||||||||||||||||
Net cash provided by (used in) operating activities | (230,521) | (152,875) | 215,824 | |||||||||||||||||
Financing activities: | ||||||||||||||||||||
Distributions paid in cash | (79,850) | (53,097) | (52,221) | |||||||||||||||||
Borrowings under credit facilities | 505,000 | 286,000 | 298,825 | |||||||||||||||||
Repayments of borrowings under credit facilities | (529,582) | (186,000) | (225,000) | |||||||||||||||||
Repayments of unsecured notes | — | (161,250) | (228,825) | |||||||||||||||||
Issuance of unsecured notes | 349,020 | 297,459 | — | |||||||||||||||||
Repayments of secured borrowings | (9,341) | — | (2,659) | |||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (2,170) | (1,878) | (1,344) | |||||||||||||||||
Deferred financing costs paid | (8,890) | (4,835) | (2,883) | |||||||||||||||||
Deferred offering costs paid | — | (67) | — | |||||||||||||||||
Net cash provided by (used in) financing activities | 224,187 | 176,332 | (214,107) | |||||||||||||||||
Effect of exchange rate changes on foreign currency | (1,127) | 233 | 200 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | (7,461) | 23,690 | 1,917 | |||||||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | 39,096 | 15,406 | 13,489 | |||||||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 31,635 | $ | 39,096 | $ | 15,406 | ||||||||||||||
Supplemental information: | ||||||||||||||||||||
Cash paid for interest | $ | 24,006 | $ | 24,470 | $ | 31,025 | ||||||||||||||
Non-cash financing activities: | ||||||||||||||||||||
Issuance of shares of common stock under dividend reinvestment plan | $ | 2,170 | $ | 1,878 | $ | 1,344 | ||||||||||||||
Deferred financing costs | (162) | — | — | |||||||||||||||||
Issuance of shares in connection with the Mergers | 242,704 | — | — | |||||||||||||||||
Extinguishment of secured borrowings | — | — | (7,163) | |||||||||||||||||
Reconciliation to the Consolidated Statements of Assets and Liabilities | September 30, 2021 | September 30, 2020 | September 30, 2019 | |||||||||||||||||
Cash and cash equivalents | $ | 29,334 | $ | 39,096 | $ | 15,406 | ||||||||||||||
Restricted cash | 2,301 | — | — | |||||||||||||||||
Total cash and cash equivalents and restricted cash | $ | 31,635 | $ | 39,096 | $ | 15,406 |
Year ended September 30, 2019 | Year ended September 30, 2018 | Year ended September 30, 2017 | ||||||||||
Operating activities: | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 126,160 | $ | 46,762 | $ | (196,969 | ) | |||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities: | ||||||||||||
Net change in unrealized (appreciation) depreciation | (38,457 | ) | (102,605 | ) | 97,839 | |||||||
Net realized (gains) losses | (20,805 | ) | 115,147 | 171,782 | ||||||||
Redemption premium on unsecured notes payable | — | 120 | — | |||||||||
PIK interest income | (5,497 | ) | (4,380 | ) | (6,786 | ) | ||||||
Non-cash fee income | — | — | (186 | ) | ||||||||
Accretion of original issue discount on investments | (17,982 | ) | (7,331 | ) | (11,474 | ) | ||||||
Accretion of original issue discount on unsecured notes payable | 107 | 266 | 266 | |||||||||
Amortization of deferred financing costs | 2,471 | 3,443 | 6,082 | |||||||||
Deferred taxes | 282 | 422 | — | |||||||||
Purchases of investments | (477,967 | ) | (1,059,603 | ) | (568,270 | ) | ||||||
Proceeds from the sales and repayments of investments | 606,270 | 1,106,826 | 941,127 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
(Increase) decrease in interest, dividends and fees receivable | (895 | ) | (3,380 | ) | 8,676 | |||||||
(Increase) decrease in due from portfolio companies | (1,259 | ) | 4,313 | (1,593 | ) | |||||||
(Increase) decrease in receivables from unsettled transactions | 22,174 | (26,760 | ) | 5,346 | ||||||||
(Increase) decrease in insurance recoveries receivable | — | — | 19,729 | |||||||||
(Increase) decrease in other assets | 673 | (2,494 | ) | (36 | ) | |||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (1,992 | ) | 1,164 | (116 | ) | |||||||
Increase (decrease) in base management fee and incentive fee payable | 1,944 | 1,473 | (9,208 | ) | ||||||||
Increase (decrease) in due to affiliate | (585 | ) | 1,459 | (389 | ) | |||||||
Increase (decrease) in interest payable | (1,069 | ) | 198 | (745 | ) | |||||||
Increase (decrease) in payables from unsettled transactions | 22,360 | (21,455 | ) | 52,457 | ||||||||
Increase (decrease) in director fees payable | — | (184 | ) | (382 | ) | |||||||
Increase (decrease) in legal settlements payable | — | — | (19,500 | ) | ||||||||
Increase (decrease) in amounts payable to syndication partners | (109 | ) | 108 | (753 | ) | |||||||
Net cash provided by operating activities | 215,824 | 53,509 | 486,897 | |||||||||
Financing activities: | ||||||||||||
Contributions received in cash | — | — | 287 | |||||||||
Distributions paid in cash | (52,221 | ) | (54,973 | ) | (62,525 | ) | ||||||
Repayments of borrowings under SBA debentures | — | — | (213,300 | ) | ||||||||
Borrowings under credit facilities | 298,825 | 434,000 | 219,082 | |||||||||
Repayments of borrowings under credit facilities | (225,000 | ) | (448,995 | ) | (479,382 | ) | ||||||
Repayments of unsecured notes | (228,825 | ) | — | — | ||||||||
Repurchase of unsecured notes | — | (21,188 | ) | — | ||||||||
Repayments of secured borrowings | (2,659 | ) | (1,191 | ) | (5,440 | ) | ||||||
Repurchases of common stock under stock repurchase program | — | — | (12,500 | ) | ||||||||
Repurchases of common stock under dividend reinvestment plan | (1,344 | ) | (1,411 | ) | (2,924 | ) | ||||||
Deferred financing costs paid | (2,883 | ) | (6,175 | ) | (644 | ) | ||||||
Net cash used in financing activities | (214,107 | ) | (99,933 | ) | (557,346 | ) | ||||||
Effect of exchange rate changes on foreign currency | 200 | — | — | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 1,917 | (46,424 | ) | (70,449 | ) | |||||||
Cash and cash equivalents and restricted cash, beginning of period | 13,489 | 59,913 | 130,362 | |||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 15,406 | $ | 13,489 | $ | 59,913 | ||||||
Supplemental information: | ||||||||||||
Cash paid for interest | $ | 31,025 | $ | 31,821 | $ | 44,332 | ||||||
Non-cash operating activities: | ||||||||||||
Purchases of investments from restructurings | $ | — | $ | — | $ | (165,759 | ) | |||||
Proceeds from investment restructurings | — | — | 165,759 | |||||||||
Non-cash financing activities: | ||||||||||||
Issuance of shares of common stock under dividend reinvestment plan | $ | 1,344 | $ | 1,411 | $ | 2,924 | ||||||
Extinguishment of secured borrowings | (7,163 | ) | — | — |
Reconciliation to the Consolidated Statements of Assets and Liabilities | September 30, 2019 | September 30, 2018 | September 30, 2017 | |||||||||
Cash and cash equivalents | $ | 15,406 | $ | 13,380 | $ | 53,018 | ||||||
Restricted cash | — | 109 | 6,895 | |||||||||
Total cash and cash equivalents and restricted cash | $ | 15,406 | $ | 13,489 | $ | 59,913 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Control Investments | (8)(9) | ||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | (15) | ||||||||||||||||||||||||
34,984,460.37 Preferred Units | 34,984 | 27,638 | (15) | ||||||||||||||||||||||||||
34,984 | 27,638 | ||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | $ | 27,381 | 27,381 | 27,381 | (6)(15) | ||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | 18,625 | 18,065 | (12)(15) | ||||||||||||||||||||||||||
46,006 | 45,446 | ||||||||||||||||||||||||||||
First Star Speir Aviation Limited | Airlines | (10) | |||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2025 | 7,500 | — | 7,500 | (11)(15) | |||||||||||||||||||||||||
100% equity interest | 6,332 | 698 | (11)(12)(15) | ||||||||||||||||||||||||||
6,332 | 8,198 | ||||||||||||||||||||||||||||
OCSI Glick JV LLC | Multi-Sector Holdings | (14) | |||||||||||||||||||||||||||
Subordinated Debt, LIBOR+4.50% cash due 10/20/2028 | 4.60 | % | 61,709 | 50,705 | 55,582 | (6)(11)(15)(19) | |||||||||||||||||||||||
87.5% equity interest | — | — | (11)(16)(19) | ||||||||||||||||||||||||||
50,705 | 55,582 | ||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | (14) | |||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 8.00 | % | 96,250 | 96,250 | 96,250 | (6)(11)(15)(19) | |||||||||||||||||||||||
87.5% LLC equity interest | 49,322 | 37,651 | (11)(12)(16)(19) | ||||||||||||||||||||||||||
145,572 | 133,901 | ||||||||||||||||||||||||||||
Total Control Investments (20.6% of net assets) | $ | 283,599 | $ | 270,765 | |||||||||||||||||||||||||
Affiliate Investments | (17) | ||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023 | 7.00 | % | $ | 15,899 | $ | 15,900 | $ | 15,712 | (6)(15)(19) | ||||||||||||||||||||
1,609,201 Class A Units | 764 | 587 | (15) | ||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | 1,019 | 1,152 | (15) | ||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | (15) | ||||||||||||||||||||||||||
17,683 | 17,451 | ||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | ||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | 1,080 | 838 | (15) | ||||||||||||||||||||||||||
1,080 | 838 | ||||||||||||||||||||||||||||
Total Affiliate Investments (1.4% of net assets) | $ | 18,763 | $ | 18,289 | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments | (18) | ||||||||||||||||||||||||||||
4 Over International, LLC | Commercial Printing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022 | 7.00 | % | $ | 10,927 | $ | 10,524 | $ | 10,484 | (6)(15) | ||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 6/7/2022 | — | (24) | (93) | (6)(15)(19) | |||||||||||||||||||||||||
10,500 | 10,391 | ||||||||||||||||||||||||||||
109 Montgomery Owner LLC | Real Estate Operating Companies | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 2/2/2023 | 7.50 | % | 3,102 | 2,984 | 3,153 | (6)(15)(19) | |||||||||||||||||||||||
2,984 | 3,153 | ||||||||||||||||||||||||||||
A.T. Holdings II SÀRL | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 9.50% cash due 12/22/2022 | 37,158 | 36,930 | 36,972 | (11)(15) | |||||||||||||||||||||||||
36,930 | 36,972 | ||||||||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.83 | % | 5,352 | 5,021 | 5,332 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 | 7.83 | % | 17,000 | 16,923 | 17,028 | (6) | |||||||||||||||||||||||
21,944 | 22,360 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
Control Investments | (8)(9) | |||||||||||||||
C5 Technology Holdings, LLC | Data processing & outsourced services | |||||||||||||||
829 Common Units | $ | — | $ | — | (20) | |||||||||||
34,984,460.37 Preferred Units | 34,984 | 34,984 | (20) | |||||||||||||
34,984 | 34,984 | |||||||||||||||
First Star Speir Aviation Limited | Airlines | (10) | ||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2020 | $ | 11,510 | 2,140 | 11,510 | (11)(20) | |||||||||||
100% equity interest | 8,500 | 4,630 | (11)(12)(20) | |||||||||||||
10,640 | 16,140 | |||||||||||||||
New IPT, Inc. | Oil & gas equipment services | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 7.10 | % | 3,256 | 3,256 | 3,256 | (6)(20) | ||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 | 7.10 | % | 1,009 | 1,009 | 1,009 | (6)(19)(20) | ||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | 2,903 | (20) | |||||||||||||
4,265 | 7,168 | |||||||||||||||
Senior Loan Fund JV I, LLC | Multi-sector holdings | (14)(15) | ||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 9.39 | % | 96,250 | 96,250 | 96,250 | (6)(11)(20) | ||||||||||
87.5% LLC equity interest | 49,322 | 30,052 | (11)(16)(19) | |||||||||||||
145,572 | 126,302 | |||||||||||||||
Thruline Marketing, Inc. | Advertising | (25) | ||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 | 9.10 | % | 18,146 | 18,146 | 18,146 | (6)(20) | ||||||||||
First Lien Revolver, LIBOR+7.75% cash due 4/3/2022 | — | — | — | (6)(19)(20) | ||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | 10,648 | 6,438 | (20) | |||||||||||||
28,794 | 24,584 | |||||||||||||||
Total Control Investments (22.5% of net assets) | $ | 224,255 | $ | 209,178 | ||||||||||||
Affiliate Investments | (17) | |||||||||||||||
Assembled Brands Capital LLC | Specialized finance | |||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 10/17/2023 | 8.10 | % | $ | 5,585 | $ | 5,585 | $ | 5,585 | (6)(19)(20) | |||||||
1,609,201 Class A Units | 765 | 782 | (20) | |||||||||||||
1,019,168.80 Preferred Units, 6% | 1,019 | 1,019 | (20) | |||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | (20) | |||||||||||||
7,369 | 7,386 | |||||||||||||||
Caregiver Services, Inc. | Healthcare services | |||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | 1,080 | 1,784 | (20) | |||||||||||||
1,080 | 1,784 | |||||||||||||||
Total Affiliate Investments (1.0% of net assets) | $ | 8,449 | $ | 9,170 | ||||||||||||
Non-Control/Non-Affiliate Investments | (18) | |||||||||||||||
4 Over International, LLC | Commercial printing | |||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022 | 8.04 | % | $ | 5,799 | $ | 5,764 | $ | 5,688 | (6)(20) | |||||||
First Lien Revolver, PRIME+5.00% cash due 6/7/2021 | 10.00 | % | 255 | 238 | 212 | (6)(19)(20) | ||||||||||
6,002 | 5,900 | |||||||||||||||
99 Cents Only Stores LLC | General merchandise stores | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash 1.50% PIK due 1/13/2022 | 7.10 | % | 19,326 | 18,946 | 16,934 | (6) | ||||||||||
18,946 | 16,934 | |||||||||||||||
Access CIG, LLC | Diversified support services | |||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 | 10.07 | % | 15,000 | 14,892 | 15,000 | (6)(20) | ||||||||||
14,892 | 15,000 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Accupac, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | $ | 16,140 | $ | 15,758 | $ | 16,140 | (6)(15) | ||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026 | — | (29) | — | (6)(15)(19) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | 1,838 | 1,789 | 1,838 | (6)(15)(19) | |||||||||||||||||||||||
17,518 | 17,978 | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025 | 8.00 | % | 27,349 | 26,936 | 27,295 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025 | 8.00 | % | 179 | 148 | 175 | (6)(15)(19) | |||||||||||||||||||||||
27,084 | 27,470 | ||||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | 15,463 | 14,817 | 15,287 | (6)(15) | |||||||||||||||||||||||
14,817 | 15,287 | ||||||||||||||||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, Accessories & Luxury Goods | ||||||||||||||||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | 5,165 | — | (15) | ||||||||||||||||||||||||||
5,165 | — | ||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026 | 7.25 | % | € | 24,838 | 27,720 | 28,738 | (6)(11)(15) | ||||||||||||||||||||||
27,720 | 28,738 | ||||||||||||||||||||||||||||
AirStrip Technologies, Inc. | Application Software | ||||||||||||||||||||||||||||
5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/2025 | 90 | — | (15) | ||||||||||||||||||||||||||
90 | — | ||||||||||||||||||||||||||||
All Web Leads, Inc. | Advertising | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 12/29/2023 | 7.50 | % | $ | 23,899 | 21,512 | 22,992 | (6)(15) | ||||||||||||||||||||||
21,512 | 22,992 | ||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25 | % | 13,825 | 13,329 | 13,383 | (6) | |||||||||||||||||||||||
13,329 | 13,383 | ||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | (13) | |||||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Tranche A due 6/24/2025 | 20,967 | 20,576 | 20,967 | (11)(15) | |||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Tranche B due 6/24/2025 | 20,512 | 20,169 | 20,512 | (11)(15) | |||||||||||||||||||||||||
27,308 Common Shares | 6,322 | 6,322 | (15) | ||||||||||||||||||||||||||
47,067 | 47,801 | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00 | % | 15,376 | 13,814 | 14,985 | (6)(11)(15) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/2027 | 8.75 | % | 12,500 | 12,188 | 12,063 | (6)(11)(15) | |||||||||||||||||||||||
26,002 | 27,048 | ||||||||||||||||||||||||||||
Ankura Consulting Group LLC | Research & Consulting Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 3/19/2029 | 8.75 | % | 7,466 | 7,354 | 7,606 | (6)(15) | |||||||||||||||||||||||
7,354 | 7,606 | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | 34,458 | 33,420 | 33,922 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | 892 | 849 | 858 | (6)(15)(19) | |||||||||||||||||||||||
34,269 | 34,780 | ||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | ||||||||||||||||||||||||||||
First Lien Term Loan, EURIBOR+7.25% cash due 7/14/2026 | 8.25 | % | € | 1,964 | 2,179 | 2,283 | (6)(11)(15) | ||||||||||||||||||||||
First Lien Term Loan, UK LIBOR+7.25% cash due 7/14/2026 | 8.00 | % | £ | 18,636 | 23,336 | 25,329 | (6)(11)(15) | ||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 7/14/2026 | $ | — | — | — | (6)(11)(15)(19) | ||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, SONIA+6.00% cash due 7/14/2026 | £ | — | — | — | (6)(11)(15)(19) | ||||||||||||||||||||||||
25,515 | 27,612 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, accessories & luxury goods | |||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | $ | 5,165 | $ | — | (20) | |||||||||||
5,165 | — | |||||||||||||||
AdVenture Interactive, Corp. | Advertising | |||||||||||||||
9,073 shares of common stock | 13,611 | 12,677 | (20) | |||||||||||||
13,611 | 12,677 | |||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | Electrical components & equipment | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 6.60 | % | $ | 21,752 | 21,210 | 20,032 | (6)(11) | |||||||||
21,210 | 20,032 | |||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. | Pharmaceuticals | |||||||||||||||
Second Lien Term Loan, EURIBOR+7.25% cash due 7/10/2026 | 7.25 | % | € | 17,500 | 20,035 | 18,673 | (6)(11) | |||||||||
20,035 | 18,673 | |||||||||||||||
Air Medical Group Holdings, Inc. | Healthcare services | |||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 | 6.29 | % | $ | 6,321 | 6,192 | 5,936 | (6) | |||||||||
6,192 | 5,936 | |||||||||||||||
AirStrip Technologies, Inc. | Application software | |||||||||||||||
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757) expiration date 5/11/2025 | 90 | — | (20) | |||||||||||||
90 | — | |||||||||||||||
Airxcel, Inc. | Household appliances | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 4/28/2025 | 6.54 | % | 7,900 | 7,837 | 7,614 | (6) | ||||||||||
7,837 | 7,614 | |||||||||||||||
Aldevron, L.L.C. | Biotechnology | |||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 9/20/2026 | 6.36 | % | 8,000 | 7,920 | 8,040 | (6) | ||||||||||
7,920 | 8,040 | |||||||||||||||
Algeco Scotsman Global Finance Plc | Construction & engineering | |||||||||||||||
Fixed Rate Bond, 8.00% cash due 2/15/2023 | 23,915 | 23,443 | 23,982 | (11) | ||||||||||||
23,443 | 23,982 | |||||||||||||||
Allen Media, LLC | Movies & entertainment | |||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 8/30/2023 | 8.60 | % | 19,238 | 18,858 | 18,613 | (6)(20) | ||||||||||
18,858 | 18,613 | |||||||||||||||
Altice France S.A. | Integrated telecommunication services | |||||||||||||||
Fixed Rate Bond, 8.13% cash due 1/15/2024 | 3,000 | 3,045 | 3,113 | (11) | ||||||||||||
Fixed Rate Bond, 7.63% cash due 2/15/2025 | 2,000 | 2,012 | 2,083 | (11) | ||||||||||||
5,057 | 5,196 | |||||||||||||||
Alvotech Holdings S.A. | Biotechnology | |||||||||||||||
Fixed Rate Bond 15% PIK Note A due 12/13/2023 | 14,800 | 16,304 | 18,089 | (11)(20)(24) | ||||||||||||
Fixed Rate Bond 15% PIK Note B due 12/13/2023 | 14,800 | 16,304 | 16,609 | (11)(20)(24) | ||||||||||||
32,608 | 34,698 | |||||||||||||||
Ancile Solutions, Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 9.10 | % | 8,677 | 8,591 | 8,504 | (6)(20) | ||||||||||
8,591 | 8,504 | |||||||||||||||
Apptio, Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 9.56 | % | 23,764 | 23,340 | 23,325 | (6)(20) | ||||||||||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | — | (27 | ) | (28 | ) | (6)(19)(20) | ||||||||||
23,313 | 23,297 | |||||||||||||||
Asurion, LLC | Property & casualty insurance | |||||||||||||||
Second Lien Term Loan, LIBOR+6.50% cash due 8/4/2025 | 8.54 | % | 22,000 | 21,954 | 22,382 | (6) | ||||||||||
21,954 | 22,382 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Associated Asphalt Partners, LLC | Construction Materials | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024 | 6.25 | % | $ | 2,531 | $ | 2,245 | $ | 2,350 | (6) | ||||||||||||||||||||
2,245 | 2,350 | ||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 6/19/2026 | 42,145 | 40,475 | 41,845 | (11)(15) | |||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026 | — | (274) | (150) | (11)(15)(19) | |||||||||||||||||||||||||
328,149 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027 | 973 | 95 | (11)(15) | ||||||||||||||||||||||||||
41,174 | 41,790 | ||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | 22,655 | 22,232 | 21,318 | (6)(11)(15) | |||||||||||||||||||||||
22,232 | 21,318 | ||||||||||||||||||||||||||||
The Avery | Real Estate Operating Companies | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan in T8 Urban Condo Owner, LLC, LIBOR+7.30% cash due 2/17/2023 | 7.55 | % | 20,287 | 19,933 | 20,490 | (6)(15)(19) | |||||||||||||||||||||||
Subordinated Delayed Draw Debt in T8 Senior Mezz LLC, LIBOR+12.50% cash due 2/17/2023 | 12.75 | % | 4,692 | 4,614 | 4,698 | (6)(15)(19) | |||||||||||||||||||||||
24,547 | 25,188 | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 6/11/2028 | 9.50 | % | 7,166 | 7,059 | 7,130 | (6)(15) | |||||||||||||||||||||||
Second Lien Delayed Draw Term Loan, LIBOR+8.50% cash due 6/11/2028 | — | (52) | (18) | (6)(15)(19) | |||||||||||||||||||||||||
7,007 | 7,112 | ||||||||||||||||||||||||||||
Berner Food & Beverage, LLC | Soft Drinks | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 7/30/2027 | 7.50 | % | 33,412 | 32,844 | 32,844 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 7/30/2027 | 7.50 | % | 619 | 566 | 566 | (6)(15)(19) | |||||||||||||||||||||||
33,410 | 33,410 | ||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026 | 7.13 | % | 30,625 | 30,181 | 30,523 | (6) | |||||||||||||||||||||||
30,181 | 30,523 | ||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 9/24/2023 | 3,979 | 3,980 | 3,979 | (15) | |||||||||||||||||||||||||
1,293,324 Preferred Units in Unstoppable Automotive AMV, LLC | 1,293 | 1,293 | (15) | ||||||||||||||||||||||||||
298,460 Preferred Units in Unstoppable Automotive VMV, LLC | 298 | 298 | (15) | ||||||||||||||||||||||||||
298,460 Common Units in Unstoppable Automotive AMV, LLC | 298 | 298 | (15) | ||||||||||||||||||||||||||
99,486 Common Units in Unstoppable Automotive VMV, LLC | 100 | 99 | (15) | ||||||||||||||||||||||||||
5,969 | 5,967 | ||||||||||||||||||||||||||||
Cadence Aerospace, LLC | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash 2.00% PIK due 11/14/2023 | 7.50 | % | 14,146 | 12,574 | 12,992 | (6)(15) | |||||||||||||||||||||||
12,574 | 12,992 | ||||||||||||||||||||||||||||
Chief Power Finance II, LLC | Independent Power Producers & Energy Traders | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022 | 7.50 | % | 23,850 | 23,458 | 23,552 | (6)(15) | |||||||||||||||||||||||
23,458 | 23,552 | ||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash 2.50% PIK due 7/16/2023 | 6.50 | % | 10,686 | 9,793 | 8,816 | (6)(15)(19) | |||||||||||||||||||||||
9,793 | 8,816 | ||||||||||||||||||||||||||||
CITGO Holding, Inc. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023 | 8.00 | % | 11,635 | 11,517 | 11,512 | (6) | |||||||||||||||||||||||
Fixed Rate Bond, 9.25% cash due 8/1/2024 | 10,672 | 10,672 | 10,765 | ||||||||||||||||||||||||||
22,189 | 22,277 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
Avantor Inc. | Healthcare distributors | |||||||||||||||
Fixed Rate Bond, 9.00% cash due 10/1/2025 | $ | 3,000 | $ | 2,975 | $ | 3,379 | ||||||||||
2,975 | 3,379 | |||||||||||||||
Belk Inc. | Department stores | |||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 12/12/2022 | 6.80 | % | 653 | 585 | 480 | (6) | ||||||||||
585 | 480 | |||||||||||||||
Blackhawk Network Holdings, Inc. | Data processing & outsourced services | |||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026 | 9.06 | % | 26,250 | 26,013 | 26,283 | (6) | ||||||||||
26,013 | 26,283 | |||||||||||||||
Boxer Parent Company Inc. | Systems software | |||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 6.29 | % | 13,915 | 13,798 | 13,416 | (6) | ||||||||||
13,798 | 13,416 | |||||||||||||||
California Pizza Kitchen, Inc. | Restaurants | |||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 8/23/2022 | 8.53 | % | 3,122 | 3,097 | 2,800 | (6) | ||||||||||
3,097 | 2,800 | |||||||||||||||
Cenegenics, LLC | Healthcare services | (23) | ||||||||||||||
First Lien Term Loan, 9.75% cash 2.00% PIK due 9/30/2019 | 29,781 | 27,738 | — | (20)(21) | ||||||||||||
First Lien Revolver, 15.00% cash due 9/30/2019 | 2,203 | 2,203 | — | (20)(21) | ||||||||||||
452,914.87 Common Units in Cenegenics, LLC | 598 | — | (20) | |||||||||||||
345,380.141 Preferred Units in Cenegenics, LLC | 300 | — | (20) | |||||||||||||
30,839 | — | |||||||||||||||
CITGO Holding, Inc. | Oil & gas refining & marketing | |||||||||||||||
Fixed Rate Bond, 9.25% cash due 8/1/2024 | 10,672 | 10,672 | 11,366 | |||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023 | 10,000 | 9,855 | 10,219 | (6) | ||||||||||||
20,527 | 21,585 | |||||||||||||||
CITGO Petroleum Corp. | Oil & gas refining & marketing | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 7.10 | % | 9,950 | 9,851 | 10,012 | (6) | ||||||||||
9,851 | 10,012 | |||||||||||||||
Connect U.S. Finco LLC | Alternative carriers | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026 | 7.10 | % | 30,000 | 29,400 | 29,580 | (6)(11) | ||||||||||
29,400 | 29,580 | |||||||||||||||
Convergeone Holdings, Inc. | IT consulting & other services | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 7.04 | % | 14,770 | 14,225 | 13,352 | (6) | ||||||||||
14,225 | 13,352 | |||||||||||||||
Conviva Inc. | Application software | |||||||||||||||
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021 | 105 | 411 | (20) | |||||||||||||
105 | 411 | |||||||||||||||
Covia Holdings Corporation | Oil & gas equipment services | |||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 6/1/2025 | 6.31 | % | 7,900 | 7,900 | 6,484 | (6)(11) | ||||||||||
7,900 | 6,484 | |||||||||||||||
DigiCert, Inc. | Internet services & infrastructure | |||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 10/31/2024 | 6.04 | % | 4,222 | 4,184 | 4,221 | (6) | ||||||||||
4,184 | 4,221 | |||||||||||||||
Dominion Diagnostics, LLC | Healthcare services | (23) | ||||||||||||||
Subordinated Term Loan, 11.00% cash 1.00% PIK due 10/18/2019 | 20,273 | 14,281 | 2,890 | (20)(21) | ||||||||||||
First Lien Term Loan, PRIME+4.00% cash due 4/8/2019 | 9.00 | % | 45,691 | 45,691 | 45,691 | (6)(20) | ||||||||||
First Lien Revolver, PRIME+4.00% cash due 4/8/2019 | 9.00 | % | 2,090 | 2,090 | 2,090 | (6)(20) | ||||||||||
62,062 | 50,671 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
CITGO Petroleum Corp. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25 | % | $ | 14,221 | $ | 13,855 | $ | 14,269 | (6) | ||||||||||||||||||||
13,855 | 14,269 | ||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings Inc. | Advertising | ||||||||||||||||||||||||||||
Fixed Rate Bond, 7.50% cash due 6/1/2029 | 7,137 | 7,137 | 7,431 | (11) | |||||||||||||||||||||||||
7,137 | 7,431 | ||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025 | 38,876 | 36,668 | 32,628 | (6)(15) | |||||||||||||||||||||||||
Common Stock Warrants expiration date 7/28/2025 | 648 | 1,909 | (15) | ||||||||||||||||||||||||||
37,316 | 34,537 | ||||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 5.08 | % | 7,024 | 6,848 | 7,003 | (6) | |||||||||||||||||||||||
6,848 | 7,003 | ||||||||||||||||||||||||||||
Conviva Inc. | Application Software | ||||||||||||||||||||||||||||
517,851 Shares of Series D Preferred Stock | 605 | 894 | (15) | ||||||||||||||||||||||||||
605 | 894 | ||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025 | 6.50 | % | 10,196 | 10,071 | 10,109 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025 | 6.50 | % | 1,943 | 1,894 | 1,912 | (6)(15)(19) | |||||||||||||||||||||||
First Lien Revolver, PRIME+4.50% cash due 12/13/2025 | 7.75 | % | 305 | 283 | 290 | (6)(15)(19) | |||||||||||||||||||||||
1,099 Class A2 Common Units in CorEvitas Holdings, L.P. | 1,038 | 1,177 | (15) | ||||||||||||||||||||||||||
13,286 | 13,488 | ||||||||||||||||||||||||||||
Coty Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+1.75% cash due 4/5/2023 | — | (712) | (395) | (6)(11)(15)(19) | |||||||||||||||||||||||||
(712) | (395) | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 2/6/2026 | 7.00 | % | 18,387 | 17,887 | 18,225 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025 | — | (13) | (12) | (6)(15)(19) | |||||||||||||||||||||||||
17,874 | 18,213 | ||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. | Biotechnology | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 10/27/2028 | 8.50 | % | 16,787 | 16,535 | 17,070 | (6)(11)(15) | |||||||||||||||||||||||
16,535 | 17,070 | ||||||||||||||||||||||||||||
Delta Topco, Inc. | Systems Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 12/1/2028 | 8.00 | % | 6,680 | 6,647 | 6,769 | (6) | |||||||||||||||||||||||
6,647 | 6,769 | ||||||||||||||||||||||||||||
Dialyze Holdings, LLC | Health Care Equipment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026 | 8.00 | % | 24,093 | 22,439 | 22,467 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash 2.00% PIK due 8/4/2026 | — | (170) | (163) | (6)(15)(19) | |||||||||||||||||||||||||
5,403,823 Class A Warrants (exercise price $1.00) expiration date 8/4/2028 | 1,405 | 1,459 | (15) | ||||||||||||||||||||||||||
23,674 | 23,763 | ||||||||||||||||||||||||||||
Digital.AI Software Holdings, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 2/10/2027 | 8.00 | % | 10,003 | 9,627 | 9,783 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 2/10/2027 | 8.00 | % | 180 | 151 | 156 | (6)(15)(19) | |||||||||||||||||||||||
9,778 | 9,939 | ||||||||||||||||||||||||||||
DirecTV Financing, LLC | Cable & Satellite | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027 | 5.75 | % | 27,000 | 26,730 | 27,048 | (6) | |||||||||||||||||||||||
26,730 | 27,048 | ||||||||||||||||||||||||||||
Eagleview Technology Corporation | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/2026 | 8.50 | % | 8,974 | 8,884 | 8,918 | (6)(15) | |||||||||||||||||||||||
8,884 | 8,918 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
The Dun & Bradstreet Corporation | Research & consulting services | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/6/2026 | 7.05 | % | $ | 10,000 | $ | 9,817 | $ | 10,074 | (6) | |||||||
Fixed Rate Bond 6.875% cash due 8/15/2026 | 5,000 | 5,000 | 5,459 | |||||||||||||
14,817 | 15,533 | |||||||||||||||
Eagleview Technology Corporation | Application software | |||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/2026 | 9.55 | % | 12,000 | 11,880 | 11,520 | (6)(20) | ||||||||||
11,880 | 11,520 | |||||||||||||||
EHR Canada, LLC | Food retail | |||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 9/28/2020 | 10.10 | % | 14,611 | 14,473 | 14,903 | (6)(20) | ||||||||||
14,473 | 14,903 | |||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure facilities | |||||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 855 | (20) | |||||||||||||
12,500 Class B Common Units | — | 934 | (20) | |||||||||||||
488 | 1,789 | |||||||||||||||
Equitrans Midstream Corp. | Oil & gas storage & transportation | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 1/31/2024 | 6.55 | % | 11,910 | 11,603 | 11,926 | (6)(11) | ||||||||||
11,603 | 11,926 | |||||||||||||||
ExamSoft Worldwide, Inc. | Application software | |||||||||||||||
180,707 Class C Units in ExamSoft Investor LLC | 181 | — | (20) | |||||||||||||
181 | — | |||||||||||||||
GI Chill Acquisition LLC | Managed healthcare | |||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025 | 6.10 | % | 17,820 | 17,731 | 17,775 | (6)(20) | ||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 9.60 | % | 10,000 | 9,914 | 10,000 | (6)(20) | ||||||||||
27,645 | 27,775 | |||||||||||||||
GKD Index Partners, LLC | Specialized finance | |||||||||||||||
First Lien Term Loan, LIBOR+7.25% cash due 6/29/2023 | 9.35 | % | 22,402 | 22,235 | 22,108 | (6)(20) | ||||||||||
First Lien Revolver, LIBOR+7.25% cash due 6/29/2023 | — | (9 | ) | (15 | ) | (6)(19)(20) | ||||||||||
22,226 | 22,093 | |||||||||||||||
GoodRx, Inc. | Interactive media & services | |||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 10/12/2026 | 9.54 | % | 22,222 | 21,805 | 22,500 | (6)(20) | ||||||||||
21,805 | 22,500 | |||||||||||||||
Guidehouse LLP | Research & consulting services | (13) | ||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026 | 9.54 | % | 20,000 | 19,917 | 19,750 | (6) | ||||||||||
19,917 | 19,750 | |||||||||||||||
HealthEdge Software, Inc. | Application software | |||||||||||||||
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023 | 213 | 757 | (20) | |||||||||||||
213 | 757 | |||||||||||||||
I Drive Safely, LLC | Education services | |||||||||||||||
125,079 Class A Common Units of IDS Investments, LLC | 1,000 | 200 | (20) | |||||||||||||
1,000 | 200 | |||||||||||||||
IBG Borrower LLC | Apparel, accessories & luxury goods | |||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/2/2022 | 9.13 | % | 14,209 | 13,027 | 13,286 | (6)(20) | ||||||||||
13,027 | 13,286 | |||||||||||||||
iCIMs, Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024 | 8.56 | % | 16,718 | 16,436 | 16,438 | (6)(20) | ||||||||||
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024 | — | (15 | ) | (15 | ) | (6)(19)(20) | ||||||||||
16,421 | 16,423 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
EHR Canada, LLC | Food Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 12/31/2021 | 9.00 | % | $ | 3,750 | $ | 3,745 | $ | 3,750 | (6)(15) | ||||||||||||||||||||
3,745 | 3,750 | ||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 274 | (15) | ||||||||||||||||||||||||||
12,500 Class B Common Units | — | — | (15) | ||||||||||||||||||||||||||
488 | 274 | ||||||||||||||||||||||||||||
Firstlight Holdco, Inc. | Alternative Carriers | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.50% cash due 7/23/2025 | 3.58 | % | 7,012 | 6,578 | 6,939 | (6) | |||||||||||||||||||||||
6,578 | 6,939 | ||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 8/27/2025 | 11,359 | 10,722 | 11,075 | (11)(15) | |||||||||||||||||||||||||
331,200 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030 | 405 | 341 | (11)(15) | ||||||||||||||||||||||||||
11,127 | 11,416 | ||||||||||||||||||||||||||||
GI Chill Acquisition LLC | Managed Health Care | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 8/6/2025 | 3.90 | % | 12,653 | 12,442 | 12,621 | (6)(15) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 7.63 | % | 6,250 | 6,212 | 6,219 | (6)(15) | |||||||||||||||||||||||
18,654 | 18,840 | ||||||||||||||||||||||||||||
GKD Index Partners, LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.50% cash due 6/29/2023 | 9.50 | % | 26,360 | 25,837 | 25,931 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.50% cash due 6/29/2023 | 9.50 | % | 1,280 | 1,251 | 1,252 | (6)(15)(19) | |||||||||||||||||||||||
27,088 | 27,183 | ||||||||||||||||||||||||||||
Global Medical Response, Inc. | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 | 5.25 | % | 8,630 | 8,399 | 8,674 | (6) | |||||||||||||||||||||||
8,399 | 8,674 | ||||||||||||||||||||||||||||
Gulf Operating, LLC | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+4.00% cash due 12/27/2021 | — | (704) | (75) | (6)(15)(19) | |||||||||||||||||||||||||
(704) | (75) | ||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers Inc. | Education Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 | 7.25 | % | 1,007 | 981 | 1,009 | (6)(11) | |||||||||||||||||||||||
981 | 1,009 | ||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024 | 7.50 | % | 25,635 | 25,024 | 25,525 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024 | 7.50 | % | 1,176 | 1,147 | 1,171 | (6)(15) | |||||||||||||||||||||||
26,171 | 26,696 | ||||||||||||||||||||||||||||
Immucor, Inc. | Health Care Supplies | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025 | 6.75 | % | 8,657 | 8,425 | 8,570 | (6)(15) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025 | 9.00 | % | 21,834 | 21,225 | 21,616 | (6)(15) | |||||||||||||||||||||||
29,650 | 30,186 | ||||||||||||||||||||||||||||
Integral Development Corporation | Other Diversified Financial Services | ||||||||||||||||||||||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | 113 | — | (15) | ||||||||||||||||||||||||||
113 | — | ||||||||||||||||||||||||||||
Inventus Power, Inc. | Electrical Components & Equipment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/29/2024 | 6.00 | % | 18,849 | 18,693 | 18,708 | (6)(15) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2024 | 9.50 | % | 13,674 | 13,434 | 13,434 | (6)(15) | |||||||||||||||||||||||
32,127 | 32,142 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
Integral Development Corporation | Other diversified financial services | |||||||||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | $ | 113 | $ | — | (20) | |||||||||||
113 | — | |||||||||||||||
Kellermeyer Bergensons Services, LLC | Environmental & facilities services | |||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 4/29/2022 | 10.77 | % | $ | 6,105 | 5,940 | 5,937 | (6)(20) | |||||||||
5,940 | 5,937 | |||||||||||||||
L Squared Capital Partners LLC | Multi-sector holdings | |||||||||||||||
2.00% limited partnership interest | 864 | 2,237 | (11)(16) | |||||||||||||
864 | 2,237 | |||||||||||||||
Lanai Holdings III, Inc. | Healthcare distributors | |||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 8/29/2022 | 7.01 | % | 19,892 | 19,586 | 18,583 | (6) | ||||||||||
19,586 | 18,583 | |||||||||||||||
Lannett Company, Inc. | Pharmaceuticals | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 11/25/2020 | 7.04 | % | 762 | 762 | 759 | (6)(11) | ||||||||||
762 | 759 | |||||||||||||||
Lift Brands Holdings, Inc. | Leisure facilities | |||||||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | 1,399 | 3,020 | (20) | |||||||||||||
1,399 | 3,020 | |||||||||||||||
Lightbox Intermediate, L.P. | Real estate services | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 7.05 | % | 39,900 | 39,332 | 39,501 | (6)(20) | ||||||||||
39,332 | 39,501 | |||||||||||||||
Long's Drugs Incorporated | Pharmaceuticals | |||||||||||||||
50 Series A Preferred Shares in Long's Drugs Incorporated | 385 | 924 | (20) | |||||||||||||
25 Series B Preferred Shares in Long's Drugs Incorporated | 210 | 572 | (20) | |||||||||||||
595 | 1,496 | |||||||||||||||
LTI Holdings, Inc. | Auto parts & equipment | |||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 | 8.79 | % | 9,000 | 9,000 | 8,246 | (6) | ||||||||||
9,000 | 8,246 | |||||||||||||||
Lytx Holdings, LLC | Research & consulting services | |||||||||||||||
3,500 Class B Units | — | 2,053 | (20) | |||||||||||||
— | 2,053 | |||||||||||||||
Maravai Intermediate Holdings, LLC | Biotechnology | |||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 8/2/2025 | 6.31 | % | 11,880 | 11,761 | 11,813 | (6)(20) | ||||||||||
11,761 | 11,813 | |||||||||||||||
Mayfield Agency Borrower Inc. | Property & casualty insurance | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/28/2025 | 6.54 | % | 15,892 | 15,630 | 15,481 | (6) | ||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 3/2/2026 | 10.54 | % | 35,925 | 35,492 | 36,285 | (6)(20) | ||||||||||
51,122 | 51,766 | |||||||||||||||
McAfee, LLC | Systems software | |||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 9/30/2024 | 5.79 | % | 10,957 | 10,884 | 10,995 | (6) | ||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2025 | 10.54 | % | 7,000 | 7,034 | 7,093 | (6) | ||||||||||
17,918 | 18,088 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
INW Manufacturing, LLC | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027 | 6.50 | % | $ | 37,031 | $ | 35,988 | $ | 36,291 | (6)(15) | ||||||||||||||||||||
35,988 | 36,291 | ||||||||||||||||||||||||||||
Itafos Inc. | Fertilizers & Agricultural Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.25% cash due 8/25/2024 | 9.25 | % | 22,506 | 21,636 | 21,651 | (6)(15) | |||||||||||||||||||||||
21,636 | 21,651 | ||||||||||||||||||||||||||||
Ivanti Software, Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 12/1/2028 | 9.50 | % | 17,346 | 16,864 | 17,368 | (6)(15) | |||||||||||||||||||||||
16,864 | 17,368 | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.50% cash due 1/29/2027 | 8.50 | % | 36,603 | 35,292 | 36,531 | (6)(15) | |||||||||||||||||||||||
35,292 | 36,531 | ||||||||||||||||||||||||||||
Latam Airlines Group S.A. | Airlines | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+11.00% PIK due 3/29/2022 | 16,239 | 16,085 | 16,356 | (6)(11)(15)(19) | |||||||||||||||||||||||||
16,085 | 16,356 | ||||||||||||||||||||||||||||
Lift Brands Holdings, Inc. | Leisure Facilities | ||||||||||||||||||||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | 1,399 | — | (15) | ||||||||||||||||||||||||||
1,399 | — | ||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 5.13 | % | 41,432 | 40,445 | 41,225 | (6)(15) | |||||||||||||||||||||||
40,445 | 41,225 | ||||||||||||||||||||||||||||
LogMeIn, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 | 4.83 | % | 3,970 | 3,720 | 3,973 | (6) | |||||||||||||||||||||||
3,720 | 3,973 | ||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 | 6.83 | % | 10,140 | 10,080 | 10,127 | (6) | |||||||||||||||||||||||
10,080 | 10,127 | ||||||||||||||||||||||||||||
Marinus Pharmaceuticals, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.50% cash due 5/11/2026 | 3,441 | 3,377 | 3,389 | (11)(15) | |||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, 11.50% cash due 5/11/2026 | 6,881 | 6,755 | 6,778 | (11)(15)(19) | |||||||||||||||||||||||||
10,132 | 10,167 | ||||||||||||||||||||||||||||
Mayfield Agency Borrower Inc. | Property & Casualty Insurance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/28/2025 | 4.58 | % | 9,949 | 9,884 | 9,949 | (6) | |||||||||||||||||||||||
9,884 | 9,949 | ||||||||||||||||||||||||||||
MedAssets Software Intermediate Holdings, Inc. | Health Care Technology | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 1/29/2029 | 8.50 | % | 14,137 | 13,877 | 13,960 | (6)(15) | |||||||||||||||||||||||
13,877 | 13,960 | ||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.75% cash due 7/21/2027 | 6.75 | % | 16,429 | 16,111 | 16,100 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.75% cash due 7/21/2027 | 6.75 | % | 106 | 84 | 83 | (6)(15)(19) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.75% cash due 7/21/2027 | — | (27) | (28) | (6)(15)(19) | |||||||||||||||||||||||||
16,168 | 16,155 | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/2025 | 8.00 | % | 38,774 | 37,513 | 38,038 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | — | (75) | (76) | (6)(15)(19) | |||||||||||||||||||||||||
37,438 | 37,962 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
MHE Intermediate Holdings, LLC | Diversified support services | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 7.10 | % | $ | 2,932 | $ | 2,913 | $ | 2,874 | (6)(20) | |||||||
2,913 | 2,874 | |||||||||||||||
Mindbody, Inc. | Internet services & infrastructure | |||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025 | 9.06 | % | 28,952 | 28,434 | 28,402 | (6)(20) | ||||||||||
First Lien Revolver, LIBOR+7.00% cash due 2/15/2025 | — | (55 | ) | (58 | ) | (6)(19)(20) | ||||||||||
28,379 | 28,344 | |||||||||||||||
Ministry Brands, LLC | Application software | |||||||||||||||
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023 | 11.34 | % | 7,056 | 6,997 | 7,056 | (6)(20) | ||||||||||
Second Lien Delayed Draw Term Loan, LIBOR+9.25% cash due 6/2/2023 | 11.34 | % | 1,944 | 1,927 | 1,944 | (6)(20) | ||||||||||
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022 | 7.04 | % | 200 | 191 | 200 | (6)(19)(20) | ||||||||||
9,115 | 9,200 | |||||||||||||||
Navicure, Inc. | Healthcare technology | |||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 10/31/2025 | 9.54 | % | 14,500 | 14,389 | 14,573 | (6)(20) | ||||||||||
14,389 | 14,573 | |||||||||||||||
Numericable SFR SA | Integrated telecommunication services | |||||||||||||||
Fixed Rate Bond, 7.38% cash due 5/1/2026 | 5,000 | 5,104 | 5,380 | (11) | ||||||||||||
5,104 | 5,380 | |||||||||||||||
OmniSYS Acquisition Corporation | Diversified support services | |||||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 750 | (20) | |||||||||||||
1,000 | 750 | |||||||||||||||
Onvoy, LLC | Integrated telecommunication services | |||||||||||||||
Second Lien Term Loan, LIBOR+10.50% cash due 2/10/2025 | 12.54 | % | 16,750 | 16,750 | 13,187 | (6)(20) | ||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | — | (20) | |||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | (20) | |||||||||||||
18,717 | 13,187 | |||||||||||||||
P2 Upstream Acquisition Co. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 10/30/2020 | 6.19 | % | 2,976 | 2,936 | 2,950 | (6) | ||||||||||
First Lien Revolver, LIBOR+4.00% cash due 2/1/2020 | — | — | (79 | ) | (6)(19) | |||||||||||
2,936 | 2,871 | |||||||||||||||
PaySimple, Inc. | Data processing & outsourced services | |||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025 | 7.55 | % | 37,750 | 37,004 | 37,184 | (6)(20) | ||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/23/2025 | — | (242 | ) | (184 | ) | (6)(19)(20) | ||||||||||
36,762 | 37,000 | |||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrift & mortgage finance | |||||||||||||||
1.86% limited partnership interest | 1,217 | 691 | (11)(16)(19) | |||||||||||||
1,217 | 691 | |||||||||||||||
PLATO Learning Inc. | Education services | |||||||||||||||
Unsecured Senior PIK Note, 8.5% PIK due 12/9/2021 | 2,845 | 2,434 | — | (20)(22) | ||||||||||||
Unsecured Junior PIK Note, 10% PIK due 12/9/2021 | 13,577 | 10,227 | — | (20)(22) | ||||||||||||
Unsecured Revolver, 5.00% cash due 12/9/2021 | 2,064 | 1,885 | (184 | ) | (19)(20)(21) | |||||||||||
126,127.80 Class A Common Units of Edmentum | 126 | — | (20) | |||||||||||||
14,672 | (184 | ) |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Ministry Brands, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022 | $ | — | $ | (9) | $ | (9) | (6)(15)(19) | ||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023 | 10.25 | % | 11,000 | 10,844 | 10,906 | (6)(15) | |||||||||||||||||||||||
10,835 | 10,897 | ||||||||||||||||||||||||||||
Mosaic Companies, LLC | Home Improvement Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.75% cash due 7/2/2026 | 7.75 | % | 47,388 | 46,487 | 46,488 | (6)(15) | |||||||||||||||||||||||
46,487 | 46,488 | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | 27,352 | 26,815 | 27,335 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | — | (25) | — | (6)(15)(19) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | — | (13) | (1) | (6)(15)(19) | |||||||||||||||||||||||||
26,777 | 27,334 | ||||||||||||||||||||||||||||
Navisite, LLC | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 12/30/2026 | 9.50 | % | 22,560 | 22,165 | 22,176 | (6)(15) | |||||||||||||||||||||||
22,165 | 22,176 | ||||||||||||||||||||||||||||
NeuAG, LLC | Fertilizers & Agricultural Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | 7.00 | % | 47,031 | 45,279 | 45,996 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | — | (202) | (120) | (6)(15)(19) | |||||||||||||||||||||||||
45,077 | 45,876 | ||||||||||||||||||||||||||||
NN, Inc. | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.88% cash due 9/19/2026 | 7.88 | % | 59,309 | 57,971 | 58,419 | (6)(11)(15) | |||||||||||||||||||||||
57,971 | 58,419 | ||||||||||||||||||||||||||||
OEConnection LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.08 | % | 3,355 | 3,152 | 3,351 | (6) | |||||||||||||||||||||||
3,152 | 3,351 | ||||||||||||||||||||||||||||
Olaplex, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 1/8/2026 | 7.25 | % | 52,122 | 50,906 | 51,731 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.25% cash due 1/8/2025 | — | (58) | (75) | (6)(15)(19) | |||||||||||||||||||||||||
50,848 | 51,656 | ||||||||||||||||||||||||||||
OmniSYS Acquisition Corporation | Diversified Support Services | ||||||||||||||||||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 729 | (15) | ||||||||||||||||||||||||||
1,000 | 729 | ||||||||||||||||||||||||||||
Onvoy, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/10/2024 | 5.50 | % | 3,601 | 3,410 | 3,603 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+10.50% cash due 2/10/2025 | 11.50 | % | 9,277 | 9,277 | 9,277 | (6)(15) | |||||||||||||||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | 2,372 | (15) | ||||||||||||||||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | (15) | ||||||||||||||||||||||||||
14,654 | 15,252 | ||||||||||||||||||||||||||||
OTG Management, LLC | Airport Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+10.00% cash due 9/1/2025 | 11.00 | % | 19,894 | 19,504 | 19,496 | (6)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+10.00% cash due 9/1/2025 | — | (37) | (38) | (6)(15)(19) | |||||||||||||||||||||||||
19,467 | 19,458 | ||||||||||||||||||||||||||||
P & L Development, LLC | Pharmaceuticals | ||||||||||||||||||||||||||||
Fixed Rate Bond, 7.75% cash due 11/15/2025 | 7,776 | 7,832 | 8,089 | ||||||||||||||||||||||||||
7,832 | 8,089 | ||||||||||||||||||||||||||||
Park Place Technologies, LLC | Internet Services & Infrastructure | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 | 6.00 | % | 9,950 | 9,479 | 9,961 | (6) | |||||||||||||||||||||||
9,479 | 9,961 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
Project Boost Purchaser, LLC | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+3.50% cash due 6/1/2026 | 5.54 | % | $ | 7,000 | $ | 6,930 | $ | 6,964 | (6) | |||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027 | 10.14 | % | 3,750 | 3,750 | 3,750 | (6)(20) | ||||||||||
10,680 | 10,714 | |||||||||||||||
ProFrac Services, LLC | Industrial machinery | |||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 9/15/2023 | 8.66 | % | 17,192 | 17,055 | 16,848 | (6)(20) | ||||||||||
17,055 | 16,848 | |||||||||||||||
QuorumLabs, Inc. | Application software | |||||||||||||||
64,887,669 Junior-2 Preferred Stock | 375 | — | (20) | |||||||||||||
375 | — | |||||||||||||||
Refac Optical Group | Specialty stores | |||||||||||||||
1,550.9435 Shares of Common Stock in Refac Holdings, Inc. | 1 | — | (20) | |||||||||||||
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc., 10% | 305 | — | (20) | |||||||||||||
1,000 Series A-1 Preferred Stock in Refac Holdings, Inc., 10% | 999 | — | (20) | |||||||||||||
1,305 | — | |||||||||||||||
Salient CRGT, Inc. | Aerospace & defense | |||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 2/28/2022 | 8.05 | % | 3,086 | 3,056 | 2,932 | (6)(20) | ||||||||||
3,056 | 2,932 | |||||||||||||||
Scilex Pharmaceuticals Inc. | Pharmaceuticals | |||||||||||||||
Fixed Rate Zero Coupon Bond due 8/15/2026 | 15,879 | 11,146 | 11,353 | (20) | ||||||||||||
11,146 | 11,353 | |||||||||||||||
ShareThis, Inc. | Application software | |||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | 2 | (20) | |||||||||||||
367 | 2 | |||||||||||||||
Sorrento Therapeutics, Inc. | Biotechnology | |||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 11/7/2023 | 9.13 | % | 30,000 | 28,132 | 29,250 | (6)(11)(20) | ||||||||||
First Lien Delayed Draw Term Loan, LIBOR+7.00% cash due 11/7/2023 | (62 | ) | (69 | ) | (6)(11)(19)(20) | |||||||||||
Stock Warrants Strike (exercise price $3.28) expiration date 5/7/2029 | 1,750 | 1,667 | (11)(20) | |||||||||||||
Stock Warrants Strike (exercise price $3.94) expiration date 11/3/2029 | — | 320 | (11)(20) | |||||||||||||
29,820 | 31,168 | |||||||||||||||
Swordfish Merger Sub LLC | Auto parts & equipment | |||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/2026 | 8.79 | % | 12,500 | 12,450 | 12,135 | (6)(20) | ||||||||||
12,450 | 12,135 | |||||||||||||||
TerSera Therapeutics, LLC | Pharmaceuticals | |||||||||||||||
Second Lien Term Loan, LIBOR+9.25% cash due 3/30/2024 | 11.35 | % | 25,463 | 25,025 | 25,192 | (6)(20) | ||||||||||
Second Lien Delayed Draw Term Loan, LIBOR+9.25% cash due 12/31/2020 | — | (45 | ) | (6)(19)(20) | ||||||||||||
668,879 Common Units of TerSera Holdings LLC | 1,731 | 2,629 | (20) | |||||||||||||
26,756 | 27,776 | |||||||||||||||
TigerText, Inc. | Application software | |||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 560 | (20) | |||||||||||||
60 | 560 | |||||||||||||||
Transact Holdings Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026 | 7.01 | % | 7,000 | 6,895 | 6,965 | (6) | ||||||||||
6,895 | 6,965 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Performance Health Holdings, Inc. | Health Care Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 7/12/2027 | 7.00 | % | $ | 20,085 | $ | 19,698 | $ | 19,683 | (6)(15) | ||||||||||||||||||||
19,698 | 19,683 | ||||||||||||||||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrifts & Mortgage Finance | ||||||||||||||||||||||||||||
1.86% limited partnership interest | 752 | 112 | (11)(16)(19) | ||||||||||||||||||||||||||
752 | 112 | ||||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00 | % | 28,627 | 28,198 | 28,699 | (6)(15) | |||||||||||||||||||||||
28,198 | 28,699 | ||||||||||||||||||||||||||||
PLNTF Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 3/22/2026 | 9.00 | % | 13,729 | 13,482 | 13,798 | (6)(15) | |||||||||||||||||||||||
13,482 | 13,798 | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027 | 9.00 | % | 48,689 | 47,788 | 47,763 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.00% cash due 4/6/2027 | — | (65) | (67) | (6)(15)(19) | |||||||||||||||||||||||||
47,723 | 47,696 | ||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.75% cash due 3/3/2026 | 7.75 | % | 34,118 | 33,016 | 33,547 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.75% cash due 3/3/2026 | — | (44) | (42) | (6)(15)(19) | |||||||||||||||||||||||||
80,515 Class B Common Units | 79 | 81 | (15) | ||||||||||||||||||||||||||
33,051 | 33,586 | ||||||||||||||||||||||||||||
ProFrac Services, LLC | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.50% cash due 9/15/2023 | 9.75 | % | 30,910 | 29,146 | 30,600 | (6)(15) | |||||||||||||||||||||||
29,146 | 30,600 | ||||||||||||||||||||||||||||
Project Boost Purchaser, LLC | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/31/2027 | 8.08 | % | 5,250 | 5,151 | 5,224 | (6)(15) | |||||||||||||||||||||||
5,151 | 5,224 | ||||||||||||||||||||||||||||
Quantum Bidco Limited | Food Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, UK LIBOR+6.00% cash due 1/29/2028 | 6.11 | % | £ | 3,501 | 4,625 | 4,673 | (6)(11) | ||||||||||||||||||||||
4,625 | 4,673 | ||||||||||||||||||||||||||||
QuorumLabs, Inc. | Application Software | ||||||||||||||||||||||||||||
64,887,669 Junior-2 Preferred Stock | 375 | — | (15) | ||||||||||||||||||||||||||
375 | — | ||||||||||||||||||||||||||||
Relativity ODA LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.50% PIK due 5/12/2027 | $ | 22,856 | 22,337 | 22,376 | (6)(15) | ||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 5/12/2027 | — | (52) | (47) | (6)(15)(19) | |||||||||||||||||||||||||
22,285 | 22,329 | ||||||||||||||||||||||||||||
Renaissance Holding Corp. | Diversified Banks | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 5/29/2026 | 7.08 | % | 3,542 | 3,515 | 3,562 | (6) | |||||||||||||||||||||||
3,515 | 3,562 | ||||||||||||||||||||||||||||
RevSpring, Inc. | Commercial Printing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/11/2025 | 4.38 | % | 9,725 | 9,185 | 9,709 | (6) | |||||||||||||||||||||||
9,185 | 9,709 | ||||||||||||||||||||||||||||
RumbleOn, Inc. | Automotive Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.25% cash due 8/31/2026 | 9.25 | % | 38,036 | 35,651 | 35,640 | (6)(11)(15) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+8.25% cash due 8/31/2026 | — | (1,022) | (1,027) | (6)(11)(15)(19) | |||||||||||||||||||||||||
164,660 Class B Common Stock Warrants (exercise price $33.00) expiration date 2/28/2023 | 1,202 | 1,553 | (15) | ||||||||||||||||||||||||||
35,831 | 36,166 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
Tribe Buyer LLC | Human resource & employment services | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024 | 6.54 | % | $ | 830 | $ | 830 | $ | 775 | (6)(20) | |||||||
830 | 775 | |||||||||||||||
Truck Hero, Inc. | Auto parts & equipment | |||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 4/21/2025 | 10.29 | % | 21,500 | 21,191 | 20,103 | (6)(20) | ||||||||||
21,191 | 20,103 | |||||||||||||||
Uber Technologies, Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 6.03 | % | 5,689 | 5,652 | 5,667 | (6) | ||||||||||
5,652 | 5,667 | |||||||||||||||
Uniti Group LP | Specialized REITs | |||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 10/24/2022 | 7.04 | % | 8,403 | 8,264 | 8,213 | (6)(11) | ||||||||||
8,264 | 8,213 | |||||||||||||||
UOS, LLC | Trading companies & distributors | |||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 4/18/2023 | 7.54 | % | 10,242 | 10,357 | 10,370 | (6) | ||||||||||
10,357 | 10,370 | |||||||||||||||
Veritas US Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023 | 6.60 | % | 34,200 | 34,468 | 32,413 | (6) | ||||||||||
34,468 | 32,413 | |||||||||||||||
Verscend Holding Corp. | Healthcare technology | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 6.54 | % | 24,750 | 24,633 | 24,879 | (6) | ||||||||||
Fixed Rate Bond, 9.75% cash due 8/15/2026 | 12,000 | 12,022 | 12,823 | |||||||||||||
36,655 | 37,702 | |||||||||||||||
Vertex Aerospace Services Corp. | Aerospace & defense | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 6/29/2025 | 6.54 | % | 15,800 | 15,735 | 15,869 | (6) | ||||||||||
15,735 | 15,869 | |||||||||||||||
Vitalyst Holdings, Inc. | IT consulting & other services | |||||||||||||||
675 Series A Preferred Stock Units | 675 | 440 | (20) | |||||||||||||
7,500 Class A Common Stock Units | 75 | — | (20) | |||||||||||||
750 | 440 | |||||||||||||||
Windstream Services, LLC | Integrated telecommunication services | |||||||||||||||
Fixed Rate Bond, 8.63% cash due 10/31/2025 | 5,000 | 4,863 | 5,113 | (11) | ||||||||||||
4,863 | 5,113 | |||||||||||||||
WP CPP Holdings, LLC | Aerospace & defense | |||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 10.01 | % | 15,000 | 14,874 | 14,937 | (6) | ||||||||||
14,874 | 14,937 | |||||||||||||||
xMatters, Inc. | Application software | |||||||||||||||
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 | 709 | 273 | (20) | |||||||||||||
709 | 273 | |||||||||||||||
Yeti Holdings, Inc. | Leisure products | |||||||||||||||
537,629 Shares Yeti Holdings, Inc. Common Stock | — | 15,054 | ||||||||||||||
— | 15,054 | |||||||||||||||
Zep Inc. | Specialty chemicals | |||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/2025 | 10.35 | % | 30,000 | 29,889 | 21,950 | (6)(20) | ||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024 | 6.04 | % | 1,975 | 1,899 | 1,564 | (6) | ||||||||||
31,788 | 23,514 | |||||||||||||||
Zephyr Bidco Limited | Specialized finance | |||||||||||||||
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026 | 8.21 | % | £ | 18,000 | 23,632 | 22,006 | (6)(11) | |||||||||
23,632 | 22,006 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Sabert Corporation | Metal & Glass Containers | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50 | % | $ | 1,818 | $ | 1,711 | $ | 1,825 | (6) | ||||||||||||||||||||
1,711 | 1,825 | ||||||||||||||||||||||||||||
Scilex Pharmaceuticals Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
Fixed Rate Zero Coupon Bond due 8/15/2026 | 7,692 | 6,512 | 7,169 | (15) | |||||||||||||||||||||||||
6,512 | 7,169 | ||||||||||||||||||||||||||||
ShareThis, Inc. | Application Software | ||||||||||||||||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | — | (15) | ||||||||||||||||||||||||||
367 | — | ||||||||||||||||||||||||||||
SIO2 Medical Products, Inc. | Metal & Glass Containers | ||||||||||||||||||||||||||||
Subordinated Debt, 11.25% cash due 2/28/2022 | 15,896 | 15,161 | 15,022 | (15) | |||||||||||||||||||||||||
Subordinated Delayed Draw Debt, 11.25% cash due 2/28/2022 | — | (110) | (119) | (15)(19) | |||||||||||||||||||||||||
Common Stock Warrants (exercise price $0.75) expiration date 7/31/2028 | 681 | 685 | (15) | ||||||||||||||||||||||||||
15,732 | 15,588 | ||||||||||||||||||||||||||||
Sirva Worldwide, Inc. | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.58 | % | 1,739 | 1,554 | 1,644 | (6) | |||||||||||||||||||||||
1,554 | 1,644 | ||||||||||||||||||||||||||||
SM Wellness Holdings, Inc. | Health Care Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 4/16/2029 | 8.75 | % | 9,109 | 8,972 | 9,177 | (6)(15) | |||||||||||||||||||||||
8,972 | 9,177 | ||||||||||||||||||||||||||||
SonicWall US Holdings Inc. | Technology Distributors | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 5/18/2026 | 7.63 | % | 3,195 | 3,163 | 3,178 | (6) | |||||||||||||||||||||||
3,163 | 3,178 | ||||||||||||||||||||||||||||
Sorrento Therapeutics, Inc. | Biotechnology | ||||||||||||||||||||||||||||
50,000 Common Stock Units | 197 | 382 | (11) | ||||||||||||||||||||||||||
197 | 382 | ||||||||||||||||||||||||||||
Star US Bidco LLC | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | 1,194 | 1,114 | 1,199 | (6) | |||||||||||||||||||||||
1,114 | 1,199 | ||||||||||||||||||||||||||||
SumUp Holdings Luxembourg S.À.R.L. | Other Diversified Financial Services | ||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, EURIBOR+8.50% cash due 3/10/2026 | 10.00 | % | € | 13,980 | 15,991 | 15,908 | (6)(11)(15)(19) | ||||||||||||||||||||||
15,991 | 15,908 | ||||||||||||||||||||||||||||
Sunland Asphalt & Construction, LLC | Construction & Engineering | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 1/13/2026 | 7.00 | % | $ | 43,052 | 41,782 | 42,450 | (6)(15) | ||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 1/13/2022 | 7.00 | % | 203 | 150 | 169 | (6)(15)(19) | |||||||||||||||||||||||
41,932 | 42,619 | ||||||||||||||||||||||||||||
Supermoose Borrower, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.88 | % | 8,576 | 7,581 | 7,996 | (6) | |||||||||||||||||||||||
7,581 | 7,996 | ||||||||||||||||||||||||||||
SVP-Singer Holdings Inc. | Home Furnishings | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.75% cash due 7/28/2028 | 7.50 | % | 20,976 | 19,537 | 19,735 | (6)(15) | |||||||||||||||||||||||
19,537 | 19,735 | ||||||||||||||||||||||||||||
Swordfish Merger Sub LLC | Auto Parts & Equipment | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/2026 | 7.75 | % | 12,500 | 12,466 | 12,365 | (6)(15) | |||||||||||||||||||||||
12,466 | 12,365 | ||||||||||||||||||||||||||||
Tacala, LLC | Restaurants | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028 | 8.25 | % | 9,448 | 9,317 | 9,451 | (6) | |||||||||||||||||||||||
9,317 | 9,451 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | ||||||||||
Total Non-Control/Non-Affiliate Investments (131.1% of net assets) | $ | 1,280,310 | $ | 1,219,694 | ||||||||||||
Total Portfolio Investments (154.5% of net assets) | $ | 1,513,014 | $ | 1,438,042 | ||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares | $ | 9,611 | $ | 9,611 | ||||||||||||
Other cash accounts | 5,795 | 5,795 | ||||||||||||||
Total Cash and Cash Equivalents and Restricted Cash (1.7% of net assets) | $ | 15,406 | $ | 15,406 | ||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (156.2% of net assets) | $ | 1,528,420 | $ | 1,453,448 |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||
Foreign currency forward contract | $ | 22,161 | £ | 17,910 | 10/15/19 | JPMorgan Chase Bank, N.A. | $ | 76 | ||||||||
Foreign currency forward contract | $ | 19,193 | € | 17,150 | 11/29/19 | JPMorgan Chase Bank, N.A. | 414 | |||||||||
$ | 490 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Tecta America Corp. | Construction & Engineering | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 4/9/2029 | 9.25 | % | $ | 5,203 | $ | 5,125 | $ | 5,203 | (6)(15) | ||||||||||||||||||||
5,125 | 5,203 | ||||||||||||||||||||||||||||
Telestream Holdings Corporation | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.75% cash due 10/15/2025 | 9.75 | % | 18,510 | 18,017 | 18,250 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.75% cash due 10/15/2025 | 9.75 | % | 492 | 464 | 468 | (6)(15)(19) | |||||||||||||||||||||||
18,481 | 18,718 | ||||||||||||||||||||||||||||
TerSera Therapeutics LLC | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.50% cash due 3/30/2026 | 10.50 | % | 29,663 | 29,359 | 29,371 | (6)(15) | |||||||||||||||||||||||
668,879 Common Units of TerSera Holdings LLC | 2,192 | 3,487 | (15) | ||||||||||||||||||||||||||
31,551 | 32,858 | ||||||||||||||||||||||||||||
TGNR HoldCo LLC | Integrated Oil & Gas | ||||||||||||||||||||||||||||
Subordinated Debt, 11.50% cash due 5/14/2026 | 4,984 | 4,842 | 4,884 | (11)(15)(20) | |||||||||||||||||||||||||
4,842 | 4,884 | ||||||||||||||||||||||||||||
Thermacell Repellents, Inc. | Leisure Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.75% cash due 12/4/2026 | 6.75 | % | 6,636 | 6,603 | 6,603 | (6)(15) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.75% cash due 12/4/2026 | — | (4) | (4) | (6)(15)(19) | |||||||||||||||||||||||||
6,599 | 6,599 | ||||||||||||||||||||||||||||
Thrasio, LLC | Internet & Direct Marketing Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 12/18/2026 | 8.00 | % | 37,876 | 36,736 | 37,686 | (6)(15) | |||||||||||||||||||||||
8,434 Shares of Series C-3 Preferred Stock in Thrasio Holdings, Inc. | 101 | 171 | (15) | ||||||||||||||||||||||||||
284,650.32 Shares of Series C-2 Preferred Stock in Thrasio Holdings, Inc. | 2,410 | 5,764 | (15) | ||||||||||||||||||||||||||
23,201 Shares of Series X Preferred Stock in Thrasio Holdings, Inc. | 22,986 | 24,803 | (15)(19) | ||||||||||||||||||||||||||
62,233 | 68,424 | ||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028 | 7.34 | % | 16,788 | 16,681 | 17,002 | (6) | |||||||||||||||||||||||
16,681 | 17,002 | ||||||||||||||||||||||||||||
TigerConnect, Inc. | Application Software | ||||||||||||||||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 525 | (15) | ||||||||||||||||||||||||||
60 | 525 | ||||||||||||||||||||||||||||
Transact Holdings Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026 | 4.83 | % | 6,860 | 6,757 | 6,809 | (6)(15) | |||||||||||||||||||||||
6,757 | 6,809 | ||||||||||||||||||||||||||||
Velocity Commercial Capital, LLC | Thrifts & Mortgage Finance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 2/5/2026 | 9.00 | % | 15,909 | 15,327 | 15,830 | (6)(15) | |||||||||||||||||||||||
15,327 | 15,830 | ||||||||||||||||||||||||||||
Veritas US Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025 | 6.00 | % | 5,940 | 5,599 | 5,975 | (6) | |||||||||||||||||||||||
5,599 | 5,975 | ||||||||||||||||||||||||||||
Vitalyst Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
675 Series A Preferred Stock Units | 675 | 440 | (15) | ||||||||||||||||||||||||||
7,500 Class A Common Stock Units | 75 | — | (15) | ||||||||||||||||||||||||||
750 | 440 | ||||||||||||||||||||||||||||
Win Brands Group LLC | Housewares & Specialties | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+9.00% cash 5.00% PIK due 1/22/2026 | 10.00 | % | 1,894 | 1,875 | 1,884 | (6)(15) | |||||||||||||||||||||||
181 Class F Warrants in Brand Value Growth LLC (exercise price $0.01) expiration date 1/25/2027 | — | 119 | (15) | ||||||||||||||||||||||||||
1,875 | 2,003 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | $ | 31,598 | $ | 30,347 | $ | 31,793 | (6) | ||||||||||||||||||||
18,032 Shares of Common Stock in Windstream Holdings II, LLC | 216 | 363 | (15) | ||||||||||||||||||||||||||
109,420 Warrants in Windstream Holdings II, LLC | 1,842 | 2,199 | (15) | ||||||||||||||||||||||||||
32,405 | 34,355 | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 4/30/2025 | 4.75 | % | 4,369 | 4,005 | 4,264 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | 16,000 | 15,758 | 15,815 | (6)(15) | |||||||||||||||||||||||
19,763 | 20,079 | ||||||||||||||||||||||||||||
WPEngine, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026 | 7.50 | % | 40,536 | 39,778 | 40,013 | (6)(15) | |||||||||||||||||||||||
39,778 | 40,013 | ||||||||||||||||||||||||||||
WWEX Uni Topco Holdings, LLC | Air Freight & Logistics | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 7/26/2029 | 7.75 | % | 5,000 | 4,925 | 4,981 | (6) | |||||||||||||||||||||||
4,925 | 4,981 | ||||||||||||||||||||||||||||
Zep Inc. | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024 | 5.00 | % | 6,495 | 6,165 | 6,353 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/2025 | 9.25 | % | 22,748 | 22,692 | 21,993 | (6)(15) | |||||||||||||||||||||||
28,857 | 28,346 | ||||||||||||||||||||||||||||
Zephyr Bidco Limited | Specialized Finance | ||||||||||||||||||||||||||||
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026 | 7.55 | % | £ | 18,000 | 23,783 | 24,210 | (6)(11) | ||||||||||||||||||||||
23,783 | 24,210 | ||||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (172.7% of net assets) | $ | 2,236,759 | $ | 2,267,575 | |||||||||||||||||||||||||
Total Portfolio Investments (194.7% of net assets) | $ | 2,539,121 | $ | 2,556,629 | |||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | |||||||||||||||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares | $ | 23,600 | $ | 23,600 | |||||||||||||||||||||||||
Other cash accounts | 8,035 | 8,035 | |||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Restricted Cash (2.4% of net assets) | $ | 31,635 | $ | 31,635 | |||||||||||||||||||||||||
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (197.2% of net assets) | $ | 2,570,756 | $ | 2,588,264 |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||||||||||||||||||
Foreign currency forward contract | $ | 52,186 | £ | 37,709 | 11/12/2021 | JPMorgan Chase Bank, N.A. | $ | 1,339 | ||||||||||||||||||||||||
Foreign currency forward contract | $ | 46,663 | € | 39,736 | 11/12/2021 | JPMorgan Chase Bank, N.A. | 573 | |||||||||||||||||||||||||
$ | 1,912 |
Derivative Instrument | Company Receives | Company Pays | Counterparty | Maturity Date | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||
Interest rate swap | Fixed 2.7% | Floating 3-month LIBOR +1.658% | Royal Bank of Canada | 1/15/2027 | $350,000 | $(2,108) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
Control Investments | (3)(15) | |||||||||||||||
First Star Speir Aviation Limited | Airlines | (16) | ||||||||||||||
First Lien Term Loan, 9% cash due 12/15/2020 | $ | 32,510 | $ | 24,102 | $ | 32,510 | (11) | |||||||||
100% equity interest | 8,500 | — | (6)(11) | |||||||||||||
32,602 | 32,510 | |||||||||||||||
Keypath Education, Inc. | Advertising | (25) | ||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 | 9.39 | % | 18,146 | 18,146 | 18,146 | (13) | ||||||||||
First Lien Revolver, LIBOR+7.75% (1% floor) cash due 4/3/2022 | — | — | (13) | |||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | 10,648 | 7,984 | ||||||||||||||
28,794 | 26,130 | |||||||||||||||
New IPT, Inc. | Oil & gas equipment services | |||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 | 7.39 | % | 4,107 | 4,107 | 4,107 | (13) | ||||||||||
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 | 7.49 | % | 1,453 | 1,453 | 1,453 | (13) | ||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 | 7.39 | % | 1,009 | 1,009 | 1,009 | (13) | ||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | 2,291 | ||||||||||||||
6,569 | 8,860 | |||||||||||||||
Senior Loan Fund JV I, LLC | Multi-sector holdings | (17)(18) | ||||||||||||||
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC | 8.33 | % | 99,813 | 99,813 | 99,813 | (11)(13) | ||||||||||
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 10% cash due 2036 in SLF Repack Issuer 2016 LLC | 29,520 | 29,520 | 29,520 | (11) | ||||||||||||
87.5% LLC equity interest | 16,172 | 41 | (6)(11)(24) | |||||||||||||
145,505 | 129,374 | |||||||||||||||
Total Control Investments (22.9% of net assets) | $ | 213,470 | $ | 196,874 | ||||||||||||
Affiliate Investments | (4) | |||||||||||||||
Caregiver Services, Inc. | Healthcare services | |||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | $ | 1,080 | $ | 2,161 | ||||||||||||
1,080 | 2,161 | |||||||||||||||
Total Affiliate Investments (0.3% of net assets) | $ | 1,080 | $ | 2,161 | ||||||||||||
Non-Control/Non-Affiliate Investments | (7) | |||||||||||||||
4 Over International, LLC | Commercial printing | |||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 | 8.24 | % | $ | 5,922 | $ | 5,873 | $ | 5,922 | (13) | |||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 | (17 | ) | — | (10)(13) | ||||||||||||
5,856 | 5,922 | |||||||||||||||
99 Cents Only Stores LLC | General merchandise stores | |||||||||||||||
First Lien Term Loan, LIBOR+5% cash 1.5% PIK due 1/13/2022 | 7.35 | % | 23,832 | 22,958 | 23,058 | (13)(21) | ||||||||||
22,958 | 23,058 | |||||||||||||||
Access CIG LLC | Diversified support services | |||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 | 9.99 | % | 14,235 | 14,118 | 14,316 | (13)(21) | ||||||||||
Second Lien Delayed Draw Term Loan, LIBOR+7.75% cash due 2/27/2026 | — | 4 | (13)(21) | |||||||||||||
14,118 | 14,320 | |||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, accessories & luxury goods | |||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | 5,165 | — | ||||||||||||||
5,165 | — | |||||||||||||||
Advanced Pain Management | Healthcare services | |||||||||||||||
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 11/30/2018 | 25,267 | 22,596 | — | (13)(22) | ||||||||||||
22,596 | — |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Control Investments | (8)(9) | ||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | (20) | ||||||||||||||||||||||||
34,984,460.37 Preferred Units | 34,984 | 27,638 | (20) | ||||||||||||||||||||||||||
34,984 | 27,638 | ||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | $ | 27,660 | 27,660 | 27,660 | (6)(20) | ||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | 5,260 | 5,260 | 5,260 | (6)(19)(20) | |||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | 18,626 | 7,667 | (20) | ||||||||||||||||||||||||||
51,546 | 40,587 | ||||||||||||||||||||||||||||
First Star Speir Aviation Limited | Airlines | (10) | |||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2020 | 11,510 | 2,035 | 11,510 | (11)(20) | |||||||||||||||||||||||||
100% equity interest | 8,500 | 1,622 | (11)(12)(20) | ||||||||||||||||||||||||||
10,535 | 13,132 | ||||||||||||||||||||||||||||
New IPT, Inc. | Oil & Gas Equipment & Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | 2,304 | 2,304 | 1,800 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | 1,009 | 1,009 | 788 | (6)(19)(20) | |||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | (20) | ||||||||||||||||||||||||||
3,313 | 2,588 | ||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | (14) | |||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 7.17 | % | 96,250 | 96,250 | 96,250 | (6)(11)(20) | |||||||||||||||||||||||
87.5% LLC equity interest | 49,322 | 21,190 | (11)(16)(19) | ||||||||||||||||||||||||||
145,572 | 117,440 | ||||||||||||||||||||||||||||
Total Control Investments (22.0% of net assets) | $ | 245,950 | $ | 201,385 | |||||||||||||||||||||||||
Affiliate Investments | (17) | ||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023 | 7.00 | % | $ | 4,688 | $ | 4,688 | $ | 4,194 | (6)(19)(20) | ||||||||||||||||||||
1,609,201 Class A Units | 764 | 483 | (20) | ||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | 1,019 | 1,091 | (20) | ||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | (20) | ||||||||||||||||||||||||||
6,471 | 5,768 | ||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | ||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | 1,080 | 741 | (20) | ||||||||||||||||||||||||||
1,080 | 741 | ||||||||||||||||||||||||||||
Total Affiliate Investments (0.7% of net assets) | $ | 7,551 | $ | 6,509 | |||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments | (18) | ||||||||||||||||||||||||||||
4 Over International, LLC | Commercial Printing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 6/7/2022 | 7.00 | % | $ | 5,676 | $ | 5,654 | $ | 5,264 | (6)(20) | ||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 6/7/2021 | 7.00 | % | 2,232 | 2,214 | 2,070 | (6)(20) | |||||||||||||||||||||||
7,868 | 7,334 | ||||||||||||||||||||||||||||
99 Cents Only Stores LLC | General Merchandise Stores | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash 1.50% PIK due 1/13/2022 | 6.00 | % | 19,431 | 19,220 | 17,877 | (6) | |||||||||||||||||||||||
19,220 | 17,877 | ||||||||||||||||||||||||||||
A.T. Holdings II SÀRL | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 12.00% cash due 4/27/2023 | 22,619 | 22,619 | 26,464 | (11)(20) | |||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, 12.00% cash due 4/27/2023 | 1,508 | 1,508 | 1,780 | (11)(19)(20) | |||||||||||||||||||||||||
24,127 | 28,244 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
AdVenture Interactive, Corp. | Advertising | (25) | ||||||||||||||
9,073 shares of common stock | $ | 13,611 | $ | 6,557 | ||||||||||||
13,611 | 6,557 | |||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l | Electrical components & equipment | |||||||||||||||
First Lien Term Loan, LIBOR+4.5% cash due 7/9/2025 | 7.02 | % | $ | 40,000 | 38,831 | 40,238 | (11)(13)(21) | |||||||||
38,831 | 40,238 | |||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l | Pharmaceuticals | |||||||||||||||
Second Lien Term Loan, EURIBOR+7.25% (0% Floor) cash due 7/10/2026 | 7.25 | % | € | 17,500 | 20,035 | 20,225 | (11)(13)(21) | |||||||||
20,035 | 20,225 | |||||||||||||||
AirStrip Technologies, Inc. | Application software | |||||||||||||||
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757) expiration date 5/11/2025 | 90 | — | ||||||||||||||
90 | — | |||||||||||||||
Airxcel, Inc. | Household appliances | |||||||||||||||
First Lien Term Loan, LIBOR+4.5% cash due 4/28/2025 | 6.74 | % | $ | 7,980 | 7,905 | 7,943 | (13)(21) | |||||||||
7,905 | 7,943 | |||||||||||||||
Algeco Scotsman Global Finance Plc | Construction & engineering | |||||||||||||||
Fixed Rate Bond 10% cash due 8/15/2023 | 15,000 | 14,539 | 15,450 | (11)(21) | ||||||||||||
Fixed Rate Bond 8% cash due 2/15/2023 | 16,000 | 15,898 | 16,480 | (11)(21) | ||||||||||||
30,437 | 31,930 | |||||||||||||||
Allen Media, LLC | Movies & entertainment | |||||||||||||||
First Lien Term Loan, LIBOR+6.5% (1% floor) cash due 8/30/2023 | 8.81 | % | 20,000 | 19,503 | 19,475 | (13) | ||||||||||
19,503 | 19,475 | |||||||||||||||
Allied Universal Holdco LLC | Security & alarm services | |||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 | 6.14 | % | 9,853 | 9,904 | 9,724 | (13)(21) | ||||||||||
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/28/2023 | 10.79 | % | 1,149 | 1,167 | 1,142 | (13)(21) | ||||||||||
11,071 | 10,866 | |||||||||||||||
Altice France S.A. | Integrated telecommunication services | |||||||||||||||
Fixed Rate Bond 8.125% cash due 1/15/2024 | 3,000 | 3,054 | 3,056 | (11)(21) | ||||||||||||
Fixed Rate Bond 7.625% cash due 2/15/2025 | 2,000 | 2,014 | 1,808 | (11)(21) | ||||||||||||
5,068 | 4,864 | |||||||||||||||
Ancile Solutions, Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 | 9.39 | % | 9,585 | 9,433 | 9,528 | (13) | ||||||||||
9,433 | 9,528 | |||||||||||||||
Aretec Group, Inc. | Investment banking & brokerage | |||||||||||||||
Second Lien Exit Term Loan, PRIME+2% cash due 5/23/2021 | 7.25 | % | 12,679 | 12,539 | 12,759 | (13)(21) | ||||||||||
12,539 | 12,759 | |||||||||||||||
Asset International, Inc. | Research & consulting services | |||||||||||||||
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/29/2025 | 11.64 | % | 15,000 | 14,691 | 14,836 | (13) | ||||||||||
14,691 | 14,836 | |||||||||||||||
Asurion, LLC | Property & casualty insurance | |||||||||||||||
First Lien Term Loan, LIBOR+6.5% (1% floor) cash due 8/4/2025 | 8.74 | % | 22,000 | 21,946 | 22,653 | (13)(21) | ||||||||||
21,946 | 22,653 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 | 7.91 | % | $ | 15,000 | $ | 14,909 | $ | 14,250 | (6) | ||||||||||||||||||||
14,909 | 14,250 | ||||||||||||||||||||||||||||
Accupac, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | 12,487 | 12,294 | 12,487 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 1/17/2026 | — | (36) | — | (6)(19)(20) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 1/17/2026 | 7.00 | % | 1,564 | 1,540 | 1,564 | (6)(20) | |||||||||||||||||||||||
13,798 | 14,051 | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 10/31/2025 | 8.00 | % | 20,950 | 20,594 | 20,499 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 10/31/2025 | — | (39) | (48) | (6)(19)(20) | |||||||||||||||||||||||||
20,555 | 20,451 | ||||||||||||||||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, Accessories & Luxury Goods | ||||||||||||||||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | 5,165 | — | (20) | ||||||||||||||||||||||||||
5,165 | — | ||||||||||||||||||||||||||||
AdVenture Interactive, Corp. | Advertising | ||||||||||||||||||||||||||||
9,073 shares of common stock | 13,611 | 13,440 | (20) | ||||||||||||||||||||||||||
13,611 | 13,440 | ||||||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | Electrical Components & Equipment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.65 | % | 21,374 | 20,934 | 20,465 | (6)(11) | |||||||||||||||||||||||
20,934 | 20,465 | ||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, EURIBOR+7.25% cash due 9/28/2026 | 7.25 | % | € | 24,838 | 27,668 | 28,435 | (6)(11)(20) | ||||||||||||||||||||||
27,668 | 28,435 | ||||||||||||||||||||||||||||
Airbnb, Inc. | Hotels, Resorts & Cruise Lines | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025 | 8.50 | % | $ | 15,743 | 15,378 | 17,081 | (6) | ||||||||||||||||||||||
15,378 | 17,081 | ||||||||||||||||||||||||||||
AirStrip Technologies, Inc. | Application Software | ||||||||||||||||||||||||||||
5,715 Common Stock Warrants (exercise price $139.99) expiration date 5/11/2025 | 90 | — | (20) | ||||||||||||||||||||||||||
90 | — | ||||||||||||||||||||||||||||
Aldevron, L.L.C. | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/12/2026 | 5.25 | % | 7,960 | 7,880 | 7,977 | (6) | |||||||||||||||||||||||
7,880 | 7,977 | ||||||||||||||||||||||||||||
Algeco Scotsman Global Finance Plc | Construction & Engineering | ||||||||||||||||||||||||||||
Fixed Rate Bond, 8.00% cash due 2/15/2023 | 13,524 | 13,277 | 13,465 | (11) | |||||||||||||||||||||||||
13,277 | 13,465 | ||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | (13) | |||||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Note A due 12/13/2023 | 14,800 | 18,849 | 19,968 | (11)(20) | |||||||||||||||||||||||||
Fixed Rate Bond 15% PIK Note B due 12/13/2023 | 14,800 | 18,849 | 19,196 | (11)(20) | |||||||||||||||||||||||||
37,698 | 39,164 | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 11/26/2026 | 4.75 | % | 995 | 909 | 856 | (6)(11)(20) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 11/26/2027 | 8.75 | % | 12,500 | 12,188 | 9,438 | (6)(11)(20) | |||||||||||||||||||||||
13,097 | 10,294 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
Avantor Inc. | Commodity chemicals | |||||||||||||||
Fixed Rate Bond 9% cash due 10/1/2025 | $ | 3,000 | $ | 2,972 | $ | 3,100 | (21) | |||||||||
2,972 | 3,100 | |||||||||||||||
Belk Inc. | Department stores | |||||||||||||||
First Lien Term Loan, LIBOR+4.75% (1% Floor) cash due 12/12/2022 | 6.88 | % | 662 | 573 | 581 | (13)(21) | ||||||||||
573 | 581 | |||||||||||||||
BeyondTrust Holdings LLC | Application software | |||||||||||||||
3.01% Class A membership interests | 4,500 | 15,831 | ||||||||||||||
4,500 | 15,831 | |||||||||||||||
Blackhawk Network Holdings, Inc. | Data processing & outsourced services | |||||||||||||||
Second Lien Term Loan, LIBOR+7% (1% Floor) cash due 6/15/2026 | 9.38 | % | 26,250 | 25,978 | 26,545 | (13)(21) | ||||||||||
25,978 | 26,545 | |||||||||||||||
Blueline Rental Finance Corp | Industrial machinery | |||||||||||||||
Fixed Rate Bond 9.25% cash due 3/15/2024 | 5,000 | 5,342 | 5,259 | (21) | ||||||||||||
5,342 | 5,259 | |||||||||||||||
California Pizza Kitchen, Inc. | Restaurants | |||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 | 8.39 | % | 3,154 | 3,129 | 3,076 | (13)(21) | ||||||||||
3,129 | 3,076 | |||||||||||||||
Cenegenics, LLC | Healthcare services | |||||||||||||||
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 | 29,134 | 27,738 | 8,464 | (22) | ||||||||||||
First Lien Revolver, 15% cash due 9/30/2019 | 2,203 | 2,203 | 429 | (22) | ||||||||||||
452,914.87 Common Units in Cenegenics, LLC | 598 | — | ||||||||||||||
345,380.141 Preferred Units in Cenegenics, LLC | 300 | — | ||||||||||||||
30,839 | 8,893 | |||||||||||||||
CITGO Holdings Inc. | Oil & gas refining & marketing | |||||||||||||||
Fixed Rate Bond 10.75% cash due 2/15/2020 | 21,300 | 22,494 | 22,685 | (21) | ||||||||||||
22,494 | 22,685 | |||||||||||||||
Comprehensive Pharmacy Services LLC | Pharmaceuticals | |||||||||||||||
20,000 Common Shares in MCP CPS Group Holdings, Inc. | 2,000 | 2,848 | ||||||||||||||
2,000 | 2,848 | |||||||||||||||
Conviva Inc. | Application software | |||||||||||||||
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021 | 105 | 442 | ||||||||||||||
105 | 442 | |||||||||||||||
Covia Holdings Corporation | Oil & gas equipment & services | |||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% Floor) cash due 6/1/2025 | 6.14 | % | 7,980 | 7,980 | 7,568 | (11)(13)(21) | ||||||||||
7,980 | 7,568 | |||||||||||||||
DAE Aviation Holdings | Aerospace & defense | |||||||||||||||
Fixed Rate Bond 10% cash due 7/15/2023 | 1,500 | 1,616 | 1,622 | (21) | ||||||||||||
1,616 | 1,622 | |||||||||||||||
Datto Inc. | Technology distributors | |||||||||||||||
First Lien Term Loan, LIBOR+8% (1% floor) cash due 12/7/2022 | 10.15 | % | 35,000 | 34,414 | 34,622 | (13) | ||||||||||
First Lien Revolver, LIBOR+8% (1% floor) cash due 12/7/2022 | 10.15 | % | (39 | ) | (25 | ) | (10)(13) | |||||||||
34,375 | 34,597 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Ancile Solutions, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 6/30/2021 | 8.00 | % | $ | 8,181 | $ | 8,150 | $ | 8,124 | (6)(20) | ||||||||||||||||||||
8,150 | 8,124 | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | 23,764 | 23,420 | 23,297 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | — | (22) | (30) | (6)(19)(20) | |||||||||||||||||||||||||
23,398 | 23,267 | ||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | ||||||||||||||||||||||||||||
First Lien Term Loan, EURIBOR+7.50% cash due 7/14/2026 | 8.50 | % | € | 1,440 | 1,594 | 1,640 | (6)(11)(20) | ||||||||||||||||||||||
First Lien Term Loan, UK LIBOR+7.50% cash due 7/14/2026 | 8.25 | % | £ | 11,303 | 13,752 | 14,188 | (6)(11)(20) | ||||||||||||||||||||||
First Lien Delayed Draw Term Loan, UK LIBOR+7.50% cash due 7/14/2026 | £ | — | — | — | (6)(11)(19)(20) | ||||||||||||||||||||||||
Fixed Rate Bond, 11.50% cash due 1/15/2027 | $ | 2,222 | 2,200 | 2,255 | (11) | ||||||||||||||||||||||||
17,546 | 18,083 | ||||||||||||||||||||||||||||
Associated Asphalt Partners, LLC | Construction Materials | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 4/5/2024 | 6.25 | % | 2,554 | 2,150 | 2,073 | (6) | |||||||||||||||||||||||
2,150 | 2,073 | ||||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.50% cash due 8/4/2025 | 6.65 | % | 19,985 | 19,950 | 20,058 | (6) | |||||||||||||||||||||||
19,950 | 20,058 | ||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 6/19/2026 | 28,475 | 27,252 | 28,261 | (11)(20) | |||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, 11.00% cash due 6/19/2026 | — | (321) | (171) | (11)(19)(20) | |||||||||||||||||||||||||
266,052 Common Stock Warrants (exercise price $12.63) expiration date 6/19/2027 | 915 | 785 | (11)(20) | ||||||||||||||||||||||||||
27,846 | 28,875 | ||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | 22,885 | 22,376 | 21,283 | (6)(11)(20) | |||||||||||||||||||||||
22,376 | 21,283 | ||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.00% cash due 6/15/2026 | 7.19 | % | 26,250 | 26,049 | 24,150 | (6) | |||||||||||||||||||||||
26,049 | 24,150 | ||||||||||||||||||||||||||||
Boxer Parent Company Inc. | Systems Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 4.40 | % | 13,775 | 13,666 | 13,407 | (6) | |||||||||||||||||||||||
13,666 | 13,407 | ||||||||||||||||||||||||||||
BX Commercial Mortgage Trust 2020-VIVA | Diversified Real Estate Activities | ||||||||||||||||||||||||||||
Class D Variable Notes due 3/9/2044 | 3.67 | % | 12,556 | 10,482 | 11,451 | (6)(11)(20) | |||||||||||||||||||||||
Class E Variable Notes due 3/9/2044 | 3.67 | % | 6,221 | 4,806 | 5,395 | (6)(11)(20) | |||||||||||||||||||||||
15,288 | 16,846 | ||||||||||||||||||||||||||||
California Pizza Kitchen, Inc. | Restaurants | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 8/23/2022 | 3,222 | 3,081 | 983 | (6)(21) | |||||||||||||||||||||||||
3,081 | 983 | ||||||||||||||||||||||||||||
Chief Power Finance II, LLC | Independent Power Producers & Energy Traders | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 12/31/2022 | 7.50 | % | 21,850 | 21,462 | 20,812 | (6)(20) | |||||||||||||||||||||||
21,462 | 20,812 | ||||||||||||||||||||||||||||
CITGO Holding, Inc. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/1/2023 | 8.00 | % | 11,753 | 11,570 | 11,081 | (6) | |||||||||||||||||||||||
Fixed Rate Bond, 9.25% cash due 8/1/2024 | 10,672 | 10,672 | 10,192 | ||||||||||||||||||||||||||
22,242 | 21,273 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
Dodge Data & Analytics LLC | Data processing & outsourced services | |||||||||||||||
500,000 Class A Common Units in Skyline Data, News and Analytics LLC | $ | 500 | $ | 258 | ||||||||||||
500 | 258 | |||||||||||||||
Dominion Diagnostics, LLC | Healthcare services | |||||||||||||||
Subordinated Term Loan, 11% cash 1% PIK due 10/18/2019 | $ | 20,052 | 15,589 | 1,043 | (22) | |||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 | 7.34 | % | 46,435 | 34,964 | 40,538 | (13) | ||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019 | — | (531 | ) | (10)(13) | ||||||||||||
50,553 | 41,050 | |||||||||||||||
Eagleview Technology Corporation | Application software | |||||||||||||||
Second Lien Term Loan, LIBOR+7.5% (1% Floor) cash due 8/14/2026 | 9.63 | % | 12,000 | 11,880 | 12,240 | (13) | ||||||||||
11,880 | 12,240 | |||||||||||||||
EHR Canada, LLC | Food retail | |||||||||||||||
First Lien Term Loan, LIBOR+8% (1% Floor) cash due 9/28/2020 | 10.30 | % | 22,500 | 22,052 | 22,050 | (13) | ||||||||||
22,052 | 22,050 | |||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure facilities | |||||||||||||||
First Lien Term Loan, LIBOR+8.25% (0.75% floor) cash due 12/30/2019 | 10.36 | % | 3,502 | 3,502 | 3,502 | (13) | ||||||||||
First Lien Revolver, LIBOR+8.25% (0.75% floor) cash due 12/30/2019 | — | — | (13) | |||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 760 | ||||||||||||||
12,500 Class B Common Units | 13 | 872 | ||||||||||||||
4,003 | 5,134 | |||||||||||||||
Eton | Research & consulting services | |||||||||||||||
Second Lien Term Loan, LIBOR+7.5% (0% floor) cash due 5/1/2026 | 9.74 | % | 20,000 | 19,904 | 20,100 | (13)(21) | ||||||||||
19,904 | 20,100 | |||||||||||||||
ExamSoft Worldwide, Inc. | Application software | |||||||||||||||
180,707 Class C Units in ExamSoft Investor LLC | 181 | — | ||||||||||||||
181 | — | |||||||||||||||
Garretson Firm Resolution Group, Inc. | Diversified support services | |||||||||||||||
First Lien Revolver, PRIME+5.5% cash due 5/22/2020 | 711 | 711 | 142 | (13)(22) | ||||||||||||
4,950,000 Preferred Units in GRG Holdings, LP, 8% | 495 | — | ||||||||||||||
50,000 Common Units in GRG Holdings, LP | 5 | — | ||||||||||||||
1,211 | 142 | |||||||||||||||
Gentiva Health Services, Inc. | Healthcare services | |||||||||||||||
Second Lien Term Loan, LIBOR+7% cash due 7/2/2026 | 9.34 | % | 14,500 | 14,401 | 14,935 | (13)(21) | ||||||||||
14,401 | 14,935 | |||||||||||||||
GI Chill Acquisition LLC | Managed healthcare | |||||||||||||||
First Lien Term Loan, LIBOR+4% cash due 8/6/2025 | 6.39 | % | 18,000 | 17,910 | 18,113 | (13) | ||||||||||
Second Lien Term Loan, LIBOR+7.5% cash due 8/6/2026 | 9.68 | % | 10,000 | 9,902 | 9,900 | (13) | ||||||||||
27,812 | 28,013 | |||||||||||||||
GKD Index Partners, LLC | Specialized finance | |||||||||||||||
First Lien Term Loan, LIBOR+7.25% (1% Floor) cash due 6/29/2023 | 9.64 | % | 24,379 | 24,147 | 24,135 | (13) | ||||||||||
First Lien Revolver, LIBOR+7.25% (1% Floor) cash due 6/29/2023 | 9.60 | % | 867 | 856 | 855 | (13) | ||||||||||
25,003 | 24,990 | |||||||||||||||
GOBP Holdings Inc. | Hypermarkets & super centers | |||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 | 10.49 | % | 2,071 | 2,057 | 2,082 | (13)(21) | ||||||||||
2,057 | 2,082 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
CITGO Petroleum Corp. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 6.00 | % | $ | 8,979 | $ | 8,890 | $ | 8,553 | (6) | ||||||||||||||||||||
8,890 | 8,553 | ||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+9.50% PIK due 1/28/2025 | 24,741 | 24,741 | 21,753 | (6)(20) | |||||||||||||||||||||||||
Common Stock Warrants expiration date 7/28/2025 | — | 1,672 | (20) | ||||||||||||||||||||||||||
24,741 | 23,425 | ||||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 5.15 | % | 14,621 | 14,169 | 13,465 | (6) | |||||||||||||||||||||||
14,169 | 13,465 | ||||||||||||||||||||||||||||
Conviva Inc. | Application Software | ||||||||||||||||||||||||||||
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021 | 105 | 395 | (20) | ||||||||||||||||||||||||||
105 | 395 | ||||||||||||||||||||||||||||
Corrona, LLC | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 12/13/2025 | 6.50 | % | 10,300 | 10,144 | 10,152 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 12/13/2025 | — | (32) | (52) | (6)(19)(20) | |||||||||||||||||||||||||
First Lien Revolver, PRIME+4.50% cash due 12/13/2025 | 7.75 | % | 305 | 277 | 279 | (6)(19)(20) | |||||||||||||||||||||||
1,099 Class A2 Common Units in Corrona Group Holdings, L.P. | 1,038 | 1,038 | (20) | ||||||||||||||||||||||||||
11,427 | 11,417 | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.00% cash due 2/6/2026 | 7.00 | % | 13,123 | 12,992 | 12,992 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 2/6/2025 | — | (9) | (9) | (6)(19)(20) | |||||||||||||||||||||||||
12,983 | 12,983 | ||||||||||||||||||||||||||||
CTOS, LLC | Trading Companies & Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 4/18/2025 | 4.40 | % | 10,139 | 10,228 | 10,069 | (6) | |||||||||||||||||||||||
10,228 | 10,069 | ||||||||||||||||||||||||||||
Eagleview Technology Corporation | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/14/2026 | 8.50 | % | 12,000 | 11,880 | 10,440 | (6)(20) | |||||||||||||||||||||||
11,880 | 10,440 | ||||||||||||||||||||||||||||
EHR Canada, LLC | Food Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 12/4/2020 | 9.00 | % | 6,861 | 6,851 | 6,998 | (6)(20) | |||||||||||||||||||||||
6,851 | 6,998 | ||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | ||||||||||||||||||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 49 | (20) | ||||||||||||||||||||||||||
12,500 Class B Common Units | — | — | (20) | ||||||||||||||||||||||||||
488 | 49 | ||||||||||||||||||||||||||||
ExamSoft Worldwide, Inc. | Application Software | ||||||||||||||||||||||||||||
180,707 Class C Units in ExamSoft Investor LLC | 181 | 500 | (20) | ||||||||||||||||||||||||||
181 | 500 | ||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, 11.00% cash due 8/27/2025 | 8,346 | 7,842 | 7,908 | (11)(20) | |||||||||||||||||||||||||
243,348 Common Stock Warrants (exercise price $3.20) expiration date 8/27/2030 | 258 | 419 | (11)(20) | ||||||||||||||||||||||||||
8,100 | 8,327 | ||||||||||||||||||||||||||||
GI Chill Acquisition LLC | Managed Health Care | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/6/2025 | 4.22 | % | 17,640 | 17,552 | 17,331 | (6)(20) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 7.72 | % | 10,000 | 9,927 | 9,350 | (6)(20) | |||||||||||||||||||||||
27,479 | 26,681 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
Golden State Medical Supply, Inc. | Pharmaceuticals | |||||||||||||||
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021 | $ | 15,000 | $ | 15,000 | $ | 15,001 | ||||||||||
15,000 | 15,001 | |||||||||||||||
HC2 Holdings Inc. | Multi-sector holdings | |||||||||||||||
Fixed Rate Bond 11% cash due 12/1/2019 | 10,500 | 10,555 | 10,605 | (11)(21) | ||||||||||||
10,555 | 10,605 | |||||||||||||||
HealthEdge Software, Inc. | Application software | |||||||||||||||
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023 | 213 | 773 | ||||||||||||||
213 | 773 | |||||||||||||||
I Drive Safely, LLC | Education services | |||||||||||||||
125,079 Class A Common Units of IDS Investments, LLC | 1,000 | — | ||||||||||||||
1,000 | — | |||||||||||||||
IBG Borrower LLC | Apparel, accessories & luxury goods | |||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 8/2/2022 | 9.44 | % | 14,809 | 13,143 | 13,624 | (13) | ||||||||||
13,143 | 13,624 | |||||||||||||||
iCIMs, Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+6.5% (1% Floor) cash due 9/12/2024 | 8.64 | % | 14,118 | 13,838 | 13,835 | (13) | ||||||||||
First Lien Revolver, LIBOR+6.5% (1% Floor) cash due 9/12/2024 | (17 | ) | (18 | ) | (10)(13) | |||||||||||
13,821 | 13,817 | |||||||||||||||
InMotion Entertainment Group, LLC | Consumer electronics | |||||||||||||||
First Lien Term Loan, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 | 9.65 | % | 11,568 | 11,529 | 11,568 | (13) | ||||||||||
First Lien Term Loan, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 | 9.65 | % | 5,043 | 4,955 | 5,043 | (13) | ||||||||||
Letter of Credit 6.25% cash due 10/1/2021 | 3,904 | 3,897 | 3,904 | |||||||||||||
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2021 | — | — | (13) | |||||||||||||
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2021 | 10.15 | % | 755 | 747 | 755 | (13) | ||||||||||
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC | 1,000 | 2,167 | ||||||||||||||
22,128 | 23,437 | |||||||||||||||
Integral Development Corporation | Other diversified financial services | |||||||||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | 113 | — | ||||||||||||||
113 | — | |||||||||||||||
Internet Pipeline, Inc. | Internet services & infrastructure | |||||||||||||||
Incremental First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 8/4/2022 | 7.00 | % | 5,510 | 5,454 | 5,509 | (13) | ||||||||||
5,454 | 5,509 | |||||||||||||||
Janrain, Inc. | Application software | |||||||||||||||
218,008 Common Stock Warrants (exercise price $1.3761) expiration date 12/5/2024 | 45 | — | ||||||||||||||
45 | — | |||||||||||||||
Jones Energy, Inc. | Oil & gas exploration & production | |||||||||||||||
Fixed Rate Bond 9.25% cash due 3/15/2023 | 12,000 | 11,808 | 12,390 | (21) | ||||||||||||
11,808 | 12,390 | |||||||||||||||
Kason Corporation | Industrial machinery | |||||||||||||||
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019 | 6,113 | 6,113 | 5,606 | |||||||||||||
498.6 Class A Preferred Units in Kason Investment, LLC, 8% | 499 | 249 | ||||||||||||||
5,540 Class A Common Units in Kason Investment, LLC | 55 | — | ||||||||||||||
6,667 | 5,855 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
GKD Index Partners, LLC | Specialized Finance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 6/29/2023 | 8.00 | % | $ | 20,933 | $ | 20,818 | $ | 20,577 | (6)(20) | ||||||||||||||||||||
First Lien Revolver, LIBOR+7.00% cash due 6/29/2023 | 8.00 | % | 924 | 915 | 904 | (6)(19)(20) | |||||||||||||||||||||||
21,733 | 21,481 | ||||||||||||||||||||||||||||
Global Medical Response | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 | 5.25 | % | 6,256 | 6,152 | 6,084 | (6) | |||||||||||||||||||||||
6,152 | 6,084 | ||||||||||||||||||||||||||||
Guidehouse LLP | Research & Consulting Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 5/1/2025 | 4.65 | % | 4,949 | 4,907 | 4,912 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026 | 8.15 | % | 20,000 | 19,930 | 19,300 | (6)(20) | |||||||||||||||||||||||
24,837 | 24,212 | ||||||||||||||||||||||||||||
Gulf Operating, LLC | Oil & Gas Storage & Transportation | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.25% cash due 8/25/2023 | 6.25 | % | 3,275 | 1,874 | 2,324 | (6) | |||||||||||||||||||||||
1,874 | 2,324 | ||||||||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers Inc. | Education Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 | 7.25 | % | 6,738 | 6,508 | 6,300 | (6)(11) | |||||||||||||||||||||||
6,508 | 6,300 | ||||||||||||||||||||||||||||
I Drive Safely, LLC | Education Services | ||||||||||||||||||||||||||||
125,079 Class A Common Units of IDS Investments, LLC | 1,000 | 200 | (20) | ||||||||||||||||||||||||||
1,000 | 200 | ||||||||||||||||||||||||||||
IBG Borrower LLC | Apparel, Accessories & Luxury Goods | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 8/2/2022 | 7.25 | % | 9,056 | 8,569 | 7,856 | (6)(20) | |||||||||||||||||||||||
8,569 | 7,856 | ||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 9/12/2024 | 7.50 | % | 16,718 | 16,493 | 16,584 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 9/12/2024 | — | (15) | (7) | (6)(19)(20) | |||||||||||||||||||||||||
16,478 | 16,577 | ||||||||||||||||||||||||||||
Immucor, Inc. | Health Care Supplies | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.75% cash due 7/2/2025 | 6.75 | % | 6,477 | 6,354 | 6,347 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+5.75% cash due 7/2/2025 | — | (10) | (11) | (6)(19)(20) | |||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash 3.50% PIK due 10/2/2025 | 9.00 | % | 15,611 | 15,316 | 15,298 | (6)(20) | |||||||||||||||||||||||
21,660 | 21,634 | ||||||||||||||||||||||||||||
Integral Development Corporation | Other Diversified Financial Services | ||||||||||||||||||||||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | 113 | — | (20) | ||||||||||||||||||||||||||
113 | — | ||||||||||||||||||||||||||||
L Squared Capital Partners LLC | Multi-Sector Holdings | ||||||||||||||||||||||||||||
2.00% limited partnership interest | 887 | 2,192 | (11)(16) | ||||||||||||||||||||||||||
887 | 2,192 | ||||||||||||||||||||||||||||
Lanai Holdings III, Inc. | Health Care Distributors | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 8/29/2022 | 5.75 | % | 12,948 | 12,810 | 12,260 | (6) | |||||||||||||||||||||||
12,810 | 12,260 | ||||||||||||||||||||||||||||
Lannett Company, Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 11/25/2020 | 6.00 | % | 460 | 460 | 456 | (6)(11) | |||||||||||||||||||||||
460 | 456 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
Kellermeyer Bergensons Services, LLC | Environmental & facilities services | |||||||||||||||
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 4/29/2022 | 10.84 | % | $ | 6,105 | $ | 5,923 | $ | 6,189 | (13) | |||||||
5,923 | 6,189 | |||||||||||||||
L Squared Capital Partners LLC | Multi-sector holdings | |||||||||||||||
2% limited partnership interest | 1,824 | 3,058 | (11)(24) | |||||||||||||
1,824 | 3,058 | |||||||||||||||
Lanai Holdings III, Inc. | Healthcare distributors | |||||||||||||||
First Lien Term Loan, LIBOR+4.75% (1% floor) cash due 8/29/2022 | 7.09 | % | 20,099 | 19,683 | 19,395 | (13)(21) | ||||||||||
19,683 | 19,395 | |||||||||||||||
Lannett Company, Inc. | Pharmaceuticals | |||||||||||||||
First Lien Term Loan, LIBOR+4.75% (1% Floor) cash due 11/25/2020 | 6.99 | % | 1,883 | 1,885 | 1,792 | (11)(13)(21) | ||||||||||
1,885 | 1,792 | |||||||||||||||
Lift Brands Holdings, Inc. | Leisure facilities | |||||||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | 1,398 | 3,020 | ||||||||||||||
1,398 | 3,020 | |||||||||||||||
Long's Drugs Incorporated | Pharmaceuticals | |||||||||||||||
50 Series A Preferred Shares in Long's Drugs Incorporated | 385 | 761 | ||||||||||||||
25 Series B Preferred Shares in Long's Drugs Incorporated | 210 | 491 | ||||||||||||||
595 | 1,252 | |||||||||||||||
LTI Holdings, Inc. | Auto parts & equipment | |||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 | 8.99 | % | 9,000 | 9,000 | 9,024 | (13)(21) | ||||||||||
9,000 | 9,024 | |||||||||||||||
Lytx Holdings, LLC | Research & consulting services | |||||||||||||||
3,500 Class B Units | — | 1,423 | ||||||||||||||
— | 1,423 | |||||||||||||||
Maravai Intermediate Holdings, LLC | Biotechnology | |||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 8/2/2025 | 6.38 | % | 12,000 | 11,880 | 11,963 | (13) | ||||||||||
11,880 | 11,963 | |||||||||||||||
Maverick Healthcare Group, LLC | Healthcare equipment | (20) | ||||||||||||||
First Lien Term Loan, LIBOR+7.5% cash (1.75% floor) cash due 3/15/2019 | 11,068 | 8,181 | 9,102 | (13)(22) | ||||||||||||
First Lien Term Loan, LIBOR+11% cash (1.75% floor) cash due 3/15/2019 | 50,740 | 39,110 | — | (13)(22) | ||||||||||||
CapEx Line, LIBOR+7.75% (1.75% floor) cash due 3/15/2019 | 863 | 611 | 710 | (13)(22) | ||||||||||||
47,902 | 9,812 | |||||||||||||||
Mayfield Agency Borrower Inc. | Property & casualty insurance | |||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/28/2025 | 6.74 | % | 7,481 | 7,447 | 7,537 | (13)(21) | ||||||||||
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 3/2/2026 | 10.74 | % | 37,500 | 36,977 | 37,219 | (13) | ||||||||||
44,424 | 44,756 | |||||||||||||||
McAfee, LLC | Systems software | |||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 | 6.74 | % | 7,920 | 7,853 | 7,995 | (13)(21) | ||||||||||
Second Lien Term Loan LIBOR+8.5% (1% floor) cash due 9/29/2025 | 10.74 | % | 8,000 | 8,045 | 8,180 | (13)(21) | ||||||||||
15,898 | 16,175 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Lift Brands Holdings, Inc. | Leisure Facilities | ||||||||||||||||||||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | $ | 1,399 | $ | — | (20) | ||||||||||||||||||||||||
1,399 | — | ||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 5.15 | % | $ | 39,500 | 39,023 | 37,723 | (6)(20) | ||||||||||||||||||||||
39,023 | 37,723 | ||||||||||||||||||||||||||||
LogMeIn, Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.00% cash due 8/31/2028 | 9.16 | % | 9,293 | 8,831 | 9,247 | (6) | |||||||||||||||||||||||
8,831 | 9,247 | ||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 7/24/2026 | 4.90 | % | 1,794 | 1,513 | 1,685 | (6) | |||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.65 | % | 18,082 | 15,087 | 16,884 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 9/6/2026 | 6.90 | % | 9,000 | 9,000 | 7,983 | (6) | |||||||||||||||||||||||
25,600 | 26,552 | ||||||||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | Biotechnology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.25% cash due 8/1/2025 | 5.25 | % | 11,760 | 11,642 | 11,789 | (6)(20) | |||||||||||||||||||||||
11,642 | 11,789 | ||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company | Metal & Glass Containers | ||||||||||||||||||||||||||||
Fixed Rate Bond, 8.50% cash due 4/15/2024 | 11,378 | 11,273 | 11,833 | ||||||||||||||||||||||||||
11,273 | 11,833 | ||||||||||||||||||||||||||||
Mayfield Agency Borrower Inc. | Property & Casualty Insurance | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 2/28/2025 | 4.65 | % | 28,823 | 28,045 | 26,679 | (6) | |||||||||||||||||||||||
28,045 | 26,679 | ||||||||||||||||||||||||||||
McAfee, LLC | Systems Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% cash due 9/29/2025 | 9.50 | % | 7,000 | 7,028 | 7,074 | (6) | |||||||||||||||||||||||
7,028 | 7,074 | ||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/8/2024 | 6.00 | % | 2,910 | 2,888 | 2,832 | (6)(20) | |||||||||||||||||||||||
2,888 | 2,832 | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/2025 | 8.00 | % | 29,097 | 28,675 | 26,828 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | — | (44) | (241) | (6)(19)(20) | |||||||||||||||||||||||||
28,631 | 26,587 | ||||||||||||||||||||||||||||
Ministry Brands, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 12/2/2022 | 6.00 | % | 575 | 566 | 566 | (6)(19)(20) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.25% cash due 6/2/2023 | 10.25 | % | 9,000 | 8,934 | 8,923 | (6)(20) | |||||||||||||||||||||||
9,500 | 9,489 | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | 14,369 | 14,242 | 14,022 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | — | (59) | (144) | (6)(19)(20) | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | — | (13) | (31) | (6)(19)(20) | |||||||||||||||||||||||||
14,170 | 13,847 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
McDermott Technology (Americas), Inc. | Oil & gas equipment services | |||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 5/12/2025 | 7.24 | % | $ | 31,144 | $ | 30,725 | $ | 31,604 | (11)(13)(21) | |||||||
30,725 | 31,604 | |||||||||||||||
MHE Intermediate Holdings, LLC | Diversified support services | |||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/8/2024 | 7.39 | % | 2,963 | 2,938 | 2,935 | (13) | ||||||||||
2,938 | 2,935 | |||||||||||||||
Ministry Brands, LLC | Application software | |||||||||||||||
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 | 11.75 | % | 7,056 | 6,980 | 7,090 | (13) | ||||||||||
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 | 11.75 | % | 1,944 | 1,923 | 1,953 | (13) | ||||||||||
First Lien Revolver, PRIME+4% (1% floor) cash due 12/2/2022 | 9.25 | % | 300 | 291 | 300 | (13) | ||||||||||
9,194 | 9,343 | |||||||||||||||
Morphe LLC | Personal products | |||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 2/10/2023 | 8.40 | % | 19,500 | 19,327 | 19,500 | (13) | ||||||||||
19,327 | 19,500 | |||||||||||||||
Natural Resource Partners LP | Coal & consumable fuels | |||||||||||||||
Fixed Rate Bond 10.5% cash due 3/15/2022 | 7,000 | 7,329 | 7,525 | (11)(21) | ||||||||||||
7,329 | 7,525 | |||||||||||||||
Navicure, Inc. | Healthcare technology | |||||||||||||||
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2025 | 9.74 | % | 14,500 | 14,371 | 14,500 | (13) | ||||||||||
14,371 | 14,500 | |||||||||||||||
Numericable SFR SA | Integrated telecommunication services | |||||||||||||||
Fixed Rate Bond 7.375% cash due 5/1/2026 | 5,000 | 5,116 | 5,024 | (11)(21) | ||||||||||||
5,116 | 5,024 | |||||||||||||||
OmniSYS Acquisition Corporation | Diversified support services | |||||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 898 | ||||||||||||||
1,000 | 898 | |||||||||||||||
Onvoy, LLC | Integrated telecommunication services | |||||||||||||||
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 | 12.89 | % | 16,750 | 16,750 | 13,479 | (13) | ||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | 166 | ||||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | ||||||||||||||
18,717 | 13,645 | |||||||||||||||
P2 Upstream Acquisition Co. | Application software | |||||||||||||||
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 | — | (94 | ) | (10)(13)(21) | ||||||||||||
— | (94 | ) | ||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrift & mortgage finance | |||||||||||||||
1.86% limited partnership interest | 5,343 | 4,759 | (11)(24) | |||||||||||||
5,343 | 4,759 | |||||||||||||||
PLATO Learning Inc. | Education services | (27) | ||||||||||||||
Unsecured Senior PIK Note, 8.5% PIK due 12/9/2021 | 2,649 | 2,434 | — | (23) | ||||||||||||
Unsecured Junior PIK Note, 10% PIK due 12/9/2021 | 12,490 | 10,227 | — | (23) | ||||||||||||
Unsecured Revolver, 5% cash due 12/9/2021 | 60 | (40 | ) | (2,124 | ) | (22) | ||||||||||
126,127.80 Class A Common Units of Edmentum | 126 | — | ||||||||||||||
12,747 | (2,124 | ) |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
NeuAG, LLC | Fertilizers & Agricultural Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | 7.00 | % | $ | 35,306 | $ | 33,918 | $ | 33,894 | (6)(20) | ||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5.50% cash 7.00% PIK due 9/11/2024 | — | (175) | (175) | (6)(19)(20) | |||||||||||||||||||||||||
33,743 | 33,719 | ||||||||||||||||||||||||||||
NuStar Logistics, L.P. | Oil & Gas Refining & Marketing | ||||||||||||||||||||||||||||
Unsecured Delayed Draw Term Loan, 12.00% cash due 4/19/2023 | — | — | — | (19)(20) | |||||||||||||||||||||||||
— | — | ||||||||||||||||||||||||||||
Olaplex, Inc. | Personal Products | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50 | % | 35,056 | 34,441 | 35,056 | (6)(20) | |||||||||||||||||||||||
First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | 7.50 | % | 1,917 | 1,852 | 1,917 | (6)(19)(20) | |||||||||||||||||||||||
36,293 | 36,973 | ||||||||||||||||||||||||||||
OmniSYS Acquisition Corporation | Diversified Support Services | ||||||||||||||||||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 607 | (20) | ||||||||||||||||||||||||||
1,000 | 607 | ||||||||||||||||||||||||||||
Onvoy, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+10.50% cash due 2/10/2025 | 11.50 | % | 16,750 | 16,750 | 15,142 | (6)(20) | |||||||||||||||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | 268 | (20) | ||||||||||||||||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | (20) | ||||||||||||||||||||||||||
18,717 | 15,410 | ||||||||||||||||||||||||||||
OZLM Funding III, Ltd. | Multi-Sector Holdings | ||||||||||||||||||||||||||||
Class DR Notes, LIBOR+7.77% cash due 1/22/2029 | 8.03 | % | 2,312 | 1,657 | 2,119 | (6)(11) | |||||||||||||||||||||||
1,657 | 2,119 | ||||||||||||||||||||||||||||
PaySimple, Inc. | Data Processing & Outsourced Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.50% cash due 8/23/2025 | 5.65 | % | 49,535 | 48,711 | 47,801 | (6)(20) | |||||||||||||||||||||||
48,711 | 47,801 | ||||||||||||||||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrifts & Mortgage Finance | ||||||||||||||||||||||||||||
1.86% limited partnership interest | 938 | 353 | (11)(16)(19) | ||||||||||||||||||||||||||
938 | 353 | ||||||||||||||||||||||||||||
PLATO Learning Inc. | Education Services | ||||||||||||||||||||||||||||
Unsecured Senior PIK Note, 8.50% PIK due 12/9/2021 | 3,099 | 2,434 | — | (15)(20) | |||||||||||||||||||||||||
Unsecured Junior PIK Note, 10.00% PIK due 12/9/2021 | 15,010 | 10,227 | — | (15)(20) | |||||||||||||||||||||||||
Unsecured Revolver, 5.00% cash due 12/9/2021 | 2,938 | 2,631 | 588 | (20)(21) | |||||||||||||||||||||||||
126,127.80 Class A Common Units of Edmentum | 126 | — | (20) | ||||||||||||||||||||||||||
15,418 | 588 | ||||||||||||||||||||||||||||
ProFrac Services, LLC | Industrial Machinery | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.50% cash due 9/15/2023 | 8.75 | % | 15,170 | 15,081 | 11,643 | (6)(20) | |||||||||||||||||||||||
15,081 | 11,643 | ||||||||||||||||||||||||||||
Project Boost Purchaser, LLC | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.00% cash due 5/9/2027 | 8.15 | % | 3,750 | 3,750 | 3,375 | (6)(20) | |||||||||||||||||||||||
3,750 | 3,375 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
ProFrac Services, LLC | Industrial machinery | |||||||||||||||
First Lien Term Loan, LIBOR+5.75% (1% Floor) cash due 9/15/2023 | 8.07 | % | $ | 18,300 | $ | 18,118 | $ | 18,209 | (13) | |||||||
18,118 | 18,209 | |||||||||||||||
QuorumLabs, Inc. | Application software | |||||||||||||||
64,887,669 Junior-2 Preferred Stock | 375 | — | ||||||||||||||
375 | — | |||||||||||||||
Refac Optical Group | Specialty stores | (26) | ||||||||||||||
First Lien Term Loan, LIBOR+8% cash due 1/9/2019 | 2,242 | 2,149 | 2,241 | (13)(22) | ||||||||||||
First Lien Term Loan, LIBOR+9% cash 1.75% PIK due 1/9/2019 | 34,994 | 33,700 | 34,994 | (13)(22) | ||||||||||||
First Lien Term Loan, 12.5% cash due 1/9/2019 (22) | 3,416 | 3,308 | 3,245 | (22) | ||||||||||||
First Lien Revolver, LIBOR+8% cash due 1/9/2019 (13)(22) | 3,520 | 3,424 | 3,520 | (13)(22) | ||||||||||||
1,550.9435 Shares of Common Stock in Refac Holdings, Inc. | 1 | — | ||||||||||||||
550.9435 Shares of Series A-2 Preferred Stock in Refac Holdings, Inc., 10% | 305 | — | ||||||||||||||
1,000 Shares of Series A Preferred Stock Units in Refac Holdings, Inc., 10% | 999 | — | ||||||||||||||
43,886 | 44,000 | |||||||||||||||
Salient CRGT, Inc. | Aerospace & defense | |||||||||||||||
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 | 7.99 | % | 3,174 | 3,129 | 3,222 | (13)(21) | ||||||||||
3,129 | 3,222 | |||||||||||||||
Scilex Pharmaceuticals Inc. | Pharmaceuticals | |||||||||||||||
Fixed Rate Zero Coupon Bond due 8/15/2026 | 16,000 | 10,000 | 10,000 | |||||||||||||
10,000 | 10,000 | |||||||||||||||
Sequa Mezzanine Holdings, LLC | Aerospace & defense | |||||||||||||||
First Lien Term Loan, LIBOR+5% (1% Floor) cash due 11/28/2021 | 7.19 | % | 8,479 | 8,411 | 8,355 | (13)(21) | ||||||||||
Second Lien Term Loan, LIBOR+9% (1% Floor) cash due 4/28/2022 | 11.20 | % | 2,000 | 2,023 | 1,973 | (13)(21) | ||||||||||
10,434 | 10,328 | |||||||||||||||
ShareThis, Inc. | Application software | |||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | 4 | ||||||||||||||
367 | 4 | |||||||||||||||
Swordfish Merger Sub LLC | Auto parts & equipment | |||||||||||||||
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 2/2/2026 | 8.86 | % | 12,500 | 12,442 | 12,406 | (13)(21) | ||||||||||
12,442 | 12,406 | |||||||||||||||
TerSera Therapeutics, LLC | Pharmaceuticals | |||||||||||||||
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 | 11.64 | % | 15,000 | 14,651 | 14,945 | (13) | ||||||||||
Second Lien Incremental Term loan, LIBOR+9.25% cash due 3/30/2024 | 11.59 | % | 3,281 | 3,202 | 3,269 | (13) | ||||||||||
Second Lien Incremental Delayed Draw Term Loan, LIBOR+9.25% cash due 12/31/2018 | 11.59 | % | — | (12 | ) | (10)(13) | ||||||||||
668,879 Common Units of TerSera Holdings LLC | 1,731 | 2,626 | ||||||||||||||
19,584 | 20,828 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Pug LLC | Internet & Direct Marketing Retail | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.00% cash due 2/12/2027 | 8.75 | % | $ | 15,740 | $ | 14,802 | $ | 15,307 | (6) | ||||||||||||||||||||
14,802 | 15,307 | ||||||||||||||||||||||||||||
QuorumLabs, Inc. | Application Software | ||||||||||||||||||||||||||||
64,887,669 Junior-2 Preferred Stock | 375 | — | (20) | ||||||||||||||||||||||||||
375 | — | ||||||||||||||||||||||||||||
Refac Optical Group | Specialty Stores | ||||||||||||||||||||||||||||
1,550.9435 Shares of Common Stock in Refac Holdings, Inc. | 1 | — | (20) | ||||||||||||||||||||||||||
550.9435 Series A-2 Preferred Stock in Refac Holdings, Inc., 10% | 305 | — | (20) | ||||||||||||||||||||||||||
1,000 Series A-1 Preferred Stock in Refac Holdings, Inc., 10% | 999 | — | (20) | ||||||||||||||||||||||||||
1,305 | — | ||||||||||||||||||||||||||||
Salient CRGT, Inc. | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | 2,955 | 2,938 | 2,748 | (6)(20) | |||||||||||||||||||||||
2,938 | 2,748 | ||||||||||||||||||||||||||||
Scilex Pharmaceuticals Inc. | Pharmaceuticals | ||||||||||||||||||||||||||||
Fixed Rate Zero Coupon Bond due 8/15/2026 | 15,585 | 12,069 | 12,468 | (20) | |||||||||||||||||||||||||
12,069 | 12,468 | ||||||||||||||||||||||||||||
ShareThis, Inc. | Application Software | ||||||||||||||||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | — | (20) | ||||||||||||||||||||||||||
367 | — | ||||||||||||||||||||||||||||
Sorrento Therapeutics, Inc. | Biotechnology | ||||||||||||||||||||||||||||
125,000 Common Stock Warrants (exercise price $3.94) expiration date 11/3/2029 | — | 1,123 | (11)(20) | ||||||||||||||||||||||||||
— | 1,123 | ||||||||||||||||||||||||||||
Supermoose Borrower, LLC | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.90 | % | 10,196 | 8,925 | 9,193 | (6) | |||||||||||||||||||||||
8,925 | 9,193 | ||||||||||||||||||||||||||||
Surgery Center Holdings, Inc. | Health Care Facilities | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25 | % | 3,850 | 3,133 | 3,640 | (6)(11) | |||||||||||||||||||||||
3,133 | 3,640 | ||||||||||||||||||||||||||||
Swordfish Merger Sub LLC | Auto Parts & Equipment | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% cash due 2/2/2026 | 7.75 | % | 12,500 | 12,458 | 10,563 | (6)(20) | |||||||||||||||||||||||
12,458 | 10,563 | ||||||||||||||||||||||||||||
Tacala, LLC | Restaurants | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.50% cash due 2/4/2028 | 7.65 | % | 7,276 | 7,167 | 6,903 | (6) | |||||||||||||||||||||||
7,167 | 6,903 | ||||||||||||||||||||||||||||
TerSera Therapeutics LLC | Pharmaceuticals | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+9.50% cash due 3/30/2024 | 10.50 | % | 29,663 | 29,236 | 29,371 | (6)(20) | |||||||||||||||||||||||
668,879 Common Units of TerSera Holdings LLC | 2,192 | 3,487 | (20) | ||||||||||||||||||||||||||
31,428 | 32,858 | ||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.25% cash due 3/3/2028 | 7.40 | % | 15,000 | 14,925 | 14,766 | (6) | |||||||||||||||||||||||
14,925 | 14,766 | ||||||||||||||||||||||||||||
TigerConnect, Inc. | Application Software | ||||||||||||||||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 525 | (20) | ||||||||||||||||||||||||||
60 | 525 | ||||||||||||||||||||||||||||
Transact Holdings Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 4/30/2026 | 4.90 | % | 6,930 | 6,826 | 6,553 | (6)(20) | |||||||||||||||||||||||
6,826 | 6,553 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
Thing5, LLC | Data processing & outsourced services | |||||||||||||||
First Lien Term Loan, LIBOR+7.5% (1% floor) cash 2% PIK due 10/11/2020 | $ | 46,906 | $ | 46,462 | $ | 34,292 | (12)(13)(22) | |||||||||
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 | 2,702 | 2,603 | 2,702 | (13)(22) | ||||||||||||
2,000,000 Units in T5 Investment Vehicle, LLC | 2,000 | — | ||||||||||||||
51,065 | 36,994 | |||||||||||||||
TigerText, Inc. | Application software | |||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 544 | ||||||||||||||
60 | 544 | |||||||||||||||
TravelCLICK, Inc. | Data processing & outsourced services | |||||||||||||||
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 | 9.99 | % | 1,510 | 1,376 | 1,510 | (13) | ||||||||||
1,376 | 1,510 | |||||||||||||||
Tribe Buyer LLC | Human resource & employment services | |||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 2/16/2024 | 6.74 | % | 1,581 | 1,581 | 1,593 | (13)(21) | ||||||||||
1,581 | 1,593 | |||||||||||||||
Truck Hero, Inc. | Auto parts & equipment | |||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 | 10.46 | % | 21,500 | 21,191 | 21,715 | (13) | ||||||||||
21,191 | 21,715 | |||||||||||||||
UOS, LLC | Trading companies & distributors | |||||||||||||||
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/18/2023 | 7.74 | % | 6,847 | 6,981 | 7,009 | (13)(21) | ||||||||||
6,981 | 7,009 | |||||||||||||||
Veritas US Inc. | Application software | |||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 1/27/2023 | 6.81 | % | 34,551 | 34,902 | 33,741 | (13)(21) | ||||||||||
34,902 | 33,741 | |||||||||||||||
Verra Mobility, Corp. | Data processing & outsourced services | |||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 2/27/2026 | 9.99 | % | 8,750 | 8,698 | 8,958 | (13) | ||||||||||
8,698 | 8,958 | |||||||||||||||
Verscend Holding Corp. | Healthcare technology | |||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 6.74 | % | 25,000 | 24,887 | 25,255 | (13)(21) | ||||||||||
Fixed Rate Bond 9.75% cash due 8/15/2026 | 12,000 | 12,025 | 12,405 | (21) | ||||||||||||
36,912 | 37,660 | |||||||||||||||
Vertex Aerospace Services Corp. | Aerospace & defense | |||||||||||||||
First Lien Term Loan, LIBOR+4.75% cash due 6/29/2025 | 6.99 | % | 15,960 | 15,883 | 16,135 | (13)(21) | ||||||||||
15,883 | 16,135 | |||||||||||||||
Vine Oil & Gas LP | Oil & gas exploration & production | |||||||||||||||
First Lien Term Loan, LIBOR+6.875% (1% floor) cash due 11/25/2021 | 9.12 | % | 23,000 | 22,919 | 23,173 | (13)(21) | ||||||||||
22,919 | 23,173 | |||||||||||||||
Vitalyst Holdings, Inc. | IT consulting & other services | |||||||||||||||
675 Series A Preferred Units of PCH Support Holdings, Inc., 10% | 675 | 497 | ||||||||||||||
7,500 Class A Common Stock Units of PCH Support Holdings, Inc. | 75 | — | ||||||||||||||
750 | 497 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Truck Hero, Inc. | Auto Parts & Equipment | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 4/21/2025 | 9.25 | % | $ | 21,500 | $ | 21,191 | $ | 20,819 | (6)(20) | ||||||||||||||||||||
21,191 | 20,819 | ||||||||||||||||||||||||||||
U.S. Renal Care, Inc. | Health Care Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 6/26/2026 | 5.15 | % | 1,122 | 934 | 1,096 | (6) | |||||||||||||||||||||||
934 | 1,096 | ||||||||||||||||||||||||||||
Uniti Group Inc. | Specialized REITs | ||||||||||||||||||||||||||||
21,072 Common Units | — | 133 | 222 | (11)(12) | |||||||||||||||||||||||||
133 | 222 | ||||||||||||||||||||||||||||
Verscend Holding Corp. | Health Care Technology | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.65 | % | 14,525 | 14,479 | 14,429 | (6) | |||||||||||||||||||||||
Fixed Rate Bond, 9.75% cash due 8/15/2026 | 7,000 | 7,020 | 7,629 | ||||||||||||||||||||||||||
21,499 | 22,058 | ||||||||||||||||||||||||||||
Vertex Aerospace Services Corp. | Aerospace & Defense | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.50% cash due 6/29/2025 | 4.65 | % | 10,168 | 10,133 | 10,073 | (6) | |||||||||||||||||||||||
10,133 | 10,073 | ||||||||||||||||||||||||||||
Vitalyst Holdings, Inc. | IT Consulting & Other Services | ||||||||||||||||||||||||||||
675 Series A Preferred Stock Units | 675 | 440 | (20) | ||||||||||||||||||||||||||
7,500 Class A Common Stock Units | 75 | — | (20) | ||||||||||||||||||||||||||
750 | 440 | ||||||||||||||||||||||||||||
William Morris Endeavor Entertainment, LLC | Movies & Entertainment | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+8.50% cash due 5/18/2025 | 9.50 | % | 33,298 | 31,594 | 33,298 | (6)(20) | |||||||||||||||||||||||
31,594 | 33,298 | ||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | 25,935 | 24,900 | 25,168 | (6) | |||||||||||||||||||||||
6,129 Shares of Common Stock in Windstream Holdings II, LLC | 53 | 69 | (20) | ||||||||||||||||||||||||||
37,215 Warrants in Windstream Holdings II, LLC | 913 | 444 | (20) | ||||||||||||||||||||||||||
25,866 | 25,681 | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | ||||||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | 15,000 | 14,893 | 11,700 | (6)(20) | |||||||||||||||||||||||
14,893 | 11,700 | ||||||||||||||||||||||||||||
WPEngine, Inc. | Application Software | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+6.50% cash due 3/27/2026 | 7.50 | % | 14,188 | 13,863 | 13,949 | (6)(20) | |||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.50% cash due 3/27/2026 | — | (602) | (443) | (6)(19)(20) | |||||||||||||||||||||||||
13,261 | 13,506 | ||||||||||||||||||||||||||||
xMatters, Inc. | Application Software | ||||||||||||||||||||||||||||
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 | 709 | 336 | (20) | ||||||||||||||||||||||||||
709 | 336 | ||||||||||||||||||||||||||||
Zep Inc. | Specialty Chemicals | ||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+4.00% cash due 8/12/2024 | 5.00 | % | 1,955 | 1,895 | 1,845 | (6) | |||||||||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% cash due 8/11/2025 | 9.25 | % | 30,000 | 29,908 | 24,180 | (6)(20) | |||||||||||||||||||||||
31,803 | 26,025 | ||||||||||||||||||||||||||||
Zephyr Bidco Limited | Specialized Finance | ||||||||||||||||||||||||||||
Second Lien Term Loan, UK LIBOR+7.50% cash due 7/23/2026 | 7.55 | % | £ | 18,000 | 23,705 | 21,176 | (6)(11) | ||||||||||||||||||||||
23,705 | 21,176 | ||||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (149.3% of net assets) | $ | 1,415,669 | $ | 1,365,957 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | Notes | ||||||||||
Weatherford International | Oil & gas equipment services | |||||||||||||||
Fixed Rate Bond 9.875% cash due 2/15/2024 | $ | 12,000 | $ | 11,479 | $ | 11,790 | (11)(21) | |||||||||
11,479 | 11,790 | |||||||||||||||
WeddingWire, Inc. | Internet services & infrastructure | |||||||||||||||
Earn-out | — | 70 | (19) | |||||||||||||
— | 70 | |||||||||||||||
Windstream Services, LLC | Integrated telecommunication services | |||||||||||||||
Fixed Rate Bond 8.625% cash due 10/31/2025 | 5,000 | 4,867 | 4,825 | (11)(21) | ||||||||||||
4,867 | 4,825 | |||||||||||||||
WP CPP Holdings, LLC | Aerospace & defense | |||||||||||||||
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 4/30/2026 | 10.15 | % | 15,000 | 14,855 | 15,033 | (13)(21) | ||||||||||
14,855 | 15,033 | |||||||||||||||
xMatters, Inc. | Application software | |||||||||||||||
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 | 709 | 287 | ||||||||||||||
709 | 287 | |||||||||||||||
Yeti Acquisition, LLC | Leisure products | |||||||||||||||
2,000,000 Common Stock Units of Yeti Holdings, Inc. | — | 12,073 | (28) | |||||||||||||
— | 12,073 | |||||||||||||||
Zep Inc. | Specialty chemicals | |||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 | 10.64 | % | 30,000 | 29,870 | 28,800 | (13) | ||||||||||
First Lien Term Loan, LIBOR+4.00% (1% floor) cash due 8/12/2024 | 6.39 | % | 1,995 | 1,903 | 1,904 | (13)(21) | ||||||||||
31,773 | 30,704 | |||||||||||||||
Zephyr Bidco Limited | Specialized finance | |||||||||||||||
Second Lien Term Loan, UK LIBOR+7.50% (0% floor) cash due 7/23/2026 | 8.22 | % | £ | 18,000 | 23,568 | 23,258 | (11)(13)(21) | |||||||||
23,568 | 23,258 | |||||||||||||||
Total Non-Control/Non-Affiliate Investments (150.6% of net assets) | $ | 1,392,383 | $ | 1,292,166 | ||||||||||||
Total Portfolio Investments (173.8% of net assets) | $ | 1,606,933 | $ | 1,491,201 | ||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares | $ | 9,108 | $ | 9,108 | ||||||||||||
Other cash accounts | 4,381 | 4,381 | ||||||||||||||
Total Cash and Cash Equivalents and Restricted Cash (1.6% of net assets) | $ | 13,489 | $ | 13,489 | ||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (175.4% of net assets) | $ | 1,620,422 | $ | 1,504,690 |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||
Foreign currency forward contract | $ | 23,113 | £ | 17,579 | 10/26/2018 | JPMorgan Chase Bank, N.A. | $ | 162 |
Portfolio Company/Type of Investment (1)(2)(3)(4)(5) | Cash Interest Rate (6) | Industry | Principal (7) | Cost | Fair Value | Notes | |||||||||||||||||||||||
Total Portfolio Investments (172.0% of net assets) | $ | 1,669,170 | $ | 1,573,851 | |||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares | $ | 35,248 | $ | 35,248 | |||||||||||||||||||||||||
Other cash accounts | 3,848 | 3,848 | |||||||||||||||||||||||||||
Total Cash and Cash Equivalents (4.3% of net assets) | $ | 39,096 | $ | 39,096 | |||||||||||||||||||||||||
Total Portfolio Investments and Cash and Cash Equivalents (176.3% of net assets) | $ | 1,708,266 | $ | 1,612,947 |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||||||||||||||||||
Foreign currency forward contract | $ | 35,577 | £ | 27,494 | 11/12/2020 | JPMorgan Chase Bank, N.A. | $ | 25 | ||||||||||||||||||||||||
Foreign currency forward contract | $ | 30,260 | € | 25,614 | 11/12/2020 | JPMorgan Chase Bank, N.A. | 198 | |||||||||||||||||||||||||
$ | 223 |
Year ended September 30, 2018 | Year ended September 30, 2017 | |||||||||||||||
As Previously Reported | After Adoption of ASU 2016-18 | As Previously Reported | After Adoption of ASU 2016-18 | |||||||||||||
Net cash provided by operating activities | $ | 60,295 | $ | 53,509 | $ | 492,441 | $ | 486,897 |
September 30, 2019 | September 30, 2018 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Investments in debt securities | $ | 1,274,367 | $ | 1,212,174 | $ | 1,390,672 | $ | 1,287,958 | ||||||||
Investments in equity securities | 93,075 | 99,566 | 70,756 | 73,869 | ||||||||||||
Debt investments in SLF JV I | 96,250 | 96,250 | 129,333 | 129,333 | ||||||||||||
Equity investment in SLF JV I | 49,322 | 30,052 | 16,172 | 41 | ||||||||||||
Total | $ | 1,513,014 | $ | 1,438,042 | $ | 1,606,933 | $ | 1,491,201 |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
Investments in debt securities | $ | 2,222,223 | $ | 2,259,924 | $ | 1,422,487 | $ | 1,388,605 | ||||||||||||||||||
Investments in equity securities | 120,621 | 107,222 | 101,111 | 67,806 | ||||||||||||||||||||||
Debt investments in the JVs | 146,955 | 151,832 | 96,250 | 96,250 | ||||||||||||||||||||||
Equity investments in the JVs | 49,322 | 37,651 | 49,322 | 21,190 | ||||||||||||||||||||||
Total | $ | 2,539,121 | $ | 2,556,629 | $ | 1,669,170 | $ | 1,573,851 |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Fair Value | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||||||||||||||
Floating rate debt securities, including the debt investments in the JVs | $ | 2,205,648 | 91.45 | % | $ | 1,311,509 | 88.33 | % | ||||||||||||||||||
Fixed rate debt securities | 206,108 | 8.55 | 173,346 | 11.67 | ||||||||||||||||||||||
Total | $ | 2,411,756 | 100.00 | % | $ | 1,484,855 | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||
Fair Value | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||
Fixed rate debt securities, including debt investments in SLF JV I | $ | 132,965 | 10.16 | % | $ | 237,718 | 16.77 | % | ||||||
Floating rate debt securities, including debt investments in SLF JV I | 1,175,459 | 89.84 | 1,179,573 | 83.23 | ||||||||||
Total | $ | 1,308,424 | 100.00 | % | $ | 1,417,291 | 100.00 | % |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | |||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 477,542 | $ | 653,334 | $ | — | $ | 1,130,876 | Investments in debt securities (senior secured) | $ | — | $ | 338,707 | $ | 1,878,536 | $ | — | $ | 2,217,243 | |||||||||||||||||||||||||||||||
Investments in debt securities (subordinated, including debt investments in SLF JV I) | — | 67,239 | 110,309 | — | 177,548 | |||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities (subordinated, including the debt investments in the JVs) | Investments in debt securities (subordinated, including the debt investments in the JVs) | — | 18,196 | 176,317 | — | 194,513 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity securities (preferred) | — | — | 40,578 | — | 40,578 | Investments in equity securities (preferred) | — | — | 63,565 | — | 63,565 | |||||||||||||||||||||||||||||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I) | 15,054 | — | 41,006 | 32,980 | 89,040 | |||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of the JVs) | Investments in equity securities (common and warrants, including LLC equity interests of the JVs) | 382 | — | 43,163 | 37,763 | 81,308 | ||||||||||||||||||||||||||||||||||||||||||||||
Total investments at fair value | 15,054 | 544,781 | 845,227 | 32,980 | 1,438,042 | Total investments at fair value | 382 | 356,903 | 2,161,581 | 37,763 | 2,556,629 | |||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 9,611 | — | — | — | 9,611 | Cash equivalents | 23,600 | — | — | — | 23,600 | |||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | 490 | — | — | 490 | Derivative assets | — | 1,912 | — | — | 1,912 | |||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 24,665 | $ | 545,271 | $ | 845,227 | $ | 32,980 | $ | 1,448,143 | Total assets at fair value | $ | 23,982 | $ | 358,815 | $ | 2,161,581 | $ | 37,763 | $ | 2,582,141 | |||||||||||||||||||||||||||||||
Derivative liability | Derivative liability | $ | — | $ | 2,108 | $ | — | $ | — | $ | 2,108 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | — | $ | 2,108 | $ | — | $ | — | $ | 2,108 |
(a)In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | ||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 485,436 | $ | 638,971 | $ | — | $ | 1,124,407 | ||||||||||
Investments in debt securities (subordinated, including debt investments in SLF JV I) | — | 134,025 | 158,859 | — | 292,884 | |||||||||||||||
Investments in equity securities (preferred) | — | — | 4,918 | — | 4,918 | |||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I) | — | — | 61,134 | 7,858 | 68,992 | |||||||||||||||
Total investments at fair value | — | 619,461 | 863,882 | 7,858 | 1,491,201 | |||||||||||||||
Cash equivalents | 9,108 | — | — | — | 9,108 | |||||||||||||||
Derivative assets | — | 162 | — | — | 162 | |||||||||||||||
Total assets at fair value | $ | 9,108 | $ | 619,623 | $ | 863,882 | $ | 7,858 | $ | 1,500,471 | ||||||||||
Secured borrowings | $ | — | $ | — | $ | 9,728 | $ | — | $ | 9,728 | ||||||||||
Total liabilities at fair value | $ | — | $ | — | $ | 9,728 | $ | — | $ | 9,728 |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | ||||||||||||||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 418,806 | $ | 904,237 | $ | — | $ | 1,323,043 | ||||||||||||||||||||||
Investments in debt securities (subordinated, including the debt investment in SLF JV I) | — | 35,660 | 126,152 | — | 161,812 | |||||||||||||||||||||||||||
Investments in equity securities (preferred) | — | — | 29,959 | — | 29,959 | |||||||||||||||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of SLF JV I) | 222 | — | 35,080 | 23,735 | 59,037 | |||||||||||||||||||||||||||
Total investments at fair value | 222 | 454,466 | 1,095,428 | 23,735 | 1,573,851 | |||||||||||||||||||||||||||
Cash equivalents | 35,248 | — | — | — | 35,248 | |||||||||||||||||||||||||||
Derivative assets | — | 223 | — | — | 223 | |||||||||||||||||||||||||||
Total assets at fair value | $ | 35,470 | $ | 454,689 | $ | 1,095,428 | $ | 23,735 | $ | 1,609,322 |
Investments | Liabilities | |||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in SLF JV I) | Preferred Equity | Common Equity and Warrants | Total | Secured Borrowings | |||||||||||||||||||
Fair value as of September 30, 2018 | $ | 638,971 | $ | 158,859 | $ | 4,918 | $ | 61,134 | $ | 863,882 | $ | 9,728 | ||||||||||||
New investments | 257,378 | 2,664 | 7,019 | 2,514 | 269,575 | — | ||||||||||||||||||
Redemptions/repayments/sales | (309,263 | ) | (23,365 | ) | (498 | ) | (31,990 | ) | (365,116 | ) | (9,822 | ) | ||||||||||||
Transfers in (a)(c) | 32,293 | — | 28,984 | — | 61,277 | — | ||||||||||||||||||
Transfers out (b)(c) | (28,984 | ) | (33,150 | ) | — | (12,073 | ) | (74,207 | ) | — | ||||||||||||||
Net accrual of PIK interest income | 5,037 | 149 | — | — | 5,186 | — | ||||||||||||||||||
Accretion of OID | 16,601 | 1,268 | — | — | 17,869 | — | ||||||||||||||||||
Net unrealized appreciation (depreciation) | 51,043 | 3,884 | 650 | (451 | ) | 55,126 | 2,719 | |||||||||||||||||
Net realized gains (losses) | (9,742 | ) | — | (495 | ) | 21,872 | 11,635 | (2,625 | ) | |||||||||||||||
Fair value as of September 30, 2019 | $ | 653,334 | $ | 110,309 | $ | 40,578 | $ | 41,006 | $ | 845,227 | $ | — | ||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of September 30, 2019 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2019 | $ | (19,729 | ) | $ | 3,378 | $ | (94 | ) | $ | 10,617 | $ | (5,828 | ) | $ | — |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in the JVs) | Preferred Equity | Common Equity and Warrants | Total | ||||||||||||||||||||||||||||
Fair value as of September 30, 2020 | $ | 904,237 | $ | 126,152 | $ | 29,959 | $ | 35,080 | $ | 1,095,428 | ||||||||||||||||||||||
Purchases (a) | 1,237,783 | 66,537 | 27,692 | 5,665 | 1,337,677 | |||||||||||||||||||||||||||
Sales and repayments | (352,237) | (45,353) | (31) | (28,629) | (426,250) | |||||||||||||||||||||||||||
Transfers in (b)(c)(d) | 18,458 | — | — | 6,759 | 25,217 | |||||||||||||||||||||||||||
Transfers out (b)(d) | (6,228) | — | — | — | (6,228) | |||||||||||||||||||||||||||
PIK interest income | 14,700 | — | — | — | 14,700 | |||||||||||||||||||||||||||
Accretion of OID | 19,642 | 2,069 | — | — | 21,711 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 43,736 | 18,177 | 7,218 | 13,953 | 83,084 | |||||||||||||||||||||||||||
Net realized gains (losses) | (1,555) | 8,735 | (1,273) | 10,335 | 16,242 | |||||||||||||||||||||||||||
Fair value as of September 30, 2021 | $ | 1,878,536 | $ | 176,317 | $ | 63,565 | $ | 43,163 | $ | 2,161,581 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2021 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2021 | $ | 46,340 | $ | 4,857 | $ | 5,913 | $ | 13,763 | $ | 70,873 |
Investments | Liabilities | |||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in SLF JV I) | Preferred Equity | Common Equity and Warrants | Total | Secured Borrowings | |||||||||||||||||||
Fair value as of September 30, 2017 | $ | 1,060,442 | $ | 180,331 | $ | 16,445 | $ | 69,164 | $ | 1,326,382 | $ | 13,256 | ||||||||||||
New investments & net revolver activity | 381,905 | 12,662 | — | 2,500 | 397,067 | — | ||||||||||||||||||
Redemptions/repayments/sales | (749,161 | ) | (26,403 | ) | (12,398 | ) | (27,819 | ) | (815,781 | ) | (1,191 | ) | ||||||||||||
Transfers out (a) | (34,657 | ) | — | — | — | (34,657 | ) | — | ||||||||||||||||
Net accrual of PIK interest income | 1,603 | 2,294 | — | — | 3,897 | 16 | ||||||||||||||||||
Accretion of OID | 4,769 | — | — | — | 4,769 | — | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 33,436 | (10,023 | ) | 34,112 | 44,107 | 101,632 | — | |||||||||||||||||
Net unrealized depreciation on secured borrowings | — | — | — | — | — | (2,353 | ) | |||||||||||||||||
Realized loss on investments | (59,366 | ) | (2 | ) | (33,241 | ) | (26,818 | ) | (119,427 | ) | — | |||||||||||||
Fair value as of September 30, 2018 | $ | 638,971 | $ | 158,859 | $ | 4,918 | $ | 61,134 | $ | 863,882 | $ | 9,728 | ||||||||||||
Net unrealized depreciation relating to Level 3 assets & liabilities still held as of September 30, 2018 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2018 | $ | (18,318 | ) | $ | (4,130 | ) | $ | (1,018 | ) | $ | (4,003 | ) | $ | (27,469 | ) | $ | (2,353 | ) |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investment in SLF JV I) | Preferred Equity | Common Equity and Warrants | Total | ||||||||||||||||||||||||||||
Fair value as of September 30, 2019 | $ | 653,334 | $ | 110,309 | $ | 40,578 | $ | 41,006 | $ | 845,227 | ||||||||||||||||||||||
Purchases | 423,545 | 50,534 | — | 1,485 | 475,564 | |||||||||||||||||||||||||||
Sales and repayments | (207,898) | (40,630) | (1,388) | (13,838) | (263,754) | |||||||||||||||||||||||||||
Transfers in (a)(b) | 67,939 | 5,113 | — | 19,229 | 92,281 | |||||||||||||||||||||||||||
Transfers out (a)(b) | (33,625) | (605) | — | — | (34,230) | |||||||||||||||||||||||||||
PIK interest income | 7,568 | — | — | — | 7,568 | |||||||||||||||||||||||||||
Accretion of OID | 6,042 | 2,856 | — | — | 8,898 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 15,944 | 12,917 | (9,726) | (14,981) | 4,154 | |||||||||||||||||||||||||||
Net realized gains (losses) | (28,612) | (14,342) | 495 | 2,179 | (40,280) | |||||||||||||||||||||||||||
Fair value as of September 30, 2020 | $ | 904,237 | $ | 126,152 | $ | 29,959 | $ | 35,080 | $ | 1,095,428 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of September 30, 2020 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2020 | $ | (11,757) | $ | 1,777 | $ | (9,125) | $ | (17,277) | $ | (36,382) |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (a) | ||||||||||||||||||||||||||||||||||||
Senior Secured Debt | $ | 1,413,373 | Market Yield | Market Yield | (b) | 4.0% | - | 30.0% | 10.4% | ||||||||||||||||||||||||||||||||
36,197 | Enterprise Value | EBITDA Multiple | (c) | 3.0x | - | 9.0x | 4.5x | ||||||||||||||||||||||||||||||||||
7,500 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
421,466 | Broker Quotations | Broker Quoted Price | (e) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Subordinated Debt | 24,485 | Market Yield | Market Yield | (b) | 12.0% | - | 14.0% | 12.6% | |||||||||||||||||||||||||||||||||
Debt Investments in the JVs | 151,832 | Enterprise Value | N/A | (f) | N/A | - | N/A | N/A | |||||||||||||||||||||||||||||||||
Preferred & Common Equity | 6,188 | Enterprise Value | Revenue Multiple | (c) | 0.9x | - | 11.2x | 2.5x | |||||||||||||||||||||||||||||||||
93,520 | Enterprise Value | EBITDA Multiple | (c) | 3.0x | - | 35.0x | 15.9x | ||||||||||||||||||||||||||||||||||
698 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
6,322 | Transactions Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 2,161,581 |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (a) | ||||||||||
Senior secured debt | $ | 314,026 | Market yield technique | Market yield | (b) | 6.7% | - | 18.0% | 11.2% | ||||||
17,452 | Enterprise value technique | EBITDA multiple | (c) | 1.8x | - | 6.0x | 5.0x | ||||||||
11,510 | Enterprise value technique | Asset multiple | (c) | 0.9x | 1.1x | 1.0x | |||||||||
3,750 | Transactions precedent | Transaction price | (d) | N/A | - | N/A | N/A | ||||||||
306,596 | Market quotations | Broker quoted price | (e) | N/A | - | N/A | N/A | ||||||||
Subordinated debt | 11,353 | Market yield technique | Market yield | (b) | 13.0% | - | 15.0% | 14.0% | |||||||
2,706 | Enterprise value technique | EBITDA multiple | (c) | 6.5x | - | 8.5x | 7.5x | ||||||||
SLF JV I debt investments | 96,250 | Enterprise value technique | N/A | (f) | N/A | - | N/A | N/A | |||||||
Preferred & common equity | 4,004 | Enterprise value technique | Revenue multiple | (c) | 0.8x | - | 8.9x | 3.3x | |||||||
72,950 | Enterprise value technique | EBITDA multiple | (c) | 1.8x | - | 17.0x | 6.9x | ||||||||
4,630 | Enterprise value technique | Asset multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||
Total | $ | 845,227 |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (a) | ||||||||||
Senior secured debt | $ | 241,522 | Market yield technique | Market yield | (b) | 7.4% | - | 20.0% | 12.1% | ||||||
97,057 | Enterprise value technique | EBITDA multiple | (c) | 2.8x | - | 7.6x | 5.1x | ||||||||
32,510 | Enterprise value technique | Asset multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||
55,343 | Transactions precedent technique | Transaction price | (d) | N/A | - | N/A | N/A | ||||||||
212,539 | Market quotations | Broker quoted price | (e) | N/A | - | N/A | N/A | ||||||||
Subordinated debt | 30,608 | Market yield technique | Market yield | (b) | 10.4% | - | 24.2% | 14.2% | |||||||
(1,082 | ) | Enterprise value technique | EBITDA multiple | (c) | 4.8x | - | 7.2x | 6.4x | |||||||
SLF JV I debt investments | 129,333 | Enterprise value technique | N/A | (f) | N/A | - | N/A | N/A | |||||||
Preferred & common equity | 24,654 | Enterprise value technique | Revenue multiple | (c) | 0.4x | - | 10.9x | 4.8x | |||||||
41,286 | Enterprise value technique | EBITDA multiple | (c) | 2.8x | - | 18.0x | 8.7x | ||||||||
112 | Enterprise value technique | Asset multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||
Total | $ | 863,882 | |||||||||||||
Secured borrowings | 9,728 | Enterprise value technique | EBITDA multiple | (c) | 5.8x | - | 6.0x | 5.9x | |||||||
Total | $ | 9,728 |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (a) | ||||||||||||||||||||||||||||||||||||
Senior Secured Debt | $ | 542,354 | Market Yield | Market Yield | (b) | 6.6% | - | 30.0% | 12.5% | ||||||||||||||||||||||||||||||||
35,508 | Enterprise Value | EBITDA Multiple | (c) | 0.6x | - | 6.3x | 5.9x | ||||||||||||||||||||||||||||||||||
11,510 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
314,865 | Broker Quotations | Broker Quoted Price | (e) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Subordinated Debt | 29,314 | Market Yield | Market Yield | (b) | 4.8% | - | 15.0% | 9.3% | |||||||||||||||||||||||||||||||||
588 | Enterprise Value | EBITDA Multiple | (c) | 7.6x | - | 8.6x | 8.1x | ||||||||||||||||||||||||||||||||||
SLF JV I Debt Investment | 96,250 | Enterprise Value | N/A | (f) | N/A | - | N/A | N/A | |||||||||||||||||||||||||||||||||
Preferred & Common Equity | 16,470 | Enterprise Value | Revenue Multiple | (c) | 0.9x | - | 7.0x | 3.1x | |||||||||||||||||||||||||||||||||
45,934 | Enterprise Value | EBITDA Multiple | (c) | 0.6x | - | 15.0x | 7.6x | ||||||||||||||||||||||||||||||||||
1,622 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
1,013 | Transactions Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 1,095,428 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Syndicated Facility payable | $ | 495,000 | $ | 495,000 | $ | — | $ | — | $ | 495,000 | ||||||||||||||||||||||
Citibank Facility payable | 135,000 | 135,000 | — | — | 135,000 | |||||||||||||||||||||||||||
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount) | 295,740 | 314,541 | — | 314,541 | — | |||||||||||||||||||||||||||
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) | 343,003 | 351,134 | — | 351,134 | — | |||||||||||||||||||||||||||
Total | $ | 1,268,743 | $ | 1,295,675 | $ | — | $ | 665,675 | $ | 630,000 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Credit facility payable | $ | 314,825 | $ | 314,825 | $ | — | $ | — | $ | 314,825 | ||||||||||
Unsecured notes payable (net of unamortized financing costs) | 158,542 | 164,966 | — | 164,966 | — | |||||||||||||||
Total | $ | 473,367 | $ | 479,791 | $ | — | $ | 164,966 | $ | 314,825 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Credit facility payable | $ | 241,000 | $ | 241,000 | $ | — | $ | — | $ | 241,000 | ||||||||||
Unsecured notes payable (net of unamortized financing costs) | 386,485 | 393,144 | — | 162,626 | 230,518 | |||||||||||||||
Total | $ | 627,485 | $ | 634,144 | $ | — | $ | 162,626 | $ | 471,518 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Syndicated Facility payable | $ | 414,825 | $ | 414,825 | $ | — | $ | — | $ | 414,825 | ||||||||||||||||||||||
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount) | 294,490 | 301,431 | — | 301,431 | — | |||||||||||||||||||||||||||
Total | $ | 709,315 | $ | 716,256 | $ | — | $ | 301,431 | $ | 414,825 |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Senior secured debt | $ | 2,179,907 | 85.85 | % | $ | 1,345,012 | 80.58 | % | ||||||||||||||||||
Debt investments in the JVs | 146,955 | 5.79 | % | 96,250 | 5.77 | % | ||||||||||||||||||||
Preferred equity | 65,939 | 2.60 | % | 39,550 | 2.37 | % | ||||||||||||||||||||
Common equity and warrants | 54,682 | 2.15 | % | 61,561 | 3.69 | % | ||||||||||||||||||||
LLC equity interests of the JVs | 49,322 | 1.94 | % | 49,322 | 2.95 | % | ||||||||||||||||||||
Subordinated debt | 42,316 | 1.67 | % | 77,475 | 4.64 | % | ||||||||||||||||||||
Total | $ | 2,539,121 | 100.00 | % | $ | 1,669,170 | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||
Senior secured debt | $ | 1,170,258 | 77.35 | % | $ | 1,200,242 | 74.69 | % | ||||||
Subordinated debt | 104,109 | 6.88 | % | 190,430 | 11.85 | % | ||||||||
Debt investments in SLF JV I | 96,250 | 6.36 | % | 129,333 | 8.05 | % | ||||||||
Common equity & warrants | 52,630 | 3.48 | % | 63,848 | 3.97 | % | ||||||||
LLC equity interests of SLF JV I | 49,322 | 3.26 | % | 16,172 | 1.01 | % | ||||||||
Preferred equity | 40,445 | 2.67 | % | 6,908 | 0.43 | % | ||||||||
Total | $ | 1,513,014 | 100.00 | % | $ | 1,606,933 | 100.00 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Senior secured debt | $ | 2,217,243 | 86.72 | % | 168.89 | % | $ | 1,323,043 | 84.06 | % | 144.61 | % | ||||||||||||||||||||||||||
Debt investments in the JVs | 151,832 | 5.94 | % | 11.56 | % | 96,250 | 6.12 | % | 10.52 | % | ||||||||||||||||||||||||||||
Preferred equity | 63,565 | 2.49 | % | 4.84 | % | 29,959 | 1.90 | % | 3.27 | % | ||||||||||||||||||||||||||||
Common equity and warrants | 43,657 | 1.71 | % | 3.33 | % | 37,847 | 2.40 | % | 4.14 | % | ||||||||||||||||||||||||||||
Subordinated debt | 42,681 | 1.67 | % | 3.25 | % | 65,562 | 4.17 | % | 7.17 | % | ||||||||||||||||||||||||||||
LLC equity interests of the JVs | 37,651 | 1.47 | % | 2.87 | % | 21,190 | 1.35 | % | 2.32 | % | ||||||||||||||||||||||||||||
Total | $ | 2,556,629 | 100.00 | % | 194.74 | % | $ | 1,573,851 | 100.00 | % | 172.03 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||
Senior secured debt | $ | 1,130,876 | 78.64 | % | 121.51 | % | $ | 1,124,408 | 75.40 | % | 131.05 | % | ||||||||
Debt investments in SLF JV I | 96,250 | 6.69 | % | 10.34 | % | 129,333 | 8.67 | % | 15.07 | % | ||||||||||
Subordinated debt | 81,298 | 5.65 | % | 8.74 | % | 163,550 | 10.97 | % | 19.06 | % | ||||||||||
Common equity and warrants | 58,988 | 4.10 | % | 6.34 | % | 68,951 | 4.63 | % | 8.04 | % | ||||||||||
Preferred equity | 40,578 | 2.82 | % | 4.36 | % | 4,918 | 0.33 | % | 0.57 | % | ||||||||||
LLC equity interests of SLF JV I | 30,052 | 2.10 | % | 3.23 | % | 41 | — | — | ||||||||||||
Total | $ | 1,438,042 | 100.00 | % | 154.52 | % | $ | 1,491,201 | 100.00 | % | 173.79 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Northeast | $ | 720,781 | 28.39 | % | $ | 495,440 | 29.69 | % | ||||||||||||||||||
Midwest | 385,846 | 15.20 | % | 285,674 | 17.11 | % | ||||||||||||||||||||
West | 365,471 | 14.39 | % | 330,468 | 19.80 | % | ||||||||||||||||||||
Southeast | 294,339 | 11.59 | % | 171,330 | 10.26 | % | ||||||||||||||||||||
International | 268,817 | 10.59 | % | 210,963 | 12.64 | % | ||||||||||||||||||||
Southwest | 256,227 | 10.09 | % | 67,867 | 4.07 | % | ||||||||||||||||||||
South | 156,764 | 6.17 | % | 72,150 | 4.32 | % | ||||||||||||||||||||
Northwest | 90,876 | 3.58 | % | 35,278 | 2.11 | % | ||||||||||||||||||||
Total | $ | 2,539,121 | 100.00 | % | $ | 1,669,170 | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||
Northeast | $ | 394,130 | 26.05 | % | $ | 539,568 | 33.58 | % | ||||||
West | 377,810 | 24.97 | % | 247,831 | 15.42 | % | ||||||||
Midwest | 322,651 | 21.33 | % | 278,632 | 17.34 | % | ||||||||
International | 171,129 | 11.31 | % | 155,657 | 9.69 | % | ||||||||
Southeast | 131,522 | 8.69 | % | 172,461 | 10.73 | % | ||||||||
Southwest | 66,781 | 4.41 | % | 200,904 | 12.50 | % | ||||||||
Northwest | 35,193 | 2.33 | % | 11,880 | 0.74 | % | ||||||||
South | 13,798 | 0.91 | % | — | — | |||||||||
Total | $ | 1,513,014 | 100.00 | % | $ | 1,606,933 | 100.00 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Northeast | $ | 721,647 | 28.24 | % | 54.97 | % | $ | 446,499 | 28.38 | % | 48.81 | % | ||||||||||||||||||||||||||
Midwest | 382,475 | 14.96 | % | 29.13 | % | 252,482 | 16.04 | % | 27.60 | % | ||||||||||||||||||||||||||||
West | 371,257 | 14.52 | % | 28.28 | % | 325,708 | 20.69 | % | 35.60 | % | ||||||||||||||||||||||||||||
Southeast | 299,486 | 11.71 | % | 22.81 | % | 165,516 | 10.52 | % | 18.09 | % | ||||||||||||||||||||||||||||
International | 275,904 | 10.79 | % | 21.02 | % | 213,741 | 13.58 | % | 23.36 | % | ||||||||||||||||||||||||||||
Southwest | 258,940 | 10.13 | % | 19.72 | % | 65,647 | 4.17 | % | 7.18 | % | ||||||||||||||||||||||||||||
South | 155,526 | 6.08 | % | 11.85 | % | 70,551 | 4.48 | % | 7.71 | % | ||||||||||||||||||||||||||||
Northwest | 91,394 | 3.57 | % | 6.96 | % | 33,707 | 2.14 | % | 3.68 | % | ||||||||||||||||||||||||||||
Total | $ | 2,556,629 | 100.00 | % | 194.74 | % | $ | 1,573,851 | 100.00 | % | 172.03 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||
Northeast | $ | 358,328 | 24.93 | % | 38.50 | % | $ | 495,942 | 33.26 | % | 57.80 | % | ||||||||
West | 350,660 | 24.38 | % | 37.68 | % | 230,117 | 15.43 | % | 26.82 | % | ||||||||||
Midwest | 297,433 | 20.68 | % | 31.97 | % | 229,222 | 15.37 | % | 26.71 | % | ||||||||||
International | 175,687 | 12.22 | % | 18.88 | % | 158,048 | 10.60 | % | 18.42 | % | ||||||||||
Southeast | 125,306 | 8.71 | % | 13.46 | % | 177,024 | 11.87 | % | 20.63 | % | ||||||||||
Southwest | 82,395 | 5.73 | % | 8.85 | % | 188,608 | 12.65 | % | 21.98 | % | ||||||||||
Northwest | 34,817 | 2.42 | % | 3.74 | % | 12,240 | 0.82 | % | 1.43 | % | ||||||||||
South | 13,416 | 0.93 | % | 1.44 | % | — | — | — | % | |||||||||||
Total | $ | 1,438,042 | 100.00 | % | 154.52 | % | $ | 1,491,201 | 100.00 | % | 173.79 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Application Software | $ | 367,265 | 14.49 | % | $ | 162,536 | 9.71 | % | ||||||||||||||||||
Multi-Sector Holdings (1) | 196,277 | 7.73 | 148,116 | 8.87 | ||||||||||||||||||||||
Pharmaceuticals | 138,250 | 5.44 | 99,471 | 5.96 | ||||||||||||||||||||||
Data Processing & Outsourced Services | 120,381 | 4.74 | 109,744 | 6.57 | ||||||||||||||||||||||
Biotechnology | 111,856 | 4.41 | 89,447 | 5.36 | ||||||||||||||||||||||
Personal Products | 103,642 | 4.08 | 50,091 | 3.00 | ||||||||||||||||||||||
Industrial Machinery | 88,231 | 3.47 | 15,081 | 0.90 | ||||||||||||||||||||||
Health Care Services | 84,750 | 3.34 | 71,139 | 4.26 | ||||||||||||||||||||||
Specialized Finance | 68,554 | 2.70 | 51,909 | 3.11 | ||||||||||||||||||||||
Aerospace & Defense | 67,629 | 2.66 | 27,964 | 1.68 | ||||||||||||||||||||||
Fertilizers & Agricultural Chemicals | 66,713 | 2.63 | 33,743 | 2.02 | ||||||||||||||||||||||
Internet & Direct Marketing Retail | 62,233 | 2.45 | 14,802 | 0.89 | ||||||||||||||||||||||
Construction & Engineering | 61,874 | 2.44 | 13,277 | 0.80 | ||||||||||||||||||||||
Integrated Telecommunication Services | 47,059 | 1.85 | 44,583 | 2.67 | ||||||||||||||||||||||
Internet Services & Infrastructure | 46,917 | 1.85 | 28,631 | 1.72 | ||||||||||||||||||||||
Specialty Chemicals | 46,731 | 1.84 | 44,786 | 2.68 | ||||||||||||||||||||||
Home Improvement Retail | 46,487 | 1.83 | — | — | ||||||||||||||||||||||
Automotive Retail | 41,800 | 1.65 | — | — | ||||||||||||||||||||||
Airport Services | 41,699 | 1.64 | 22,376 | 1.34 | ||||||||||||||||||||||
Diversified Support Services | 40,666 | 1.60 | 18,797 | 1.13 | ||||||||||||||||||||||
Real Estate Services | 40,445 | 1.59 | 39,023 | 2.34 | ||||||||||||||||||||||
Oil & Gas Storage & Transportation | 36,612 | 1.44 | 26,615 | 1.59 | ||||||||||||||||||||||
Oil & Gas Refining & Marketing | 36,044 | 1.42 | 31,132 | 1.87 | ||||||||||||||||||||||
Soft Drinks | 33,410 | 1.32 | — | — | ||||||||||||||||||||||
Electrical Components & Equipment | 32,127 | 1.27 | 20,934 | 1.25 | ||||||||||||||||||||||
Health Care Supplies | 29,650 | 1.17 | 21,660 | 1.30 | ||||||||||||||||||||||
Advertising | 28,649 | 1.13 | 13,611 | 0.82 | ||||||||||||||||||||||
Real Estate Operating Companies | 27,531 | 1.08 | — | — | ||||||||||||||||||||||
Cable & Satellite | 26,730 | 1.05 | — | — | ||||||||||||||||||||||
Movies & Entertainment | 26,002 | 1.02 | 44,691 | 2.68 | ||||||||||||||||||||||
Insurance Brokers | 25,515 | 1.00 | 17,546 | 1.05 | ||||||||||||||||||||||
Leisure Facilities | 25,162 | 0.99 | 1,887 | 0.11 | ||||||||||||||||||||||
Health Care Equipment | 23,674 | 0.93 | — | — | ||||||||||||||||||||||
Independent Power Producers & Energy Traders | 23,458 | 0.92 | 21,462 | 1.29 | ||||||||||||||||||||||
Airlines | 22,417 | 0.88 | 10,535 | 0.63 | ||||||||||||||||||||||
Health Care Distributors | 19,698 | 0.78 | 12,810 | 0.77 | ||||||||||||||||||||||
Commercial Printing | 19,685 | 0.78 | 7,868 | 0.47 | ||||||||||||||||||||||
Home Furnishings | 19,537 | 0.77 | — | — | ||||||||||||||||||||||
Managed Health Care | 18,654 | 0.73 | 27,479 | 1.65 | ||||||||||||||||||||||
Metal & Glass Containers | 17,443 | 0.69 | 11,273 | 0.68 | ||||||||||||||||||||||
Other Diversified Financial Services | 16,104 | 0.63 | 113 | 0.01 | ||||||||||||||||||||||
Thrifts & Mortgage Finance | 16,079 | 0.63 | 938 | 0.06 | ||||||||||||||||||||||
Health Care Technology | 13,877 | 0.55 | 21,499 | 1.29 | ||||||||||||||||||||||
Auto Parts & Equipment | 12,466 | 0.49 | 33,649 | 2.02 | ||||||||||||||||||||||
Electronic Components | 10,080 | 0.40 | 25,600 | 1.53 | ||||||||||||||||||||||
Property & Casualty Insurance | 9,884 | 0.39 | 47,995 | 2.88 | ||||||||||||||||||||||
Restaurants | 9,317 | 0.37 | 10,248 | 0.61 | ||||||||||||||||||||||
IT Consulting & Other Services | 7,598 | 0.30 | 14,919 | 0.89 | ||||||||||||||||||||||
Research & Consulting Services | 7,354 | 0.29 | 24,837 | 1.49 | ||||||||||||||||||||||
Systems Software | 6,647 | 0.26 | 20,694 | 1.24 | ||||||||||||||||||||||
Leisure Products | 6,599 | 0.26 | — | — | ||||||||||||||||||||||
Alternative Carriers | 6,578 | 0.26 | — | — | ||||||||||||||||||||||
Apparel, Accessories & Luxury Goods | 5,165 | 0.20 | 13,734 | 0.82 | ||||||||||||||||||||||
Air Freight & Logistics | 4,925 | 0.19 | — | — | ||||||||||||||||||||||
Integrated Oil & Gas | 4,842 | 0.19 | — | — | ||||||||||||||||||||||
Food Distributors | 4,625 | 0.18 | — | — | ||||||||||||||||||||||
Food Retail | 3,745 | 0.15 | 6,851 | 0.41 | ||||||||||||||||||||||
Diversified Banks | 3,515 | 0.14 | — | — | ||||||||||||||||||||||
Technology Distributors | 3,163 | 0.12 | — | — | ||||||||||||||||||||||
Construction Materials | 2,245 | 0.09 | 2,150 | 0.13 | ||||||||||||||||||||||
Housewares & Specialties | 1,875 | 0.07 | — | — | ||||||||||||||||||||||
Education Services | 981 | 0.04 | 22,926 | 1.37 | ||||||||||||||||||||||
General Merchandise Stores | — | — | 19,220 | 1.15 | ||||||||||||||||||||||
Hotels, Resorts & Cruise Lines | — | — | 15,378 | 0.92 | ||||||||||||||||||||||
Diversified Real Estate Activities | — | — | 15,288 | 0.92 | ||||||||||||||||||||||
Trading Companies & Distributors | — | — | 10,228 | 0.61 | ||||||||||||||||||||||
Oil & Gas Equipment & Services | — | — | 3,313 | 0.20 | ||||||||||||||||||||||
Health Care Facilities | — | — | 3,133 | 0.19 | ||||||||||||||||||||||
Specialty Stores | — | — | 1,305 | 0.08 | ||||||||||||||||||||||
Specialized REITs | — | — | 133 | 0.01 | ||||||||||||||||||||||
Total | $ | 2,539,121 | 100.00 | % | $ | 1,669,170 | 100.00 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Application Software | $ | 372,606 | 14.58 | % | 28.39 | % | $ | 160,591 | 10.21 | % | 17.57 | % | ||||||||||||||||||||||||||
Multi-Sector Holdings (1) | 189,483 | 7.41 | 14.43 | 121,751 | 7.74 | 13.31 | ||||||||||||||||||||||||||||||||
Pharmaceuticals | 142,194 | 5.56 | 10.83 | 103,092 | 6.55 | 11.27 | ||||||||||||||||||||||||||||||||
Data Processing & Outsourced Services | 113,923 | 4.46 | 8.68 | 99,589 | 6.33 | 10.89 | ||||||||||||||||||||||||||||||||
Biotechnology | 113,641 | 4.44 | 8.66 | 96,624 | 6.14 | 10.56 | ||||||||||||||||||||||||||||||||
Personal Products | 105,530 | 4.13 | 8.04 | 51,024 | 3.24 | 5.58 | ||||||||||||||||||||||||||||||||
Industrial Machinery | 90,218 | 3.53 | 6.87 | 11,643 | 0.74 | 1.27 | ||||||||||||||||||||||||||||||||
Health Care Services | 84,735 | 3.31 | 6.45 | 59,925 | 3.81 | 6.55 | ||||||||||||||||||||||||||||||||
Aerospace & Defense | 69,602 | 2.72 | 5.30 | 24,521 | 1.56 | 2.68 | ||||||||||||||||||||||||||||||||
Specialized Finance | 68,844 | 2.69 | 5.24 | 48,425 | 3.08 | 5.29 | ||||||||||||||||||||||||||||||||
Internet & Direct Marketing Retail | 68,424 | 2.68 | 5.21 | 15,307 | 0.97 | 1.67 | ||||||||||||||||||||||||||||||||
Fertilizers & Agricultural Chemicals | 67,527 | 2.64 | 5.14 | 33,719 | 2.14 | 3.69 | ||||||||||||||||||||||||||||||||
Construction & Engineering | 63,109 | 2.47 | 4.81 | 13,465 | 0.86 | 1.47 | ||||||||||||||||||||||||||||||||
Integrated Telecommunication Services | 49,607 | 1.94 | 3.78 | 41,091 | 2.61 | 4.49 | ||||||||||||||||||||||||||||||||
Internet Services & Infrastructure | 47,923 | 1.87 | 3.65 | 26,587 | 1.69 | 2.91 | ||||||||||||||||||||||||||||||||
Specialty Chemicals | 46,559 | 1.82 | 3.55 | 39,008 | 2.48 | 4.26 | ||||||||||||||||||||||||||||||||
Home Improvement Retail | 46,488 | 1.82 | 3.54 | — | — | — | ||||||||||||||||||||||||||||||||
Automotive Retail | 42,133 | 1.65 | 3.21 | — | — | — | ||||||||||||||||||||||||||||||||
Real Estate Services | 41,225 | 1.61 | 3.14 | 37,723 | 2.40 | 4.12 | ||||||||||||||||||||||||||||||||
Diversified Support Services | 40,888 | 1.60 | 3.11 | 17,689 | 1.12 | 1.93 | ||||||||||||||||||||||||||||||||
Airport Services | 40,776 | 1.59 | 3.11 | 21,283 | 1.35 | 2.33 | ||||||||||||||||||||||||||||||||
Oil & Gas Refining & Marketing | 36,546 | 1.43 | 2.78 | 29,826 | 1.90 | 3.26 | ||||||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation | 34,462 | 1.35 | 2.63 | 25,749 | 1.64 | 2.81 | ||||||||||||||||||||||||||||||||
Soft Drinks | 33,410 | 1.31 | 2.54 | — | — | — | ||||||||||||||||||||||||||||||||
Electrical Components & Equipment | 32,142 | 1.26 | 2.45 | 20,465 | 1.30 | 2.24 | ||||||||||||||||||||||||||||||||
Advertising | 30,423 | 1.19 | 2.32 | 13,440 | 0.85 | 1.47 | ||||||||||||||||||||||||||||||||
Health Care Supplies | 30,186 | 1.18 | 2.30 | 21,634 | 1.37 | 2.36 | ||||||||||||||||||||||||||||||||
Real Estate Operating Companies | 28,341 | 1.11 | 2.16 | — | — | — | ||||||||||||||||||||||||||||||||
Insurance Brokers | 27,612 | 1.08 | 2.10 | 18,083 | 1.15 | 1.98 | ||||||||||||||||||||||||||||||||
Cable & Satellite | 27,048 | 1.06 | 2.06 | — | — | — | ||||||||||||||||||||||||||||||||
Movies & Entertainment | 27,048 | 1.06 | 2.06 | 43,592 | 2.77 | 4.76 | ||||||||||||||||||||||||||||||||
Airlines | 24,554 | 0.96 | 1.87 | 13,132 | 0.83 | 1.44 | ||||||||||||||||||||||||||||||||
Health Care Equipment | 23,763 | 0.93 | 1.81 | — | — | — | ||||||||||||||||||||||||||||||||
Independent Power Producers & Energy Traders | 23,552 | 0.92 | 1.79 | 20,812 | 1.32 | 2.27 | ||||||||||||||||||||||||||||||||
Leisure Facilities | 22,888 | 0.90 | 1.74 | — | — | — | ||||||||||||||||||||||||||||||||
Commercial Printing | 20,100 | 0.79 | 1.53 | 7,334 | 0.47 | 0.80 | ||||||||||||||||||||||||||||||||
Home Furnishings | 19,735 | 0.77 | 1.50 | — | — | — | ||||||||||||||||||||||||||||||||
Health Care Distributors | 19,683 | 0.77 | 1.50 | 12,260 | 0.78 | 1.34 | ||||||||||||||||||||||||||||||||
Managed Health Care | 18,840 | 0.74 | 1.44 | 26,681 | 1.70 | 2.92 | ||||||||||||||||||||||||||||||||
Metal & Glass Containers | 17,413 | 0.68 | 1.33 | 11,833 | 0.75 | 1.29 | ||||||||||||||||||||||||||||||||
Thrifts & Mortgage Finance | 15,942 | 0.62 | 1.21 | 353 | 0.02 | 0.04 | ||||||||||||||||||||||||||||||||
Other Diversified Financial Services | 15,908 | 0.62 | 1.21 | — | — | — | ||||||||||||||||||||||||||||||||
Health Care Technology | 13,960 | 0.55 | 1.06 | 22,058 | 1.40 | 2.41 | ||||||||||||||||||||||||||||||||
Auto Parts & Equipment | 12,365 | 0.48 | 0.94 | 31,382 | 1.99 | 3.43 | ||||||||||||||||||||||||||||||||
Electronic Components | 10,127 | 0.40 | 0.77 | 26,552 | 1.69 | 2.90 | ||||||||||||||||||||||||||||||||
Property & Casualty Insurance | 9,949 | 0.39 | 0.76 | 46,737 | 2.97 | 5.11 | ||||||||||||||||||||||||||||||||
Restaurants | 9,451 | 0.37 | 0.72 | 7,886 | 0.50 | 0.86 | ||||||||||||||||||||||||||||||||
Research & Consulting Services | 7,606 | 0.30 | 0.58 | 24,212 | 1.54 | 2.65 | ||||||||||||||||||||||||||||||||
IT Consulting & Other Services | 7,443 | 0.29 | 0.57 | 13,905 | 0.88 | 1.52 | ||||||||||||||||||||||||||||||||
Alternative Carriers | 6,939 | 0.27 | 0.53 | — | — | — | ||||||||||||||||||||||||||||||||
Systems Software | 6,769 | 0.26 | 0.52 | 20,481 | 1.30 | 2.24 | ||||||||||||||||||||||||||||||||
Leisure Products | 6,599 | 0.26 | 0.50 | 49 | — | 0.01 | ||||||||||||||||||||||||||||||||
Air Freight & Logistics | 4,981 | 0.19 | 0.38 | — | — | — | ||||||||||||||||||||||||||||||||
Integrated Oil & Gas | 4,884 | 0.19 | 0.37 | — | — | — | ||||||||||||||||||||||||||||||||
Food Distributors | 4,673 | 0.18 | 0.36 | — | — | — | ||||||||||||||||||||||||||||||||
Food Retail | 3,750 | 0.15 | 0.29 | 6,998 | 0.44 | 0.76 | ||||||||||||||||||||||||||||||||
Diversified Banks | 3,562 | 0.14 | 0.27 | — | — | — | ||||||||||||||||||||||||||||||||
Technology Distributors | 3,178 | 0.12 | 0.24 | — | — | — | ||||||||||||||||||||||||||||||||
Construction Materials | 2,350 | 0.09 | 0.18 | 2,073 | 0.13 | 0.23 | ||||||||||||||||||||||||||||||||
Housewares & Specialties | 2,003 | 0.08 | 0.15 | — | — | — | ||||||||||||||||||||||||||||||||
Education Services | 1,009 | 0.04 | 0.08 | 7,088 | 0.45 | 0.77 | ||||||||||||||||||||||||||||||||
Apparel, Accessories & Luxury Goods | — | — | — | 7,856 | 0.50 | 0.86 | ||||||||||||||||||||||||||||||||
General Merchandise Stores | — | — | — | 17,877 | 1.14 | 1.95 | ||||||||||||||||||||||||||||||||
Hotels, Resorts & Cruise Lines | — | — | — | 17,081 | 1.09 | 1.87 | ||||||||||||||||||||||||||||||||
Diversified Real Estate Activities | — | — | — | 16,846 | 1.07 | 1.84 | ||||||||||||||||||||||||||||||||
Trading Companies & Distributors | — | — | — | 10,069 | 0.64 | 1.10 | ||||||||||||||||||||||||||||||||
Health Care Facilities | — | — | — | 3,640 | 0.23 | 0.40 | ||||||||||||||||||||||||||||||||
Oil & Gas Equipment & Services | — | — | — | 2,588 | 0.16 | 0.28 | ||||||||||||||||||||||||||||||||
Specialized REITs | — | — | — | 222 | 0.01 | 0.02 | ||||||||||||||||||||||||||||||||
Total | $ | 2,556,629 | 100.00 | % | 194.74 | % | $ | 1,573,851 | 100.00 | % | 172.03 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||
Multi-sector holdings (1) | $ | 146,436 | 9.67 | % | $ | 157,883 | 9.85 | % | ||||||
Application software | 132,051 | 8.73 | 85,875 | 5.34 | ||||||||||
Healthcare services | 100,173 | 6.62 | 119,468 | 7.43 | ||||||||||
Data processing & outsourced services | 97,759 | 6.46 | 87,617 | 5.45 | ||||||||||
Biotechnology | 82,109 | 5.43 | 11,880 | 0.74 | ||||||||||
Property & casualty insurance | 73,076 | 4.83 | 66,370 | 4.13 | ||||||||||
Pharmaceuticals | 59,294 | 3.92 | 69,098 | 4.30 | ||||||||||
Specialized finance | 53,227 | 3.52 | 48,571 | 3.02 | ||||||||||
Healthcare technology | 51,044 | 3.37 | 51,283 | 3.19 | ||||||||||
Auto parts & equipment | 42,641 | 2.82 | 42,633 | 2.65 | ||||||||||
Advertising | 42,405 | 2.80 | 42,405 | 2.64 | ||||||||||
Real estate services | 39,332 | 2.60 | — | — | ||||||||||
Research & consulting services | 34,734 | 2.30 | 34,595 | 2.15 | ||||||||||
Integrated telecommunication services | 33,741 | 2.23 | 33,768 | 2.10 | ||||||||||
Aerospace & defense | 33,665 | 2.23 | 45,918 | 2.86 | ||||||||||
Internet services & infrastructure | 32,563 | 2.15 | 5,454 | 0.34 | ||||||||||
Specialty chemicals | 31,788 | 2.10 | 31,773 | 1.98 | ||||||||||
Systems software | 31,716 | 2.10 | 15,898 | 0.99 | ||||||||||
Oil & gas refining & marketing | 30,378 | 2.01 | 22,493 | 1.40 | ||||||||||
Alternative carriers | 29,400 | 1.94 | — | — | ||||||||||
Managed healthcare | 27,645 | 1.83 | 27,812 | 1.73 | ||||||||||
Construction & engineering | 23,443 | 1.55 | 30,437 | 1.89 | ||||||||||
Healthcare distributors | 22,561 | 1.49 | 19,683 | 1.22 | ||||||||||
Interactive media & services | 21,805 | 1.44 | — | — | ||||||||||
Electrical components & equipment | 21,210 | 1.40 | 38,831 | 2.42 | ||||||||||
General merchandise stores | 18,946 | 1.25 | 22,959 | 1.43 | ||||||||||
Movies & entertainment | 18,858 | 1.25 | 19,504 | 1.21 | ||||||||||
Diversified support services | 18,805 | 1.24 | 19,266 | 1.20 | ||||||||||
Apparel, accessories & luxury goods | 18,192 | 1.20 | 18,308 | 1.14 | ||||||||||
Industrial machinery | 17,055 | 1.13 | 30,127 | 1.87 | ||||||||||
Education services | 15,672 | 1.04 | 13,748 | 0.86 | ||||||||||
IT consulting & other services | 14,975 | 0.99 | 750 | 0.05 | ||||||||||
Food retail | 14,473 | 0.96 | 22,052 | 1.37 | ||||||||||
Oil & gas equipment & services | 12,165 | 0.80 | 56,753 | 3.53 | ||||||||||
Oil & gas storage & transportation | 11,603 | 0.77 | — | — | ||||||||||
Airlines | 10,640 | 0.70 | 32,602 | 2.03 | ||||||||||
Trading companies & distributors | 10,357 | 0.68 | 6,981 | 0.43 | ||||||||||
Specialized REITs | 8,264 | 0.55 | — | — | ||||||||||
Household appliances | 7,837 | 0.52 | 7,905 | 0.49 | ||||||||||
Commercial printing | 6,002 | 0.40 | 5,856 | 0.36 | ||||||||||
Environmental & facilities services | 5,940 | 0.39 | 5,923 | 0.37 | ||||||||||
Restaurants | 3,097 | 0.20 | 3,129 | 0.19 | ||||||||||
Leisure facilities | 1,887 | 0.12 | 5,401 | 0.34 | ||||||||||
Specialty stores | 1,305 | 0.09 | 43,887 | 2.73 | ||||||||||
Thrifts & mortgage finance | 1,217 | 0.08 | 5,344 | 0.33 | ||||||||||
Human resource & employment services | 830 | 0.05 | 1,581 | 0.10 | ||||||||||
Department stores | 585 | 0.04 | 573 | 0.04 | ||||||||||
Other diversified financial services | 113 | 0.01 | 113 | 0.01 | ||||||||||
Healthcare equipment | — | — | 47,901 | 2.98 | ||||||||||
Oil & gas exploration & production | — | — | 34,727 | 2.16 | ||||||||||
Technology distributors | — | — | 34,375 | 2.14 | ||||||||||
Consumer electronics | — | — | 22,128 | 1.38 | ||||||||||
Personal products | — | — | 19,327 | 1.20 | ||||||||||
Investment banking & brokerage | — | — | 12,539 | 0.78 | ||||||||||
Security & alarm services | — | — | 11,071 | 0.69 | ||||||||||
Coal & consumable fuels | — | — | 7,329 | 0.46 | ||||||||||
Commodity chemicals | — | — | 2,972 | 0.18 | ||||||||||
Hypermarkets & super centers | — | — | 2,057 | 0.13 | ||||||||||
Total | $ | 1,513,014 | 100.00 | % | $ | 1,606,933 | 100.00 | % |
September 30, 2019 | September 30, 2018 | |||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||
Application software | $ | 129,577 | 9.00 | % | 13.94 | % | $ | 96,457 | 6.47 | % | 11.24 | % | ||||||||
Multi-sector holdings (1) | 128,539 | 8.94 | 13.81 | 143,037 | 9.57 | 16.66 | ||||||||||||||
Data processing & outsourced services | 98,267 | 6.83 | 10.56 | 74,266 | 4.98 | 8.66 | ||||||||||||||
Biotechnology | 85,719 | 5.96 | 9.21 | 11,963 | 0.80 | 1.39 | ||||||||||||||
Property & casualty insurance | 74,148 | 5.16 | 7.97 | 67,409 | 4.52 | 7.86 | ||||||||||||||
Pharmaceuticals | 60,057 | 4.18 | 6.45 | 71,946 | 4.82 | 8.39 | ||||||||||||||
Healthcare services | 58,391 | 4.06 | 6.27 | 67,039 | 4.50 | 7.81 | ||||||||||||||
Healthcare technology | 52,275 | 3.64 | 5.62 | 52,160 | 3.50 | 6.08 | ||||||||||||||
Specialized finance | 51,485 | 3.58 | 5.53 | 48,248 | 3.24 | 5.62 | ||||||||||||||
Auto parts & equipment | 40,484 | 2.82 | 4.35 | 43,146 | 2.89 | 5.03 | ||||||||||||||
Real estate services | 39,501 | 2.75 | 4.24 | — | — | — | ||||||||||||||
Research & consulting services | 37,336 | 2.60 | 4.01 | 36,359 | 2.44 | 4.24 | ||||||||||||||
Advertising | 37,261 | 2.59 | 4.00 | 32,687 | 2.19 | 3.81 | ||||||||||||||
Aerospace & defense | 33,738 | 2.35 | 3.63 | 46,338 | 3.11 | 5.40 | ||||||||||||||
Internet services & infrastructure | 32,565 | 2.26 | 3.50 | 5,580 | 0.37 | 0.65 | ||||||||||||||
Oil & gas refining & marketing | 31,597 | 2.20 | 3.40 | 22,684 | 1.52 | 2.64 | ||||||||||||||
Systems software | 31,504 | 2.19 | 3.39 | 16,175 | 1.08 | 1.89 | ||||||||||||||
Alternative carriers | 29,580 | 2.06 | 3.18 | — | — | — | ||||||||||||||
Integrated telecommunication services | 28,876 | 2.01 | 3.10 | 28,358 | 1.90 | 3.30 | ||||||||||||||
Managed healthcare | 27,775 | 1.93 | 2.98 | 28,012 | 1.88 | 3.26 | ||||||||||||||
Construction & engineering | 23,982 | 1.67 | 2.58 | 31,930 | 2.14 | 3.72 | ||||||||||||||
Specialty chemicals | 23,514 | 1.64 | 2.53 | 30,704 | 2.06 | 3.58 | ||||||||||||||
Interactive media & services | 22,500 | 1.56 | 2.42 | — | — | — | ||||||||||||||
Healthcare distributors | 21,962 | 1.53 | 2.36 | 19,395 | 1.30 | 2.26 | ||||||||||||||
Electrical components & equipment | 20,032 | 1.39 | 2.15 | 40,238 | 2.70 | 4.69 | ||||||||||||||
Diversified support services | 18,624 | 1.30 | 2.00 | 18,295 | 1.23 | 2.13 | ||||||||||||||
Movies & entertainment | 18,613 | 1.29 | 2.00 | 19,475 | 1.31 | 2.27 | ||||||||||||||
General merchandise stores | 16,934 | 1.18 | 1.82 | 23,058 | 1.55 | 2.69 | ||||||||||||||
Industrial machinery | 16,848 | 1.17 | 1.81 | 29,323 | 1.97 | 3.42 | ||||||||||||||
Airlines | 16,140 | 1.12 | 1.73 | 32,510 | 2.18 | 3.79 | ||||||||||||||
Leisure products | 15,054 | 1.05 | 1.62 | 12,073 | 0.81 | 1.41 | ||||||||||||||
Food retail | 14,903 | 1.04 | 1.60 | 22,050 | 1.48 | 2.57 | ||||||||||||||
IT consulting & other services | 13,792 | 0.96 | 1.48 | 497 | 0.03 | 0.06 | ||||||||||||||
Oil & gas equipment & services | 13,652 | 0.95 | 1.47 | 59,822 | 4.01 | 6.97 | ||||||||||||||
Apparel, accessories & luxury goods | 13,286 | 0.92 | 1.43 | 13,624 | 0.91 | 1.59 | ||||||||||||||
Oil & gas storage & transportation | 11,926 | 0.83 | 1.28 | — | — | — | ||||||||||||||
Trading companies & distributors | 10,370 | 0.72 | 1.11 | 7,009 | 0.47 | 0.82 | ||||||||||||||
Specialized REITs | 8,213 | 0.57 | 0.88 | — | — | — | ||||||||||||||
Household appliances | 7,614 | 0.53 | 0.82 | 7,943 | 0.53 | 0.93 | ||||||||||||||
Environmental & facilities services | 5,937 | 0.41 | 0.64 | 6,189 | 0.42 | 0.72 | ||||||||||||||
Commercial printing | 5,900 | 0.41 | 0.63 | 5,922 | 0.40 | 0.69 | ||||||||||||||
Leisure facilities | 4,809 | 0.33 | 0.52 | 8,154 | 0.55 | 0.95 | ||||||||||||||
Restaurants | 2,800 | 0.19 | 0.30 | 3,076 | 0.21 | 0.36 | ||||||||||||||
Human resource & employment services | 775 | 0.05 | 0.08 | 1,593 | 0.11 | 0.19 | ||||||||||||||
Thrifts & mortgage finance | 691 | 0.05 | 0.07 | 4,759 | 0.32 | 0.55 | ||||||||||||||
Department stores | 480 | 0.03 | 0.05 | 581 | 0.04 | 0.07 | ||||||||||||||
Education services | 16 | — | — | (2,125 | ) | (0.14 | ) | (0.25 | ) | |||||||||||
Specialty stores | — | — | — | 44,001 | 2.95 | 5.13 | ||||||||||||||
Oil & gas exploration & production | — | — | — | 35,562 | 2.38 | 4.14 | ||||||||||||||
Technology distributors | — | — | — | 34,597 | 2.32 | 4.03 | ||||||||||||||
Consumer electronics | — | — | — | 23,438 | 1.57 | 2.73 | ||||||||||||||
Personal products | — | — | — | 19,500 | 1.31 | 2.27 | ||||||||||||||
Investment banking & brokerage | — | — | — | 12,759 | 0.86 | 1.49 | ||||||||||||||
Security & alarm services | — | — | — | 10,865 | 0.73 | 1.27 | ||||||||||||||
Healthcare equipment | — | — | — | 9,812 | 0.66 | 1.14 | ||||||||||||||
Coal & consumable fuels | — | — | — | 7,525 | 0.50 | 0.88 | ||||||||||||||
Commodity chemicals | — | — | — | 3,101 | 0.21 | 0.36 | ||||||||||||||
Hypermarkets & super centers | — | — | — | 2,082 | 0.14 | 0.24 | ||||||||||||||
Total | $ | 1,438,042 | 100.00 | % | 154.52 | % | $ | 1,491,201 | 100.00 | % | 173.79 | % |
September 30, 2021 | September 30, 2020 | |||||||||||||
Senior secured loans (1) | $344,196 | $307,579 | ||||||||||||
Weighted average interest rate on senior secured loans (2) | 5.60% | 5.44% | ||||||||||||
Number of borrowers in SLF JV I | 55 | 56 | ||||||||||||
Largest exposure to a single borrower (1) | $9,875 | $10,487 | ||||||||||||
Total of five largest loan exposures to borrowers (1) | $46,984 | $49,097 |
September 30, 2019 | September 30, 2018 | |||
Senior secured loans (1) | $340,960 | $297,053 | ||
Weighted average interest rate on senior secured loans (2) | 6.57% | 7.20% | ||
Number of borrowers in SLF JV I | 51 | 40 | ||
Largest exposure to a single borrower (1) | $10,835 | $17,512 | ||
Total of five largest loan exposures to borrowers (1) | $50,510 | $66,507 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.83 | % | Diversified Support Services | $ | 9,111 | $ | 9,084 | $ | 9,078 | (4) | ||||||||||||||||||
ADB Companies, LLC | First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25 | % | Construction & Engineering | 7,732 | 7,566 | 7,644 | (4) | |||||||||||||||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 4.12 | % | Integrated Telecommunication Services | 2,596 | 2,468 | 2,591 | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25 | % | Pharmaceuticals | 9,755 | 9,580 | 9,443 | (4) | |||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00 | % | Movies & Entertainment | 7,880 | 7,801 | 7,680 | (4) | |||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | 3.88 | % | Personal Products | 2,799 | 2,211 | 2,378 | ||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 4,615 | 4,565 | 4,544 | (4) | |||||||||||||||||||||
Apptio, Inc. | First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 154 | 150 | 148 | (4)(5) | |||||||||||||||||||||
Total Apptio, Inc. | 4,769 | 4,715 | 4,692 | ||||||||||||||||||||||||||
Asurion, LLC | Second Lien Term Loan, LIBOR+5.25% cash due 1/20/2029 | 5.33 | % | Property & Casualty Insurance | 6,000 | 5,940 | 5,980 | ||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | Airport Services | 6,403 | 6,283 | 6,025 | (4) | |||||||||||||||||||||
BAART Programs, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027 | 6.00 | % | Health Care Services | 5,985 | 5,925 | 5,970 | ||||||||||||||||||||||
BAART Programs, Inc. | First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027 | 6.00 | % | Health Care Services | 450 | 436 | 446 | (5) | |||||||||||||||||||||
Total BAART Programs, Inc. | 6,435 | 6,361 | 6,416 | ||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 3.08 | % | Data Processing & Outsourced Services | 9,675 | 9,662 | 9,615 | ||||||||||||||||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+3.75% cash due 10/2/2025 | 3.88 | % | Systems Software | 6,643 | 6,570 | 6,615 | ||||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.08 | % | Oil & Gas Equipment & Services | 7,253 | 7,234 | 7,158 | ||||||||||||||||||||||
C5 Technology Holdings, LLC | 171 Common Units | Data Processing & Outsourced Services | — | — | (4) | ||||||||||||||||||||||||
C5 Technology Holdings, LLC | 7,193,539.63 Preferred Units | Data Processing & Outsourced Services | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 5,683 | |||||||||||||||||||||||||||
Centerline Communications, LLC | First Lien Term Loan, LIBOR+5.50% cash due 8/10/2027 | 6.50 | % | Wireless Telecommunication Services | 2,000 | 1,961 | 1,960 | ||||||||||||||||||||||
Centerline Communications, LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 8/10/2023 | 6.50 | % | Wireless Telecommunication Services | 1,920 | 1,890 | 1,889 | (5) | |||||||||||||||||||||
Centerline Communications, LLC | First Lien Revolver, LIBOR+5.50% cash due 8/10/2027 | Wireless Telecommunication Services | — | (12) | (12) | (5) | |||||||||||||||||||||||
Total Centerline Communications, LLC | 3,920 | 3,839 | 3,837 | ||||||||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25 | % | Oil & Gas Refining & Marketing | 7,111 | 7,040 | 7,134 | (4) | |||||||||||||||||||||
City Football Group Limited | First Lien Term Loan, LIBOR+3.50% cash due 7/21/2028 | 4.00 | % | Movies & Entertainment | 6,500 | 6,468 | 6,492 | ||||||||||||||||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+3.50% cash due 12/11/2026 | 4.50 | % | Alternative Carriers | 7,362 | 7,204 | 7,376 | ||||||||||||||||||||||
Convergeone Holdings, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 1/4/2026 | 5.08 | % | IT Consulting & Other Services | 7,449 | 7,229 | 7,427 | (4) | |||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026 | 4.13 | % | Biotechnology | 5,880 | 5,836 | 5,884 | ||||||||||||||||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 | 4.08 | % | Internet Services & Infrastructure | 5,885 | 5,870 | 5,893 | ||||||||||||||||||||||
DirecTV Financing, LLC | First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027 | 5.75 | % | Cable & Satellite | 6,000 | 5,940 | 6,011 | (4) | |||||||||||||||||||||
Enviva Holdings, LP | First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 | 6.50 | % | Forest Products | 5,878 | 5,819 | 5,893 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 6.07 | % | Diversified support services | $ | 9,300 | $ | 9,256 | $ | 9,201 | ||||||
AdVenture Interactive, Corp. | 927 shares of common stock | Advertising | 1,390 | 1,295 | (4) | |||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 6.60 | % | Electrical components & equipment | 6,145 | 5,992 | 5,659 | (4) | ||||||||
Air Newco LP | First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024 | 6.79 | % | IT consulting & other services | 9,900 | 9,875 | 9,916 | |||||||||
AL Midcoast Holdings LLC | First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025 | 7.60 | % | Oil & gas storage & transportation | 9,900 | 9,801 | 9,764 | |||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 6.03 | % | Integrated telecommunication services | 7,444 | 7,282 | 7,439 | |||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022 | 6.79 | % | Pharmaceuticals | 7,656 | 7,656 | 6,963 | |||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 9.56 | % | Application software | 4,615 | 4,534 | 4,530 | (4) | ||||||||
First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | Application software | — | (7 | ) | (7 | ) | (4)(5) | |||||||||
Total Apptio, Inc. | 4,527 | 4,523 | ||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 5.04 | % | Data processing & outsourced services | 9,875 | 9,855 | 9,858 | |||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 6.29 | % | Systems software | 7,609 | 7,518 | 7,336 | (4) | ||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 6.05 | % | Oil & gas equipment & services | 7,406 | 7,376 | 6,855 | |||||||||
C5 Technology Holdings, LLC | 171 Common Units | IT consulting & other services | — | — | (4) | |||||||||||
7,193,539.63 Preferred Units | 7,194 | 7,194 | (4) | |||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 7,194 | ||||||||||||||
Cast & Crew Payroll, LLC | First Lien Term Loan, LIBOR+4.00% cash due 2/9/2026 | 6.05 | % | Application software | 4,975 | 4,925 | 5,018 | |||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 7.10 | % | Oil & gas refining & marketing | 7,960 | 7,880 | 8,010 | (4) | ||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+4.50% cash due 9/23/2026 | 7.10 | % | Alternative Carriers | 8,000 | 7,840 | 7,888 | (4) | ||||||||
Curium Bidco S.à r.l. | First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026 | 6.10 | % | Biotechnology | 6,000 | 5,955 | 6,030 | |||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 8/8/2026 | 6.26 | % | Internet services & infrastructure | 8,000 | 7,980 | 7,985 | |||||||||
DigiCert, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/31/2024 | 6.04 | % | Internet services & infrastructure | 8,250 | 8,148 | 8,249 | (4) | ||||||||
Ellie Mae, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/17/2026 | 6.04 | % | Application software | 5,000 | 4,975 | 5,015 | |||||||||
Everi Payments Inc. | First Lien Term Loan, LIBOR+3.00% cash due 5/9/2024 | 5.04 | % | Casinos & gaming | 4,764 | 4,742 | 4,776 | |||||||||
Falmouth Group Holdings Corp. | First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021 | 8.95 | % | Specialty chemicals | 4,938 | 4,909 | 4,910 | |||||||||
Frontier Communications Corporation | First Lien Term Loan, LIBOR+3.75% cash due 6/15/2024 | 5.80 | % | Integrated telecommunication services | 6,473 | 6,400 | 6,471 | |||||||||
Gentiva Health Services, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 7/2/2025 | 5.81 | % | Healthcare services | 7,920 | 7,801 | 7,974 | |||||||||
Gigamon, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024 | 6.29 | % | Systems software | 7,860 | 7,801 | 7,644 | |||||||||
GoodRx, Inc. | First Lien Term Loan, LIBOR+2.75% cash due 10/10/2025 | 4.81 | % | Interactive media & services | 7,852 | 7,835 | 7,862 | |||||||||
Guidehouse LLP | Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026 | 9.54 | % | Research & consulting services | 6,000 | 5,975 | 5,925 | (4) |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50 | % | Application Software | $ | 7,406 | $ | 7,332 | $ | 7,451 | |||||||||||||||||||
GI Chill Acquisition LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/6/2025 | 3.90 | % | Managed Health Care | 3,721 | 3,737 | 3,712 | (4) | |||||||||||||||||||||
GI Chill Acquisition LLC | Second Lien Term Loan, LIBOR+7.50% cash due 8/6/2026 | 7.63 | % | Managed Health Care | 3,750 | 3,674 | 3,731 | (4) | |||||||||||||||||||||
Total GI Chill Acquisition LLC | 7,471 | 7,411 | 7,443 | ||||||||||||||||||||||||||
Gibson Brands, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028 | 5.75 | % | Leisure Products | 7,500 | 7,425 | 7,463 | ||||||||||||||||||||||
Global Medical Response, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025 | 5.75 | % | Health Care Services | 2,214 | 2,178 | 2,226 | ||||||||||||||||||||||
Global Medical Response, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 3/14/2025 | 5.25 | % | Health Care Services | 1,995 | 1,995 | 2,004 | (4) | |||||||||||||||||||||
Total Global Medical Response, Inc. | 4,209 | 4,173 | 4,230 | ||||||||||||||||||||||||||
Grab Holdings Inc. | First Lien Term Loan, LIBOR+4.50% cash due 1/29/2026 | 5.50 | % | Interactive Media & Services | 2,985 | 2,907 | 3,025 | ||||||||||||||||||||||
Indivior Finance S.À.R.L. | First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026 | 6.00 | % | Pharmaceuticals | 7,481 | 7,336 | 7,456 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, PRIME+4.75% cash due 11/27/2023 | 8.00 | % | Alternative Carriers | 3,568 | 3,550 | 3,622 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+4.75% cash due 7/13/2022 | 5.75 | % | Alternative Carriers | 5,000 | 4,935 | 5,044 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 7/13/2022 | Alternative Carriers | — | (13) | 9 | (5) | |||||||||||||||||||||||
Total Intelsat Jackson Holdings S.A. | 8,568 | 8,472 | 8,675 | ||||||||||||||||||||||||||
INW Manufacturing, LLC | First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027 | 6.50 | % | Personal Products | 9,875 | 9,597 | 9,678 | (4) | |||||||||||||||||||||
Lightbox Intermediate, L.P. | First Lien Term Loan, LIBOR+5.00% cash due 5/9/2026 | 5.13 | % | Real Estate Services | 7,443 | 7,377 | 7,405 | (4) | |||||||||||||||||||||
LogMeIn, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 | 4.83 | % | Application Software | 7,940 | 7,812 | 7,946 | (4) | |||||||||||||||||||||
LTI Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.58 | % | Electronic Components | 7,442 | 7,329 | 7,354 | ||||||||||||||||||||||
Maravai Intermediate Holdings, LLC | First Lien Term Loan, LIBOR+3.75% cash due 10/19/2027 | 4.75 | % | Biotechnology | 6,819 | 6,751 | 6,846 | ||||||||||||||||||||||
Mindbody, Inc. | First Lien Term Loan, LIBOR+7.00% cash 1.50% PIK due 2/14/2025 | 8.00 | % | Internet Services & Infrastructure | 4,616 | 4,565 | 4,528 | (4) | |||||||||||||||||||||
Mindbody, Inc. | First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | Internet Services & Infrastructure | — | (6) | (9) | (4)(5) | |||||||||||||||||||||||
Total Mindbody, Inc. | 4,616 | 4,559 | 4,519 | ||||||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | Application Software | 3,877 | 3,843 | 3,875 | (4) | |||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (6) | (1) | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (3) | — | (4)(5) | |||||||||||||||||||||||
Total MRI Software LLC | 3,877 | 3,834 | 3,874 | ||||||||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 5.50 | % | Electrical Components & Equipment | 6,755 | 6,738 | 6,738 | ||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.08 | % | Application Software | 7,852 | 7,816 | 7,842 | (4) | |||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 1/8/2026 | 7.25 | % | Personal Products | 6,273 | 6,189 | 6,226 | (4) | |||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.25% cash due 1/8/2025 | Personal Products | — | (7) | (8) | (4)(5) | |||||||||||||||||||||||
Total Olaplex, Inc. | 6,273 | 6,182 | 6,218 | ||||||||||||||||||||||||||
Park Place Technologies, LLC | First Lien Term Loan, LIBOR+5.00% cash due 11/10/2027 | 6.00 | % | Internet Services & Infrastructure | 4,975 | 4,801 | 4,981 | (4) | |||||||||||||||||||||
Planview Parent, Inc. | Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00 | % | Application Software | 4,503 | 4,435 | 4,514 | (4) | |||||||||||||||||||||
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Indivior Finance S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 12/19/2022 | 6.76 | % | Pharmaceuticals | $ | 7,898 | $ | 7,797 | $ | 7,272 | ||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+3.75% cash due 11/27/2023 | 5.80 | % | Alternative Carriers | 10,000 | 9,891 | 10,042 | |||||||||
KIK Custom Products Inc. | First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023 | 6.26 | % | Household products | 8,000 | 7,972 | 7,610 | |||||||||
McDermott Technology (Americas), Inc. | First Lien Term Loan, LIBOR+5.00% cash due 5/9/2025 | 7.10 | % | Oil & gas equipment & services | 4,187 | 4,119 | 2,676 | |||||||||
Mindbody, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 2/14/2025 | 9.06 | % | Internet services & infrastructure | 4,524 | 4,443 | 4,438 | (4) | ||||||||
First Lien Revolver, LIBOR+7.00% cash due 2/15/2025 | Internet services & infrastructure | — | (9 | ) | (9 | ) | (4)(5) | |||||||||
Total Mindbody, Inc. | 4,434 | 4,429 | ||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 9/18/2026 | 6.13 | % | Healthcare technology | 6,000 | 5,970 | 6,008 | |||||||||
New IPT, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 7.10 | % | Oil & gas equipment & services | 1,422 | 1,422 | 1,422 | (4) | ||||||||
21.876 Class A Common Units in New IPT Holdings, LLC | Oil & gas equipment & services | — | 1,268 | (4) | ||||||||||||
Total New IPT, Inc. | 1,422 | 2,690 | ||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 6.56 | % | Electrical components & equipment | 6,895 | 6,868 | 6,792 | |||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 7.05 | % | Application software | 5,993 | 5,961 | 5,882 | |||||||||
OCI Beaumont LLC | First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025 | 6.10 | % | Commodity chemicals | 7,880 | 7,872 | 7,890 | |||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/24/2026 | 6.13 | % | Application software | 7,312 | 7,275 | 7,298 | |||||||||
First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/24/2026 | Application software | — | (3 | ) | (1 | ) | (5) | |||||||||
Total OEConnection LLC | 7,272 | 7,297 | ||||||||||||||
Red Ventures, LLC | First Lien Term Loan, LIBOR+3.00% cash due 11/8/2024 | 5.04 | % | Interactive media & services | 3,990 | 3,971 | 4,011 | |||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+6.00% cash due 2/28/2022 | 8.05 | % | Aerospace & defense | 2,205 | 2,183 | 2,094 | (4) | ||||||||
Scientific Games International, Inc. | First Lien Term Loan, LIBOR+2.75% cash due 8/14/2024 | 4.79 | % | Casinos & gaming | 6,516 | 6,491 | 6,470 | |||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.00% cash due 10/27/2022 | 7.26 | % | Footwear | 8,420 | 8,403 | 7,999 | |||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 6.60 | % | Healthcare services | 9,850 | 9,775 | 9,838 | |||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 7.54 | % | Diversified support services | 4,906 | 4,833 | 4,759 | |||||||||
Sunshine Luxembourg VII SARL | First Lien Term Loan, LIBOR+4.25% cash due 9/25/2026 | 6.59 | % | Personal products | 8,000 | 7,960 | 8,048 | |||||||||
Thruline Marketing, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 | 9.10 | % | Advertising | 1,854 | 1,851 | 1,854 | (4) | ||||||||
927 Class A Units in FS AVI Holdco, LLC | Advertising | 1,088 | 658 | (4) | ||||||||||||
Total Thruline Marketing, Inc. | 2,939 | 2,512 | ||||||||||||||
Triple Royalty Sub LLC | Fixed Rate Bond 144A 9.0% Toggle PIK cash due 4/15/2033 | Pharmaceuticals | 5,000 | 5,000 | 5,175 | |||||||||||
Uber Technologies, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 6.03 | % | Application software | 9,875 | 9,836 | 9,836 | (4) | ||||||||
UFC Holdings, LLC | First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026 | 5.30 | % | Movies & entertainment | 4,489 | 4,489 | 4,506 | |||||||||
Uniti Group LP | First Lien Term Loan, LIBOR+5.00% cash due 10/24/2022 | 7.04 | % | Specialized REITs | 6,401 | 6,221 | 6,256 | (4) | ||||||||
Valeant Pharmaceuticals International Inc. | First Lien Term Loan, LIBOR+2.75% cash due 11/27/2025 | 4.79 | % | Pharmaceuticals | 1,772 | 1,764 | 1,778 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||||||||
Pluralsight, LLC | Pluralsight, LLC | First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027 | 9.00 | % | Application Software | $ | 6,796 | $ | 6,669 | $ | 6,667 | (4) | |||||||||||||||||||||||||||||||||
Pluralsight, LLC | Pluralsight, LLC | First Lien Revolver, LIBOR+8.00% cash due 4/6/2027 | Application Software | — | (8) | (8) | (4)(5) | ||||||||||||||||||||||||||||||||||||||
Total Pluralsight, LLC | Total Pluralsight, LLC | 6,796 | 6,661 | 6,659 | |||||||||||||||||||||||||||||||||||||||||
Sabert Corporation | Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50 | % | Metal & Glass Containers | 2,728 | 2,700 | 2,738 | (4) | ||||||||||||||||||||||||||||||||||||
SHO Holding I Corporation | SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 | 6.25 | % | Footwear | 8,288 | 8,277 | 7,874 | |||||||||||||||||||||||||||||||||||||
SHO Holding I Corporation | SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 | 6.23 | % | Footwear | 138 | 138 | 131 | |||||||||||||||||||||||||||||||||||||
Total SHO Holding I Corporation | Total SHO Holding I Corporation | 8,426 | 8,415 | 8,005 | |||||||||||||||||||||||||||||||||||||||||
Sirva Worldwide, Inc. | Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.58 | % | Diversified Support Services | 1,087 | 1,071 | 1,027 | (4) | ||||||||||||||||||||||||||||||||||||
Sorenson Communications, LLC | Sorenson Communications, LLC | First Lien Term Loan, LIBOR+5.50% cash due 3/17/2026 | 6.25 | % | Communications Equipment | 2,854 | 2,825 | 2,877 | |||||||||||||||||||||||||||||||||||||
Star US Bidco LLC | Star US Bidco LLC | First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | Industrial Machinery | 8,255 | 8,075 | 8,289 | (4) | ||||||||||||||||||||||||||||||||||||
Supermoose Borrower, LLC | Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.88 | % | Application Software | 7,823 | 7,465 | 7,294 | (4) | ||||||||||||||||||||||||||||||||||||
Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 8/31/2026 | 4.50 | % | Health Care Facilities | 4,911 | 4,895 | 4,925 | |||||||||||||||||||||||||||||||||||||
Trench Plate Rental, Co. | Trench Plate Rental, Co. | First Lien Term Loan, LIBOR+4.75% cash due 12/3/2026 | 5.75 | % | Construction Materials | 3,942 | 3,882 | 3,881 | |||||||||||||||||||||||||||||||||||||
Trench Plate Rental, Co. | Trench Plate Rental, Co. | First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 12/3/2026 | Construction Materials | — | (11) | (12) | (5) | ||||||||||||||||||||||||||||||||||||||
Trench Plate Rental, Co. | Trench Plate Rental, Co. | First Lien Revolver, LIBOR+4.75% cash due 12/3/2026 | 5.75 | % | Construction Materials | 24 | 15 | 15 | (5) | ||||||||||||||||||||||||||||||||||||
Total Trench Plate Rental, Co. | Total Trench Plate Rental, Co. | 3,966 | 3,886 | 3,884 | |||||||||||||||||||||||||||||||||||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023 | 6.60 | % | Application software | $ | 6,894 | $ | 6,856 | $ | 6,534 | (4) | Veritas US Inc. | First Lien Term Loan, LIBOR+5.00% cash due 9/1/2025 | 6.00 | % | Application Software | 6,435 | 6,333 | 6,473 | (4) | |||||||||||||||||||||||||
Verra Mobility, Corp. | First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025 | 5.79 | % | Data processing & outsourced services | 10,835 | 10,849 | 10,894 | ||||||||||||||||||||||||||||||||||||||
Verscend Holding Corp. | Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.00% cash due 8/27/2025 | 4.08 | % | Health Care Technology | 4,080 | 4,052 | 4,091 | |||||||||||||||||||||||||||||||||||||
Waystar Technologies, Inc. | Waystar Technologies, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.08 | % | Health Care Technology | 5,910 | 5,880 | 5,921 | |||||||||||||||||||||||||||||||||||||
Windstream Services II, LLC | Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | Integrated Telecommunication Services | 7,899 | 7,629 | 7,948 | (4) | ||||||||||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 10.01 | % | Aerospace & defense | 6,000 | 5,949 | 5,974 | (4) | WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | Aerospace & Defense | 6,000 | 5,964 | 5,931 | (4) | ||||||||||||||||||||||||||||
$ | 340,960 | $ | 347,985 | $ | 345,032 | ||||||||||||||||||||||||||||||||||||||||
Total Portfolio Investments | Total Portfolio Investments | $ | 344,196 | $ | 346,052 | $ | 346,665 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Accudyne Industries, LLC | First Lien Term Loan, LIBOR+3.00% cash due 8/18/2024 | 5.24 | % | Industrial machinery | $ | 9,088 | $ | 9,088 | $ | 9,134 | ||||||
AdVenture Interactive, Corp. | 927 Common Stock Shares | Advertising | 1,390 | 670 | (4) | |||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 7.02 | % | Electrical components & equipment | 11,300 | 10,970 | 11,367 | (4) | ||||||||
Air Newco LP | First Lien Term Loan, LIBOR+4.75% cash due 5/31/2024 | 6.88 | % | IT consulting & other services | 10,000 | 9,975 | 10,100 | |||||||||
AL Midcoast Holdings LLC | First Lien Term Loan, LIBOR+5.50% cash due 8/1/2025 | 7.84 | % | Oil & gas storage & transportation | 10,000 | 9,900 | 10,041 | |||||||||
Allied Universal Holdco LLC | First Lien Term Loan, LIBOR+3.75% cash due 7/28/2022 | 6.14 | % | Security & alarm services | 6,912 | 6,956 | 6,821 | (4) | ||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 6.16 | % | Integrated telecommunication services | 7,500 | 7,313 | 7,457 | |||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 4/1/2022 | 6.99 | % | Pharmaceuticals | 9,822 | 9,822 | 9,918 | |||||||||
Asset International, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 12/30/2024 | 6.89 | % | Research & consulting services | 6,948 | 6,824 | 6,917 | |||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 5.39 | % | Data processing & outsourced services | 9,975 | 9,951 | 10,049 | |||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 6.17 | % | Oil & gas equipment & services | 7,481 | 7,446 | 7,458 | |||||||||
Chloe Ox Parent LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 6.89 | % | Healthcare services | 9,950 | 9,860 | 9,987 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Access CIG, LLC | First Lien Term Loan, LIBOR+3.75% cash due 2/27/2025 | 3.91 | % | Diversified Support Services | $ | 9,206 | $ | 9,170 | $ | 9,029 | |||||||||||||||||||
AdVenture Interactive, Corp. | 927 shares of common stock | Advertising | 1,390 | 1,373 | (4) | ||||||||||||||||||||||||
AI Ladder (Luxembourg) Subco S.a.r.l. | First Lien Term Loan, LIBOR+4.50% cash due 7/9/2025 | 4.65 | % | Electrical Components & Equipment | 6,038 | 5,914 | 5,781 | (4) | |||||||||||||||||||||
Airbnb, Inc. | First Lien Term Loan, LIBOR+7.50% cash due 4/17/2025 | 8.50 | % | Hotels, Resorts & Cruise Lines | 3,051 | 2,981 | 3,311 | (4) | |||||||||||||||||||||
Altice France S.A. | First Lien Term Loan, LIBOR+4.00% cash due 8/14/2026 | 4.15 | % | Integrated Telecommunication Services | 4,643 | 4,450 | 4,527 | ||||||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25 | % | Pharmaceuticals | 9,879 | 9,623 | 9,566 | ||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.00% cash due 11/26/2026 | 4.75 | % | Movies & Entertainment | 7,960 | 7,880 | 6,846 | (4) | |||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | Personal Products | 2,828 | 2,282 | 1,248 | (6) | |||||||||||||||||||||||
Apptio, Inc. | First Lien Term Loan, LIBOR+7.25% cash due 1/10/2025 | 8.25 | % | Application Software | 4,615 | 4,550 | 4,526 | (4) | |||||||||||||||||||||
Apptio, Inc. | First Lien Revolver, LIBOR+7.25% cash due 1/10/2025 | Application Software | — | (5) | (8) | (4)(5) | |||||||||||||||||||||||
Total Apptio, Inc. | 4,615 | 4,545 | 4,518 | ||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00 | % | Airport Services | 6,468 | 6,324 | 6,015 | (4) | |||||||||||||||||||||
Blackhawk Network Holdings, Inc. | First Lien Term Loan, LIBOR+3.00% cash due 6/15/2025 | 3.15 | % | Data Processing & Outsourced Services | 9,775 | 9,758 | 9,251 | ||||||||||||||||||||||
Boxer Parent Company Inc. | First Lien Term Loan, LIBOR+4.25% cash due 10/2/2025 | 4.40 | % | Systems Software | 7,532 | 7,448 | 7,331 | (4) | |||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.16 | % | Oil & Gas Equipment & Services | 7,331 | 7,306 | 5,600 | ||||||||||||||||||||||
C5 Technology Holdings, LLC | 171 Common Units | Data Processing & Outsourced Services | — | — | (4) | ||||||||||||||||||||||||
C5 Technology Holdings, LLC | 7,193,539.63 Preferred Units | Data Processing & Outsourced Services | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||
Total C5 Technology Holdings, LLC | 7,194 | 5,683 | |||||||||||||||||||||||||||
Carrols Restaurant Group, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 4/30/2026 | 7.25 | % | Restaurants | 3,990 | 3,792 | 3,960 | ||||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+5.00% cash due 3/28/2024 | 6.00 | % | Oil & Gas Refining & Marketing | 7,184 | 7,112 | 6,842 | (4) | |||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 8/21/2026 | 3.76 | % | Advertising | 331 | 290 | 302 | ||||||||||||||||||||||
Connect U.S. Finco LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/11/2026 | 5.50 | % | Alternative Carriers | 7,437 | 7,262 | 7,228 | ||||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+3.75% cash due 7/9/2026 | 3.97 | % | Biotechnology | 5,940 | 5,895 | 5,895 | ||||||||||||||||||||||
Dcert Buyer, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/16/2026 | 4.15 | % | Internet Services & Infrastructure | 7,960 | 7,940 | 7,879 | ||||||||||||||||||||||
Dealer Tire, LLC | First Lien Term Loan, LIBOR+4.25% cash due 12/12/2025 | 4.40 | % | Distributors | 943 | 902 | 924 | ||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50 | % | Application Software | 7,481 | 7,406 | 7,461 | ||||||||||||||||||||||
Frontier Communications Corporation | First Lien Term Loan, PRIME+2.75% cash due 6/15/2024 | 6.00 | % | Integrated Telecommunication Services | 3,939 | 3,901 | 3,887 | ||||||||||||||||||||||
Gigamon, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 12/27/2024 | 5.25 | % | Systems Software | 7,781 | 7,734 | 7,684 | ||||||||||||||||||||||
Global Medical Response, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 10/2/2025 | 5.75 | % | Health Care Services | 2,231 | 2,187 | 2,185 | ||||||||||||||||||||||
Guidehouse LLP | Second Lien Term Loan, LIBOR+8.00% cash due 5/1/2026 | 8.15 | % | Research & Consulting Services | 6,000 | 5,979 | 5,790 | (4) |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
Clearent Newco, LLC | First Lien Term Loan, LIBOR+4.00% cash due 3/20/2024 | 6.24 | % | Application software | $ | 6,894 | $ | 6,800 | $ | 6,796 | ||||||
Delayed Draw Term Loan, LIBOR+4.00% cash due 3/20/2024 | 6.19 | % | Application software | 337 | 310 | 309 | ||||||||||
First Lien Revolver, PRIME+3.00% cash due 3/20/2023 | 8.00 | % | Application software | 852 | 837 | 836 | ||||||||||
Total Clearent Newco, LLC | 8,083 | 7,947 | 7,941 | |||||||||||||
EOS Fitness Opco Holdings, LLC | First Lien Term Loan, LIBOR+8.25% cash due 12/30/2019 | 10.36 | % | Leisure facilities | 17,512 | 17,399 | 17,512 | (4) | ||||||||
Eton | Second Lien Term Loan, LIBOR+7.50% cash due 5/1/2026 | 9.74 | % | Research & consulting services | 6,000 | 5,971 | 6,030 | (4) | ||||||||
Everi Payments Inc. | First Lien Term Loan, LIBOR+3.00% cash due 5/9/2024 | 5.24 | % | Casinos & gaming | 4,938 | 4,914 | 4,973 | |||||||||
Falmouth Group Holdings Corp. | First Lien Term Loan, LIBOR+6.75% cash due 12/14/2021 | 8.99 | % | Specialty chemicals | 4,330 | 4,300 | 4,330 | |||||||||
Garretson Resolution Group, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 5/22/2021 | Diversified support services | 5,797 | 5,772 | 1,159 | (5) | ||||||||||
Gigamon Inc. | First Lien Term Loan, LIBOR+4.50% cash due 12/27/2024 | 6.89 | % | Systems software | 7,940 | 7,869 | 8,000 | |||||||||
IBC Capital Ltd. | First Lien Term Loan, LIBOR+3.75% cash due 9/11/2023 | 6.09 | % | Metal & glass containers | 8,955 | 8,933 | 9,028 | |||||||||
InMotion Entertainment Group, LLC | First Lien Term Loan, LIBOR+7.25% cash due 10/1/2021 | 9.65 | % | Consumer electronics | 8,375 | 8,389 | 8,375 | (4) | ||||||||
First Lien Term Loan, LIBOR+7.25% cash due 10/1/2021 | 9.65 | % | Consumer electronics | 8,375 | 8,306 | 8,375 | ||||||||||
Total InMotion Entertainment Group, LLC | 16,750 | 16,695 | 16,750 | |||||||||||||
Keypath Education, Inc. | First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 | 9.39 | % | Advertising | 1,855 | 1,853 | 1,854 | (4) | ||||||||
927 shares Common Stock | Advertising | 1,088 | 816 | (4) | ||||||||||||
Total Keypath Education, Inc. | 1,855 | 2,941 | 2,670 | |||||||||||||
KIK Custom Products Inc. | First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023 | 6.24 | % | Household products | 8,000 | 7,965 | 7,975 | |||||||||
McDermott Technology (Americas) Inc. | First Lien Term Loan, LIBOR+5.00% cash due 5/12/2025 | 7.24 | % | Oil & gas equipment & services | 9,950 | 9,760 | 10,097 | (4) | ||||||||
Morphe LLC | First Lien Term Loan, LIBOR+6.00% cash due 2/10/2023 | 8.40 | % | Personal products | 4,388 | 4,348 | 4,388 | (4) | ||||||||
New IPT, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 7.39 | % | Oil & gas equipment & services | 1,794 | 1,794 | 1,794 | (4) | ||||||||
Second Lien Term Loan, LIBOR+5.10% cash due 9/17/2021 | 7.49 | % | Oil & gas equipment & services | 634 | 634 | 634 | (4) | |||||||||
21.876 Class A Common Units | — | — | 1,001 | (4) | ||||||||||||
Total New IPT, Inc. | 2,428 | 2,428 | 3,429 | |||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.75% cash due 3/31/2025 | 7.08 | % | Electrical components & equipment | 6,965 | 6,933 | 6,974 | |||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 7.25 | % | Application software | 6,055 | 6,012 | 5,881 | |||||||||
OCI Beaumont LLC | First Lien Term Loan, LIBOR+4.00% cash due 3/13/2025 | 6.39 | % | Commodity chemicals | 7,960 | 7,951 | 8,089 | |||||||||
Refac Optical Group | First Lien Term Loan, LIBOR+8.00% cash due 1/9/2019 | 10.26 | % | Specialty stores | 2,573 | 2,476 | 2,573 | (4)(5) | ||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+5.75% cash due 2/28/2022 | 7.99 | % | Aerospace & defense | 2,267 | 2,235 | 2,301 | (4) | ||||||||
Scientific Games International, Inc. | First Lien Term Loan, LIBOR+2.75% cash due 8/14/2024 | 5.03 | % | Casinos & gaming | 6,582 | 6,552 | 6,579 | |||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.00% cash due 11/18/2022 | 7.34 | % | Footwear | 8,507 | 8,484 | 8,082 | |||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 7.75 | % | Diversified support services | 5,000 | 4,925 | 5,019 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Helios Software Holdings, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 10/24/2025 | 4.52 | % | Systems Software | $ | 3,970 | $ | 3,930 | $ | 3,923 | |||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, PRIME+4.75% cash due 11/27/2023 | 8.00 | % | Alternative Carriers | 3,568 | 3,541 | 3,598 | ||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 7/13/2022 | 6.50 | % | Alternative Carriers | 971 | 801 | 1,011 | (5) | |||||||||||||||||||||
Total Intelsat Jackson Holdings S.A. | 4,539 | 4,342 | 4,609 | ||||||||||||||||||||||||||
KIK Custom Products Inc. | First Lien Term Loan, LIBOR+4.00% cash due 5/15/2023 | 5.00 | % | Household Products | 5,322 | 5,308 | 5,302 | ||||||||||||||||||||||
LogMeIn, Inc. | First Lien Term Loan, LIBOR+4.75% cash due 8/31/2027 | 4.91 | % | Application Software | 5,000 | 4,876 | 4,842 | ||||||||||||||||||||||
Mindbody, Inc. | First Lien Term Loan, LIBOR+7.00% cash 1.5% PIK due 2/14/2025 | 8.00 | % | Internet Services & Infrastructure | 4,546 | 4,481 | 4,192 | (4) | |||||||||||||||||||||
Mindbody, Inc. | First Lien Revolver, LIBOR+8.00% cash due 2/14/2025 | Internet Services & Infrastructure | — | (7) | (38) | (4)(5) | |||||||||||||||||||||||
Total Mindbody, Inc. | 4,546 | 4,474 | 4,154 | ||||||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50 | % | Application Software | 3,830 | 3,795 | 3,737 | (4) | |||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (1) | (4) | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (3) | (8) | (4)(5) | |||||||||||||||||||||||
Total MRI Software LLC | 3,830 | 3,791 | 3,725 | ||||||||||||||||||||||||||
Navicure, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.15 | % | Health Care Technology | 5,970 | 5,940 | 5,849 | ||||||||||||||||||||||
New IPT, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | Oil & Gas Equipment & Services | 1,006 | 1,006 | 786 | (4) | |||||||||||||||||||||
New IPT, Inc. | 21.876 Class A Common Units in New IPT Holdings, LLC | Oil & Gas Equipment & Services | — | — | (4) | ||||||||||||||||||||||||
Total New IPT, Inc. | 1,006 | 1,006 | 786 | ||||||||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.75% cash due 3/31/2025 | 5.75 | % | Electrical Components & Equipment | 6,825 | 6,803 | 6,518 | ||||||||||||||||||||||
Northwest Fiber, LLC | First Lien Term Loan, LIBOR+5.50% cash due 4/30/2027 | 5.66 | % | Integrated Telecommunication Services | 2,400 | 2,314 | 2,403 | ||||||||||||||||||||||
Novetta Solutions, LLC | First Lien Term Loan, LIBOR+5.00% cash due 10/17/2022 | 6.00 | % | Application Software | 5,931 | 5,909 | 5,827 | ||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.15 | % | Application Software | 7,455 | 7,418 | 7,371 | ||||||||||||||||||||||
OEConnection LLC | First Lien Delayed Draw Term Loan, LIBOR+4.00% cash due 9/25/2026 | Application Software | — | (2) | (5) | (5) | |||||||||||||||||||||||
Total OEConnection LLC | 7,455 | 7,416 | 7,366 | ||||||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 1/8/2026 | 7.50 | % | Personal Products | 4,938 | 4,851 | 4,938 | (4) | |||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.50% cash due 1/8/2025 | 7.50 | % | Personal Products | 270 | 261 | 270 | (4)(5) | |||||||||||||||||||||
Total Olaplex, Inc. | 5,208 | 5,112 | 5,208 | ||||||||||||||||||||||||||
PetVet Care Centers, LLC | First Lien Term Loan, LIBOR+4.25% cash due 2/14/2025 | 5.25 | % | Specialized Consumer Services | 2,743 | 2,736 | 2,747 | ||||||||||||||||||||||
PG&E Corporation | First Lien Term Loan, LIBOR+4.50% cash due 6/23/2025 | 5.50 | % | Electric Utilities | 5,985 | 5,899 | 5,875 | ||||||||||||||||||||||
Recorded Books, Inc. | First Lien Term Loan, LIBOR+4.25% cash due 8/31/2025 | 4.75 | % | Publishing | 6,000 | 5,940 | 5,940 | ||||||||||||||||||||||
Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50 | % | Metal & Glass Containers | 2,828 | 2,800 | 2,791 | ||||||||||||||||||||||
Salient CRGT, Inc. | First Lien Term Loan, LIBOR+6.50% cash due 2/28/2022 | 7.50 | % | Aerospace & Defense | 2,111 | 2,099 | 1,963 | (4) | |||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+3.00% cash PIK 2.25% due 4/27/2024 | 4.00 | % | Footwear | 8,396 | 8,380 | 5,898 | ||||||||||||||||||||||
Signify Health, LLC | First Lien Term Loan, LIBOR+4.50% cash due 12/23/2024 | 5.50 | % | Health Care Services | 9,750 | 9,690 | 9,409 | ||||||||||||||||||||||
Sirva Worldwide, Inc. | First Lien Term Loan, LIBOR+5.50% cash due 8/4/2025 | 5.65 | % | Diversified Support Services | 4,781 | 4,709 | 3,992 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | |||||||||
TravelCLICK, Inc. | Second Lien Term Loan, LIBOR+7.75% cash due 11/6/2021 | 9.99 | % | Data Processing & outsourced services | $ | 2,871 | $ | 2,871 | $ | 2,871 | (4) | |||||
TV Borrower US, LLC | First Lien Term Loan, LIBOR+4.75% cash due 2/22/2024 | 7.14 | % | Integrated telecommunication services | 2,019 | 2,011 | 2,026 | |||||||||
Uber Technologies Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 6.12 | % | Application software | 9,975 | 9,928 | 10,055 | |||||||||
Uniti Group LP | First Lien Term Loan, LIBOR+3.00% cash due 10/24/2022 | 5.24 | % | Specialized REITs | 6,467 | 6,225 | 6,198 | |||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+4.50% cash due 1/27/2023 | 6.78 | % | Application software | 6,965 | 6,915 | 6,801 | |||||||||
Verra Mobility, Corp. | First Lien Term Loan, LIBOR+3.75% cash due 2/28/2025 | 5.99 | % | Data processing & outsourced services | 10,945 | 10,961 | 11,013 | (4) | ||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 10.15 | % | Aerospace & defense | 6,000 | 5,942 | 6,013 | |||||||||
$ | 297,053 | $ | 297,158 | $ | 294,676 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Star US Bidco LLC | First Lien Term Loan, LIBOR+4.25% cash due 3/17/2027 | 5.25 | % | Industrial Machinery | $ | 3,718 | $ | 3,532 | $ | 3,551 | |||||||||||||||||||
Sunshine Luxembourg VII SARL | First Lien Term Loan, LIBOR+4.25% cash due 10/1/2026 | 5.25 | % | Personal Products | 7,940 | 7,900 | 7,911 | ||||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.90 | % | Application Software | 4,888 | 4,575 | 4,407 | (4) | |||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 9/3/2024 | 4.25 | % | Health Care Facilities | 4,962 | 4,943 | 4,691 | (4) | |||||||||||||||||||||
Uber Technologies, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 4/4/2025 | 5.00 | % | Application Software | 2,997 | 2,959 | 2,980 | ||||||||||||||||||||||
UFC Holdings, LLC | First Lien Term Loan, LIBOR+3.25% cash due 4/29/2026 | 4.25 | % | Movies & Entertainment | 2,856 | 2,816 | 2,814 | ||||||||||||||||||||||
Veritas US Inc. | First Lien Term Loan, LIBOR+5.50% cash due 9/1/2025 | 6.50 | % | Application Software | 6,500 | 6,371 | 6,375 | ||||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.50% cash due 8/27/2025 | 4.65 | % | Health Care Technology | 4,112 | 4,080 | 4,084 | (4) | |||||||||||||||||||||
VM Consolidated, Inc. | First Lien Term Loan, LIBOR+3.25% cash due 2/28/2025 | 3.40 | % | Data Processing & Outsourced Services | 10,487 | 10,495 | 10,291 | ||||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25 | % | Integrated Telecommunication Services | 7,980 | 7,662 | 7,744 | (4) | |||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75 | % | Aerospace & Defense | 6,000 | 5,956 | 4,680 | (4) | |||||||||||||||||||||
Total Portfolio Investments | $ | 307,579 | $ | 311,428 | $ | 298,771 |
September 30, 2021 | September 30, 2020 | |||||||||||||
Selected Balance Sheet Information: | ||||||||||||||
Investments at fair value (cost September 30, 2021: $346,052; cost September 30, 2020: $311,428) | $ | 346,665 | $ | 298,771 | ||||||||||
Cash and cash equivalents | 23,446 | 5,389 | ||||||||||||
Restricted cash | 4,517 | 4,211 | ||||||||||||
Other assets | 4,529 | 5,093 | ||||||||||||
Total assets | $ | 379,157 | $ | 313,464 | ||||||||||
Senior credit facility payable | $ | 215,620 | $ | 167,910 | ||||||||||
SLF JV I Notes payable at fair value (proceeds September 30, 2021: $110,000; proceeds September 30, 2020: $110,000) | 110,000 | 110,000 | ||||||||||||
Other liabilities | 10,507 | 11,336 | ||||||||||||
Total liabilities | $ | 336,127 | $ | 289,246 | ||||||||||
Members' equity | 43,030 | 24,218 | ||||||||||||
Total liabilities and members' equity | $ | 379,157 | $ | 313,464 |
Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | ||||||||||||||||||
Selected Statements of Operations Information: | ||||||||||||||||||||
Interest income | $ | 20,018 | $ | 19,808 | $ | 22,727 | ||||||||||||||
Other income | 565 | 338 | 153 | |||||||||||||||||
Total investment income | 20,583 | 20,146 | 22,880 | |||||||||||||||||
Senior credit facility interest expense | 5,706 | 7,432 | 8,705 | |||||||||||||||||
SLF JV I Notes interest expense | 8,444 | 9,205 | 11,153 | |||||||||||||||||
Other expenses | 260 | 244 | 358 | |||||||||||||||||
Total expenses (1) | 14,410 | 16,881 | 20,216 | |||||||||||||||||
Net unrealized appreciation (depreciation) | 13,270 | (9,704) | 2,257 | |||||||||||||||||
Net realized gains (losses) | 399 | (3,691) | (8,507) | |||||||||||||||||
Net income (loss) | $ | 19,842 | $ | (10,130) | $ | (3,586) |
September 30, 2021 | ||||||||
Senior secured loans (1) | $126,512 | |||||||
Weighted average current interest rate on senior secured loans (2) | 5.86% | |||||||
Number of borrowers in the Glick JV | 37 | |||||||
Largest loan exposure to a single borrower (1) | $6,907 | |||||||
Total of five largest loan exposures to borrowers (1) | $28,324 |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
ADB Companies, LLC | First Lien Term Loan, LIBOR+6.25% cash due 12/18/2025 | 7.25% | Construction & Engineering | $ | 3,866 | $ | 3,783 | $ | 3,822 | (4) | |||||||||||||||||||
Alvogen Pharma US, Inc. | First Lien Term Loan, LIBOR+5.25% cash due 12/31/2023 | 6.25% | Pharmaceuticals | 6,907 | 6,780 | 6,687 | (4) | ||||||||||||||||||||||
Amplify Finco Pty Ltd. | First Lien Term Loan, LIBOR+4.25% cash due 11/26/2026 | 5.00% | Movies & Entertainment | 2,955 | 2,925 | 2,880 | (4) | ||||||||||||||||||||||
Anastasia Parent, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/11/2025 | 3.88% | Personal Products | 1,667 | 1,310 | 1,416 | |||||||||||||||||||||||
Asurion, LLC | Second Lien Term Loan, LIBOR+5.25% cash due 1/20/2029 | 5.33% | Property & Casualty Insurance | 3,000 | 2,970 | 2,990 | |||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | First Lien Term Loan, LIBOR+6.00% cash due 12/24/2026 | 7.00% | Airport Services | 3,694 | 3,625 | 3,476 | (4) | ||||||||||||||||||||||
BAART Programs, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 6/11/2027 | 6.00% | Health Care Services | 3,192 | 3,160 | 3,184 | |||||||||||||||||||||||
BAART Programs, Inc. | First Lien Delayed Draw Term Loan, LIBOR+5.00% cash due 6/11/2027 | 6.00% | Health Care Services | 240 | 232 | 238 | (5) | ||||||||||||||||||||||
Total BAART Programs, Inc. | 3,432 | 3,392 | 3,422 | ||||||||||||||||||||||||||
Brazos Delaware II, LLC | First Lien Term Loan, LIBOR+4.00% cash due 5/21/2025 | 4.08% | Oil & Gas Equipment & Services | 4,835 | 4,823 | 4,772 | |||||||||||||||||||||||
CITGO Petroleum Corp. | First Lien Term Loan, LIBOR+6.25% cash due 3/28/2024 | 7.25% | Oil & Gas Refining & Marketing | 3,555 | 3,520 | 3,567 | (4) | ||||||||||||||||||||||
City Football Group Limited | First Lien Term Loan, LIBOR+3.50% cash due 7/21/2028 | 4.00% | Movies & Entertainment | 2,500 | 2,488 | 2,497 | |||||||||||||||||||||||
Curium Bidco S.à.r.l. | First Lien Term Loan, LIBOR+4.00% cash due 7/9/2026 | 4.13% | Biotechnology | 4,900 | 4,863 | 4,903 | |||||||||||||||||||||||
DirecTV Financing, LLC | First Lien Term Loan, LIBOR+5.00% cash due 8/2/2027 | 5.75% | Cable & Satellite | 3,000 | 2,970 | 3,005 | (4) | ||||||||||||||||||||||
Enviva Holdings, LP | First Lien Term Loan, LIBOR+5.50% cash due 2/17/2026 | 6.50% | Forest Products | 3,919 | 3,879 | 3,928 | |||||||||||||||||||||||
eResearch Technology, Inc. | First Lien Term Loan, LIBOR+4.50% cash due 2/4/2027 | 5.50% | Application Software | 2,469 | 2,444 | 2,484 | |||||||||||||||||||||||
Gibson Brands, Inc. | First Lien Term Loan, LIBOR+5.00% cash due 8/11/2028 | 5.75% | Leisure Products | 4,000 | 3,960 | 3,981 | |||||||||||||||||||||||
Houghton Mifflin Harcourt Publishers Inc. | First Lien Term Loan, LIBOR+6.25% cash due 11/22/2024 | 7.25% | Education Services | 431 | 420 | 433 | (4) | ||||||||||||||||||||||
Indivior Finance S.À.R.L. | First Lien Term Loan, LIBOR+5.25% cash due 6/30/2026 | 6.00% | Pharmaceuticals | 3,990 | 3,913 | 3,977 | |||||||||||||||||||||||
Integro Parent, Inc. | First Lien Term Loan, LIBOR+5.75% cash due 10/31/2022 | 6.75% | Insurance Brokers | 3,229 | 3,221 | 3,173 | |||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Term Loan, LIBOR+4.75% cash due 7/13/2022 | 5.75% | Alternative Carriers | 4,167 | 4,112 | 4,203 | |||||||||||||||||||||||
Intelsat Jackson Holdings S.A. | First Lien Delayed Draw Term Loan, LIBOR+4.75% cash due 7/13/2022 | Alternative Carriers | — | (11) | 7 | (5) | |||||||||||||||||||||||
Total Intelsat Jackson Holdings S.A. | 4,167 | 4,101 | 4,210 | ||||||||||||||||||||||||||
INW Manufacturing, LLC | First Lien Term Loan, LIBOR+5.75% cash due 5/7/2027 | 6.50% | Personal Products | 2,469 | 2,399 | 2,419 | (4) |
Portfolio Company | Investment Type | Cash Interest Rate (1)(2) | Industry | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||
Lightstone Holdco LLC | First Lien Term Loan, LIBOR+3.75% cash due 1/30/2024 | 4.75% | Electric Utilities | $ | 3,439 | $ | 3,115 | $ | 2,855 | ||||||||||||||||||||
LTI Holdings, Inc. | First Lien Term Loan, LIBOR+3.50% cash due 9/6/2025 | 3.58% | Electronic Components | 1,372 | 1,147 | 1,356 | |||||||||||||||||||||||
MRI Software LLC | First Lien Term Loan, LIBOR+5.50% cash due 2/10/2026 | 6.50% | Application Software | 1,635 | 1,621 | 1,634 | (4) | ||||||||||||||||||||||
MRI Software LLC | First Lien Delayed Draw Term Loan, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (1) | — | (4)(5) | |||||||||||||||||||||||
MRI Software LLC | First Lien Revolver, LIBOR+5.50% cash due 2/10/2026 | Application Software | — | (1) | — | (4)(5) | |||||||||||||||||||||||
Total MRI Software LLC | 1,635 | 1,619 | 1,634 | ||||||||||||||||||||||||||
Northern Star Industries Inc. | First Lien Term Loan, LIBOR+4.50% cash due 3/31/2025 | 5.50% | Electrical Components & Equipment | 5,308 | 5,294 | 5,294 | |||||||||||||||||||||||
OEConnection LLC | First Lien Term Loan, LIBOR+4.00% cash due 9/25/2026 | 4.08% | Application Software | 3,926 | 3,908 | 3,921 | (4) | ||||||||||||||||||||||
Olaplex, Inc. | First Lien Term Loan, LIBOR+6.25% cash due 1/8/2026 | 7.25% | Personal Products | 3,502 | 3,454 | 3,475 | (4) | ||||||||||||||||||||||
Olaplex, Inc. | First Lien Revolver, LIBOR+6.25% cash due 1/8/2025 | Personal Products | — | (4) | (5) | (4)(5) | |||||||||||||||||||||||
Total Olaplex, Inc. | 3,502 | 3,450 | 3,470 | ||||||||||||||||||||||||||
Planview Parent, Inc. | Second Lien Term Loan, LIBOR+7.25% cash due 12/18/2028 | 8.00% | Application Software | 2,842 | 2,799 | 2,849 | (4) | ||||||||||||||||||||||
Pluralsight, LLC | First Lien Term Loan, LIBOR+8.00% cash due 4/6/2027 | 9.00% | Application Software | 4,465 | 4,383 | 4,380 | (4) | ||||||||||||||||||||||
Pluralsight, LLC | First Lien Revolver, LIBOR+8.00% cash due 4/6/2027 | Application Software | — | (6) | (6) | (4)(5) | |||||||||||||||||||||||
Total Pluralsight, LLC | 4,465 | 4,377 | 4,374 | ||||||||||||||||||||||||||
Sabert Corporation | First Lien Term Loan, LIBOR+4.50% cash due 12/10/2026 | 5.50% | Metal & Glass Containers | 1,819 | 1,800 | 1,825 | (4) | ||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.25% cash due 4/27/2024 | 6.25% | Footwear | 6,159 | 6,140 | 5,851 | |||||||||||||||||||||||
SHO Holding I Corporation | First Lien Term Loan, LIBOR+5.23% cash due 4/27/2024 | 6.23% | Footwear | 102 | 102 | 97 | |||||||||||||||||||||||
Total SHO Holding I Corporation | 6,261 | 6,242 | 5,948 | ||||||||||||||||||||||||||
Supermoose Borrower, LLC | First Lien Term Loan, LIBOR+3.75% cash due 8/29/2025 | 3.88% | Application Software | 2,850 | 2,703 | 2,657 | (4) | ||||||||||||||||||||||
Surgery Center Holdings, Inc. | First Lien Term Loan, LIBOR+3.75% cash due 8/31/2026 | 4.50% | Health Care Facilities | 4,911 | 4,895 | 4,925 | |||||||||||||||||||||||
Tribe Buyer LLC | First Lien Term Loan, LIBOR+4.50% cash due 2/16/2024 | 5.50% | Human Resource & Employment Services | 1,599 | 1,598 | 1,354 | |||||||||||||||||||||||
Verscend Holding Corp. | First Lien Term Loan, LIBOR+4.00% cash due 8/27/2025 | 4.08% | Health Care Technology | 1,721 | 1,709 | 1,725 | |||||||||||||||||||||||
Waystar Technologies, Inc. | First Lien Term Loan, LIBOR+4.00% cash due 10/22/2026 | 4.08% | Health Care Technology | 3,940 | 3,920 | 3,947 | |||||||||||||||||||||||
Windstream Services II, LLC | First Lien Term Loan, LIBOR+6.25% cash due 9/21/2027 | 7.25% | Integrated Telecommunication Services | 4,937 | 4,768 | 4,967 | (4) | ||||||||||||||||||||||
WP CPP Holdings, LLC | Second Lien Term Loan, LIBOR+7.75% cash due 4/30/2026 | 8.75% | Aerospace & Defense | 3,000 | 2,982 | 2,965 | (4) | ||||||||||||||||||||||
Total Portfolio Investments | $ | 126,512 | $ | 124,112 | $ | 124,108 | |||||||||||||||||||||||
September 30, 2021 | ||||||||
Selected Balance Sheet Information: | ||||||||
Investments at fair value (cost September 30, 2021: $124,112) | $ | 124,108 | ||||||
Cash and cash equivalents | 14,087 | |||||||
Restricted cash | 1,055 | |||||||
Other assets | 1,750 | |||||||
Total assets | $ | 141,000 | ||||||
Senior credit facility payable | $ | 71,882 | ||||||
Glick JV Notes payable at fair value (proceeds September 30, 2021: $70,525) | 63,522 | |||||||
Other liabilities | 5,596 | |||||||
Total liabilities | $ | 141,000 | ||||||
Members' equity | — | |||||||
Total liabilities and members' equity | $ | 141,000 |
For the period from March 19, 2021 to September 30, 2021 | ||||||||
Selected Statements of Operations Information: | ||||||||
Interest income | $ | 4,643 | ||||||
Fee income | 67 | |||||||
Total investment income | 4,710 | |||||||
Senior credit facility interest expense | 1,157 | |||||||
Glick JV Notes interest expense | 1,780 | |||||||
Other expenses | 95 | |||||||
Total expenses (1) | 3,032 | |||||||
Net unrealized appreciation (depreciation) | (1,710) | |||||||
Realized gain (loss) | 32 | |||||||
Net income (loss) | $ | — |
September 30, 2019 | September 30, 2018 | |||||||
Selected Balance Sheet Information: | ||||||||
Investments at fair value (cost September 30, 2019: $347,985; cost September 30, 2018: $297,158) | $ | 345,032 | $ | 294,676 | ||||
Receivables from secured financing arrangements at fair value (cost September 30, 2019: $0; cost September 30, 2018: $9,801) | — | 7,069 | ||||||
Cash and cash equivalents | 3,674 | 3,226 | ||||||
Restricted cash | 5,242 | 4,808 | ||||||
Other assets | 6,912 | 4,418 | ||||||
Total assets | $ | 360,860 | $ | 314,197 | ||||
Senior credit facility payable | $ | 170,210 | $ | 153,010 | ||||
Debt securities payable at fair value (proceeds September 30, 2019: $110,000; proceeds September 30, 2018: $147,808) | 110,000 | 147,808 | ||||||
Other liabilities | 46,303 | 13,331 | ||||||
Total liabilities | $ | 326,513 | $ | 314,149 | ||||
Members' equity | 34,347 | 48 | ||||||
Total liabilities and members' equity | $ | 360,860 | $ | 314,197 |
Year ended September 30, 2019 | Year ended September 30, 2018 | |||||||
Selected Statements of Operations Information: | ||||||||
Interest income | $ | 22,727 | $ | 20,574 | ||||
Other income | 153 | 65 | ||||||
Total investment income | 22,880 | 20,639 | ||||||
Interest expense | 19,858 | 20,713 | ||||||
Other expenses | 358 | 473 | ||||||
Total expenses (1) | 20,216 | 21,186 | ||||||
Net unrealized appreciation (depreciation) | 2,257 | 12,386 | ||||||
Net realized gains (losses) | (8,507 | ) | (16,311 | ) | ||||
Net income (loss) | $ | (3,586 | ) | $ | (4,472 | ) |
(Share amounts in thousands) | Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | |||||||||||||||||
Earnings (loss) per common share — basic and diluted: | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 237,260 | $ | 39,224 | $ | 126,160 | ||||||||||||||
Weighted average common shares outstanding — basic and diluted | 162,118 | 140,961 | 140,961 | |||||||||||||||||
Earnings (loss) per common share — basic and diluted | $ | 1.46 | $ | 0.28 | $ | 0.89 |
(Share amounts in thousands) | Year ended September 30, 2019 | Year ended September 30, 2018 | Year ended September 30, 2017 | |||||||||
Earnings (loss) per common share — basic and diluted: | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 126,160 | $ | 46,762 | $ | (196,969 | ) | |||||
Weighted average common shares outstanding — basic | 140,961 | 140,961 | 141,438 | |||||||||
Earnings (loss) per common share — basic and diluted | $ | 0.89 | $ | 0.33 | $ | (1.39 | ) |
Common Stock | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional paid-in-capital | Accumulated Overdistributed Earnings | Total Net Assets | ||||||||||||||||||||||||||||
Balance at September 30, 2018 | 140,961 | $ | 1,409 | $ | 1,492,739 | $ | (636,113) | $ | 858,035 | |||||||||||||||||||||||
Net investment income | — | — | — | 67,909 | 67,909 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | 38,457 | 38,457 | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 20,805 | 20,805 | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | (1,011) | (1,011) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (53,565) | (53,565) | |||||||||||||||||||||||||||
Reclassification of additional paid-in capital | — | — | (4,965) | 4,965 | — | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 269 | 3 | 1,341 | — | 1,344 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (269) | (3) | (1,341) | — | (1,344) | |||||||||||||||||||||||||||
Balance at September 30, 2019 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (558,553) | $ | 930,630 | |||||||||||||||||||||||
Net investment income | — | — | — | 71,992 | 71,992 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (20,614) | (20,614) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | (13,924) | (13,924) | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | 1,770 | 1,770 | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (54,975) | (54,975) | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 435 | 4 | 1,874 | — | 1,878 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (435) | (4) | (1,874) | — | (1,878) | |||||||||||||||||||||||||||
Balance at September 30, 2020 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (574,304) | $ | 914,879 | |||||||||||||||||||||||
Net investment income | — | — | — | 97,106 | 97,106 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | 114,519 | 114,519 | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 26,420 | 26,420 | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | (785) | (785) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (82,020) | (82,020) | |||||||||||||||||||||||||||
Reclassification of additional paid-in capital | — | — | 74,271 | (74,271) | — | |||||||||||||||||||||||||||
Issuance of common stock in connection with the Mergers | 39,400 | 395 | 242,309 | — | 242,704 | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 338 | 3 | 2,167 | — | 2,170 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (338) | (3) | (2,167) | — | (2,170) | |||||||||||||||||||||||||||
Balance at September 30, 2021 | 180,361 | $ | 1,804 | $ | 1,804,354 | $ | (493,335) | $ | 1,312,823 |
Common Stock | |||||||||||||||||||
Shares | Par Value | Additional paid-in-capital | Accumulated Overdistributed Earnings | Total Net Assets | |||||||||||||||
Balance at September 30, 2016 | 143,259 | $ | 1,433 | $ | 1,591,467 | $ | (450,612 | ) | $ | 1,142,288 | |||||||||
Net investment income | — | — | — | 72,652 | 72,652 | ||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (97,839 | ) | (97,839 | ) | ||||||||||||
Net realized gains (losses) | — | — | — | (171,782 | ) | (171,782 | ) | ||||||||||||
Contributions from stockholders | — | — | 287 | — | 287 | ||||||||||||||
Distributions to stockholders | — | — | — | (65,449 | ) | (65,449 | ) | ||||||||||||
Issuance of common stock under dividend reinvestment plan | 560 | 6 | 2,918 | — | 2,924 | ||||||||||||||
Repurchases of common stock under stock repurchase program | (2,298 | ) | (24 | ) | (12,476 | ) | — | (12,500 | ) | ||||||||||
Repurchases of common stock under dividend reinvestment program | (560 | ) | (6 | ) | (2,918 | ) | — | (2,924 | ) | ||||||||||
Balance at September 30, 2017 | 140,961 | $ | 1,409 | $ | 1,579,278 | $ | (713,030 | ) | $ | 867,657 | |||||||||
Net investment income | — | $ | — | $ | — | $ | 60,046 | $ | 60,046 | ||||||||||
Net unrealized appreciation (depreciation) | — | — | — | 102,605 | 102,605 | ||||||||||||||
Net realized gains (losses) | — | — | — | (115,147 | ) | (115,147 | ) | ||||||||||||
Redemption premium on unsecured notes payable | — | — | — | (120 | ) | (120 | ) | ||||||||||||
Provision for income tax (expense) benefit | — | — | — | (622 | ) | (622 | ) | ||||||||||||
Distributions to stockholders | — | — | — | (38,699 | ) | (38,699 | ) | ||||||||||||
Tax return of capital | — | — | (17,685 | ) | — | (17,685 | ) | ||||||||||||
Reclassification of additional paid-in capital | — | — | (68,854 | ) | 68,854 | — | |||||||||||||
Issuance of common stock under dividend reinvestment plan | 303 | 3 | 1,408 | — | 1,411 | ||||||||||||||
Repurchases of common stock under dividend reinvestment program | (303 | ) | (3 | ) | (1,408 | ) | — | (1,411 | ) | ||||||||||
Balance at September 30, 2018 | 140,961 | $ | 1,409 | $ | 1,492,739 | $ | (636,113 | ) | $ | 858,035 | |||||||||
Net investment income | — | $ | — | $ | — | $ | 67,909 | $ | 67,909 | ||||||||||
Net unrealized appreciation (depreciation) | — | — | — | 38,457 | 38,457 | ||||||||||||||
Net realized gains (losses) | — | — | — | 20,805 | 20,805 | ||||||||||||||
Provision for income tax (expense) benefit | — | — | — | (1,011 | ) | (1,011 | ) | ||||||||||||
Distributions to stockholders | — | — | — | (53,565 | ) | (53,565 | ) | ||||||||||||
Reclassification of additional paid-in capital | — | — | (4,965 | ) | 4,965 | — | |||||||||||||
Issuance of common stock under dividend reinvestment plan | 269 | 3 | 1,341 | — | 1,344 | ||||||||||||||
Repurchases of common stock under dividend reinvestment program | (269 | ) | (3 | ) | (1,341 | ) | — | (1,344 | ) | ||||||||||
Balance at September 30, 2019 | 140,961 | $ | 1,409 | $ | 1,487,774 | $ | (558,553 | ) | $ | 930,630 |
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution (2) | DRIP Shares Issued (1) | DRIP Shares Value | |||||||||
November 19, 2018 | December 17, 2018 | December 28, 2018 | $ | 0.095 | $ 13.0 million | 87,429 | $ 0.4 million | ||||||||
February 1, 2019 | March 15, 2019 | March 29, 2019 | 0.095 | 13.1 million | 59,603 | 0.3 million | |||||||||
May 3, 2019 | June 14, 2019 | June 28, 2019 | 0.095 | 13.1 million | 61,093 | 0.3 million | |||||||||
August 2, 2019 | September 13, 2019 | September 30, 2019 | 0.095 | 13.1 million | 61,205 | 0.3 million | |||||||||
Total for the year ended September 30, 2019 | $ | 0.38 | $ 52.2 million | 269,330 | $ 1.3 million | ||||||||||
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | |||||||||
August 7, 2017 | December 15, 2017 | December 29, 2017 | $ | 0.125 | $ 17.3 million | 58,456 | $ 0.3 million | ||||||||
February 5, 2018 | March 15, 2018 | March 30, 2018 | 0.085 | 11.5 million | 122,884 | 0.5 million | |||||||||
May 3, 2018 | June 15, 2018 | June 29, 2018 | 0.095 | 13.0 million | 87,283 | 0.4 million | |||||||||
August 1, 2018 | September 15, 2018 | September 28, 2018 | 0.095 | 13.2 million | 34,575 | 0.2 million | |||||||||
Total for the year ended September 30, 2018 | $ | 0.40 | $ 55.0 million | 303,198 | $ 1.4 million | ||||||||||
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | |||||||||
August 3, 2016 | October 14, 2016 | October 31, 2016 | $ | 0.06 | $ 8.2 million | 81,391 | $ 0.4 million | ||||||||
August 3, 2016 | November 15, 2016 | November 30, 2016 | 0.06 | 8.2 million | 80,962 | 0.4 million | |||||||||
October 18, 2016 | December 15, 2016 | December 30, 2016 | 0.06 | 7.7 million | 70,316 | 0.4 million | |||||||||
October 18, 2016 | January 13, 2017 | January 31, 2017 | 0.06 | 8.0 million | 73,940 | 0.4 million | |||||||||
October 18, 2016 | February 15, 2017 | February 28, 2017 | 0.06 | 8.0 million | 86,120 | 0.4 million | |||||||||
February 6, 2017 | March 15, 2017 | March 31, 2017 | 0.02 | 2.7 million | 27,891 | 0.1 million | |||||||||
February 6, 2017 | June 15, 2017 | June 30, 2017 | 0.02 | 2.7 million | 20,502 | 0.1 million | |||||||||
February 6, 2017 | September 15, 2017 | September 29, 2017 | 0.125 | 17.0 million | 118,992 | 0.7 million | |||||||||
Total for the year ended September 30, 2017 | $ | 0.465 | $ 62.5 million | 560,114 | $ 2.9 million |
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value (2) | ||||||||||||||||||||||||||||||||||||||
November 13, 2020 | December 15, 2020 | December 31, 2020 | $ | 0.11 | $ 15.0 million | 93,964 | $ 0.5 million | |||||||||||||||||||||||||||||||||||||
January 29, 2021 | March 15, 2021 | March 31, 2021 | 0.12 | 16.4 million | 81,702 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
April 30, 2021 | June 15, 2021 | June 30, 2021 | 0.13 | 22.9 million | 76,979 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
July 30, 2021 | September 15, 2021 | September 30, 2021 | 0.145 | 25.5 million | 85,075 | 0.6 million | ||||||||||||||||||||||||||||||||||||||
Total for the year ended September 30, 2021 | $ | 0.505 | $ 79.8 million | 337,720 | $ 2.2 million | |||||||||||||||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | ||||||||||||||||||||||||||||||||||||||
November 12, 2019 | December 13, 2019 | December 31, 2019 | $ | 0.095 | $ 12.9 million | 87,747 | $ 0.5 million | |||||||||||||||||||||||||||||||||||||
January 31, 2020 | March 13, 2020 | March 31, 2020 | 0.095 | 12.9 million | 157,523 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
April 30, 2020 | June 15, 2020 | June 30, 2020 | 0.095 | 13.0 million | 87,351 | 0.4 million | ||||||||||||||||||||||||||||||||||||||
July 31, 2020 | September 15, 2020 | September 30, 2020 | 0.105 | 14.3 million | 102,404 | 0.5 million | ||||||||||||||||||||||||||||||||||||||
Total for the year ended September 30, 2020 | $ | 0.390 | $ 53.1 million | 435,025 | $ 1.9 million | |||||||||||||||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | ||||||||||||||||||||||||||||||||||||||
November 19, 2018 | December 17, 2018 | December 28, 2018 | $ | 0.095 | $ 13.0 million | 87,429 | $ 0.4 million | |||||||||||||||||||||||||||||||||||||
February 1, 2019 | March 15, 2019 | March 29, 2019 | 0.095 | 13.1 million | 59,603 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
May 3, 2019 | June 14, 2019 | June 28, 2019 | 0.095 | 13.1 million | 61,093 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
August 2, 2019 | September 13, 2019 | September 30, 2019 | 0.095 | 13.1 million | 61,205 | 0.3 million | ||||||||||||||||||||||||||||||||||||||
Total for the year ended September 30, 2019 | $ | 0.380 | $ 52.3 million | 269,330 | $ 1.3 million |
As of September 30, 2021 | ||||||||||||||
($ in millions) | 2025 Notes | 2027 Notes | ||||||||||||
Principal | $ | 300.0 | $ | 350.0 | ||||||||||
Unamortized financing costs | (2.6) | (4.0) | ||||||||||||
Unaccreted discount | (1.7) | (0.9) | ||||||||||||
Interest rate swap fair value adjustment | — | (2.1) | ||||||||||||
Net carrying value | $ | 295.7 | $ | 343.0 | ||||||||||
Fair Value | $ | 314.5 | $ | 351.1 |
As of September 30, 2020 | ||||||||
($ in millions) | 2025 Notes | |||||||
Principal | $ | 300.0 | ||||||
Unamortized financing costs | (3.3) | |||||||
Unaccreted discount | (2.2) | |||||||
Net carrying value | $ | 294.5 | ||||||
Fair Value | $ | 301.4 |
($ in millions) | 2025 Notes | 2027 Notes | ||||||||||||
Coupon interest | $ | 10.5 | $ | 3.5 | ||||||||||
Amortization of financing costs and discount | 1.3 | 0.3 | ||||||||||||
Effect of interest rate swap | — | (1.1) | ||||||||||||
Total interest expense | $ | 11.8 | $ | 2.7 | ||||||||||
Coupon interest rate (net of effect of interest rate swap for 2027 Notes) | 3.500 | % | 1.813 | % |
($ in millions) | 2025 Notes | |||||||
Coupon interest | $ | 6.3 | ||||||
Amortization of financing costs and discount | 0.7 | |||||||
Total interest expense | $ | 7.0 | ||||||
Coupon interest rate | 3.500 | % |
Payments due during fiscal years ended September 30, | ||||||||||||||||||||||||||||||||||||||
Total | 2022 | 2023 | 2024 | 2025 | 2026 and Thereafter | |||||||||||||||||||||||||||||||||
Syndicated Facility | $ | 495,000 | $ | — | $ | — | $ | — | $ | — | $ | 495,000 | ||||||||||||||||||||||||||
Citibank Facility | 135,000 | — | — | 135,000 | — | — | ||||||||||||||||||||||||||||||||
2025 Notes | 300,000 | — | — | — | 300,000 | — | ||||||||||||||||||||||||||||||||
2027 Notes | 350,000 | — | — | — | — | 350,000 | ||||||||||||||||||||||||||||||||
Total | $ | 1,280,000 | $ | — | $ | — | $ | 135,000 | $ | 300,000 | $ | 845,000 |
Payments due during fiscal years ended September 30, | ||||||||||||||||||||||||
Total | 2020 | 2021 | 2022 | 2023 | 2024 and Thereafter | |||||||||||||||||||
Credit Facility | $ | 314,825 | $ | — | $ | — | $ | — | $ | — | $ | 314,825 | ||||||||||||
2024 Notes | 75,000 | — | — | — | — | 75,000 | ||||||||||||||||||
2028 Notes | 86,250 | — | — | — | — | 86,250 | ||||||||||||||||||
Total | $ | 476,075 | $ | — | $ | — | $ | — | $ | — | $ | 476,075 |
September 30, 2019 | September 30, 2018 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||||||||||||||||||||||||||||||||||
Accrual | $ | 1,311,849 | 95.72 | % | $ | 1,305,718 | 99.79 | % | $ | 1,298,999 | 85.46 | % | $ | 1,318,531 | 93.03 | % | Accrual | $ | 1,500,364 | 98.79 | % | $ | 1,483,284 | 99.89 | % | |||||||||||||||||||||||||||||
PIK non-accrual (1) | 12,661 | 0.92 | — | — | 12,661 | 0.83 | — | — | PIK non-accrual (1) | 12,661 | 0.83 | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash non-accrual (2) | 46,107 | 3.36 | 2,706 | 0.21 | 208,345 | 13.71 | 98,760 | 6.97 | Cash non-accrual (2) | 5,712 | 0.38 | 1,571 | 0.11 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,370,617 | 100.00 | % | $ | 1,308,424 | 100.00 | % | $ | 1,520,005 | 100.00 | % | $ | 1,417,291 | 100.00 | % | Total | $ | 1,518,737 | 100.00 | % | $ | 1,484,855 | 100.00 | % |
Year ended September 30, 2019 | Year ended September 30, 2018 | Year ended September 30, 2017 | Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 126,160 | $ | 46,762 | $ | (196,969 | ) | Net increase (decrease) in net assets resulting from operations | $ | 237,260 | $ | 39,224 | $ | 126,160 | ||||||||||||||||||
Net unrealized appreciation (depreciation) | (38,457 | ) | (102,605 | ) | 97,839 | |||||||||||||||||||||||||||
Book/tax difference due to loan fees | — | — | (188 | ) | ||||||||||||||||||||||||||||
Book/tax differences due to exit fees | — | — | 1,081 | |||||||||||||||||||||||||||||
Net unrealized (appreciation) depreciation | Net unrealized (appreciation) depreciation | (114,519) | 20,614 | (38,457) | ||||||||||||||||||||||||||||
Book/tax difference due to organizational costs | (87 | ) | (87 | ) | (87 | ) | Book/tax difference due to organizational costs | (87) | (87) | (87) | ||||||||||||||||||||||
Book/tax difference due to interest income on certain loans | 3,330 | 1,348 | 23,748 | Book/tax difference due to interest income on certain loans | — | 1,214 | 3,330 | |||||||||||||||||||||||||
Book/tax difference due to capital losses not recognized / (recognized) | (18,571 | ) | 99,431 | 171,782 | ||||||||||||||||||||||||||||
Book/tax difference due to capital losses utilized | Book/tax difference due to capital losses utilized | (41,625) | (545) | (18,571) | ||||||||||||||||||||||||||||
Other book/tax differences | (8,111 | ) | (6,147 | ) | (7,348 | ) | Other book/tax differences | 11,863 | (6,058) | (8,111) | ||||||||||||||||||||||
Taxable/Distributable Income (1) | $ | 64,264 | $ | 38,702 | $ | 89,858 | Taxable/Distributable Income (1) | $ | 92,892 | $ | 54,362 | $ | 64,264 |
Undistributed ordinary income, net | $ | 10,699 | |
Net realized capital losses | (515,800 | ) | |
Unrealized losses, net | (53,451 | ) |
Undistributed ordinary income, net | $ | (20,260) | |||
Net realized capital losses | 497,255 | ||||
Unrealized losses, net | 16,340 | ||||
Accumulated overdistributed earnings | $ | 493,335 |
($ in millions) | |||
Portfolio Company | Net Realized Gain (Loss) | ||
Maverick Healthcare Group, LLC | $ | 17.5 | |
BeyondTrust Holdings LLC | 12.4 | ||
Comprehensive Pharmacy Services LLC | 7.6 | ||
Refac Optical Group | 7.5 | ||
YETI Holdings, Inc. | 5.3 | ||
InMotion Entertainment Group, LLC | 3.0 | ||
Advanced Pain Management | (22.5 | ) | |
Thing5, LLC (net of secured borrowings) | (11.1 | ) | |
Weatherford International | (3.3 | ) | |
Other, net | 4.4 | ||
Total, net | $ | 20.8 |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
PLATO Learning Inc. | $ | 7.8 | |||
Keypath Education Holdings, LLC | 6.8 | ||||
L Squared Capital Partners LLC | 3.4 | ||||
LTI Holdings, Inc. | 2.6 | ||||
BX Commercial Mortgage Trust 2020-VIVA | 2.6 | ||||
California Pizza Kitchen Inc. | (1.8) | ||||
Refac Optical Group | (1.3) | ||||
Other, net | 6.3 | ||||
Total, net | $ | 26.4 |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
Cenegenics, LLC | $ | (29.2) | |||
Dominion Diagnostics, LLC | (15.6) | ||||
Thruline Marketing Inc. | (4.9) | ||||
Covia Holdings Corporation | (3.3) | ||||
YETI Holdings, Inc. | 17.6 | ||||
Sorrento Therapeutics, Inc. | 11.5 | ||||
Lytx Holdings, LLC | 5.2 | ||||
Goodrx Holdings Inc. | 2.1 | ||||
HealthEdge Software, Inc. | 1.8 | ||||
Other, net | 0.9 | ||||
Total, net | $ | (13.9) |
($ in millions) | |||
Portfolio Company | Net Realized Gain (Loss) | ||
Ameritox Ltd. | $ | (74.8 | ) |
TransTrade Operators, Inc. | (32.5 | ) | |
Traffic Solutions Holdings, Inc. | (15.8 | ) | |
Metamorph US 3, LLC | (6.7 | ) | |
Lytx, Inc. | 4.4 | ||
Other, net | 10.3 | ||
Total, net | $ | (115.1 | ) |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
Maverick Healthcare Group, LLC | $ | 17.5 | |||
BeyondTrust Holdings LLC | 12.4 | ||||
Comprehensive Pharmacy Services LLC | 7.6 | ||||
Refac Optical Group | 7.5 | ||||
YETI Holdings, Inc. | 5.3 | ||||
InMotion Entertainment Group, LLC | 3.0 | ||||
Advanced Pain Management | (22.5) | ||||
Thing5, LLC (net of secured borrowings) | (11.1) | ||||
Weatherford International | (3.3) | ||||
Other, net | 4.4 | ||||
Total, net | $ | 20.8 |
($ in millions) | |||
Portfolio Company | Net Realized Gain (Loss) | ||
AdVenture Interactive, Corp. | $ | (47.4 | ) |
Answers Corporation | (37.3 | ) | |
ERS Acquisition Corp. | (34.3 | ) | |
Express Group Holdings LLC | (22.3 | ) | |
Senior Loan Fund JV I, LLC | (19.9 | ) | |
Eagle Hospital Physicians, LLC | (13.1 | ) | |
Integrated Petroleum Technologies, Inc. | (11.1 | ) | |
First Star Aviation, LLC | (3.8 | ) | |
Dexter Axle Company | 7.7 | ||
Vandelay Industries Merger Sub, Inc. | 5.6 | ||
Other, net | 4.1 | ||
Total, net | $ | (171.8 | ) |
($ in millions) | |||||
Accrued fee waivers as of September 30, 2019 (1) | $ | 9.1 | |||
Reversal of previously accrued fee waivers (2) | (5.2) | ||||
Contractual fees waived under the Investment Advisory Agreement (3) | (3.9) | ||||
Accrued fee waivers as of September 30, 2020 | $ | — |
September 30, 2019 | ||||||||
($ in millions) | Calculated in accordance with GAAP | Calculated in accordance with the Investment Advisory Agreement | ||||||
Accrued capital gains incentive fee (prior to waivers) | $ | 10.2 | $ | 4.6 | ||||
Accrued waiver | (9.1 | ) | (3.5 | ) | ||||
Accrued capital gains incentive fee (net of waivers) | $ | 1.1 | $ | 1.1 |
($ in millions) | September 30, 2019 | |||
Accrued capital gains incentive fee waiver (based on GAAP) (1) | $ | 9.1 | ||
Accrued capital gains incentive fee waiver (based on the Investment Advisory Agreement) (2) | (3.5 | ) | ||
Potential reversal of accrued waiver (3) | $ | 5.6 |
($ in millions) | September 30, 2019 (1) | September 30, 2020 | September 30, 2021 | ||||||||||||||
Capital gains incentive fee payable under the Investment Advisory Agreement (prior to waivers) | $ | 4.6 | $ | — | $ | 8.8 | |||||||||||
Contractual fees waived | (3.9) | — | — | ||||||||||||||
Capital gains incentive fee payable under the Investment Advisory Agreement (net of waivers) | $ | 0.8 | $ | — | $ | 8.8 |
(Share amounts in thousands) | Year ended September 30, 2019 | Year ended September 30, 2018 (1) | Year ended September 30, 2017 | Year ended September 30, 2016 | Year ended September 30, 2015 | (Share amounts in thousands) | Year ended September 30, 2021 | Year ended September 30, 2020 | Year ended September 30, 2019 | Year ended September 30, 2018 (1) | Year ended September 30, 2017 | |||||||||||||||||||||||||||||||
Net asset value per share at beginning of period | $6.09 | $6.16 | $7.97 | $9.00 | $9.64 | Net asset value per share at beginning of period | $6.49 | $6.60 | $6.09 | $6.16 | $7.97 | |||||||||||||||||||||||||||||||
Net investment income (2) | 0.48 | 0.43 | 0.51 | 0.72 | 0.75 | Net investment income (2) | 0.60 | 0.51 | 0.48 | 0.43 | 0.51 | |||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) (2) | 0.27 | 0.73 | (0.69) | (0.33) | (0.46) | |||||||||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) (2)(3) | Net unrealized appreciation (depreciation) (2)(3) | 0.73 | (0.14) | 0.27 | 0.73 | (0.69) | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses) (2) | 0.14 | (0.83) | (1.21) | (0.84) | (0.19) | Net realized gains (losses) (2) | 0.16 | (0.10) | 0.14 | (0.83) | (1.21) | |||||||||||||||||||||||||||||||
Distributions to stockholders | (0.38) | (0.27) | (0.47) | (0.67) | (0.79) | |||||||||||||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) (2) | (Provision) benefit for taxes on realized and unrealized gains (losses) (2) | — | 0.01 | — | — | — | ||||||||||||||||||||||||||||||||||||
Distributions of net investment income to stockholders | Distributions of net investment income to stockholders | (0.51) | (0.39) | (0.38) | (0.27) | (0.47) | ||||||||||||||||||||||||||||||||||||
Tax return of capital | — | (0.13) | — | (0.05) | — | Tax return of capital | — | — | — | (0.13) | — | |||||||||||||||||||||||||||||||
Net issuance/repurchases of common stock | — | — | 0.05 | 0.14 | 0.05 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | (0.19) | — | — | — | 0.05 | ||||||||||||||||||||||||||||||||||||
Net asset value per share at end of period | $6.60 | $6.09 | $6.16 | $7.97 | $9.00 | Net asset value per share at end of period | $7.28 | $6.49 | $6.60 | $6.09 | $6.16 | |||||||||||||||||||||||||||||||
Per share market value at beginning of period | $4.96 | $5.47 | $5.81 | $6.17 | $9.18 | Per share market value at beginning of period | $4.84 | $5.18 | $4.96 | $5.47 | $5.81 | |||||||||||||||||||||||||||||||
Per share market value at end of period | $5.18 | $4.96 | $5.47 | $5.81 | $6.17 | Per share market value at end of period | $7.06 | $4.84 | $5.18 | $4.96 | $5.47 | |||||||||||||||||||||||||||||||
Total return | 12.56% | (1.49)% | 2.84% | 7.02% | (27.18)% | 57.61% | 2.10% | 12.56% | (1.49)% | 2.84% | ||||||||||||||||||||||||||||||||
Common shares outstanding at beginning of period | 140,961 | 140,961 | 143,259 | 150,263 | 153,340 | Common shares outstanding at beginning of period | 140,961 | 140,961 | 140,961 | 140,961 | 143,259 | |||||||||||||||||||||||||||||||
Common shares outstanding at end of period | 140,961 | 140,961 | 140,961 | 143,259 | 150,263 | Common shares outstanding at end of period | 180,361 | 140,961 | 140,961 | 140,961 | 140,961 | |||||||||||||||||||||||||||||||
Net assets at beginning of period | $858,035 | $867,657 | $1,142,288 | $1,353,094 | $1,478,475 | Net assets at beginning of period | $914,879 | $930,630 | $858,035 | $867,657 | $1,142,288 | |||||||||||||||||||||||||||||||
Net assets at end of period | $930,630 | $858,035 | $867,657 | $1,142,288 | $1,353,094 | Net assets at end of period | $1,312,823 | $914,879 | $930,630 | $858,035 | $867,657 | |||||||||||||||||||||||||||||||
Average net assets | $909,264 | $841,583 | $1,018,498 | $1,229,639 | $1,413,357 | $1,150,662 | $871,305 | $909,264 | $841,583 | $1,018,498 | ||||||||||||||||||||||||||||||||
Ratio of net investment income to average net assets | 7.47% | 7.13% | 7.13% | 8.68% | 8.13% | 8.44% | 8.26% | 7.47% | 7.13% | 7.13% | ||||||||||||||||||||||||||||||||
Ratio of total expenses to average net assets | 9.65% | 9.51% | 10.49% | 13.09% | 10.69% | 9.65% | 7.57% | 9.65% | 9.51% | 10.49% | ||||||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 8.78% | 9.35% | 10.35% | 11.48% | 10.65% | 9.51% | 8.16% | 8.78% | 9.35% | 10.35% | ||||||||||||||||||||||||||||||||
Ratio of portfolio turnover to average investments at fair value | 32.50% | 67.66% | 39.06% | 23.39% | 23.02% | Ratio of portfolio turnover to average investments at fair value | 39.66% | 38.99% | 32.50% | 67.66% | 39.06% | |||||||||||||||||||||||||||||||
Weighted average outstanding debt | $573,891 | $608,553 | $982,372 | $1,190,105 | $1,228,413 | $964,390 | $647,080 | $573,891 | $608,553 | $982,372 | ||||||||||||||||||||||||||||||||
Average debt per share (2) | $4.07 | $4.32 | $6.95 | $8.07 | $8.02 | Average debt per share (2) | $5.95 | $4.59 | $4.07 | $4.32 | $6.95 | |||||||||||||||||||||||||||||||
Asset coverage ratio at end of period | 294.91% | 232.98% | 227.40% | 220.84% | 238.95% | 201.68% | 227.22% | 294.91% | 232.98% | 227.40% |
(1) | Beginning on October 17, 2017, the Company is externally managed by | ||||
(2) | Calculated based upon weighted average shares outstanding for the period. | ||||
(3) | For the year ended September 30, 2021, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the Mergers. | ||||
(4) | Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load. | ||||
Calculated based upon the weighted average net assets for the period. | |||||
Calculated based upon the weighted average of principal debt outstanding for the period. | |||||
Based on outstanding senior securities of $1,280.0 million, $714.8 million, $476.1 million, $643.4 million |
Class and Year(1) | Total Amount Outstanding Exclusive of Treasury Securities (2) | Asset Coverage Per Unit(3) | Involuntary Liquidating Preference Per Unit(4) | Average Market Value Per Unit(5) | ||||||||||
Syndicated Facility and Prior ING Facility | ||||||||||||||
Fiscal 2012 | $ | 141,000 | 3,857 | — | N/A | |||||||||
Fiscal 2013 | 168,000 | 3,949 | — | N/A | ||||||||||
Fiscal 2014 | 267,395 | 2,595 | — | N/A | ||||||||||
Fiscal 2015 | 383,495 | 2,389 | — | N/A | ||||||||||
Fiscal 2016 | 472,495 | 2,208 | — | N/A | ||||||||||
Fiscal 2017 | 226,495 | 2,274 | — | N/A | ||||||||||
Fiscal 2018 | 241,000 | 2,330 | — | N/A | ||||||||||
Fiscal 2019 | 314,825 | 2,949 | — | N/A | ||||||||||
Fiscal 2020 | 414,825 | 2,272 | — | N/A | ||||||||||
Fiscal 2021 | 495,000 | 2,017 | — | N/A | ||||||||||
Citibank Facility | ||||||||||||||
Fiscal 2021 | $ | 135,000 | 2,017 | |||||||||||
Wells Fargo Facility | ||||||||||||||
Fiscal 2012 | $ | 60,251 | 3,857 | — | N/A | |||||||||
Fiscal 2013 | 20,000 | 3,949 | — | N/A | ||||||||||
Sumitomo Facility | ||||||||||||||
Fiscal 2012 | $ | — | 3,857 | — | N/A | |||||||||
Fiscal 2013 | — | 3,949 | — | N/A | ||||||||||
Fiscal 2014 | 50,000 | 2,595 | — | N/A | ||||||||||
Fiscal 2015 | 43,800 | 2,389 | — | N/A | ||||||||||
Fiscal 2016 | 43,800 | 2,208 | — | N/A | ||||||||||
Fiscal 2017 | 29,500 | 2,274 | — | N/A | ||||||||||
Convertible Notes | ||||||||||||||
Fiscal 2012 | $ | 115,000 | 3,857 | — | N/A | |||||||||
Fiscal 2013 | 115,000 | 3,949 | — | N/A | ||||||||||
Fiscal 2014 | 115,000 | 2,595 | — | N/A | ||||||||||
Fiscal 2015 | 115,000 | 2,389 | — | N/A | ||||||||||
Secured Borrowings | ||||||||||||||
Fiscal 2014 | $ | 84,750 | 2,595 | — | N/A | |||||||||
Fiscal 2015 | 21,787 | 2,389 | — | N/A | ||||||||||
Fiscal 2016 | 18,929 | 2,208 | — | N/A | ||||||||||
Fiscal 2017 | 13,489 | 2,274 | — | N/A | ||||||||||
Fiscal 2018 | 12,314 | 2,330 | — | N/A |
Class and Year(1) | Total Amount Outstanding Exclusive of Treasury Securities (2) | Asset Coverage Per Unit(3) | Involuntary Liquidating Preference Per Unit(4) | Average Market Value Per Unit(5) | |||||
Credit Facility and Prior ING Facility | |||||||||
Fiscal 2011 | $ | 133,500 | 3,328 | — | N/A | ||||
Fiscal 2012 | 141,000 | 3,857 | — | N/A | |||||
Fiscal 2013 | 168,000 | 3,949 | — | N/A | |||||
Fiscal 2014 | 267,395 | 2,595 | — | N/A | |||||
Fiscal 2015 | 383,495 | 2,389 | — | N/A | |||||
Fiscal 2016 | 472,495 | 2,208 | — | N/A | |||||
Fiscal 2017 | 226,495 | 2,274 | — | N/A | |||||
Fiscal 2018 | 241,000 | 2,330 | — | N/A | |||||
Fiscal 2019 | 314,825 | 2,949 | — | N/A | |||||
Wells Fargo Facility | |||||||||
Fiscal 2011 | $ | 39,524 | 3,328 | — | N/A | ||||
Fiscal 2012 | 60,251 | 3,857 | — | N/A | |||||
Fiscal 2013 | 20,000 | 3,949 | — | N/A | |||||
Sumitomo Facility | |||||||||
Fiscal 2011 | $ | 5,000 | 3,328 | — | N/A | ||||
Fiscal 2012 | — | 3,857 | — | N/A | |||||
Fiscal 2013 | — | 3,949 | — | N/A | |||||
Fiscal 2014 | 50,000 | 2,595 | — | N/A | |||||
Fiscal 2015 | 43,800 | 2,389 | — | N/A | |||||
Fiscal 2016 | 43,800 | 2,208 | — | N/A | |||||
Fiscal 2017 | 29,500 | 2,274 | — | N/A | |||||
Convertible Notes | |||||||||
Fiscal 2011 | $ | 135,000 | 3,328 | — | N/A | ||||
Fiscal 2012 | 115,000 | 3,857 | — | N/A | |||||
Fiscal 2013 | 115,000 | 3,949 | — | N/A | |||||
Fiscal 2014 | 115,000 | 2,595 | — | N/A | |||||
Fiscal 2015 | 115,000 | 2,389 | — | N/A | |||||
Secured Borrowings | |||||||||
Fiscal 2014 | $ | 84,750 | 2,595 | — | N/A | ||||
Fiscal 2015 | 21,787 | 2,389 | — | N/A | |||||
Fiscal 2016 | 18,929 | 2,208 | — | N/A | |||||
Fiscal 2017 | 13,489 | 2,274 | — | N/A | |||||
Fiscal 2018 | 12,314 | 2,330 | — | N/A | |||||
Class and Year(1) | Total Amount Outstanding Exclusive of Treasury Securities (in thousands)(2) | Asset Coverage Per Unit(3) | Involuntary Liquidating Preference Per Unit(4) | Average Market Value Per Unit(5) | ||||||||||
2019 Notes | ||||||||||||||
Fiscal 2014 | $ | 250,000 | 2,595 | — | N/A | |||||||||
Fiscal 2015 | 250,000 | 2,389 | — | N/A | ||||||||||
Fiscal 2016 | 250,000 | 2,208 | — | N/A | ||||||||||
Fiscal 2017 | 250,000 | 2,274 | — | N/A | ||||||||||
Fiscal 2018 | 228,825 | 2,330 | — | N/A | ||||||||||
2024 Notes | ||||||||||||||
Fiscal 2013 | $ | 75,000 | 3,949 | — | 979.45 | |||||||||
Fiscal 2014 | 75,000 | 2,595 | — | 966.96 | ||||||||||
Fiscal 2015 | 75,000 | 2,389 | — | 991.94 | ||||||||||
Fiscal 2016 | 75,000 | 2,208 | — | 993.70 | ||||||||||
Fiscal 2017 | 75,000 | 2,274 | — | 1,006.74 | ||||||||||
Fiscal 2018 | 75,000 | 2,330 | — | 1,010.72 | ||||||||||
Fiscal 2019 | 75,000 | 2,949 | — | 1,012.76 | ||||||||||
2025 Notes | ||||||||||||||
Fiscal 2020 | $ | 300,000 | 2,272 | — | N/A | |||||||||
Fiscal 2021 | 300,000 | 2,017 | — | N/A | ||||||||||
2027 Notes | ||||||||||||||
Fiscal 2021 | $ | 350,000 | 2,017 | — | N/A | |||||||||
2028 Notes | ||||||||||||||
Fiscal 2013 | $ | 86,250 | 3,949 | — | 957.21 | |||||||||
Fiscal 2014 | 86,250 | 2,595 | — | 943.73 | ||||||||||
Fiscal 2015 | 86,250 | 2,389 | — | 988.06 | ||||||||||
Fiscal 2016 | 86,250 | 2,208 | — | 999.29 | ||||||||||
Fiscal 2017 | 86,250 | 2,274 | — | 1,007.51 | ||||||||||
Fiscal 2018 | 86,250 | 2,330 | — | 994.82 | ||||||||||
Fiscal 2019 | 86,250 | 2,949 | — | 993.33 | ||||||||||
Total Senior Securities | ||||||||||||||
Fiscal 2012 | $ | 316,251 | 3,857 | — | ||||||||||
Fiscal 2013 | 464,250 | 3,949 | — | |||||||||||
Fiscal 2014 | 928,395 | 2,595 | — | |||||||||||
Fiscal 2015 | 975,332 | 2,389 | — | |||||||||||
Fiscal 2016 | 946,474 | 2,208 | — | |||||||||||
Fiscal 2017 | 680,734 | 2,274 | — | |||||||||||
Fiscal 2018 | 643,389 | 2,330 | — | |||||||||||
Fiscal 2019 | 476,075 | 2,949 | — | |||||||||||
Fiscal 2020 | 714,825 | 2,272 | — | |||||||||||
Fiscal 2021 | 1,280,000 | 2,017 | — |
Class and Year(1) | Total Amount Outstanding Exclusive of Treasury Securities (in thousands)(2) | Asset Coverage Per Unit(3) | Involuntary Liquidating Preference Per Unit(4) | Average Market Value Per Unit(5) | |||||
2019 Notes | |||||||||
Fiscal 2014 | $ | 250,000 | 2,595 | — | N/A | ||||
Fiscal 2015 | 250,000 | 2,389 | — | N/A | |||||
Fiscal 2016 | 250,000 | 2,208 | — | N/A | |||||
Fiscal 2017 | 250,000 | 2,274 | — | N/A | |||||
Fiscal 2018 | 228,825 | 2,330 | — | N/A | |||||
2024 Notes | |||||||||
Fiscal 2013 | $ | 75,000 | 3,949 | — | 979.45 | ||||
Fiscal 2014 | 75,000 | 2,595 | — | 966.96 | |||||
Fiscal 2015 | 75,000 | 2,389 | — | 991.94 | |||||
Fiscal 2016 | 75,000 | 2,208 | — | 993.70 | |||||
Fiscal 2017 | 75,000 | 2,274 | — | 1,006.74 | |||||
Fiscal 2018 | 75,000 | 2,330 | — | 1,010.72 | |||||
Fiscal 2019 | 75,000 | 2,949 | — | 1,012.76 | |||||
2028 Notes | |||||||||
Fiscal 2013 | $ | 86,250 | 3,949 | — | 957.21 | ||||
Fiscal 2014 | 86,250 | 2,595 | — | 943.73 | |||||
Fiscal 2015 | 86,250 | 2,389 | — | 988.06 | |||||
Fiscal 2016 | 86,250 | 2,208 | — | 999.29 | |||||
Fiscal 2017 | 86,250 | 2,274 | — | 1,007.51 | |||||
Fiscal 2018 | 86,250 | 2,330 | — | 994.82 | |||||
Fiscal 2019 | 86,250 | 2,949 | — | 993.33 | |||||
Total Senior Securities | |||||||||
Fiscal 2011 | $ | 313,024 | 3,328 | — | |||||
Fiscal 2012 | 316,251 | 3,857 | — | ||||||
Fiscal 2013 | 464,250 | 3,949 | — | ||||||
Fiscal 2014 | 928,395 | 2,595 | — | ||||||
Fiscal 2015 | 975,332 | 2,389 | — | ||||||
Fiscal 2016 | 946,474 | 2,208 | — | ||||||
Fiscal 2017 | 680,734 | 2,274 | — | ||||||
Fiscal 2018 | 643,389 | 2,330 | — | ||||||
Fiscal 2019 | 476,075 | 2,949 | — |
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 22,161 | £ | 17,910 | 10/15/2019 | $ | 76 | $ | — | Derivative asset | Foreign currency forward contract | $ | 52,186 | £ | 37,709 | 11/12/2021 | $ | 1,339 | $ | — | Derivative asset | |||||||||||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 19,193 | € | 17,150 | 11/29/2019 | $ | 414 | $ | — | Derivative asset | Foreign currency forward contract | $ | 46,663 | € | 39,736 | 11/12/2021 | $ | 573 | $ | — | Derivative asset | |||||||||||||||||||||||||||||||||||||
$ | 490 | $ | — | $ | 1,912 | $ | — |
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | ||||||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 35,577 | £ | 27,494 | 11/12/2020 | $ | 25 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 30,260 | € | 25,614 | 11/12/2020 | $ | 198 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
$ | 223 | $ | — |
Description | Notional Amount | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||
Interest rate swap | $ | 350,000 | 1/15/2027 | $ | — | $ | 2,108 | Derivative liability | ||||||||||||||||||||||||
$ | — | $ | 2,108 |
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | ||||||||||||||
Foreign currency forward contract | $ | 23,113 | £ | 17,579 | 10/26/2018 | $ | 162 | $ | — | Derivative asset |
September 30, 2019 | September 30, 2018 | |||||||
Assembled Brands Capital LLC | $ | 35,182 | $ | — | ||||
PaySimple, Inc. | 12,250 | — | ||||||
P2 Upstream Acquisition Co. | 9,000 | 10,000 | ||||||
Sorrento Therapeutics, Inc. | 7,500 | — | ||||||
TerSera Therapeutics, LLC | 4,200 | 3,281 | ||||||
Pingora MSR Opportunity Fund I-A, LP | 3,500 | 4,656 | ||||||
Mindbody, Inc. | 3,048 | — | ||||||
Thruline Marketing, Inc. | 3,000 | 3,000 | ||||||
New IPT, Inc. | 2,229 | 2,229 | ||||||
4 Over International, LLC | 1,977 | 2,232 | ||||||
Apptio, Inc. | 1,538 | — | ||||||
Senior Loan Fund JV I, LLC | 1,328 | 1,328 | ||||||
GKD Index Partners, LLC | 1,156 | 289 | ||||||
iCIMs, Inc. | 882 | 882 | ||||||
Ministry Brands, LLC | 800 | 700 | ||||||
PLATO Learning Inc. (1) | 746 | 2,671 | ||||||
Datto Inc. | — | 2,356 | ||||||
Thing5, LLC | — | 1,298 | ||||||
Dominion Diagnostics, LLC | — | 4,180 | ||||||
EOS Fitness Opco Holdings, LLC | — | 5,000 | ||||||
InMotion Entertainment Group, LLC | — | 7,534 | ||||||
Access CIG LLC | — | 765 | ||||||
Cenegenics, LLC (1) | — | 297 | ||||||
Total | $ | 88,336 | $ | 52,698 |
September 30, 2021 | September 30, 2020 | |||||||||||||
Senior Loan Fund JV I, LLC | $ | 35,000 | $ | 1,328 | ||||||||||
Assembled Brands Capital LLC | 24,868 | 36,079 | ||||||||||||
Athenex, Inc. | 21,072 | 22,780 | ||||||||||||
Marinus Pharmaceuticals, Inc. | 18,349 | — | ||||||||||||
RumbleOn, Inc. | 16,301 | — | ||||||||||||
Ardonagh Midco 3 PLC | 14,892 | 3,007 | ||||||||||||
OCSI Glick JV LLC | 13,998 | — | ||||||||||||
Dominion Diagnostics, LLC | 11,148 | 5,887 | ||||||||||||
Gulf Operating, LLC | 10,064 | — | ||||||||||||
Coty Inc. | 9,886 | — | ||||||||||||
Latam Airlines Group S.A. | 7,267 | — | ||||||||||||
Sunland Asphalt & Construction, LLC | 6,492 | — | ||||||||||||
NeuAG, LLC | 5,441 | 4,382 | ||||||||||||
Olaplex, Inc. | 4,806 | 1,917 | ||||||||||||
Mindbody, Inc. | 4,000 | 3,048 | ||||||||||||
OTG Management, LLC | 3,789 | — | ||||||||||||
BAART Programs, Inc. | 3,583 | — | ||||||||||||
Pluralsight, LLC | 3,532 | — | ||||||||||||
Pingora MSR Opportunity Fund I-A, LP | 3,500 | 3,500 | ||||||||||||
MHE Intermediate Holdings, LLC | 3,466 | — | ||||||||||||
Dialyze Holdings, LLC | 3,431 | — | ||||||||||||
SIO2 Medical Products, Inc. | 3,406 | — | ||||||||||||
SumUp Holdings Luxembourg S.À.R.L. | 3,350 | — | ||||||||||||
Accupac, Inc. | 3,267 | 2,346 | ||||||||||||
CorEvitas, LLC | 3,235 | 5,189 | ||||||||||||
MRI Software LLC | 2,699 | 7,239 | ||||||||||||
Thrasio, LLC | 2,578 | — | ||||||||||||
PRGX Global, Inc. | 2,518 | — | ||||||||||||
Berner Food & Beverage, LLC | 2,475 | — | ||||||||||||
4 Over International, LLC | 2,300 | — | ||||||||||||
Relativity ODA LLC | 2,218 | — | ||||||||||||
Acquia Inc. | 2,061 | 2,240 | ||||||||||||
The Avery | 1,850 | — | ||||||||||||
Apptio, Inc. | 1,338 | 1,538 | ||||||||||||
Coyote Buyer, LLC | 1,333 | 942 | ||||||||||||
Telestream Holdings Corporation | 1,266 | — | ||||||||||||
Ministry Brands, LLC | 1,100 | 425 | ||||||||||||
109 Montgomery Owner LLC | 937 | — | ||||||||||||
Digital.AI Software Holdings, Inc. | 898 | — | ||||||||||||
Thermacell Repellents, Inc. | 833 | — | ||||||||||||
GKD Index Partners, LLC | 320 | 231 | ||||||||||||
CircusTrix Holdings, LLC | 37 | — | ||||||||||||
WPEngine, Inc. | — | 26,348 | ||||||||||||
NuStar Logistics, L.P. | — | 17,911 | ||||||||||||
A.T. Holdings II SÀRL | — | 7,541 | ||||||||||||
New IPT, Inc. | — | 2,229 | ||||||||||||
iCIMs, Inc. | — | 882 | ||||||||||||
Immucor, Inc. | — | 541 | ||||||||||||
Total | $ | 264,904 | $ | 157,530 |
As of and for the three months ended | ||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018 | September 30, 2018 | June 30, 2018 | March 31, 2018 | December 31, 2017 | September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||
Total investment income | $ | 34,513 | $ | 36,669 | $ | 38,244 | $ | 38,276 | $ | 38,220 | $ | 31,847 | $ | 34,779 | $ | 33,876 | $ | 35,732 | $ | 44,917 | $ | 45,555 | $ | 51,760 | ||||||||||||
Net investment income | 16,275 | 16,608 | 17,709 | 17,317 | 17,031 | 14,430 | 15,263 | 13,322 | 11,464 | 19,390 | 18,504 | 23,294 | ||||||||||||||||||||||||
Net realized and unrealized gains (losses), net of taxes | (2,304 | ) | 3,378 | 46,776 | 10,401 | 16,300 | 9,822 | 4,357 | (43,763 | ) | (136,935 | ) | (25,447 | ) | (9,703 | ) | (97,536 | ) | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 13,971 | 19,986 | 64,485 | 27,718 | 33,331 | 24,252 | 19,620 | (30,441 | ) | (125,471 | ) | (6,057 | ) | 8,801 | (74,242 | ) | ||||||||||||||||||||
Net assets | 930,630 | 930,050 | 923,456 | 872,362 | 858,035 | 838,095 | 827,234 | 819,595 | 867,657 | 1,010,750 | 1,019,626 | 1,030,272 | ||||||||||||||||||||||||
Total investment income per common share (1) | $ | 0.24 | $ | 0.26 | $ | 0.27 | $ | 0.27 | $ | 0.27 | $ | 0.23 | $ | 0.25 | $ | 0.24 | $ | 0.25 | $ | 0.32 | $ | 0.32 | $ | 0.36 | ||||||||||||
Net investment income per common share (1) | 0.12 | 0.12 | 0.13 | 0.12 | 0.12 | 0.10 | 0.11 | 0.09 | 0.08 | 0.14 | 0.13 | 0.16 | ||||||||||||||||||||||||
Earnings (losses) per common share (1) | 0.10 | 0.14 | 0.46 | 0.20 | 0.24 | 0.17 | 0.14 | (0.22 | ) | (0.89 | ) | (0.04 | ) | 0.06 | (0.52 | ) | ||||||||||||||||||||
Net asset value per common share at period end | 6.60 | 6.60 | 6.55 | 6.19 | 6.09 | 5.95 | 5.87 | 5.81 | 6.16 | 7.17 | 7.23 | 7.31 |
Common stock issued by the Company | $ | 242,704 | ||||||
Transaction costs | 1,593 | |||||||
Consideration paid | $ | 244,297 | ||||||
Investments | $ | 470,155 | ||||||
Cash and cash equivalents | 20,945 | |||||||
Other assets | 8,995 | |||||||
Total assets acquired | 500,095 | |||||||
Debt | 249,098 | |||||||
Other liabilities | 6,700 | |||||||
Total liabilities assumed | 255,798 | |||||||
Net assets acquired | $ | 244,297 |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value as of October 1, 2020 | Gross Additions (3) | Gross Reductions (4) | Fair Value as of June 30, 2021 | % of Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
34,984,460.37 Preferred Units | — | — | 27,638 | — | — | 27,638 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | $ | 27,381 | — | 1,726 | 27,660 | — | (279) | 27,381 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | — | — | 275 | 5,260 | 2,439 | (7,699) | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | — | 2,795 | 7,667 | 10,398 | — | 18,065 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2025 | 7,500 | — | — | 11,510 | — | (4,010) | 7,500 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
100% equity interest | — | 763 | 1,622 | 1,244 | (2,168) | 698 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New IPT, Inc. | Oil & Gas Equipment & Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | — | — | 42 | 1,800 | 504 | (2,304) | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 | — | — | 17 | 788 | 221 | (1,009) | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCSI Glick JV LLC (6) | Multi-Sector Holdings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt, LIBOR+4.50% cash due 10/20/2028 | 4.60 | % | 61,709 | — | 2,401 | — | 56,693 | (1,111) | 55,582 | 4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
87.5% equity interest | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (7) | Multi-Sector Holdings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 8.00 | % | 96,250 | — | 7,388 | 96,250 | — | — | 96,250 | 7.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
87.5% LLC equity interest | — | 903 | 21,190 | 16,461 | — | 37,651 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 192,840 | $ | — | $ | 16,310 | $ | 201,385 | $ | 87,960 | $ | (18,580) | $ | 270,765 | 20.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023 | 7.00 | % | $ | 15,899 | $ | — | $ | 736 | $ | 4,194 | $ | 12,435 | $ | (917) | $ | 15,712 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
1,609,201 Class A Units | — | — | 483 | 104 | — | 587 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | — | — | 1,091 | 61 | — | 1,152 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 741 | 97 | — | 838 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 15,899 | $ | — | $ | 736 | $ | 6,509 | $ | 12,697 | $ | (917) | $ | 18,289 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 208,739 | $ | — | $ | 17,046 | $ | 207,894 | $ | 100,657 | $ | (19,497) | $ | 289,054 | 22.0 | % |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2018 | Gross Additions (3) | Gross Reductions (4) | Fair Value at September 30, 2019 | % of Total Net Assets | ||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | |||||||||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||
34,984,460.37 Preferred Units | — | — | — | 34.984 | — | 34,984 | 3.8 | % | ||||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2020 | $ | 11,510 | — | 1,825 | 32,510 | 962 | (21,962 | ) | 11,510 | 1.2 | % | |||||||||||||||||||||||||
100% equity interest | — | — | — | — | 4,730 | (100 | ) | 4,630 | 0.5 | % | ||||||||||||||||||||||||||
New IPT, Inc. | Oil & gas equipment services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 (6) | 7.10 | % | 3,256 | — | 331 | 4,107 | 25 | (876 | ) | 3,256 | 0.3 | % | ||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+5.10% cash due 9/17/2021 (6) | — | — | 45 | 1,453 | — | (1,453 | ) | — | — | % | ||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 (6) | 7.10 | % | 1,009 | — | 85 | 1,009 | — | — | 1,009 | 0.1 | % | |||||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | 2,291 | 612 | — | 2,903 | 0.3 | % | ||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (6) | Multi-sector holdings | |||||||||||||||||||||||||||||||||||
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC | — | — | 2,036 | 99,813 | — | (99,813 | ) | — | — | % | ||||||||||||||||||||||||||
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 10% cash due 2036 in SLF Repack Issuer 2016 LLC | — | — | 707 | 29,520 | 67 | (29,587 | ) | — | — | % | ||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 9.39 | % | 96,250 | — | 7,007 | — | 96,250 | — | 96,250 | 10.3 | % | |||||||||||||||||||||||||
87.5% LLC equity interest | — | — | 41 | 37,735 | (7,724 | ) | 30,052 | 3.2 | % | |||||||||||||||||||||||||||
Thruline Marketing, Inc. (7) | Advertising | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 (6) | 9.10 | % | 18,146 | — | 1,752 | 18,146 | — | — | 18,146 | 1.9 | % | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+7.75% cash due 4/3/2022 (6) | — | — | 15 | — | — | — | — | — | % | |||||||||||||||||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | — | — | 7,984 | — | (1,546 | ) | 6,438 | 0.7 | % | |||||||||||||||||||||||||||
Total Control Investments | $ | 130,171 | $ | — | $ | 13,803 | $ | 196,874 | $ | 175,365 | $ | (163,061 | ) | $ | 209,178 | 22.5 | % | |||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized finance | |||||||||||||||||||||||||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+6.00% cash due 10/17/2023 | 8.10 | % | $ | 5,585 | $ | — | $ | 225 | $ | — | $ | 5,605 | $ | (20 | ) | $ | 5,585 | 0.6 | % | |||||||||||||||||
1,609,201 Class A Units | — | — | — | 782 | — | 782 | 0.1 | % | ||||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | — | — | — | 1,019 | — | 1,019 | 0.1 | % | ||||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||
Caregiver Services, Inc. | Healthcare services | |||||||||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 2,161 | — | (377 | ) | 1,784 | 0.2 | % | ||||||||||||||||||||||||||
Total Affiliate Investments | $ | 5,585 | $ | — | $ | 225 | $ | 2,161 | $ | 7,406 | $ | (397 | ) | $ | 9,170 | 1.0 | % | |||||||||||||||||||
Total Control & Affiliate Investments | $ | 135,756 | $ | — | $ | 14,028 | $ | 199,035 | $ | 182,771 | $ | (163,458 | ) | $ | 218,348 | 23.5 | % |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2019 | Gross Additions (3) | Gross Reductions (4) | Fair Value at September 30, 2020 | % of Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
829 Common Units | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
34,984,460.37 Preferred Units | — | — | 34,984 | — | (7,346) | 27,638 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | $ | 27,660 | — | 1,076 | — | 27,869 | (209) | 27,660 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 2/28/2024 | 6.00 | % | 5,260 | — | 216 | — | 5,260 | — | 5,260 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
30,030.8 Common Units in DD Healthcare Services Holdings, LLC | — | — | — | 18,627 | (10,960) | 7,667 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9.00% cash due 12/15/2020 | 11,510 | — | 1,180 | 11,510 | 106 | (106) | 11,510 | 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
100% equity interest | — | — | 4,630 | — | (3,008) | 1,622 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New IPT, Inc. | Oil & Gas Equipment & Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | 2,304 | — | 193 | 3,256 | — | (1,456) | 1,800 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+5.00% cash due 3/17/2021 | 6.00 | % | 1,009 | — | 76 | 1,009 | — | (221) | 788 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | 2,903 | — | (2,903) | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (6) | Multi-Sector Holdings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt, LIBOR+7.00% cash due 12/29/2028 | 7.17 | % | 96,250 | — | 8,055 | 96,250 | — | — | 96,250 | 10.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
87.5% LLC equity interest | — | — | 30,052 | — | (8,862) | 21,190 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thruline Marketing, Inc. | Advertising | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7.00% cash due 4/3/2022 | — | — | 257 | 18,146 | — | (18,146) | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+7.75% cash due 4/3/2022 | — | — | 1 | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | (4,932) | — | 6,438 | 4,210 | (10,648) | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 143,993 | $ | (4,932) | $ | 11,054 | $ | 209,178 | $ | 56,072 | $ | (63,865) | $ | 201,385 | 22.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6.00% cash due 10/17/2023 | 7.00 | % | $ | 4,688 | $ | — | $ | 487 | $ | 5,585 | $ | 2,036 | $ | (3,427) | $ | 4,194 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
1,609,201 Class A Units | — | — | 782 | — | (299) | 483 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,019,168.80 Preferred Units, 6% | — | — | 1,019 | 72 | — | 1,091 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
70,424.5641 Class A Warrants (exercise price $3.3778) expiration date 9/9/2029 | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 1,784 | — | (1,043) | 741 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 4,688 | $ | — | $ | 487 | $ | 9,170 | $ | 2,108 | $ | (4,769) | $ | 6,509 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 148,681 | $ | (4,932) | $ | 11,541 | $ | 218,348 | $ | 58,180 | $ | (68,634) | $ | 207,894 | 22.7 | % |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2017 | Gross Additions (3) | Gross Reductions (4) | Fair Value at September 30, 2018 | % of Total Net Assets | ||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||
AdVenture Interactive, Corp. | Advertising | |||||||||||||||||||||||||||||||||||
9,073 shares of common units | $ | — | $ | — | $ | — | $ | 13,818 | $ | 136 | $ | (13,954 | ) | $ | — | — | % | |||||||||||||||||||
Ameritox Ltd. | Healthcare services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 | — | (30,103 | ) | 75 | 4,445 | 33,094 | (37,539 | ) | — | — | % | |||||||||||||||||||||||||
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC | — | (14,090 | ) | — | — | 14,090 | (14,090 | ) | — | — | % | |||||||||||||||||||||||||
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC | — | (1,602 | ) | — | — | 1,602 | (1,602 | ) | — | — | % | |||||||||||||||||||||||||
4,930.03 Class A Units in Ameritox Holdings II, LLC | — | (29,049 | ) | — | — | 29,049 | (29,049 | ) | — | — | % | |||||||||||||||||||||||||
Eagle Hospital Physicians, LLC | Healthcare services | |||||||||||||||||||||||||||||||||||
Earn-out | — | (848 | ) | — | 4,986 | 3,017 | (8,003 | ) | — | — | % | |||||||||||||||||||||||||
First Star Bermuda Aviation Limited (5) | Airlines | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018 | — | 392 | 1,390 | 11,868 | 305 | (12,173 | ) | — | — | % | ||||||||||||||||||||||||||
100% equity interest | — | 808 | — | 2,323 | 5,543 | (7,866 | ) | — | — | % | ||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9% cash due 12/15/2020 | 32,510 | — | 2,050 | 41,395 | 1,557 | (10,442 | ) | 32,510 | 3.8 | % | ||||||||||||||||||||||||||
100% equity interest | — | — | — | 3,926 | 3,546 | (7,472 | ) | — | — | % | ||||||||||||||||||||||||||
Keypath Education, Inc. | Advertising | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 | 9.39 | % | 18,146 | — | 1,791 | 19,960 | — | (1,814 | ) | 18,146 | 2.1 | % | ||||||||||||||||||||||||
First Lien Revolver, LIBOR+7.75% (1% floor) cash due 4/3/2022 | — | — | 17 | — | 1 | (1 | ) | — | — | % | ||||||||||||||||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | — | — | — | 7,918 | 66 | — | 7,984 | 0.9 | % | |||||||||||||||||||||||||||
New IPT, Inc. | Oil & gas equipment services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 | 7.39 | % | 4,107 | — | 303 | 4,107 | — | — | 4,107 | 0.5 | % | |||||||||||||||||||||||||
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 | 7.49 | % | 1,453 | — | 149 | 2,504 | — | (1,051 | ) | 1,453 | 0.2 | % | ||||||||||||||||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 | 7.39 | % | 1,009 | — | 79 | 1,009 | — | — | 1,009 | 0.1 | % | |||||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | — | 736 | 1,555 | — | 2,291 | 0.3 | % | |||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (6) | Multi-sector holdings | |||||||||||||||||||||||||||||||||||
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC | 8.33 | % | 99,813 | — | 9,014 | 101,030 | — | (1,217 | ) | 99,813 | 11.6 | % | ||||||||||||||||||||||||
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 10% cash due 2036 in SLF Repack Issuer 2016 LLC | 29,520 | — | 3,814 | 27,641 | 2,057 | (178 | ) | 29,520 | 3.4 | % | ||||||||||||||||||||||||||
87.5% equity interest | — | — | — | 5,525 | — | (5,484 | ) | 41 | — | % | ||||||||||||||||||||||||||
Traffic Solutions Holdings, Inc. | Construction & engineering | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 | — | — | 3,174 | 36,568 | 393 | (36,961 | ) | — | — | % | ||||||||||||||||||||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021 | — | — | 85 | 1,250 | 753 | (2,003 | ) | — | — | % | ||||||||||||||||||||||||||
LC Facility, 6% cash due 4/1/2021 | — | — | 164 | 4,752 | 4 | (4,756 | ) | — | — | % | ||||||||||||||||||||||||||
746,114 Series A Preferred Units, 10% | — | (10,462 | ) | — | 7,700 | 12,329 | (20,029 | ) | — | — | % | |||||||||||||||||||||||||
746,114 Common Stock Unit | — | (5,316 | ) | — | — | 5,316 | (5,316 | ) | — | — | % |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2017 | Gross Additions (3) | Gross Reductions (4) | Fair Value at September 30, 2018 | % of Total Net Assets | ||||||||||||||||||||||||||
TransTrade Operators, Inc. | Air freight and logistics | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 5% cash due 12/31/2017 | $ | — | $ | (15,574 | ) | $ | — | $ | 1,810 | $ | 15,574 | $ | (17,384 | ) | $ | — | — | % | ||||||||||||||||||
First Lien Revolver, 8% cash due 12/31/2017 | — | (7,757 | ) | — | — | 8,497 | (8,497 | ) | — | — | % | |||||||||||||||||||||||||
596.67 Series A Common Units | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
4,000 Series A Preferred Units in TransTrade Holdings LLC | — | (4,000 | ) | — | — | 4,000 | (4,000 | ) | — | — | % | |||||||||||||||||||||||||
5,200,000 Series B Preferred Units in TransTrade Holding LLC | — | (5,200 | ) | — | — | 5,200 | (5,200 | ) | — | — | % | |||||||||||||||||||||||||
Total Control Investments | $ | 186,558 | $ | (122,801 | ) | $ | 22,105 | $ | 305,271 | $ | 147,684 | $ | (256,081 | ) | $ | 196,874 | 22.9 | % | ||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||
AmBath/ReBath Holdings, Inc. | Home improvement retail | |||||||||||||||||||||||||||||||||||
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018 | — | — | 1,738 | 22,957 | 308 | (23,265 | ) | — | — | % | ||||||||||||||||||||||||||
4,668,788 shares of Preferred Stock | — | 2,048 | — | 1,827 | 221 | (2,048 | ) | — | — | % | ||||||||||||||||||||||||||
Caregiver Services, Inc. | Healthcare services | |||||||||||||||||||||||||||||||||||
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019 | — | — | 753 | 9,665 | 216 | (9,881 | ) | — | — | % | ||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 2,534 | — | (373 | ) | 2,161 | 0.3 | % | ||||||||||||||||||||||||||
Total Affiliate Investments | $ | — | $ | 2,048 | $ | 2,491 | $ | 36,983 | $ | 745 | $ | (35,567 | ) | $ | 2,161 | 0.3 | % | |||||||||||||||||||
Total Control & Affiliate Investments | $ | 186,558 | $ | (120,753 | ) | $ | 24,596 | $ | 342,254 | $ | 148,429 | $ | (291,648 | ) | $ | 199,035 | 23.2 | % |
Reports of Independent Registered Public Accounting | |||||
Consolidated Statements of Assets and Liabilities as of September 30, | |||||
Consolidated Statements of Operations for the Years Ended September 30, | |||||
Consolidated Statements of Changes in Net Assets for the Years Ended September 30, | |||||
Consolidated Statements of Cash Flows for the Years Ended September 30, | |||||
Consolidated Schedule of Investments as of September 30, | |||||
Consolidated Schedule of Investments as of September 30, | |||||
Notes to Consolidated Financial Statements |
Schedule 12-14 — Investments in and advances to affiliates |
Agreement and Plan of Merger among Oaktree Strategic Income Corporation, the Registrant, Lion Merger Sub, Inc. and Oaktree Fund Advisors LLC (for the limited purposes set forth therein), dated as of October 28, 2020 (Incorporated by reference to Exhibit 2.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on October 29, 2020). | ||||||||
Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-A (File No. 001-33901) filed on January 2, 2008). | ||||||||
Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(2) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008). | ||||||||
Certificate of Correction to the Certificate of Amendment to the Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit (a)(3) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-146743) filed on June 6, 2008). | ||||||||
Certificate of Amendment to Registrant’s Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Quarterly Report on Form 10-Q (File No. 001-33901) filed on May 5, 2010). | ||||||||
Certificate of Amendment to Registrant’s Certificate of Incorporation (Incorporated by reference to Exhibit (a)(5) filed with the Registrant’s Registration Statement on Form N-2 (File No. 333-180267) filed on April 2, 2013). | ||||||||
Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant, dated as of October 17, 2017 (Filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017). | ||||||||
Fourth Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.1 filed with Registrant’s Form 8-K (File No. 814-00755) filed on January 29, 2018). | ||||||||
Form of Common Stock Certificate (Incorporated by reference to Exhibit 4.1 filed with Registrant’s Form 8-A (File No. 001-33901) filed on January 2, 2008). | ||||||||
Description of Securities |
Indenture, dated April 30, 2012, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit (d)(4) filed with Registrant’s Registration Statement on Form N-2 (File No. 333-180267) filed on July 27, 2012). | ||||||||
Fourth Supplemental Indenture, dated as of October 17, 2017, between Registrant and Deutsche Bank Trust Company Americas, as trustee (Incorporated by reference to Exhibit 4.1 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 17, 2017). | ||||||||
Form of | ||||||||
Sixth Supplemental Indenture, dated as of May 18, 2021, relating to the | ||||||||
Form of 2.700% Notes due 2027 (contained in the Sixth Supplemental Indenture filed as Exhibit 4.7 hereto). | ||||||||
Amended and Restated Investment Advisory Agreement, dated as of | ||||||||
Administration Agreement, dated as of September 30, 2019 between the Registrant and Oaktree Administrator (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Form 8-K (File No. 814-00755) filed on October 2, 2019). |
Custody Agreement (Incorporated by reference to Exhibit 10.1 filed with Registrant’s Form 10-Q (File No. 001-33901) filed on January 31, 2011). | ||||||||
Amended and Restated Dividend Reinvestment Plan (Incorporated by reference to Exhibit 10.1 filed with Registrant’s Form 8-K (File No. 001-33901) filed on October 28, 2010). | ||||||||
Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 25, 2019, among the Registrant, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on February 26, 2019). |
Amendment No. 1 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 13, 2019, among the Registrant, as Borrower, the lenders party thereto from time to time and ING Capital LLC, as administrative agent for the lenders thereunder (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on December 17, 2019). | ||||||||
Amendment No. 2 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of May 6, 2020, among the Registrant, as Borrower, the lenders party thereto from time to time and ING Capital LLC, as administrative agent for the lenders thereunder (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Form 10-Q (File No. 814-00755) filed on May 7, 2020). | ||||||||
Incremental Commitment and Assumption Agreement, dated as of October 28, 2020, made by the Registrant, as Borrower, the assuming lender party hereto, as assuming lender, and ING Capital LLC, as administrative agent and issuing bank relating to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 25, 2019 among the Registrant, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on October 29, 2020). |
Amendment No. 3 to Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 10, 2020, among the Registrant, as Borrower, the lenders party thereto from time to time and ING Capital LLC, as administrative agent for the lenders thereunder (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on December 14, 2020). | ||||||||
Incremental Commitment Agreement, dated as of December 28, 2020, made by the Registrant, as Borrower, MUFG Union Bank, N.A., as increasing lender, and ING Capital LLC, as administrative agent and issuing bank relating to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of February 25, 2019 among the Registrant, as Borrower, the lenders party thereto, ING Capital LLC, as administrative agent, ING Capital LLC, JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A. and Bank of America, N.A., as syndication agents (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on December 29, 2020). | ||||||||
Amendment No. 4 to Amended and Restated Senior Secured Revolving Credit Agreement and Amendment No. 1 to Amended and Restated Guarantee, Pledge and Security Agreement, dated May 4, 2021, among the Company, as borrower, OCSL SRNE, LLC, as subsidiary guarantor, FSFC Holdings, Inc., as subsidiary guarantor, the lenders party thereto, and ING Capital LLC, as administrative agent (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Form 10-Q (File No. 814-00755) filed on August 4, 2021). | ||||||||
Loan Sale Agreement by and between Registrant and FS Senior Funding II LLC, dated as of January 15, 2015 (Incorporated by reference to Exhibit 10.2 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | ||||||||
Amended and Restated Loan and Security Agreement, dated as of January 31, 2018, by and among Registrant, OCSI Senior Funding II LLC, the lenders referred to therein, Citibank, N.A., and Wells Fargo Bank, National Association (Incorporated by reference to Exhibit 10.3 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | ||||||||
First Amendment to the Amended and Restated Loan and Security Agreement by and among the Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of May 14, 2018 (Incorporated by reference to Exhibit 10.4 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | ||||||||
Second Amendment to the Amended and Restated Loan and Security Agreement by and among Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of July 18, 2018 (Incorporated by reference to Exhibit 10.5 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). |
Third Amendment to the Amended and Restated Loan and Security Agreement by and among Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of September 17, 2018 (Incorporated by reference to Exhibit 10.6 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||
Fourth Amendment to the Amended and Restated Loan and Security Agreement by and among Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of September 20, 2019 (Incorporated by reference to Exhibit 10.7 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||
Fifth Amendment to the Amended and Restated Loan and Security Agreement by and among the Registrant, as collateral manager, OCSI Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of October 27, 2020 (Incorporated by reference to Exhibit 10.8 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on March 19, 2021). | |||||||||
Sixth Amendment to the Amended and Restated Loan and Security Agreement by and among the Company, as collateral manager, OCSL Senior Funding II LLC, as borrower, and Citibank, N.A., as administrative agent and sole lender, dated as of July 2, 2021 (Incorporated by reference to Exhibit 10.1 filed with the Registrant’s Current Report on Form 8-K (File No. 814-00755) filed on July 9, 2021). | |||||||||
Joint Code of Ethics of the Registrant and Oaktree Strategic Income | |||||||||
Code of Ethics of Oaktree | |||||||||
21 | Subsidiaries of Registrant and jurisdiction of incorporation/organizations: FSFC Holdings, Inc. — Delaware OCSL | ||||||||
Consent of Registered Public Accounting Firm | |||||||||
Power of Attorney (included on the signature page hereto). | |||||||||
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | |||||||||
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). |
* | Filed herewith. | ||||
^ | Exhibits and schedules to Exhibit 2.1 have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
OAKTREE SPECIALTY LENDING CORPORATION | ||||||||
By: | /s/ Armen Panossian | |||||||
Armen Panossian | ||||||||
Chief Executive Officer | ||||||||
By: | /s/ Mel Carlisle | |||||||
Mel Carlisle | ||||||||
Chief Financial Officer and Treasurer |
Signature | Title | Date | ||||||||||||
/s/ ARMEN PANOSSIAN Armen Panossian | Chief Executive Officer (principal executive officer) | November | ||||||||||||
/s/ MEL CARLISLE Mel Carlisle | Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer) | November | ||||||||||||
/s/ JOHN B. FRANK John B. Frank | Director | November | ||||||||||||
/s/ DEBORAH A. GERO Deborah A. Gero | Director | November | ||||||||||||
/s/ CRAIG JACOBSON Craig Jacobson | Director | November | ||||||||||||
/s/ BRUCE ZIMMERMAN Bruce Zimmerman | Director | November | ||||||||||||