UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarterly Period Ended August 31,November 30, 2017
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Commission File Number:001-33376
SARATOGA INVESTMENT CORP.
(Exact name of registrant as specified in its charter)
Maryland | 20-8700615 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
535 Madison Avenue New York, New York | 10022 | |
(Address of principal executive office) | (Zip Code) |
(212) 906-7800
(Registrant’s telephone number, including area code)
Not applicable
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of RegulationS-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” inRule 12b-2 of the Exchange Act. (check one):
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of October 11, 2017January 10, 2018 was 6,003,834.6,257,029.
Item 1. Consolidated FinancialStatementsFinancial Statements
Saratoga Investment Corp.
Consolidated Statements of Assets and Liabilities
As of | As of | |||||||||||||||
August 31, 2017 | February 28, 2017 | November 30, 2017 | February 28, 2017 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Investments at fair value | ||||||||||||||||
Non-control/Non-affiliate investments (amortized cost of $295,295,973 and $251,198,896, respectively) | $ | 289,721,139 | $ | 242,531,514 | ||||||||||||
Control investments (amortized cost of $38,327,248 and $49,283,536, respectively) | 43,248,674 | 50,129,799 | ||||||||||||||
Non-control/Non-affiliate investments (amortized cost of $299,321,359 and $251,198,896, respectively) | $ | 295,371,210 | $ | 242,531,514 | ||||||||||||
Control investments (amortized cost of $38,943,193 and $49,283,536, respectively) | 43,466,477 | 50,129,799 | ||||||||||||||
|
|
|
| |||||||||||||
Total investments at fair value (amortized cost of $333,623,221 and $300,482,432, respectively) | 332,969,813 | 292,661,313 | ||||||||||||||
Total investments at fair value (amortized cost of $338,264,552 and $300,482,432, respectively) | 338,837,687 | 292,661,313 | ||||||||||||||
Cash and cash equivalents | 1,595,438 | 9,306,543 | 680,065 | 9,306,543 | ||||||||||||
Cash and cash equivalents, reserve accounts | 16,816,101 | 12,781,425 | 8,037,715 | 12,781,425 | ||||||||||||
Interest receivable (net of reserve of $895,998 and $157,560, respectively) | 3,773,660 | 3,294,450 | ||||||||||||||
Interest receivable (net of reserve of $1,373,118 and $157,560, respectively) | 3,288,960 | 3,294,450 | ||||||||||||||
Management and incentive fee receivable | 255,134 | 171,106 | 266,005 | 171,106 | ||||||||||||
Other assets | 464,291 | 183,346 | 706,648 | 183,346 | ||||||||||||
Receivable from unsettled trades | 253,041 | 253,041 | 97,041 | 253,041 | ||||||||||||
|
|
|
| |||||||||||||
Total assets | $ | 356,127,478 | $ | 318,651,224 | $ | 351,914,121 | $ | 318,651,224 | ||||||||
|
|
|
| |||||||||||||
LIABILITIES | ||||||||||||||||
Revolving credit facility | $ | 10,000,000 | $ | — | $ | 1,000,000 | $ | — | ||||||||
Deferred debt financing costs, revolving credit facility | (743,272 | ) | (437,183 | ) | (720,258 | ) | (437,183 | ) | ||||||||
SBA debentures payable | 134,660,000 | 112,660,000 | 134,660,000 | 112,660,000 | ||||||||||||
Deferred debt financing costs, SBA debentures payable | (2,794,750 | ) | (2,508,280 | ) | (2,666,620 | ) | (2,508,280 | ) | ||||||||
Notes payable | 74,450,500 | 74,450,500 | 74,450,500 | 74,450,500 | ||||||||||||
Deferred debt financing costs, notes payable | (2,513,115 | ) | (2,689,511 | ) | (2,414,200 | ) | (2,689,511 | ) | ||||||||
Base management and incentive fees payable | 5,056,994 | 5,814,692 | 5,194,845 | 5,814,692 | ||||||||||||
Accounts payable and accrued expenses | 1,099,099 | 852,987 | 1,200,514 | 852,987 | ||||||||||||
Interest and debt fees payable | 3,038,528 | 2,764,237 | 1,982,347 | 2,764,237 | ||||||||||||
Directors fees payable | 60,500 | 51,500 | — | 51,500 | ||||||||||||
Due to manager | 353,386 | 397,505 | 380,770 | 397,505 | ||||||||||||
|
|
|
| |||||||||||||
Total liabilities | $ | 222,667,870 | $ | 191,356,447 | $ | 213,067,898 | $ | 191,356,447 | ||||||||
|
|
|
| |||||||||||||
Commitments and contingencies (See Note 7) | ||||||||||||||||
NET ASSETS | ||||||||||||||||
Common stock, par value $.001, 100,000,000 common shares authorized, 5,967,272 and 5,794,600 common shares issued and outstanding, respectively | $ | 5,967 | $ | 5,795 | ||||||||||||
Common stock, par value $.001, 100,000,000 common shares authorized, 6,149,582 and 5,794,600 common shares issued and outstanding, respectively | $ | 6,150 | $ | 5,795 | ||||||||||||
Capital in excess of par value | 194,222,453 | 190,483,931 | 198,211,630 | 190,483,931 | ||||||||||||
Distribution in excess of net investment income | (26,799,657 | ) | (27,737,348 | ) | (26,649,881 | ) | (27,737,348 | ) | ||||||||
Accumulated net realized loss from investments and derivatives | (33,315,747 | ) | (27,636,482 | ) | (33,294,811 | ) | (27,636,482 | ) | ||||||||
Accumulated net unrealized depreciation on investments and derivatives | (653,408 | ) | (7,821,119 | ) | ||||||||||||
Accumulated net unrealized appreciation (depreciation) on investments and derivatives | 573,135 | (7,821,119 | ) | |||||||||||||
|
|
|
| |||||||||||||
Total net assets | 133,459,608 | 127,294,777 | 138,846,223 | 127,294,777 | ||||||||||||
|
|
|
| |||||||||||||
Total liabilities and net assets | $ | 356,127,478 | $ | 318,651,224 | $ | 351,914,121 | $ | 318,651,224 | ||||||||
|
|
|
| |||||||||||||
NET ASSET VALUE PER SHARE | $ | 22.37 | $ | 21.97 | $ | 22.58 | $ | 21.97 | ||||||||
|
|
|
|
See accompanying notes to consolidated financial statements.
Consolidated Statements of Operations
(unaudited)
For the three months ended August 31, 2017 | For the three months ended August 31, 2016 | For the six months ended August 31, 2017 | For the six months ended August 31, 2016 | For the three months ended November 30, 2017 | For the three months ended November 30, 2016 | For the nine months ended November 30, 2017 | For the nine months ended November 30, 2016 | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Interest from investments | ||||||||||||||||||||||||||||||||
Non-control/Non-affiliate investments | $ | 7,183,757 | $ | 6,561,838 | $ | 13,104,190 | $ | 13,181,951 | $ | 7,036,743 | $ | 6,787,898 | $ | 20,140,933 | $ | 19,969,849 | ||||||||||||||||
Payment-in-kind interest income fromNon-control/Non-affiliate investments | 298,957 | 184,265 | 522,230 | 313,355 | 301,213 | 169,332 | 823,443 | 482,687 | ||||||||||||||||||||||||
Control investments | 1,496,080 | 557,200 | 2,831,466 | 1,089,326 | 1,017,821 | 498,599 | 3,849,287 | 1,587,925 | ||||||||||||||||||||||||
Payment-in-kind interest income from Control investments | 207,624 | — | 469,733 | — | 535,031 | — | 1,004,764 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total interest income | 9,186,418 | 7,303,303 | 16,927,619 | 14,584,632 | 8,890,808 | 7,455,829 | 25,818,427 | 22,040,461 | ||||||||||||||||||||||||
Interest from cash and cash equivalents | 6,493 | 6,401 | 13,574 | 10,187 | 6,777 | 6,239 | 20,351 | 16,426 | ||||||||||||||||||||||||
Management fee income | 375,957 | 374,657 | 751,638 | 748,341 | 376,446 | 375,218 | 1,128,084 | 1,123,559 | ||||||||||||||||||||||||
Incentive fee income | 162,358 | — | 267,653 | — | 209,434 | — | 477,087 | — | ||||||||||||||||||||||||
Other income | 522,440 | 763,633 | 1,000,630 | 1,013,229 | 42,265 | 605,009 | 1,042,895 | 1,618,238 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total investment income | 10,253,666 | 8,447,994 | 18,961,114 | 16,356,389 | 9,525,730 | 8,442,295 | 28,486,844 | 24,798,684 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||||||||||||||
Interest and debt financing expenses | 2,962,844 | 2,369,705 | 5,486,450 | 4,737,761 | 2,758,900 | 2,369,108 | 8,245,350 | 7,106,869 | ||||||||||||||||||||||||
Base management fees | 1,481,788 | 1,202,794 | 2,872,815 | 2,429,951 | 1,485,415 | 1,219,916 | 4,358,230 | 3,649,867 | ||||||||||||||||||||||||
Professional fees | 407,372 | 302,227 | 791,703 | 661,526 | 388,210 | 330,197 | 1,179,913 | 991,723 | ||||||||||||||||||||||||
Administrator expenses | 395,833 | 325,000 | 770,833 | 650,000 | 437,500 | 341,667 | 1,208,333 | 991,667 | ||||||||||||||||||||||||
Incentive management fees | 1,709,636 | 1,208,452 | 1,885,732 | 1,936,732 | 1,054,618 | 394,509 | 2,940,350 | 2,331,241 | ||||||||||||||||||||||||
Insurance | 66,165 | 70,658 | 132,330 | 141,316 | 64,577 | 68,985 | 196,907 | 210,301 | ||||||||||||||||||||||||
Directors fees and expenses | 60,000 | 60,422 | 111,000 | 126,422 | 43,000 | 66,000 | 154,000 | 192,422 | ||||||||||||||||||||||||
General & administrative | 287,201 | 304,955 | 484,444 | 517,164 | 299,627 | 224,579 | 784,071 | 741,743 | ||||||||||||||||||||||||
Excise tax expense (credit) | (14,738 | ) | — | (14,738 | ) | — | — | — | (14,738 | ) | — | |||||||||||||||||||||
Other expense | 6,514 | — | 45,045 | 13,187 | (21,628 | ) | 8,460 | 23,417 | 21,647 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total operating expenses | 7,362,615 | 5,844,213 | 12,565,614 | 11,214,059 | 6,510,219 | 5,023,421 | 19,075,833 | 16,237,480 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
NET INVESTMENT INCOME | 2,891,051 | 2,603,781 | 6,395,500 | 5,142,330 | 3,015,511 | 3,418,874 | 9,411,011 | 8,561,204 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||||||
Net realized gain (loss) from investments | ||||||||||||||||||||||||||||||||
Non-control/Non-affiliate investments | (5,838,408 | ) | 5,936,750 | (5,742,819 | ) | 12,039,655 | 20,770 | 260,244 | (5,722,049 | ) | 12,299,899 | |||||||||||||||||||||
Control investments | 63,554 | — | 63,554 | — | 166 | — | 63,720 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net realized gain (loss) from investments | (5,774,854 | ) | 5,936,750 | (5,679,265 | ) | 12,039,655 | 20,936 | 260,244 | (5,658,329 | ) | 12,299,899 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | ||||||||||||||||||||||||||||||||
Non-control/Non-affiliate investments | 7,129,782 | (3,857,810 | ) | 3,092,549 | (9,794,258 | ) | 1,624,685 | (968,359 | ) | 4,717,234 | (11,019,005 | ) | ||||||||||||||||||||
Control investments | 2,623,880 | 588,897 | 4,075,162 | 1,171,478 | (398,142 | ) | (1,136,983 | ) | 3,677,020 | 290,883 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 9,753,662 | (3,268,913 | ) | 7,167,711 | (8,622,780 | ) | 1,226,543 | (2,105,342 | ) | 8,394,254 | (10,728,122 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net gain on investments | 3,978,808 | 2,667,837 | 1,488,446 | 3,416,875 | ||||||||||||||||||||||||||||
Net gain (loss) on investments | 1,247,479 | (1,845,098 | ) | 2,735,925 | 1,571,777 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,869,859 | $ | 5,271,618 | $ | 7,883,946 | $ | 8,559,205 | $ | 4,262,990 | $ | 1,573,776 | $ | 12,146,936 | $ | 10,132,981 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS PER COMMON SHARE | $ | 1.15 | $ | 0.92 | $ | 1.33 | $ | 1.49 | $ | 0.71 | $ | 0.27 | $ | 2.04 | $ | 1.77 | ||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 5,955,251 | 5,740,816 | 5,908,453 | 5,739,157 | 6,040,311 | 5,727,933 | 5,952,086 | 5,735,443 |
See accompanying notes to consolidated financial statements.
Consolidated Schedule of Investments
August 31,November 30, 2017
(unaudited)
Company | Industry | Investment Interest Rate / Maturity | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | Industry | Investment Interest Rate/ Maturity | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | ||||||||||||||||||||||||||||
Non-control/Non-affiliated investments - 217.1% (b) | ||||||||||||||||||||||||||||||||||||||||
Non-control/Non-affiliated investments - 212.7% (b) | Non-control/Non-affiliated investments - 212.7% (b) | |||||||||||||||||||||||||||||||||||||||
Tile Redi Holdings, LLC (d) | Building Products | First Lien Term Loan (L+10.00%), 11.32% Cash, 6/16/2022 | $ | 15,000,000 | $ | 14,850,000 | $ | 14,850,000 | 11.1 | % | Building Products | First Lien Term Loan (L+10.00%), 11.49% Cash, 6/16/2022 | $ | 15,000,000 | $ | 14,860,121 | $ | 14,850,000 | 10.7 | % | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Building Products | 14,850,000 | 14,850,000 | 11.1 | % | Total Building Products | 14,860,121 | 14,850,000 | 10.7 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Apex Holdings Software Technologies, LLC | Business Services | First Lien Term Loan (L+8.00%), 9.32% Cash, 9/21/2021 | $ | 18,000,000 | 17,871,194 | 18,000,000 | 13.5 | % | Business Services | First Lien Term Loan (L+8.00%), 9.49% Cash, 9/21/2021 | $ | 18,000,000 | 17,876,123 | 18,000,000 | 13.0 | % | ||||||||||||||||||||||||
Avionte Holdings, LLC (g) | Business Services | Common Stock | 100,000 | 100,000 | 363,000 | 0.3 | % | Business Services | Common Stock | 100,000 | 100,000 | 418,000 | 0.3 | % | ||||||||||||||||||||||||||
BMC Software, Inc. (d) | Business Services | Syndicated Loan (L+4.00%), 5.32% Cash, 9/10/2022 | $ | 4,871,232 | 4,825,630 | 4,829,339 | 3.6 | % | Business Services | Syndicated Loan (L+4.00%), 5.49% Cash, 9/10/2022 | $ | 4,858,971 | 4,815,474 | 4,858,971 | 3.5 | % | ||||||||||||||||||||||||
CLEO Communications Holding, LLC | Business Services | First Lien Term Loan (L+7.00%), 8.32% Cash/2.00% PIK, 3/31/2022 | $ | 13,088,335 | 12,964,508 | 12,957,452 | 9.7 | % | Business Services | First Lien Term Loan (L+7.00%), 8.49% Cash/2.00% PIK, 3/31/2022 | $ | 13,155,248 | 13,031,619 | 13,155,248 | 9.5 | % | ||||||||||||||||||||||||
CLEO Communications Holding, LLC (i) | Business Services | Delayed Draw Term Loan (L+7.00%), 8.32% Cash/2.00% PIK, 3/31/2022 | $ | 2,000,000 | 1,980,000 | 1,980,000 | 1.5 | % | Business Services | Delayed Draw Term Loan (L+7.00%), 8.49% Cash/2.00% PIK, 3/31/2022 | $ | 2,010,225 | 1,990,728 | 2,010,225 | 1.4 | % | ||||||||||||||||||||||||
Courion Corporation | Business Services | Second Lien Term Loan (L+10.00%), 11.32% Cash, 6/1/2021 | $ | 15,000,000 | 14,890,921 | 14,313,000 | 10.7 | % | Business Services | Second Lien Term Loan (L+10.00%), 11.49% Cash, 6/1/2021 | $ | 15,000,000 | 14,896,990 | 14,827,500 | 10.7 | % | ||||||||||||||||||||||||
Emily Street Enterprises, L.L.C. | Business Services | Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020 | $ | 3,300,000 | 3,292,667 | 3,321,450 | 2.5 | % | Business Services | Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020 | $ | 3,300,000 | 3,298,364 | 3,317,160 | 2.4 | % | ||||||||||||||||||||||||
Emily Street Enterprises, L.L.C. (g) | Business Services | Warrant Membership Interests Expires 12/28/2022 | 49,318 | 400,000 | 523,757 | 0.4 | % | Business Services | Warrant Membership Interests Expires 12/28/2022 | 49,318 | 400,000 | 469,507 | 0.3 | % | ||||||||||||||||||||||||||
Erwin, Inc. | Business Services | Second Lien Term Loan (L+11.50%), 12.82% Cash/1.00% PIK, 8/28/2021 | $ | 13,176,840 | 13,075,070 | 13,176,840 | 9.9 | % | Business Services | Second Lien Term Loan (L+11.50%), 12.99% Cash/1.00% PIK, 8/28/2021 | $ | 13,211,246 | 13,114,439 | 13,161,043 | 9.5 | % | ||||||||||||||||||||||||
FranConnect LLC (d) | Business Services | First Lien Term Loan (L+7.00%), 8.50% Cash, 5/26/2022 | $ | 14,500,000 | 14,427,500 | 14,433,300 | 10.8 | % | Business Services | First Lien Term Loan (L+7.00%), 8.50% Cash, 5/26/2022 | $ | 14,500,000 | 14,432,349 | 14,438,428 | 10.4 | % | ||||||||||||||||||||||||
GreyHeller LLC | Business Services | First Lien Term Loan (L+11.00%), 12.32% Cash, 11/16/2021 | $ | 7,000,000 | 6,938,608 | 7,000,000 | 5.2 | % | Business Services | First Lien Term Loan (L+11.00%), 12.49% Cash, 11/16/2021 | $ | 7,000,000 | 6,941,430 | 7,000,000 | 5.0 | % | ||||||||||||||||||||||||
GreyHeller LLC (j) | Business Services | Delayed Draw Term Loan B (L+11.00%), 12.32% Cash, 11/16/2021 | $ | — | — | — | 0.0 | % | Business Services | Delayed Draw Term Loan B (L+11.00%), 12.49% Cash, 11/16/2021 | $ | — | — | — | 0.0 | % | ||||||||||||||||||||||||
GreyHeller LLC (g) | Business Services | Common Stock | 850,000 | 850,000 | 784,426 | 0.6 | % | Business Services | Common Stock | 850,000 | 850,000 | 729,000 | 0.5 | % | ||||||||||||||||||||||||||
Help/Systems Holdings, Inc. | Business Services | First Lien Term Loan (L+4.50%), 5.82% Cash, 10/8/2021 | $ | 5,404,367 | 5,310,648 | 5,417,878 | 4.1 | % | ||||||||||||||||||||||||||||||||
Help/Systems Holdings, Inc. | Business Services | Second Lien Term Loan (L+9.50%), 10.82% Cash, 10/8/2022 | $ | 3,000,000 | 2,927,863 | 2,937,600 | 2.2 | % | ||||||||||||||||||||||||||||||||
Help/Systems Holdings, Inc.(Help/Systems, LLC) | Business Services | First Lien Term Loan (L+4.50%), 5.99% Cash, 10/8/2021 | $ | 5,390,651 | 5,302,560 | 5,404,127 | 3.9 | % | ||||||||||||||||||||||||||||||||
Help/Systems Holdings, Inc.(Help/Systems, LLC) | Business Services | Second Lien Term Loan (L+9.50%), 10.99% Cash, 10/8/2022 | $ | 3,000,000 | 2,930,542 | 2,937,510 | 2.1 | % | ||||||||||||||||||||||||||||||||
Identity Automation Systems (g) | Business Services | Common Stock Class A Units | 232,616 | 232,616 | 578,283 | 0.4 | % | Business Services | Common Stock Class A Units | 232,616 | 232,616 | 730,911 | 0.5 | % | ||||||||||||||||||||||||||
Identity Automation Systems | Business Services | First Lien Term Loan (L+9.50%), 10.82% Cash, 3/31/2021 | $ | 18,000,000 | 17,868,107 | 17,923,540 | 13.4 | % | Business Services | First Lien Term Loan (L+9.50%), 10.99% Cash, 3/31/2021 | $ | 17,975,000 | 17,858,469 | 17,975,000 | 12.9 | % | ||||||||||||||||||||||||
Knowland Technology Holdings, L.L.C. | Business Services | First Lien Term Loan (L+8.75%), 10.07% Cash, 7/20/2021 | $ | 16,888,730 | 16,861,820 | 16,888,730 | 12.6 | % | Business Services | First Lien Term Loan (L+8.75%), 10.24% Cash, 7/20/2021 | $ | 16,888,731 | 16,863,690 | 16,888,731 | 12.2 | % | ||||||||||||||||||||||||
Microsystems Company | Business Services | Second Lien Term Loan (L+10.00%), 11.32% Cash, 7/1/2022 | $ | 8,000,000 | 7,932,584 | 8,040,000 | 6.0 | % | Business Services | Second Lien Term Loan (L+10.00%), 11.49% Cash, 7/1/2022 | $ | 8,000,000 | 7,935,313 | 8,000,000 | 5.8 | % | ||||||||||||||||||||||||
National Waste Partners (d) | Business Services | Second Lien Term Loan 10.00% Cash, 2/13/2022 | $ | 9,000,000 | 8,910,000 | 8,959,500 | 6.7 | % | Business Services | Second Lien Term Loan 10.00% Cash, 2/13/2022 | $ | 9,000,000 | 8,922,021 | 9,000,000 | 6.5 | % | ||||||||||||||||||||||||
Vector Controls Holding Co., LLC (d) | Business Services | First Lien Term Loan 14.00% (12.00% Cash/2.00% PIK), 3/6/2018 | $ | 8,499,741 | 8,478,591 | 8,499,741 | 6.4 | % | Business Services | First Lien Term Loan 13.75% (12.00% Cash/1.75% PIK), 3/6/2022 | $ | 11,571,437 | 11,528,660 | 11,571,437 | 8.3 | % | ||||||||||||||||||||||||
Vector Controls Holding Co., LLC (d), (g) | Business Services | Warrants to Purchase Limited Liability Company Interests, Expires 5/31/2025 | 343 | — | 481,356 | 0.4 | % | |||||||||||||||||||||||||||||||||
Vector Controls Holding Co., LLC (g) | Business Services | Warrants to Purchase Limited Liability Company Interests, Expires 11/30/2027 | 343 | — | 879,567 | 0.6 | % | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Business Services | 160,138,327 | 161,409,192 | 120.9 | % | Total Business Services | 163,321,387 | 165,772,365 | 119.3 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Targus Holdings, Inc. (g) | Consumer Products | Common Stock | 210,456 | 1,791,242 | 279,920 | 0.2 | % | Consumer Products | Common Stock | 210,456 | 1,791,242 | 293,450 | 0.2 | % | ||||||||||||||||||||||||||
Targus Holdings, Inc. (d) | Consumer Products | Second Lien Term LoanA-2 15.00% PIK, 12/31/2019 | $ | 252,517 | 252,517 | 252,517 | 0.2 | % | ||||||||||||||||||||||||||||||||
Targus Holdings, Inc. (d) | Consumer Products | Second Lien Term Loan B 15.00% PIK, 12/31/2019 | $ | 757,149 | 757,150 | 757,149 | 0.6 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Consumer Products | 2,800,909 | 1,289,586 | 1.0 | % | Total Consumer Products | 1,791,242 | 293,450 | 0.2 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
My Alarm Center, LLC | Consumer Services | Preferred Equity Class A Units 8.00% PIK | 2,227 | 2,226,560 | 2,250,310 | 1.7 | % | Consumer Services | Preferred Equity Class A Units 8.00% PIK | 2,227 | 2,265,154 | 2,294,804 | 1.7 | % | ||||||||||||||||||||||||||
My Alarm Center, LLC (g) | Consumer Services | Preferred Equity Class B Units | 1,797 | 1,796,880 | 1,773,130 | 1.3 | % | Consumer Services | Preferred Equity Class B Units | 1,797 | 1,796,880 | 1,442,069 | 1.0 | % | ||||||||||||||||||||||||||
My Alarm Center, LLC (g) | Consumer Services | Common Stock | 96,224 | — | — | 0.0 | % | Consumer Services | Common Stock | 96,224 | — | — | 0.0 | % | ||||||||||||||||||||||||||
PrePaid Legal Services, Inc. (d) | Consumer Services | First Lien Term Loan (L+5.25%), 6.57% Cash, 7/1/2019 | $ | 2,505,496 | 2,494,954 | 2,517,021 | 1.9 | % | Consumer Services | First Lien Term Loan (L+5.25%), 6.74% Cash, 7/1/2019 | $ | 2,480,695 | 2,471,520 | 2,486,153 | 1.8 | % | ||||||||||||||||||||||||
PrePaid Legal Services, Inc. (d) | Consumer Services | Second Lien Term Loan (L+9.00%), 10.32% Cash, 7/1/2020 | $ | 11,000,000 | 10,970,916 | 11,028,600 | 8.3 | % | Consumer Services | Second Lien Term Loan (L+9.00%), 10.49% Cash, 7/1/2020 | $ | 11,000,000 | 10,972,589 | 11,003,300 | 7.9 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Consumer Services | 17,489,310 | 17,569,061 | 13.2 | % | Total Consumer Services | 17,506,143 | 17,226,326 | 12.4 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
C2 Educational Systems (d) | Education | First Lien Term Loan (L+8.50%), 10.00% Cash, 5/31/2020 | $ | 16,000,000 | 15,844,735 | 15,851,200 | 11.9 | % | Education | First Lien Term Loan (L+8.50%), 10.00% Cash, 5/31/2020 | $ | 16,000,000 | 15,863,540 | 15,864,000 | 11.4 | % | ||||||||||||||||||||||||
M/C Acquisition Corp., L.L.C. (g) | Education | Class A Common Stock | 544,761 | 30,241 | — | 0.0 | % | Education | Class A Common Stock | 544,761 | 30,241 | — | 0.0 | % | ||||||||||||||||||||||||||
M/C Acquisition Corp., L.L.C. (g) | Education | First Lien Term Loan 1.00% Cash, 3/31/2018 | $ | 2,318,121 | 1,190,838 | 6,320 | 0.0 | % | Education | First Lien Term Loan 1.00% Cash, 3/31/2018 | $ | 2,318,121 | 1,190,838 | 8,058 | 0.0 | % | ||||||||||||||||||||||||
Texas Teachers of Tomorrow, LLC (g), (h) | Education | Common Stock | 750,000 | 750,000 | 910,433 | 0.7 | % | Education | Common Stock | 750,000 | 750,000 | 910,433 | 0.7 | % | ||||||||||||||||||||||||||
Texas Teachers of Tomorrow, LLC | Education | Second Lien Term Loan (L+9.75%), 11.07% Cash, 6/2/2021 | $ | 10,000,000 | 9,926,400 | 10,000,000 | 7.5 | % | Education | Second Lien Term Loan (L+9.75%), 11.24% Cash, 6/2/2021 | $ | 10,000,000 | 9,930,419 | 10,000,000 | 7.2 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Education | 27,742,214 | 26,767,953 | 20.1 | % | Total Education | 27,765,038 | 26,782,491 | 19.3 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
TM Restaurant Group L.L.C. (g) | Food and Beverage | First Lien Term Loan 14.50% PIK, 10/24/2017 | $ | 9,358,694 | 9,355,564 | 7,996,068 | 6.0 | % | Food and Beverage | First Lien Term Loan 14.50% PIK, 7/17/2017 | $ | 9,358,694 | 9,352,763 | 7,924,942 | 5.7 | % | ||||||||||||||||||||||||
TM Restaurant Group L.L.C. (g) | Food and Beverage | Revolver 14.50% PIK, 10/24/2017 | $ | 413,954 | 413,954 | 353,682 | 0.3 | % | Food and Beverage | Revolver 14.50% PIK, 7/17/2017 | $ | 413,954 | 413,954 | 350,536 | 0.3 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Food and Beverage | 9,769,518 | 8,349,750 | 6.3 | % | Total Food and Beverage | 9,766,717 | 8,275,478 | 6.0 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Censis Technologies, Inc. | Healthcare Services | First Lien Term Loan B (L+10.00%), 11.32% Cash, 7/24/2019 | $ | 10,800,000 | 10,703,416 | 10,800,000 | 8.1 | % | Healthcare Services | First Lien Term Loan B (L+10.00%), 11.49% Cash, 7/24/2019 | $ | 10,575,000 | 10,491,748 | 10,575,000 | 7.6 | % | ||||||||||||||||||||||||
Censis Technologies, Inc. (g), (h) | Healthcare Services | Limited Partner Interests | 999 | 999,000 | 1,092,307 | 0.8 | % | Healthcare Services | Limited Partner Interests | 999 | 999,000 | 1,129,234 | 0.8 | % | ||||||||||||||||||||||||||
ComForCare Health Care | Healthcare Services | First Lien Term Loan (L+8.50%), 9.82% Cash, 1/31/2022 | $ | 10,500,000 | 10,404,703 | 10,542,000 | 7.9 | % | Healthcare Services | First Lien Term Loan (L+8.50%), 9.99% Cash, 1/31/2022 | $ | 10,500,000 | 10,409,140 | 10,500,000 | 7.6 | % | ||||||||||||||||||||||||
Roscoe Medical, Inc. (d), (g) | Healthcare Services | Common Stock | 5,081 | 508,077 | 583,679 | 0.4 | % | |||||||||||||||||||||||||||||||||
Roscoe Medical, Inc. | Healthcare Services | Second Lien Term Loan 11.25% Cash, 9/26/2019 | $ | 4,200,000 | 4,163,582 | 4,190,340 | 3.1 | % | ||||||||||||||||||||||||||||||||
Ohio Medical, LLC (g) | Healthcare Services | Common Stock | 5,000 | 500,000 | 246,350 | 0.2 | % | Healthcare Services | Common Stock | 5,000 | 500,000 | 267,202 | 0.2 | % | ||||||||||||||||||||||||||
Ohio Medical, LLC | Healthcare Services | Senior Subordinated Note 12.00% Cash, 7/15/2021 | $ | 7,300,000 | 7,244,377 | 6,515,980 | 4.9 | % | Healthcare Services | Senior Subordinated Note 12.00% Cash, 7/15/2021 | $ | 7,300,000 | 7,247,321 | 6,601,686 | 4.7 | % | ||||||||||||||||||||||||
Pathway Partners Vet Management Company LLC | Healthcare Services | Second Lien Term Loan (L+8.00%), 9.49% Cash, 10/10/2025 | $ | 2,083,333 | 2,062,715 | 2,062,500 | 1.5 | % | ||||||||||||||||||||||||||||||||
Pathway Partners Vet Management Company LLC (j) | Healthcare Services | Delayed Draw Term Loan (L+8.00%), 9.49% Cash, 10/10/2025 | $ | — | — | — | 0.0 | % | ||||||||||||||||||||||||||||||||
Roscoe Medical, Inc. (g) | Healthcare Services | Common Stock | 5,081 | 508,077 | 507,987 | 0.4 | % | |||||||||||||||||||||||||||||||||
Roscoe Medical, Inc. | Healthcare Services | Second Lien Term Loan 11.25% Cash, 9/26/2019 | $ | 4,200,000 | 4,167,542 | 4,168,500 | 3.0 | % | ||||||||||||||||||||||||||||||||
Zest Holdings, LLC (d) | Healthcare Services | Syndicated Loan (L+4.25%), 5.57% Cash, 8/16/2023 | $ | 4,126,569 | 4,048,135 | 4,150,503 | 3.1 | % | Healthcare Services | Syndicated Loan (L+4.25%), 5.74% Cash, 8/16/2023 | $ | 4,116,226 | 4,040,574 | 4,141,953 | 3.0 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Healthcare Services | 38,571,290 | 38,121,159 | 28.5 | % | Total Healthcare Services | 40,426,117 | 39,954,062 | 28.8 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
HMN Holdco, LLC | Media | First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 8,266,574 | 8,200,476 | 8,504,652 | 6.4 | % | Media | First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 8,147,700 | 8,091,083 | 8,392,131 | 6.0 | % | ||||||||||||||||||||||||
HMN Holdco, LLC | Media | Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 4,800,000 | 4,757,943 | 4,938,240 | 3.7 | % | Media | Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 4,800,000 | 4,761,382 | 4,950,240 | 3.6 | % | ||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Class A Series, Expires 1/16/2025 | 4,264 | 61,647 | 251,789 | 0.2 | % | Media | Class A Series, Expires 1/16/2025 | 4,264 | 61,647 | 255,073 | 0.2 | % | ||||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Class A Warrant, Expires 1/16/2025 | 30,320 | 438,353 | 1,412,306 | 1.0 | % | Media | Class A Warrant, Expires 1/16/2025 | 30,320 | 438,353 | 1,434,136 | 1.0 | % | ||||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024 | 57,872 | — | 2,399,952 | 1.8 | % | Media | Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024 | 57,872 | — | 2,443,356 | 1.8 | % | ||||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024 | 8,139 | — | 394,742 | 0.3 | % | Media | Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024 | 8,139 | — | 400,602 | 0.3 | % | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Media | 13,458,419 | 17,901,681 | 13.4 | % | Total Media | 13,352,465 | 17,875,538 | 12.9 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Elyria Foundry Company, L.L.C. (g) | Metals | Common Stock | 60,000 | 9,685,029 | 2,671,800 | 2.0 | % | Metals | Common Stock | 60,000 | 9,685,029 | 3,494,400 | 2.5 | % | ||||||||||||||||||||||||||
Elyria Foundry Company, L.L.C. (d) | Metals | Second Lien Term Loan 15.00% PIK, 8/10/2022 | $ | 790,957 | 790,957 | 790,957 | 0.6 | % | Metals | Second Lien Term Loan 15.00% PIK, 8/10/2022 | $ | 847,100 | 847,100 | 847,100 | 0.6 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Metals | 10,475,986 | 3,462,757 | 2.6 | % | Total Metals | 10,532,129 | 4,341,500 | 3.1 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Sub Total Non-control/Non-affiliated investments | Sub Total Non-control/Non-affiliated investments | 295,295,973 | 289,721,139 | 217.1 | % | Sub Total Non-control/Non-affiliated investments |
| 299,321,359 | 295,371,210 | 212.7 | % | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Control investments - 32.4% (b) | ||||||||||||||||||||||||||||||||||||||||
Control investments - 31.3% (b) | ||||||||||||||||||||||||||||||||||||||||
Easy Ice, LLC (f) | Business Services | Preferred Equity 10.00% PIK | 5,080,000 | 8,124,444 | 10,212,022 | 7.6 | % | Business Services | Preferred Equity 10.00% PIK | 5,080,000 | 8,542,685 | 10,335,793 | 7.5 | % | ||||||||||||||||||||||||||
Easy Ice, LLC (d), (f) | Business Services | Second Lien Term Loan (L+11.00%), 5.44% Cash/7.56% PIK, 2/28/2023 | $ | 16,500,000 | 16,380,840 | 16,500,003 | 12.4 | % | Business Services | Second Lien Term Loan (L+11.00%), 5.44% Cash/7.56% PIK, 2/28/2023 | $ | 16,817,328 | 16,708,812 | 16,817,328 | 12.1 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Business Services | 24,505,284 | 26,712,025 | 20.0 | % | Total Business Services | 25,251,497 | 27,153,121 | 19.6 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Saratoga Investment Corp. CLO2013-1, Ltd. | Structured Finance Securities | Other/Structured Finance Securities 28.54%, 10/20/2025 | $ | 30,000,000 | 9,321,964 | 12,037,549 | 9.0 | % | Structured Finance Securities | Other/Structured Finance Securities 29.48%, 10/20/2025 | $ | 30,000,000 | 9,191,696 | 11,814,256 | 8.5 | % | ||||||||||||||||||||||||
Saratoga Investment Corp. Class F | Structured Finance Securities | Other/Structured Finance Securities (L+8.50%), 9.82%, 10/20/2025 | $ | 4,500,000 | 4,500,000 | 4,499,100 | 3.4 | % | Structured Finance Securities | Other/Structured Finance Securities (L+8.50%), 9.99%, 10/20/2025 | $ | 4,500,000 | 4,500,000 | 4,499,100 | 3.2 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Structured Finance Securities | 13,821,964 | 16,536,649 | 12.4 | % | Total Structured Finance Securities | 13,691,696 | 16,313,356 | 11.7 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Sub Total Control investments | 38,327,248 | 43,248,674 | 32.4 | % | Sub Total Control investments | 38,943,193 | 43,466,477 | 31.3 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 249.5% (b) | $ | 333,623,221 | $ | 332,969,813 | 249.5 | % | ||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 244.0% (b) | TOTAL INVESTMENTS - 244.0% (b) | $ | 338,264,552 | $ | 338,837,687 | 244.0 | % | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Principal | Cost | Fair Value | % of Net Assets | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 13.8% (b) | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 6.3% (b) | Cash and cash equivalents and cash and cash equivalents, reserve accounts - 6.3% (b) | |||||||||||||||||||||||||||||||||||||||
U.S. Bank Money Market (k) | $ | 18,411,539 | $ | 18,411,539 | $ | 18,411,539 | 13.8 | % | U.S. Bank Money Market (k) | $ | 8,717,780 | $ | 8,717,780 | $ | 8,717,780 | 6.3 | % | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total cash and cash equivalents and cash and cash equivalents, reserve accounts | Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | 18,411,539 | $ | 18,411,539 | $ | 18,411,539 | 13.8 | % | Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | 8,717,780 | $ | 8,717,780 | $ | 8,717,780 | 6.3 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Represents anon-qualifying investment as defined under Section 55 (a) of the Investment Company Act of 1940, as amended.Non-qualifying assets represent |
(b) | Percentages are based on net assets of |
(c) | Because there is no readily available market value for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors (see Note 3 to the consolidated financial statements). |
(d) | These securities are either fully or partially pledged as collateral under a senior secured revolving credit facility (see Note 6 to the consolidated financial statements). |
(e) | This investment does not have a stated interest rate that is payable thereon. As a result, the |
(f) | As defined in the Investment Company Act, we “Control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the |
Company | Purchases | Redemptions | Sales | Interest Income | Management and Incentive Fee Income | Net Realized Gains (Losses) | Net Change in Unrealized Appreciation (Depreciation) | Purchases | Redemptions | Sales | Interest Income | Management and Incentive Fee Income | Net Realized Gains | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||||||||
Easy Ice, LLC | $ | — | $ | — | $ | (10,180,000 | ) | $ | 2,040,242 | $ | — | $ | 63,554 | $ | 1,990,902 | $ | — | $ | — | $ | (11,307,678 | ) | $ | 2,814,092 | $ | — | $ | 63,720 | $ | 1,685,785 | ||||||||||||||||||||||||||
Saratoga Investment Corp. CLO2013-1, Ltd. | $ | — | $ | — | $ | — | $ | 1,048,973 | $ | 1,019,291 | $ | — | $ | 2,084,710 | $ | — | $ | — | $ | — | $ | 1,719,744 | $ | 1,605,171 | $ | — | $ | 1,991,685 | ||||||||||||||||||||||||||||
Saratoga Investment Corp. Class F Note | $ | — | $ | — | $ | — | $ | 211,984 | $ | — | $ | — | $ | (450 | ) | $ | — | $ | — | $ | — | $ | 320,215 | $ | — | $ | — | $ | (450 | ) |
(g) | Non-income producing at |
(h) | Includes securities issued by an affiliate of the company. |
(i) | The investment has an unfunded commitment as of |
(j) | The entire commitment was unfunded at |
(k) | Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of |
Saratoga Investment Corp.
Consolidated Schedule of Investments
February 28, 2017
Company | Industry | Investment Interest Rate/ Maturity | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | Industry | Investment Interest Rate/ Maturity | Principal/ Number of Shares | Cost | Fair Value (c) | % of Net Assets | ||||||||||||||||||||||||||||
Non-control/Non-affiliated investments - 190.5% (b) | Non-control/Non-affiliated investments - 190.5% (b) |
| Non-control/Non-affiliated investments - 190.5% (b) | |||||||||||||||||||||||||||||||||||||
Apex Holdings Software Technologies, LLC | Business Services | First Lien Term Loan (L+8.00%), 9.05% Cash, 9/21/2021 | $ | 18,000,000 | $ | 17,857,818 | $ | 17,843,400 | 14.0 | % | Business Services | First Lien Term Loan (L+8.00%), 9.05% Cash, 9/21/2021 | $ | 18,000,000 | $ | 17,857,818 | $ | 17,843,400 | 14.0 | % | ||||||||||||||||||||
Avionte Holdings, LLC (g) | Business Services | Common Stock | 100,000 | 100,000 | 251,000 | 0.2 | % | Business Services | Common Stock | 100,000 | 100,000 | 251,000 | 0.2 | % | ||||||||||||||||||||||||||
BMC Software, Inc. (d) | Business Services | Syndicated Loan (L+4.00%), 5.05% Cash, 9/10/2020 | $ | 5,611,666 | 5,582,551 | 5,639,163 | 4.4 | % | Business Services | Syndicated Loan (L+4.00%), 5.05% Cash, 9/10/2020 | $ | 5,611,666 | 5,582,551 | 5,639,163 | 4.4 | % | ||||||||||||||||||||||||
Courion Corporation | Business Services | Second Lien Term Loan (L+10.00%), 11.05% Cash, 6/1/2021 | $ | 15,000,000 | 14,879,353 | 14,230,500 | 11.2 | % | Business Services | Second Lien Term Loan (L+10.00%), 11.05% Cash, 6/1/2021 | $ | 15,000,000 | 14,879,353 | 14,230,500 | 11.2 | % | ||||||||||||||||||||||||
Emily Street Enterprises, L.L.C. | Business Services | Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020 | $ | 3,300,000 | 3,282,213 | 3,316,500 | 2.6 | % | Business Services | Senior Secured Note (L+8.50%), 10.00% Cash, 1/23/2020 | $ | 3,300,000 | 3,282,213 | 3,316,500 | 2.6 | % | ||||||||||||||||||||||||
Emily Street Enterprises, L.L.C. (g) | Business Services | Warrant Membership Interests Expires 12/28/2022 | 49,318 | 400,000 | 394,544 | 0.3 | % | Business Services | Warrant Membership Interests Expires 12/28/2022 | 49,318 | 400,000 | 394,544 | 0.3 | % | ||||||||||||||||||||||||||
Erwin, Inc. | Business Services | Second Lien Term Loan (L+11.50%), 12.55% (11.50% Cash/1.00% PIK), 8/28/2021 | $ | 13,111,929 | 13,000,581 | 13,111,929 | 10.2 | % | Business Services | Second Lien Term Loan (L+11.50%), 12.55% (11.50% Cash/1.00% PIK), 8/28/2021 | $ | 13,111,929 | 13,000,581 | 13,111,929 | 10.2 | % | ||||||||||||||||||||||||
GreyHeller LLC | Business Services | First Lien Term Loan (L+11.00%), 12.05% Cash, 11/16/2021 | $ | 7,000,000 | 6,933,141 | 6,930,000 | 5.4 | % | Business Services | First Lien Term Loan (L+11.00%), 12.05% Cash, 11/16/2021 | $ | 7,000,000 | 6,933,141 | 6,930,000 | 5.4 | % | ||||||||||||||||||||||||
GreyHeller LLC (i), (j) | Business Services | Delayed Draw Term Loan B (L+11.00%), 12.05% Cash, 11/16/2021 | $ | — | — | — | 0.0 | % | Business Services | Delayed Draw Term Loan B (L+11.00%), 12.05% Cash, 11/16/2021 | $ | — | — | — | 0.0 | % | ||||||||||||||||||||||||
GreyHeller LLC (g) | Business Services | Common Stock | 850,000 | 850,000 | 850,000 | 0.7 | % | Business Services | Common Stock | 850,000 | 850,000 | 850,000 | 0.7 | % | ||||||||||||||||||||||||||
Help/Systems Holdings, Inc.(Help/Systems, LLC) | Business Services | First Lien Term Loan (L+5.25%), 6.30% Cash, 10/8/2021 | $ | 5,947,481 | 5,857,960 | 5,947,481 | 4.7 | % | Business Services | First Lien Term Loan (L+5.25%), 6.30% Cash, 10/8/2021 | $ | 5,947,481 | 5,857,960 | 5,947,481 | 4.7 | % | ||||||||||||||||||||||||
Help/Systems Holdings, Inc.(Help/Systems, LLC) | Business Services | Second Lien Term Loan (L+9.50%), 10.55% Cash, 10/8/2022 | $ | 3,000,000 | 2,922,606 | 2,926,800 | 2.3 | % | Business Services | Second Lien Term Loan (L+9.50%), 10.55% Cash, 10/8/2022 | $ | 3,000,000 | 2,922,606 | 2,926,800 | 2.3 | % | ||||||||||||||||||||||||
Identity Automation Systems | Business Services | Convertible Promissory Note 13.50% (6.75% Cash/6.75% PIK), 8/18/2018 | 611,517 | 611,517 | 611,517 | 0.5 | % | Business Services | Convertible Promissory Note 13.50% (6.75% Cash/6.75% PIK), 8/18/2018 | 611,517 | 611,517 | 611,517 | 0.5 | % | ||||||||||||||||||||||||||
Identity Automation Systems (g) | Business Services | Common Stock Class A Units | 232,616 | 232,616 | 386,143 | 0.3 | % | Business Services | Common Stock Class A Units | 232,616 | 232,616 | 386,143 | 0.3 | % | ||||||||||||||||||||||||||
Identity Automation Systems | Business Services | First Lien Term Loan (L+9.25%), 10.30% (9.25% Cash/1.75% PIK) 12/18/2020 | $ | 10,293,791 | 10,223,741 | 10,293,791 | 8.1 | % | Business Services | Second Lien Term Loan (L+9.25%), 10.30% (9.25% Cash/1.75% PIK) 12/18/2020 | $ | 10,293,791 | 10,223,741 | 10,293,791 | 8.1 | % | ||||||||||||||||||||||||
Knowland Technology Holdings, L.L.C. | Business Services | First Lien Term Loan (L+8.75%), 9.80% Cash, 7/20/2021 | $ | 17,777,730 | 17,692,307 | 17,777,730 | 14.0 | % | Business Services | First Lien Term Loan (L+8.75%), 9.80% Cash, 7/20/2021 | $ | 17,777,730 | 17,692,307 | 17,777,730 | 14.0 | % | ||||||||||||||||||||||||
Microsystems Company | Business Services | Second Lien Term Loan (L+10.00%), 11.05% Cash, 7/1/2022 | $ | 8,000,000 | 7,927,489 | 7,964,800 | 6.3 | % | Business Services | Second Lien Term Loan (L+10.00%), 11.05% Cash, 7/1/2022 | $ | 8,000,000 | 7,927,489 | 7,964,800 | 6.3 | % | ||||||||||||||||||||||||
National Waste Partners | Business Services | Second Lien Term Loan 10.00% Cash, 2/13/2022 | $ | 9,000,000 | 8,910,000 | 8,910,000 | 7.0 | % | Business Services | First Lien Term Loan 10.00% Cash, 2/13/2022 | $ | 9,000,000 | 8,910,000 | 8,910,000 | 7.0 | % | ||||||||||||||||||||||||
Vector Controls Holding Co., LLC (d) | Business Services | First Lien Term Loan, 14.00% (12.00% Cash/2.00% PIK), 3/6/2018 | $ | 8,819,270 | 8,778,186 | 8,819,270 | 6.9 | % | Business Services | First Lien Term Loan, 14.00% (12.00% Cash/2.00% PIK), 3/6/2018 | $ | 8,819,270 | 8,778,186 | 8,819,270 | 6.9 | % | ||||||||||||||||||||||||
Vector Controls Holding Co., LLC (d), (g) | Business Services | Warrants to Purchase Limited Liability Company Interests, Expires 5/31/2025 | 343 | — | 327,200 | 0.3 | % | Business Services | Warrants to Purchase Limited Liability Company Interests, Expires 5/31/2025 | 343 | — | 327,200 | 0.3 | % | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Business Services | 126,042,079 | 126,531,768 | 99.4 | % | Total Business Services | 126,042,079 | 126,531,768 | 99.4 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Targus Holdings, Inc. (d), (g) | Consumer Products | Common Stock | 210,456 | 1,791,242 | 29,241 | 0.0 | % | Consumer Products | Common Stock | 210,456 | 1,791,242 | 29,241 | 0.0 | % | ||||||||||||||||||||||||||
Targus Holdings, Inc. (d) | Consumer Products | Second Lien Term LoanA-2 15.00% PIK, 12/31/2019 | $ | 234,630 | 234,630 | 234,630 | 0.2 | % | Consumer Products | Second Lien Term Loan A-2 15.00% PIK, 12/31/2019 | $ | 234,630 | 234,630 | 234,630 | 0.2 | % | ||||||||||||||||||||||||
Targus Holdings, Inc. (d) | Consumer Products | Second Lien Term Loan B 15.00% PIK, 12/31/2019 | $ | 703,889 | 703,889 | 703,889 | 0.6 | % | Consumer Products | Second Lien Term Loan B 15.00% PIK, 12/31/2019 | $ | 703,889 | 703,889 | 703,889 | 0.6 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Consumer Products | 2,729,761 | 967,760 | 0.8 | % | Total Consumer Products | 2,729,761 | 967,760 | 0.8 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
My Alarm Center, LLC | Consumer Services | Second Lien Term Loan (L+11.00%), 12.05% Cash, 7/9/2019 | $ | 9,375,000 | 9,359,492 | 7,061,250 | 5.6 | % | Consumer Services | Second Lien Term Loan (L+11.00%), 12.05% Cash, 7/9/2019 | $ | 9,375,000 | 9,359,492 | 7,061,250 | 5.6 | % | ||||||||||||||||||||||||
PrePaid Legal Services, Inc. (d) | Consumer Services | First Lien Term Loan (L+5.25%), 6.50% Cash, 7/1/2019 | $ | 2,687,143 | 2,672,435 | 2,687,143 | 2.1 | % | Consumer Services | First Lien Term Loan (L+5.25%), 6.50% Cash, 7/1/2019 | $ | 2,687,143 | 2,672,435 | 2,687,143 | 2.1 | % | ||||||||||||||||||||||||
PrePaid Legal Services, Inc. (d) | Consumer Services | Second Lien Term Loan (L+9.00%), 10.25% Cash, 7/1/2020 | $ | 11,000,000 | 10,966,188 | 11,000,000 | 8.6 | % | Consumer Services | Second Lien Term Loan (L+9.00%), 10.25% Cash, 7/1/2020 | $ | 11,000,000 | 10,966,188 | 11,000,000 | 8.6 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Consumer Services | 22,998,115 | 20,748,393 | 16.3 | % | Total Consumer Services | 22,998,115 | 20,748,393 | 16.3 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
M/C Acquisition Corp., L.L.C. (d), (g) | Education | Class A Common Stock | 544,761 | 30,241 | — | 0.0 | % | Education | Class A Common Stock | 544,761 | 30,241 | — | 0.0 | % | ||||||||||||||||||||||||||
M/C Acquisition Corp., L.L.C. (d) | Education | First Lien Term Loan 1.00% Cash, 3/31/2018 | $ | 2,321,073 | 1,193,790 | 8,087 | 0.0 | % | Education | First Lien Term Loan 1.00% Cash, 3/31/2018 | $ | 2,321,073 | 1,193,790 | 8,087 | 0.0 | % | ||||||||||||||||||||||||
Texas Teachers of Tomorrow, LLC (g), (h) | Education | Common Stock | 750 | 750,000 | 919,680 | 0.7 | % | Education | Common Stock | 750 | 750,000 | 919,680 | 0.7 | % | ||||||||||||||||||||||||||
Texas Teachers of Tomorrow, LLC | Education | Second Lien Term Loan (L+9.75%), 10.80% Cash, 6/2/2021 | $ | 10,000,000 | 9,918,572 | 10,000,000 | 7.9 | % | Education | Second Lien Term Loan (L+9.75%), 10.80% Cash, 6/2/2021 | $ | 10,000,000 | 9,918,572 | 10,000,000 | 7.9 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Education | 11,892,603 | 10,927,767 | 8.6 | % | Total Education | 11,892,603 | 10,927,767 | 8.6 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
TM Restaurant Group L.L.C. (g) | Food and Beverage | First Lien Term Loan (L+8.50%), 9.75% Cash, 7/17/2017 | $ | 9,358,694 | 9,331,446 | 8,422,825 | 6.6 | % | Food and Beverage | First Lien Term Loan (L+8.50%), 9.75% Cash, 7/17/2017 | $ | 9,358,694 | 9,331,446 | 8,422,825 | 6.6 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Food and Beverage | 9,331,446 | 8,422,825 | 6.6 | % | Total Food and Beverage | 9,331,446 | 8,422,825 | 6.6 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Censis Technologies, Inc. | Healthcare Services | First Lien Term Loan B (L+10.00%), 11.05% Cash, 7/24/2019 | $ | 11,100,000 | 10,977,689 | 10,940,160 | 8.6 | % | Healthcare Services | First Lien Term Loan B (L+10.00%), 11.05% Cash, 7/24/2019 | $ | 11,100,000 | 10,977,689 | 10,940,160 | 8.6 | % | ||||||||||||||||||||||||
Censis Technologies, Inc. (g), (h) | Healthcare Services | Limited Partner Interests | 999 | 999,000 | 886,772 | 0.7 | % | Healthcare Services | Limited Partner Interests | 999 | 999,000 | 886,772 | 0.7 | % | ||||||||||||||||||||||||||
ComForCare Health Care | Healthcare Services | First Lien Term Loan (L+8.50%), 9.55% Cash, 1/31/2022 | $ | 10,500,000 | 10,398,957 | 10,395,000 | 8.2 | % | Healthcare Services | First Lien Term Loan (L+8.50%), 9.55% Cash, 1/31/2022 | $ | 10,500,000 | 10,398,957 | 10,395,000 | 8.2 | % | ||||||||||||||||||||||||
Roscoe Medical, Inc. (d), (g) | Healthcare Services | Common Stock | 5,081 | 508,077 | 680,823 | 0.5 | % | Healthcare Services | Common Stock | 5,081 | 508,077 | 680,823 | 0.5 | % | ||||||||||||||||||||||||||
Roscoe Medical, Inc. | Healthcare Services | Second Lien Term Loan 11.25% Cash, 9/26/2019 | $ | 4,200,000 | 4,155,827 | 4,179,000 | 3.3 | % | Healthcare Services | Second Lien Term Loan 11.25% Cash, 9/26/2019 | $ | 4,200,000 | 4,155,827 | 4,179,000 | 3.3 | % | ||||||||||||||||||||||||
Ohio Medical, LLC (g) | Healthcare Services | Common Stock | 5,000 | 500,000 | 288,800 | 0.2 | % | Healthcare Services | Common Stock | 5,000 | 500,000 | 288,800 | 0.2 | % | ||||||||||||||||||||||||||
Ohio Medical, LLC | Healthcare Services | Senior Subordinated Note 12.00%, 7/15/2021 | $ | 7,300,000 | 7,238,831 | 6,989,750 | 5.5 | % | Healthcare Services | Senior Subordinated Note 12.00%, 7/15/2021 | $ | 7,300,000 | 7,238,831 | 6,989,750 | 5.5 | % | ||||||||||||||||||||||||
Zest Holdings, LLC (d) | Healthcare Services | Syndicated Loan (L+4.75%), 5.80% Cash, 8/17/2020 | $ | 4,136,911 | 4,085,888 | 4,183,658 | 3.3 | % | Healthcare Services | Syndicated Loan (L+4.75%), 5.80% Cash, 8/17/2020 | $ | 4,136,911 | 4,085,888 | 4,183,658 | 3.3 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Healthcare Services | 38,864,269 | 38,543,963 | 30.3 | % | Total Healthcare Services | 38,864,269 | 38,543,963 | 30.3 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
HMN Holdco, LLC | Media | First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 8,462,482 | 8,376,876 | 8,462,482 | 6.6 | % | Media | First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 8,462,482 | 8,376,876 | 8,462,482 | 6.6 | % | ||||||||||||||||||||||||
HMN Holdco, LLC | Media | Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 4,800,000 | 4,751,258 | 4,800,000 | 3.8 | % | Media | Delayed Draw First Lien Term Loan 12.00% Cash, 7/8/2021 | $ | 4,800,000 | 4,751,258 | 4,800,000 | 3.8 | % | ||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Class A Series, Expires 1/16/2025 | 4,264 | 61,647 | 294,770 | 0.2 | % | Media | Class A Series, Expires 1/16/2025 | 4,264 | 61,647 | 294,770 | 0.2 | % | ||||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Class A Warrant, Expires 1/16/2025 | 30,320 | 438,353 | 1,706,410 | 1.3 | % | Media | Class A Warrant, Expires 1/16/2025 | 30,320 | 438,353 | 1,706,410 | 1.3 | % | ||||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024 | 57,872 | — | 2,961,310 | 2.3 | % | Media | Warrants to Purchase Limited Liability Company Interests (Common), Expires 5/16/2024 | 57,872 | — | 2,961,310 | 2.3 | % | ||||||||||||||||||||||||||
HMN Holdco, LLC (g) | Media | Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024 | 8,139 | — | 473,690 | 0.4 | % | Media | Warrants to Purchase Limited Liability Company Interests (Preferred), Expires 5/16/2024 | 8,139 | — | 473,690 | 0.4 | % | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Media | 13,628,134 | 18,698,662 | 14.6 | % | Total Media | 13,628,134 | 18,698,662 | 14.6 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Elyria Foundry Company, L.L.C. (d), (g) | Metals | Common Stock | 35,000 | 9,217,564 | 413,350 | 0.3 | % | Metals | Common Stock | 35,000 | 9,217,564 | 413,350 | 0.3 | % | ||||||||||||||||||||||||||
Elyria Foundry Company, L.L.C. (d) | Metals | Second Lien Term Loan 15.00% PIK, 8/10/2022 | $ | 437,500 | 437,500 | 437,500 | 0.4 | % | Metals | Second Lien Term Loan 15.00% PIK, 8/10/2022 | $ | 437,500 | 437,500 | 437,500 | 0.4 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Metals | 9,655,064 | 850,850 | 0.7 | % | Total Metals | 9,655,064 | 850,850 | 0.7 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Mercury Network, LLC | Real Estate | First Lien Term Loan (L+9.50%), 10.55% Cash, 8/24/2021 | $ | 15,773,875 | 15,644,382 | 15,773,875 | 12.4 | % | Real Estate | First Lien Term Loan (L+9.50%), 10.55% Cash, 8/24/2021 | $ | 15,773,875 | 15,644,382 | 15,773,875 | 12.4 | % | ||||||||||||||||||||||||
Mercury Network, LLC (g) | Real Estate | Common Stock | 413,043 | 413,043 | 1,065,651 | 0.8 | % | Real Estate | Common Stock | 413,043 | 413,043 | 1,065,651 | 0.8 | % | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Real Estate | 16,057,425 | 16,839,526 | 13.2 | % | Total Real Estate | 16,057,425 | 16,839,526 | 13.2 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Sub TotalNon-control/Non-affiliated investments | Sub TotalNon-control/Non-affiliated investments | 251,198,896 | 242,531,514 | 190.5 | % | Sub Total Non-control/Non-affiliated investments | 251,198,896 | 242,531,514 | 190.5 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Control investments - 39.4% (b) | ||||||||||||||||||||||||||||||||||||||||
Easy Ice, LLC (g) | Business Services | Preferred Equity | 5,080,000 | 8,000,000 | 8,000,000 | 6.3 | % | Business Services | Preferred Equity | 5,080,000 | 8,000,000 | 8,000,000 | 6.3 | % | ||||||||||||||||||||||||||
Easy Ice, LLC (d), (f) | Business Services | First Lien Term Loan (L+10.25%), 11.02% Cash, 1/15/2020 | $ | 26,680,000 | 26,464,162 | 26,680,000 | 20.9 | % | ||||||||||||||||||||||||||||||||
Easy Ice, LLC (d) (f) | Business Services | First Lien Term Loan (L+10.25%) 11.02% Cash, 1/15/2020 | $ | 26,680,000 | 26,464,162 | 26,680,000 | 20.9 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Business Services | 34,464,162 | 34,680,000 | 27.2 | % | Total Business Services | 34,464,162 | 34,680,000 | 27.2 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Saratoga Investment Corp. CLO2013-1, Ltd. (a), (d), (e), (f) | Structured Finance Securities | Other/Structured Finance Securities 14.87%, 10/20/2025 | $ | 30,000,000 | 10,319,374 | 10,950,249 | 8.7 | % | Structured Finance Securities | Other/Structured Finance Securities 14.87%, 10/20/2025 | $ | 30,000,000 | 10,319,374 | 10,950,249 | 8.7 | % | ||||||||||||||||||||||||
Saratoga Investment Corp. Class F Note (a), (d), (f) | Structured Finance Securities | Other/Structured Finance Securities (L+8.50%), 9.55%, 10/20/2025 | $ | 4,500,000 | 4,500,000 | 4,499,550 | 3.5 | % | Structured Finance Securities | Other/Structured Finance Securities (L+8.50%), 9.55%, 10/20/2025 | $ | 4,500,000 | 4,500,000 | 4,499,550 | 3.5 | % | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Total Structured Finance Securities | 14,819,374 | 15,449,799 | 12.2 | % | Total Structured Finance Securities | 14,819,374 | 15,449,799 | 12.2 | % | |||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Sub Total Control investments | Sub Total Control investments | 49,283,536 | 50,129,799 | 39.4 | % | Sub Total Control investments | 49,283,536 | 50,129,799 | 39.4 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 229.9% (b) | TOTAL INVESTMENTS - 229.9% (b) | $ | 300,482,432 | $ | 292,661,313 | 229.9 | % | TOTAL INVESTMENTS - 229.9% (b) | $ | 300,482,432 | $ | 292,661,313 | 229.9 | % | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||
Principal | Cost | Fair Value | % of Net Assets | Principal | Cost | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||
Cash and cash equivalents and cash and cash equivalents, reserve accounts - 17.4% (b) | Cash and cash equivalents and cash and cash equivalents, reserve accounts - 17.4% (b) | Cash and cash equivalents and cash and cash equivalents, reserve accounts - 17.4% (b) | ||||||||||||||||||||||||||||||||||||||
U.S. Bank Money Market (k) | $ | 22,087,968 | $ | 22,087,968 | $ | 22,087,968 | 17.4 | % | $ | 22,087,968 | $ | 22,087,968 | $ | 22,087,968 | 17.4 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total cash and cash equivalents and cash and cash equivalents, reserve accounts | Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | 22,087,968 | $ | 22,087,968 | $ | 22,087,968 | 17.4 | % | Total cash and cash equivalents and cash and cash equivalents, reserve accounts | $ | 22,087,968 | $ | 22,087,968 | $ | 22,087,968 | 17.4 | % | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Represents anon-qualifying investment as defined under Section 55(a) of the Investment Company Act of 1940, as amended.Non-qualifying assets represent 5.3% of the Company’s portfolio at fair value. As a BDC, the Company can only invest 30% of its portfolio innon-qualifying assets. |
(b) | Percentages are based on net assets of $127,294,777 as of February 28, 2017. |
(c) | Because there is no readily available market value for these investments, the fair values of these investments were determined using significant unobservable inputs and approved in good faith by our board of directors (see Note 3 to the consolidated financial statements). |
(d) | These securities are pledged as collateral under a senior secured revolving credit facility (see Note 6 to the consolidated financial statements). |
(e) | This investment does not have a stated interest rate that is payable thereon. As a result, the 14.87% interest rate in the table above represents the effective interest rate currently earned on the investment cost and is based on the current cash interest and other income generated by the investment. |
(f) | As defined in the Investment Company Act, we “Control” this portfolio company because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended February 28, 2017 in which the issuer was both an Affiliate and a portfolio company that we Control are as follows: |
Company | Purchases | Redemptions | Sales | Interest Income | Management Fee Income | Net Realized Gains (Losses) | Net Unrealized Appreciation (Depreciation) | Purchases | Redemptions | Sales | Interest Income | Management Fee Income | Net Realized Gains (Losses) | Net Change in Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||||||||
Easy Ice, LLC | $ | 20,553,200 | $ | — | $ | — | $ | 217,362 | $ | — | $ | — | $ | 283,226 | $ | 20,553,200 | $ | — | $ | — | $ | 217,362 | $ | — | $ | — | $ | 283,226 | ||||||||||||||||||||||||||||
Saratoga Investment Corp. CLO2013-1, Ltd. | $ | — | $ | — | $ | — | $ | 1,941,914 | $ | 1,499,001 | $ | — | $ | 833,646 | $ | — | $ | — | $ | — | $ | 1,941,914 | $ | 1,499,001 | $ | — | $ | 833,646 | ||||||||||||||||||||||||||||
Saratoga Investment Corp. Class F Note | $ | 4,500,000 | $ | — | $ | — | $ | 122,121 | $ | — | $ | — | $ | (450 | ) | $ | 4,500,000 | $ | — | $ | — | $ | 122,121 | $ | — | $ | — | $ | (450 | ) |
(g) | Non-income producing at February 28, 2017. |
(h) | Includes securities issued by an affiliate of the company. |
(i) | The investment has an unfunded commitment as of February 28, 2017 (see Note 7 to the consolidated financial statements). |
(j) | The entire commitment was unfunded at February 28, 2017. As such, no interest is being earned on this investment. |
(k) | Included within cash and cash equivalents and cash and cash equivalents, reserve accounts in the Company’s consolidated statements of assets and liabilities as of February 28, 2017. |
Consolidated Statements of Changes in Net Assets
(unaudited)
For the six months ended August 31, 2017 | For the six months ended August 31, 2016 | For the nine months ended November 30, 2017 | For the nine months ended November 30, 2016 | |||||||||||||
INCREASE FROM OPERATIONS: | ||||||||||||||||
Net investment income | $ | 6,395,500 | $ | 5,142,330 | $ | 9,411,011 | $ | 8,561,204 | ||||||||
Net realized gain (loss) from investments | (5,679,265 | ) | 12,039,655 | (5,658,329 | ) | 12,299,899 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 7,167,711 | (8,622,780 | ) | 8,394,254 | (10,728,122 | ) | ||||||||||
|
|
|
| |||||||||||||
Net increase in net assets from operations | 7,883,946 | 8,559,205 | 12,146,936 | 10,132,981 | ||||||||||||
|
|
|
| |||||||||||||
DECREASE FROM SHAREHOLDER DISTRIBUTIONS: | ||||||||||||||||
Distributions declared | (5,457,810 | ) | (5,963,242 | ) | (8,323,545 | ) | (8,472,209 | ) | ||||||||
|
|
|
| |||||||||||||
Net decrease in net assets from shareholder distributions | (5,457,810 | ) | (5,963,242 | ) | (8,323,545 | ) | (8,472,209 | ) | ||||||||
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from issuance of common stock | 2,639,413 | — | 5,985,282 | — | ||||||||||||
Stock dividend distribution | 1,147,536 | 2,700,351 | 1,825,036 | 4,125,696 | ||||||||||||
Repurchases of common stock | — | (1,882,567 | ) | — | (3,256,613 | ) | ||||||||||
Offering costs | (48,254 | ) | — | (82,263 | ) | — | ||||||||||
|
|
|
| |||||||||||||
Net increase in net assets from capital share transactions | 3,738,695 | 817,784 | 7,728,055 | 869,083 | ||||||||||||
|
|
|
| |||||||||||||
Total increase in net assets | 6,164,831 | 3,413,747 | 11,551,446 | 2,529,855 | ||||||||||||
Net assets at beginning of period | 127,294,777 | 125,149,875 | 127,294,777 | 125,149,875 | ||||||||||||
|
|
|
| |||||||||||||
Net assets at end of period | $ | 133,459,608 | $ | 128,563,622 | $ | 138,846,223 | $ | 127,679,730 | ||||||||
|
|
|
| |||||||||||||
Net asset value per common share | $ | 22.37 | $ | 22.39 | $ | 22.58 | $ | 22.21 | ||||||||
Common shares outstanding at end of period | 5,967,272 | 5,740,810 | 6,149,582 | 5,748,247 | ||||||||||||
Distribution in excess of net investment income | $ | (26,799,657 | ) | $ | (27,038,814 | ) | $ | (26,649,881 | ) | $ | (26,128,907 | ) |
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
(unaudited)
For the six months ended August 31, 2017 | For the six months ended August 31, 2016 | For the nine months ended November 30, 2017 | For the nine months ended November 30, 2016 | |||||||||||||
Operating activities | ||||||||||||||||
NET INCREASE IN NET ASSETS FROM OPERATIONS | $ | 7,883,946 | $ | 8,559,205 | $ | 12,146,936 | $ | 10,132,981 | ||||||||
ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES: | ||||||||||||||||
Payment-in-kind interest income | (606,978 | ) | (276,597 | ) | (1,637,083 | ) | (433,609 | ) | ||||||||
Net accretion of discount on investments | (335,240 | ) | (254,323 | ) | (481,356 | ) | (408,557 | ) | ||||||||
Amortization of deferred debt financing costs | 491,135 | 528,850 | 741,195 | 775,707 | ||||||||||||
Net realized (gain) loss from investments | 5,679,265 | (12,039,655 | ) | 5,658,329 | (12,299,899 | ) | ||||||||||
Net change in unrealized (appreciation) depreciation on investments | (7,167,711 | ) | 8,622,780 | (8,394,254 | ) | 10,728,122 | ||||||||||
Proceeds from sales and repayments of investments | 43,784,914 | 70,867,907 | 45,554,971 | 94,691,232 | ||||||||||||
Purchase of investments | (81,662,750 | ) | (55,728,395 | ) | (86,876,981 | ) | (85,850,895 | ) | ||||||||
(Increase) decrease in operating assets: | ||||||||||||||||
Interest receivable | (479,210 | ) | (198,008 | ) | 5,490 | (788,833 | ) | |||||||||
Due from affiliate | — | (46,078 | ) | |||||||||||||
Management and incentive fee receivable | (84,028 | ) | (881 | ) | (94,899 | ) | (959 | ) | ||||||||
Other assets | (136,499 | ) | 38,184 | (389,811 | ) | 106,195 | ||||||||||
Receivable from unsettled trades | — | 15,097 | 156,000 | 15,097 | ||||||||||||
Increase (decrease) in operating liabilities: | ||||||||||||||||
Base management and incentive fees payable | (757,698 | ) | 689,563 | (619,847 | ) | 338,491 | ||||||||||
Accounts payable and accrued expenses | 390,245 | (224,033 | ) | 491,660 | (183,082 | ) | ||||||||||
Interest and debt fees payable | 274,291 | 321,439 | (781,890 | ) | (453,760 | ) | ||||||||||
Payable for repurchases of common stock | — | (20,957 | ) | — | (20,957 | ) | ||||||||||
Directors fees payable | 9,000 | 13,500 | (51,500 | ) | 19,500 | |||||||||||
Due to manager | (44,119 | ) | 115,759 | (16,735 | ) | 59,603 | ||||||||||
|
|
|
| |||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (32,761,437 | ) | 21,029,435 | (34,589,775 | ) | 16,380,299 | ||||||||||
|
|
|
| |||||||||||||
Financing activities | ||||||||||||||||
Borrowings on debt | 46,500,000 | — | 46,500,000 | 9,000,000 | ||||||||||||
Paydowns on debt | (14,500,000 | ) | — | (23,500,000 | ) | — | ||||||||||
Payments of deferred debt financing costs | (1,204,517 | ) | (313,400 | ) | (1,204,517 | ) | (644,845 | ) | ||||||||
Proceeds from issuance of common stock | 2,639,413 | — | 5,985,282 | — | ||||||||||||
Payments of offering costs | (39,614 | ) | — | (62,669 | ) | — | ||||||||||
Repurchases of common stock | — | (1,882,567 | ) | — | (3,256,613 | ) | ||||||||||
Payments of cash dividends | (4,310,274 | ) | (2,987,429 | ) | (6,498,509 | ) | (5,222,112 | ) | ||||||||
|
|
|
| |||||||||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 29,085,008 | (5,183,396 | ) | 21,219,587 | (123,570 | ) | ||||||||||
|
|
|
| |||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS | (3,676,429 | ) | 15,846,039 | (13,370,188 | ) | 16,256,729 | ||||||||||
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, BEGINNING OF PERIOD | 22,087,968 | 7,034,783 | 22,087,968 | 7,034,783 | ||||||||||||
|
|
|
| |||||||||||||
CASH AND CASH EQUIVALENTS AND CASH AND CASH EQUIVALENTS, RESERVE ACCOUNTS, END OF PERIOD | $ | 18,411,539 | $ | 22,880,822 | $ | 8,717,780 | $ | 23,291,512 | ||||||||
|
|
|
| |||||||||||||
Supplemental information: | ||||||||||||||||
Interest paid during the period | $ | 4,721,025 | $ | 3,887,472 | $ | 8,286,045 | $ | 6,784,922 | ||||||||
Cash paid for taxes | $ | 69,345 | $ | 140,029 | $ | 69,502 | $ | 158,294 | ||||||||
Supplementalnon-cash information: | ||||||||||||||||
Payment-in-kind interest income | $ | 606,978 | $ | 276,597 | $ | 1,637,083 | $ | 433,609 | ||||||||
Net accretion of discount on investments | $ | 335,240 | $ | 254,323 | $ | 481,356 | $ | 408,557 | ||||||||
Amortization of deferred debt financing costs | $ | 491,135 | $ | 528,850 | $ | 741,195 | $ | 775,707 | ||||||||
Stock dividend distribution | $ | 1,147,536 | $ | 2,700,351 | $ | 1,825,036 | $ | 4,125,696 |
See accompanying notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31,November 30, 2017
(unaudited)
Note 1. Organization
Saratoga Investment Corp. (the “Company”, “we”, “our” and “us”) is anon-diversified closed end management investment company incorporated in Maryland that has elected to be treated and is regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). The Company commenced operations on March 23, 2007 as GSC Investment Corp. and completed the initial public offering (“IPO”) on March 28, 2007. The Company has elected to be treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code (the “Code”). The Company expects to continue to qualify and to elect to be treated, for tax purposes, as a RIC. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.
GSC Investment, LLC (the “LLC”) was organized in May 2006 as a Maryland limited liability company. As of February 28, 2007, the LLC had not yet commenced its operations and investment activities.
On March 21, 2007, the Company was incorporated and concurrently therewith the LLC was merged with and into the Company, with the Company as the surviving entity, in accordance with the procedure for such merger in the LLC’s limited liability company agreement and Maryland law. In connection with such merger, each outstanding limited liability company interest of the LLC was converted into a share of common stock of the Company.
On July 30, 2010, the Company changed its name from “GSC Investment Corp.” to “Saratoga Investment Corp.” in connection with the consummation of a recapitalization transaction.
The Company is externally managed and advised by the investment adviser, Saratoga Investment Advisors, LLC (the “Manager”), pursuant to a management agreement (the “Management Agreement”). Prior to July 30, 2010, the Company was managed and advised by GSCP (NJ), L.P.
The Company has established wholly-owned subsidiaries, SIA Avionte, Inc., SIA Easy Ice, LLC, SIA GH, Inc., SIA MAC, Inc., SIA Mercury, Inc., SIA TT, Inc., and SIA Vector, Inc., which are structured as Delaware entities, or tax blockers, to hold equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass through entities). Tax blockers are consolidated for accounting purposes, but are not consolidated for income tax purposes and may incur income tax expense as a result of their ownership of portfolio companies.
On March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP (“SBIC LP”), received a Small Business Investment Company (“SBIC”) license from the Small Business Administration (“SBA”).
On April 2, 2015, the SBA issued a “green light” letter inviting the Company to continue the application process to obtain a license to form and operate its second SBIC subsidiary. On September 27, 2016, the SBA informed us that as part of their continued review of our application for a second license, and in order to ensure that they were reviewing the most current information available, we would need to update all previously submitted materials and invited us to reapply. As a result of this request, with which we are in the process of complying, the existing “green light” letter that the SBA issued to us has expired. If approved in the future, a second SBIC license would provide us an incremental source of long-term capital by permitting us to issue up to $150.0 million of additionalSBA-guaranteed debentures in addition to the $150.0 million already approved under the first license.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with generally accepted accounting principles (“U.S. GAAP”), are stated in U.S. Dollars and include the accounts of the Company and its special purpose financing subsidiary, Saratoga Investment Funding, LLC (previously known as GSC Investment Funding LLC), SBIC LP, SIA Avionte, Inc., SIA Easy Ice, LLC, SIA GH, Inc., SIA MAC, Inc., SIA Mercury, Inc., SIA TT, Inc., and SIA Vector, Inc. All intercompany accounts and transactions have been eliminated in consolidation. All references made to the “Company,” “we,” and “us” herein include Saratoga Investment Corp. and its consolidated subsidiaries, except as stated otherwise.
The Company and SBIC LP are both considered to be investment companies for financial reporting purposes and have applied the guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946,Financial Services — Investment Companies (“ASC 946”). There have been no changes to the Company or SBIC LP’s status as investment companies during the sixnine months ended August 31,November 30, 2017.
Use of Estimates in the Preparation of Financial Statements
The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and income, gains (losses) and expenses during the period reported. Actual results could differ materially from those estimates.
Cash and Cash Equivalents
Cash and cash equivalents include short-term, liquid investments in a money market fund. Cash and cash equivalents are carried at cost which approximates fair value. Per section 12(d)(1)(A) of the 1940 Act, the Company may not invest in another registered investment company such as, a money market fund if such investment would cause the Company to exceed any of the following limitations:
As of August 31,November 30, 2017, the Company did not exceed any of these limitations.
Cash and Cash Equivalents, Reserve Accounts
Cash and cash equivalents, reserve accounts include amounts held in designated bank accounts in the form of cash and short-term liquid investments in money market funds, representing payments received on secured investments or other reserved amounts associated with the Company’s $45.0 million senior secured revolving credit facility with Madison Capital Funding LLC. The Company is required to use these amounts to pay interest expense, reduce borrowings, or pay other amounts in accordance with the terms of the senior secured revolving credit facility.
In addition, cash and cash equivalents, reserve accounts also include amounts held in designated bank accounts, in the form of cash and short-term liquid investments in money market funds, within our wholly-owned subsidiary, SBIC LP.
In November 2016, the FASB issued Accounting Standards Update (“ASU”)2016-18, Statement of Cash Flows (Topic 230):Restricted Cash(“ASU2016-18”). ASU2016-18 requires that the statements of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling thebeginning-of-period andend-of-period total amounts shown on the statements of cash flows. The new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and early adoption is permitted and is to be applied on a retrospective basis. The Company has adopted the provisions of ASU2016-18 as of November 30, 2016. The adoption of the provisions of ASU2016-18 did not materially impact the Company’s consolidated financial position or results of operations. Prior period amounts were reclassified to conform to the current period presentation.
The following table provides a reconciliation of cash and cash equivalents and cash and cash equivalents, reserve accounts reported within the consolidated statements of assets and liabilities that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
Cash and cash equivalents | $ | 1,595,438 | $ | 12,707,273 | $ | 680,065 | $ | 5,770,230 | ||||||||
Cash and cash equivalents, reserve accounts | 16,816,101 | 10,173,549 | 8,037,715 | 17,521,282 | ||||||||||||
|
|
|
| |||||||||||||
Total cash and cash equivalents, and cash and cash equivalents, reserve accounts | $ | 18,411,539 | $ | 22,880,822 | $ | 8,717,780 | $ | 23,291,512 | ||||||||
|
|
|
|
Investment Classification
The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in companies in which we own more than 25.0% of the voting securities or maintain greater than 50.0% of the board representation. Under the 1940 Act, “Affiliated Investments” are defined as thosenon-control investments in companies in which we own between 5.0% and 25.0% of the voting securities. Under the 1940 Act,“Non-affiliated “Non-affiliated Investments” are defined as investments that are neither Control Investments nor Affiliated Investments.
Investment Valuation
The Company accounts for its investments at fair value in accordance with the FASB ASC Topic 820,Fair Value Measurements and Disclosures(“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold at the balance sheet date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from our Manager, the audit committee of our board of directors and a third party independent valuation firm. Determinations of fair value may involve subjective judgments and estimates. The types of factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow and other relevant factors.
The Company undertakes a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:
In addition, all our investments are subject to the following valuation process:
The Company’s investment in Saratoga Investment Corp. CLO2013-1, Ltd. (“Saratoga CLO”) is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment,re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by our Manager and
recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rates and prepayment rates in order to arrive at estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. The Company uses the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO.
Because such valuations, and particularly valuations of private investments and private companies, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The determination of fair value may differ materially from the values that would have been used if a ready market for these investments existed. The Company’s net asset value could be materially affected if the determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such investments.
Derivative Financial Instruments
The Company accounts for derivative financial instruments in accordance with ASC Topic 815,Derivatives and Hedging(“ASC 815”). ASC 815 requires recognizing all derivative instruments as either assets or liabilities on the consolidated statements of assets and liabilities at fair value. The Company values derivative contracts at the closing fair value provided by the counterparty. Changes in the values of derivative contracts are included in the consolidated statements of operations.
Investment Transactions and Income Recognition
Purchases and sales of investments and the related realized gains or losses are recorded on a trade-date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments.
Loans are generally placed onnon-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed onnon-accrual status. Interest payments received onnon-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability.Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.
Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic325-40,Investments-Other, Beneficial Interests in Securitized Financial Assets, (“ASC325-40”), based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/orre-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.
Other Income
Other income includes dividends received, origination fees, structuring fees and advisory fees, and is recorded in the consolidated statements of operations when earned.
Payment-in-Kind Interest
The Company holds debt investments in its portfolio that contain apayment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due. At August 31,November 30, 2017, certain investments in two portfolio companies were onnon-accrual status with a combined fair value of approximately $8.4$8.3 million, or 2.5%2.4% of the total fair value of our portfolio.
Deferred Debt Financing Costs
Financing costs incurred in connection with our credit facility and notes are deferred and amortized using the straight line method over the life of the respective facility and debt securities. Financing costs incurred in connection with our SBA debentures are deferred and amortized using the effective yield method over the life of the debentures.
ASU2015-03,Interest—Imputation of Interest (Subtopic835-30): Simplifying the Presentation of Debt Issuance Costs(“ASU2015-03”) requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction
from the carrying amount of that debt liability, consistent with debt discounts. The Company has adopted the provisions of ASU2015-03 as of February 28, 2015, by reclassifying deferred debt financing costs from within total assets to within total liabilities as a contra-liability. Prior period amounts were reclassified to conform to the current period presentation.
Contingencies
In the ordinary course of business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. Therefore, the Company has not accrued any liabilities in connection with such indemnifications.
In the ordinary course of business, the Company may directly or indirectly be a defendant or plaintiff in legal actions with respect to bankruptcy, insolvency or other types of proceedings. Such lawsuits may involve claims that could adversely affect the value of certain financial instruments owned by the Company.
Income Taxes
The Company elected to be treated for tax purposes as a RIC under the Code and, among other things, intends to make the requisite distributions to its stockholders which will relieve the Company from federal income taxes. Therefore, no provision has been recorded for federal income taxes.
In order to qualify as a RIC, among other requirements, the Company is required to timely distribute to its stockholders at least 90.0% of its investment company taxable income, as defined by the Code, for each fiscal tax year. The Company will be subject to a nondeductible U.S. federal excise tax of 4.0% on undistributed income if it does not distribute at least 98.0% of its ordinary income in any calendar year and 98.2% of its capital gain net income for eachone-year period ending on October 31.
Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year dividend distributions into the next tax year and pay a 4.0% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned.
In accordance with certain applicable U.S. Treasury regulations and private letter rulings issued by the Internal Revenue Service (“IRS”), a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash will receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20.0% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock.
ASC 740,Income Taxes, (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are“more-likely-than-not” “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a“more-likely-than-not” “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current period. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statements of operations. During the fiscal year ended February 28, 2017, the Company did not incur any interest or penalties. Although we file federal and state tax returns, our major tax jurisdiction is federal. The 2014, 2015 and 2016 federal tax years for the Company remain subject to examination by the IRS. As of August 31,November 30, 2017 and February 28, 2017, there were no uncertain tax positions. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change significantly in the next 12 months.
Dividends
Dividends to common stockholders are recorded on theex-dividend date. The amount to be paid out as a dividend is determined by the board of directors. Net realized capital gains, if any, are generally distributed at least annually, although we may decide to retain such capital gains for reinvestment.
We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of our dividend distributions on behalf of our stockholders unless a stockholder elects to receive cash. As a result, if our board of directors authorizes, and we declare, a cash dividend, then our stockholders who have not “opted out” of the DRIP by the dividend record date will have their cash dividends
automatically reinvested into additional shares of our common stock, rather than receiving the cash dividends. We have the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator.
Capital Gains Incentive Fee
The Company records an expense accrual on the consolidated statements of operations, relating to the capital gains incentive fee payable on the consolidated statements of assets and liabilities, by the Company to its investment adviser when the net realized and unrealized gain on its investments exceed all net realized and unrealized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the investment adviser if the Company were to liquidate its investment portfolio at such time. The actual incentive fee payable to the Company’s investment adviser related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains net of realized and unrealized losses for the period.
New Accounting Pronouncements
In March 2017, the FASB issued ASU2017-08,Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20),Premium Amortization on Purchased Callable Debt Securities (“ASU2017-08”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. ASU2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.
In August 2016, the FASB issued ASU2016-15,Statement of Cash Flows (Topic 230),Classification of Certain Cash Receipts and Cash Payments(“ASU2016-15”), which is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods therein. Early adoption is permitted. Management is currently evaluating the impact ASU2016-15 will have on the Company’s consolidated financial statements and disclosures.
In February 2016, the FASB issued ASU2016-02,Amendments to the Leases(“ASU Topic 842”), which will require for all operating leases the recognition of aright-of-use asset and a lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.
In January 2016, the FASB issued ASU2016-01,Financial Instruments — Overall (Subtopic825-10): Recognition and Measurement of Financial Assets and Financial Liabilities(“ASU2016-01”). ASU2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. ASU2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact the adoption of this standard has on the Company’s consolidated financial statements and disclosures.
In May 2014, the FASB issued ASU2014-09,Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605). Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In May 2016, ASU2016-12 amended ASU2014-09 and deferred the effective period tofor annual periods beginning after December 15, 2017. Management has concluded that the majority of its revenues associated with financial instruments are scoped out of ASC 606. Management is evaluating the impact of the standard on certain other income earned by the Company.
Risk Management
In the ordinary course of its business, the Company manages a variety of risks, including market risk and credit risk. Market risk is the risk of potential adverse changes to the value of investments because of changes in market conditions such as interest rate movements and volatility in investment prices.
Credit risk is the risk of default ornon-performance by portfolio companies, equivalent to the investment’s carrying amount.
The Company is also exposed to credit risk related to maintaining all of its cash and cash equivalents, including those in reserve accounts, at a major financial institution and credit risk related to any of its derivative counterparties.
The Company has investments in lower rated and comparable quality unrated high yield bonds and bank loans. Investments in high yield investments are accompanied by a greater degree of credit risk. The risk of loss due to default by the issuer is significantly greater for holders of high yield securities, because such investments are generally unsecured and are often subordinated to other creditors of the issuer.
Note 3. Investments
As noted above, the Company values all investments in accordance with ASC 820. ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
ASC 820 establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:
In addition to using the above inputs in investment valuations, the Company continues to employ the valuation policy approved by the board of directors that is consistent with ASC 820 and the 1940 Act (see Note 2). Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.
The following table presents fair value measurements of investments, by major class, as of August 31,November 30, 2017 (dollars in thousands), according to the fair value hierarchy:
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Syndicated loans | $ | — | $ | — | $ | 8,980 | $ | 8,980 | $ | — | $ | — | $ | 9,001 | $ | 9,001 | ||||||||||||||||
First lien term loans | — | — | 182,781 | 182,781 | — | — | 185,661 | 185,661 | ||||||||||||||||||||||||
Second lien term loans | — | — | 97,462 | 97,462 | — | — | 99,427 | 99,427 | ||||||||||||||||||||||||
Structured finance securities | — | — | 16,537 | 16,537 | — | — | 16,313 | 16,313 | ||||||||||||||||||||||||
Equity interests | — | — | 27,210 | 27,210 | — | — | 28,436 | 28,436 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | — | $ | — | $ | 332,970 | $ | 332,970 | $ | — | $ | — | $ | 338,838 | $ | 338,838 | ||||||||||||||||
|
|
|
|
|
|
|
|
The following table presents fair value measurements of investments, by major class, as of February 28, 2017 (dollars in thousands), according to the fair value hierarchy:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Syndicated loans | $ | — | $ | — | $ | 9,823 | $ | 9,823 | ||||||||
First lien term loans | — | — | 159,097 | 159,097 | ||||||||||||
Second lien term loans | — | — | 87,750 | 87,750 | ||||||||||||
Structured finance securities | — | — | 15,450 | 15,450 | ||||||||||||
Equity interests | — | — | 20,541 | 20,541 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | — | $ | — | $ | 292,661 | $ | 292,661 | ||||||||
|
|
|
|
|
|
|
|
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended August 31, 2017 (dollars in thousands):
Syndicated loans | First lien term loans | Second lien term loans | Structured finance securities | Equity interests | Total | |||||||||||||||||||
Balance as of February 28, 2017 | $ | 9,823 | $ | 159,097 | $ | 87,750 | $ | 15,450 | $ | 20,541 | $ | 292,661 | ||||||||||||
Net unrealized appreciation (depreciation) on investments | (48 | ) | 255 | 1,799 | 2,084 | 3,078 | 7,168 | |||||||||||||||||
Purchases and other adjustments to cost | 10 | 78,571 | 1,560 | — | 2,464 | 82,605 | ||||||||||||||||||
Sales and repayments | (751 | ) | (12,680 | ) | (25,954 | ) | (997 | ) | (3,403 | ) | (43,785 | ) | ||||||||||||
Net realized gain (loss) from investments | (54 | ) | (8 | ) | (7,530 | ) | — | 1,913 | (5,679 | ) | ||||||||||||||
Restructures in | — | — | 39,837 | — | 2,617 | 42,454 | ||||||||||||||||||
Restructures out | — | (42,454 | ) | — | — | — | (42,454 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of August 31, 2017 | $ | 8,980 | $ | 182,781 | $ | 97,462 | $ | 16,537 | $ | 27,210 | $ | 332,970 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (48 | ) | $ | 255 | $ | 1,928 | $ | 2,084 | $ | 3,731 | $ | 7,950 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Purchases and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK.
Sales and repayments represent net proceeds received from investments sold, and principal paydowns received, during the period.
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur.
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the sixnine months ended August 31, 2016November 30, 2017 (dollars in thousands):
Syndicated loans | First lien term loans | Second lien term loans | Structured finance securities | Equity interests | Total | |||||||||||||||||||
Balance as of February 29, 2016 | $ | 11,868 | $ | 144,643 | $ | 88,178 | $ | 12,828 | $ | 26,479 | $ | 283,996 | ||||||||||||
Net unrealized appreciation (depreciation) on investments | 2,100 | 217 | 1,076 | 1,171 | (13,187 | ) | (8,623 | ) | ||||||||||||||||
Purchases and other adjustments to cost | 51 | 44,689 | 10,899 | — | 620 | 56,259 | ||||||||||||||||||
Sales and redemptions | (4,556 | ) | (36,518 | ) | (13,269 | ) | (2,082 | ) | (14,443 | ) | (70,868 | ) | ||||||||||||
Net realized gain from investments | 53 | 245 | 140 | — | 11,602 | 12,040 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of August 31, 2016 | $ | 9,516 | $ | 153,276 | $ | 87,024 | $ | 11,917 | $ | 11,071 | $ | 272,804 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | 955 | $ | 594 | $ | 1,135 | $ | 1,171 | $ | (2,083 | ) | $ | 1,772 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Syndicated loans | First lien term loans | Second lien term loans | Structured finance securities | Equity interests | Total | |||||||||||||||||||
Balance as of February 28, 2017 | $ | 9,823 | $ | 159,097 | $ | 87,750 | $ | 15,450 | $ | 20,541 | $ | 292,661 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (9 | ) | 315 | 2,250 | 1,991 | 3,847 | 8,394 | |||||||||||||||||
Purchases and other adjustments to cost | 14 | 81,918 | 4,143 | — | 2,921 | 88,996 | ||||||||||||||||||
Sales and repayments | (773 | ) | (13,228 | ) | (27,023 | ) | (1,128 | ) | (3,403 | ) | (45,555 | ) | ||||||||||||
Net realized gain (loss) from investments | (54 | ) | 13 | (7,530 | ) | — | 1,913 | (5,658 | ) | |||||||||||||||
Restructures in | — | — | 39,837 | — | 2,617 | 42,454 | ||||||||||||||||||
Restructures out | — | (42,454 | ) | — | — | — | (42,454 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of November 30, 2017 | $ | 9,001 | $ | 185,661 | $ | 99,427 | $ | 16,313 | $ | 28,436 | $ | 338,838 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | (9 | ) | $ | 452 | $ | 81 | $ | 1,991 | $ | 4,500 | $ | 7,015 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Purchases and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK.
Sales and repayments represent net proceeds received from investments sold, and principal paydowns received, during the period.
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur.
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended November 30, 2016 (dollars in thousands):
Syndicated loans | First lien term loans | Second lien term loans | Structured finance securities | Equity interests | Total | |||||||||||||||||||
Balance as of February 29, 2016 | $ | 11,868 | $ | 144,643 | $ | 88,178 | $ | 12,828 | $ | 26,479 | $ | 283,996 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 2,221 | (174 | ) | 290 | 20 | (13,085 | ) | (10,728 | ) | |||||||||||||||
Purchases and other adjustments to cost | 56 | 69,671 | 10,996 | 4,500 | 1,470 | 86,693 | ||||||||||||||||||
Sales and redemptions | (4,571 | ) | (54,033 | ) | (19,500 | ) | (2,082 | ) | (14,505 | ) | (94,691 | ) | ||||||||||||
Net realized gain from investments | 53 | 353 | 231 | — | 11,663 | 12,300 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of November 30, 2016 | $ | 9,627 | $ | 160,460 | $ | 80,195 | $ | 15,266 | $ | 12,022 | $ | 277,570 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net change in unrealized appreciation (depreciation) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: | $ | 1,075 | $ | 204 | $ | (500 | ) | $ | 20 | $ | (1,981 | ) | $ | (1,182 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Purchases and other adjustments to cost include purchases of new investments at cost, effects of refinancing/restructuring, accretion/amortization of income from discount/premium on debt securities, and PIK.
Sales and repayments represent net proceeds received from investments sold, and principal paydowns received, during the period.
Transfers and restructurings, if any, are recognized at the beginning of the period in which they occur.
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of August 31,November 30, 2017 were as follows (dollars in thousands):
Fair Value | Valuation Technique | Unobservable Input | Range | Fair Value | Valuation Technique | Unobservable Input | Range | |||||||||||||
Syndicated loans | $ | 8,980 | Market Comparables | Third-Party Bid (%) | 99.1% - 100.6% | $ | 9,001 | Market Comparables | Third-Party Bid (%) | 94.0% - 100.6% | ||||||||||
First lien term loans | 182,781 | Market Comparables | Market Yield (%) | 5.8% - 14.0% | 185,661 | Market Comparables | Market Yield (%) | 5.9% - 13.4% | ||||||||||||
EBITDA Multiples (x) | 3.0x - 5.5x | EBITDA Multiples (x) | 3.0x - 5.5x | |||||||||||||||||
Third-Party Bid (%) | 100.3% - 100.5% | Third-Party Bid (%) | 100.1% - 100.3% | |||||||||||||||||
Second lien term loans | 97,462 | Market Comparables | Market Yield (%) | 9.2% - 16.0% | 99,427 | Market Comparables | Market Yield (%) | 9.2% - 15.5% | ||||||||||||
Third-Party Bid (%) | 97.9% - 100.4% | Third-Party Bid (%) | 97.9% - 99.9% | |||||||||||||||||
EBITDA Multiples (x) | 5.0x | |||||||||||||||||||
Structured finance securities | 16,537 | Discounted Cash Flow | Discount Rate (%) | 8.5% - 14.0% | 16,313 | Discounted Cash Flow | Discount Rate (%) | 8.5% - 14.0% | ||||||||||||
Equity interests | 27,210 | Market Comparables | EBITDA Multiples (x) | 3.7x - 14.0x | 28,436 | Market Comparables | EBITDA Multiples (x) | 3.7x - 14.0x |
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of February 28, 2017 were as follows (dollars in thousands):
Fair Value | Valuation Technique | Unobservable Input | Range | |||||||
Syndicated loans | $ | 9,823 | Market Comparables | Third-Party Bid (%) | 100.5% - 101.1% | |||||
First lien term loans | 159,097 | Market Comparables | Market Yield (%) | 6.3% - 39.0% | ||||||
EBITDA Multiples (x) | 3.0x - 10.3x | |||||||||
Third-Party Bid (%) | 100.0% - 100.2% | |||||||||
Second lien term loans | 87,750 | Market Comparables | Market Yield (%) | 10.1% - 26.4% | ||||||
Third-Party Bid (%) | 97.6% - 99.9% | |||||||||
Structured finance securities | 15,450 | Discounted Cash Flow | Discount Rate (%) | 8.5% - 13.0% | ||||||
Equity interests | 20,541 | Market Comparables | EBITDA Multiples (x) | 3.7x - 12.0x |
Syndicated loans First lien term loans Second lien term loans Structured finance securities Equity interests Fair Value Valuation Technique Unobservable Input Range $ 9,823 Market Comparables Third-Party Bid (%) 100.5% - 101.1% 159,097 Market Comparables Market Yield (%) 6.3% - 39.0% EBITDA Multiples (x) 3.0x - 10.3x Third-Party Bid (%) 100.0% - 100.2% 87,750 Market Comparables Market Yield (%) 10.1% - 26.4% Third-Party Bid (%) 97.6% - 99.9% 15,450 Discounted Cash Flow Discount Rate (%) 8.5% - 13.0% 20,541 Market Comparables EBITDA Multiples (x) 3.7x - 12.0x
For investments utilizing a market comparables valuation technique, a significant increase (decrease) in the market yield, in isolation, would result in a significantly lower (higher) fair value measurement, and a significant increase (decrease) in any of the EBITDA or revenue valuation multiples, in isolation, would result in a significantly higher (lower) fair value measurement. For investments utilizing a discounted cash flow valuation technique, a significant increase (decrease) in the discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. For investments utilizing a market quote in deriving a value, a significant increase (decrease) in the market quote, in isolation, would result in a significantly higher (lower) fair value measurement.
The composition of our investments as of August 31,November 30, 2017, at amortized cost and fair value was as follows (dollars in thousands):
Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||||||||||||||||
Syndicated loans | $ | 8,874 | 2.7 | % | $ | 8,980 | 2.7 | % | $ | 8,856 | 2.6 | % | $ | 9,001 | 2.7 | % | ||||||||||||||||
First lien term loans | 184,210 | 55.2 | 182,781 | 54.9 | 187,030 | 55.3 | 185,661 | 54.8 | ||||||||||||||||||||||||
Second lien term loans | 98,223 | 29.4 | 97,462 | 29.2 | 99,736 | 29.5 | 99,427 | 29.3 | ||||||||||||||||||||||||
Structured finance securities | 13,822 | 4.1 | 16,537 | 5.0 | 13,692 | 4.0 | 16,313 | 4.8 | ||||||||||||||||||||||||
Equity interests | 28,494 | 8.6 | 27,210 | 8.2 | 28,951 | 8.6 | 28,436 | 8.4 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | 333,623 | 100.0 | % | $ | 332,970 | 100.0 | % | $ | 338,265 | 100.0 | % | $ | 338,838 | 100.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
The composition of our investments as of February 28, 2017, at amortized cost and fair value was as follows (dollars in thousands):
Investments at Amortized Cost | Amortized Cost Percentage of Total Portfolio | Investments at Fair Value | Fair Value Percentage of Total Portfolio | |||||||||||||
Syndicated loans | $ | 9,669 | 3.2 | % | $ | 9,823 | 3.4 | % | ||||||||
First lien term loans | 160,436 | 53.4 | 159,097 | 54.3 | ||||||||||||
Second lien term loans | 90,655 | 30.2 | 87,750 | 30.0 | ||||||||||||
Structured finance securities | 14,819 | 4.9 | 15,450 | 5.3 | ||||||||||||
Equity interests | 24,903 | 8.3 | 20,541 | 7.0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 300,482 | 100.0 | % | $ | 292,661 | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
For loans and debt securities for which market quotations are not available, we determine their fair value based on third party indicative broker quotes, where available, or the assumptions that a hypothetical market participant would use to value the security in a current hypothetical sale using a market yield valuation methodology. In applying the market yield valuation methodology, we determine the fair value based on such factors as market participant assumptions including synthetic credit ratings, estimated remaining life, current market yield and interest rate spreads of similar securities as of the measurement date. If, in our judgment, the market yield methodology is not sufficient or appropriate, we may use additional methodologies such as an asset liquidation or expected recovery model.
For equity securities of portfolio companies and partnership interests, we determine the fair value based on the market approach with value then attributed to equity or equity like securities using the enterprise value waterfall valuation methodology. Under the enterprise value waterfall valuation methodology, we determine the enterprise fair value of the portfolio company and then waterfall the enterprise value over the portfolio company’s securities in order of their preference relative to one another. To estimate the enterprise value of the portfolio company, we weigh some or all of the traditional market valuation methods and factors based on the individual circumstances of the portfolio company in order to estimate the enterprise value. The methodologies for performing investments may be based on, among other things: valuations of comparable public companies, recent sales of private and public comparable companies, discounting the forecasted cash flows of the portfolio company, third party valuations of the portfolio company, considering offers from third parties to buy the company, estimating the value to potential strategic buyers and considering the value of recent investments in the equity securities of the portfolio company. Fornon-performing investments, we may estimate the liquidation or collateral value of the portfolio company’s assets and liabilities. We also take into account historical and anticipated financial results.
Our investment in Saratoga CLO is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment,re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by our Manager and recommended to our board of directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rate and prepayment rates in order to arrive at
estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. In connection with the refinancing of the Saratoga CLO liabilities, we ran Intex models based on assumptions about the refinanced Saratoga CLO’s structure, including capital structure, cost of liabilities and reinvestment period. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO at August 31,November 30, 2017. The significant inputs at August 31,November 30, 2017 for the valuation model include:
Note 4. Investment in Saratoga Investment Corp. CLO2013-1, Ltd. (“Saratoga CLO”)
On January 22, 2008, the Company invested $30.0 million in all of the outstanding subordinated notes of GSC Investment Corp. CLO 2007, Ltd., a collateralized loan obligation fund managed by the Company that invests primarily in senior secured loans. Additionally, the Company entered into a collateral management agreement with GSC Investment Corp. CLO 2007, Ltd. pursuant to which we act as collateral manager to it. The Saratoga CLO was initially refinanced in October 2013 and its reinvestment period ended in October 2016. On November 15, 2016, the Company completed the second refinancing of the Saratoga CLO. The Saratoga CLO refinancing, among other things, extended its reinvestment period to October 2018, and extended its legal maturity date to October 2025. Following the refinancing, the Saratoga CLO portfolio remained at the same size and with a similar capital structure of approximately $300.0 million in aggregate principal amount of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, we also purchased $4.5 million in aggregate principal amount of the Class F notes tranche of the Saratoga CLO at par, with a coupon of LIBOR plus 8.5%.
The Saratoga CLO remains 100.0% owned and managed by Saratoga Investment Corp. Following the refinancing, the Company receives a base management fee of 0.10% and a subordinated management fee of 0.40% of the fee basis amount at the beginning of the collection period, paid quarterly to the extent of available proceeds. The Company is also entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%. For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we accrued $0.4 million and $0.4 million in management fee income, respectively, and $0.6$0.7 million and $0.6$0.5 million in interest income, respectively, from Saratoga CLO. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we accrued $0.8$1.1 million and $0.7$1.1 million in management fee income, respectively, and $1.0$1.7 million and $1.1$1.6 million in interest income, respectively, from Saratoga CLO. For the three and sixnine months ended August 31,November 30, 2017, we accrued $0.2 million and $0.3$0.5 million, respectively, related to the incentive management fee from Saratoga CLO. For the three and sixnine months ended August 31,November 30, 2016, we did not accrue any amounts related to the incentive management fee from Saratoga CLO as the 12.0% hurdle rate had not yet been achieved.
As of August 31,November 30, 2017, the Company determined that the fair value of its investment in the subordinated notes of Saratoga CLO was $12.0$11.8 million. The Company determines the fair value of its investment in the subordinated notes of Saratoga CLO based on the present value of the projected future cash flows of the subordinated notes over the life of Saratoga CLO. As of August 31,November 30, 2017, Saratoga CLO had investments with a principal balance of $300.1$308.6 million and a weighted average spread over LIBOR of 4.0%, and had debt with a principal balance of $282.4 million with a weighted average spread over LIBOR of 2.4%. As a result, Saratoga CLO earns a “spread” between the interest income it receives on its investments and the interest expense it pays on its debt and other operating expenses, which is distributed quarterly to the Company as the holder of its subordinated notes. At August 31,November 30, 2017, the present value of the projected future cash flows of the subordinated notes was approximately $12.3$12.1 million, using a 14.0% discount rate. Saratoga Investment Corp. invested $32.8 million into the CLO since January 2008, and to date has since received distributions of $51.4$52.2 million, management fees of $17.2$17.6 million, and incentive fees of $0.2$0.5 million.
Below is certain financial information from the separate financial statements of Saratoga CLO as of August 31,November 30, 2017 (unaudited) and February 28, 2017 and for the three and sixnine months ended August 31,November 30, 2017 (unaudited) and August 31,November 30, 2016 (unaudited).
Saratoga Investment Corp. CLO2013-1, Ltd.
Statements of Assets and Liabilities
As of | As of | |||||||||||||||
August 31, 2017 | February 28, 2017 | November 30, 2017 | February 28, 2017 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Fair Value Loans (amortized cost of $297,693,136 and $294,270,284, respectively) | $ | 294,524,360 | $ | 292,437,930 | ||||||||||||
Fair Value Loans (amortized cost of $306,065,537 and $294,270,284, respectively) | $ | 302,689,881 | $ | 292,437,930 | ||||||||||||
Fair Value Other/Structured finance securities (cost of $3,531,218 and $3,531,218, respectively) | 292 | 22,718 | 4,316 | 22,718 | ||||||||||||
|
|
|
| |||||||||||||
Total investments at fair value (amortized cost of $301,224,354 and $297,801,502 respectively) | 294,524,652 | 292,460,648 | ||||||||||||||
Total investments at fair value (amortized cost of $309,596,755 and $297,801,502 respectively) | 302,694,197 | 292,460,648 | ||||||||||||||
Cash and cash equivalents | 7,475,599 | 13,046,555 | 4,971,935 | 13,046,555 | ||||||||||||
Receivable from open trades | 11,671,407 | 1,505,000 | 5,502,706 | 1,505,000 | ||||||||||||
Interest receivable | 1,287,219 | 1,443,865 | 1,372,574 | 1,443,865 | ||||||||||||
Other assets | — | 6,049 | — | 6,049 | ||||||||||||
|
|
|
| |||||||||||||
Total assets | $ | 314,958,877 | $ | 308,462,117 | $ | 314,541,412 | $ | 308,462,117 | ||||||||
|
|
|
| |||||||||||||
LIABILITIES | ||||||||||||||||
Interest payable | $ | 1,155,865 | $ | 1,031,457 | $ | 1,180,464 | $ | 1,031,457 | ||||||||
Payable from open trades | 16,017,662 | 9,431,552 | 15,409,509 | 9,431,552 | ||||||||||||
Accrued base management fee | 34,273 | 34,221 | 34,329 | 34,221 | ||||||||||||
Accrued subordinated management fee | 137,092 | 136,885 | 137,315 | 136,885 | ||||||||||||
Accrued incentive fee | 83,769 | — | 94,361 | — | ||||||||||||
Class A-1 Notes - SIC CLO2013-1, Ltd. | 170,000,000 | 170,000,000 | 170,000,000 | 170,000,000 | ||||||||||||
Class A-2 Notes - SIC CLO2013-1, Ltd. | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||
Class B Notes - SIC CLO2013-1, Ltd. | 44,800,000 | 44,800,000 | 44,800,000 | 44,800,000 | ||||||||||||
Class C Notes - SIC CLO2013-1, Ltd. | 16,000,000 | 16,000,000 | 16,000,000 | 16,000,000 | ||||||||||||
Discount on Class C Notes - SIC CLO2013-1, Ltd. | (72,840 | ) | (77,383 | ) | (70,593 | ) | (77,383 | ) | ||||||||
Class D Notes - SIC CLO2013-1, Ltd. | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | ||||||||||||
Discount on Class D Notes - SIC CLO2013-1, Ltd. | (338,157 | ) | (359,249 | ) | (327,726 | ) | (359,249 | ) | ||||||||
Class E Notes - SIC CLO2013-1, Ltd. | 13,100,000 | 13,100,000 | 13,100,000 | 13,100,000 | ||||||||||||
Class F Notes - SIC CLO2013-1, Ltd. | 4,500,000 | 4,500,000 | 4,500,000 | 4,500,000 | ||||||||||||
Deferred debt financing costs, SIC CLO2013-1, Ltd. Notes | (1,077,170 | ) | (1,161,590 | ) | (1,045,630 | ) | (1,161,590 | ) | ||||||||
Subordinated Notes | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||||||
|
|
|
| |||||||||||||
Total liabilities | $ | 328,340,494 | $ | 321,435,893 | $ | 327,812,029 | $ | 321,435,893 | ||||||||
|
|
|
| |||||||||||||
Commitments and contingencies | ||||||||||||||||
NET ASSETS | ||||||||||||||||
Ordinary equity, par value $1.00, 250 ordinary shares authorized, 250 and 250 issued and outstanding, respectively | $ | 250 | $ | 250 | $ | 250 | $ | 250 | ||||||||
Accumulated loss | (12,974,026 | ) | (21,557,618 | ) | (12,974,026 | ) | (21,557,618 | ) | ||||||||
Net gain (loss) | (407,841 | ) | 8,583,592 | (296,841 | ) | 8,583,592 | ||||||||||
|
|
|
| |||||||||||||
Total net assets | (13,381,617 | ) | (12,973,776 | ) | (13,270,617 | ) | (12,973,776 | ) | ||||||||
|
|
|
| |||||||||||||
Total liabilities and net assets | $ | 314,958,877 | $ | 308,462,117 | $ | 314,541,412 | $ | 308,462,117 | ||||||||
|
|
|
|
Saratoga Investment Corp. CLO2013-1, Ltd.
Statements of Operations
(unaudited)
For the three months ended August 31 | For the six months ended August 31 | For the three months ended November 30 | For the nine months ended November 30 | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Interest from investments | $ | 4,150,598 | $ | 4,028,665 | $ | 8,128,469 | $ | 7,817,001 | $ | 4,178,651 | $ | 4,006,052 | $ | 12,307,120 | $ | 11,823,053 | ||||||||||||||||
Interest from cash and cash equivalents | 4,343 | 1,938 | 9,426 | 2,709 | 3,113 | 3,095 | 12,539 | 5,804 | ||||||||||||||||||||||||
Other income | 84,556 | 189,836 | 245,170 | 433,137 | 117,791 | 82,239 | 362,961 | 515,376 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total investment income | 4,239,497 | 4,220,439 | 8,383,065 | 8,252,847 | 4,299,555 | 4,091,386 | 12,682,620 | 12,344,233 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Interest expense | 3,312,058 | 3,608,788 | 6,935,616 | 6,889,803 | 3,461,049 | 2,457,705 | 10,396,665 | 9,347,508 | ||||||||||||||||||||||||
Professional fees | 18,556 | 20,944 | 53,107 | 39,426 | 78,048 | 39,694 | 131,155 | 79,120 | ||||||||||||||||||||||||
Miscellaneous fee expense | 19,833 | 14,147 | 29,959 | 22,391 | 36,350 | 25,974 | 66,309 | 48,365 | ||||||||||||||||||||||||
Base management fee | 75,192 | 187,329 | 150,328 | 374,171 | 75,289 | 167,592 | 225,617 | 541,763 | ||||||||||||||||||||||||
Subordinated management fee | 300,765 | 187,329 | 601,310 | 374,171 | 301,158 | 207,625 | 902,468 | 581,796 | ||||||||||||||||||||||||
Incentive fees | 162,358 | — | 267,653 | — | 209,434 | — | 477,087 | — | ||||||||||||||||||||||||
Trustee expenses | 38,547 | 37,839 | 74,715 | 64,527 | 41,025 | 30,871 | 115,740 | 95,398 | ||||||||||||||||||||||||
Amortization expense | 44,357 | 239,963 | 88,714 | 479,926 | 44,218 | 302,635 | 132,932 | 782,561 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | 6,641,915 | — | 6,641,915 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total expenses | 3,971,666 | 4,296,339 | 8,201,402 | 8,244,415 | 4,246,571 | 9,874,011 | 12,447,973 | 18,118,426 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 267,831 | (75,900 | ) | 181,663 | 8,432 | 52,984 | (5,782,625 | ) | 234,647 | (5,774,193 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||||||
Net realized gain on investments | 475,486 | 165,854 | 769,344 | 221,416 | 260,872 | 130,337 | 1,030,216 | 351,753 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (1,311,081 | ) | 467,724 | (1,358,848 | ) | 9,788,397 | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (202,856 | ) | 926,507 | (1,561,704 | ) | 10,714,904 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net gain (loss) on investments | (835,595 | ) | 633,578 | (589,504 | ) | 10,009,813 | 58,016 | 1,056,844 | (531,488 | ) | 11,066,657 | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (567,764 | ) | $ | 557,678 | $ | (407,841 | ) | $ | 10,018,245 | $ | 111,000 | $ | (4,725,781 | ) | $ | (296,841 | ) | $ | 5,292,464 | ||||||||||||
|
|
|
|
|
|
|
|
Saratoga Investment Corp. CLO2013-1 Ltd.
Schedule of Investments
August 31,November 30, 2017
(unaudited)
Issuer Name | Industry | Asset Name | Asset Type | Spread | LIBOR Floor | PIK | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | Industry | Asset Name | Asset | Spread | LIBOR Floor | PIK | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | A-1 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 6,692 | $ | 669,214 | $ | 134 | Leisure Goods/Activities/Movies | A-1 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 6,692 | $ | 669,214 | $ | 40 | ||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | A-2 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 18,975 | 1,897,538 | 1 | Leisure Goods/Activities/Movies | A-2 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 18,975 | 1,897,538 | 114 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Millennium Holdco, Inc. | Healthcare & Pharmaceuticals | Common Stock | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 14,813 | 964,466 | 157 | Healthcare & Pharmaceuticals | Common Stock | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 14,813 | 964,466 | 4,162 | ||||||||||||||||||||||||||||||||||||||||||||||||
24 Hour Holdings III, LLC | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.05 | % | 5/28/2021 | $ | 485,000 | 482,182 | 483,487 | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.75 | % | 1.00 | % | 1.34 | % | 5.09 | % | 5/28/2021 | $ | 1,979,884 | 1,979,013 | 1,978,241 | ||||||||||||||||||||||||||||||||||||||||||||
ABBCon-Cise Optical Group, LLC | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.25 | % | 6/15/2023 | 1,985,000 | 1,965,383 | 1,987,481 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.00 | % | 1.00 | % | 1.32 | % | 6.32 | % | 6/15/2023 | 1,980,000 | 1,960,509 | 1,975,050 | ||||||||||||||||||||||||||||||||||||||||||||||
Acosta Holdco, Inc. | Media | Term Loan B1 | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 9/26/2021 | 1,940,025 | 1,930,380 | 1,732,171 | Media | Term Loan B1 | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 9/26/2021 | 1,940,025 | 1,930,926 | 1,693,215 | ||||||||||||||||||||||||||||||||||||||||||||||
Advantage Sales & Marketing, Inc. | Services: Business | Delayed Draw Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.55 | % | 7/25/2021 | 2,433,693 | 2,431,479 | 2,339,388 | Services: Business | Delayed Draw Term Loan | Loan | 3.25 | % | 1.00 | % | 1.38 | % | 4.63 | % | 7/25/2021 | 2,427,437 | 2,425,364 | 2,357,648 | ||||||||||||||||||||||||||||||||||||||||||||||
Aegis Toxicology Science Corporation | Healthcare & Pharmaceuticals | Term B Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.79 | % | 2/24/2021 | 2,450,916 | 2,338,540 | 2,431,015 | Healthcare & Pharmaceuticals | Term B Loan | Loan | 4.50 | % | 1.00 | % | 1.33 | % | 5.83 | % | 2/24/2021 | 2,444,599 | 2,339,103 | 2,383,484 | ||||||||||||||||||||||||||||||||||||||||||||||
Agrofresh, Inc. | Food Services | Term Loan | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 6.05 | % | 7/30/2021 | 1,960,000 | 1,953,244 | 1,942,850 | Food Services | Term Loan | Loan | 4.75 | % | 1.00 | % | 1.34 | % | 6.09 | % | 7/30/2021 | 1,955,000 | 1,948,414 | 1,937,894 | ||||||||||||||||||||||||||||||||||||||||||||||
AI MISTRAL T/L (V. GROUP) | Utilities | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 3/11/2024 | 498,750 | 498,750 | 493,763 | Utilities | Term Loan | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 3/11/2024 | 497,500 | 497,500 | 495,326 | ||||||||||||||||||||||||||||||||||||||||||||||
Akorn, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.50 | % | 4/16/2021 | 398,056 | 397,084 | 402,534 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 1.38 | % | 5.63 | % | 4/16/2021 | 398,056 | 397,150 | 399,051 | ||||||||||||||||||||||||||||||||||||||||||||||
Albertson’s LLC | Retailers (Except Food and Drugs) | Term LoanB-4 | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.99 | % | 8/25/2021 | 2,667,653 | 2,651,990 | 2,582,848 | Retailers (Except Food and Drugs) | Term LoanB-4 | Loan | 2.75 | % | 0.75 | % | 1.35 | % | 4.10 | % | 8/25/2021 | 2,660,984 | 2,646,180 | 2,584,161 | ||||||||||||||||||||||||||||||||||||||||||||||
Alere Inc. (fka IM US Holdings, LLC) | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 6/20/2022 | 913,287 | 911,647 | 911,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alion Science and Technology Corporation | High Tech Industries | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.74 | % | 8/19/2021 | 2,940,000 | 2,929,838 | 2,935,090 | High Tech Industries | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 1.35 | % | 5.85 | % | 8/19/2021 | 2,878,259 | 2,868,884 | 2,874,661 | ||||||||||||||||||||||||||||||||||||||||||||||
Alliance Healthcare Services, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.55 | % | 6/3/2019 | 979,425 | 976,609 | 974,528 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Almonde, Inc. (Misys) | High Tech Industries | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.82 | % | 4/26/2024 | 1,000,000 | 995,131 | 1,004,120 | High Tech Industries | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.48 | % | 4.98 | % | 4/26/2024 | 997,500 | 992,816 | 996,522 | ||||||||||||||||||||||||||||||||||||||||||||||
ALPHA 3 T/L B1 (ATOTECH) | Chemicals/Plastics | Term Loan B 1 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.30 | % | 1/31/2024 | 250,000 | 249,381 | 250,000 | Chemicals/Plastics | Term Loan B 1 | Loan | 3.00 | % | 1.00 | % | 1.33 | % | 4.33 | % | 1/31/2024 | 249,375 | 248,786 | 250,934 | ||||||||||||||||||||||||||||||||||||||||||||||
Anchor Glass T/L (11/16) | Containers/Glass Products | Term Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 4.01 | % | 12/7/2023 | 497,500 | 495,075 | 498,351 | Containers/Glass Products | Term Loan | Loan | 2.75 | % | 1.00 | % | 1.25 | % | 4.00 | % | 12/7/2023 | 496,250 | 493,924 | 495,982 | ||||||||||||||||||||||||||||||||||||||||||||||
APCO Holdings, Inc. | Automotive | Term Loan | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.24 | % | 1/31/2022 | 1,883,581 | 1,841,381 | 1,836,492 | Automotive | Term Loan | Loan | 6.00 | % | 1.00 | % | 1.35 | % | 7.35 | % | 1/31/2022 | 1,844,054 | 1,804,819 | 1,797,953 | ||||||||||||||||||||||||||||||||||||||||||||||
Aramark Corporation | Food Products | U.S. Term F Loan | Loan | 2.00 | % | 0.00 | % | 0.00 | % | 3.24 | % | 3/28/2024 | 1,995,000 | 1,995,000 | 1,999,988 | Food Products | U.S. Term F Loan | Loan | 2.00 | % | 0.00 | % | 1.35 | % | 3.35 | % | 3/28/2024 | 1,612,143 | 1,612,143 | 1,618,688 | ||||||||||||||||||||||||||||||||||||||||||||||
Arctic Glacier U.S.A., Inc. | Beverage, Food & Tobacco | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.49 | % | 3/20/2024 | 498,750 | 496,338 | 500,620 | Beverage, Food & Tobacco | Term Loan B | Loan | 4.25 | % | 1.00 | % | 1.24 | % | 5.49 | % | 3/20/2024 | 497,500 | 495,187 | 502,475 | ||||||||||||||||||||||||||||||||||||||||||||||
Argon Medical Devices, Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.75 | % | 1.00 | % | 1.34 | % | 5.09 | % | 10/28/2024 | 1,000,000 | 997,500 | 1,004,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASG Technologies Group, Inc. | High Tech Industries | Term Loan | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 6.06 | % | 7/31/2024 | 500,000 | 497,515 | 502,500 | High Tech Industries | Term Loan | Loan | 4.75 | % | 1.00 | % | 1.35 | % | 6.10 | % | 7/31/2024 | 500,000 | 497,550 | 505,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Aspen Dental Management, Inc. | Healthcare & Pharmaceuticals | Term Loan Initial | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.07 | % | 4/29/2022 | 1,974,867 | 1,970,938 | 1,994,616 | Healthcare & Pharmaceuticals | Term Loan Initial | Loan | 3.75 | % | 1.00 | % | 1.48 | % | 5.23 | % | 4/29/2022 | 1,969,830 | 1,965,966 | 1,989,528 | ||||||||||||||||||||||||||||||||||||||||||||||
Astoria Energy T/L B | Utilities | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.24 | % | 12/24/2021 | 1,458,457 | 1,445,001 | 1,461,199 | Utilities | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.35 | % | 5.35 | % | 12/24/2021 | 1,458,457 | 1,445,778 | 1,463,022 | ||||||||||||||||||||||||||||||||||||||||||||||
Asurion, LLC (fka Asurion Corporation) | Insurance | Term Loan B4 (First Lien) | Loan | 2.75 | % | 0.00 | % | 0.00 | % | 3.99 | % | 8/4/2022 | 2,385,687 | 2,373,815 | 2,390,912 | Insurance | Term Loan B4 (First Lien) | Loan | 2.75 | % | 0.00 | % | 1.35 | % | 4.10 | % | 8/4/2022 | 2,379,723 | 2,368,448 | 2,389,647 | ||||||||||||||||||||||||||||||||||||||||||||||
Asurion, LLC (fka Asurion Corporation) | Insurance | Term Loan B5 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 11/3/2023 | 520,817 | 516,172 | 522,770 | Insurance | Term Loan B5 | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 11/3/2023 | 519,512 | 515,048 | 521,377 | ||||||||||||||||||||||||||||||||||||||||||||||
Auction.com, LLC | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.24 | % | 5/13/2019 | 2,704,799 | 2,704,613 | 2,698,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avantor Performance Materials Holdings, Inc. | Chemicals/Plastics | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.24 | % | 3/8/2024 | 2,992,500 | 2,985,020 | 2,991,243 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avantor, Inc. | Chemicals/Plastics | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.29 | % | 5.29 | % | 11/21/2024 | 2,000,000 | 1,970,000 | 2,002,920 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avaya, Inc. | Services: Business | Exit Term Loan | Loan | 4.75 | % | 1.00 | % | 1.34 | % | 6.09 | % | 11/8/2024 | 1,000,000 | 990,000 | 985,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVOLON TLB BORROWER 1 LUXEMBOURG S.A.R.L. | Capital Equipment | Term LoanB-2 | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.98 | % | 3/20/2022 | 1,000,000 | 995,395 | 1,002,720 | Capital Equipment | Term LoanB-2 | Loan | 2.25 | % | 0.75 | % | 1.28 | % | 3.53 | % | 3/21/2022 | 997,500 | 993,011 | 997,350 | ||||||||||||||||||||||||||||||||||||||||||||||
Bass Pro Group, LLC | Retailers (Except Food and Drugs) | Term Loan | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.48 | % | 6/5/2020 | 1,466,250 | 1,464,471 | 1,457,702 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blackboard T/L B4 | High Tech Industries | Term Loan B4 | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.30 | % | 6/30/2021 | 2,977,500 | 2,956,964 | 2,929,116 | High Tech Industries | Term Loan B4 | Loan | 5.00 | % | 1.00 | % | 1.35 | % | 6.35 | % | 6/30/2021 | 2,970,000 | 2,950,694 | 2,894,265 | ||||||||||||||||||||||||||||||||||||||||||||||
Blount International, Inc. | Forest Products & Paper | Term Loan B | Loan | 4.25 | % | 1.00 | % | 1.24 | % | 5.49 | % | 4/12/2023 | 500,000 | 498,780 | 504,585 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Blucora, Inc. | High Tech Industries | Term Loan B | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.04 | % | 5/22/2024 | 960,000 | 955,376 | 969,600 | High Tech Industries | Term Loan B | Loan | 3.00 | % | 1.00 | % | 1.41 | % | 4.41 | % | 5/22/2024 | 933,333 | 928,675 | 936,255 | ||||||||||||||||||||||||||||||||||||||||||||||
BMC Software | Technology | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.30 | % | 9/12/2022 | 1,941,323 | 1,885,799 | 1,934,043 | Technology | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.33 | % | 5.33 | % | 9/12/2022 | 1,936,437 | 1,883,437 | 1,941,278 | ||||||||||||||||||||||||||||||||||||||||||||||
BMC Software T/L US | Technology | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.24 | % | 9/12/2022 | 586,972 | 577,295 | 588,686 | Technology | Term Loan | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 9/12/2022 | 585,494 | 576,235 | 585,828 | ||||||||||||||||||||||||||||||||||||||||||||||
Brickman Group Holdings, Inc. | Brokers/Dealers/Investment Houses | Initial Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 12/18/2020 | 1,427,946 | 1,418,213 | 1,432,230 | Brokers/Dealers/Investment Houses | Initial Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 1.28 | % | 4.28 | % | 12/18/2020 | 1,424,189 | 1,415,112 | 1,430,242 | ||||||||||||||||||||||||||||||||||||||||||||||
Broadstreet Partners, Inc. | Banking, Finance, Insurance & Real Estate | Term LoanB-1 | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 11/8/2023 | 1,000,000 | 997,500 | 1,004,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cable One, Inc. | Telecommunications | Term Loan B | Loan | 2.25 | % | 0.00 | % | 0.00 | % | 3.57 | % | 5/1/2024 | 500,000 | 499,375 | 501,250 | Telecommunications | Term Loan B | Loan | 2.25 | % | 0.00 | % | 1.32 | % | 3.57 | % | 5/1/2024 | 498,750 | 498,187 | 498,750 | ||||||||||||||||||||||||||||||||||||||||||||||
California Resources Corporation | Oil & Gas | Term Loan | Loan | 4.75 | % | 1.00 | % | 1.27 | % | 6.02 | % | 12/30/2022 | 1,000,000 | 980,000 | 982,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Candy Intermediate Holdings, Inc. | Beverage, Food & Tobacco | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.80 | % | 6/15/2023 | 495,000 | 492,981 | 479,224 | Beverage, Food & Tobacco | Term Loan | Loan | 4.50 | % | 1.00 | % | 1.35 | % | 5.85 | % | 6/15/2023 | 493,750 | 491,811 | 492,669 | ||||||||||||||||||||||||||||||||||||||||||||||
Canyon Valor Companies, Inc. | High Tech Industries | Term Loan B | Loan | 4.25 | % | 0.00 | % | 0.00 | % | 5.50 | % | 6/16/2023 | 1,000,000 | 997,500 | 1,007,140 | High Tech Industries | Term Loan B | Loan | 4.25 | % | 0.00 | % | 1.33 | % | 5.58 | % | 6/16/2023 | 1,000,000 | 997,500 | 1,011,880 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive L.P. | Conglomerate | TrancheB-1 Term Loan Facility | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 3/25/2024 | 490,301 | 487,934 | 492,404 | Conglomerate | TrancheB-1 Term Loan Facility | Loan | 2.50 | % | 1.00 | % | 1.35 | % | 3.85 | % | 3/25/2024 | 484,168 | 481,881 | 485,137 | ||||||||||||||||||||||||||||||||||||||||||||||
Caraustar Industries Inc. | Forest Products & Paper | Term Loan B | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.80 | % | 3/14/2022 | 498,750 | 497,514 | 493,264 | Forest Products & Paper | Term Loan B | Loan | 5.50 | % | 1.00 | % | 1.33 | % | 6.83 | % | 3/14/2022 | 497,500 | 496,321 | 496,570 | ||||||||||||||||||||||||||||||||||||||||||||||
CareerBuilder, LLC | Services: Business | Term Loan | Loan | 6.75 | % | 1.00 | % | 0.00 | % | 8.01 | % | 7/31/2023 | 2,500,000 | 2,427,878 | 2,443,750 | Services: Business | Term Loan | Loan | 6.75 | % | 1.00 | % | 1.33 | % | 8.08 | % | 7/31/2023 | 2,500,000 | 2,429,964 | 2,418,750 | ||||||||||||||||||||||||||||||||||||||||||||||
CASA SYSTEMS T/L | Telecommunications | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.30 | % | 12/20/2023 | 1,492,500 | 1,478,808 | 1,499,963 | Telecommunications | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.33 | % | 5.33 | % | 12/20/2023 | 1,488,750 | 1,475,555 | 1,498,055 | ||||||||||||||||||||||||||||||||||||||||||||||
Catalent Pharma Solutions, Inc | Drugs | Initial Term B Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.99 | % | 5/20/2021 | 422,298 | 421,090 | 424,232 | Drugs | Initial Term B Loan | Loan | 2.25 | % | 1.00 | % | 1.35 | % | 3.60 | % | 5/20/2021 | 421,036 | 419,907 | 423,142 | ||||||||||||||||||||||||||||||||||||||||||||||
Cengage Learning Acquisitions, Inc. | Publishing | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.48 | % | 6/7/2023 | 1,464,371 | 1,449,727 | 1,359,419 | Publishing | Term Loan | Loan | 4.25 | % | 1.00 | % | 1.24 | % | 5.49 | % | 6/7/2023 | 1,464,371 | 1,449,727 | 1,392,441 | ||||||||||||||||||||||||||||||||||||||||||||||
CenturyLink, Inc. | Telecommunications | Term Loan B | Loan | 2.75 | % | 0.00 | % | 0.00 | % | 2.75 | % | 1/31/2025 | 3,000,000 | 2,992,505 | 2,932,500 | Telecommunications | Term Loan B | Loan | 2.75 | % | 0.00 | % | 1.35 | % | 4.10 | % | 1/31/2025 | 3,000,000 | 2,992,778 | 2,872,500 | ||||||||||||||||||||||||||||||||||||||||||||||
CH HOLD (CALIBER COLLISION) T/L | Automotive | Term Loan | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 4.24 | % | 2/1/2024 | 247,917 | 247,406 | 248,742 | Automotive | Term Loan | Loan | 3.00 | % | 0.00 | % | 1.35 | % | 4.35 | % | 2/1/2024 | 247,348 | 246,862 | 249,359 | ||||||||||||||||||||||||||||||||||||||||||||||
Charter Communications Operating, LLC | Cable and Satellite Television | Term F Loan | Loan | 2.00 | % | 0.00 | % | 0.00 | % | 3.24 | % | 1/3/2021 | 1,601,194 | 1,595,956 | 1,604,749 | Cable and Satellite Television | Term F Loan | Loan | 2.00 | % | 0.00 | % | 1.35 | % | 3.35 | % | 1/3/2021 | 1,597,024 | 1,592,194 | 1,601,624 | ||||||||||||||||||||||||||||||||||||||||||||||
CHS/Community Health Systems, Inc. | Healthcare & Pharmaceuticals | Term G Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 4.07 | % | 12/31/2019 | 719,623 | 707,383 | 717,198 | Healthcare & Pharmaceuticals | Term G Loan | Loan | 2.75 | % | 1.00 | % | 1.48 | % | 4.23 | % | 12/31/2019 | 612,172 | 602,823 | 595,448 | ||||||||||||||||||||||||||||||||||||||||||||||
CHS/Community Health Systems, Inc. | Healthcare & Pharmaceuticals | Term H Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.32 | % | 1/27/2021 | 1,328,771 | 1,289,676 | 1,321,410 | Healthcare & Pharmaceuticals | Term H Loan | Loan | 3.00 | % | 1.00 | % | 1.48 | % | 4.48 | % | 1/27/2021 | 1,133,925 | 1,102,761 | 1,085,880 | ||||||||||||||||||||||||||||||||||||||||||||||
CITGO Petroleum Corporation | Oil & Gas | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.80 | % | 7/29/2021 | 1,954,823 | 1,938,276 | 1,952,380 | Oil & Gas | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.34 | % | 4.84 | % | 7/29/2021 | 1,949,798 | 1,934,085 | 1,919,576 | ||||||||||||||||||||||||||||||||||||||||||||||
Communications Sales & Leasing, Inc. | Telecommunications | Term Loan B (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 10/24/2022 | 1,960,212 | 1,949,526 | 1,897,113 | Telecommunications | Term Loan B (First Lien) | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 10/24/2022 | 1,955,287 | 1,945,009 | 1,879,520 | ||||||||||||||||||||||||||||||||||||||||||||||
Concordia Healthcare Corporation | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.48 | % | 10/21/2021 | 1,955,000 | 1,875,901 | 1,385,880 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 1.35 | % | 5.60 | % | 10/21/2021 | 1,942,500 | 1,868,083 | 1,555,224 | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Aerospace Manufacturing, LLC | Aerospace and Defense | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 8/11/2022 | 1,418,750 | 1,413,340 | 1,390,375 | Aerospace and Defense | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 8/11/2022 | 1,418,750 | 1,413,585 | 1,404,563 | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Communications, Inc. | Telecommunications | Term LoanB-2 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 10/5/2023 | 500,000 | 497,515 | 490,355 | Telecommunications | Term LoanB-2 | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 10/5/2023 | 499,385 | 496,966 | 490,541 | ||||||||||||||||||||||||||||||||||||||||||||||
CPI Acquisition Inc. | Technology | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.96 | % | 8/17/2022 | 1,436,782 | 1,420,218 | 933,908 | Technology | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 1.46 | % | 5.96 | % | 8/17/2022 | 1,436,782 | 1,420,943 | 1,020,115 | ||||||||||||||||||||||||||||||||||||||||||||||
Crosby US Acquisition Corporation | Industrial Equipment | Initial Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.32 | % | 11/23/2020 | 723,750 | 723,313 | 659,517 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CT Technologies Intermediate Hldgs, Inc | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.49 | % | 12/1/2021 | 1,462,650 | 1,452,569 | 1,463,571 | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.25 | % | 1.00 | % | 1.35 | % | 5.60 | % | 12/1/2021 | 1,458,919 | 1,449,392 | 1,457,708 | ||||||||||||||||||||||||||||||||||||||||||||||
Culligan InternationalCompany-T/L | Conglomerate | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/13/2023 | 2,039,750 | 2,039,843 | 2,053,784 | Conglomerate | Term Loan | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 12/13/2023 | 2,034,625 | 2,034,536 | 2,048,623 | ||||||||||||||||||||||||||||||||||||||||||||||
Culligan InternationalCompany-T/L | Utilities | Incremental Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 12/13/2023 | 500,000 | 499,375 | 500,940 | Utilities | Incremental Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 12/13/2023 | 500,000 | 499,395 | 503,440 | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulus Media Holdings Inc. | Broadcast Radio and Television | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 12/23/2020 | 448,889 | 446,593 | 366,742 | Broadcast Radio and Television | Term Loan | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 12/23/2020 | 448,889 | 446,756 | 387,248 | ||||||||||||||||||||||||||||||||||||||||||||||
Cypress Intermediate Holdings III, Inc. | Services: Business | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 4/29/2024 | 500,000 | 498,811 | 498,875 | Services: Business | Term Loan B | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 4/29/2024 | 498,750 | 497,567 | 499,373 | ||||||||||||||||||||||||||||||||||||||||||||||
DAE Aviation (StandardAero) | Aerospace and Defense | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 7/7/2022 | 2,463,731 | 2,454,251 | 2,482,825 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DAE Aviation (StandardAero) | Aerospace and Defense | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 7/7/2022 | 1,000,000 | 998,750 | 1,002,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daseke Companies, Inc. | Transportation | Term Loan | Loan | 7.44 | % | 1.00 | % | 0.00 | % | 8.75 | % | 2/27/2024 | 105,143 | 105,143 | 105,800 | Transportation | Term Loan | Loan | 5.00 | % | 1.00 | % | 1.41 | % | 6.41 | % | 2/27/2024 | 1,995,607 | 1,982,837 | 1,994,768 | ||||||||||||||||||||||||||||||||||||||||||||||
DASEKE T/L (HENNESSY CAPITAL) | Transportation | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.74 | % | 2/27/2024 | 825,075 | 818,348 | 830,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DELL INTERNATIONAL 1ST LIEN T/L | High Tech Industries | Term Loan (01/17) | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.74 | % | 9/7/2023 | 995,000 | 993,947 | 998,691 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dell International L.L.C. | High Tech Industries | Term Loan (01/17) | Loan | 2.00 | % | 0.75 | % | 1.35 | % | 3.35 | % | 9/7/2023 | 1,500,000 | 1,498,865 | 1,500,105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delta 2 (Lux) S.a.r.l. | Lodging & Casinos | Term LoanB-3 | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 2/1/2024 | 1,500,000 | 1,496,964 | 1,508,745 | Lodging & Casinos | Term LoanB-3 | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 2/1/2024 | 1,500,000 | 1,497,143 | 1,507,185 | ||||||||||||||||||||||||||||||||||||||||||||||
DEX MEDIA, INC. | Media | Term Loan (07/16) | Loan | 10.00 | % | 1.00 | % | 0.00 | % | 11.24 | % | 7/29/2021 | 35,702 | 35,702 | 36,684 | Media | Term Loan (07/16) | Loan | 10.00 | % | 1.00 | % | 1.35 | % | 11.35 | % | 7/29/2021 | 33,047 | 33,047 | 33,874 | ||||||||||||||||||||||||||||||||||||||||||||||
DHX Media Ltd. | Media | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 12/29/2023 | 500,000 | 497,556 | 501,875 | Media | Term Loan | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 12/29/2023 | 498,750 | 496,395 | 499,064 | ||||||||||||||||||||||||||||||||||||||||||||||
Diamond (BC) B.V. | Consumer Goods:Non-Durable | Term Loan | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 4.32 | % | 7/25/2024 | 500,000 | 498,750 | 496,565 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DIGITALGLOBE T/L B (12/16) | Aerospace and Defense | Term Loan B | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.99 | % | 1/15/2024 | 497,500 | 496,388 | 496,878 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DJO Finance, LLC | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 6/8/2020 | 490,000 | 488,672 | 487,447 | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 6/8/2020 | 488,750 | 487,541 | 484,068 | ||||||||||||||||||||||||||||||||||||||||||||||
Dole Food Company, Inc. | Beverage, Food & Tobacco | Term Loan B | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 4.01 | % | 4/8/2024 | 500,000 | 497,596 | 501,015 | Beverage, Food & Tobacco | Term Loan B | Loan | 2.75 | % | 1.00 | % | 1.31 | % | 4.06 | % | 4/8/2024 | 496,875 | 494,564 | 498,326 | ||||||||||||||||||||||||||||||||||||||||||||||
Drew Marine Group, Inc. | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.74 | % | 11/19/2020 | 2,863,470 | 2,841,317 | 2,856,311 | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 11/19/2020 | 2,863,470 | 2,842,651 | 2,854,535 | ||||||||||||||||||||||||||||||||||||||||||||||
DTZ U.S. Borrower, LLC | Construction & Building | Term Loan BAdd-on | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.57 | % | 11/4/2021 | 1,952,594 | 1,944,254 | 1,955,738 | Construction & Building | Term Loan BAdd-on | Loan | 3.25 | % | 1.00 | % | 1.48 | % | 4.73 | % | 11/4/2021 | 1,947,613 | 1,939,606 | 1,912,556 | ||||||||||||||||||||||||||||||||||||||||||||||
DUKE FINANCE (OM GROUP/VECTRA) T/L | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.51 | % | 2/21/2024 | 1,481,288 | 1,378,582 | 1,484,991 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.25 | % | 1.00 | % | 1.33 | % | 5.58 | % | 2/21/2024 | 1,481,288 | 1,381,599 | 1,492,397 | ||||||||||||||||||||||||||||||||||||||||||||||
Edelman Financial Group, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.81 | % | 12/19/2022 | 1,474,728 | 1,451,180 | 1,474,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagletree-Carbide Acquisition Corp. | High Tech Industries | Term Loan | Loan | 4.75 | % | 1.00 | % | 1.33 | % | 6.08 | % | 8/28/2024 | 2,000,000 | 1,980,464 | 2,005,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | Term Loan A | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.80 | % | 7/2/2020 | 501,970 | 490,615 | 220,867 | Leisure Goods/Activities/Movies | Term Loan A | Loan | 4.50 | % | 1.00 | % | 1.35 | % | 5.85 | % | 7/2/2020 | 423,861 | 415,001 | 175,110 | ||||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | Term Loan B (2.00% Cash/6.50% PIK) | Loan | 1.00 | % | 1.00 | % | 6.50 | % | 8.80 | % | 7/2/2020 | 954,307 | 936,841 | 10,736 | Leisure Goods/Activities/Movies | Term Loan B (2.00% Cash/6.50% PIK) | Loan | 1.00 | % | 1.00 | % | 6.50 | % | 7.50 | % | 7/2/2020 | 954,307 | 938,252 | 13,837 | ||||||||||||||||||||||||||||||||||||||||||||||
EIG Investors Corp. | High Tech Industries | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.32 | % | 2/9/2023 | 496,027 | 494,787 | 500,883 | High Tech Industries | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.46 | % | 5.46 | % | 2/9/2023 | 492,054 | 490,824 | 495,129 | ||||||||||||||||||||||||||||||||||||||||||||||
Emerald 2 Limited | Chemicals/Plastics | Term Loan B1A | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.30 | % | 5/14/2021 | 1,000,000 | 993,668 | 977,500 | Chemicals/Plastics | Term Loan B1A | Loan | 4.00 | % | 1.00 | % | 1.33 | % | 5.33 | % | 5/14/2021 | 991,628 | 985,743 | 987,494 | ||||||||||||||||||||||||||||||||||||||||||||||
Emerald Performance Materials, LLC | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.74 | % | 8/1/2021 | 480,448 | 479,012 | 482,452 | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 8/1/2021 | 480,295 | 478,943 | 482,696 | ||||||||||||||||||||||||||||||||||||||||||||||
Emerald Performance Materials, LLC | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 7.75 | % | 1.00 | % | 0.00 | % | 8.99 | % | 8/1/2022 | 500,000 | 498,295 | 498,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Endo International plc | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 0.75 | % | 0.00 | % | 5.50 | % | 4/29/2024 | 1,000,000 | 995,135 | 1,006,560 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 0.75 | % | 1.38 | % | 5.63 | % | 4/29/2024 | 997,500 | 992,740 | 1,003,375 | ||||||||||||||||||||||||||||||||||||||||||||||
Engility Corporation | Aerospace and Defense | Term LoanB-1 | Loan | 2.75 | % | 0.00 | % | 0.00 | % | 3.99 | % | 8/12/2020 | 231,250 | 230,388 | 231,974 | Aerospace and Defense | Term LoanB-1 | Loan | 2.75 | % | 0.00 | % | 1.35 | % | 4.10 | % | 8/12/2020 | 225,000 | 224,206 | 226,246 | ||||||||||||||||||||||||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. | Capital Equipment | Delayed Draw Term Loan | Loan | 5.19 | % | 1.00 | % | 0.00 | % | 6.50 | % | 7/19/2024 | 44,248 | 44,248 | 44,192 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. | Capital Equipment | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.56 | % | 7/19/2024 | 442,478 | 441,372 | 441,925 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equian, LLC | Services: Business | Term Loan B | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.07 | % | 5/20/2024 | 1,529,412 | 1,519,629 | 1,542,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equian, LLC | Services: Business | Delayed Draw Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.05 | % | 5/20/2024 | 235,294 | 235,294 | 237,353 | Services: Business | Term Loan B | Loan | 3.75 | % | 1.00 | % | 1.29 | % | 5.04 | % | 5/20/2024 | 1,995,000 | 1,982,980 | 2,007,469 | ||||||||||||||||||||||||||||||||||||||||||||||
Evergreen Acqco 1 LP | Retailers (Except Food and Drugs) | New Term Loan | Loan | 3.75 | % | 1.25 | % | 0.00 | % | 5.06 | % | 7/9/2019 | 950,119 | 946,962 | 883,135 | Retailers (Except Food and Drugs) | New Term Loan | Loan | 3.75 | % | 1.25 | % | 1.36 | % | 5.11 | % | 7/9/2019 | 947,625 | 944,801 | 858,387 | ||||||||||||||||||||||||||||||||||||||||||||||
EWT Holdings III Corp. (fka WTG Holdings III Corp.) | Industrial Equipment | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.05 | % | 1/15/2021 | 3,210,537 | 3,197,956 | 3,242,642 | Industrial Equipment | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 1.33 | % | 5.08 | % | 1/15/2021 | 2,845,207 | 2,834,102 | 2,864,782 | ||||||||||||||||||||||||||||||||||||||||||||||
Extreme Reach, Inc. | Media | Term Loan B | Loan | 6.25 | % | 1.00 | % | 0.00 | % | 7.55 | % | 2/7/2020 | 2,775,000 | 2,753,177 | 2,768,063 | Media | Term Loan B | Loan | 6.25 | % | 1.00 | % | 1.34 | % | 7.59 | % | 2/7/2020 | 2,718,750 | 2,699,558 | 2,702,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal-Mogul Corporation | Automotive | Tranche C Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.98 | % | 4/15/2021 | 2,296,974 | 2,289,914 | 2,304,163 | Automotive | Tranche C Term Loan | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 4/15/2021 | 2,296,974 | 2,290,349 | 2,311,697 | ||||||||||||||||||||||||||||||||||||||||||||||
FinCo I LLC | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 1.38 | % | 0.00 | % | 0.00 | % | 1.38 | % | 6/14/2022 | 500,000 | 498,793 | 504,000 | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 2.75 | % | 0.00 | % | 0.00 | % | 2.75 | % | 6/14/2022 | 500,000 | 498,848 | 505,250 | ||||||||||||||||||||||||||||||||||||||||||||||
First Data Corporation | Financial Intermediaries | First Data T/L Ext (2021) | Loan | 2.50 | % | 0.00 | % | 0.00 | % | 3.74 | % | 4/26/2024 | 1,864,542 | 1,792,211 | 1,864,933 | Financial Intermediaries | First Data T/L Ext (2021) | Loan | 2.25 | % | 0.00 | % | 1.31 | % | 3.56 | % | 4/26/2024 | 1,741,492 | 1,659,279 | 1,741,805 | ||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Investment Management | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 3.50 | % | 0.75 | % | 0.00 | % | 4.80 | % | 12/1/2022 | 2,481,250 | 2,453,237 | 2,505,293 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Holdings, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 3.00 | % | 0.75 | % | 1.36 | % | 4.36 | % | 12/1/2022 | 1,475,047 | 1,465,760 | 1,486,110 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fitness International, LLC | Leisure Goods/Activities/Movies | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.49 | % | 7/1/2020 | 1,624,755 | 1,606,031 | 1,638,566 | Leisure Goods/Activities/Movies | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 7/1/2020 | 1,409,751 | 1,393,394 | 1,429,135 | ||||||||||||||||||||||||||||||||||||||||||||||
Gates Global LLC | Leisure Goods/Activities/Movies | Term Loan (First Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.55 | % | 4/1/2024 | 349,011 | 345,699 | 349,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frontier Communications Corporation | Telecommunications | Term Loan B | Loan | 3.75 | % | 0.75 | % | 1.34 | % | 5.09 | % | 6/17/2024 | 1,995,000 | 1,904,428 | 1,899,001 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Nutrition Centers, Inc. | Retailers (Except Food and Drugs) | Amended Tranche B Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.74 | % | 3/4/2019 | 2,047,169 | 2,044,530 | 1,930,317 | Retailers (Except Food and Drugs) | Amended Tranche B Term Loan | Loan | 4.25 | % | 0.75 | % | 1.50 | % | 5.75 | % | 3/4/2019 | 2,047,169 | 2,044,907 | 1,897,050 | ||||||||||||||||||||||||||||||||||||||||||||||
Global Tel*Link Corporation | Services: Business | Term Loan (First Lien) | Loan | 4.00 | % | 1.25 | % | 0.00 | % | 5.30 | % | 5/26/2020 | 3,134,046 | 3,128,201 | 3,154,417 | Services: Business | Term Loan (First Lien) | Loan | 4.00 | % | 1.25 | % | 1.33 | % | 5.33 | % | 5/26/2020 | 3,125,063 | 3,119,213 | 3,128,001 | ||||||||||||||||||||||||||||||||||||||||||||||
GLOBALLOGIC HOLDINGS INC TERM LOAN B | Services: Business | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.80 | % | 6/20/2022 | 498,750 | 494,304 | 499,997 | Services: Business | Term Loan B | Loan | 4.50 | % | 1.00 | % | 1.33 | % | 5.83 | % | 6/20/2022 | 497,500 | 493,267 | 497,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodyear Tire & Rubber Company, The | Chemicals/Plastics | Loan (Second Lien) | Loan | 2.00 | % | 0.00 | % | 0.00 | % | 3.23 | % | 4/30/2019 | 1,833,333 | 1,823,483 | 1,835,625 | Chemicals/Plastics | Loan (Second Lien) | Loan | 2.00 | % | 0.00 | % | 1.27 | % | 3.27 | % | 4/30/2019 | 1,833,333 | 1,824,919 | 1,837,147 | ||||||||||||||||||||||||||||||||||||||||||||||
Grosvenor Capital Management Holdings, LP | Brokers/Dealers/Investment Houses | Initial Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 8/18/2023 | 997,481 | 992,679 | 999,975 | Brokers/Dealers/Investment Houses | Initial Term Loan | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 8/18/2023 | 994,962 | 990,319 | 995,380 | ||||||||||||||||||||||||||||||||||||||||||||||
Hargray Communications Group, Inc. | Media | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 2/9/2022 | 1,000,000 | 997,535 | 1,000,000 | Media | Term Loan B | Loan | 3.00 | % | 1.00 | % | 1.35 | % | 4.35 | % | 2/9/2022 | 997,500 | 995,040 | 997,191 | ||||||||||||||||||||||||||||||||||||||||||||||
Harland Clarke Holdings Corp. (fka Clarke American Corp.) | Publishing | TrancheB-4 Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.80 | % | 2/9/2022 | 2,148,828 | 2,094,599 | 2,155,554 | Publishing | TrancheB-4 Term Loan | Loan | 4.75 | % | 1.00 | % | 1.32 | % | 6.07 | % | 11/3/2023 | 1,961,082 | 1,948,503 | 1,966,592 | ||||||||||||||||||||||||||||||||||||||||||||||
HD Supply Waterworks, Ltd. | Construction & Building | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.46 | % | 8/1/2024 | 500,000 | 498,758 | 500,625 | Construction & Building | Term Loan | Loan | 3.00 | % | 1.00 | % | 1.46 | % | 4.46 | % | 8/1/2024 | 500,000 | 498,803 | 502,815 | ||||||||||||||||||||||||||||||||||||||||||||||
Heartland Dental, LLC | Services: Consumer | Term Loan | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 6.06 | % | 7/31/2023 | 3,000,000 | 2,985,015 | 3,000,000 | Services: Consumer | Term Loan | Loan | 4.75 | % | 1.00 | % | 1.34 | % | 6.09 | % | 7/31/2023 | 3,000,000 | 2,985,324 | 3,039,390 | ||||||||||||||||||||||||||||||||||||||||||||||
Helix Gen Funding, LLC | Utilities | Term Loan B | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.96 | % | 5/3/2024 | 479,104 | 476,900 | 483,349 | Utilities | Term Loan B | Loan | 3.75 | % | 1.00 | % | 1.33 | % | 5.08 | % | 6/3/2024 | 475,821 | 473,827 | 478,557 | ||||||||||||||||||||||||||||||||||||||||||||||
Helix Acquisition Holdings, Inc. | Utilities | Term Loan B | Loan | 4.00 | % | 1.00 | % | 1.33 | % | 5.33 | % | 9/30/2024 | 1,000,000 | 995,075 | 1,009,380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Help/Systems Holdings, Inc. | High Tech Industries | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.80 | % | 10/8/2021 | 1,349,392 | 1,298,024 | 1,352,766 | High Tech Industries | Term Loan | Loan | 4.50 | % | 1.00 | % | 1.33 | % | 5.83 | % | 10/8/2021 | 1,345,968 | 1,297,550 | 1,349,332 | ||||||||||||||||||||||||||||||||||||||||||||||
Hemisphere Media Holdings, LLC | Media | Term Loan B | Loan | 3.50 | % | 0.00 | % | 0.00 | % | 4.74 | % | 2/14/2024 | 2,487,500 | 2,499,377 | 2,490,609 | Media | Term Loan B | Loan | 3.50 | % | 0.00 | % | 1.35 | % | 4.85 | % | 2/14/2024 | 2,481,250 | 2,492,514 | 2,360,289 | ||||||||||||||||||||||||||||||||||||||||||||||
Herbalife T/L B (HLF Financing) | Drugs | Term Loan B | Loan | 5.50 | % | 0.75 | % | 0.00 | % | 6.74 | % | 2/15/2023 | 1,962,500 | 1,949,117 | 1,971,096 | Drugs | Term Loan B | Loan | 5.50 | % | 0.75 | % | 1.24 | % | 6.74 | % | 2/15/2023 | 1,925,000 | 1,912,772 | 1,918,590 | ||||||||||||||||||||||||||||||||||||||||||||||
Hercules Achievement Holdings, Inc. | Retailers (Except Food and Drugs) | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.74 | % | 12/10/2021 | 245,592 | 243,758 | 246,820 | Retailers (Except Food and Drugs) | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.24 | % | 4.74 | % | 12/10/2021 | 244,962 | 243,231 | 246,493 | ||||||||||||||||||||||||||||||||||||||||||||||
Highline Aftermarket Acquisition, LLC | Automotive | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.56 | % | 3/15/2024 | 997,500 | 992,512 | 1,002,488 | Automotive | Term Loan B | Loan | 4.25 | % | 1.00 | % | 1.38 | % | 5.63 | % | 3/15/2024 | 957,198 | 952,412 | 961,984 | ||||||||||||||||||||||||||||||||||||||||||||||
Hoffmaster Group, Inc. | Containers/Glass Products | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.80 | % | 11/21/2023 | 995,000 | 998,513 | 1,002,463 | Containers/Glass Products | Term Loan | Loan | 4.50 | % | 1.00 | % | 1.33 | % | 5.83 | % | 11/21/2023 | 992,500 | 995,827 | 998,703 | ||||||||||||||||||||||||||||||||||||||||||||||
Hostess Brand, LLC | Beverage, Food & Tobacco | Term Loan B (First Lien) | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.74 | % | 8/3/2022 | 1,486,275 | 1,482,613 | 1,489,619 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hostess Brands, LLC | Beverage, Food & Tobacco | Term Loan B (First Lien) | Loan | 2.25 | % | 0.75 | % | 1.35 | % | 3.60 | % | 8/3/2022 | 1,482,559 | 1,478,894 | 1,484,101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HUB International Limited | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.31 | % | 10/2/2022 | 746,144 | 746,144 | 748,367 | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 3.00 | % | 1.00 | % | 1.41 | % | 4.41 | % | 10/2/2022 | 216 | 216 | 217 | ||||||||||||||||||||||||||||||||||||||||||||||
Husky Injection Molding Systems Ltd. | Services: Business | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 6/30/2021 | 445,844 | 443,968 | 447,516 | Services: Business | Term Loan B | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 6/30/2021 | 418,923 | 417,231 | 421,253 | ||||||||||||||||||||||||||||||||||||||||||||||
Hyland Software, Inc. | High Tech Industries | Term Loan B | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.49 | % | 7/1/2022 | 1,000,000 | 997,506 | 1,007,500 | High Tech Industries | Term Loan B | Loan | 3.25 | % | 0.75 | % | 1.35 | % | 4.60 | % | 7/1/2022 | 997,494 | 995,010 | 1,006,222 | ||||||||||||||||||||||||||||||||||||||||||||||
Hyperion Refinance T/L | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.25 | % | 4/29/2022 | 1,877,293 | 1,856,318 | 1,899,820 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.38 | % | 5.38 | % | 4/29/2022 | 1,872,588 | 1,852,507 | 1,888,186 | ||||||||||||||||||||||||||||||||||||||||||||||
ICSH Parent, Inc. | Containers/Glass Products | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.32 | % | 4/29/2024 | 847,059 | 842,999 | 847,059 | Containers/Glass Products | Term Loan | Loan | 3.50 | % | 1.00 | % | 1.38 | % | 4.88 | % | 4/29/2024 | 847,059 | 843,042 | 850,235 | ||||||||||||||||||||||||||||||||||||||||||||||
ICSH Parent, Inc. | Containers/Glass Products | Delayed Draw Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.32 | % | 4/29/2024 | 46,353 | 46,353 | 46,353 | Containers/Glass Products | Delayed Draw Term Loan | Loan | 3.50 | % | 1.00 | % | 1.48 | % | 4.98 | % | 4/29/2024 | 59,245 | 59,245 | 59,467 | ||||||||||||||||||||||||||||||||||||||||||||||
Idera, Inc. | High Tech Industries | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 6/28/2024 | 1,690,909 | 1,674,000 | 1,690,909 | High Tech Industries | Term Loan B | Loan | 5.00 | % | 1.00 | % | 1.35 | % | 6.35 | % | 6/28/2024 | 1,686,682 | 1,669,815 | 1,686,682 | ||||||||||||||||||||||||||||||||||||||||||||||
IG Investments Holdings, LLC | Services: Business | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.30 | % | 10/29/2021 | 3,432,539 | 3,419,826 | 3,452,551 | Services: Business | Term Loan | Loan | 3.50 | % | 1.00 | % | 1.39 | % | 4.89 | % | 10/29/2021 | 3,423,936 | 3,404,509 | 3,445,336 | ||||||||||||||||||||||||||||||||||||||||||||||
Infor US (Lawson) T/LB-6 | Services: Business | Term LoanB-6 | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 4.05 | % | 2/1/2022 | 1,605,777 | 1,592,693 | 1,601,265 | Services: Business | Term LoanB-6 | Loan | 2.75 | % | 1.00 | % | 1.33 | % | 4.08 | % | 2/1/2022 | 1,601,753 | 1,589,416 | 1,599,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Informatica Corporation | High Tech Industries | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.80 | % | 8/5/2022 | 484,433 | 483,517 | 484,738 | High Tech Industries | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.33 | % | 4.83 | % | 8/5/2022 | 483,195 | 482,323 | 484,176 | ||||||||||||||||||||||||||||||||||||||||||||||
Inmar, Inc. | Services: Business | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.76 | % | 5/1/2024 | 500,000 | 495,138 | 500,315 | Services: Business | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.42 | % | 4.92 | % | 5/1/2024 | 498,750 | 493,978 | 499,583 | ||||||||||||||||||||||||||||||||||||||||||||||
J. Crew Group, Inc. | Retailers (Except Food and Drugs) | TermB-1 Loan Retired 03/05/2014 | Loan | 3.22 | % | 1.00 | % | 0.00 | % | 4.52 | % | 3/5/2021 | 834,971 | 834,971 | 486,629 | Retailers (Except Food and Drugs) | TermB-1 Loan Retired 03/05/2014 | Loan | 3.22 | % | 1.00 | % | 1.35 | % | 4.57 | % | 3/5/2021 | 832,627 | 832,627 | 479,802 | ||||||||||||||||||||||||||||||||||||||||||||||
J.Jill Group, Inc. | Retailers (Except Food and Drugs) | Term Loan (First Lien) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.32 | % | 5/9/2022 | 876,934 | 873,747 | 857,203 | Retailers (Except Food and Drugs) | Term Loan (First Lien) | Loan | 5.00 | % | 1.00 | % | 1.38 | % | 6.38 | % | 5/9/2022 | 874,524 | 871,494 | 807,841 | ||||||||||||||||||||||||||||||||||||||||||||||
Jazz Acquisition, Inc | Aerospace and Defense | First Lien 6/14 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.80 | % | 6/19/2021 | 485,455 | 484,729 | 471,294 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kinetic Concepts, Inc. | Healthcare & Pharmaceuticals | Term LoanF-1 | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.55 | % | 2/2/2024 | 2,400,000 | 2,389,238 | 2,373,000 | Healthcare & Pharmaceuticals | Term LoanF-1 | Loan | 3.25 | % | 1.00 | % | 1.33 | % | 4.58 | % | 2/2/2024 | 2,394,000 | 2,383,432 | 2,385,525 | ||||||||||||||||||||||||||||||||||||||||||||||
Koosharem, LLC | Services: Business | Term Loan | Loan | 6.50 | % | 1.00 | % | 0.00 | % | 7.80 | % | 5/15/2020 | 2,920,125 | 2,905,387 | 2,737,617 | Services: Business | Term Loan | Loan | 6.50 | % | 1.00 | % | 1.33 | % | 7.83 | % | 5/15/2020 | 2,912,638 | 2,899,212 | 2,798,549 | ||||||||||||||||||||||||||||||||||||||||||||||
Lannett Company, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.38 | % | 1.00 | % | 0.00 | % | 6.62 | % | 11/25/2022 | 2,850,000 | 2,798,349 | 2,821,500 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.38 | % | 1.00 | % | 1.35 | % | 6.72 | % | 11/25/2022 | 2,811,486 | 2,762,882 | 2,811,486 | ||||||||||||||||||||||||||||||||||||||||||||||
LEARFIELD COMMUNICATIONS INITIAL T/L(A-L PARENT) | Healthcare & Pharmaceuticals | Initial Term Loan(A-L Parent) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 12/1/2023 | 497,500 | 495,311 | 499,679 | Healthcare & Pharmaceuticals | Initial Term Loan(A-L Parent) | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 12/1/2023 | 496,250 | 494,144 | 498,111 | ||||||||||||||||||||||||||||||||||||||||||||||
Legalzoom.com, Inc. | Services: Consumer | Term Loan B | Loan | 4.50 | % | 1.00 | % | 1.44 | % | 5.94 | % | 11/21/2024 | 1,000,000 | 990,000 | 997,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lighthouse Network | Utilities | Term Loan C | Loan | 4.50 | % | 1.00 | % | 1.35 | % | 5.85 | % | 1/30/2024 | 1,000,000 | 995,000 | 995,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lightstone Generation T/L C | Utilities | Term Loan B Refinancing | Loan | 4.50 | % | 1.00 | % | 1.35 | % | 5.85 | % | 1/30/2024 | 930,362 | 913,161 | 932,781 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lightstone Generation T/L B | Utilities | Term Loan C | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.74 | % | 1/30/2024 | 57,971 | 56,866 | 57,699 | Utilities | Term Loan C | Loan | 4.50 | % | 1.00 | % | 1.35 | % | 5.85 | % | 1/30/2024 | 57,971 | 56,898 | 58,122 | ||||||||||||||||||||||||||||||||||||||||||||||
Lightstone Generation T/L C | Utilities | Term Loan B Refinancing | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.74 | % | 1/30/2024 | 930,362 | 912,678 | 925,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limetree Bay Terminals T/L (01/17) | Oil & Gas | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.23 | % | 2/15/2024 | 498,750 | 494,192 | 505,608 | Oil & Gas | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.28 | % | 5.28 | % | 2/15/2024 | 497,500 | 492,585 | 490,660 | ||||||||||||||||||||||||||||||||||||||||||||||
Liquidnet Holdings, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.48 | % | 7/15/2024 | 500,000 | 495,020 | 500,000 | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 4.25 | % | 1.00 | % | 1.35 | % | 5.60 | % | 7/15/2024 | 493,750 | 488,964 | 494,984 | ||||||||||||||||||||||||||||||||||||||||||||||
LPL Holdings | Banking, Finance, Insurance & Real Estate | Term Loan B (2022) | Loan | 2.50 | % | 0.00 | % | 0.00 | % | 3.73 | % | 3/11/2024 | 1,745,625 | 1,741,382 | 1,748,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LPL Holdings, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B (2022) | Loan | 2.25 | % | 0.00 | % | 1.33 | % | 3.58 | % | 9/23/2024 | 1,745,625 | 1,741,435 | 1,749,256 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
McAfee, LLC | Services: Business | Term Loan B | Loan | 4.50 | % | 1.00 | % | 1.33 | % | 5.83 | % | 9/30/2024 | 2,000,000 | 1,980,354 | 2,008,760 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings, LLC | Publishing | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.24 | % | 5/4/2022 | 990,000 | 986,218 | 970,448 | Publishing | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.35 | % | 5.35 | % | 5/4/2022 | 987,500 | 983,908 | 988,033 | ||||||||||||||||||||||||||||||||||||||||||||||
MHVC Acquisition Corp. | Aerospace and Defense | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.49 | % | 4/29/2024 | 2,000,000 | 1,990,197 | 2,025,000 | Aerospace and Defense | Term Loan | Loan | 5.25 | % | 1.00 | % | 1.35 | % | 6.60 | % | 4/29/2024 | 1,995,000 | 1,985,319 | 2,013,713 | ||||||||||||||||||||||||||||||||||||||||||||||
Michaels Stores, Inc. | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.99 | % | 1/30/2023 | 1,670,514 | 1,665,413 | 1,666,856 | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 2.75 | % | 1.00 | % | 1.35 | % | 4.10 | % | 1/30/2023 | 2,665,882 | 2,653,444 | 2,643,675 | ||||||||||||||||||||||||||||||||||||||||||||||
Micro Holding Corporation | High Tech Industries | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 7/8/2021 | 1,475,684 | 1,471,584 | 1,471,626 | High Tech Industries | Term Loan | Loan | 3.75 | % | 1.00 | % | 1.32 | % | 5.07 | % | 9/13/2024 | 1,475,684 | 1,469,848 | 1,468,305 | ||||||||||||||||||||||||||||||||||||||||||||||
Midas Intermediate Holdco II, LLC | Automotive | Term Loan (Initial) | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 4.05 | % | 8/18/2021 | 243,153 | 242,374 | 242,647 | Automotive | Term Loan (Initial) | Loan | 2.75 | % | 1.00 | % | 1.33 | % | 4.08 | % | 8/18/2021 | 242,542 | 241,810 | 242,695 | ||||||||||||||||||||||||||||||||||||||||||||||
Midwest Physician Administrative Services LLC | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 4.32 | % | 8/15/2024 | 1,000,000 | 995,097 | 997,500 | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.00 | % | 0.75 | % | 1.42 | % | 4.42 | % | 8/15/2024 | 1,000,000 | 995,768 | 1,001,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Milacron T/L B | Capital Equipment | Term Loan B | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 4.24 | % | 9/28/2023 | 995,000 | 991,655 | 997,905 | Capital Equipment | Term Loan B | Loan | 2.75 | % | 0.00 | % | 1.35 | % | 4.10 | % | 9/28/2023 | 1,985,000 | 1,981,704 | 1,986,251 | ||||||||||||||||||||||||||||||||||||||||||||||
Milk Specialties Company | Beverage, Food & Tobacco | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.30 | % | 8/16/2023 | 992,500 | 983,390 | 999,944 | Beverage, Food & Tobacco | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.33 | % | 5.33 | % | 8/16/2023 | 990,000 | 981,217 | 993,713 | ||||||||||||||||||||||||||||||||||||||||||||||
Mister Car Wash T/L | Automotive | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.03 | % | 8/20/2021 | 1,491,470 | 1,486,113 | 1,493,961 | Automotive | Term Loan | Loan | 3.75 | % | 1.00 | % | 1.38 | % | 5.13 | % | 8/20/2021 | 1,487,628 | 1,482,563 | 1,491,347 | ||||||||||||||||||||||||||||||||||||||||||||||
MWI Holdings, Inc. | Capital Equipment | Term Loan (First Lien) | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.80 | % | 6/29/2020 | 2,970,000 | 2,946,207 | 2,970,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRC Global (US) Inc. | Metals & Mining | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 9/20/2024 | 500,000 | 498,768 | 502,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Navistar, Inc. | Automotive | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.25 | % | 4.75 | % | 11/6/2024 | 2,000,000 | 1,990,063 | 2,005,840 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Media Holdings II T/L (NEW) | Retailers (Except Food and Drugs) | Term Loan | Loan | 6.25 | % | 1.00 | % | 0.00 | % | 7.49 | % | 6/4/2020 | 4,151,952 | 4,130,494 | 4,138,998 | Retailers (Except Food and Drugs) | Term Loan | Loan | 6.25 | % | 1.00 | % | 1.35 | % | 7.60 | % | 6/4/2020 | 4,141,573 | 4,121,968 | 4,144,182 | ||||||||||||||||||||||||||||||||||||||||||||||
New Millennium Holdco, Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 6.50 | % | 1.00 | % | 0.00 | % | 7.74 | % | 12/21/2020 | 1,920,070 | 1,791,552 | 1,056,039 | Healthcare & Pharmaceuticals | Term Loan | Loan | 6.50 | % | 1.00 | % | 1.35 | % | 7.85 | % | 12/21/2020 | 1,915,053 | 1,798,718 | 749,264 | ||||||||||||||||||||||||||||||||||||||||||||||
Novetta Solutions | Aerospace and Defense | Term Loan (200MM) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.30 | % | 10/16/2022 | 1,970,000 | 1,954,718 | 1,896,125 | Aerospace and Defense | Term Loan (200MM) | Loan | 5.00 | % | 1.00 | % | 1.34 | % | 6.34 | % | 10/16/2022 | 1,965,000 | 1,950,402 | 1,886,400 | ||||||||||||||||||||||||||||||||||||||||||||||
Novetta Solutions | Aerospace and Defense | Term Loan (2nd Lien) | Loan | 8.50 | % | 1.00 | % | 0.00 | % | 9.80 | % | 10/16/2023 | 1,000,000 | 991,731 | 940,000 | Aerospace and Defense | Term Loan (2nd Lien) | Loan | 8.50 | % | 1.00 | % | 1.34 | % | 9.84 | % | 10/16/2023 | 1,000,000 | 991,987 | 940,000 | ||||||||||||||||||||||||||||||||||||||||||||||
NPC International, Inc. | Food Services | Term Loan (2013) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.74 | % | 4/19/2024 | 500,000 | 499,388 | 502,500 | Food Services | Term Loan (2013) | Loan | 3.50 | % | 1.00 | % | 1.34 | % | 4.84 | % | 4/19/2024 | 498,750 | 498,138 | 501,244 | ||||||||||||||||||||||||||||||||||||||||||||||
NVA Holdings (National Veterinary) T/L B2 | Services: Consumer | Term Loan B2 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.80 | % | 8/14/2021 | 1,507,950 | 1,503,536 | 1,513,605 | Services: Consumer | Term Loan B2 | Loan | 3.50 | % | 1.00 | % | 1.33 | % | 4.83 | % | 8/14/2021 | 1,754,162 | 1,749,377 | 1,765,125 | ||||||||||||||||||||||||||||||||||||||||||||||
NXT Capital T/L (11/16) | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.74 | % | 11/23/2022 | 1,244,373 | 1,239,598 | 1,263,039 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 11/23/2022 | 1,241,247 | 1,236,607 | 1,252,108 | ||||||||||||||||||||||||||||||||||||||||||||||
Office Depot, Inc. | Retailers (Except Food and Drugs) | Term Loan B | Loan | 7.00 | % | 1.00 | % | 1.24 | % | 8.24 | % | 11/8/2022 | 2,500,000 | 2,425,581 | 2,487,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onex Carestream Finance LP | Healthcare & Pharmaceuticals | Term Loan (First Lien 2013) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.30 | % | 6/7/2019 | 3,504,053 | 3,494,910 | 3,496,940 | Healthcare & Pharmaceuticals | Term Loan (First Lien 2013) | Loan | 4.00 | % | 1.00 | % | 1.33 | % | 5.33 | % | 6/7/2019 | 3,037,274 | 3,032,894 | 3,040,129 | ||||||||||||||||||||||||||||||||||||||||||||||
OnexYork Acquisition Co | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 10/1/2021 | 486,250 | 483,977 | 478,499 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OpenLink International, LLC | Services: Business | Term B Loan | Loan | 6.50 | % | 1.25 | % | 0.00 | % | 7.81 | % | 7/29/2019 | 2,898,488 | 2,898,374 | 2,893,068 | Services: Business | Term B Loan | Loan | 6.50 | % | 1.25 | % | 1.31 | % | 7.81 | % | 7/29/2019 | 2,890,820 | 2,889,135 | 2,901,661 | ||||||||||||||||||||||||||||||||||||||||||||||
P.F. Chang’s China Bistro, Inc. | Food/Drug Retailers | Term B Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.48 | % | 6/24/2019 | 589,978 | 572,278 | 572,278 | Food/Drug Retailers | Term B Loan | Loan | 5.00 | % | 1.00 | % | 1.51 | % | 6.51 | % | 9/1/2022 | 2,000,000 | 1,983,021 | 1,860,000 | ||||||||||||||||||||||||||||||||||||||||||||||
P.F. Chang’s China Bistro, Inc. (Wok Acquisition Corp.) | Food/Drug Retailers | Term B Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.48 | % | 6/24/2019 | 1,410,022 | 1,406,954 | 1,404,735 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
P2 Upstream Acquisition Co. (P2 Upstream Canada BC ULC) | Services: Business | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.32 | % | 10/30/2020 | 965,000 | 962,318 | 942,487 | Services: Business | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 1.40 | % | 5.40 | % | 10/30/2020 | 962,500 | 960,014 | 940,045 | ||||||||||||||||||||||||||||||||||||||||||||||
Petsmart, Inc. (Argos Merger Sub, Inc.) | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.24 | % | 3/11/2022 | 977,500 | 973,373 | 857,404 | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 3.00 | % | 1.00 | % | 1.34 | % | 4.34 | % | 3/11/2022 | 975,000 | 971,086 | 838,013 | ||||||||||||||||||||||||||||||||||||||||||||||
PGX Holdings, Inc. | Financial Intermediaries | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.49 | % | 9/29/2020 | 2,851,534 | 2,838,455 | 2,853,331 | Financial Intermediaries | Term Loan | Loan | 5.25 | % | 1.00 | % | 1.35 | % | 6.60 | % | 9/29/2020 | 2,774,194 | 2,762,490 | 2,762,070 | ||||||||||||||||||||||||||||||||||||||||||||||
Pike Corporation | Construction & Building | Term Loan B | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 3/8/2024 | 498,750 | 496,459 | 503,428 | Construction & Building | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 9/20/2024 | 498,750 | 496,320 | 505,398 | ||||||||||||||||||||||||||||||||||||||||||||||
Planet Fitness Holdings LLC | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 4.24 | % | 3/31/2021 | 2,380,349 | 2,374,116 | 2,395,226 | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.00 | % | 0.75 | % | 1.35 | % | 4.35 | % | 3/31/2021 | 2,374,353 | 2,368,360 | 2,386,225 | ||||||||||||||||||||||||||||||||||||||||||||||
Plastipak Packaging, Inc | Containers/Glass Products | Term Loan B | Loan | 2.75 | % | 1.00 | % | 1.27 | % | 4.02 | % | 10/14/2024 | 1,000,000 | 995,063 | 1,004,750 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Polycom Term Loan (9/16) | Telecommunications | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.49 | % | 9/27/2023 | 1,733,167 | 1,711,253 | 1,754,398 | Telecommunications | Term Loan | Loan | 5.25 | % | 1.00 | % | 1.35 | % | 6.60 | % | 9/27/2023 | 1,587,333 | 1,568,052 | 1,599,238 | ||||||||||||||||||||||||||||||||||||||||||||||
PrePaid Legal Services, Inc. | Services: Business | Term Loan B | Loan | 5.25 | % | 1.25 | % | 0.00 | % | 6.50 | % | 7/1/2019 | 3,103,532 | 3,106,156 | 3,120,012 | Services: Business | Term Loan B | Loan | 5.25 | % | 1.25 | % | 1.35 | % | 6.60 | % | 7/1/2019 | 3,072,812 | 3,074,884 | 3,074,748 | ||||||||||||||||||||||||||||||||||||||||||||||
Presidio, Inc. | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.55 | % | 2/2/2022 | 1,997,270 | 1,941,849 | 2,003,921 | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 2/2/2022 | 1,964,615 | 1,912,468 | 1,977,503 | ||||||||||||||||||||||||||||||||||||||||||||||
Prestige Brands T/L B4 | Drugs | Term Loan B4 | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.99 | % | 1/26/2024 | 456,202 | 455,187 | 456,699 | Drugs | Term Loan B4 | Loan | 2.75 | % | 0.75 | % | 1.35 | % | 4.10 | % | 1/26/2024 | 440,434 | 439,472 | 442,566 | ||||||||||||||||||||||||||||||||||||||||||||||
Prime Security Services (Protection One) | Services: Business | Term Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.99 | % | 5/2/2022 | 1,980,062 | 1,970,444 | 1,988,735 | Services: Business | Term Loan | Loan | 2.75 | % | 1.00 | % | 1.35 | % | 4.10 | % | 5/2/2022 | 1,975,112 | 1,966,007 | 1,988,484 | ||||||||||||||||||||||||||||||||||||||||||||||
Project Leopard Holdings, Inc. | High Tech Industries | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.76 | % | 7/7/2023 | 500,000 | 498,765 | 502,500 | High Tech Industries | Term Loan | Loan | 5.50 | % | 1.00 | % | 1.33 | % | 6.83 | % | 7/7/2023 | 500,000 | 498,773 | 503,125 | ||||||||||||||||||||||||||||||||||||||||||||||
Project Silverback Holdings Corp. | High Tech Industries | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.32 | % | 8/21/2024 | 1,000,000 | 997,500 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rackspace Hosting, Inc. | High Tech Industries | Term Loan B | Loan | 3.00 | % | 1.00 | % | 1.38 | % | 4.38 | % | 11/3/2023 | 500,000 | 498,755 | 499,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Radio Systems Corporation | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.74 | % | 5/2/2024 | 1,500,000 | 1,500,000 | 1,511,250 | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 5/2/2024 | 1,496,250 | 1,496,250 | 1,501,861 | ||||||||||||||||||||||||||||||||||||||||||||||
Ranpak Holdings, Inc. | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.49 | % | 10/1/2021 | 911,385 | 909,107 | 911,385 | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 1.35 | % | 4.60 | % | 10/1/2021 | 909,054 | 906,782 | 913,600 | ||||||||||||||||||||||||||||||||||||||||||||||
Redtop Acquisitions Limited | Electronics/Electric | Initial Dollar Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.81 | % | 12/3/2020 | 482,537 | 480,782 | 482,841 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Red Ventures, LLC | High Tech Industries | Term Loan | Loan | 4.00 | % | 0.00 | % | 1.33 | % | 5.33 | % | 11/8/2024 | 1,000,000 | 990,038 | 994,690 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research Now Group, Inc | Media | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.80 | % | 3/18/2021 | 2,004,470 | 1,997,380 | 1,994,448 | Media | Term Loan B | Loan | 4.50 | % | 1.00 | % | 1.33 | % | 5.83 | % | 3/18/2021 | 2,004,470 | 1,997,772 | 1,994,448 | ||||||||||||||||||||||||||||||||||||||||||||||
Resolute Investment Managers, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.55 | % | 4/30/2022 | 726,591 | 725,217 | 733,856 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 3.25 | % | 1.00 | % | 1.33 | % | 4.58 | % | 4/29/2022 | 724,665 | 724,665 | 732,817 | ||||||||||||||||||||||||||||||||||||||||||||||
Reynolds Group Holdings Inc. | Industrial Equipment | Incremental U.S. Term Loan | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 4.24 | % | 2/3/2023 | 1,752,329 | 1,752,329 | 1,753,485 | Industrial Equipment | Incremental U.S. Term Loan | Loan | 3.00 | % | 0.00 | % | 1.35 | % | 4.35 | % | 2/3/2023 | 1,747,926 | 1,747,926 | 1,755,424 | ||||||||||||||||||||||||||||||||||||||||||||||
RGIS Services, LLC | Services: Business | Term Loan | Loan | 7.50 | % | 1.00 | % | 0.00 | % | 8.80 | % | 3/31/2023 | 498,750 | 491,591 | 455,109 | Services: Business | Term Loan | Loan | 7.50 | % | 1.00 | % | 1.33 | % | 8.83 | % | 3/31/2023 | 497,500 | 490,583 | 463,546 | ||||||||||||||||||||||||||||||||||||||||||||||
Robertshaw US Holding Corp. | Consumer Goods: Durable | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.75 | % | 8/12/2024 | 500,000 | 496,250 | 502,815 | Consumer Goods: Durable | Term Loan | Loan | 4.50 | % | 1.00 | % | 1.25 | % | 5.75 | % | 8/12/2024 | 500,000 | 496,355 | 503,125 | ||||||||||||||||||||||||||||||||||||||||||||||
Rovi Solutions Corporation / Rovi Guides, Inc. | Electronics/Electric | TrancheB-3 Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.74 | % | 7/2/2021 | 1,455,000 | 1,450,798 | 1,456,557 | Electronics/Electric | TrancheB-3 Term Loan | Loan | 2.50 | % | 0.75 | % | 1.35 | % | 3.85 | % | 7/2/2021 | 1,451,250 | 1,447,313 | 1,455,792 | ||||||||||||||||||||||||||||||||||||||||||||||
Royal Holdings T/L (02/17) | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.55 | % | 6/17/2022 | 540,253 | 537,980 | 542,954 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell Investment Management T/L B | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.49 | % | 6/1/2023 | 2,228,744 | 2,123,972 | 2,238,506 | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 4.25 | % | 1.00 | % | 1.35 | % | 5.60 | % | 6/1/2023 | 2,223,116 | 2,122,032 | 2,243,968 | ||||||||||||||||||||||||||||||||||||||||||||||
Sable International Finance Ltd | Telecommunications | Term Loan B2 | Loan | 3.50 | % | 0.00 | % | 0.00 | % | 4.74 | % | 1/31/2025 | 2,500,000 | 2,487,515 | 2,485,950 | Telecommunications | Term Loan B2 | Loan | 3.50 | % | 0.00 | % | 1.35 | % | 4.85 | % | 1/31/2025 | 2,500,000 | 2,487,907 | 2,501,950 | ||||||||||||||||||||||||||||||||||||||||||||||
Sally Holdings, LLC | Retail | Term Loan B1 | Loan | 2.50 | % | 0.00 | % | 0.00 | % | 3.75 | % | 7/5/2024 | 1,000,000 | 995,057 | 996,250 | Retail | Term Loan B1 | Loan | 2.50 | % | 0.00 | % | 1.38 | % | 3.88 | % | 7/5/2024 | 1,000,000 | 995,155 | 997,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Sally Holdings, LLC | Retail | Term Loan (Fixed) | Loan | 4.50 | % | 0.00 | % | 0.00 | % | 4.50 | % | 7/5/2024 | 1,000,000 | 995,002 | 1,005,000 | Retail | Term Loan (Fixed) | Loan | 4.50 | % | 0.00 | % | 1.38 | % | 5.88 | % | 7/5/2024 | 1,000,000 | 995,164 | 997,500 | ||||||||||||||||||||||||||||||||||||||||||||||
SBP Holdings LP | Industrial Equipment | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.24 | % | 3/27/2021 | 967,500 | 964,802 | 888,291 | Industrial Equipment | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 1.35 | % | 5.35 | % | 3/27/2021 | 965,000 | 962,482 | 911,124 | ||||||||||||||||||||||||||||||||||||||||||||||
SCS Holdings (Sirius Computer) | High Tech Industries | Term Loan (First Lien) | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.49 | % | 10/31/2022 | 1,852,332 | 1,819,756 | 1,863,131 | High Tech Industries | Term Loan (First Lien) | Loan | 4.25 | % | 1.00 | % | 1.35 | % | 5.60 | % | 10/31/2022 | 2,352,332 | 2,319,885 | 2,360,166 | ||||||||||||||||||||||||||||||||||||||||||||||
Seadrill Operating LP | Oil & Gas | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.30 | % | 2/21/2021 | 972,292 | 924,066 | 624,698 | Oil & Gas | Term Loan B | Loan | 3.00 | % | 1.00 | % | 1.33 | % | 4.33 | % | 2/21/2021 | 969,773 | 924,735 | 749,838 | ||||||||||||||||||||||||||||||||||||||||||||||
SG Acquisition, Inc. (Safe Guard) | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.30 | % | 3/29/2024 | 1,987,500 | 1,968,665 | 1,972,594 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.00 | % | 1.00 | % | 1.33 | % | 6.33 | % | 3/29/2024 | 1,975,000 | 1,956,875 | 1,960,187 | ||||||||||||||||||||||||||||||||||||||||||||||
Shearers Foods LLC | Food Services | Term Loan (First Lien) | Loan | 3.94 | % | 1.00 | % | 0.00 | % | 5.24 | % | 6/30/2021 | 972,500 | 971,037 | 972,092 | Food Services | Term Loan (First Lien) | Loan | 3.94 | % | 1.00 | % | 1.33 | % | 5.27 | % | 6/30/2021 | 970,000 | 968,536 | 963,938 | ||||||||||||||||||||||||||||||||||||||||||||||
Sitel Worldwide | Telecommunications | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.81 | % | 9/18/2021 | 1,965,000 | 1,951,088 | 1,961,325 | Telecommunications | Term Loan | Loan | 5.50 | % | 1.00 | % | 1.38 | % | 6.88 | % | 9/18/2021 | 1,960,000 | 1,946,630 | 1,956,727 | ||||||||||||||||||||||||||||||||||||||||||||||
SMB Shipping Logistics T/L B (REP WWEX Acquisition) | Transportation | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.95 | % | 2/2/2024 | 997,500 | 993,052 | 999,166 | Transportation | Term Loan B | Loan | 4.00 | % | 1.00 | % | 1.48 | % | 5.48 | % | 2/2/2024 | 1,995,000 | 1,993,026 | 1,990,850 | ||||||||||||||||||||||||||||||||||||||||||||||
Sonneborn, LLC | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 12/10/2020 | 206,920 | 206,619 | 207,954 | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 12/10/2020 | 206,389 | 206,111 | 207,163 | ||||||||||||||||||||||||||||||||||||||||||||||
Sonneborn, LLC | Chemicals/Plastics | Initial US Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 12/10/2020 | 1,172,545 | 1,170,841 | 1,178,408 | Chemicals/Plastics | Initial US Term Loan | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 12/10/2020 | 1,169,537 | 1,167,961 | 1,173,923 | ||||||||||||||||||||||||||||||||||||||||||||||
Sophia, L.P. | Electronics/Electric | Term Loan (Closing Date) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.55 | % | 9/30/2022 | 1,935,931 | 1,927,351 | 1,932,601 | Electronics/Electric | Term Loan (Closing Date) | Loan | 3.25 | % | 1.00 | % | 1.33 | % | 4.58 | % | 9/30/2022 | 1,935,910 | 1,927,542 | 1,935,097 | ||||||||||||||||||||||||||||||||||||||||||||||
SRAM, LLC | Industrial Equipment | Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.76 | % | 3/15/2024 | 2,600,800 | 2,579,942 | 2,613,804 | Industrial Equipment | Term Loan (First Lien) | Loan | 3.25 | % | 1.00 | % | 1.44 | % | 4.69 | % | 3/15/2024 | 2,517,804 | 2,497,084 | 2,536,687 | ||||||||||||||||||||||||||||||||||||||||||||||
Staples, Inc. | Retail | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.31 | % | 8/15/2024 | 2,000,000 | 1,995,000 | 1,989,540 | Retail | Term Loan B | Loan | 4.00 | % | 1.00 | % | 1.31 | % | 5.31 | % | 8/15/2024 | 2,000,000 | 1,995,041 | 1,913,580 | ||||||||||||||||||||||||||||||||||||||||||||||
Steak ‘n Shake Operations, Inc. | Food Services | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.99 | % | 3/19/2021 | 849,991 | 845,318 | 824,491 | Food Services | Term Loan | Loan | 3.75 | % | 1.00 | % | 1.35 | % | 5.10 | % | 3/19/2021 | 847,491 | 843,134 | 771,217 | ||||||||||||||||||||||||||||||||||||||||||||||
Survey Sampling International | Services: Business | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.30 | % | 12/16/2020 | 2,707,893 | 2,695,815 | 2,667,274 | Services: Business | Term Loan B | Loan | 4.00 | % | 1.00 | % | 4.25 | % | 8.25 | % | 12/16/2020 | 2,700,965 | 2,689,404 | 2,700,965 | ||||||||||||||||||||||||||||||||||||||||||||||
Sybil Finance BV | High Tech Industries | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.50 | % | 9/29/2023 | 975,156 | 971,083 | 980,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sybil Software LLC | High Tech Industries | Term Loan B | Loan | 2.75 | % | 1.00 | % | 1.31 | % | 4.06 | % | 9/29/2023 | 962,813 | 958,108 | 968,676 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Syncsort Incorporated | High Tech Industries | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 8/16/2024 | 2,000,000 | 1,980,000 | 1,980,500 | High Tech Industries | Term Loan B | Loan | 5.00 | % | 1.00 | % | 1.36 | % | 6.36 | % | 8/16/2024 | 2,000,000 | 1,980,439 | 1,948,340 | ||||||||||||||||||||||||||||||||||||||||||||||
Syniverse Holdings, Inc. | Telecommunications | Initial Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.31 | % | 4/23/2019 | 468,409 | 466,861 | 448,501 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten-X, LLC | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.35 | % | 5.35 | % | 9/30/2024 | 2,000,000 | 1,997,570 | 2,002,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Townsquare Media, Inc. | Media | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.30 | % | 4/1/2022 | 911,712 | 907,640 | 911,712 | Media | Term Loan B | Loan | 3.00 | % | 1.00 | % | 1.42 | % | 4.42 | % | 4/1/2022 | 911,712 | 907,766 | 911,429 | ||||||||||||||||||||||||||||||||||||||||||||||
TransDigm, Inc. | Aerospace and Defense | Tranche C Term Loan | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 4.26 | % | 2/28/2020 | 4,211,151 | 4,218,677 | 4,214,898 | Aerospace and Defense | Tranche C Term Loan | Loan | 3.00 | % | 0.75 | % | 1.35 | % | 4.35 | % | 2/28/2020 | 4,200,623 | 4,207,721 | 4,219,273 | ||||||||||||||||||||||||||||||||||||||||||||||
Travel Leaders Group, LLC | Hotel, Gaming and Leisure | Term Loan B | Loan | 4.50 | % | 0.00 | % | 0.00 | % | 5.81 | % | 1/25/2024 | 1,995,000 | 1,985,216 | 2,009,125 | Hotel, Gaming and Leisure | Term Loan B | Loan | 4.50 | % | 0.00 | % | 1.42 | % | 5.92 | % | 1/25/2024 | 1,990,013 | 1,981,185 | 2,019,863 | ||||||||||||||||||||||||||||||||||||||||||||||
TRC Companies, Inc. | Services: Business | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.23 | % | 6/21/2024 | 3,000,000 | 2,985,204 | 3,007,500 | Services: Business | Term Loan | Loan | 4.00 | % | 1.00 | % | 1.28 | % | 5.28 | % | 6/21/2024 | 3,000,000 | 2,985,656 | 3,001,890 | ||||||||||||||||||||||||||||||||||||||||||||||
Truck Hero, Inc. (Tectum Holdings) | Transportation | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.23 | % | 4/22/2024 | 2,000,000 | 1,980,517 | 1,997,500 | Transportation | Term Loan B | Loan | 4.00 | % | 1.00 | % | 1.33 | % | 5.33 | % | 4/22/2024 | 2,995,000 | 2,970,996 | 2,991,256 | ||||||||||||||||||||||||||||||||||||||||||||||
Trugreen Limited Partnership | Services: Business | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.23 | % | 4/13/2023 | 495,000 | 487,643 | 499,950 | Services: Business | Term Loan B | Loan | 4.00 | % | 1.00 | % | 1.25 | % | 5.25 | % | 4/13/2023 | 495,000 | 487,926 | 501,806 | ||||||||||||||||||||||||||||||||||||||||||||||
Twin River Management Group, Inc. | Lodging & Casinos | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.80 | % | 7/10/2020 | 790,346 | 791,422 | 794,796 | Lodging & Casinos | Term Loan B | Loan | 3.50 | % | 1.00 | % | 1.33 | % | 4.83 | % | 7/10/2020 | 787,846 | 788,759 | 796,378 | ||||||||||||||||||||||||||||||||||||||||||||||
Univar Inc. | Chemicals/Plastics | Term B Loan | Loan | 2.75 | % | 0.00 | % | 0.00 | % | 3.99 | % | 7/1/2022 | 2,947,688 | 2,934,692 | 2,949,987 | Chemicals/Plastics | Term B Loan | Loan | 2.50 | % | 0.00 | % | 1.34 | % | 3.84 | % | 7/1/2022 | 2,940,281 | 2,925,589 | 2,947,632 | ||||||||||||||||||||||||||||||||||||||||||||||
Univision Communications Inc. | Telecommunications | Replacement First-Lien Term Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.99 | % | 3/15/2024 | 2,870,189 | 2,852,951 | 2,845,849 | Telecommunications | Replacement First-Lien Term Loan | Loan | 2.75 | % | 1.00 | % | 1.35 | % | 4.10 | % | 3/15/2024 | 2,862,450 | 2,845,791 | 2,841,382 | ||||||||||||||||||||||||||||||||||||||||||||||
UOS, LLC (Utility One Source) | Capital Equipment | Term Loan B | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.80 | % | 4/18/2023 | 500,000 | 495,186 | 509,065 | Capital Equipment | Term Loan B | Loan | 5.50 | % | 1.00 | % | 1.35 | % | 6.85 | % | 4/18/2023 | 598,750 | 596,590 | 611,473 | ||||||||||||||||||||||||||||||||||||||||||||||
UPC Broadband Holding B.V. | Media, Broadcasting & Subscription | Term Loan | Loan | 2.50 | % | 0.00 | % | 1.25 | % | 3.75 | % | 1/15/2026 | 1,000,000 | 998,760 | 1,000,830 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Drugs | Series D2 Term Loan B | Loan | 4.75 | % | 0.75 | % | 0.00 | % | 5.99 | % | 4/1/2022 | 1,482,063 | 1,482,063 | 1,507,080 | Drugs | Series D2 Term Loan B | Loan | 3.50 | % | 0.75 | % | 1.25 | % | 4.75 | % | 4/1/2022 | 976,339 | 976,339 | 989,275 | ||||||||||||||||||||||||||||||||||||||||||||||
Virtus Investment Partners, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 3.75 | % | 0.75 | % | 0.00 | % | 4.95 | % | 6/3/2024 | 500,000 | 497,580 | 505,625 | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 3.50 | % | 0.75 | % | 1.32 | % | 4.82 | % | 6/3/2024 | 498,750 | 496,430 | 503,738 | ||||||||||||||||||||||||||||||||||||||||||||||
Vizient Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.74 | % | 2/13/2023 | 879,853 | 858,575 | 888,651 | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.50 | % | 1.00 | % | 1.35 | % | 4.85 | % | 2/13/2023 | 860,245 | 840,130 | 862,396 | ||||||||||||||||||||||||||||||||||||||||||||||
Washington Inventory Service | High Tech Industries | U.S. Term Loan (First Lien) | Loan | 0.00 | % | 0.00 | % | 6.00 | % | 7.22 | % | 12/20/2018 | 1,108,260 | 1,121,429 | 978,039 | High Tech Industries | U.S. Term Loan (First Lien) | Loan | 6.00 | % | 0.00 | % | 1.32 | % | 7.32 | % | 6/8/2020 | 1,111,056 | 1,123,172 | 980,507 | ||||||||||||||||||||||||||||||||||||||||||||||
Weight Watchers International, Inc. | Services: Consumer | Term Loan B | Loan | 4.75 | % | 0.75 | % | 1.48 | % | 6.23 | % | 11/29/2024 | 2,000,000 | 1,960,000 | 1,966,880 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Western Dental Services, Inc. | Retail | Term Loan B | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.49 | % | 6/30/2023 | 2,000,000 | 1,980,073 | 2,000,000 | Retail | Term Loan B | Loan | 5.25 | % | 1.00 | % | 1.35 | % | 6.60 | % | 6/30/2023 | 2,495,000 | 2,477,137 | 2,505,928 | ||||||||||||||||||||||||||||||||||||||||||||||
Western Digital Corporation | High Tech Industries | Term Loan B (USD) | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.98 | % | 4/28/2023 | 1,584,040 | 1,539,726 | 1,591,517 | High Tech Industries | Term Loan B (USD) | Loan | 2.00 | % | 0.75 | % | 1.31 | % | 3.31 | % | 4/28/2023 | 1,580,060 | 1,533,109 | 1,583,836 | ||||||||||||||||||||||||||||||||||||||||||||||
Windstream Services, LLC | Telecommunications | Term Loan B6 | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 5.27 | % | 3/29/2021 | 994,366 | 985,495 | 905,867 | Telecommunications | Term Loan B6 | Loan | 4.00 | % | 0.75 | % | 1.27 | % | 5.27 | % | 3/29/2021 | 888,561 | 881,085 | 835,247 | ||||||||||||||||||||||||||||||||||||||||||||||
Wirepath LLC | Consumer Goods:Non-durable | Term Loan | Loan | 5.25 | % | 1.00 | % | 1.33 | % | 6.58 | % | 8/5/2024 | 1,000,000 | 998,418 | 1,005,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Xerox Business Services T/L B (Conduent) | Services: Business | Term Loan | Loan | 4.00 | % | 0.00 | % | 0.00 | % | 5.24 | % | 12/7/2023 | 746,250 | 734,919 | 752,220 | Services: Business | Term Loan | Loan | 3.00 | % | 0.00 | % | 1.35 | % | 4.35 | % | 12/7/2023 | 744,375 | 733,437 | 748,566 | ||||||||||||||||||||||||||||||||||||||||||||||
ZEP, Inc. | Chemicals/Plastics | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.23 | % | 6/27/2022 | 2,500,000 | 2,487,507 | 2,502,075 | Chemicals/Plastics | Term Loan B | Loan | 4.00 | % | 1.00 | % | 1.38 | % | 5.38 | % | 6/27/2022 | 2,500,000 | 2,487,810 | 2,512,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Zest Holdings 1st Lien T/L (2014 Replacement) | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.49 | % | 8/16/2023 | 997,500 | 992,766 | 1,003,315 | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.25 | % | 1.00 | % | 1.35 | % | 5.60 | % | 8/16/2023 | 995,000 | 990,405 | 1,001,219 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 301,224,354 | $ | 294,524,652 | $ | 309,596,755 | $ | 302,694,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal | Cost | Fair Value | Principal | Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Bank Money Market (a) | U.S. Bank Money Market (a) | $ | 7,475,599 | $ | 7,475,599 | $ | 7,475,599 | U.S. Bank Money Market (a) | $ | 4,971,935 | $ | 4,971,935 | $ | 4,971,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | $ | 7,475,599 | $ | 7,475,599 | $ | 7,475,599 | Total cash and cash equivalents | $ | 4,971,935 | $ | 4,971,935 | $ | 4,971,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
(a) Included within cash and cash equivalents in Saratoga CLO’s Statementsstatements of Assetsassets and Liabilitiesliabilities as of August 31,November 30, 2017.
Saratoga Investment Corp. CLO2013-1 Ltd.
Schedule of Investments
February 28, 2017
Issuer Name | Industry | Asset Name | Asset Type | Spread | LIBOR Floor | PIK | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | Industry | Asset Name | Asset Type | Spread | LIBOR Floor | PIK | Current Rate (All In) | Maturity Date | Principal/ Number of Shares | Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | A-1 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 6,692 | $ | 669,214 | $ | 6,725 | Leisure Goods/Activities/Movies | A-1 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 6,692 | $ | 669,214 | $ | 6,725 | ||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | A-2 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 18,975 | 1,897,538 | 247 | Leisure Goods/Activities/Movies | A-2 Preferred Shares | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 18,975 | 1,897,538 | 247 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Millennium Holdco, Inc. | Healthcare & Pharmaceuticals | Common Stock | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 14,813 | 964,466 | 15,746 | Healthcare & Pharmaceuticals | Common Stock | Equity | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 14,813 | 964,466 | 15,746 | ||||||||||||||||||||||||||||||||||||||||||||||||
24 Hour Holdings III, LLC | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 5/28/2021 | $ | 487,500 | 484,284 | 476,127 | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 5/28/2021 | $ | 487,500 | 484,284 | 476,127 | ||||||||||||||||||||||||||||||||||||||||||||
ABBCon-Cise Optical Group, LLC | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 6/15/2023 | 1,995,000 | 1,975,193 | 2,009,963 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 6/15/2023 | 1,995,000 | 1,975,193 | 2,009,963 | ||||||||||||||||||||||||||||||||||||||||||||||
Acosta Holdco, Inc. | Media | Term Loan B1 | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.29 | % | 9/26/2021 | 1,940,025 | 1,929,297 | 1,893,348 | Media | Term Loan B1 | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.29 | % | 9/26/2021 | 1,940,025 | 1,929,297 | 1,893,348 | ||||||||||||||||||||||||||||||||||||||||||||||
Advantage Sales & Marketing, Inc. | Services: Business | Delayed Draw Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 7/25/2021 | 2,446,206 | 2,443,710 | 2,438,574 | Services: Business | Delayed Draw Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 7/25/2021 | 2,446,206 | 2,443,710 | 2,438,574 | ||||||||||||||||||||||||||||||||||||||||||||||
Aegis Toxicology Science Corporation | Healthcare & Pharmaceuticals | Term B Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 2/24/2021 | 2,463,550 | 2,337,204 | 2,412,234 | Healthcare & Pharmaceuticals | Term B Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 2/24/2021 | 2,463,550 | 2,337,204 | 2,412,234 | ||||||||||||||||||||||||||||||||||||||||||||||
Agrofresh, Inc. | Food Services | Term Loan | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.75 | % | 7/30/2021 | 1,970,000 | 1,962,367 | 1,898,587 | Food Services | Term Loan | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.75 | % | 7/30/2021 | 1,970,000 | 1,962,367 | 1,898,587 | ||||||||||||||||||||||||||||||||||||||||||||||
AI MISTRAL T/L (V. GROUP) | Utilities | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/11/2024 | 500,000 | 500,000 | 500,940 | Utilities | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/11/2024 | 500,000 | 500,000 | 500,940 | ||||||||||||||||||||||||||||||||||||||||||||||
Akorn, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 4/16/2021 | 398,056 | 396,948 | 403,529 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 4/16/2021 | 398,056 | 396,948 | 403,529 | ||||||||||||||||||||||||||||||||||||||||||||||
Albertson’s LLC | Retailers (Except Food and Drugs) | Term LoanB-4 | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.78 | % | 8/25/2021 | 2,896,193 | 2,879,009 | 2,931,179 | Retailers (Except Food and Drugs) | Term LoanB-4 | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.78 | % | 8/25/2021 | 2,896,193 | 2,879,009 | 2,931,179 | ||||||||||||||||||||||||||||||||||||||||||||||
Alere Inc. (fka IM US Holdings, LLC) | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/20/2022 | 917,946 | 916,144 | 919,479 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/20/2022 | 917,946 | 916,144 | 919,479 | ||||||||||||||||||||||||||||||||||||||||||||||
Alion Science and Technology Corporation | High Tech Industries | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 8/19/2021 | 2,955,000 | 2,943,621 | 2,951,306 | High Tech Industries | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 8/19/2021 | 2,955,000 | 2,943,621 | 2,951,306 | ||||||||||||||||||||||||||||||||||||||||||||||
Alliance Healthcare Services, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.29 | % | 6/3/2019 | 984,570 | 981,094 | 977,184 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.29 | % | 6/3/2019 | 984,570 | 981,094 | 977,184 | ||||||||||||||||||||||||||||||||||||||||||||||
ALPHA 3 T/L B1 (ATOTECH) | Chemicals/Plastics | Term Loan B 1 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 1/31/2024 | 250,000 | 249,377 | 252,500 | Chemicals/Plastics | Term Loan B 1 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 1/31/2024 | 250,000 | 249,377 | 252,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Anchor Glass T/L (11/16) | Containers/Glass Products | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 12/7/2023 | 500,000 | 497,626 | 505,780 | Containers/Glass Products | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 12/7/2023 | 500,000 | 497,626 | 505,780 | ||||||||||||||||||||||||||||||||||||||||||||||
APCO Holdings, Inc. | Automotive | Term Loan | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 1/31/2022 | 1,933,919 | 1,887,037 | 1,885,571 | Automotive | Term Loan | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 1/31/2022 | 1,933,919 | 1,887,037 | 1,885,571 | ||||||||||||||||||||||||||||||||||||||||||||||
Aramark Corporation | Food Products | U.S. Term F Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.50 | % | 2/24/2021 | 3,118,358 | 3,118,358 | 3,147,327 | Food Products | U.S. Term F Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.50 | % | 2/24/2021 | 3,118,358 | 3,118,358 | 3,147,327 | ||||||||||||||||||||||||||||||||||||||||||||||
Aspen Dental Management, Inc. | Healthcare & Pharmaceuticals | Term Loan Initial | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 4/29/2022 | 1,484,941 | 1,481,061 | 1,491,446 | Healthcare & Pharmaceuticals | Term Loan Initial | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 4/29/2022 | 1,484,941 | 1,481,061 | 1,491,446 | ||||||||||||||||||||||||||||||||||||||||||||||
Astoria Energy T/L B | Utilities | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/24/2021 | 1,495,307 | 1,480,354 | 1,499,045 | Utilities | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/24/2021 | 1,495,307 | 1,480,354 | 1,499,045 | ||||||||||||||||||||||||||||||||||||||||||||||
Asurion, LLC (fka Asurion Corporation) | Insurance | Replacement Term LoanB-2 | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.03 | % | 7/8/2020 | 531,422 | 526,976 | 537,024 | Insurance | Replacement Term LoanB-2 | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.03 | % | 7/8/2020 | 531,422 | 526,976 | 537,024 | ||||||||||||||||||||||||||||||||||||||||||||||
Asurion, LLC (fka Asurion Corporation) | Insurance | Term Loan B4 (First Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 8/4/2022 | 2,434,375 | 2,422,950 | 2,463,661 | Insurance | Term Loan B4 (First Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 8/4/2022 | 2,434,375 | 2,422,950 | 2,463,661 | ||||||||||||||||||||||||||||||||||||||||||||||
Auction.com, LLC | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 5/13/2019 | 2,718,634 | 2,718,434 | 2,739,024 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 5/13/2019 | 2,718,634 | 2,718,434 | 2,739,024 | ||||||||||||||||||||||||||||||||||||||||||||||
Avantor Performance Materials Holdings, Inc. | Chemicals/Plastics | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 6/21/2022 | 2,784,429 | 2,760,689 | 2,819,234 | Chemicals/Plastics | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 6/21/2022 | 2,784,429 | 2,760,689 | 2,819,234 | ||||||||||||||||||||||||||||||||||||||||||||||
AVOLON TLB BORROWER 1 LUXEMBOURG S.A.R.L. | Capital Equipment | Term LoanB-2 | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.50 | % | 3/20/2022 | 1,000,000 | 995,000 | 1,017,300 | Capital Equipment | Term LoanB-2 | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.50 | % | 3/20/2022 | 1,000,000 | 995,000 | 1,017,300 | ||||||||||||||||||||||||||||||||||||||||||||||
Bass Pro Group, LLC | Retailers (Except Food and Drugs) | Term Loan | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.02 | % | 6/5/2020 | 1,473,750 | 1,471,637 | 1,411,116 | Retailers (Except Food and Drugs) | Term Loan | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.02 | % | 6/5/2020 | 1,473,750 | 1,471,637 | 1,411,116 | ||||||||||||||||||||||||||||||||||||||||||||||
Belmond Interfin Ltd. | Lodging & Casinos | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/19/2021 | 2,481,122 | 2,484,502 | 2,488,888 | Lodging & Casinos | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/19/2021 | 2,481,122 | 2,484,502 | 2,488,888 | ||||||||||||||||||||||||||||||||||||||||||||||
BJ’s Wholesale Club, Inc. | Food/Drug Retailers | New 2013 (November) Replacement Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 2/2/2024 | 1,500,000 | 1,496,335 | 1,487,385 | Food/Drug Retailers | New 2013 (November) Replacement Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 2/2/2024 | 1,500,000 | 1,496,335 | 1,487,385 | ||||||||||||||||||||||||||||||||||||||||||||||
Blackboard T/L B4 | High Tech Industries | Term Loan B4 | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.02 | % | 6/30/2021 | 2,992,500 | 2,969,529 | 3,008,390 | High Tech Industries | Term Loan B4 | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.02 | % | 6/30/2021 | 2,992,500 | 2,969,529 | 3,008,390 | ||||||||||||||||||||||||||||||||||||||||||||||
BMC Software | Technology | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 9/10/2020 | 1,959,596 | 1,917,256 | 1,965,729 | Technology | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 9/10/2020 | 1,959,596 | 1,917,256 | 1,965,729 | ||||||||||||||||||||||||||||||||||||||||||||||
BMC Software T/L US | Technology | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 9/10/2020 | 676,193 | 665,400 | 679,607 | Technology | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 9/10/2020 | 676,193 | 665,400 | 679,607 | ||||||||||||||||||||||||||||||||||||||||||||||
Brickman Group Holdings, Inc. | Brokers/Dealers/Investment Houses | Initial Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 12/18/2020 | 1,461,186 | 1,451,382 | 1,467,952 | Brokers/Dealers/Investment Houses | Initial Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 12/18/2020 | 1,461,186 | 1,451,382 | 1,467,952 | ||||||||||||||||||||||||||||||||||||||||||||||
BWAY Holding Company | Leisure Goods/Activities/Movies | Term Loan B | Loan | 3.25 | % | 0.00 | % | 0.00 | % | 4.75 | % | 8/14/2023 | 1,189,327 | 1,179,242 | 1,189,826 | Leisure Goods/Activities/Movies | Term Loan B | Loan | 3.25 | % | 0.00 | % | 0.00 | % | 4.75 | % | 8/14/2023 | 1,189,327 | 1,179,242 | 1,189,826 | ||||||||||||||||||||||||||||||||||||||||||||||
Candy Intermediate Holdings, Inc. | Beverage, Food & Tobacco | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 6/15/2023 | 497,500 | 495,317 | 500,609 | Beverage, Food & Tobacco | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 6/15/2023 | 497,500 | 495,317 | 500,609 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive L.P. | Conglomerate | TrancheB-1 Term Loan Facility | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 4/10/2019 | 1,487,353 | 1,489,058 | 1,500,829 | Conglomerate | TrancheB-1 Term Loan Facility | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 4/10/2019 | 1,487,353 | 1,489,058 | 1,500,829 | ||||||||||||||||||||||||||||||||||||||||||||||
CASA SYSTEMS T/L | Telecommunications | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/20/2023 | 1,500,000 | 1,485,318 | 1,500,000 | Telecommunications | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/20/2023 | 1,500,000 | 1,485,318 | 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Catalent Pharma Solutions, Inc | Drugs | Initial Term B Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 5/20/2021 | 424,821 | 423,456 | 429,953 | Drugs | Initial Term B Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 5/20/2021 | 424,821 | 423,456 | 429,953 | ||||||||||||||||||||||||||||||||||||||||||||||
Cengage Learning Acquisitions, Inc. | Publishing | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 6/7/2023 | 1,492,500 | 1,477,575 | 1,411,965 | Publishing | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 6/7/2023 | 1,492,500 | 1,477,575 | 1,411,965 | ||||||||||||||||||||||||||||||||||||||||||||||
CH HOLD (CALIBER COLLISION) T/L | Automotive | Term Loan | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 4.00 | % | 2/1/2024 | 227,273 | 226,758 | 229,545 | Automotive | Term Loan | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 4.00 | % | 2/1/2024 | 227,273 | 226,758 | 229,545 | ||||||||||||||||||||||||||||||||||||||||||||||
Charter Communications Operating, LLC | Cable and Satellite Television | Term F Loan | Loan | 2.00 | % | 0.00 | % | 0.00 | % | 2.79 | % | 1/3/2021 | 1,609,533 | 1,603,525 | 1,617,130 | Cable and Satellite Television | Term F Loan | Loan | 2.00 | % | 0.00 | % | 0.00 | % | 2.79 | % | 1/3/2021 | 1,609,533 | 1,603,525 | 1,617,130 | ||||||||||||||||||||||||||||||||||||||||||||||
CHS/Community Health Systems, Inc. | Healthcare & Pharmaceuticals | Term G Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.80 | % | 12/31/2019 | 981,177 | 960,939 | 972,866 | Healthcare & Pharmaceuticals | Term G Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.80 | % | 12/31/2019 | 981,177 | 960,939 | 972,866 | ||||||||||||||||||||||||||||||||||||||||||||||
CHS/Community Health Systems, Inc. | Healthcare & Pharmaceuticals | Term H Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.05 | % | 1/27/2021 | 1,805,352 | 1,763,950 | 1,773,940 | Healthcare & Pharmaceuticals | Term H Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.05 | % | 1/27/2021 | 1,805,352 | 1,763,950 | 1,773,940 | ||||||||||||||||||||||||||||||||||||||||||||||
CITGO Petroleum Corporation | Oil & Gas | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 7/29/2021 | 1,964,874 | 1,946,245 | 1,976,172 | Oil & Gas | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 7/29/2021 | 1,964,874 | 1,946,245 | 1,976,172 | ||||||||||||||||||||||||||||||||||||||||||||||
Communications Sales & Leasing, Inc. | Telecommunications | Term Loan B (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 10/24/2022 | 1,970,062 | 1,958,282 | 1,980,405 | Telecommunications | Term Loan B (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 10/24/2022 | 1,970,062 | 1,958,282 | 1,980,405 | ||||||||||||||||||||||||||||||||||||||||||||||
Concordia Healthcare Corporation | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 10/21/2021 | 1,980,000 | 1,891,488 | 1,615,522 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 10/21/2021 | 1,980,000 | 1,891,488 | 1,615,522 | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Aerospace Manufacturing, LLC | Aerospace and Defense | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 8/11/2022 | 1,418,750 | 1,412,839 | 1,365,547 | Aerospace and Defense | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 8/11/2022 | 1,418,750 | 1,412,839 | 1,365,547 | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Communications, Inc. | Telecommunications | Term LoanB-2 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 10/5/2023 | 500,000 | 497,500 | 502,890 | Telecommunications | Term LoanB-2 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 10/5/2023 | 500,000 | 497,500 | 502,890 | ||||||||||||||||||||||||||||||||||||||||||||||
CPI Acquisition Inc. | Technology | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.83 | % | 8/17/2022 | 1,436,782 | 1,418,783 | 1,289,511 | Technology | Term Loan B (First Lien) | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.83 | % | 8/17/2022 | 1,436,782 | 1,418,783 | 1,289,511 | ||||||||||||||||||||||||||||||||||||||||||||||
CPI International Acquisition, Inc. (f/k/a Catalyst Holdings, Inc.) | Electronics/Electric | Term B Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 11/17/2017 | 2,462,342 | 2,461,490 | 2,457,934 | Electronics/Electric | Term B Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 11/17/2017 | 2,462,342 | 2,461,490 | 2,457,934 | ||||||||||||||||||||||||||||||||||||||||||||||
Crosby US Acquisition Corporation | Industrial Equipment | Initial Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.05 | % | 11/23/2020 | 727,500 | 726,911 | 667,329 | Industrial Equipment | Initial Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.05 | % | 11/23/2020 | 727,500 | 726,911 | 667,329 | ||||||||||||||||||||||||||||||||||||||||||||||
CT Technologies Intermediate Hldgs, Inc | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 12/1/2021 | 1,470,113 | 1,458,924 | 1,389,256 | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 12/1/2021 | 1,470,113 | 1,458,924 | 1,389,256 | ||||||||||||||||||||||||||||||||||||||||||||||
Culligan InternationalCompany-T/L | Conglomerate | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/13/2023 | 2,050,000 | 2,049,738 | 2,083,313 | Conglomerate | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/13/2023 | 2,050,000 | 2,049,738 | 2,083,313 | ||||||||||||||||||||||||||||||||||||||||||||||
Cumulus Media Holdings Inc. | Broadcast Radio and Television | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 12/23/2020 | 470,093 | 467,345 | 342,580 | Broadcast Radio and Television | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 12/23/2020 | 470,093 | 467,345 | 342,580 | ||||||||||||||||||||||||||||||||||||||||||||||
DAE Aviation (StandardAero) | Aerospace and Defense | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 7/7/2022 | 1,975,000 | 1,967,190 | 1,987,838 | Aerospace and Defense | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 7/7/2022 | 1,975,000 | 1,967,190 | 1,987,838 | ||||||||||||||||||||||||||||||||||||||||||||||
DASEKE T/L (HENNESSY CAPITAL) | Transportation | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 2/27/2024 | 714,286 | 707,143 | 717,857 | Transportation | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 2/27/2024 | 714,286 | 707,143 | 717,857 | ||||||||||||||||||||||||||||||||||||||||||||||
DCS Business Services, Inc. | Financial Intermediaries | Term B Loan | Loan | 7.25 | % | 1.50 | % | 0.00 | % | 8.75 | % | 3/19/2018 | 2,101,458 | 2,096,045 | 2,101,458 | Financial Intermediaries | Term B Loan | Loan | 7.25 | % | 1.50 | % | 0.00 | % | 8.75 | % | 3/19/2018 | 2,101,458 | 2,096,045 | 2,101,458 | ||||||||||||||||||||||||||||||||||||||||||||||
Delta 2 (Lux) S.a.r.l. | Lodging & Casinos | Term LoanB-3 | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.07 | % | 7/30/2021 | 1,000,000 | 996,568 | 1,002,920 | Lodging & Casinos | Term LoanB-3 | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 5.07 | % | 7/30/2021 | 1,000,000 | 996,568 | 1,002,920 | ||||||||||||||||||||||||||||||||||||||||||||||
DELL INTERNATIONAL 1ST LIEN T/L | High Tech Industries | Term Loan (01/17) | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.25 | % | 9/7/2023 | 1,000,000 | 998,850 | 1,006,480 | High Tech Industries | Term Loan (01/17) | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.25 | % | 9/7/2023 | 1,000,000 | 998,850 | 1,006,480 | ||||||||||||||||||||||||||||||||||||||||||||||
Deluxe Entertainment Service Group, Inc. | Leisure Goods/Activities/Movies | Term Loan (Incremental) | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.04 | % | 2/28/2020 | 1,000,000 | 972,672 | 997,500 | Leisure Goods/Activities/Movies | Term Loan (Incremental) | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.04 | % | 2/28/2020 | 1,000,000 | 972,672 | 997,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Deluxe Entertainment Service Group, Inc. | Leisure Goods/Activities/Movies | Term Loan (First Lien) | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.54 | % | 2/28/2020 | 1,868,084 | 1,869,141 | 1,864,199 | Leisure Goods/Activities/Movies | Term Loan (First Lien) | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.54 | % | 2/28/2020 | 1,868,084 | 1,869,141 | 1,864,199 | ||||||||||||||||||||||||||||||||||||||||||||||
DEX MEDIA, INC. | Media | Term Loan (07/16) | Loan | 10.00 | % | 1.00 | % | 0.00 | % | 11.00 | % | 7/29/2021 | 43,444 | 43,444 | 44,041 | Media | Term Loan (07/16) | Loan | 10.00 | % | 1.00 | % | 0.00 | % | 11.00 | % | 7/29/2021 | 43,444 | 43,444 | 44,041 | ||||||||||||||||||||||||||||||||||||||||||||||
Diebold, Inc. | High Tech Industries | Term Loan B | Loan | 4.50 | % | 0.75 | % | 0.00 | % | 5.31 | % | 11/6/2023 | 398,750 | 395,190 | 404,731 | High Tech Industries | Term Loan B | Loan | 4.50 | % | 0.75 | % | 0.00 | % | 5.31 | % | 11/6/2023 | 398,750 | 395,190 | 404,731 | ||||||||||||||||||||||||||||||||||||||||||||||
DIGITALGLOBE T/L B (12/16) | Aerospace and Defense | Term Loan B | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.53 | % | 1/15/2024 | 500,000 | 498,815 | 502,030 | Aerospace and Defense | Term Loan B | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.53 | % | 1/15/2024 | 500,000 | 498,815 | 502,030 | ||||||||||||||||||||||||||||||||||||||||||||||
DJO Finance, LLC | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/8/2020 | 492,500 | 490,933 | 483,388 | Healthcare & Pharmaceuticals | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/8/2020 | 492,500 | 490,933 | 483,388 | ||||||||||||||||||||||||||||||||||||||||||||||
DPX Holdings B.V. | Healthcare & Pharmaceuticals | Term Loan 2015 Incr Dollar | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 3/11/2021 | 2,925,000 | 2,919,916 | 2,937,431 | Healthcare & Pharmaceuticals | Term Loan 2015 Incr Dollar | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 3/11/2021 | 2,925,000 | 2,919,916 | 2,937,431 | ||||||||||||||||||||||||||||||||||||||||||||||
Drew Marine Group, Inc. | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 11/19/2020 | 2,950,591 | 2,923,591 | 2,928,461 | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 11/19/2020 | 2,950,591 | 2,923,591 | 2,928,461 | ||||||||||||||||||||||||||||||||||||||||||||||
DTZ U.S. Borrower, LLC | Construction & Building | Term Loan BAdd-on | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.30 | % | 11/4/2021 | 1,962,557 | 1,954,741 | 1,973,703 | Construction & Building | Term Loan BAdd-on | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.30 | % | 11/4/2021 | 1,962,557 | 1,954,741 | 1,973,703 | ||||||||||||||||||||||||||||||||||||||||||||||
DUKE FINANCE (OM GROUP/VECTRA) T/L | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 2/21/2024 | 1,500,000 | 1,395,987 | 1,511,250 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 2/21/2024 | 1,500,000 | 1,395,987 | 1,511,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Edelman Financial Group, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.51 | % | 12/19/2022 | 1,485,000 | 1,459,535 | 1,487,317 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.51 | % | 12/19/2022 | 1,485,000 | 1,459,535 | 1,487,317 | ||||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | Term Loan A | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.51 | % | 7/2/2020 | 501,970 | 488,778 | 177,446 | Leisure Goods/Activities/Movies | Term Loan A | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.51 | % | 7/2/2020 | 501,970 | 488,778 | 177,446 | ||||||||||||||||||||||||||||||||||||||||||||||
Education Management II, LLC | Leisure Goods/Activities/Movies | Term Loan B (2.00% Cash/6.50% PIK) | Loan | 1.00 | % | 1.00 | % | 6.50 | % | 8.51 | % | 7/2/2020 | 954,307 | 934,189 | 77,938 | Leisure Goods/Activities/Movies | Term Loan B (2.00% Cash/6.50% PIK) | Loan | 1.00 | % | 1.00 | % | 6.50 | % | 8.51 | % | 7/2/2020 | 954,307 | 934,189 | 77,938 | ||||||||||||||||||||||||||||||||||||||||||||||
Emerald Performance Materials, LLC | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/1/2021 | 480,756 | 479,151 | 483,308 | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/1/2021 | 480,756 | 479,151 | 483,308 | ||||||||||||||||||||||||||||||||||||||||||||||
Emerald Performance Materials, LLC | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 7.75 | % | 1.00 | % | 0.00 | % | 8.75 | % | 8/1/2022 | 500,000 | 498,153 | 498,595 | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 7.75 | % | 1.00 | % | 0.00 | % | 8.75 | % | 8/1/2022 | 500,000 | 498,153 | 498,595 | ||||||||||||||||||||||||||||||||||||||||||||||
Emerald 2 Limited | Chemicals/Plastics | Term Loan B1A | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 5/14/2021 | 1,000,000 | 994,172 | 950,000 | Chemicals/Plastics | Term Loan B1A | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 5/14/2021 | 1,000,000 | 994,172 | 950,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Endo International plc | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.81 | % | 9/26/2022 | 990,000 | 987,999 | 994,247 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.81 | % | 9/26/2022 | 990,000 | 987,999 | 994,247 | ||||||||||||||||||||||||||||||||||||||||||||||
EnergySolutions, LLC | Environmental Industries | Term Loan B | Loan | 5.75 | % | 1.00 | % | 0.00 | % | 6.75 | % | 5/29/2020 | 795,000 | 785,654 | 799,969 | Environmental Industries | Term Loan B | Loan | 5.75 | % | 1.00 | % | 0.00 | % | 6.75 | % | 5/29/2020 | 795,000 | 785,654 | 799,969 | ||||||||||||||||||||||||||||||||||||||||||||||
Engility Corporation | Aerospace and Defense | Term LoanB-1 | Loan | 4.25 | % | 0.70 | % | 0.00 | % | 4.03 | % | 8/12/2020 | 243,750 | 242,680 | 245,503 | Aerospace and Defense | Term LoanB-1 | Loan | 4.25 | % | 0.70 | % | 0.00 | % | 4.03 | % | 8/12/2020 | 243,750 | 242,680 | 245,503 | ||||||||||||||||||||||||||||||||||||||||||||||
Evergreen Acqco 1 LP | Retailers (Except Food and Drugs) | New Term Loan | Loan | 3.75 | % | 1.25 | % | 0.00 | % | 5.00 | % | 7/9/2019 | 955,106 | 954,175 | 846,224 | Retailers (Except Food and Drugs) | New Term Loan | Loan | 3.75 | % | 1.25 | % | 0.00 | % | 5.00 | % | 7/9/2019 | 955,106 | 954,175 | 846,224 | ||||||||||||||||||||||||||||||||||||||||||||||
EWT Holdings III Corp. (fka WTG Holdings III Corp.) | Industrial Equipment | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 1/15/2021 | 1,947,330 | 1,943,904 | 1,954,632 | Industrial Equipment | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 1/15/2021 | 1,947,330 | 1,943,904 | 1,954,632 | ||||||||||||||||||||||||||||||||||||||||||||||
EWT Holdings III Corp. | Capital Equipment | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 1/15/2021 | 992,500 | 984,248 | 997,463 | Capital Equipment | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 1/15/2021 | 992,500 | 984,248 | 997,463 | ||||||||||||||||||||||||||||||||||||||||||||||
Extreme Reach, Inc. | Media | Term Loan B | Loan | 6.25 | % | 1.00 | % | 0.00 | % | 7.25 | % | 2/7/2020 | 2,887,500 | 2,860,092 | 2,905,547 | Media | Term Loan B | Loan | 6.25 | % | 1.00 | % | 0.00 | % | 7.25 | % | 2/7/2020 | 2,887,500 | 2,860,092 | 2,905,547 | ||||||||||||||||||||||||||||||||||||||||||||||
Federal-Mogul Corporation | Automotive | Tranche C Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 4/15/2021 | 2,925,000 | 2,915,873 | 2,894,434 | Automotive | Tranche C Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 4/15/2021 | 2,925,000 | 2,915,873 | 2,894,434 | ||||||||||||||||||||||||||||||||||||||||||||||
First Data Corporation | Financial Intermediaries | First Data T/L Ext (2021) | Loan | 3.00 | % | 0.70 | % | 0.00 | % | 3.78 | % | 3/24/2021 | 1,886,914 | 1,804,119 | 1,904,010 | Financial Intermediaries | First Data T/L Ext (2021) | Loan | 3.00 | % | 0.70 | % | 0.00 | % | 3.78 | % | 3/24/2021 | 1,886,914 | 1,804,119 | 1,904,010 | ||||||||||||||||||||||||||||||||||||||||||||||
First Eagle Investment Management | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 5.00 | % | 12/1/2022 | 1,485,000 | 1,460,081 | 1,493,361 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 5.00 | % | 12/1/2022 | 1,485,000 | 1,460,081 | 1,493,361 | ||||||||||||||||||||||||||||||||||||||||||||||
Fitness International, LLC | Leisure Goods/Activities/Movies | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 7/1/2020 | 1,929,311 | 1,905,661 | 1,947,793 | Leisure Goods/Activities/Movies | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 7/1/2020 | 1,929,311 | 1,905,661 | 1,947,793 | ||||||||||||||||||||||||||||||||||||||||||||||
FMG Resources (August 2006) Pty LTD (FMG America Finance, Inc.) | Nonferrous Metals/Minerals | Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 6/28/2019 | 801,502 | 802,865 | 806,279 | Nonferrous Metals/Minerals | Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 6/28/2019 | 801,502 | 802,865 | 806,279 | ||||||||||||||||||||||||||||||||||||||||||||||
Garda World Security Corporation | Services: Business | Term B Delayed Draw Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 11/6/2020 | 197,083 | 196,509 | 197,822 | Services: Business | Term B Delayed Draw Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 11/6/2020 | 197,083 | 196,509 | 197,822 | ||||||||||||||||||||||||||||||||||||||||||||||
Garda World Security Corporation | Services: Business | Term B Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 11/6/2020 | 770,417 | 768,226 | 773,306 | Services: Business | Term B Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 11/6/2020 | 770,417 | 768,226 | 773,306 | ||||||||||||||||||||||||||||||||||||||||||||||
Gardner Denver, Inc. | High Tech Industries | Initial Dollar Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.57 | % | 7/30/2020 | 2,426,061 | 2,421,316 | 2,420,263 | High Tech Industries | Initial Dollar Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.57 | % | 7/30/2020 | 2,426,061 | 2,421,316 | 2,420,263 | ||||||||||||||||||||||||||||||||||||||||||||||
Gates Global LLC | Leisure Goods/Activities/Movies | Term Loan (First Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 7/5/2021 | 481,656 | 476,839 | 481,478 | Leisure Goods/Activities/Movies | Term Loan (First Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 7/5/2021 | 481,656 | 476,839 | 481,478 | ||||||||||||||||||||||||||||||||||||||||||||||
General Nutrition Centers, Inc. | Retailers (Except Food and Drugs) | Amended Tranche B Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.29 | % | 3/4/2019 | 2,121,102 | 2,117,573 | 1,765,817 | Retailers (Except Food and Drugs) | Amended Tranche B Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.29 | % | 3/4/2019 | 2,121,102 | 2,117,573 | 1,765,817 | ||||||||||||||||||||||||||||||||||||||||||||||
GLOBALLOGIC HOLDINGS INC TERM LOAN B | Services: Business | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 6/20/2022 | 500,000 | 495,133 | 501,250 | Services: Business | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 6/20/2022 | 500,000 | 495,133 | 501,250 | ||||||||||||||||||||||||||||||||||||||||||||||
Global Tel*Link Corporation | Services: Business | Term Loan (First Lien) | Loan | 3.75 | % | 1.25 | % | 0.00 | % | 5.00 | % | 5/26/2020 | 2,667,633 | 2,661,035 | 2,654,962 | Services: Business | Term Loan (First Lien) | Loan | 3.75 | % | 1.25 | % | 0.00 | % | 5.00 | % | 5/26/2020 | 2,667,633 | 2,661,035 | 2,654,962 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodyear Tire & Rubber Company, The | Chemicals/Plastics | Loan (Second Lien) | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.78 | % | 4/30/2019 | 1,333,333 | 1,320,613 | 1,333,747 | Chemicals/Plastics | Loan (Second Lien) | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.78 | % | 4/30/2019 | 1,333,333 | 1,320,613 | 1,333,747 | ||||||||||||||||||||||||||||||||||||||||||||||
Grosvenor Capital Management Holdings, LP | Brokers/Dealers/Investment Houses | Initial Term Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 1/4/2021 | 1,014,560 | 1,011,573 | 1,010,755 | Brokers/Dealers/Investment Houses | Initial Term Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 1/4/2021 | 1,014,560 | 1,011,573 | 1,010,755 | ||||||||||||||||||||||||||||||||||||||||||||||
GTCR Valor Companies, Inc. | Services: Business | Term Loan B | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 6/16/2023 | 1,492,500 | 1,436,528 | 1,501,201 | Services: Business | Term Loan B | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 6/16/2023 | 1,492,500 | 1,436,528 | 1,501,201 | ||||||||||||||||||||||||||||||||||||||||||||||
Harland Clarke Holdings Corp. (fka Clarke American Corp.) | Publishing | TrancheB-4 Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 2/9/2022 | 2,176,889 | 2,117,378 | 2,190,495 | Publishing | TrancheB-4 Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 2/9/2022 | 2,176,889 | 2,117,378 | 2,190,495 | ||||||||||||||||||||||||||||||||||||||||||||||
Headwaters Incorporated | Building & Development | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/24/2022 | 242,058 | 241,141 | 242,784 | Building & Development | Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/24/2022 | 242,058 | 241,141 | 242,784 | ||||||||||||||||||||||||||||||||||||||||||||||
Help/Systems Holdings, Inc. | High Tech Industries | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.25 | % | 10/8/2021 | 1,485,000 | 1,433,886 | 1,485,000 | High Tech Industries | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.25 | % | 10/8/2021 | 1,485,000 | 1,433,886 | 1,485,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Hemisphere Media Holdings, LLC | Media | Term Loan B | Loan | 3.50 | % | 0.00 | % | 0.00 | % | 4.27 | % | 2/14/2024 | 2,500,000 | 2,512,500 | 2,493,750 | Media | Term Loan B | Loan | 3.50 | % | 0.00 | % | 0.00 | % | 4.27 | % | 2/14/2024 | 2,500,000 | 2,512,500 | 2,493,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Herbalife T/L B (HLF Financing) | Drugs | Term Loan B | Loan | 5.50 | % | 0.75 | % | 0.00 | % | 6.28 | % | 2/15/2023 | 2,000,000 | 1,985,000 | 2,001,660 | Drugs | Term Loan B | Loan | 5.50 | % | 0.75 | % | 0.00 | % | 6.28 | % | 2/15/2023 | 2,000,000 | 1,985,000 | 2,001,660 | ||||||||||||||||||||||||||||||||||||||||||||||
Hercules Achievement Holdings, Inc. | Retailers (Except Food and Drugs) | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/10/2021 | 246,851 | 244,820 | 250,431 | Retailers (Except Food and Drugs) | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 12/10/2021 | 246,851 | 244,820 | 250,431 | ||||||||||||||||||||||||||||||||||||||||||||||
Hoffmaster Group, Inc. | Containers/Glass Products | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 11/21/2023 | 1,000,000 | 1,003,734 | 1,013,750 | Containers/Glass Products | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 11/21/2023 | 1,000,000 | 1,003,734 | 1,013,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Hostess Brand, LLC | Beverage, Food & Tobacco | Term Loan B (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 8/3/2022 | 1,490,000 | 1,486,482 | 1,507,508 | Beverage, Food & Tobacco | Term Loan B (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 8/3/2022 | 1,490,000 | 1,486,482 | 1,507,508 | ||||||||||||||||||||||||||||||||||||||||||||||
Huntsman International LLC | Chemicals/Plastics | Term Loan B (First Lien) | Loan | 3.00 | % | 0.70 | % | 0.00 | % | 3.78 | % | 4/19/2019 | 1,518,031 | 1,510,811 | 1,525,150 | Chemicals/Plastics | Term Loan B (First Lien) | Loan | 3.00 | % | 0.70 | % | 0.00 | % | 3.78 | % | 4/19/2019 | 1,518,031 | 1,510,811 | 1,525,150 | ||||||||||||||||||||||||||||||||||||||||||||||
Husky Injection Molding Systems Ltd. | Services: Business | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/30/2021 | 469,398 | 467,182 | 472,158 | Services: Business | Term Loan B | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/30/2021 | 469,398 | 467,182 | 472,158 | ||||||||||||||||||||||||||||||||||||||||||||||
Hyperion Refinance T/L | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 4/29/2022 | 1,994,924 | 1,971,849 | 1,998,675 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 4/29/2022 | 1,994,924 | 1,971,849 | 1,998,675 | ||||||||||||||||||||||||||||||||||||||||||||||
Imagine! Print Solutions, Inc. | Media | Term Loan B | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 3/30/2022 | 496,250 | 489,837 | 499,972 | Media | Term Loan B | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 3/30/2022 | 496,250 | 489,837 | 499,972 | ||||||||||||||||||||||||||||||||||||||||||||||
Infor US (Lawson) T/LB-6 | Services: Business | Term LoanB-6 | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 2/1/2022 | 1,609,802 | 1,595,316 | 1,610,945 | Services: Business | Term LoanB-6 | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 2/1/2022 | 1,609,802 | 1,595,316 | 1,610,945 | ||||||||||||||||||||||||||||||||||||||||||||||
Informatica Corporation | High Tech Industries | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/5/2022 | 493,750 | 492,732 | 490,664 | High Tech Industries | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/5/2022 | 493,750 | 492,732 | 490,664 | ||||||||||||||||||||||||||||||||||||||||||||||
Insight Global | Services: Business | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 10/29/2021 | 3,450,126 | 3,434,977 | 3,471,690 | Services: Business | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 10/29/2021 | 3,450,126 | 3,434,977 | 3,471,690 | ||||||||||||||||||||||||||||||||||||||||||||||
ION Media T/L B | Media | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 12/18/2020 | 500,000 | 497,615 | 506,875 | Media | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 12/18/2020 | 500,000 | 497,615 | 506,875 | ||||||||||||||||||||||||||||||||||||||||||||||
J. Crew Group, Inc. | Retailers (Except Food and Drugs) | TermB-1 Loan Retired 03/05/2014 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/5/2021 | 945,756 | 945,756 | 540,660 | Retailers (Except Food and Drugs) | TermB-1 Loan Retired 03/05/2014 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/5/2021 | 945,756 | 945,756 | 540,660 | ||||||||||||||||||||||||||||||||||||||||||||||
Jazz Acquisition, Inc | Aerospace and Defense | First Lien 6/14 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 6/19/2021 | 487,879 | 487,106 | 471,208 | Aerospace and Defense | First Lien 6/14 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 6/19/2021 | 487,879 | 487,106 | 471,208 | ||||||||||||||||||||||||||||||||||||||||||||||
J.Jill Group, Inc. | Retailers (Except Food and Drugs) | Term Loan (First Lien) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.04 | % | 5/9/2022 | 950,648 | 946,877 | 935,200 | Retailers (Except Food and Drugs) | Term Loan (First Lien) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.04 | % | 5/9/2022 | 950,648 | 946,877 | 935,200 | ||||||||||||||||||||||||||||||||||||||||||||||
Kinetic Concepts, Inc. | Healthcare & Pharmaceuticals | Term LoanF-1 | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 4.28 | % | 2/2/2024 | 2,400,000 | 2,388,246 | 2,399,496 | Healthcare & Pharmaceuticals | Term Loan F-1 | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 4.28 | % | 2/2/2024 | 2,400,000 | 2,388,246 | 2,399,496 | ||||||||||||||||||||||||||||||||||||||||||||||
Koosharem, LLC | Services: Business | Term Loan | Loan | 6.50 | % | 1.00 | % | 0.00 | % | 7.50 | % | 5/15/2020 | 2,935,100 | 2,917,778 | 2,730,259 | Services: Business | Term Loan | Loan | 6.50 | % | 1.00 | % | 0.00 | % | 7.50 | % | 5/15/2020 | 2,935,100 | 2,917,778 | 2,730,259 | ||||||||||||||||||||||||||||||||||||||||||||||
Kraton Polymers, LLC | Chemicals/Plastics | Term Loan (Initial) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 1/6/2022 | 2,500,000 | 2,286,776 | 2,533,825 | Chemicals/Plastics | Term Loan (Initial) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 1/6/2022 | 2,500,000 | 2,286,776 | 2,533,825 | ||||||||||||||||||||||||||||||||||||||||||||||
Lannett Company T/L A | Healthcare & Pharmaceuticals | Term Loan A | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.75 | % | 11/25/2020 | 1,000,000 | 970,576 | 985,000 | Healthcare & Pharmaceuticals | Term Loan A | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.75 | % | 11/25/2020 | 1,000,000 | 970,576 | 985,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Lannett Company, Inc. | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.38 | % | 1.00 | % | 0.00 | % | 6.38 | % | 11/25/2022 | 1,900,000 | 1,842,852 | 1,885,750 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 5.38 | % | 1.00 | % | 0.00 | % | 6.38 | % | 11/25/2022 | 1,900,000 | 1,842,852 | 1,885,750 | ||||||||||||||||||||||||||||||||||||||||||||||
LEARFIELD COMMUNICATIONS INITIAL T/L(A-L PARENT) | Healthcare & Pharmaceuticals | Initial Term Loan(A-L Parent) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 12/1/2023 | 500,000 | 497,713 | 505,625 | Healthcare & Pharmaceuticals | Initial Term Loan(A-L Parent) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 12/1/2023 | 500,000 | 497,713 | 505,625 | ||||||||||||||||||||||||||||||||||||||||||||||
Lightstone Generation T/L B | Utilities | Term Loan B | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.54 | % | 1/30/2024 | 913,043 | 894,897 | 925,981 | Utilities | Term Loan B | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.54 | % | 1/30/2024 | 913,043 | 894,897 | 925,981 | ||||||||||||||||||||||||||||||||||||||||||||||
Lightstone Generation T/L C | Utilities | Term Loan C | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.54 | % | 1/30/2024 | 86,957 | 85,236 | 88,189 | Utilities | Term Loan C | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.54 | % | 1/30/2024 | 86,957 | 85,236 | 88,189 | ||||||||||||||||||||||||||||||||||||||||||||||
Limetree Bay Terminals T/L (01/17) | Oil & Gas | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.04 | % | 2/15/2024 | 500,000 | 495,000 | 503,125 | Oil & Gas | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.04 | % | 2/15/2024 | 500,000 | 495,000 | 503,125 | ||||||||||||||||||||||||||||||||||||||||||||||
LPL Holdings | Banking, Finance, Insurance & Real Estate | Term Loan B (2022) | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 4.78 | % | 11/21/2022 | 1,980,000 | 1,963,355 | 2,007,225 | Banking, Finance, Insurance & Real Estate | Term Loan B (2022) | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 4.78 | % | 11/21/2022 | 1,980,000 | 1,963,355 | 2,007,225 | ||||||||||||||||||||||||||||||||||||||||||||||
Mauser Holdings, Inc. | Containers/Glass Products | Term Loan | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 7/31/2021 | 488,750 | 487,123 | 488,647 | Containers/Glass Products | Term Loan | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 7/31/2021 | 488,750 | 487,123 | 488,647 | ||||||||||||||||||||||||||||||||||||||||||||||
McGraw-Hill Global Education Holdings, LLC | Publishing | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 5/4/2022 | 995,000 | 990,840 | 977,468 | Publishing | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 5/4/2022 | 995,000 | 990,840 | 977,468 | ||||||||||||||||||||||||||||||||||||||||||||||
Michaels Stores, Inc. | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 1/30/2023 | 1,679,779 | 1,674,140 | 1,674,673 | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 1/30/2023 | 1,679,779 | 1,674,140 | 1,674,673 | ||||||||||||||||||||||||||||||||||||||||||||||
Micro Holding Corporation | High Tech Industries | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 7/8/2021 | 982,378 | 978,629 | 985,079 | High Tech Industries | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 7/8/2021 | 982,378 | 978,629 | 985,079 | ||||||||||||||||||||||||||||||||||||||||||||||
Microsemi Corporation | Electronics/Electric | Term Loan B | Loan | 2.25 | % | 0.00 | % | 0.00 | % | 3.03 | % | 1/17/2023 | 868,445 | 845,882 | 874,593 | Electronics/Electric | Term Loan B | Loan | 2.25 | % | 0.00 | % | 0.00 | % | 3.03 | % | 1/17/2023 | 868,445 | 845,882 | 874,593 | ||||||||||||||||||||||||||||||||||||||||||||||
Midas Intermediate Holdco II, LLC | Automotive | Term Loan (Initial) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 3.75 | % | 8/18/2021 | 244,375 | 243,499 | 246,005 | Automotive | Term Loan (Initial) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 3.75 | % | 8/18/2021 | 244,375 | 243,499 | 246,005 | ||||||||||||||||||||||||||||||||||||||||||||||
Milacron T/L B | Capital Equipment | Term Loan B | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 3.78 | % | 9/28/2023 | 1,000,000 | 996,250 | 1,004,380 | Capital Equipment | Term Loan B | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 3.78 | % | 9/28/2023 | 1,000,000 | 996,250 | 1,004,380 | ||||||||||||||||||||||||||||||||||||||||||||||
Milk Specialties Company | Beverage, Food & Tobacco | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 8/16/2023 | 997,500 | 987,646 | 1,004,562 | Beverage, Food & Tobacco | Term Loan | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 8/16/2023 | 997,500 | 987,646 | 1,004,562 | ||||||||||||||||||||||||||||||||||||||||||||||
Mister Car Wash T/L | Automotive | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 8/20/2021 | 831,203 | 825,179 | 832,931 | Automotive | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 8/20/2021 | 831,203 | 825,179 | 832,931 | ||||||||||||||||||||||||||||||||||||||||||||||
MSC Software Corporation | Services: Business | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 5/29/2020 | 1,969,898 | 1,931,995 | 1,972,360 | Services: Business | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 5/29/2020 | 1,969,898 | 1,931,995 | 1,972,360 | ||||||||||||||||||||||||||||||||||||||||||||||
MWI Holdings, Inc. | Capital Equipment | Term Loan (First Lien) | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 6/29/2020 | 2,985,000 | 2,956,823 | 3,007,388 | Capital Equipment | Term Loan (First Lien) | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 6/29/2020 | 2,985,000 | 2,956,823 | 3,007,388 | ||||||||||||||||||||||||||||||||||||||||||||||
National Veterinary Associates, Inc | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/14/2021 | 977,543 | 974,893 | 982,430 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/14/2021 | 977,543 | 974,893 | 982,430 | ||||||||||||||||||||||||||||||||||||||||||||||
National Vision, Inc. | Retailers (Except Food and Drugs) | Term Loan (Second Lien) | Loan | 5.75 | % | 1.00 | % | 0.00 | % | 6.75 | % | 3/11/2022 | 250,000 | 249,793 | 242,750 | Retailers (Except Food and Drugs) | Term Loan (Second Lien) | Loan | 5.75 | % | 1.00 | % | 0.00 | % | 6.75 | % | 3/11/2022 | 250,000 | 249,793 | 242,750 | ||||||||||||||||||||||||||||||||||||||||||||||
New Media Holdings II T/L (NEW) | Retailers (Except Food and Drugs) | Term Loan | Loan | 6.25 | % | 1.00 | % | 0.00 | % | 7.25 | % | 6/4/2020 | 3,168,116 | 3,154,983 | 3,140,395 | Retailers (Except Food and Drugs) | Term Loan | Loan | 6.25 | % | 1.00 | % | 0.00 | % | 7.25 | % | 6/4/2020 | 3,168,116 | 3,154,983 | 3,140,395 | ||||||||||||||||||||||||||||||||||||||||||||||
New Millennium Holdco, Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 6.50 | % | 1.00 | % | 0.00 | % | 7.50 | % | 12/21/2020 | 1,930,106 | 1,777,976 | 980,494 | Healthcare & Pharmaceuticals | Term Loan | Loan | 6.50 | % | 1.00 | % | 0.00 | % | 7.50 | % | 12/21/2020 | 1,930,106 | 1,777,976 | 980,494 | ||||||||||||||||||||||||||||||||||||||||||||||
Novetta Solutions | Aerospace and Defense | Term Loan (200MM) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 10/16/2022 | 1,980,000 | 1,963,361 | 1,890,900 | Aerospace and Defense | Term Loan (200MM) | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 10/16/2022 | 1,980,000 | 1,963,361 | 1,890,900 | ||||||||||||||||||||||||||||||||||||||||||||||
Novetta Solutions | Aerospace and Defense | Term Loan (2nd Lien) | Loan | 8.50 | % | 1.00 | % | 0.00 | % | 9.50 | % | 10/16/2023 | 1,000,000 | 991,237 | 930,000 | Aerospace and Defense | Term Loan (2nd Lien) | Loan | 8.50 | % | 1.00 | % | 0.00 | % | 9.50 | % | 10/16/2023 | 1,000,000 | 991,237 | 930,000 | ||||||||||||||||||||||||||||||||||||||||||||||
NPC International, Inc. | Food Services | Term Loan (2013) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 12/28/2018 | 476,250 | 476,250 | 477,241 | Food Services | Term Loan (2013) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 12/28/2018 | 476,250 | 476,250 | 477,241 | ||||||||||||||||||||||||||||||||||||||||||||||
NVA Holdings (National Veterinary) T/L B2 | Services: Consumer | Term Loan B2 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/14/2021 | 129,601 | 129,601 | 130,897 | Services: Consumer | Term Loan B2 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/14/2021 | 129,601 | 129,601 | 130,897 | ||||||||||||||||||||||||||||||||||||||||||||||
NVA Holdings, Inc. | Services: Consumer | Term Loan B1 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/14/2021 | 157,443 | 157,108 | 158,034 | Services: Consumer | Term Loan B1 | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 8/14/2021 | 157,443 | 157,108 | 158,034 | ||||||||||||||||||||||||||||||||||||||||||||||
NXT Capital T/L (11/16) | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 11/23/2022 | 1,000,000 | 995,240 | 1,013,750 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 11/23/2022 | 1,000,000 | 995,240 | 1,013,750 | ||||||||||||||||||||||||||||||||||||||||||||||
ON Semiconductor Corporation | High Tech Industries | Term Loan B | Loan | 3.25 | % | 0.70 | % | 0.00 | % | 4.03 | % | 3/31/2023 | 498,750 | 491,370 | 503,204 | High Tech Industries | Term Loan B | Loan | 3.25 | % | 0.70 | % | 0.00 | % | 4.03 | % | 3/31/2023 | 498,750 | 491,370 | 503,204 | ||||||||||||||||||||||||||||||||||||||||||||||
Onex Carestream Finance LP | Healthcare & Pharmaceuticals | Term Loan (First Lien 2013) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 6/7/2019 | 3,613,555 | 3,606,228 | 3,490,297 | Healthcare & Pharmaceuticals | Term Loan (First Lien 2013) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 6/7/2019 | 3,613,555 | 3,606,228 | 3,490,297 | ||||||||||||||||||||||||||||||||||||||||||||||
OnexYork Acquisition Co | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 10/1/2021 | 488,750 | 486,195 | 475,554 | Healthcare & Pharmaceuticals | Term Loan B | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 10/1/2021 | 488,750 | 486,195 | 475,554 | ||||||||||||||||||||||||||||||||||||||||||||||
OpenLink International, LLC | Services: Business | Term B Loan | Loan | 6.50 | % | 1.25 | % | 0.00 | % | 7.75 | % | 7/29/2019 | 2,913,824 | 2,913,362 | 2,938,096 | Services: Business | Term B Loan | Loan | 6.50 | % | 1.25 | % | 0.00 | % | 7.75 | % | 7/29/2019 | 2,913,824 | 2,913,362 | 2,938,096 | ||||||||||||||||||||||||||||||||||||||||||||||
P.F. Chang’s China Bistro, Inc. (Wok Acquisition Corp.) | Food/Drug Retailers | Term Borrowing | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.54 | % | 6/24/2019 | 1,417,598 | 1,413,680 | 1,389,245 | Food/Drug Retailers | Term Borrowing | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.54 | % | 6/24/2019 | 1,417,598 | 1,413,680 | 1,389,245 | ||||||||||||||||||||||||||||||||||||||||||||||
P2 Upstream Acquisition Co. (P2 Upstream Canada BC ULC) | Services: Business | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.25 | % | 10/30/2020 | 970,000 | 966,928 | 933,625 | Services: Business | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.25 | % | 10/30/2020 | 970,000 | 966,928 | 933,625 | ||||||||||||||||||||||||||||||||||||||||||||||
Petsmart, Inc. (Argos Merger Sub, Inc.) | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/11/2022 | 982,500 | 977,998 | 967,183 | Retailers (Except Food and Drugs) | Term Loan B1 | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/11/2022 | 982,500 | 977,998 | 967,183 | ||||||||||||||||||||||||||||||||||||||||||||||
PGX Holdings, Inc. | Financial Intermediaries | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.25 | % | 9/29/2020 | 2,891,464 | 2,876,188 | 2,889,671 | Financial Intermediaries | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.25 | % | 9/29/2020 | 2,891,464 | 2,876,188 | 2,889,671 | ||||||||||||||||||||||||||||||||||||||||||||||
Planet Fitness Holdings LLC | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.50 | % | 0.75 | % | 0.00 | % | 4.28 | % | 3/31/2021 | 2,392,341 | 2,385,223 | 2,407,293 | Leisure Goods/Activities/Movies | Term Loan | Loan | 3.50 | % | 0.75 | % | 0.00 | % | 4.28 | % | 3/31/2021 | 2,392,341 | 2,385,223 | 2,407,293 | ||||||||||||||||||||||||||||||||||||||||||||||
Polycom Term Loan (9/16) | Telecommunications | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.25 | % | 9/27/2023 | 1,894,167 | 1,868,863 | 1,907,426 | Telecommunications | Term Loan | Loan | 5.25 | % | 1.00 | % | 0.00 | % | 6.25 | % | 9/27/2023 | 1,894,167 | 1,868,863 | 1,907,426 | ||||||||||||||||||||||||||||||||||||||||||||||
PrePaid Legal Services, Inc. | Services: Business | Term Loan B | Loan | 5.25 | % | 1.25 | % | 0.00 | % | 6.50 | % | 7/1/2019 | 3,328,536 | 3,330,285 | 3,335,825 | Services: Business | Term Loan B | Loan | 5.25 | % | 1.25 | % | 0.00 | % | 6.50 | % | 7/1/2019 | 3,328,536 | 3,330,285 | 3,335,825 | ||||||||||||||||||||||||||||||||||||||||||||||
Presidio, Inc. | Services: Business | Term Loan | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 2/2/2022 | 2,297,698 | 2,248,964 | 2,314,930 | Services: Business | Term Loan | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 2/2/2022 | 2,297,698 | 2,248,964 | 2,314,930 | ||||||||||||||||||||||||||||||||||||||||||||||
Prestige Brands T/L B4 | Drugs | Term Loan B4 | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.53 | % | 1/26/2024 | 500,000 | 498,779 | 506,040 | Drugs | Term Loan B4 | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.53 | % | 1/26/2024 | 500,000 | 498,779 | 506,040 | ||||||||||||||||||||||||||||||||||||||||||||||
Prime Security Services (Protection One) | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 5/2/2022 | 1,985,025 | 1,975,632 | 2,003,645 | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 5/2/2022 | 1,985,025 | 1,975,632 | 2,003,645 | ||||||||||||||||||||||||||||||||||||||||||||||
Ranpak Holdings, Inc. | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 10/1/2021 | 916,047 | 913,757 | 918,337 | Services: Business | Term Loan | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 10/1/2021 | 916,047 | 913,757 | 918,337 | ||||||||||||||||||||||||||||||||||||||||||||||
Ranpak Holdings, Inc. | Services: Business | Term Loan (Second Lien) | Loan | 7.25 | % | 1.00 | % | 0.00 | % | 8.25 | % | 10/3/2022 | 500,000 | 498,149 | 475,000 | Services: Business | Term Loan (Second Lien) | Loan | 7.25 | % | 1.00 | % | 0.00 | % | 8.25 | % | 10/3/2022 | 500,000 | 498,149 | 475,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Redtop Acquisitions Limited | Electronics/Electric | Initial Dollar Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.54 | % | 12/3/2020 | 485,019 | 483,001 | 486,634 | Electronics/Electric | Initial Dollar Term Loan (First Lien) | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.54 | % | 12/3/2020 | 485,019 | 483,001 | 486,634 | ||||||||||||||||||||||||||||||||||||||||||||||
Regal Cinemas Corporation | Services: Consumer | Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.28 | % | 4/1/2022 | 495,009 | 493,772 | 499,573 | Services: Consumer | Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.28 | % | 4/1/2022 | 495,009 | 493,772 | 499,573 | ||||||||||||||||||||||||||||||||||||||||||||||
Research Now Group, Inc | Media | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 3/18/2021 | 2,037,705 | 2,029,696 | 2,002,045 | Media | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.50 | % | 3/18/2021 | 2,037,705 | 2,029,696 | 2,002,045 | ||||||||||||||||||||||||||||||||||||||||||||||
Resolute Investment Managers, Inc. | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 4/30/2022 | 240,815 | 239,883 | 241,518 | Banking, Finance, Insurance & Real Estate | Term Loan | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 4/30/2022 | 240,815 | 239,883 | 241,518 | ||||||||||||||||||||||||||||||||||||||||||||||
Rexnord LLC/RBS Global, Inc. | Industrial Equipment | Term B Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 8/21/2023 | 732,374 | 732,374 | 736,497 | Industrial Equipment | Term B Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 8/21/2023 | 732,374 | 732,374 | 736,497 | ||||||||||||||||||||||||||||||||||||||||||||||
Rexnord LLC/RBS Global, Inc. | Industrial Equipment | Term B Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 8/21/2023 | 641,402 | 641,402 | 645,013 | Industrial Equipment | Term B Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 8/21/2023 | 641,402 | 641,402 | 645,013 | ||||||||||||||||||||||||||||||||||||||||||||||
Reynolds Group Holdings Inc. | Industrial Equipment | Incremental U.S. Term Loan | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 3.78 | % | 2/3/2023 | 1,761,134 | 1,761,134 | 1,773,603 | Industrial Equipment | Incremental U.S. Term Loan | Loan | 3.00 | % | 0.00 | % | 0.00 | % | 3.78 | % | 2/3/2023 | 1,761,134 | 1,761,134 | 1,773,603 | ||||||||||||||||||||||||||||||||||||||||||||||
Rovi Solutions Corporation / Rovi Guides, Inc. | Electronics/Electric | TrancheB-3 Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.29 | % | 7/2/2021 | 1,462,500 | 1,457,765 | 1,467,984 | Electronics/Electric | TrancheB-3 Term Loan | Loan | 2.50 | % | 0.75 | % | 0.00 | % | 3.29 | % | 7/2/2021 | 1,462,500 | 1,457,765 | 1,467,984 | ||||||||||||||||||||||||||||||||||||||||||||||
Royal Adhesives and Sealants | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 7.50 | % | 1.00 | % | 0.00 | % | 8.50 | % | 6/19/2023 | 275,862 | 274,109 | 276,552 | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 7.50 | % | 1.00 | % | 0.00 | % | 8.50 | % | 6/19/2023 | 275,862 | 274,109 | 276,552 | ||||||||||||||||||||||||||||||||||||||||||||||
Royal Holdings T/L (02/17) | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/17/2022 | 541,607 | 539,167 | 544,992 | Chemicals/Plastics | Term Loan (Second Lien) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 6/17/2022 | 541,607 | 539,167 | 544,992 | ||||||||||||||||||||||||||||||||||||||||||||||
RPI Finance Trust | Financial Intermediaries | TermB-4 Term Loan | Loan | 2.50 | % | 0.00 | % | 0.00 | % | 3.50 | % | 10/14/2022 | 2,554,764 | 2,554,764 | 2,580,848 | Financial Intermediaries | TermB-4 Term Loan | Loan | 2.50 | % | 0.00 | % | 0.00 | % | 3.50 | % | 10/14/2022 | 2,554,764 | 2,554,764 | 2,580,848 | ||||||||||||||||||||||||||||||||||||||||||||||
Russell Investment Management T/L B | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 5.75 | % | 1.00 | % | 0.00 | % | 6.75 | % | 6/1/2023 | 2,240,000 | 2,127,043 | 2,259,600 | Banking, Finance, Insurance & Real Estate | Term Loan B | Loan | 5.75 | % | 1.00 | % | 0.00 | % | 6.75 | % | 6/1/2023 | 2,240,000 | 2,127,043 | 2,259,600 | ||||||||||||||||||||||||||||||||||||||||||||||
Sable International Finance Ltd | Telecommunications | Term Loan B2 | Loan | 4.75 | % | 0.75 | % | 0.00 | % | 5.53 | % | 12/30/2022 | 1,500,000 | 1,470,825 | 1,521,570 | Telecommunications | Term Loan B2 | Loan | 4.75 | % | 0.75 | % | 0.00 | % | 5.53 | % | 12/30/2022 | 1,500,000 | 1,470,825 | 1,521,570 | ||||||||||||||||||||||||||||||||||||||||||||||
SBP Holdings LP | Industrial Equipment | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 3/27/2021 | 972,500 | 969,442 | 870,388 | Industrial Equipment | Term Loan (First Lien) | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 3/27/2021 | 972,500 | 969,442 | 870,388 | ||||||||||||||||||||||||||||||||||||||||||||||
Scientific Games International, Inc. | Electronics/Electric | Term Loan B2 | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 4.85 | % | 10/1/2021 | 769,549 | 762,102 | 781,416 | Electronics/Electric | Term Loan B2 | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 4.85 | % | 10/1/2021 | 769,549 | 762,102 | 781,416 | ||||||||||||||||||||||||||||||||||||||||||||||
SCS Holdings (Sirius Computer) | High Tech Industries | Term Loan (First Lien) | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 10/31/2022 | 1,972,528 | 1,934,960 | 1,991,030 | High Tech Industries | Term Loan (First Lien) | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 10/31/2022 | 1,972,528 | 1,934,960 | 1,991,030 | ||||||||||||||||||||||||||||||||||||||||||||||
Seadrill Operating LP | Oil & Gas | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 2/21/2021 | 977,330 | 922,444 | 729,635 | Oil & Gas | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 2/21/2021 | 977,330 | 922,444 | 729,635 | ||||||||||||||||||||||||||||||||||||||||||||||
Shearers Foods LLC | Food Services | Term Loan (First Lien) | Loan | 3.94 | % | 1.00 | % | 0.00 | % | 4.94 | % | 6/30/2021 | 977,500 | 975,832 | 979,944 | Food Services | Term Loan (First Lien) | Loan | 3.94 | % | 1.00 | % | 0.00 | % | 4.94 | % | 6/30/2021 | 977,500 | 975,832 | 979,944 | ||||||||||||||||||||||||||||||||||||||||||||||
Sitel Worldwide | Telecommunications | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.56 | % | 9/18/2021 | 1,975,000 | 1,959,274 | 1,961,432 | Telecommunications | Term Loan | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.56 | % | 9/18/2021 | 1,975,000 | 1,959,274 | 1,961,432 | ||||||||||||||||||||||||||||||||||||||||||||||
SMB Shipping Logistics T/L B (REP WWEX Acquisition) | Transportation | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.53 | % | 2/2/2024 | 1,000,000 | 995,095 | 1,008,330 | Transportation | Term Loan B | Loan | 4.50 | % | 1.00 | % | 0.00 | % | 5.53 | % | 2/2/2024 | 1,000,000 | 995,095 | 1,008,330 | ||||||||||||||||||||||||||||||||||||||||||||||
Sonneborn, LLC | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 12/10/2020 | 207,981 | 207,633 | 208,501 | Chemicals/Plastics | Term Loan (First Lien) | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 12/10/2020 | 207,981 | 207,633 | 208,501 | ||||||||||||||||||||||||||||||||||||||||||||||
Sonneborn, LLC | Chemicals/Plastics | Initial US Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 12/10/2020 | 1,178,561 | 1,176,588 | 1,181,508 | Chemicals/Plastics | Initial US Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 12/10/2020 | 1,178,561 | 1,176,588 | 1,181,508 | ||||||||||||||||||||||||||||||||||||||||||||||
Sophia, L.P. | Electronics/Electric | Term Loan (Closing Date) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 9/30/2022 | 1,960,897 | 1,951,404 | 1,967,761 | Electronics/Electric | Term Loan (Closing Date) | Loan | 3.25 | % | 1.00 | % | 0.00 | % | 4.25 | % | 9/30/2022 | 1,960,897 | 1,951,404 | 1,967,761 | ||||||||||||||||||||||||||||||||||||||||||||||
SourceHOV LLC | Services: Business | Term Loan B (First Lien) | Loan | 6.75 | % | 1.00 | % | 0.00 | % | 7.75 | % | 10/31/2019 | 1,837,500 | 1,804,647 | 1,808,412 | Services: Business | Term Loan B (First Lien) | Loan | 6.75 | % | 1.00 | % | 0.00 | % | 7.75 | % | 10/31/2019 | 1,837,500 | 1,804,647 | 1,808,412 | ||||||||||||||||||||||||||||||||||||||||||||||
SRAM, LLC | Industrial Equipment | Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 4/10/2020 | 2,725,103 | 2,719,454 | 2,718,289 | Industrial Equipment | Term Loan (First Lien) | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 4/10/2020 | 2,725,103 | 2,719,454 | 2,718,289 | ||||||||||||||||||||||||||||||||||||||||||||||
Steak ‘n Shake Operations, Inc. | Food Services | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 3/19/2021 | 923,173 | 917,444 | 930,097 | Food Services | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 3/19/2021 | 923,173 | 917,444 | 930,097 | ||||||||||||||||||||||||||||||||||||||||||||||
Survey Sampling International | Services: Business | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 12/16/2020 | 2,721,749 | 2,707,531 | 2,721,749 | Services: Business | Term Loan B | Loan | 5.00 | % | 1.00 | % | 0.00 | % | 6.00 | % | 12/16/2020 | 2,721,749 | 2,707,531 | 2,721,749 | ||||||||||||||||||||||||||||||||||||||||||||||
Sybil Finance BV | High Tech Industries | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 9/30/2022 | 987,500 | 982,957 | 1,002,006 | High Tech Industries | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 9/30/2022 | 987,500 | 982,957 | 1,002,006 | ||||||||||||||||||||||||||||||||||||||||||||||
Syniverse Holdings, Inc. | Telecommunications | Initial Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.04 | % | 4/23/2019 | 468,977 | 466,972 | 427,473 | Telecommunications | Initial Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.04 | % | 4/23/2019 | 468,977 | 466,972 | 427,473 | ||||||||||||||||||||||||||||||||||||||||||||||
TaxACT, Inc. | Services: Business | Term Loan B | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 1/3/2023 | 1,200,000 | 1,168,727 | 1,206,000 | Services: Business | Term Loan B | Loan | 6.00 | % | 1.00 | % | 0.00 | % | 7.00 | % | 1/3/2023 | 1,200,000 | 1,168,727 | 1,206,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Tectum Holdings, Inc. | Transportation | Delayed Draw Term Loan (Initial) | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.80 | % | 8/24/2023 | 997,500 | 988,185 | 1,004,981 | Transportation | Delayed Draw Term Loan (Initial) | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.80 | % | 8/24/2023 | 997,500 | 988,185 | 1,004,981 | ||||||||||||||||||||||||||||||||||||||||||||||
Tennessee Merger T/L (Team Health) | Healthcare & Pharmaceuticals | Term Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 2/6/2024 | 1,000,000 | 997,518 | 996,880 | Healthcare & Pharmaceuticals | Term Loan | Loan | 2.75 | % | 1.00 | % | 0.00 | % | 3.75 | % | 2/6/2024 | 1,000,000 | 997,518 | 996,880 | ||||||||||||||||||||||||||||||||||||||||||||||
TGI Friday’s, Inc. | Food Services | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 7/15/2020 | 1,651,817 | 1,648,856 | 1,646,316 | Food Services | Term Loan B | Loan | 4.25 | % | 1.00 | % | 0.00 | % | 5.25 | % | 7/15/2020 | 1,651,817 | 1,648,856 | 1,646,316 | ||||||||||||||||||||||||||||||||||||||||||||||
Townsquare Media, Inc. | Media | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 4/1/2022 | 932,522 | 927,933 | 937,185 | Media | Term Loan B | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 4/1/2022 | 932,522 | 927,933 | 937,185 | ||||||||||||||||||||||||||||||||||||||||||||||
TPF II Power LLC and TPF II Covert Midco LLC | Utilities | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 10/2/2021 | 1,413,873 | 1,364,619 | 1,426,683 | Utilities | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 10/2/2021 | 1,413,873 | 1,364,619 | 1,426,683 | ||||||||||||||||||||||||||||||||||||||||||||||
TransDigm, Inc. | Aerospace and Defense | Tranche C Term Loan | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.78 | % | 2/28/2020 | 4,233,198 | 4,238,155 | 4,249,920 | Aerospace and Defense | Tranche C Term Loan | Loan | 3.00 | % | 0.75 | % | 0.00 | % | 3.78 | % | 2/28/2020 | 4,233,198 | 4,238,155 | 4,249,920 | ||||||||||||||||||||||||||||||||||||||||||||||
Travel Leaders Group, LLC | Hotel, Gaming and Leisure | Term Loan B | Loan | 5.25 | % | 0.00 | % | 0.00 | % | 6.03 | % | 1/25/2024 | 2,000,000 | 1,990,095 | 2,025,000 | Hotel, Gaming and Leisure | Term Loan B | Loan | 5.25 | % | 0.00 | % | 0.00 | % | 6.03 | % | 1/25/2024 | 2,000,000 | 1,990,095 | 2,025,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Trugreen Limited Partnership | Services: Business | Term Loan B | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 4/13/2023 | 497,500 | 490,931 | 503,719 | Services: Business | Term Loan B | Loan | 5.50 | % | 1.00 | % | 0.00 | % | 6.50 | % | 4/13/2023 | 497,500 | 490,931 | 503,719 | ||||||||||||||||||||||||||||||||||||||||||||||
Twin River Management Group, Inc. | Lodging & Casinos | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 7/10/2020 | 809,438 | 810,684 | 819,556 | Lodging & Casinos | Term Loan B | Loan | 3.50 | % | 1.00 | % | 0.00 | % | 4.50 | % | 7/10/2020 | 809,438 | 810,684 | 819,556 | ||||||||||||||||||||||||||||||||||||||||||||||
Univar Inc. | Chemicals/Plastics | Term B Loan | Loan | 2.75 | % | 0.00 | % | 0.00 | % | 3.61 | % | 7/1/2022 | 2,962,500 | 2,948,361 | 2,971,565 | Chemicals/Plastics | Term B Loan | Loan | 2.75 | % | 0.00 | % | 0.00 | % | 3.61 | % | 7/1/2022 | 2,962,500 | 2,948,361 | 2,971,565 | ||||||||||||||||||||||||||||||||||||||||||||||
Univision Communications Inc. | Telecommunications | Replacement First-Lien Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/1/2020 | 2,885,666 | 2,876,319 | 2,896,949 | Telecommunications | Replacement First-Lien Term Loan | Loan | 3.00 | % | 1.00 | % | 0.00 | % | 4.00 | % | 3/1/2020 | 2,885,666 | 2,876,319 | 2,896,949 | ||||||||||||||||||||||||||||||||||||||||||||||
Valeant Pharmaceuticals International, Inc. | Drugs | Series D2 Term Loan B | Loan | 4.25 | % | 0.75 | % | 0.00 | % | 5.03 | % | 2/13/2019 | 2,445,056 | 2,437,788 | 2,456,890 | Drugs | Series D2 Term Loan B | Loan | 4.25 | % | 0.75 | % | 0.00 | % | 5.03 | % | 2/13/2019 | 2,445,056 | 2,437,788 | 2,456,890 | ||||||||||||||||||||||||||||||||||||||||||||||
Verint Systems Inc. | Services: Business | Term Loan | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.53 | % | 9/6/2019 | 1,006,278 | 1,003,396 | 1,010,554 | Services: Business | Term Loan | Loan | 2.75 | % | 0.75 | % | 0.00 | % | 3.53 | % | 9/6/2019 | 1,006,278 | 1,003,396 | 1,010,554 | ||||||||||||||||||||||||||||||||||||||||||||||
Vistra Operations Company T/L B (12/16) | Utilities | Term Loan B | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.02 | % | 12/13/2023 | 500,000 | 498,784 | 502,970 | Utilities | Term Loan B | Loan | 3.25 | % | 0.75 | % | 0.00 | % | 4.02 | % | 12/13/2023 | 500,000 | 498,784 | 502,970 | ||||||||||||||||||||||||||||||||||||||||||||||
Vizient Inc. | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 2/13/2023 | 879,853 | 856,884 | 891,405 | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 2/13/2023 | 879,853 | 856,884 | 891,405 | ||||||||||||||||||||||||||||||||||||||||||||||
Vouvray US Finance | Industrial Equipment | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 6/27/2021 | 487,500 | 485,889 | 486,891 | Industrial Equipment | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 6/27/2021 | 487,500 | 485,889 | 486,891 | ||||||||||||||||||||||||||||||||||||||||||||||
Washington Inventory Service | Services: Business | U.S. Term Loan (First Lien) | Loan | 0.00 | % | 0.00 | % | 5.75 | % | 5.75 | % | 12/20/2018 | 1,735,292 | 1,743,798 | 1,418,601 | Services: Business | U.S. Term Loan (First Lien) | Loan | 0.00 | % | 0.00 | % | 5.75 | % | 5.75 | % | 12/20/2018 | 1,735,292 | 1,743,798 | 1,418,601 | ||||||||||||||||||||||||||||||||||||||||||||||
Western Digital Corporation | High Tech Industries | Term Loan B (USD) | Loan | 3.75 | % | 0.75 | % | 0.00 | % | 4.53 | % | 5/1/2023 | 1,592,000 | 1,547,312 | 1,602,396 | High Tech Industries | Term Loan B (USD) | Loan | 3.75 | % | 0.75 | % | 0.00 | % | 4.53 | % | 5/1/2023 | 1,592,000 | 1,547,312 | 1,602,396 | ||||||||||||||||||||||||||||||||||||||||||||||
Windstream Services, LLC | Telecommunications | Term Loan B6 | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 4.78 | % | 3/29/2021 | 999,375 | 989,489 | 1,006,121 | Telecommunications | Term Loan B6 | Loan | 4.00 | % | 0.75 | % | 0.00 | % | 4.78 | % | 3/29/2021 | 999,375 | 989,489 | 1,006,121 | ||||||||||||||||||||||||||||||||||||||||||||||
Xerox Business Services T/L B (Conduent) | Services: Business | Term Loan | Loan | 5.50 | % | 0.75 | % | 0.00 | % | 6.28 | % | 12/7/2023 | 750,000 | 737,850 | 761,955 | Services: Business | Term Loan | Loan | 5.50 | % | 0.75 | % | 0.00 | % | 6.28 | % | 12/7/2023 | 750,000 | 737,850 | 761,955 | ||||||||||||||||||||||||||||||||||||||||||||||
Zekelman Industries (JMC Steel) T/L (01/17) | Nonferrous Metals/Minerals | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 6/14/2021 | 500,000 | 501,250 | 506,040 | Nonferrous Metals/Minerals | Term Loan | Loan | 3.75 | % | 1.00 | % | 0.00 | % | 4.75 | % | 6/14/2021 | 500,000 | 501,250 | 506,040 | ||||||||||||||||||||||||||||||||||||||||||||||
ZEP, Inc. | Chemicals/Plastics | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 6/27/2022 | 2,955,000 | 2,941,390 | 2,984,550 | Chemicals/Plastics | Term Loan B | Loan | 4.00 | % | 1.00 | % | 0.00 | % | 5.00 | % | 6/27/2022 | 2,955,000 | 2,941,390 | 2,984,550 | ||||||||||||||||||||||||||||||||||||||||||||||
Zest Holdings 1st Lien T/L (2014 Replacement) | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.75 | % | 8/17/2020 | 1,000,000 | 995,523 | 1,012,500 | Healthcare & Pharmaceuticals | Term Loan | Loan | 4.75 | % | 1.00 | % | 0.00 | % | 5.75 | % | 8/17/2020 | 1,000,000 | 995,523 | 1,012,500 | ||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 297,801,502 | $ | 292,460,648 | $ | 297,801,502 | $ | 292,460,648 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal | Cost | Fair Value | Principal | Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Bank Money Market (a) | U.S. Bank Money Market (a) | $ | 13,046,555 | $ | 13,046,555 | $ | 13,046,555 | U.S. Bank Money Market (a) | $ | 13,046,555 | $ | 13,046,555 | $ | 13,046,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | $ | 13,046,555 | $ | 13,046,555 | $ | 13,046,555 | Total cash and cash equivalents | $ | 13,046,555 | $ | 13,046,555 | $ | 13,046,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
(a) Included within cash and cash equivalents in Saratoga CLO’s Statementsstatements of Assetsassets and Liabilitiesliabilities as of February 28, 2017.
Note 5. Agreements and Related Party Transactions
On July 30, 2010, the Company entered into the Management Agreement with our Manager. The initial term of the Management Agreement was two years, with automatic,one-year renewals at the end of each year, subject to certain approvals by our board of directors and/or the Company’s stockholders. On July 11, 2017, our board of directors approved the renewal of the Management Agreement for an additionalone-year term. Pursuant to the Management Agreement, our Manager implements our business strategy on aday-to-day basis and performs certain services for us, subject to oversight by our board of directors. Our Manager is responsible for, among other duties, determining investment criteria, sourcing, analyzing and executing investments transactions, asset sales, financings and performing asset management duties. Under the Management Agreement, we have agreed to pay our Manager a management fee for investment advisory and management services consisting of a base management fee and an incentive fee.
The base management fee of 1.75% is calculated based on the average value of our gross assets (other than cash or cash equivalents, but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters.
The incentive fee consists of the following two parts:
The first, payable quarterly in arrears, equals 20.0% of ourpre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, that exceeds a 1.875% quarterly hurdle rate measured as of the end of each fiscal quarter, subject to a“catch-up” “catch-up” provision. Under this provision, in any fiscal quarter, our Manager receives no incentive fee unless ourpre-incentive fee net investment income exceeds the hurdle rate of 1.875%. Our Manager will receive 100.0% ofpre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter; and 20.0% of the amount of the ourpre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter. There is no accumulation of amounts on the hurdle rate from quarter to quarter, and accordingly there is no claw back of amounts previously paid if subsequent quarters are below the quarterly hurdle rate, and there is no delay of payment if prior quarters are below the quarterly hurdle rate.
The second part of the incentive fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Management Agreement) and equals 20.0% of our “incentive fee capital gains,” which equals our realized capital gains on a cumulative basis from May 31, 2010 through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee. Importantly, the capital gains portion of the incentive fee is based on realized gains and realized and unrealized losses from May 31, 2010. Therefore, realized and unrealized losses incurred prior to such time will not be taken into account when calculating the capital gains portion of the incentive fee, and our Manager will be entitled to 20.0% of incentive fee capital gains that arise after May 31, 2010. In addition, for the purpose of the “incentive fee capital gains” calculations, the cost basis for computing realized gains and losses on investments held by us as of May 31, 2010 will equal the fair value of such investments as of such date.
For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, the Company incurred $1.5 million and $1.2 million in base management fees, respectively. For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, the Company incurred $0.9$0.8 million and $0.8 million in incentive fees related topre-incentive fee net investment income, respectively. For the three months ended August 31,November 30, 2017, and August 31, 2016, the Company accrued $0.8$0.3 million andin incentive fees related to capital gains. For the three months ended November 30, 2016, there was a reduction of $0.4 million in incentive fees related to capital gains, respectively.gains. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, the Company incurred $2.9$4.4 million and $2.4$3.6 million in base management fees, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, the Company incurred $1.7$2.5 million and $1.4$2.2 million in incentive fees related topre-incentive fee net investment income, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, the Company accrued $0.2$0.4 million and $0.5$0.1 million in incentive fees related to capital gains, respectively. The accrual is calculated using both realized and unrealized capital gains for the period. The actual incentive fee related to capital gains will be determined and payable in arrears at the end of the fiscal year and will include only realized capital gains for the period. As of August 31,November 30, 2017, the base management fees accrual was $1.5 million and the incentive fees accrual was $3.6$3.7 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities. As of February 28, 2017, the base management fees accrual was $1.2 million and the incentive fees accrual was $4.6 million and is included in base management and incentive fees payable in the accompanying consolidated statements of assets and liabilities.
On July 30, 2010, the Company entered into a separate administration agreement (the “Administration Agreement”) with our Manager, pursuant to which our Manager, as our administrator, has agreed to furnish us with the facilities and administrative services necessary to conduct ourday-to-day operations and provide managerial assistance on our behalf to those portfolio companies to which we are required to provide such assistance. The initial term of the Administration Agreement was two years, with automatic,one-year renewals at the end of each year subject to certain approvals by our board of directors and/or our stockholders. The amount of
expenses payable or reimbursable thereunder by the Company was capped at $1.0 million for the initial two year term of the Administration Agreement and subsequent renewals. On July 8, 2015, our board of directors approved the renewal of the
Administration Agreement for an additionalone-year term and determined to increase the cap on the payment or reimbursement of expenses by the Company thereunder, which had not been increased since the inception of the agreement, to $1.3 million. On October 5, 2016, our board of directors determined to increase the cap on the payment or reimbursement of expenses by the Company under the Administration Agreement, from $1.3 million to $1.5 million, effective November 1, 2016. On July 11, 2017, our board of directors approved the renewal of the Administration Agreement for an additionalone-year term, and determined to increase the cap on the payment or reimbursement of expenses by the Company from $1.5 million to $1.75 million, effective August 1, 2017.
For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recognized $0.4 million and $0.3 million in administrator expenses, respectively, pertaining to bookkeeping, record keeping and other administrative services provided to us in addition to our allocable portion of rent and other overhead related expenses. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recognized $0.8$1.2 million and $0.7$1.0 million in administrator expenses, respectively, pertaining to bookkeeping, record keeping and other administrative services provided to us in addition to our allocable portion of rent and other overhead related expenses. As of August 31,November 30, 2017, $0.4 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. As of February 28, 2017, $0.4 million of administrator expenses were accrued and included in due to manager in the accompanying consolidated statements of assets and liabilities. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, the Company neither bought nor sold any investments from the Saratoga CLO.
Note 6. Borrowings
Credit Facility
As a BDC, we are only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200.0% after giving effect to such leverage. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. Our asset coverage ratio, as defined in the 1940 Act, was 258.0%284.0% as of August 31,November 30, 2017 and 271.0% as of February 28, 2017.
On April 11, 2007, we entered into a $100.0 million revolving securitized credit facility (the “Revolving Facility”). On May 1, 2007, we entered into a $25.7 million term securitized credit facility (the “Term Facility” and, together with the Revolving Facility, the “Facilities”), which was fully drawn at closing. In December 2007, we consolidated the Facilities by using a draw under the Revolving Facility to repay the Term Facility. In response to the market wide decline in financial asset prices, which negatively affected the value of our portfolio, we terminated the revolving period of the Revolving Facility effective January 14, 2009 and commenced atwo-year amortization period during which all principal proceeds from the collateral were used to repay outstanding borrowings. A significant percentage of our total assets had been pledged under the Revolving Facility to secure our obligations thereunder. Under the Revolving Facility, funds were borrowed from or through certain lenders and interest was payable monthly at the greater of the commercial paper rate and our lender’s prime rate plus 4.00% plus a default rate of 2.00% or, if the commercial paper market was unavailable, the greater of the prevailing LIBOR rates and our lender’s prime rate plus 6.00% plus a default rate of 3.00%.
On July 30, 2010, we used the net proceeds from (i) the stock purchase transaction and (ii) a portion of the funds available to us under the $45.0 million senior secured revolving credit facility (the “Credit Facility”) with Madison Capital Funding LLC, in each case, to pay the full amount of principal and accrued interest, including default interest, outstanding under the Revolving Facility. As a result, the Revolving Facility was terminated in connection therewith. Substantially all of our total assets, other than those held by SBIC LP, have been pledged under the Credit Facility to secure our obligations thereunder.
On February 24, 2012, we amended our senior secured revolving credit facility with Madison Capital Funding LLC to, among other things:
On September 17, 2014, we entered into a second amendment to the Credit Facility with Madison Capital Funding LLC to, among other things:
On May 18, 2017, we entered into a third amendment to the Credit Facility with Madison Capital Funding LLC to, among other things:
As of August 31,November 30, 2017 and February 28, 2017, there was $10.0$1.0 million and $0.0, respectively, of outstanding borrowings under the Credit Facility and the Company was in compliance with all of the limitations and requirements of the Credit Facility. Financing costs of $3.1 million related to the Credit Facility have been capitalized and are being amortized over the term of the facility. For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $0.4$0.2 million and $0.1 million of interest expense, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $0.5$0.7 million and $0.2$0.3 million of interest expense, respectively. For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $0.02 million and $0.02 million of amortization of deferred financing costs related to the Credit Facility and Revolving Facility, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $0.04$0.1 million and $0.04$0.1 million of amortization of deferred financing costs related to the Credit Facility and Revolving Facility, respectively. The weighted average interest rates during the three and sixnine months ended August 31,November 30, 2017 on the outstanding borrowings under the Credit Facility were 5.92%6.05% and 5.94%5.97%, respectively. During the three and sixnine months ended August 31,November 30, 2017, the average dollar amount of outstanding borrowings under the Credit Facility was $21.3$6.0 million and $10.9$9.3 million, respectively. During the three and sixnine months ended August 31,November 30, 2016, there were no outstanding borrowings under the Credit Facility.
The Credit Facility contains limitations as to how borrowed funds may be used, such as restrictions on industry concentrations, asset size, weighted average life, currency denomination and collateral interests. The Credit Facility also includes certain requirements relating to portfolio performance, the violation of which could result in the limit of further advances and, in some cases, result in an event of default, allowing the lenders to accelerate repayment of amounts owed thereunder. The Credit Facility has an eight year term, consisting of a three year period (the “Revolving Period”), under which the Company may make and repay borrowings, and a final maturity five years from the end of the Revolving Period. Availability on the Credit Facility will be subject to a borrowing base calculation, based on, among other things, applicable advance rates (which vary from 50.0% to 75.0% of par or fair value depending on the type of loan asset) and the value of certain “eligible” loan assets included as part of the Borrowing Base. Funds may be borrowed at the greater of the prevailing LIBOR rate and 1.00%, plus an applicable margin of 4.75%. At the Company’s option, funds may be borrowed based on an alternative base rate, which in no event will be less than 2.00%, and the applicable margin over such alternative base rate is 3.75%. In addition, the Company will pay the lenders a commitment fee of 0.75% per year (or 0.50% if the ratio of advances outstanding to aggregate commitments is greater than or equal to 50%) on the unused amount of the Credit Facility for the duration of the Revolving Period.
Our borrowing base under the Credit Facility was $34.0$31.8 million subject to the Credit Facility cap of $45.0 million at August 31,November 30, 2017. For purposes of determining the borrowing base, most assets are assigned the values set forth in our most recent Annual Report onForm 10-K or Quarterly Report onForm 10-Q filed with the SEC. Accordingly, the August 31,November 30, 2017 borrowing base relies upon the valuations set forth in the Quarterly Report onForm 10-Q for the period ended MayAugust 31, 2017, as filed with the SEC on July 12,October 11, 2017. The valuations presented in this Quarterly Report onForm 10-Q will not be incorporated into the borrowing base until after this Quarterly Report onForm 10-Q is filed with the SEC.
SBA Debentures
SBIC LP is able to borrow funds from the SBA against regulatory capital (which approximates equity capital) that is paid in and is subject to customary regulatory requirements including but not limited to an examination by the SBA. As of August 31,November 30, 2017, we have funded SBIC LP with $75.0 million of equity capital, and have $134.7 million ofSBA-guaranteed debentures outstanding. SBA debentures arenon-recourse to us, have a10-year maturity, and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over10-year U.S. Treasury Notes. SBA current regulations limit the amount that SBIC LP may borrow to a maximum of $150.0 million, which is up to twice its potential regulatory capital.
SBICs are designed to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses. Under present SBA regulations, eligible small businesses include businesses that have a tangible net worth not exceeding $19.5 million and have average annual fully taxed net income not exceeding $6.5 million for the two most recent fiscal years. In addition, an SBIC must devote 25.0% of its investment activity to ‘‘smaller’’ concerns as defined by the SBA. A smaller concern is one that has a tangible net worth not exceeding $6.0 million and has average annual fully taxed net income not exceeding $2.0 million for the two most recent fiscal years. SBA regulations also provide alternative size standard criteria to determine eligibility, which depend on the industry in which the business is engaged and are based on such factors as the number of employees and gross sales. According to SBA regulations, SBICs may make long-term loans to small businesses, invest in the equity securities of such businesses and provide them with consulting and advisory services.
SBIC LP is subject to regulation and oversight by the SBA, including requirements with respect to maintaining certain minimum financial ratios and other covenants. Receipt of an SBIC license does not assure that SBIC LP will receiveSBA-guaranteed debenture funding, which is dependent upon SBIC LP continuing to be in compliance with SBA regulations and policies. The SBA, as a creditor, will have a superior claim to SBIC LP’s assets over our stockholders and debtholders in the event we liquidate SBIC LP or the SBA exercises its remedies under theSBA-guaranteed debentures issued by SBIC LP upon an event of default.
The Company received exemptive relief from the SEC to permit it to exclude the debt of SBIC LP guaranteed by the SBA from the definition of senior securities in the 200.0% asset coverage test under the 1940 Act. This allows the Company increased flexibility under the 200.0% asset coverage test by permitting it to borrow up to $150.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.
As of August 31,November 30, 2017 and February 28, 2017, there was $134.7 million and $112.7 million outstanding of SBA debentures, respectively. The carrying amount of the amount outstanding of SBA debentures approximates its fair value, which is based on a waterfall analysis showing adequate collateral coverage, $4.6 million, of financing costs related to the SBA debentures, have been capitalized and are being amortized over the term of the commitment and drawdown.
For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $1.0$1.1 million and $0.8$0.9 million of interest expense related to the SBA debentures, respectively. For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $0.1 million and $0.1 million of amortization of deferred financing costs related to the SBA debentures, respectively. The weighted average interest rate during the three months ended August 31,November 30, 2017 and August 31,November 30, 2016 on the outstanding borrowings of the SBA debentures was 3.06%3.14% and 3.19%3.08%, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $2.0$3.0 million and $1.7$2.5 million of interest expense related to the SBA debentures, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded $0.2$0.4 million and $0.3$0.4 million of amortization of deferred financing costs related to the SBA debentures, respectively. The weighted average interest rate during the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016 on the outstanding borrowings of the SBA debentures was 3.11%3.12% and 3.14%3.12%, respectively. During the three and sixnine months ended August 31,November 30, 2017, the average dollar amount of SBA debentures outstanding was $134.7 million and $124.4$127.8 million, respectively. During the three and sixnine months ended August 31,November 30, 2016, the average dollar amount of SBA debentures outstanding was $103.7 million.$110.7 million and $106.0 million, respectively.
In December 2015, the 2016 omnibus spending bill approved by Congress and signed into law by the President increased the amount ofSBA-guaranteed debentures that affiliated SBIC funds can have outstanding from $225.0 million to $350.0 million, subject to SBA approval. SBA regulations currently limit the amount ofSBA-guaranteed debentures that an SBIC may issue to $150.0 million when it has at least $75.0 million in regulatory capital. Affiliated SBICs are permitted to issue up to a combined maximum amount of $350.0 million inSBA-guaranteed debentures when they have at least $175.0 million in combined regulatory capital.
On April 2, 2015, the SBA issued a “green light” letter inviting the Company to continue the application process to obtain a license to form and operate its second SBIC subsidiary. On September 27, 2016, the SBA informed us that as part of their continued review of our application for a second license, and in order to ensure that they were reviewing the most current information available, we would need to update all previously submitted materials and invited us to reapply. As a result of this request, with which we are in
the process of complying, the existing “green light” letter that the SBA issued to us has expired. If approved in the future, a second SBIC license would provide us an incremental source of long-term capital by permitting us to issue up to $150.0 million of additionalSBA-guaranteed debentures in addition to the $150.0 million already approved under the first license.
Notes
On May 10, 2013, the Company issued $42.0 million in aggregate principal amount of 7.50% fixed-rate notes due 2020 (the “2020 Notes”). The 2020 Notes will mature on May 31, 2020, and since May 31, 2016, may be redeemed in whole or in part at any time or from time to time at the Company’s option. Interest will be payable quarterly beginning August 15, 2013.
On May 17, 2013, the Company closed an additional $6.3 million in aggregate principal amount of the 2020 Notes, pursuant to the full exercise of the underwriters’ option to purchase additional 2020 Notes. On May 29, 2015, the Company entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through anAt-the-Market (“ATM”) offering. As of August 31,November 30, 2017, the Company sold 539,725 bonds with a principal of $13,493,125 at an average price of $25.31 for aggregate net proceeds of $13,385,766 (net of transaction costs).
On December 21, 2016, the Company issued $74.5 million in aggregate principal amount of our 6.75% fixed-rate notes due 2023 (the “2023 Notes”) for net proceeds of $71.7 million after deducting underwriting commissions of approximately $2.3 million and offering costs of approximately $0.5 million. The issuance included the exercise of substantially all of the underwriters’ option to purchase an additional $9.8 million aggregate principal amount of 2023 Notes within 30 days. Interest on the 2023 Notes is paid quarterly in arrears on March 15, June 15, September 15 and December 15, at a rate of 6.75% per year, beginning March 30, 2017. The 2023 Notes mature on December 30, 2023, and commencing December 21, 2019, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used to repay all of the outstanding indebtedness under the 2020 Notes, which amounted to $61.8 million, and for general corporate purposes in accordance with our investment objective and strategies. The 2023 Notes are listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per share. The remaining unamortized deferred debt financing costs of $1.5 million (including underwriting commissions and net of issuance premiums), was recorded within loss on debt extinguishment in the consolidated statements of operations in the fourth quarter of the fiscal year ended February 28, 2017, when the related 2020 Notes were extinguished. As of August 31,November 30, 2017, $2.8 million of financing costs related to the 2023 Notes have been capitalized and are being amortized over the term of the 2023 Notes.
As of August 31,November 30, 2017, the carrying amount and fair value of the 2023 Notes was $74.5 million and $77.9$78.3 million, respectively. The fair value of the 2023 Notes, which are publicly traded, is based upon closing market quotes as of the measurement date and would be classified as a Level 1 liability within the fair value hierarchy. For the three and sixnine months ended August 31,November 30, 2017, we recorded $1.3 million and $2.5$3.8 million, respectively, of interest expense and $0.1 million and $0.2$0.3 million, respectively, of amortization of deferred financing costs related to the 2023 Notes. As of February 28, 2017, the carrying amount and fair value of the 2023 Notes was $74.5 million and $77.1 million, respectively. For the three and sixnine months ended August 31,November 30, 2016, we recorded $1.2 million and $2.3$3.5 million, respectively, of interest expense and $0.1 million and $0.2$0.3 million, respectively, of amortization of deferred financing costs related to the 2020 Notes. During the three and sixnine months ended August 31,November 30, 2017, the average dollar amount of 2023 Notes outstanding was $74.5 million. During the three and sixnine months ended August 31,November 30, 2016, the average dollar amount of 2020 Notes outstanding was $61.8 million.
Note 7. Commitments and contingencies
Contractual obligations
The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31,November 30, 2017:
Payment Due by Period | ||||||||||||||||||||
Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Long-Term Debt Obligations | $ | 219,111 | $ | — | $ | — | $ | — | $ | 219,111 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Payment Due by Period | ||||||||||||||||||||
Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Long-Term Debt Obligations | $ | 210,111 | $ | — | $ | — | $ | — | $ | 210,111 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Off-balance sheet arrangements
The Company’soff-balance sheet arrangements consisted of $5.0$5.9 million and $2.0 million of unfunded commitments to provide debt financing to its portfolio companies or to fund limited partnership interests as of August 31,November 30, 2017 and February 28, 2017, respectively. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.
A summary of the composition of the unfunded commitments as of August 31,November 30, 2017 and February 28, 2017 is shown in the table below (dollars in thousands):
As of | As of | |||||||||||||||
August 31, 2017 | February 28, 2017 | November 30, 2017 | February 28, 2017 | |||||||||||||
CLEO Communications Holding, LLC | $ | 3,000 | $ | — | $ | 3,000 | $ | — | ||||||||
GreyHeller LLC | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||
Pathway Partners Vet Management Company LLC | 917 | — | ||||||||||||||
|
|
|
| |||||||||||||
Total | $ | 5,000 | $ | 2,000 | $ | 5,917 | $ | 2,000 | ||||||||
|
|
|
|
Note 8. Directors Fees
The independent directors receive an annual fee of $40,000. They also receive $2,500 plus reimbursement of reasonableout-of- pocket expenses incurred in connection with attending each board meeting and receive $1,000 plus reimbursement of reasonableout-of- pocket expenses incurred in connection with attending each committee meeting. In addition, the chairman of the Audit Committee receives an annual fee of $5,000 and the chairman of each other committee receives an annual fee of $2,000 for their additional services in these capacities. In addition, we have purchased directors’ and officers’ liability insurance on behalf of our directors and officers. Independent directors have the option to receive their directors’ fees in the form of our common stock issued at a price per share equal to the greater of net asset value or the market price at the time of payment. No compensation is paid to directors who are “interested persons” of the Company (as such term is defined in the 1940 Act). For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we incurred $0.06$0.04 million and $0.06$0.07 million for directors’ fees and expenses, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we incurred $0.1$0.2 million and $0.1$0.2 million for directors’ fees and expenses, respectively. As of August 31,November 30, 2017 and February 28, 2017, $0.06 million$0.0 and $0.05 million in directors’ fees and expenses were accrued and unpaid, respectively. As of August 31,November 30, 2017, we had not issued any common stock to our directors as compensation for their services.
Note 9. Stockholders’ Equity
On May 16, 2006, GSC Group, Inc. capitalized the LLC, by contributing $1,000 in exchange for 67 shares, constituting all of the issued and outstanding shares of the LLC.
On March 20, 2007, the Company issued 95,995.5 and 8,136.2 shares of common stock, priced at $150.00 per share, to GSC Group and certain individual employees of GSC Group, respectively, in exchange for the general partnership interest and a limited partnership interest in GSC Partners CDO III GP, LP, collectively valued at $15.6 million. At this time, the 6.7 shares owned by GSC Group in the LLC were exchanged for 6.7 shares of the Company.
On March 28, 2007, the Company completed its IPO of 725,000 shares of common stock, priced at $150.00 per share, before underwriting discounts and commissions. Total proceeds received from the IPO, net of $7.1 million in underwriter’s discount and commissions, and $1.0 million in offering costs, were $100.7 million.
On November 13, 2009, we declared a dividend of $18.25 per share payable on December 31, 2009. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to $2.1 million or $2.50 per share. Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 of newly issued shares of common stock.
On July 30, 2010, our Manager and its affiliates purchased 986,842 shares of common stock at $15.20 per share. Total proceeds received from this sale were $15.0 million.
On August 12, 2010, we effected aone-for-ten reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for cash. The total cash payment in lieu of shares was $230. Immediately after the reverse stock split, we had 2,680,842 shares of our common stock outstanding.
On November 12, 2010, we declared a dividend of $4.40 per share payable on December 29, 2010. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $1.2 million or $0.44 per share. Based on shareholder elections, the dividend consisted of approximately $1.2 million in cash and 596,235 shares of common stock.
On November 15, 2011, we declared a dividend of $3.00 per share payable on December 30, 2011. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $2.0 million or $0.60 per share. Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 599,584 shares of common stock.
On November 9, 2012, the Company declared a dividend of $4.25 per share payable on December 31, 2012. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $3.3 million or $0.85 per share. Based on shareholder elections, the dividend consisted of approximately $3.3 million in cash and 853,455 shares of common stock.
On October 30, 2013, the Company declared a dividend of $2.65 per share payable on December 27, 2013. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $2.5 million or $0.53 per share. Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock.
On September 24, 2014, the Company declared a dividend of $0.18 per share payable on November 28, 2014. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock pursuant to the Company’s DRIP. Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock.
On September 24, 2014, the Company declared a dividend of $0.22 per share payable on February 27, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock.
On April 9, 2015, the Company declared a dividend of $0.27 per share payable on May 29, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock.
On May 14, 2015, the Company declared a special dividend of $1.00 per share payable on June 5, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock.
On July 8, 2015, the Company declared a dividend of $0.33 per share payable on August 31, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock.
On October 7, 2015, the Company declared a dividend of $0.36 per share payable on November 30, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock.
On January 12, 2016, the Company declared a dividend of $0.40 per share payable on February 29, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock.
On March 31, 2016, the Company declared a dividend of $0.41 per share payable on April 27, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock.
On July 7, 2016, the Company declared a dividend of $0.43 per share payable on August 9, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock.
On August 8, 2016, the Company declared a special dividend of $0.20 per share payable on September 5, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock.
On October 5, 2016, the Company declared a dividend of $0.44 per share payable on November 9, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock.
On January 12, 2017, the Company declared a dividend of $0.45 per share payable on February 9, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.6 million in cash and 50,453 newly issued shares of common stock.
On February 28, 2017, the Company declared a dividend of $0.46 per share payable on March 28, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock.
On May 30, 2017, the Company declared a dividend of $0.47 per share payable on June 27, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock.
On August 28, 2017, the Company declared a dividend of $0.48 per share payable on September 26, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock.
On September 24, 2014, the Company announced the approval of an open market share repurchase plan that allowed it to repurchase up to 200,000 shares of its common stock at prices below its NAV as reported in its then most recently published consolidated financial statements. On October 7, 2015, the Company’s board of directors extended the open market share repurchase plan for another year and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 400,000 shares of its common stock. On October 5, 2016, the Company’s board of directors extended the open market share repurchase plan for another year to October 15, 2017 and increased the number of shares the Company is permitted to repurchase at prices below its NAV, as reported in its then most recently published consolidated financial statements, to 600,000 shares of its common stock. On October 10, 2017, the Company’s board of directors extended the open market share repurchase plan for another year to October 15, 2018, leaving the number of shares unchanged at 600,000 shares of its common stock. As of August 31,November 30, 2017, the Company purchased 218,491 shares of common stock, at the average price of $16.87 for approximately $3.7 million pursuant to this repurchase plan.
On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. As of August 31,November 30, 2017, the Company sold 117,354266,113 shares for gross proceeds of $2.6$6.0 million at an average price of $22.49 for aggregate net proceeds of $2.6$5.9 million (net of transaction costs).
Note 10. Summarized Financial Information of Our Unconsolidated Subsidiary
In accordance with SEC RegulationS-X Rules3-09 and4-08(g), the Company must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” After performing this analysis, the Company determined that one of its portfolio companies, Easy Ice, LLC (“Easy Ice”) is not a significant subsidiary for the three months ended August 31,November 30, 2017 under at least one of the significance conditions of Rule4-08(g) of SEC RegulationS-X, but was a significant subsidiary for the year ended February 28, 2017. Accordingly, audited financial information for the year ended December 31, 2016 and as of December 31, 2016 has been included as follows (in thousands):
As of | ||||
Balance Sheet – Easy Ice, LLC | December 31, 2016 | |||
Current assets | $ | 1,058 | ||
Noncurrent assets | $ | 18,245 | ||
Current liabilities | $ | 3,473 | ||
Noncurrent liabilities | $ | 23,113 | ||
Total deficit | $ | (7,283 | ) |
As of | ||||||||
Balance Sheet – Easy Ice, LLC | December 31, 2016 | |||||||
Current assets | $ | 1,058 | ||||||
Noncurrent assets | $ | 18,245 | ||||||
Current liabilities | $ | 3,473 | ||||||
Noncurrent liabilities | $ | 23,113 | ||||||
Total deficit | $ | (7,283 | ) | |||||
For the year ended | For the year ended | |||||||
Statements of Operations – Easy Ice, LLC | December 31, 2016 | December 31, 2016 | ||||||
Rental income | $ | 14,463 | $ | 14,463 | ||||
Rental expenses | $ | 8,463 | $ | 8,463 | ||||
Gross margin | $ | 6,000 | $ | 6,000 | ||||
Operating expenses | $ | 5,123 | $ | 5,123 | ||||
Income from operations | $ | 877 | $ | 877 | ||||
Net loss | $ | (1,356 | ) | $ | (1,356 | ) |
In accordance with the provisions of FASB ASC 260, “Earnings per Share” (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.
The following information sets forth the computation of the weighted average basic and diluted net increase in net assets resulting from operations per share from operations for the three and sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016 (dollars in thousands except share and per share amounts):
For the three months ended | For the six months ended | For the three months ended | For the nine months ended | |||||||||||||||||||||||||||||
Basic and diluted | August 31, 2017 | August 31, 2016 | August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | November 30, 2017 | November 30, 2016 | ||||||||||||||||||||||||
Net increase in net assets from operations | $ | 6,870 | $ | 5,272 | $ | 7,884 | $ | 8,559 | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 4,263 | $ | 1,574 | $ | 12,147 | $ | 10,133 | ||||||||||||||||||||||||
Weighted average common shares outstanding | 5,955,251 | 5,740,816 | 5,908,453 | 5,739,157 | 6,040,311 | 5,727,933 | 5,952,086 | 5,735,443 | ||||||||||||||||||||||||
Weighted average earnings per common share | $ | 1.15 | $ | 0.92 | $ | 1.33 | $ | 1.49 | $ | 0.71 | $ | 0.27 | $ | 2.04 | $ | 1.77 |
On August 28, 2017, the Company declared a dividend of $0.48 per share which was paid on September 26, 2017, to common stockholders of record as of September 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP.
Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.
On May 30, 2017, the Company declared a dividend of $0.47 per share which was paid on June 27, 2017, to common stockholders of record as of June 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP.
Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.
On February 28, 2017, the Company declared a dividend of $0.46 per share which was paid on March 28, 2017, to common stockholders of record as of March 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP.
Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.
The following table summarizes dividends declared for the sixnine months ended August 31,November 30, 2017 (dollars in thousands except per share amounts):
Date Declared | Record Date | Payment Date | Amount Per Share* | Total Amount | Record Date | Payment Date | Amount Per Share* | Total Amount | ||||||||||||||||||||||||
August 28, 2017 | September 15, 2017 | September 26, 2017 | $ | 0.48 | $ | 2,866 | ||||||||||||||||||||||||||
May 30, 2017 | June 15, 2017 | June 27, 2017 | $ | 0.47 | $ | 2,792 | June 15, 2017 | June 27, 2017 | $ | 0.47 | $ | 2,792 | ||||||||||||||||||||
February 28, 2017 | March 15, 2017 | March 28, 2017 | $ | 0.46 | $ | 2,666 | March 15, 2017 | March 28, 2017 | $ | 0.46 | $ | 2,666 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total dividends declared | $ | 0.93 | $ | 5,458 | $ | 1.41 | $ | 8,324 | ||||||||||||||||||||||||
|
|
|
|
* | Amount per share is calculated based on the number of shares outstanding at the date of declaration. |
The following table summarizes dividends declared for the sixnine months ended August 31,November 30, 2016 (dollars in thousands except per share amounts):
Date Declared | Record Date | Payment Date | Amount Per Share* | Total Amount | Record Date | Payment Date | Amount Per Share* | Total Amount | ||||||||||||||||||||||||
October 5, 2016 | October 31, 2016 | November 9, 2016 | $ | 0.44 | $ | 2,509 | ||||||||||||||||||||||||||
August 8, 2016 | August 24, 2016 | September 5, 2016 | $ | 0.20 | $ | 1,151 | August 24, 2016 | September 5, 2016 | $ | 0.20 | $ | 1,151 | ||||||||||||||||||||
July 7, 2016 | July 29, 2016 | August 9, 2016 | $ | 0.43 | $ | 2,466 | July 29, 2016 | August 9, 2016 | $ | 0.43 | $ | 2,466 | ||||||||||||||||||||
March 31, 2016 | April 15, 2016 | April 27, 2016 | $ | 0.41 | $ | 2,346 | April 15, 2016 | April 27, 2016 | $ | 0.41 | $ | 2,346 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total dividends declared | $ | 1.04 | $ | 5,963 | $ | 1.48 | $ | 8,472 | ||||||||||||||||||||||||
|
|
|
|
* | Amount per share is calculated based on the number of shares outstanding at the date of declaration. |
Note 13. Financial Highlights
The following is a schedule of financial highlights for the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016:
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
Per share data: | ||||||||||||||||
Net asset value at beginning of period | $ | 21.97 | $ | 22.06 | $ | 21.97 | $ | 22.06 | ||||||||
Net investment income(1) | 1.08 | 0.90 | 1.58 | 1.49 | ||||||||||||
Net realized and unrealized gains and losses on investments | 0.25 | 0.59 | 0.46 | 0.28 | ||||||||||||
|
|
|
| |||||||||||||
Net increase in net assets from operations | 1.33 | 1.49 | 2.04 | 1.77 | ||||||||||||
Distributions declared from net investment income | (0.93 | ) | (1.04 | ) | (1.41 | ) | (1.48 | ) | ||||||||
|
|
|
| |||||||||||||
Total distributions to stockholders | (0.93 | ) | (1.04 | ) | (1.41 | ) | (1.48 | ) | ||||||||
Dilution(4) | — | (0.12 | ) | (0.02 | ) | (0.14 | ) | |||||||||
Net asset value at end of period | $ | 22.37 | $ | 22.39 | $ | 22.58 | $ | 22.21 | ||||||||
Net assets at end of period | $ | 133,459,608 | $ | 128,563,622 | $ | 138,846,223 | $ | 127,679,730 | ||||||||
Shares outstanding at end of period | 5,967,272 | 5,740,810 | 6,149,582 | 5,748,247 | ||||||||||||
Per share market value at end of period | $ | 21.95 | $ | 17.93 | $ | 22.30 | $ | 20.18 | ||||||||
Total return based on market value(2) | 0.92 | % | 34.41 | % | 4.96 | % | 56.98 | % | ||||||||
Total return based on net asset value(3) | 6.45 | % | 8.19 | % | 10.00 | % | 11.37 | % | ||||||||
Ratio/Supplemental data: | ||||||||||||||||
Ratio of net investment income to average net assets(8) | 11.27 | % | 9.53 | % | 10.21 | % | 9.54 | % | ||||||||
Ratio of operating expenses to average net assets(7) | 7.99 | % | 7.09 | % | 7.95 | % | 7.10 | % | ||||||||
Ratio of incentive management fees to average net assets(6) | 1.46 | % | 1.52 | % | 2.23 | % | 1.83 | % | ||||||||
Ratio of interest and debt financing expenses to average net assets(7) | 8.44 | % | 7.40 | % | 8.30 | % | 7.42 | % | ||||||||
Ratio of total expenses to average net assets(8) | 17.88 | % | 16.01 | % | 18.48 | % | 16.35 | % | ||||||||
Portfolio turnover rate(5) | 14.21 | % | 20.98 | % | 14.08 | % | 31.25 | % | ||||||||
Asset coverage ratio per unit(6) | 2,580 | 3,081 | 2,840 | 3,066 | ||||||||||||
Average market value per unit: | ||||||||||||||||
Credit Facility(9) | N/A | N/A | N/A | N/A | ||||||||||||
SBA Debentures(9) | N/A | N/A | N/A | N/A | ||||||||||||
2020 Notes | N/A | 25.26 | N/A | 25.35 | ||||||||||||
2023 Notes | 26.09 | N/A | 26.10 | N/A |
(1) | Net investment income per share is calculated using the weighted average shares outstanding during the period. |
(2) | Total investment return is calculated assuming a purchase of common shares at the current market value on the first day and a sale at the current market value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions. Total investment returns covering less than a full period are not annualized. |
(3) | Total investment return is calculated assuming a purchase of common shares at the current net asset value on the first day and a sale at the current net asset value on the last day of the periods reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP. Total investment return does not reflect brokerage commissions. |
(4) | Represents the dilutive effect of issuing common stock below net asset value per share during the period in connection with the satisfaction of the Company’s annual RIC distribution requirement. See Note 12, Dividend. |
(5) | Portfolio turnover rate is calculated using the lesser ofyear-to-date sales oryear-to-date purchases over the average of the invested assets at fair value. |
(6) | Ratios are not annualized. |
(7) | Ratios are annualized. |
(8) | Ratios are annualized. Incentive management fees included within the ratio are not annualized. |
(9) | The Credit Facility and SBA Debentures are not registered for public trading. |
Note 14. Subsequent Events
The Company has evaluated subsequent events through the filing of this Form10-Q and determined that there have been no events that have occurred that would require adjustments to the Company’s disclosures in the consolidated financial statements except for the following:
On August 28,November 29, 2017, the Company declared a dividend of $0.48$0.49 per share payable on September 26,December 27, 2017, to common stockholders of record on SeptemberDecember 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant the Company’s DRIP. Based on shareholder elections, the dividend consisted of approximately $2.2$2.5 million in cash and 33,55125,435 newly issued shares of common stock, or 0.6%0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19$21.14 per share, which equaled the volume weighted average trading price per share of the common stock on SeptemberDecember 13, 14, 15, 18, 19, 20, 21, 22, 2526 and 26,27, 2017.
ITEM 2.MANAGEMENT’S2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report onForm 10-Q. In addition to historical information, the following discussion and other parts of this Quarterly Report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Part I. Item 1A in our Annual Report on Form10-K for the fiscal year ended February 28, 2017.
The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.
The forward-looking statements contained in this Quarterly Report onForm 10-Q involve risks and uncertainties, including statements as to:
You should not place undue reliance on these forward-looking statements. The forward-looking statements made in this Quarterly Report onForm 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this Quarterly Report onForm 10-Q.
OVERVIEW
We are a Maryland corporation that has elected to be treated as a BDC under the Investment Company Act of 1940 (the“1940(the “1940 Act”). Our investment objective is to generate current income and, to a lesser extent, capital appreciation from our investments. We invest primarily in leveraged loans and mezzanine debt issued by private U.S. middle market companies, which we define as companies having EBITDA of between $2 million and $50 million, both through direct lending and through participation in loan syndicates. We may also invest up to 30.0% of the portfolio in opportunistic investments in order to seek to enhance returns to stockholders. Such investments may include investments in distressed debt, which may include securities of companies in bankruptcy, foreign debt, private equity, securities of public companies that are not thinly traded and structured finance vehicles such as collateralized loan obligation funds. Although we have no current intention to do so, to the extent we invest in private equity funds, we will limit our investments in entities that are excluded from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, which includes private equity funds, to no more than 15.0% of its net assets. We have elected and qualified to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Corporate History and Recent Developments
We commenced operations, at the time known as GSC Investment Corp., on March 23, 2007 and completed an initial public offering of shares of common stock on March 28, 2007. Prior to July 30, 2010, we were externally managed and advised by GSCP (NJ), L.P., an entity affiliated with GSC Group, Inc. In connection with the consummation of a recapitalization transaction on July 30, 2010, as described below we engaged Saratoga Investment Advisors (“SIA”) to replace GSCP (NJ), L.P. as our investment adviser and changed our name to Saratoga Investment Corp.
As a result of the event of default under a revolving securitized credit facility with Deutsche Bank we previously had in place, in December 2008 we engaged the investment banking firm of Stifel, Nicolaus & Company to evaluate strategic transaction opportunities and consider alternatives for us. On April 14, 2010, GSC Investment Corp. entered into a stock purchase agreement with Saratoga Investment Advisors and certain of its affiliates and an assignment, assumption and novation agreement with Saratoga Investment Advisors, pursuant to which GSC Investment Corp. assumed certain rights and obligations of Saratoga Investment Advisors under a debt commitment letter Saratoga Investment Advisors received from Madison Capital Funding LLC, which indicated Madison Capital Funding’s willingness to provide GSC Investment Corp. with a $40.0 million senior secured revolving credit facility, subject to the satisfaction of certain terms and conditions. In addition, GSC Investment Corp. and GSCP (NJ), L.P. entered into a termination and release agreement, to be effective as of the closing of the transaction contemplated by the stock purchase agreement, pursuant to which GSCP (NJ), L.P., among other things, agreed to waive any and all accrued and unpaid deferred incentive management fees up to and as of the closing of the transaction contemplated by the stock purchase agreement but continued to be entitled to receive the base management fees earned through the date of the closing of the transaction contemplated by the stock purchase agreement.
On July 30, 2010, the transactions contemplated by the stock purchase agreement with Saratoga Investment Advisors and certain of its affiliates were completed, the private sale of 986,842 shares of our common stock for $15.0 million in aggregate purchase price to Saratoga Investment Advisors and certain of its affiliates closed, the Company entered into the Credit Facility, and the Company began doing business as Saratoga Investment Corp.
We used the net proceeds from the private sale transaction and a portion of the funds available to us under the Credit Facility to pay the full amount of principal and accrued interest, including default interest, outstanding under our revolving securitized credit facility with Deutsche Bank. The revolving securitized credit facility with Deutsche Bank was terminated in connection with our payment of all amounts outstanding thereunder on July 30, 2010.
On August 12, 2010, we effected aone-for-ten reverse stock split of our outstanding common stock. As a result of the reverse stock split, every ten shares of our common stock were converted into one share of our common stock. Any fractional shares received as a result of the reverse stock split were redeemed for cash. The total cash payment in lieu of shares was $230. Immediately after the reverse stock split, we had 2,680,842 shares of our common stock outstanding.
In January 2011, we registered for public resale of the 986,842 shares of our common stock issued to Saratoga Investment Advisors and certain of its affiliates.
On March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP (“SBIC LP”), received an SBIC license from the Small Business Administration (“SBA”).
In May 2013, we issued $48.3 million in aggregate principal amount of our 7.50% unsecured notes due 2020 (the “2020 Notes”) for net proceeds of $46.1 million after deducting underwriting commissions of $1.9 million and offering costs of $0.3 million. The proceeds included the underwriters’ full exercise of their overallotment option. Interest on these 2020 Notes is paid quarterly in arrears on February 15, May 15, August 15 and November 15, at a rate of 7.50% per year, beginning August 15, 2013. The 2020 Notes mature on May 31, 2020 and since May 31, 2016, may be redeemed in whole or in part at any time or from time to time at our option. The 2020 Notes were listed on the NYSE under the trading symbol “SAQ” with a par value of $25.00 per share. The 2020 Notes were redeemed in full on January 13, 2017.
On May 29, 2015, we entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through anAt-the-Market (“ATM”) offering. As of August 31,November 30, 2017, the Company sold 539,725 bonds with a principal of $13,493,125 at an average price of $25.31 for aggregate net proceeds of $13,385,766 (net of transaction costs).
On December 21, 2016, we issued $74.5 million in aggregate principal amount of our 6.75% fixed-rate notes due 2023 (the “2023 Notes”) for net proceeds of $72.1 million after deducting underwriting commissions of approximately $2.0 million and offering costs of approximately $0.5 million. The issuance included the exercise of substantially all of the underwriters’ option to purchase an additional $9.8 million aggregate principal amount of 2023 Notes within 30 days. Interest on the 2023 Notes is paid quarterly in arrears on March 15, June 15, September 15 and December 15, at a rate of 6.75% per year, beginning March 30, 2017. The 2023 Notes mature on December 20, 2023, and commencing December 21, 2019, may be redeemed in whole or in part at any time or from time to time at our option. The 2023 Notes are listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per share.
On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. As of August 31,November 30, 2017, the Company sold 117,354266,113 shares for gross proceeds of $2.6$6.0 million at an average price of $22.49 for aggregate net proceeds of $2.6$5.9 million (net of transaction costs).
Critical Accounting Policies
Basis of Presentation
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make certain estimates and assumptions affecting amounts reported in the Company’s consolidated financial statements. We have identified investment valuation, revenue recognition and the recognition of capital gains incentive fee expense as our most critical accounting estimates. We continuously evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Investment Valuation
The Company accounts for its investments at fair value in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820,Fair Value Measurements and Disclosures(“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that its investments are to be sold at the balance sheet date in the principal market to independent market participants, or in the absence of a principal market, in the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact.
Investments for which market quotations are readily available are fair valued at such market quotations obtained from independent third party pricing services and market makers subject to any decision by our board of directors to approve a fair value determination to reflect significant events affecting the value of these investments. We value investments for which market quotations are not readily available at fair value as approved, in good faith, by our board of directors based on input from Saratoga Investment Advisers, the audit committee of our board of directors and a third party independent valuation firm. Determinations of fair value may involve subjective judgments and estimates. The types of factors that may be considered in determining the fair value of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments, market yield trend analysis, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow and other relevant factors.
We undertake a multi-step valuation process each quarter when valuing investments for which market quotations are not readily available, as described below:
In addition, all our investments are subject to the following valuation process:
Our investment in Saratoga Investment Corp. CLO2013-1, Ltd. (“Saratoga CLO”) is carried at fair value, which is based on a discounted cash flow model that utilizes prepayment,re-investment and loss assumptions based on historical experience and projected performance, economic factors, the characteristics of the underlying cash flow, and comparable yields for equity interests in collateralized loan obligation funds similar to Saratoga CLO, when available, as determined by SIA and recommended to our board of
directors. Specifically, we use Intex cash flow models, or an appropriate substitute, to form the basis for the valuation of our investment in Saratoga CLO. The models use a set of assumptions including projected default rates, recovery rates, reinvestment rate and prepayment rates in order to arrive at estimated valuations. The assumptions are based on available market data and projections provided by third parties as well as management estimates. We use the output from the Intex models (i.e., the estimated cash flows) to perform a discounted cash flow analysis on expected future cash flows to determine a valuation for our investment in Saratoga CLO.
Revenue Recognition
Income Recognition
Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on its investments when it is determined that interest is no longer collectible. Discounts and premiums on investments purchased are accreted/amortized over the life of the respective investment using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums on investments.
Loans are generally placed onnon-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reserved when a loan is placed onnon-accrual status. Interest payments received onnon-accrual loans may be recognized as a reduction in principal depending upon management’s judgment regarding collectability.Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.
Interest income on our investment in Saratoga CLO is recorded using the effective interest method in accordance with the provisions of ASC Topic325-40,Investments-Other, Beneficial Interests in Securitized Financial Assets, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/orre-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.
Payment-in-Kind Interest
The Company holds debt investments in its portfolio that contain apayment-in-kind (“PIK”) interest provision. The PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. We stop accruing PIK interest if we do not expect the issuer to be able to pay all principal and interest when due.
Capital Gains Incentive Fee
The Company records an expense accrual relating to the capital gains incentive fee payable by the Company to its investment adviser when the unrealized gains on its investments exceed all realized capital losses on its investments given the fact that a capital gains incentive fee would be owed to the investment adviser if the Company were to liquidate its investment portfolio at such time. The actual incentive fee payable to the Company’s investment adviser related to capital gains will be determined and payable in arrears at the end of each fiscal year and will include only realized capital gains for the period.
Revenues
We generate revenue in the form of interest income and capital gains on the debt investments that we hold and capital gains, if any, on equity interests that we may acquire. We expect our debt investments, whether in the form of leveraged loans or mezzanine debt, to have terms of up to ten years, and to bear interest at either a fixed or floating rate. Interest on debt will be payable generally either quarterly or semi-annually. In some cases, our debt investments may provide for a portion of the interest to be PIK. To the extent interest ispaid-in-kind, it will be payable through the increase of the principal amount of the obligation by the amount of interest due on the then-outstanding aggregate principal amount of such obligation. The principal amount of the debt and any accrued
but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance or investment management services and possibly consulting fees. Any such fees will be generated in connection with our investments and recognized as earned. We may also invest in preferred equity securities that pay dividends on a current basis.
On January 22, 2008, we entered into a collateral management agreement with Saratoga CLO, pursuant to which we act as its collateral manager. The Saratoga CLO was initially refinanced in October 2013 and its reinvestment period ended in October 2016.
On November 15, 2016, we completed the second refinancing of the Saratoga CLO. The Saratoga CLO refinancing, among other things, extended its reinvestment period to October 2018, and extended its legal maturity date to October 2025. Following the refinancing, the Saratoga CLO portfolio remained at the same size and with a similar capital structure of approximately $300.0 million in aggregate principal amount of predominantly senior secured first lien term loans. In addition to refinancing its liabilities, we also purchased $4.5 million in aggregate principal amount of the Class F notes tranche of the Saratoga CLO at par, with a coupon of LIBOR plus 8.5%.
The Saratoga CLO remains effectively 100% owned and managed by Saratoga Investment Corp. Following the refinancing, we receive a base management fee of 0.10% and a subordinated management fee of 0.40% of the fee basis amount at the beginning of the collection period, paid quarterly to the extent of available proceeds. We are also entitled to an incentive management fee equal to 20.0% of excess cash flow to the extent the Saratoga CLO subordinated notes receive an internal rate of return paid in cash equal to or greater than 12.0%.
We recognize interest income on our investment in the subordinated notes of Saratoga CLO using the effective interest method, based on the anticipated yield and the estimated cash flows over the projected life of the investment. Yields are revised when there are changes in actual or estimated cash flows due to changes in prepayments and/orre-investments, credit losses or asset pricing. Changes in estimated yield are recognized as an adjustment to the estimated yield over the remaining life of the investment from the date the estimated yield was changed.
Expenses
Our primary operating expenses include the payment of investment advisory and management fees, professional fees, directors and officers insurance, fees paid to independent directors and administrator expenses, including our allocable portion of our administrator’s overhead. Our investment advisory and management fees compensate our investment adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses of our operations and transactions, including those relating to:
Pursuant to the investment advisory and management agreement that we had with GSCP (NJ), L.P., our former investment adviser and administrator, we had agreed to pay GSCP (NJ), L.P. as investment adviser a quarterly base management fee of 1.75% of the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed fiscal quarters and an incentive fee.
The incentive fee had two parts:
We deferred cash payment of any incentive fee otherwise earned by our former investment adviser if, during the then most recent four full fiscal quarters ending on or prior to the date such payment was to be made, the sum of (a) our aggregate distributions to our stockholders and (b) our change in net assets (defined as total assets less liabilities) (before taking into account any incentive fees payable during that period) was less than 7.5% of our net assets at the beginning of such period. These calculations were appropriatelypro-rated for the first three fiscal quarters of operation and adjusted for any share issuances or repurchases during the applicable period. Such incentive fee would become payable on the next date on which such test had been satisfied for the most recent four full fiscal quarters or upon certain terminations of the investment advisory and management agreement. We commenced deferring cash payment of incentive fees during the quarterly period ended August 31, 2007, and continued to defer such payments through the quarterly period ended May 31, 2010. As of July 30, 2010, the date on which GSCP (NJ), L.P. ceased to be our investment adviser and administrator, we owed GSCP (NJ), L.P. $2.9 million in fees for services previously provided to us; of which $0.3 million has been paid by us. GSCP (NJ), L.P. agreed to waive payment by us of the remaining $2.6 million in connection with the consummation of the stock purchase transaction with Saratoga Investment Advisors and certain of its affiliates described elsewhere in this Quarterly Report.
The terms of the investment advisory and management agreement with Saratoga Investment Advisors, our current investment adviser, are substantially similar to the terms of the investment advisory and management agreement we had entered into with GSCP (NJ), L.P., our former investment adviser, except for the following material distinctions in the fee terms:
To the extent that any of our leveraged loans are denominated in a currency other than U.S. Dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of interest rate caps, futures, options and forward contracts. Costs incurred in entering into or settling such contracts will be borne by us.
New Accounting Pronouncements
In March 2017, the FASB issued Accounting Standards Update (“ASU”)2017-08,Receivables— Nonrefundable Fees and Other Costs (Subtopic310-20),Premium Amortization on Purchased Callable Debt Securities (“ASU2017-08”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. ASU2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.
In August 2016, the FASB issued ASU2016-15,Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (“ASU2016-15”), which is intended to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2017, and interim periods therein. Early adoption is permitted. Management is currently evaluating the impact ASU2016-15 will have on the Company’s consolidated financial statements and disclosures.
In February 2016, the FASB issued ASU2016-02,Amendments to the Leases (“ASU Topic 842”), which will require for all operating leases the recognition of aright-of-use asset and a lease liability, in the statement of financial position. The lease cost will be allocated over the lease term on a straight-line basis. This guidance is effective for annual and interim periods beginning after December 15, 2018. Management is currently evaluating the impact these changes will have on the Company’s consolidated financial statements and disclosures.
In January 2016, the FASB issued ASU2016-01,Financial Instruments — Overall (Subtopic825-10): Recognition and Measurement of Financial Assets and Financial Liabilities(“ASU2016-01”). ASU2016-01 retains many current requirements for the classification and measurement of financial instruments; however, it significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. ASU2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments. This guidance is effective for annual and interim periods beginning after December 15, 2017, and early adoption is not permitted for public business entities. Management is currently evaluating the impact the adoption of this standard has on our consolidated financial statements and disclosures.
In May 2014, the FASB issued ASU2014-09,Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Revenue Recognition (Topic 605). Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In May 2016, ASU2016-12 amended ASU2014-09 and deferred the effective period tofor annual periods beginning after December 15, 2017. Management has concluded that the majority of its revenues associated with financial instruments are scoped out of ASC 606. Management is evaluating the impact of the standard on certain other income earned by the Company.
Portfolio and investment activity
Corporate Debt Portfolio Overview
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||
($ in millions) | ($ in millions) | ($ in millions) | ($ in millions) | |||||||||||||
Number of investments(1) | 57 | 52 | 57 | 52 | ||||||||||||
Number of portfolio companies(3) | 31 | 28 | 32 | 28 | ||||||||||||
Average investment size(1) | $ | 5.6 | $ | 5.4 | $ | 5.7 | $ | 5.4 | ||||||||
Weighted average maturity(1) | 3.8 yrs | 3.8 yrs | 3.7 yrs | 3.8 yrs | ||||||||||||
Number of industries(3) | 9 | 9 | 9 | 9 | ||||||||||||
Average investment per portfolio company(1) | $ | 10.4 | $ | 9.7 | $ | 9.9 | $ | 9.7 | ||||||||
Non-performing or delinquent investments | $ | 8.4 | $ | 8.4 | $ | 8.3 | $ | 8.4 | ||||||||
Fixed rate debt (% of interest bearing portfolio)(2) | $ | 46.0(15.6%) | $ | 44.2(16.9%) | $ | 48.2(16.0%) | $ | 44.2(16.9%) | ||||||||
Weighted average current coupon(2) | 11.3% | 11.4% | 11.4% | 11.4% | ||||||||||||
Floating rate debt (% of interest bearing portfolio)(2) | $ | 250.0(84.4%) | $ | 217.6(83.1%) | $ | 252.7(84.0%) | $ | 217.6(83.1%) | ||||||||
Weighted average current spread over LIBOR(2)(4) | 9.4% | 9.3% | 9.4% | 9.3% |
(1) | Excludes our investment in the subordinated notes of Saratoga CLO. |
(2) | Excludes our investment in the subordinated notes of Saratoga CLO and equity interests. |
(3) | Excludes our investment in the subordinated notes of Saratoga CLO and Class F notes tranche of Saratoga CLO. |
(4) | Calculation uses either1-month or3-month LIBOR, depending on the contractual terms, and after factoring in any existing LIBOR floors. |
During the three months ended August 31,November 30, 2017, we invested $36.7$5.2 million in new or existing portfolio companies and had $37.9$1.8 million in aggregate amount of exits and repayments resulting in net investments of $3.4 million for the period. During the three months ended November 30, 2016, we invested $30.1 million in new or existing portfolio companies and had $23.8 million in aggregate amount of exits and repayments resulting in net investments of $6.3 million for the period.
During the nine months ended November 30, 2017, we invested $86.9 million in new or existing portfolio companies and had $45.6 million in aggregate amount of exits and repayments resulting in net investments of $41.3 million for the period. During the nine months ended November 30, 2016, we invested $85.9 million in new or existing portfolio companies and had $94.7 million in aggregate amount of exits and repayments resulting in net repayments of $1.2 million for the period. During the three months ended August 31, 2016, we invested $55.7 million in new or existing portfolio companies and had $50.3 million in aggregate amount of exits and repayments resulting in net investments of $5.4 million for the period.
During the six months ended August 31, 2017, we invested $81.7 million in new or existing portfolio companies and had $43.8 million in aggregate amount of exits and repayments resulting in net investments of $37.9 million for the period. During the six months ended August 31, 2016, we invested $55.7 million in new or existing portfolio companies and had $70.9 million in aggregate amount of exits and repayments resulting in net investments of $15.2$8.8 million for the period.
Our portfolio composition at August 31,November 30, 2017 and February 28, 2017 at fair value was as follows:
Portfolio composition
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||||||||||||||||||
Percentage of Total Portfolio | Weighted Average Current Yield | Percentage of Total Portfolio | Weighted Average Current Yield | Percentage of Total Portfolio | Weighted Average Current Yield | Percentage of Total Portfolio | Weighted Average Current Yield | |||||||||||||||||||||||||
Syndicated loans | 2.7 | % | 5.4 | % | 3.4 | % | 5.3 | % | 2.7 | % | 5.6 | % | 3.4 | % | 5.3 | % | ||||||||||||||||
First lien term loans | 54.9 | 10.7 | 54.3 | 10.5 | 54.8 | 10.8 | 54.3 | 10.5 | ||||||||||||||||||||||||
Second lien term loans | 29.2 | 12.0 | 30.0 | 11.7 | 29.3 | 11.9 | 30.0 | 11.7 | ||||||||||||||||||||||||
Structured finance securities | 5.0 | 18.8 | 5.3 | 12.7 | 4.8 | 19.4 | 5.3 | 12.7 | ||||||||||||||||||||||||
Equity interests | 8.2 | 3.6 | 7.0 | 0.4 | 8.4 | 3.6 | 7.0 | 0.4 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | 100.0 | % | 11.2 | % | 100.0 | % | 10.9 | % | 100.0 | % | 11.3 | % | 100.0 | % | 10.9 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
Our investment in the subordinated notes of Saratoga CLO represents a first loss position in a portfolio that, at August 31,November 30, 2017 and February 28, 2017 was composed of $300.1$308.6 million and $297.1 million, respectively, in aggregate principal amount of predominantly senior secured first lien term loans. This investment is subject to unique risks. (See “Risk Factors—Our investment in Saratoga CLO constitutes a leveraged investment in a portfolio of predominantly senior secured first lien term loans and is subject to additional risks and volatility” in our Annual Report on Form10-K for the fiscal year ended February 28, 2017). We do not consolidate the Saratoga CLO portfolio in our consolidated financial statements. Accordingly, the metrics below do not include the
underlying Saratoga CLO portfolio investments. However, at August 31,November 30, 2017, $289.4$296.7 million or 98.3%98.0% of the Saratoga CLO portfolio investments in terms of market value had a CMR (as defined below) color rating of green or yellow and there were noone Saratoga CLO portfolio investmentsinvestment was in default.default with a fair value of $1.6 million. At February 28, 2017, $288.5 million or 98.7% of the Saratoga CLO portfolio investments in terms of market value had a CMR (as defined below) color rating of green or yellow and one Saratoga CLO portfolio investment was in default with a fair value of $1.4 million.
Saratoga Investment Advisors normally grades all of our investments using a credit and monitoring rating system (“CMR”). The CMR consists of a single component: a color rating. The color rating is based on several criteria, including financial and operating strength, probability of default, and restructuring risk. The color ratings are characterized as follows: (Green)—performing credit; (Yellow)—underperforming credit; (Red)—in principal payment default and/or riskexpected loss of principal recovery.principal.
The CMR distribution of our investments at August 31,November 30, 2017 and February 28, 2017 was as follows:
Portfolio CMR distribution
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||||||||||||||||||
Color Score | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | ||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Green | $ | 285,721 | 85.8 | % | $ | 245,678 | 83.9 | % | $ | 290,304 | 85.7 | % | $ | 245,678 | 83.9 | % | ||||||||||||||||
Yellow | 7,996 | 2.4 | 8,423 | 2.9 | 8,276 | 2.4 | 8,423 | 2.9 | ||||||||||||||||||||||||
Red | 6 | 0.0 | 7,069 | 2.4 | 8 | 0.0 | 7,069 | 2.4 | ||||||||||||||||||||||||
N/A(1) | 39,247 | 11.8 | 31,491 | 10.8 | 40,250 | 11.9 | 31,491 | 10.8 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | 332,970 | 100.0 | % | $ | 292,661 | 100.0 | % | $ | 338,838 | 100.0 | % | $ | 292,661 | 100.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
(1) | Comprised of our investment in the subordinated notes of Saratoga CLO and equity interests. |
The change in reserve from $0.2 million as of February 28, 2017 to $0.9$1.4 million as of August 31,November 30, 2017 primarily related to the increase in reserve for the sixnine months on thenon-performing and delinquent investment, TM Restaurant Group L.L.C.
The CMR distribution of Saratoga CLO investments at August 31,November 30, 2017 and February 28, 2017 was as follows:
Portfolio CMR distribution
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||||||||||||||||||
Color Score | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | ||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Green | $ | 265,782 | 90.3 | % | $ | 266,449 | 91.1 | % | $ | 268,903 | 88.8 | % | $ | 266,449 | 91.1 | % | ||||||||||||||||
Yellow | 23,657 | 8.0 | 22,064 | 7.6 | 27,819 | 9.2 | 22,064 | 7.6 | ||||||||||||||||||||||||
Red | 5,086 | 1.7 | 3,925 | 1.3 | 5,968 | 2.0 | 3,925 | 1.3 | ||||||||||||||||||||||||
N/A(1) | — | 0.0 | 23 | 0.0 | 4 | 0.0 | 23 | 0.0 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | 294,525 | 100.0 | % | $ | 292,461 | 100.0 | % | $ | 302,694 | 100.0 | % | $ | 292,461 | 100.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
(1) | Comprised of Saratoga CLO’s equity interests. |
Portfolio composition by industry grouping at fair value
The following table shows our portfolio composition by industry grouping at fair value at August 31,November 30, 2017 and February 28, 2017:
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||||||||||||||||||
Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Business Services | $ | 188,121 | 56.5 | % | $ | 161,212 | 55.1 | % | $ | 192,925 | 56.9 | % | $ | 161,212 | 55.1 | % | ||||||||||||||||
Healthcare Services | 38,121 | 11.4 | 38,544 | 13.2 | 39,954 | 11.8 | 38,544 | 13.2 | ||||||||||||||||||||||||
Education | 26,768 | 8.0 | 10,928 | 3.7 | 26,783 | 7.9 | 10,928 | 3.7 | ||||||||||||||||||||||||
Media | 17,902 | 5.4 | 18,698 | 6.4 | 17,876 | 5.3 | 18,698 | 6.4 | ||||||||||||||||||||||||
Consumer Services | 17,569 | 5.3 | 20,748 | 7.1 | 17,226 | 5.1 | 20,748 | 7.1 | ||||||||||||||||||||||||
Structured Finance Securities (1) | 16,537 | 5.0 | 15,450 | 5.3 | ||||||||||||||||||||||||||||
Structured Finance Securities(1) | 16,313 | 4.8 | 15,450 | 5.3 | ||||||||||||||||||||||||||||
Building Products | 14,850 | 4.5 | — | — | 14,850 | 4.4 | — | — | ||||||||||||||||||||||||
Food and Beverage | 8,350 | 2.5 | 8,423 | 2.9 | 8,275 | 2.4 | 8,423 | 2.9 | ||||||||||||||||||||||||
Metals | 3,463 | 1.0 | 851 | 0.3 | 4,342 | 1.3 | 851 | 0.3 | ||||||||||||||||||||||||
Consumer Products | 1,289 | 0.4 | 968 | 0.3 | 294 | 0.1 | 968 | 0.3 | ||||||||||||||||||||||||
Real Estate | — | — | 16,839 | 5.7 | — | — | 16,839 | 5.7 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | 332,970 | 100.0 | % | $ | 292,661 | 100.0 | % | $ | 338,838 | 100.0 | % | $ | 292,661 | 100.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
(1) | Comprised of our investment in the subordinated notes and Class F Note of Saratoga CLO. |
The following table shows Saratoga CLO’s portfolio composition by industry grouping at fair value at August 31,November 30, 2017 and February 28, 2017:
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||||||||||||||||||
Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Services: Business | $ | 38,697 | 13.2 | % | $ | 40,675 | 13.9 | % | $ | 41,880 | 13.8 | % | $ | 40,675 | 13.9 | % | ||||||||||||||||
High Tech Industries | 29,052 | 9.6 | 17,851 | 6.1 | ||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | 28,699 | 9.8 | 33,002 | 11.3 | 26,287 | 8.7 | 33,002 | 11.3 | ||||||||||||||||||||||||
High Tech Industries | 25,751 | 8.8 | 17,851 | 6.1 | ||||||||||||||||||||||||||||
Telecommunications | 18,873 | 6.2 | 13,704 | 4.7 | ||||||||||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 20,277 | 6.9 | 14,752 | 5.0 | 17,316 | 5.7 | 14,752 | 5.0 | ||||||||||||||||||||||||
Telecommunications | 17,723 | 6.0 | 13,704 | 4.7 | ||||||||||||||||||||||||||||
Retailers (Except Food and Drugs) | 16,987 | 5.6 | 14,706 | 5.0 | ||||||||||||||||||||||||||||
Chemicals/Plastics | 17,273 | 5.9 | 21,492 | 7.4 | 15,257 | 5.0 | 21,492 | 7.4 | ||||||||||||||||||||||||
Media | 11,192 | 3.7 | 11,283 | 3.9 | ||||||||||||||||||||||||||||
Aerospace and Defense | 15,152 | 5.2 | 11,643 | 4.0 | 10,690 | 3.5 | 11,643 | 4.0 | ||||||||||||||||||||||||
Retailers (Except Food and Drugs) | 15,108 | 5.1 | 14,706 | 5.0 | ||||||||||||||||||||||||||||
Media | 11,435 | 3.9 | 11,283 | 3.9 | ||||||||||||||||||||||||||||
Automotive | 9,061 | 3.0 | 6,088 | 2.1 | ||||||||||||||||||||||||||||
Industrial Equipment | 9,158 | 3.1 | 9,853 | 3.4 | 8,068 | 2.7 | 9,853 | 3.4 | ||||||||||||||||||||||||
Automotive | 7,128 | 2.4 | 6,088 | 2.1 | ||||||||||||||||||||||||||||
Services: Consumer | 7,769 | 2.6 | 788 | 0.3 | ||||||||||||||||||||||||||||
Leisure Goods/Activities/Movies | 6,610 | 2.2 | 9,627 | 3.3 | 7,484 | 2.5 | 9,627 | 3.3 | ||||||||||||||||||||||||
Transportation | 6,977 | 2.3 | 2,731 | 0.9 | ||||||||||||||||||||||||||||
Retail | 5,991 | 2.0 | — | — | 6,414 | 2.1 | — | — | ||||||||||||||||||||||||
Utilities | 5,936 | 2.0 | 4,944 | 1.7 | ||||||||||||||||||||||||||||
Financial Intermediaries | 4,504 | 1.5 | 9,476 | 3.2 | ||||||||||||||||||||||||||||
Publishing | 4,347 | 1.4 | 4,580 | 1.6 | ||||||||||||||||||||||||||||
Food Services | 4,174 | 1.4 | 5,932 | 2.0 | ||||||||||||||||||||||||||||
Oil & Gas | 4,143 | 1.4 | 3,209 | 1.1 | ||||||||||||||||||||||||||||
Beverage, Food & Tobacco | 3,971 | 1.3 | 3,013 | 1.0 | ||||||||||||||||||||||||||||
Drugs | 3,774 | 1.3 | 5,394 | 1.8 | ||||||||||||||||||||||||||||
Capital Equipment | 5,966 | 2.0 | 6,026 | 2.1 | 3,595 | 1.2 | 6,026 | 2.1 | ||||||||||||||||||||||||
Financial Intermediaries | 4,718 | 1.6 | 9,476 | 3.2 | ||||||||||||||||||||||||||||
Services: Consumer | 4,514 | 1.5 | 788 | 0.3 | ||||||||||||||||||||||||||||
Publishing | 4,485 | 1.5 | 4,580 | 1.6 | ||||||||||||||||||||||||||||
Drugs | 4,359 | 1.5 | 5,394 | 1.8 | ||||||||||||||||||||||||||||
Food Services | 4,242 | 1.4 | 5,932 | 2.0 | ||||||||||||||||||||||||||||
Beverage, Food & Tobacco | 3,970 | 1.3 | 3,013 | 1.0 | ||||||||||||||||||||||||||||
Transportation | 3,933 | 1.3 | 2,731 | 0.9 | ||||||||||||||||||||||||||||
Utilities | 3,923 | 1.3 | 4,944 | 1.7 | ||||||||||||||||||||||||||||
Technology | 3,547 | 1.2 | 3,935 | 1.3 | ||||||||||||||||||||||||||||
Containers/Glass Products | 3,409 | 1.1 | 2,008 | 0.7 | ||||||||||||||||||||||||||||
Electronics/Electric | 3,872 | 1.3 | 8,036 | 2.7 | 3,391 | 1.1 | 8,036 | 2.7 | ||||||||||||||||||||||||
Technology | 3,457 | 1.2 | 3,935 | 1.3 | ||||||||||||||||||||||||||||
Oil & Gas | 3,083 | 1.0 | 3,209 | 1.1 | ||||||||||||||||||||||||||||
Construction & Building | 2,960 | 1.0 | 1,974 | 0.7 | 2,921 | 1.0 | 1,974 | 0.7 | ||||||||||||||||||||||||
Insurance | 2,914 | 1.0 | 3,001 | 1.0 | 2,911 | 1.0 | 3,001 | 1.0 | ||||||||||||||||||||||||
Conglomerate | 2,546 | 0.9 | 3,584 | 1.2 | 2,534 | 0.8 | 3,584 | 1.2 | ||||||||||||||||||||||||
Brokers/Dealers/Investment Houses | 2,432 | 0.8 | 2,479 | 0.8 | 2,426 | 0.8 | 2,479 | 0.8 | ||||||||||||||||||||||||
Containers/Glass Products | 2,394 | 0.8 | 2,008 | 0.7 | ||||||||||||||||||||||||||||
Lodging and Casinos | 2,304 | 0.8 | 4,311 | 1.5 | 2,304 | 0.8 | 4,311 | 1.5 | ||||||||||||||||||||||||
Hotel, Gaming and Leisure | 2,009 | 0.7 | 2,025 | 0.7 | 2,020 | 0.7 | 2,025 | 0.7 | ||||||||||||||||||||||||
Food/Drug Retailers | 1,860 | 0.6 | 2,877 | 1.0 | ||||||||||||||||||||||||||||
Food Products | 2,000 | 0.7 | 3,147 | 1.1 | 1,619 | 0.5 | 3,147 | 1.1 | ||||||||||||||||||||||||
Food/Drug Retailers | 1,977 | 0.7 | 2,877 | 1.0 | ||||||||||||||||||||||||||||
Cable and Satellite Television | 1,605 | 0.5 | 1,617 | 0.6 | 1,602 | 0.5 | 1,617 | 0.6 | ||||||||||||||||||||||||
Consumer Goods: Durable | 503 | 0.2 | — | — | ||||||||||||||||||||||||||||
Consumer Goods:Non-Durable | 497 | 0.2 | — | — | 1,005 | 0.3 | — | — | ||||||||||||||||||||||||
Forest Products & Paper | 493 | 0.2 | — | — | 1,001 | 0.3 | — | — | ||||||||||||||||||||||||
Media, Broadcasting & Subscription | 1,001 | 0.3 | — | — | ||||||||||||||||||||||||||||
Consumer Goods: Durable | 503 | 0.2 | — | — | ||||||||||||||||||||||||||||
Metals & Mining | 502 | 0.2 | — | — | ||||||||||||||||||||||||||||
Broadcast Radio and Television | 367 | 0.1 | 343 | 0.1 | 387 | 0.1 | 343 | 0.1 | ||||||||||||||||||||||||
Nonferrous Metals/Minerals | — | — | 1,312 | 0.4 | — | — | 1,312 | 0.4 | ||||||||||||||||||||||||
Environmental Industries | — | — | 800 | 0.3 | — | — | 800 | 0.3 | ||||||||||||||||||||||||
Building and Development | — | — | 243 | 0.1 | — | — | 243 | 0.1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | 294,525 | 100.0 | % | $ | 292,461 | 100.0 | % | $ | 302,694 | 100.0 | % | $ | 292,461 | 100.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
Portfolio composition by geographic location at fair value
The following table shows our portfolio composition by geographic location at fair value at August 31,November 30, 2017 and February 28, 2017. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||||||||||||||||||
Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | Investments at Fair Value | Percentage of Total Portfolio | |||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Southeast | $ | 149,968 | 45.0 | % | $ | 116,186 | 39.7 | % | $ | 153,313 | 45.2 | % | $ | 116,186 | 39.7 | % | ||||||||||||||||
Midwest | 83,949 | 25.2 | 75,154 | 25.7 | 85,465 | 25.2 | 75,154 | 25.7 | ||||||||||||||||||||||||
Southwest | 36,800 | 10.9 | 34,060 | 11.6 | ||||||||||||||||||||||||||||
Northeast | 35,108 | 10.6 | 38,880 | 13.3 | 34,782 | 10.3 | 38,880 | 13.3 | ||||||||||||||||||||||||
Southwest | 34,183 | 10.3 | 34,060 | 11.6 | ||||||||||||||||||||||||||||
Other (1) | 16,537 | 5.0 | 15,450 | 5.3 | 16,313 | 4.8 | 15,450 | 5.3 | ||||||||||||||||||||||||
Northwest | 7,785 | 2.3 | 7,780 | 2.6 | 7,729 | 2.3 | 7,780 | 2.6 | ||||||||||||||||||||||||
West | 5,440 | 1.6 | 5,151 | 1.8 | 4,436 | 1.3 | 5,151 | 1.8 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | 332,970 | 100.0 | % | $ | 292,661 | 100.0 | % | $ | 338,838 | 100.0 | % | $ | 292,661 | 100.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
(1) | Comprised of our investment in the subordinated notes and Class F Note of Saratoga CLO. |
Results of operations
Operating results for the three and sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016 were as follows:
For the three months ended | For the three months ended | |||||||||||||||
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||
Total investment income | $ | 10,254 | $ | 8,448 | $ | 9,526 | $ | 8,442 | ||||||||
Total operating expenses | 7,363 | 5,844 | 6,510 | 5,023 | ||||||||||||
|
|
|
| |||||||||||||
Net investment income | 2,891 | 2,604 | 3,016 | 3,419 | ||||||||||||
Net realized gains (losses) from investments | (5,775 | ) | 5,937 | |||||||||||||
Net realized gains from investments | 21 | 260 | ||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 9,754 | (3,269 | ) | 1,226 | (2,105 | ) | ||||||||||
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | $ | 6,870 | $ | 5,272 | $ | 4,263 | $ | 1,574 | ||||||||
|
|
|
| |||||||||||||
For the six months ended | For the nine months ended | |||||||||||||||
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||
Total investment income | $ | 18,961 | $ | 16,356 | $ | 28,487 | $ | 24,799 | ||||||||
Total operating expenses | 12,566 | 11,214 | 19,076 | 16,238 | ||||||||||||
|
|
|
| |||||||||||||
Net investment income | 6,395 | 5,142 | 9,411 | 8,561 | ||||||||||||
Net realized gains (losses) from investments | (5,679 | ) | 12,040 | (5,658 | ) | 12,300 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments | 7,168 | (8,623 | ) | 8,394 | (10,728 | ) | ||||||||||
|
|
|
| |||||||||||||
Net increase in net assets resulting from operations | $ | 7,884 | $ | 8,559 | $ | 12,147 | $ | 10,133 | ||||||||
|
|
|
|
Investment income
The composition of our investment income for the three and sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016 waswere as follows:
For the three months ended | For the three months ended | |||||||||||||||
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||
Interest from investments | $ | 9,187 | $ | 7,303 | $ | 8,891 | $ | 7,456 | ||||||||
Management fee income | 376 | 375 | 376 | 375 | ||||||||||||
Incentive fee income | 162 | — | 209 | — | ||||||||||||
Interest from cash and cash equivalents and other income | 529 | 770 | 50 | 611 | ||||||||||||
|
|
|
| |||||||||||||
Total investment income | $ | 10,254 | $ | 8,448 | $ | 9,526 | $ | 8,442 | ||||||||
|
|
|
| |||||||||||||
For the six months ended | For the nine months ended | |||||||||||||||
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||
Interest from investments | $ | 16,927 | $ | 14,585 | $ | 25,818 | $ | 22,040 | ||||||||
Management fee income | 752 | 748 | 1,128 | 1,124 | ||||||||||||
Incentive fee income | 268 | — | 477 | — | ||||||||||||
Interest from cash and cash equivalents and other income | 1,014 | 1,023 | 1,064 | 1,635 | ||||||||||||
|
|
|
| |||||||||||||
Total investment income | $ | 18,961 | $ | 16,356 | $ | 28,487 | $ | 24,799 | ||||||||
|
|
|
|
For the three months ended August 31,November 30, 2017, total investment income of $10.3$9.5 million increased $1.9$1.1 million, or 21.4%12.8% compared to $8.4 million for the three months ended August 31,November 30, 2016. Interest income from investments increased $1.9$1.4 million, or 25.8%19.2%, to $9.2$8.9 million for the three months ended August 31,November 30, 2017 from $7.3$7.5 million for the three months ended August 31,November 30, 2016. This reflects an increase of 22.1% in total investments to $333.0$338.8 million at August 31,November 30, 2017 from $272.8$277.6 million at August 31, 2016. The increase was offset byNovember 30, 2016, with the weighted average current coupon decreasingincreasing from 11.9%10.8% to 11.2%11.3%.
For the sixnine months ended August 31,November 30, 2017, total investment income of $19.0$28.5 million increased $2.6$3.7 million, or 15.9%14.9% compared to $16.4$24.8 million for the sixnine months ended August 31,November 30, 2016. Interest income from investments increased $2.3$3.8 million, or 16.1%17.1%, to $16.9$25.8 million for the sixnine months ended August 31,November 30, 2017 from $14.6$22.0 million for the sixnine months ended August 31,November 30, 2016. This reflects an increase of 22.1% in total investments to $333.0$338.8 million at August 31,November 30, 2017 from $272.8$277.6 million at August 31, 2016. The increase was offset byNovember 30, 2016, with the weighted average current coupon decreasingincreasing from 11.9%10.8% to 11.2%11.3%.
For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, total PIK income was $0.5$0.8 million and $0.2 million, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, total PIK income was $1.0$1.8 million and $0.3$0.5 million, respectively. The increase was primarily due to the investments in Easy Ice, LLC and My Alarm Center, LLC that increased PIK interest during these periods.
For the three and sixnine months ended August 31,November 30, 2017, incentive fee income of $0.2 million and $0.3$0.5 million, respectively, was recognized related to the Saratoga CLO, reflecting the 12.0% hurdle rate that has been achieved. For the three and nine months ended November 30, 2016, we did not accrue any amounts related to the incentive management fee from Saratoga CLO as the 12.0% hurdle rate had not yet been achieved.
Operating expenses
The composition of our operating expenses for the three and sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016 was as follows:
Operating Expenses
For the three months ended | For the three months ended | |||||||||||||||
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||
Interest and debt financing expenses | $ | 2,963 | $ | 2,370 | $ | 2,759 | $ | 2,369 | ||||||||
Base management fees | 1,482 | 1,203 | 1,485 | 1,220 | ||||||||||||
Professional fees | 407 | 302 | 388 | 330 | ||||||||||||
Administrator expenses | 396 | 325 | 438 | 342 | ||||||||||||
Incentive management fees | 1,710 | 1,208 | 1,055 | 395 | ||||||||||||
Insurance | 66 | 71 | 65 | 69 | ||||||||||||
Directors fees and expenses | 60 | 60 | 43 | 66 | ||||||||||||
General and administrative and other expenses | 294 | 305 | 277 | 232 | ||||||||||||
Excise tax expense (credit) | (15 | ) | — | — | — | |||||||||||
|
|
|
| |||||||||||||
Total operating expenses | $ | 7,363 | $ | 5,844 | $ | 6,510 | $ | 5,023 | ||||||||
|
|
|
| |||||||||||||
For the six months ended | For the nine months ended | |||||||||||||||
August 31, 2017 | August 31, 2016 | November 30, 2017 | November 30, 2016 | |||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||
Interest and debt financing expenses | $ | 5,486 | $ | 4,738 | $ | 8,245 | $ | 7,107 | ||||||||
Base management fees | 2,873 | 2,430 | 4,358 | 3,650 | ||||||||||||
Professional fees | 792 | 662 | 1,180 | 992 | ||||||||||||
Administrator expenses | 771 | 650 | 1,208 | 992 | ||||||||||||
Incentive management fees | 1,886 | 1,937 | 2,940 | 2,331 | ||||||||||||
Insurance | 132 | 141 | 197 | 210 | ||||||||||||
Directors fees and expenses | 111 | 126 | 154 | 192 | ||||||||||||
General and administrative and other expenses | 530 | 530 | 809 | 764 | ||||||||||||
Excise tax expense (credit) | (15 | ) | — | (15 | ) | — | ||||||||||
|
|
|
| |||||||||||||
Total operating expenses | $ | 12,566 | $ | 11,214 | $ | 19,076 | $ | 16,238 | ||||||||
|
|
|
|
For the three months ended August 31,November 30, 2017, total operating expenses increased $1.5 million, or 26.0%29.6% compared to the three months ended August 31,November 30, 2016. For the sixnine months ended August 31,November 30, 2017, total operating expenses increased $1.4$2.8 million, or 12.1%17.5% compared to the sixnine months ended August 31,November 30, 2016.
For the three and sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, the increase in interest and debt financing expenses is primarily attributable to an increase in outstanding debt as compared to the prior year, with increased levels of outstanding SBA debentures, additional notes being issued and our Credit Facility having an outstanding balance thisquarter-end. Our SBA debentures increased from $103.7$112.7 million at August 31,November 30, 2016 to $134.7 million at August 31,November 30, 2017, while the 2020 Notes were repaid and the 2023 Notes issued, increasing the notes payable from $61.8 million outstanding to $74.5 million outstanding for these same periods. For the three months ended August 31,November 30, 2017, the weighted average interest rate on our outstanding indebtedness was 4.47% compared to 4.66% for the three months ended November 30, 2016. For the nine months ended November 30, 2017, the weighted average interest rate on our outstanding indebtedness was 4.52% compared to 4.80%4.73% for the threenine months ended August 31, 2016. For the six months ended August 31, 2017, the weighted average interest rate on our outstanding indebtedness was 4.55% compared to 4.77% for the six months ended August 31,November 30, 2016. For both periods, the decrease was primarily driven by an increase in SBA debentures that carry a lower interest rate as well as the notes payable interest rate decreasing from 7.50% to 6.75% following the refinancing of the 2020 Notes. SBA debentures decreased from 62.7%64.6% of overall debt as of August 31,November 30, 2016 to 61.5%64.1% as of August 31,November 30, 2017, primarily due to the increase in notes issued and the $10.0$1.0 million outstanding on the Credit Facility.
For the three months ended August 31,November 30, 2017, base management fees increased $0.3 million, or 23.2%21.8% compared to the three months ended August 31,November 30, 2016. For the sixnine months ended August 31,November 30, 2017, base management fees increased $0.4$0.7 million, or 18.2%19.4% compared to the sixnine months ended August 31,November 30, 2016. The increase in base management fees results from the 23.2%21.8% increase in the average value of our total assets, less cash and cash equivalents, from $272.7$279.6 million as of August 31,November 30, 2016 to $335.9$340.5 million as of August 31,November 30, 2017.
For the three and sixnine months ended August 31,November 30, 2017, professional fees increased $0.1 million, or 34.8%17.6%, and increased $0.1$0.2 million, or 19.7%19.0%, respectively, compared to the three and sixnine months ended August 31,November 30, 2016. This primarily relates to accounting fees from the current Sarbanes-Oxley Act implementation.
For the three months ended August 31,November 30, 2017, incentive management fees increased $0.5$0.7 million, or 41.5%167.3%, compared to the three months ended August 31,November 30, 2016. The first part of the incentive management fees increased this year from $0.76 million to $0.92$0.81 million as higher average total assets of 23.2%21.8% has led to increased net investment income above the hurdle rate pursuant to the investment advisory and management agreement. In addition, the incentive management fees related to capital gains increased from a reduction of incentive fees of $0.4 million for the three months ended August 31,November 30, 2016 to $0.8an increase of $0.3 million for the quarterthree months ended August 31,November 30, 2017, reflecting the $4.0$1.2 million net gain on investments for the three months ended August 31, 2017.November 30, 2017 as compared to the $1.8 million net loss on investments for the three months ended November 30, 2016.
For the sixnine months ended August 31,November 30, 2017, incentive management fees decreased $0.1increased $0.6 million, or 2.6%26.1%, compared to the sixnine months ended August 31,November 30, 2016. The first part of the incentive management fees increased this year from $1.4$2.2 million to $1.7$2.5 million as higher average total assets of 23.2%21.8% has led to increased net investment income above the hurdle rate pursuant to the investment advisory and management agreement. However, for the six months ended August 31, 2017, incentive management fees in total decreased $0.1 million as theIn addition, incentive management fees related to capital gains decreasedincreased from incentive fees of $0.5$0.1 million for the sixnine months ended August 31,November 30, 2016 to $0.2$0.4 million, reflecting the lower $1.5higher $2.7 million net gain on investments for the sixnine months ended August 31,November 30, 2017 as compared to the $3.4$1.6 million net gain on investments for the sixnine months ended August 31,November 30, 2016.
As discussed above, the increase in interest and debt financing expenses for the three and sixnine months ended August 31,November 30, 2017 as compared to the three and sixnine months ended August 31,November 30, 2016 is primarily attributable to an increase in the amount of outstanding debt. As of August 31,November 30, 2017, there was $10.0$1.0 million of outstanding borrowings under the Credit Facility, whereas there were no outstanding borrowings under the Credit Facility as of August 31,November 30, 2016. For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, the weighted average interest rate on the outstanding borrowings of the SBA debentures was 3.06%3.14% and 3.19%3.08%, respectively. For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, the weighted average interest rate on the outstanding borrowings of the SBA debentures was 3.11%3.12% and 3.14%3.12%, respectively.
Net realized gains (losses) on sales of investments
For the three months ended August 31,November 30, 2017, the Company had $37.9$1.8 million of sales, repayments, exits or restructurings resulting in $5.8$0.02 million of net realized losses.gains. For the sixnine months ended August 31,November 30, 2017, the Company had $43.8$45.6 million of sales, repayments, exits or restructurings resulting in $5.7 million of net realized losses. The most significant realized gains (losses) during the sixnine months ended August 31,November 30, 2017 were as follows (dollars in thousands):
SixNine Months ended August 31,November 30, 2017
Issuer | Asset Type | Gross Proceeds | Cost | Net Realized Gain (Loss) | ||||||||||
My Alarm Center, LLC | Second Lien Term Loan | $ | 2,617 | $ | 10,330 | $ | (7,713 | ) | ||||||
Mercury Funding, LLC | Common Stock | 2,631 | 858 | 1,773 |
The $7.7 million of realized loss on our investment in My Alarm Center, LLC, was due to the completion of a sales transaction, following increasing leverage levels combined with declining market conditions in the sector.
The $1.8 million of realized gain on our investment in Mercury Funding, LLC, was driven by the completion of a sales transaction with a strategic acquirer.
For the three months ended August 31,November 30, 2016, the Company had $50.3$23.8 million of sales, repayments, exits or restructurings resulting in $5.9$0.3 million of net realized gains. For the sixnine months ended August 31,November 30, 2016, the Company had $70.9$94.7 million of sales, repayments, exits or restructurings resulting in $12.0$12.3 million of net realized gains. The most significant realized gains during the sixnine months ended August 31,November 30, 2016 were as follows (dollars in thousands):
SixNine Months ended August 31,November 30, 2016
Issuer | Asset Type | Gross Proceeds | Cost | Net Realized Gain | Asset Type | Gross Proceeds | Cost | Net Realized Gain | ||||||||||||||||||||
Take 5 Oil Change, L.L.C | Common Stock | $ | 6,457 | $ | 481 | $ | 5,976 | Common Stock | $ | 6,505 | $ | 481 | $ | 6,024 | ||||||||||||||
Legacy Cabinets, Inc. | Common Stock Voting A-1 | 2,320 | 221 | 2,099 | Common Stock Voting A-1 | 2,320 | 221 | 2,099 | ||||||||||||||||||||
Legacy Cabinets, Inc. | Common Stock VotingB-1 | 1,464 | 139 | 1,325 | Common Stock Voting B-1 | 1,464 | 139 | 1,325 |
The $6.0 million of realized gain on our investment in Take 5 Oil Change, L.L.C. was due to the completion of a sales transaction with a strategic acquirer.
The $3.4 million of realized gains on our investments in Legacy Cabinets, Inc. were due to a period of steadily improving performance, leading up to our sale of shares in Legacy Cabinets, Inc.
Net change in unrealized appreciation (depreciation) on investments
For the three months ended August 31,November 30, 2017, our investments had net unrealized appreciation of $9.8$1.2 million versus net unrealized depreciation of $3.3$2.1 million for the three months ended August 31,November 30, 2016. For the sixnine months ended August 31,November 30, 2017, our investments had net unrealized appreciation of $7.2$8.4 million versus net unrealized depreciation of $8.6$10.7 million for the sixnine months ended August 31,November 30, 2016. The most significant cumulative changes in unrealized appreciation and depreciation for the sixnine months ended August 31,November 30, 2017, were the following (dollars in thousands):
SixNine Months ended August 31,November 30, 2017
Issuer | Asset Type | Cost | Fair Value | Total Unrealized Appreciation (Depreciation) | YTD Change in Unrealized Appreciation (Depreciation) | Asset Type | Cost | Fair Value | Total Unrealized Appreciation (Depreciation) | YTD Change in Unrealized Appreciation | ||||||||||||||||||||||||||
Elyria Foundry Company, L.L.C. | Common Stock | $ | 9,685 | $ | 3,494 | $ | (6,191 | ) | $ | 2,614 | ||||||||||||||||||||||||||
My Alarm Center, LLC | Second Lien Term Loan | $ | — | $ | — | $ | — | $ | 2,298 | Second Lien Term Loan | — | — | — | 2,298 | ||||||||||||||||||||||
Saratoga Investment Corp. CLO 2013-1 Ltd. | Other/Structured Finance Securities | 9,192 | 11,814 | 2,622 | 1,992 | |||||||||||||||||||||||||||||||
Easy Ice, LLC | Preferred Equity | 8,124 | 10,212 | 2,088 | 2,088 | Preferred Equity | 8,543 | 10,336 | 1,793 | 1,793 | ||||||||||||||||||||||||||
Saratoga Investment Corp. CLO2013-1 Ltd. | Structured Finance Securities | 9,322 | 12,038 | 2,716 | 2,085 | |||||||||||||||||||||||||||||||
Elyria Foundry Company, L.L.C. | Common Stock | 9,685 | 2,672 | (7,013 | ) | 1,791 | ||||||||||||||||||||||||||||||
Mercury Funding, LLC | Common Stock | — | — | — | (653 | ) |
The $2.6 million of change in unrealized appreciation in our investment in Elyria Foundry Company, L.L.C. was driven by an increase in oil and gas markets since year-end, positively impacting the company’s performance.
The $2.3 million of change in unrealized appreciation in our investment in My Alarm Center, LLC was driven by the completion of a sales transaction. In recognizing this loss as a result of the sale, unrealized depreciation was adjusted to zero, which resulted in a $2.3 million change in unrealized appreciation for the sixnine months.
The $2.1$2.0 million of change in unrealized appreciation in our investment in the Saratoga CLO was driven by continued improved performance of the Saratoga CLO.
The $1.8 million of change in unrealized appreciation in our investment in Easy Ice, LLC was driven by the completion of a strategic acquisition that increased the scale and earnings of the business.
The $2.1 million of change in unrealized appreciation in our investment in Saratoga Investment Corp. CLO2013-1 Ltd. was driven by continued improved performance of the Saratoga CLO.
The $1.8 million of change in unrealized appreciation in our investment in Elyria Foundry Company, L.L.C. was driven by an increase in oil and gas markets sinceyear-end, positively impacting the company’s performance.
The most significant cumulative changes in unrealized appreciation and depreciation for the sixnine months ended August 31,November 30, 2016, were the following (dollars in thousands):
SixNine Months ended August 31,November 30, 2016
Issuer | Asset Type | Cost | Fair Value | Total Unrealized Appreciation (Depreciation) | YTD Change in Unrealized Appreciation (Depreciation) | Asset Type | Cost | Fair Value | Total Unrealized Depreciation | YTD Change in Unrealized Depreciation | ||||||||||||||||||||||||||
Take 5 Oil Change, L.L.C | Common Stock | $ | — | $ | — | $ | — | $ | (5,755 | ) | ||||||||||||||||||||||||||
Take 5 Oil Change, L.L.C. | Common Stock | $ | — | $ | — | $ | — | $ | (5,755 | ) | ||||||||||||||||||||||||||
Legacy Cabinets, Inc. | Common Stock Voting A-1 | — | — | — | (2,456 | ) | Common Stock Voting A-1 | — | — | — | (2,456 | ) | ||||||||||||||||||||||||
Legacy Cabinets, Inc. | Common Stock VotingB-1 | — | — | — | (1,550 | ) | Common Stock Voting B-1 | — | — | — | (1,550 | ) | ||||||||||||||||||||||||
Elyria Foundry Company, L.L.C. | Common Stock | 9,217 | 314 | (8,903 | ) | (1,712 | ) | Common Stock | 9,217 | 357 | (8,860 | ) | (1,669 | ) |
The $5.8 million of change in unrealized depreciation in our investment in Take 5 Oil Change, L.L.C. was driven by the completion of a sales transaction with a strategic acquirer. In realizing this gain as a result of the sale, unrealized appreciation was adjusted to zero, which resulted in a $5.8 million change in unrealized depreciation for the quarter.period.
The $4.0 million of change in unrealized depreciation in our investments in Legacy Cabinets, Inc. were driven by the completion of a sales transaction. In realizing these gains as a result of the sale, unrealized appreciation was adjusted to zero, which resulted in a $4.0 million change in unrealized depreciation for the period.
The $1.7 million of change in unrealized depreciation in our investment in Elyria Foundry Company, L.L.C. was driven by a continued decline in oil and gas end markets sinceyear-end, negatively impacting the company’s performance.
Changes in net assets resulting from operations
For the three months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded a net increase in net assets resulting from operations of $6.9$4.3 million and $5.3$1.6 million, respectively. Based on 5,955,2516,040,311 weighted average common shares outstanding as of August 31,November 30, 2017, our per share net increase in net assets resulting from operations was $1.15$0.71 for the three months ended August 31,November 30, 2017. This compares to a per share net increase in net assets resulting from operations of $0.92$0.27 for the three months ended August 31,November 30, 2016 based on 5,740,8165,727,933 weighted average common shares outstanding as of August 31,November 30, 2016.
For the sixnine months ended August 31,November 30, 2017 and August 31,November 30, 2016, we recorded a net increase in net assets resulting from operations of $7.9$12.1 million and $8.6$10.1 million, respectively. Based on 5,908,4535,952,086 weighted average common shares outstanding as of August 31,November 30, 2017, our per share net increase in net assets resulting from operations was $1.33$2.04 for the sixnine months ended August 31,November 30, 2017. This compares to a per share net increase in net assets resulting from operations of $1.49$1.77 for the sixnine months ended August 31,November 30, 2016 based on 5,739,1575,735,443 weighted average common shares outstanding as of August 31,November 30, 2016.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We intend to continue to generate cash primarily from cash flows from operations, including interest earned from our investments in debt in middle market companies, interest earned from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less, future borrowings and future offerings of securities.
Although we expect to fund the growth of our investment portfolio through the net proceeds from SBA debenture drawdowns and future equity offerings, including our dividend reinvestment plan (“DRIP”), and issuances of senior securities or future borrowings, to the extent permitted by the 1940 Act, we cannot assure you that our plans to raise capital will be successful. In this regard, because our common stock has historically traded at a price below our current net asset value per share and we are limited in our ability to sell our common stock at a price below net asset value per share, we have been and may continue to be limited in our ability to raise equity capital.
In addition, we intend to distribute to our stockholders substantially all of our taxable income in order to satisfy the distribution requirement applicable to RICs under the Code. In satisfying this distribution requirement, we have in the past relied on Internal Revenue Service (“IRS”) issued private letter rulings concluding that a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0% of the aggregate declared distribution. We may rely on these IRS private letter rulings in future periods to satisfy our RIC distribution requirement.
Also, as a BDC, we generally are required to meet a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which include all of our borrowings and any outstanding preferred stock, of at least 200.0%. This requirement limits the amount that we may borrow. Our asset coverage ratio, as defined in the 1940 Act, was 258.0%284.0% as of August 31,November 30, 2017 and 271.0% as of February 28, 2017. To fund growth in our investment portfolio in the future, we anticipate needing to raise additional capital from various sources, including the equity markets and other debt-related markets, which may or may not be available on favorable terms, if at all.
Consequently, we may not have the funds or the ability to fund new investments, to make additional investments in our portfolio companies, to fund our unfunded commitments to portfolio companies or to repay borrowings. Also, the illiquidity of our portfolio investments may make it difficult for us to sell these investments when desired and, if we are required to sell these investments, we may realize significantly less than their recorded value.
Madison revolving credit facility
Below is a summary of the terms of the senior secured revolving credit facility we entered into with Madison Capital Funding LLC (the “Credit Facility”) on June 30, 2010, which was most recently amended on May 18, 2017.
Availability. The Company can draw up to the lesser of (i) $40.0 million (the “Facility Amount”) and (ii) the product of the applicable advance rate (which varies from 50.0% to 75.0% depending on the type of loan asset) and the value, determined in accordance with the Credit Facility (the “Adjusted Borrowing Value”), of certain “eligible” loan assets pledged as security for the loan (the “Borrowing Base”), in each case less (a) the amount of any undrawn funding commitments the Company has under any loan asset and which are not covered by amounts in the Unfunded Exposure Account referred to below (the “Unfunded Exposure Amount”) and outstanding borrowings. Each loan asset held by the Company as of the date on which the Credit Facility was closed was valued as of that date and each loan asset that the Company acquires after such date will be valued at the lowest of its fair value, its face value (excluding accrued interest) and the purchase price paid for such loan asset. Adjustments to the value of a loan asset will be made to reflect, among other things, changes in its fair value, a default by the obligor on the loan asset, insolvency of the obligor, acceleration of the loan asset, and certain modifications to the terms of the loan asset.
The Credit Facility contains limitations on the type of loan assets that are “eligible” to be included in the Borrowing Base and as to the concentration level of certain categories of loan assets in the Borrowing Base such as restrictions on geographic and industry concentrations, asset size and quality, payment frequency, status and terms, average life, and collateral interests. In addition, if an asset is to remain an “eligible” loan asset, the Company may not make changes to the payment, amortization, collateral and certain other terms of the loan assets without the consent of the administrative agent that will either result in subordination of the loan asset or be materially adverse to the lenders.
Collateral.The Credit Facility is secured by substantially all of the assets of the Company (other than assets held by our SBIC subsidiary) and includes the subordinated notes (“CLO Notes”) issued by Saratoga CLO and the Company’s rights under the CLO Management Agreement (as defined below).
Interest Rate and Fees. Under the Credit Facility, funds are borrowed from or through certain lenders at the greater of theprevailingthe prevailing LIBOR rate and 1.00%, plus an applicable margin of 4.75%. At the Company’s option, funds may be borrowed based on an alternative base rate, which in no event will be less than 2.00%, and the applicable margin over such alternative base rate is 3.75%. In addition, the Company pays the lenders a commitment fee of 0.75% per year on the unused amount of the Credit Facility for the duration of the Revolving Period (defined below). Accrued interest and commitment fees are payable monthly. The Company was also obligated to pay certain other fees to the lenders in connection with the closing of the Credit Facility.
Revolving Period and Maturity Date. The Company may make and repay borrowings under the Credit Facility for a period of three years following the closing of the Credit Facility (the “Revolving Period”). The Revolving Period may be terminated at an earlier time by the Company or, upon the occurrence of an event of default, by action of the lenders or automatically. All borrowings and other amounts payable under the Credit Facility are due and payable in full five years after the end of the Revolving Period.
Collateral Tests. It is a condition precedent to any borrowing under the Credit Facility that the principal amount outstanding under the Credit Facility, after giving effect to the proposed borrowings, not exceed the lesser of the Borrowing Base or the Facility Amount (the “Borrowing Base Test”). In addition to satisfying the Borrowing Base Test, the following tests must also be satisfied (together with Borrowing Base Test, the “Collateral Tests”):
• | Interest Coverage Ratio.The ratio (expressed as a percentage) of interest collections with respect to pledged loan assets, less certain fees and expenses relating to the Credit Facility, to accrued interest and commitment fees and any breakage costs payable to the lenders under the Credit Facility for the last 6 payment periods must equal at least 175.0%. |
• | Overcollateralization Ratio.The ratio (expressed as a percentage) of the aggregate Adjusted Borrowing Value of “eligible” pledged loan assets plus the fair value of certain ineligible pledged loan assets and the CLO Notes (in each case, subject to certain adjustments) to outstanding borrowings under the Credit Facility plus the Unfunded Exposure Amount must equal at least 200.0%. |
• | Weighted Average FMV Test.The aggregate adjusted or weighted value of “eligible” pledged loan assets as a percentage of the aggregate outstanding principal balance of “eligible” pledged loan assets must be equal to or greater than 72.0% and 80.0% during theone-year periods prior to the first and second anniversary of the closing date, respectively, and 85.0% at all times thereafter. |
The Credit Facility also requires payment of outstanding borrowings or replacement of pledged loan assets upon the Company’s breach of its representation and warranty that pledged loan assets included in the Borrowing Base are “eligible” loan assets. Such payments or replacements must equal the lower of the amount by which the Borrowing Base is overstated as a result of such breach or any deficiency under the Collateral Tests at the time of repayment or replacement. Compliance with the Collateral Tests is also a condition to the discretionary sale of pledged loan assets by the Company.
Priority of Payments. During the Revolving Period, the priority of payments provisions of the Credit Facility require, after payment of specified fees and expenses and any necessary funding of the Unfunded Exposure Account, that collections of principal from the loan assets and, to the extent that these are insufficient, collections of interest from the loan assets, be applied on each payment date to payment of outstanding borrowings if the Borrowing Base Test, the Overcollateralization Ratio and the Interest Coverage Ratio would not otherwise be met. Similarly, following termination of the Revolving Period, collections of interest are required to be applied, after payment of certain fees and expenses, to cure any deficiencies in the Borrowing Base Test, the Interest Coverage Ratio and the Overcollateralization Ratio as of the relevant payment date.
Reserve Account.The Credit Facility requires the Company to set aside an amount equal to the sum of accrued interest, commitment fees and administrative agent fees due and payable on the next succeeding three payment dates (or corresponding to three payment periods). If for any monthly period during which fees and other payments accrue, the aggregate Adjusted Borrowing Value of “eligible” pledged loan assets which do not pay cash interest at least quarterly exceeds 15.0% of the aggregate Adjusted Borrowing Value of “eligible” pledged loan assets, the Company is required to set aside such interest and fees due and payable on the next succeeding six payment dates. Amounts in the reserve account can be applied solely to the payment of administrative agent fees, commitment fees, accrued and unpaid interest and any breakage costs payable to the lenders.
Unfunded Exposure Account. With respect to revolver or delayed draw loan assets, the Company is required to set aside in a designated account (the “Unfunded Exposure Account”) 100.0% of its outstanding and undrawn funding commitments with respect to such loan assets. The Unfunded Exposure Account is funded at the time the Company acquires a revolver or delayed draw loan asset and requests a related borrowing under the Credit Facility. The Unfunded Exposure Account is funded through a combination of proceeds of the requested borrowing and other Company funds, and if for any reason such amounts are insufficient, through application of the priority of payment provisions described above.
Operating Expenses. The priority of payments provision of the Credit Facility provides for the payment of certain operating expenses of the Company out of collections on principal and interest during the Revolving Period and out of collections on interest following the termination of the Revolving Period in accordance with the priority established in such provision. The operating expenses payable pursuant to the priority of payment provisions is limited to $350,000 for each monthly payment date or $2.5 million for the immediately preceding period of twelve consecutive monthly payment dates. This ceiling can be increased by the lesser of
5.0% or the percentage increase in the fair market value of all the Company’s assets only on the first monthly payment date to occur after eachone-year anniversary following the closing of the Credit Facility. Upon the occurrence of a Manager Event (described below), the consent of the administrative agent is required in order to pay operating expenses through the priority of payments provision.
Events of Default. The Credit Facility contains certain negative covenants, customary representations and warranties and affirmative covenants and events of default. The Credit Facility does not contain grace periods for breach by the Company of certain covenants, including, without limitation, preservation of existence, negative pledge, change of name or jurisdiction and separate legal entity status of the Company covenants and certain other customary covenants. Other events of default under the Credit Facility include, among other things, the following:
Conditions to Acquisitions and Pledges of Loan Assets. The Credit Facility imposes certain additional conditions to the acquisition and pledge of additional loan assets. Among other things, the Company may not acquire additional loan assets without the prior written consent of the administrative agent until such time that the administrative agent indicates in writing its satisfaction with Saratoga Investment Advisors’ policies, personnel and processes relating to the loan assets.
Fees and Expenses. The Company paid certain fees and reimbursed Madison Capital Funding LLC for the aggregate amount of all documented,out-of-pocket costs and expenses, including the reasonable fees and expenses of lawyers, incurred by Madison Capital Funding LLC in connection with the Credit Facility and the carrying out of any and all acts contemplated thereunder up to and as of the date of closing of the stock purchase transaction with Saratoga Investment Advisors and certain of its affiliates. These amounts totaled $2.0 million.
On February 24, 2012, we amended our senior secured revolving credit facility with Madison Capital Funding LLC to, among other things:
On September 17, 2014, we entered into a second amendment to the Revolving Facility with Madison Capital Funding LLC to, among other things:
On May 18, 2017, we entered into a third amendment to the Credit Facility with Madison Capital Funding LLC to, among other things:
As of August 31,November 30, 2017, we had $10.0$1.0 million of outstanding borrowings under the Credit Facility and $134.7 million ofSBA-guaranteed debentures outstanding (which are discussed below). As of February 28, 2017, we had no outstanding borrowings under the Credit Facility and $112.7 millionSBA-guaranteed debentures outstanding. Our borrowing base under the Credit Facility at August 31,November 30, 2017 and February 28, 2017 was $34.0$31.8 million and $24.7 million, respectively.
Our asset coverage ratio, as defined in the 1940 Act, was 258.0%284.0% as of August 31,November 30, 2017 and 271.0% as of February 28, 2017.
SBA-guaranteed debentures
In addition, we, through a wholly-owned subsidiary, sought and obtained a license from the SBA to operate an SBIC. In this regard, on March 28, 2012, our wholly-owned subsidiary, Saratoga Investment Corp. SBIC, LP, received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958. SBICs are designated to stimulate the flow of private equity capital to eligible small businesses. Under SBA regulations, SBICs may make loans to eligible small businesses and invest in the equity securities of small businesses.
The SBIC license allows our SBIC subsidiary to obtain leverage by issuingSBA-guaranteed debentures.SBA-guaranteed debentures arenon-recourse, interest only debentures with interest payable semi-annually and have a ten year maturity. The principal amount ofSBA-guaranteed debentures is not required to be paid prior to maturity but may be prepaid at any time without penalty. The interest rate ofSBA-guaranteed debentures is fixed on a semi-annual basis at a market-driven spread over U.S. Treasury Notes with10-year maturities.
SBA regulations currently limit the amount that our SBIC subsidiary may borrow to a maximum of $150.0 million when it has at least $75.0 million in regulatory capital, receives a capital commitment from the SBA and has been through an examination by the SBA subsequent to licensing. As of August 31,November 30, 2017, our SBIC subsidiary had $75.0 million in regulatory capital and $134.7 millionSBA-guaranteed debentures outstanding.
We received exemptive relief from the SEC to permit us to exclude the debt of our SBIC subsidiary guaranteed by the SBA from the definition of senior securities in the 200.0% asset coverage test under the 1940 Act. This allows us increased flexibility under the 200.0% asset coverage test by permitting us to borrow up to $150.0 million more than we would otherwise be able to absent the receipt of this exemptive relief.
On April 2, 2015, the SBA issued a “green light” letter inviting the Company to continue our application process to obtain a license to form and operate its second SBIC subsidiary. On September 27, 2016, the SBA informed us that as part of their continued review of our application for a second license, and in order to ensure that they were reviewing the most current information available, we would need to update all previously submitted materials and invited us to reapply. As a result of this request, with which we are in the process of complying, the existing “green light” letter that the SBA issued to us has expired. If approved in the future, a second SBIC license would provide us an incremental source of long-term capital by permitting us to issue up to $150.0 million of additionalSBA-guaranteed debentures in addition to the $150.0 million already approved under the first license.
Unsecured notes
In May 2013, we issued $48.3 million in aggregate principal amount of our 2020 Notes for net proceeds of $46.1 million after deducting underwriting commissions of $1.9 million and offering costs of $0.3 million. The proceeds included the underwriters’ full exercise of their overallotment option. Interest on these 2020 Notes is paid quarterly in arrears on February 15, May 15, August 15 and November 15, at a rate of 7.50% per year, beginning August 15, 2013. The 2020 Notes mature on May 31, 2020 and since May 31, 2016, may be redeemed in whole or in part at any time or from time to time at our option. In connection with the issuance of the 2020 Notes, we agreed to the following covenants for the period of time during which the 2020 Notes are outstanding:
The 2020 Notes were redeemed in full on January 13, 2017 and are no longer listed on the NYSE.
On May 29, 2015, we entered into a Debt Distribution Agreement with Ladenburg Thalmann & Co. through which we may offer for sale, from time to time, up to $20.0 million in aggregate principal amount of the 2020 Notes through an ATM offering. As of August 31,November 30, 2017, the Company sold 539,725 bonds with a principal of $13,493,125 at an average price of $25.31 for aggregate net proceeds of $13,385,766 (net of transaction costs).
On December 21, 2016, we issued $74.5 million in aggregate principal amount of our 2023 Notes for net proceeds of $71.7 million after deducting underwriting commissions of approximately $2.3 million and offering costs of approximately $0.5 million. The issuance included the exercise of substantially all of the underwriters’ option to purchase an additional $9.8 million aggregate principal amount of 2023 Notes within 30 days. Interest on the 2023 Notes is paid quarterly in arrears on March 15, June 15, September 15 and December 15, at a rate of 6.75% per year, beginning March 30, 2017. The 2023 Notes mature on December 30, 2023, and commencing December 21, 2019, may be redeemed in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used to repay all of the outstanding indebtedness under the 2020 Notes on January 13, 2017, which amounts to $61.8 million, and for general corporate purposes in accordance with our investment objective and strategies. The 2020 Notes were redeemed in full on January 13, 2017. The 2023 Notes are listed on the NYSE under the trading symbol “SAB” with a par value of $25.00 per share. In connection with the issuance of the 2023 Notes, we agreed to the following covenants for the period of time during which the notes are outstanding:
At August 31,November 30, 2017 and February 28, 2017, the fair value of investments, cash and cash equivalents and cash and cash equivalents, reserve accounts were as follows:
At August 31, 2017 | At February 28, 2017 | At November 30, 2017 | At February 28, 2017 | |||||||||||||||||||||||||||||
Fair Value | Percentage of Total | Fair Value | Percentage of Total | Fair Value | Percentage of Total | Fair Value | Percentage of Total | |||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,595 | 0.5 | % | $ | 9,307 | 3.0 | % | $ | 680 | 0.2 | % | $ | 9,307 | 3.0 | % | ||||||||||||||||
Cash and cash equivalents, reserve accounts | 16,816 | 4.8 | 12,781 | 4.1 | 8,038 | 2.3 | 12,781 | 4.1 | ||||||||||||||||||||||||
Syndicated loans | 8,980 | 2.6 | 9,823 | 3.1 | 9,001 | 2.6 | 9,823 | 3.1 | ||||||||||||||||||||||||
First lien term loans | 182,781 | 52.0 | 159,097 | 50.5 | 185,661 | 53.4 | 159,097 | 50.5 | ||||||||||||||||||||||||
Second lien term loans | 97,462 | 27.7 | 87,750 | 27.9 | 99,427 | 28.6 | 87,750 | 27.9 | ||||||||||||||||||||||||
Structured finance securities | 16,537 | 4.7 | 15,450 | 4.9 | 16,313 | 4.7 | 15,450 | 4.9 | ||||||||||||||||||||||||
Equity interests | 27,210 | 7.7 | 20,541 | 6.5 | 28,436 | 8.2 | 20,541 | 6.5 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total | $ | 351,381 | 100.0 | % | $ | 314,749 | 100.0 | % | $ | 347,556 | 100.0 | % | $ | 314,749 | 100.0 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
On March 16, 2017, we entered into an equity distribution agreement with Ladenburg Thalmann & Co. Inc., through which we may offer for sale, from time to time, up to $30.0 million of our common stock through an ATM offering. As of August 31,November 30, 2017, the Company sold 117,354266,113 shares for gross proceeds of $2.6$6.0 million at an average price of $22.49 for aggregate net proceeds of $2.6$5.9 million (net of transaction costs).
On September 24, 2014, we announced the approval of an open market share repurchase plan that allows it to repurchase up to 200,000 shares of our common stock at prices below our NAV as reported in its then most recently published consolidated financial statements, which was subsequently increased to 400,000 shares of our common stock. On October 5, 2016, our board of directors extended the open market share repurchase plan for another year to October 15, 2017 and increased the number of shares we are permitted to repurchase at prices below our NAV, as reported in its then most recently published consolidated financial statements, to 600,000 shares of our common stock. On October 10, 2017, the Company’s board of directors extended the open market share repurchase plan for another year to October 15, 2018, leaving the number of shares unchanged at 600,000 shares of its common stock. As of August 31,November 30, 2017, we purchased 218,491 shares of common stock, at the average price of $16.87 for approximately $3.7 million pursuant to this repurchase plan.
On November 29, 2017, our board of directors declared a dividend of $0.49 per share payable on December 27, 2017, to common stockholders of record on December 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 25,435 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.14 per share, which equaled the volume weighted average trading price per share of the common stock on December 13, 14, 15, 18, 19, 20, 21, 22, 26 and 27, 2017.
On August 28, 2017, our board of directors declared a dividend of $0.48 per share payable on September 26, 2017, to common stockholders of record on September 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.2 million in cash and 33,551 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.19 per share, which equaled the volume weighted average trading price per share of the common stock on September 13, 14, 15, 18, 19, 20, 21, 22, 25 and 26, 2017.
On May 30, 2017, our board of directors declared a dividend of $0.47 per share which was paid on June 27, 2017, to common stockholders of record on June 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant to our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.3 million in cash and 26,222 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.04 per share, which equaled the volume weighted average trading price per share of the common stock on June 14, 15, 16, 19, 20, 21, 22, 23, 26 and 27, 2017.
On February 28, 2017, our board of directors declared a dividend of $0.46 per share, which was paid on March 28, 2017, to common stockholders of record as of March 15, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $2.0 million in cash and 29,096 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $21.38 per share, which equaled the volume weighted average trading price per share of the common stock on March 15, 16, 17, 20, 21, 22, 23, 24, 27 and 28, 2017.
On January 12, 2017, our board of directors declared a dividend of $0.45 per share, which was paid on February 9, 2017, to common stockholders of record as of January 31, 2017. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately
$1.6 $1.6 million in cash and 50,453 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $20.25 per share, which equaled the volume weighted average trading price per share of the common stock on January 27, 30, 31 and February 1, 2, 3, 6, 7, 8 and 9, 2017.
On October 5, 2016, our board of directors declared a dividend of $0.44 per share, which was paid on November 9, 2016, to common stockholders of record as of October 31, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,548 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.12 per share, which equaled the volume weighted average trading price per share of the common stock on October 27, 28, 31 and November 1, 2, 3, 4, 7, 8 and 9, 2016.
On August 8, 2016, our board of directors declared a special dividend of $0.20 per share, which was paid on September 5, 2016, to common stockholders of record as of August 24, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.7 million in cash and 24,786 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.06 per share, which equaled the volume weighted average trading price per share of the common stock on August 22, 23, 24, 25, 26, 29, 30, 31 and September 1 and 2, 2016.
On July 7, 2016, our board of directors declared a dividend of $0.43 per share, which was paid on August 9, 2016, to common stockholders of record as of July 29, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 58,167 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.32 per share, which equaled the volume weighted average trading price per share of the common stock on July 27, 28, 29 and August 1, 2, 3, 4, 5, 8 and 9, 2016.
On March 31, 2016, our board of directors declared a dividend of $0.41 per share, which was paid on April 27, 2016, to common stockholders of record as of April 15, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.5 million in cash and 56,728 newly issued shares of common stock, or 1.0% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.43 per share, which equaled the volume weighted average trading price per share of the common stock on April 14, 15, 18, 19, 20, 21, 22, 25, 26 and 27, 2016.
On January 12, 2016, our board of directors declared a dividend of $0.40 per share, which was paid on February 29, 2016, to common stockholders of record as of February 1, 2016. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.4 million in cash and 66,765 newly issued shares of common stock, or 1.2% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.11 per share, which equaled the volume weighted average trading price per share of the common stock on February 16, 17, 18, 19, 22, 23, 24, 25, 26 and 29, 2016.
On October 7, 2015, our board of directors declared a dividend of $0.36 per share, which was paid on November 30, 2015, to common stockholders of record as of November 2, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 61,029 newly issued shares of common stock, or 1.1% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.53 per share, which equaled the volume weighted average trading price per share of the common stock on November 16, 17, 18, 19, 20, 23, 24, 25, 27 and 30, 2015.
On July 8, 2015, our board of directors declared a dividend of $0.33 per share, which was paid on August 31, 2015, to common stockholders of record as of August 3, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $1.1 million in cash and 47,861 newly issued shares of common stock, or 0.9% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.28 per share, which equaled the volume weighted average trading price per share of the common stock on August 18, 19, 20, 21, 24, 25, 26, 27, 28 and 31, 2015.
On May 14, 2015, our board of directors declared a special dividend of $1.00 per share, which was paid on June 5, 2015, to common stockholders of record on as of May 26, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $3.4 million in cash and 126,230 newly issued shares of common stock, or 2.3% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.47 per share, which equaled the volume weighted average trading price per share of the common stock on May 22, 26, 27, 28, 29 and June 1, 2, 3, 4, and 5, 2015.
On April 9, 2015, our board of directors declared a dividend of $0.27 per share, which was paid on May 29, 2015, to common stockholders of record as of May 4, 2015. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.9 million in cash and 33,766 newly issued shares of common stock, or 0.6% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $16.78 per share, which equaled the volume weighted average trading price per share of the common stock on May 15, 18, 19, 20, 21, 22, 26, 27, 28 and 29, 2015.
On September 24, 2014, our board of directors declared a dividend of $0.22 per share, which was paid on February 27, 2015. Shareholders have the option to receive payment of the dividend in cash, or receive shares of common stock, pursuant our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.8 million in cash and 26,858 newly issued shares of common stock, or 0.5% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.97 per share, which equaled the volume weighted average trading price per share of the common stock on February 13, 17, 18, 19, 20, 23, 24, 25, 26 and 27, 2015.
Also on September 24, 2014, our board of directors declared a dividend of $0.18 per share, which was paid on November 28, 2014. Shareholders had the option to receive payment of the dividend in cash, or receive shares of common stock pursuant to our DRIP. Based on shareholder elections, the dividend consisted of approximately $0.6 million in cash and 22,283 newly issued shares of common stock, or 0.4% of our outstanding common stock prior to the dividend payment. The number of shares of common stock comprising the stock portion was calculated based on a price of $14.37 per share, which equaled the volume weighted average trading price per share of the common stock on November 14, 17, 18, 19, 20, 21, 24, 25, 26 and 28, 2014.
On October 30, 2013, our board of directors declared a dividend of $2.65 per share, which was paid on December 27, 2013, to common stockholders of record as of November 13, 2013. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $2.5 million or $0.53 per share. This dividend was declared in reliance on certain private letter rulings issued by the IRS concluding that a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder may elect to receive his or her entire distribution in either cash or stock of the RIC subject to a limitation on the aggregate amount of cash to be distributed to all stockholders, which limitation must be at least 20.0% of the aggregate declared distribution.
Based on shareholder elections, the dividend consisted of approximately $2.5 million in cash and 649,500 shares of common stock, or 13.7% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.439 per share, which equaled the volume weighted average trading price per share of the common stock on December 11, 13, and 16, 2013.
On November 9, 2012, our board of directors declared a dividend of $4.25 per share, which was paid on December 31, 2012, to common stockholders of record as of November 20, 2012. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to approximately $3.3 million or $0.85 per share.
Based on shareholder elections, the dividend consisted of $3.3 million in cash and 853,455 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $15.444 per share, which equaled the volume weighted average trading price per share of the common stock on December 14, 17 and 19, 2012.
On November 15, 2011, our board of directors declared a dividend of $3.00 per share, which was paid on December 30, 2011, to common stockholders of record as of November 25, 2011. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to $2.0 million or $0.60 per share.
Based on shareholder elections, the dividend consisted of $2.0 million in cash and 599,584 shares of common stock, or 18.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 20.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $13.117067 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2011.
On November 12, 2010, our board of directors declared a dividend of $4.40 per share to shareholders payable in cash or shares of our common stock, in accordance with the provisions of the IRS Revenue Procedure2010-12, which allows a publicly-traded regulated investment company to satisfy its distribution requirements with a distribution paid partly in common stock provided that at least 10.0% of the distribution is payable in cash. The dividend was paid on December 29, 2010 to common shareholders of record on November 19, 2010.
Based on shareholder elections, the dividend consisted of $1.2 million in cash and 596,235 shares of common stock, or 22.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 10.0% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $17.8049 per share, which equaled the volume weighted average trading price per share of the common stock on December 20, 21 and 22, 2010.
On November 13, 2009, our board of directors declared a dividend of $18.25 per share, which was paid on December 31, 2009, to common stockholders of record as of November 25, 2009. Shareholders had the option to receive payment of the dividend in cash, shares of common stock, or a combination of cash and shares of common stock, provided that the aggregate cash payable to all shareholders was limited to $2.1 million or $0.25 per share.
Based on shareholder elections, the dividend consisted of $2.1 million in cash and 864,872.5 shares of common stock, or 104.0% of our outstanding common stock prior to the dividend payment. The amount of cash elected to be received was greater than the cash limit of 13.7% of the aggregate dividend amount, thus resulting in the payment of a combination of cash and stock to shareholders who elected to receive cash. The number of shares of common stock comprising the stock portion was calculated based on a price of $1.5099 per share, which equaled the volume weighted average trading price per share of the common stock on December 24 and 28, 2009.
We cannot provide any assurance that these measures will provide sufficient sources of liquidity to support our operations and growth.
Contractual obligations
The following table shows our payment obligations for repayment of debt and other contractual obligations at August 31,November 30, 2017:
Payment Due by Period | ||||||||||||||||||||
Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Long-Term Debt Obligations | $ | 219,111 | $ | — | $ | — | $ | — | $ | 219,111 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Payment Due by Period | ||||||||||||||||||||
Total | Less Than 1 Year | 1 - 3 Years | 3 - 5 Years | More Than 5 Years | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Long-Term Debt Obligations | $ | 210,111 | $ | — | $ | — | $ | — | $ | 210,111 | ||||||||||
|
|
|
|
|
|
|
|
|
|
Off-balance sheet arrangements
The Company’soff-balance sheet arrangements consisted of $5.0$5.9 million and $2.0 million of unfunded commitments to provide debt financing to its portfolio companies or to fund limited partnership interests as of August 31,November 30, 2017 and February 28, 2017, respectively. Such commitments are generally up to the Company’s discretion to approve, or the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statements of assets and liabilities.
A summary of the composition of the unfunded commitments as of August 31,November 30, 2017 and February 28, 2017 is shown in the table below (dollars in thousands):
As of | As of | |||||||||||||||
August 31, 2017 | February 28, 2017 | November 30, 2017 | February 28, 2017 | |||||||||||||
CLEO Communications Holding, LLC | $ | 3,000 | $ | — | $ | 3,000 | $ | — | ||||||||
GreyHeller LLC | 2,000 | 2,000 | 2,000 | 2,000 | ||||||||||||
Pathway Partners Vet Management Company LLC | 917 | — | ||||||||||||||
|
|
|
| |||||||||||||
Total | $ | 5,000 | $ | 2,000 | $ | 5,917 | $ | 2,000 | ||||||||
|
|
|
|
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our business activities contain elements of market risk. We consider our principal market risk to be the fluctuation in interest rates. Managing this risk is essential to our business. Accordingly, we have systems and procedures designed to identify and analyze our risks, to establish appropriate policies and thresholds and to continually monitor this risk and thresholds by means of administrative and information technology systems and other policies and processes.
Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, including relative changes in different interest rates, variability of spread relationships, the differencein re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire leveraged loans, high yield bonds and other debt investments and the value of our investment portfolio.
Our investment income is affected by fluctuations in various interest rates, including LIBOR and the prime rate. A large portion of our portfolio is, and we expect will continue to be, comprised of floating rate investments that utilize LIBOR. Our interest expense is affected by fluctuations in LIBOR only on our revolving credit facility. At August 31,November 30, 2017, we had $219.1$210.1 million of borrowings outstanding, of which $10.0$1.0 million was outstanding on the revolving credit facility.
We have analyzed the potential impact of changes in interest rates on interest income from investments. Assuming that our investments as of August 31,November 30, 2017 were to remain constant for a full fiscal year and no actions were taken to alter the existing interest rate terms, a hypothetical change of 1.0% in interest rates would cause a corresponding increase of approximately $2.3$2.4 million to our interest income.
Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition of the assets on the statements of assets and liabilities and other business developments that could magnify or diminish our sensitivity to interest rate changes, nor does it account for divergences in LIBOR and the commercial paper rate, which have historically moved in tandem but, in times of unusual credit dislocations, have experienced periods of divergence. Accordingly no assurances can be given that actual results would not materially differ from the potential outcome simulated by this estimate.
ITEM 4. CONTROLS AND PROCEDURES
(a) | As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule13a-15(e) and15d-15(e) of the Securities Exchange Act of 1934). Based on that evaluation, our chief executive officer and our chief financial officer have concluded that our current disclosure controls and procedures are effective in facilitating timely decisions regarding required disclosure of any material information relating to us that is required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934. |
(b) | There have been no changes in our internal control over financial reporting that occurred during the quarter ended |
Neither we nor our wholly-owned subsidiaries, Saratoga Investment Funding LLC and Saratoga Investment Corp. SBIC LP, are currently subject to any material legal proceedings.
In addition to information set forth in this report, you should carefully consider the “Risk Factors” discussed in our Annual Report on Form10-K for the year ended February 28, 2017, filed with the SEC on May 16, 2017, which could materially affect our business, financial condition and/or operating results. Other than as set forth below, there have been no material changes during the three months ended November 30, 2017 to the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K. Additional risks or uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results.
The tax legislation signed into law on December 22, 2017 could have a negative effect on the Company
Legislative or other actions relating to taxes could have a negative effect on the Company. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The U.S. House of Representatives and U.S. Senate recently passed tax reform legislation, which was recently signed by the President. Such legislation will make many changes to the Internal Revenue Code, including significant changes to the taxation of business entities, the deductibility of interest expense, and the tax treatment of capital investment. We cannot predict with certainty how any changes in the tax laws might affect the Company, investors, or the Company’s portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect the Company’s ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to the Company and its investors of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in the Company’s securities.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Not applicable.
Listed below are the exhibits which are filed as part of this report (according to the number assigned to them in Item 601 of RegulationS-K):
* | Submitted herewith. |
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SARATOGA INVESTMENT CORP. | ||||||
Date: | By: | /s/ CHRISTIAN L. OBERBECK | ||||
Christian L. Oberbeck | ||||||
Chief Executive Officer | ||||||
By: | /s/ HENRI J. STEENKAMP | |||||
Henri J. Steenkamp | ||||||
Chief Financial Officer and Chief Compliance Officer |
65