0001422183Industria Chimica Emiliana Srl, Pharmaceuticals, Biotechnology & Life Sciences 12023-12-310001422183fsk:AssetBasedFinanceMemberus-gaap:FairValueInputsLevel3Memberfsk:ValuationIndicativeDealerQuotesApproachMembersrt:WeightedAverageMember2023-12-31
FORM10-Q
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
KKR Capital Corp.
Maryland | 26-1630040 | |||||||
(State of Incorporation) | (I.R.S. Employer Identification Number) |
201 Rouse Boulevard Philadelphia, Pennsylvania | 19112 | |||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | ||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ||||||||||||
Emerging growth company |
Securities registered pursuant to Section 12(b) of the Act. | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.001 | FSK | New York Stock Exchange |
Page | ||||||||||||||
ITEM 6. | ||||||||||||||
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||
Assets | ||||||||
Investments, at fair value | ||||||||
Non-controlled/unaffiliated investments (amortized cost—$3,514,012 and $3,509,899, respectively) | $ | 3,594,686 | $ | 3,440,951 | ||||
Non-controlled/affiliated investments (amortized cost—$173,626 and $153,167, respectively) | 222,275 | 202,795 | ||||||
Controlled/affiliated investments (amortized cost—$85,201 and $80,874, respectively) | 94,438 | 83,070 | ||||||
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Total investments, at fair value (amortized cost—$3,772,839 and $3,743,940, respectively) | 3,911,399 | 3,726,816 | ||||||
Cash | 176,445 | 264,594 | ||||||
Foreign currency, at fair value (cost—$2,451 and $4, respectively) | 2,546 | 4 | ||||||
Receivable for investments sold and repaid | 1,896 | 75,921 | ||||||
Income receivable | 38,811 | 36,106 | ||||||
Deferred financing costs | 3,712 | 5,828 | ||||||
Prepaid expenses and other assets | 654 | 802 | ||||||
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Total assets | $ | 4,135,463 | $ | 4,110,071 | ||||
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Liabilities | ||||||||
Payable for investments purchased | $ | 606 | $ | 5,748 | ||||
Credit facilities payable (net of deferred financing costs of $3,461 and $0, respectively)(1) | 637,669 | 619,932 | ||||||
Unsecured notes payable (net of deferred financing costs of $1,563 and $1,884, respectively)(1) | 1,072,714 | 1,070,701 | ||||||
Secured borrowing, at fair value (amortized proceeds of $2,835 and $2,831, respectively)(1) | 2,891 | 2,880 | ||||||
Stockholder distributions payable | 54,733 | 54,364 | ||||||
Management fees payable | 18,038 | 18,022 | ||||||
Subordinated income incentive fees payable(2) | 12,662 | 12,885 | ||||||
Administrative services expense payable | 495 | 516 | ||||||
Interest payable | 17,463 | 20,144 | ||||||
Directors’ fees payable | 267 | 281 | ||||||
Other accrued expenses and liabilities | 1,232 | 7,221 | ||||||
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Total liabilities | 1,818,770 | 1,812,694 | ||||||
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Commitments and contingencies(3) | — | — | ||||||
Stockholders’ equity | ||||||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding | — | — | ||||||
Common stock, $0.001 par value, 450,000,000 shares authorized, 245,725,416 and 244,063,357 shares issued and outstanding, respectively | 246 | 244 | ||||||
Capital in excess of par value | 2,276,946 | 2,261,040 | ||||||
Accumulated undistributed net realized gain/loss on investments and gain/loss on foreign currency(4) | (237,493 | ) | (104,274 | ) | ||||
Accumulated undistributed (distributions in excess of) net investment income(4) | 133,899 | 148,026 | ||||||
Net unrealized appreciation (depreciation) on investments and secured borrowing and unrealized gain/loss on foreign currency | 143,095 | (7,659 | ) | |||||
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Total stockholders’ equity | 2,316,693 | 2,297,377 | ||||||
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Total liabilities and stockholders’ equity | $ | 4,135,463 | $ | 4,110,071 | ||||
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Net asset value per share of common stock at period end | $ | 9.43 | $ | 9.41 |
March 31, 2024 | December 31, 2023 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Investments, at fair value | ||||||||||||||
Non-controlled/unaffiliated investments (amortized cost—$10,102 and $11,078, respectively) | $ | 9,763 | $ | 10,568 | ||||||||||
Non-controlled/affiliated investments (amortized cost—$854 and $868, respectively) | 752 | 745 | ||||||||||||
Controlled/affiliated investments (amortized cost—$3,850 and $3,474, respectively) | 3,706 | 3,336 | ||||||||||||
Total investments, at fair value (amortized cost—$14,806 and $15,420, respectively) | $ | 14,221 | $ | 14,649 | ||||||||||
Cash | 234 | 223 | ||||||||||||
Foreign currency, at fair value (cost—$8 and $8, respectively) | 8 | 8 | ||||||||||||
Receivable for investments sold and repaid | 329 | 246 | ||||||||||||
Income receivable | 300 | 290 | ||||||||||||
Unrealized appreciation on foreign currency forward contracts | 19 | 13 | ||||||||||||
Deferred financing costs | 31 | 32 | ||||||||||||
Prepaid expenses and other assets | 10 | 8 | ||||||||||||
Total assets | $ | 15,152 | $ | 15,469 | ||||||||||
Liabilities | ||||||||||||||
Payable for investments purchased | $ | 0 | $ | — | ||||||||||
Debt (net of deferred financing costs and discount of $34 and $36, respectively)(1) | 7,934 | 8,187 | ||||||||||||
Unrealized depreciation on foreign currency forward contracts | 2 | 4 | ||||||||||||
Stockholder distributions payable | 196 | 196 | ||||||||||||
Management fees payable | 55 | 56 | ||||||||||||
Subordinated income incentive fees payable(2) | 43 | 41 | ||||||||||||
Administrative services expense payable | 6 | 5 | ||||||||||||
Interest payable | 91 | 98 | ||||||||||||
Other accrued expenses and liabilities | 13 | 33 | ||||||||||||
Total liabilities | $ | 8,340 | $ | 8,620 | ||||||||||
Commitments and contingencies(3) | ||||||||||||||
Stockholders’ equity | ||||||||||||||
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued and outstanding | $ | — | $ | — | ||||||||||
Common stock, $0.001 par value, 750,000,000 shares authorized, 280,066,433 and 280,066,433 shares issued and outstanding, respectively | 0 | 0 | ||||||||||||
Capital in excess of par value | 9,437 | 9,437 | ||||||||||||
Retained earnings (accumulated deficit)(4) | (2,625) | (2,588) | ||||||||||||
Total stockholders’ equity | $ | 6,812 | $ | 6,849 | ||||||||||
Total liabilities and stockholders’ equity | $ | 15,152 | $ | 15,469 | ||||||||||
Net asset value per share of common stock at period end | $ | 24.32 | $ | 24.46 |
1
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Investment income | ||||||||||||||||
Fromnon-controlled/unaffiliated investments: | ||||||||||||||||
Interest income | $ | 82,349 | $ | 86,569 | $ | 230,115 | $ | 264,717 | ||||||||
Paid-in-kind interest income | 8,430 | 6,811 | 22,899 | 20,434 | ||||||||||||
Fee income | 5,005 | 4,214 | 34,081 | 21,191 | ||||||||||||
Dividend income | 21 | — | 21 | — | ||||||||||||
Fromnon-controlled/affiliated investments: | ||||||||||||||||
Interest income | 3,448 | 1,851 | 10,485 | 3,656 | ||||||||||||
Paid-in-kind interest income | 550 | 162 | 1,855 | 436 | ||||||||||||
Fee income | 1,232 | — | 1,263 | 633 | ||||||||||||
Dividend income | — | — | — | 224 | ||||||||||||
From controlled/affiliated investments: | ||||||||||||||||
Interest income | 966 | 100 | 3,407 | 134 | ||||||||||||
Paid-in-kind interest income | 1,690 | 850 | 4,324 | 2,406 | ||||||||||||
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Total investment income | 103,691 | 100,557 | 308,450 | 313,831 | ||||||||||||
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Operating expenses | ||||||||||||||||
Management fees | 18,038 | 17,872 | 54,772 | 53,258 | ||||||||||||
Subordinated income incentive fees(1) | 12,662 | 12,250 | 37,426 | 38,945 | ||||||||||||
Administrative services expenses | 750 | 750 | 2,226 | 2,846 | ||||||||||||
Accounting and administrative fees | 254 | 243 | 774 | 706 | ||||||||||||
Interest expense(2) | 19,885 | 18,283 | 58,941 | 55,241 | ||||||||||||
Directors’ fees | 277 | 277 | 822 | 780 | ||||||||||||
Other general and administrative expenses | 1,177 | 1,879 | 3,791 | 6,274 | ||||||||||||
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Total operating expenses | 53,043 | 51,554 | 158,752 | 158,050 | ||||||||||||
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Net investment income | 50,648 | 49,003 | 149,698 | 155,781 | ||||||||||||
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Realized and unrealized gain/loss | ||||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||
Non-controlled/unaffiliated investments | (24,767) | 2,363 | (87,361) | (19,064) | ||||||||||||
Non-controlled/affiliated investments | 6,551 | — | 6,856 | — | ||||||||||||
Controlled/affiliated investments | — | (26) | (52,879) | (26) | ||||||||||||
Net realized gain (loss) on foreign currency | (19) | 86 | 165 | 264 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments: | ||||||||||||||||
Non-controlled/unaffiliated investments | 29,820 | 64,039 | 149,622 | 96,258 | ||||||||||||
Non-controlled/affiliated investments | 16,951 | (4,463) | (979) | 3,823 | ||||||||||||
Controlled/affiliated investments | 7,408 | 4,354 | 7,041 | 6,692 | ||||||||||||
Net change in unrealized appreciation (depreciation) on secured borrowing(2) | 3 | (33) | (7) | (33) | ||||||||||||
Net change in unrealized gain (loss) on foreign currency | (1,197) | (954) | (4,923) | (1,266) | ||||||||||||
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Total net realized and unrealized gain (loss) | 34,750 | 65,366 | 17,535 | 86,648 | ||||||||||||
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Net increase (decrease) in net assets resulting from operations | $ | 85,398 | $ | 114,369 | $ | 167,233 | $ | 242,429 | ||||||||
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Per share information—basic and diluted | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations (Earnings per Share) | $ | 0.35 | $ | 0.47 | $ | 0.68 | $ | 1.00 | ||||||||
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Weighted average shares outstanding | 245,678,745 | 243,488,590 | 245,117,823 | 243,257,941 | ||||||||||||
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Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||||
From non-controlled/unaffiliated investments: | ||||||||||||||||||||||||||
Interest income | $ | 288 | $ | 305 | ||||||||||||||||||||||
Paid-in-kind interest income | 17 | 23 | ||||||||||||||||||||||||
Fee income | 17 | 5 | ||||||||||||||||||||||||
Dividend and other income | 6 | 19 | ||||||||||||||||||||||||
From non-controlled/affiliated investments: | ||||||||||||||||||||||||||
Interest income | 6 | 3 | ||||||||||||||||||||||||
Paid-in-kind interest income | 10 | 9 | ||||||||||||||||||||||||
Fee income | — | — | ||||||||||||||||||||||||
Dividend and other income | 4 | — | ||||||||||||||||||||||||
From controlled/affiliated investments: | ||||||||||||||||||||||||||
Interest income | 21 | 19 | ||||||||||||||||||||||||
Paid-in-kind interest income | 8 | 10 | ||||||||||||||||||||||||
Fee income | — | — | ||||||||||||||||||||||||
Dividend and other income | 57 | 63 | ||||||||||||||||||||||||
Total investment income | 434 | 456 | ||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Management fees | 55 | 58 | ||||||||||||||||||||||||
Subordinated income incentive fees(1) | 43 | 46 | ||||||||||||||||||||||||
Administrative services expenses | 3 | 3 | ||||||||||||||||||||||||
Accounting and administrative fees | 1 | 1 | ||||||||||||||||||||||||
Interest expense(2) | 116 | 114 | ||||||||||||||||||||||||
Other general and administrative expenses | 4 | 5 | ||||||||||||||||||||||||
Total operating expenses | 222 | 227 | ||||||||||||||||||||||||
Net investment income | 212 | 229 | ||||||||||||||||||||||||
Realized and unrealized gain/loss | ||||||||||||||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||||||||||||
Non-controlled/unaffiliated investments | (225) | (58) | ||||||||||||||||||||||||
Non-controlled/affiliated investments | (10) | 0 | ||||||||||||||||||||||||
Controlled/affiliated investments | (8) | — | ||||||||||||||||||||||||
Net realized gain (loss) on foreign currency forward contracts | (0 | ) | 3 | |||||||||||||||||||||||
Net realized gain (loss) on foreign currency | (3) | 1 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments: | ||||||||||||||||||||||||||
Non-controlled/unaffiliated investments | 172 | 5 | ||||||||||||||||||||||||
Non-controlled/affiliated investments | 20 | 16 | ||||||||||||||||||||||||
Controlled/affiliated investments | (6) | 10 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 8 | (4) | ||||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | 13 | (3) | ||||||||||||||||||||||||
Total net realized and unrealized gain (loss) | (39) | (30) | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 173 | $ | 199 | ||||||||||||||||||||||
Per share information—basic and diluted | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) | $ | 0.62 | $ | 0.71 | ||||||||||||||||||||||
Weighted average shares outstanding | 280,066,433 | 280,919,460 |
2
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 149,698 | $ | 155,781 | ||||
Net realized gain (loss) on investments and foreign currency | (133,219 | ) | (18,826 | ) | ||||
Net change in unrealized appreciation (depreciation) on investments and secured borrowing(1) | 155,677 | 106,740 | ||||||
Net change in unrealized gain (loss) on foreign currency | (4,923 | ) | (1,266 | ) | ||||
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Net increase (decrease) in net assets resulting from operations | 167,233 | 242,429 | ||||||
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Stockholder distributions(2) | ||||||||
Distributions from net investment income | (163,825 | ) | (162,567 | ) | ||||
Distributions from net realized gain on investments | — | — | ||||||
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Net decrease in net assets resulting from stockholder distributions | (163,825 | ) | (162,567 | ) | ||||
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Capital share transactions(3) | ||||||||
Reinvestment of stockholder distributions | 15,908 | 5,665 | ||||||
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Net increase (decrease) in net assets resulting from capital share transactions | 15,908 | 5,665 | ||||||
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Total increase (decrease) in net assets | 19,316 | 85,527 | ||||||
Net assets at beginning of period | 2,297,377 | 2,208,928 | ||||||
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Net assets at end of period | $ | 2,316,693 | $ | 2,294,455 | ||||
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Accumulated undistributed (distributions in excess of) net investment income(2) | $ | 133,899 | $ | 141,160 | ||||
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Three Months Ended | ||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 212 | $ | 229 | ||||||||||||||||||||||
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency | (246) | (54) | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts(1) | 194 | 27 | ||||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | 13 | (3) | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 173 | 199 | ||||||||||||||||||||||||
Stockholder distributions(2) | ||||||||||||||||||||||||||
Distributions to stockholders | (210) | (196) | ||||||||||||||||||||||||
Net decrease in net assets resulting from stockholder distributions | (210) | (196) | ||||||||||||||||||||||||
Capital share transactions(3) | ||||||||||||||||||||||||||
Repurchases of common stock | — | (32) | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | — | (32) | ||||||||||||||||||||||||
Total increase (decrease) in net assets | (37) | (29) | ||||||||||||||||||||||||
Net assets at beginning of period | 6,849 | 7,012 | ||||||||||||||||||||||||
Net assets at end of period | $ | 6,812 | $ | 6,983 | ||||||||||||||||||||||
3
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 167,233 | $ | 242,429 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||
Purchases of investments | (1,021,755 | ) | (662,756 | ) | ||||
Paid-in-kind interest | (29,078 | ) | (23,276 | ) | ||||
Proceeds from sales and repayments of investments | 900,360 | 872,931 | ||||||
Net realized (gain) loss on investments | 133,384 | 19,090 | ||||||
Net change in unrealized (appreciation) depreciation on investments and secured borrowing(1) | (155,677 | ) | (106,740 | ) | ||||
Accretion of discount | (11,810 | ) | (7,371 | ) | ||||
Amortization of deferred financing costs and discount | 3,911 | 2,907 | ||||||
Unrealized (gain)/loss on borrowings in foreign currency | 4,798 | 2,823 | ||||||
(Increase) decrease in receivable for investments sold and repaid | 74,025 | (27,094 | ) | |||||
(Increase) decrease in income receivable | (2,705 | ) | (14,414 | ) | ||||
(Increase) decrease in prepaid expenses and other assets | 148 | 45 | ||||||
Increase (decrease) in payable for investments purchased | (5,142 | ) | 6,984 | |||||
Increase (decrease) in management fees payable | 16 | (543 | ) | |||||
Increase (decrease) in subordinated income incentive fees payable | (223 | ) | (1,124 | ) | ||||
Increase (decrease) in administrative services expense payable | (21 | ) | (232 | ) | ||||
Increase (decrease) in interest payable | (2,681 | ) | (5,948 | ) | ||||
Increase (decrease) in directors’ fees payable | (14 | ) | (78 | ) | ||||
Increase (decrease) in other accrued expenses and liabilities | (5,989 | ) | (5,867 | ) | ||||
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Net cash provided by (used in) operating activities | 48,780 | 291,766 | ||||||
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Cash flows from financing activities | ||||||||
Reinvestment of stockholder distributions | 15,908 | 5,665 | ||||||
Stockholder distributions | (163,456 | ) | (162,424 | ) | ||||
Borrowings under credit facilities(1) | 247,265 | 262,000 | ||||||
Secured borrowing(1) | — | 2,829 | ||||||
Repayments of credit facilities(1) | (230,865 | ) | (218,162 | ) | ||||
Repayments under repurchase agreement(1) | — | (150,000 | ) | |||||
Deferred financing costs paid | (3,239 | ) | — | |||||
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Net cash provided by (used in) financing activities | (134,387 | ) | (260,092 | ) | ||||
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Total increase (decrease) in cash | (85,607 | ) | 31,674 | |||||
Cash and foreign currency at beginning of period | 264,598 | 81,987 | ||||||
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Cash and foreign currency at end of period | $ | 178,991 | $ | 113,661 | ||||
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Supplemental disclosure | ||||||||
Local and excise taxes paid | $ | 5,892 | $ | 5,925 | ||||
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Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2024 | 2023 | ||||||||||||||||
Cash flows from operating activities | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 173 | $ | 199 | |||||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||||||||
Purchases of investments | (1,444) | (270) | |||||||||||||||
Paid-in-kind interest | (25) | (28) | |||||||||||||||
Proceeds from sales and repayments of investments | 1,855 | 386 | |||||||||||||||
Net realized (gain) loss on investments | 243 | 58 | |||||||||||||||
Net change in unrealized (appreciation) depreciation on investments | (186) | (31) | |||||||||||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (8) | 4 | |||||||||||||||
Accretion of discount | (15) | (15) | |||||||||||||||
Amortization of deferred financing costs and discount | 4 | 4 | |||||||||||||||
Unrealized (gain)/loss on borrowings in foreign currency | (11) | 4 | |||||||||||||||
(Increase) decrease in receivable for investments sold and repaid | (83) | 7 | |||||||||||||||
(Increase) decrease in income receivable | (10) | (48) | |||||||||||||||
(Increase) decrease in prepaid expenses and other assets | (2) | 2 | |||||||||||||||
Increase (decrease) in payable for investments purchased | — | (14) | |||||||||||||||
Increase (decrease) in management fees payable | (1) | (1) | |||||||||||||||
Increase (decrease) in subordinated income incentive fees payable | 2 | 19 | |||||||||||||||
Increase (decrease) in administrative services expense payable | 1 | 1 | |||||||||||||||
Increase (decrease) in interest payable | (7) | (16) | |||||||||||||||
Increase (decrease) in other accrued expenses and liabilities | (20) | (14) | |||||||||||||||
Net cash provided by (used in) operating activities | 466 | 247 | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Repurchases of common stock | — | (32) | |||||||||||||||
Stockholder distributions | (210) | (192) | |||||||||||||||
Borrowings under financing arrangements | 1,019 | 360 | |||||||||||||||
Repayments of financing arrangements | (1,263) | (382) | |||||||||||||||
Deferred financing costs paid | (1) | (2) | |||||||||||||||
Net cash provided by (used in) financing activities | (455) | (248) | |||||||||||||||
Total increase (decrease) in cash | 11 | (1) | |||||||||||||||
Cash, and foreign currency at beginning of period | 231 | 251 | |||||||||||||||
Cash, and foreign currency at end of period | $ | 242 | $ | 250 | |||||||||||||
Supplemental disclosure | |||||||||||||||||
Non-cash purchases of investments | $ | (423) | $ | (19) | |||||||||||||
Non-cash sales of investments | $ | 423 | $ | 19 | |||||||||||||
Local and excise taxes paid | $ | 23 | $ | 19 | |||||||||||||
Interest paid during the period | $ | 119 | $ | 126 |
4
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Senior Secured Loans—First Lien—102.4% | ||||||||||||||||||||||
5 Arch Income Fund 2, LLC | (g)(i)(n) | Diversified Financials | 10.5% | 11/18/21 | $ | 21,274 | $ | 21,322 | $ | 21,274 | ||||||||||||
5 Arch Income Fund 2, LLC | (g)(i)(n)(p) | Diversified Financials | 10.5% | 11/18/21 | 16,726 | 16,726 | 16,726 | |||||||||||||||
A.P. Plasman Inc. | (e)(f)(g)(h)(i) | Capital Goods | L+900 | 1.0% | 12/29/19 | 197,909 | 196,516 | 192,714 | ||||||||||||||
Actian Corp. | (e) | Software & Services | L+796 | 1.0% | 6/30/22 | 11,429 | 11,429 | 11,514 | ||||||||||||||
AG Group Merger Sub, Inc. | (e)(g) | Commercial & Professional Services | L+750 | 1.0% | 12/29/23 | 89,394 | 89,394 | 90,511 | ||||||||||||||
All Systems Holding LLC | (e)(f)(g)(h) | Commercial & Professional Services | L+770 | 1.0% | 10/31/23 | 44,000 | 44,000 | 44,660 | ||||||||||||||
Altus Power America, Inc. | (g) | Energy | L+750 | 1.5% | 9/30/21 | 2,866 | 2,866 | 2,905 | ||||||||||||||
Altus Power America, Inc. | (g)(p) | Energy | L+750 | 1.5% | 9/30/21 | 884 | 884 | 896 | ||||||||||||||
Aspect Software, Inc. | (g)(s) | Software & Services | L+1000 | 1.0% | 5/25/18 | 992 | 992 | 989 | ||||||||||||||
Aspect Software, Inc. | (g)(p)(s) | Software & Services | L+1000 | 1.0% | 5/25/18 | 25 | 25 | 25 | ||||||||||||||
Aspect Software, Inc. | (g)(s) | Software & Services | L+1000 | 1.0% | 5/25/20 | 684 | 684 | 684 | ||||||||||||||
Aspect Software, Inc. | (g)(p)(s) | Software & Services | L+1200 | 1.0% | 5/25/18 | 361 | 361 | 361 | ||||||||||||||
Atlas Aerospace LLC | (g) | Capital Goods | L+802 | 1.0% | 5/8/19 | 20,000 | 20,000 | 20,300 | ||||||||||||||
AVF Parent, LLC | (e)(h) | Retailing | L+725 | 1.3% | 3/1/24 | 31,600 | 31,600 | 32,791 | ||||||||||||||
AVF Parent, LLC | (g)(p) | Retailing | L+725 | 1.3% | 3/1/24 | 9,600 | 9,600 | 9,962 | ||||||||||||||
BenefitMall Holdings, Inc. | (e)(h) | Commercial & Professional Services | L+725 | 1.0% | 11/24/20 | 14,100 | 14,100 | 14,100 | ||||||||||||||
Borden Dairy Co. | (e)(g)(h) | Food, Beverage & Tobacco | L+825 | 1.0% | 7/6/23 | 70,000 | 70,000 | 69,682 | ||||||||||||||
Cadence Aerospace Finance, Inc. | (g) | Capital Goods | L+625 | 1.3% | 5/9/18 | 73 | 73 | 70 | ||||||||||||||
ConnectiveRX, LLC | (e)(g)(h) | Health Care Equipment & Services | L+829 | 1.0% | 11/25/21 | 30,000 | 30,000 | 29,987 | ||||||||||||||
Crestwood Holdings LLC | (g) | Energy | L+800 | 1.0% | 6/19/19 | 4,203 | 4,195 | 4,197 | ||||||||||||||
CSafe Acquisition Co., Inc. | (g) | Capital Goods | L+725 | 1.0% | 11/1/21 | 2,152 | 2,152 | 2,166 | ||||||||||||||
CSafe Acquisition Co., Inc. | (g)(p) | Capital Goods | L+725 | 1.0% | 11/1/21 | 3,717 | 3,717 | 3,741 | ||||||||||||||
CSafe Acquisition Co., Inc. | (g)(h) | Capital Goods | L+725 | 1.0% | 10/31/23 | 46,932 | 46,932 | 47,225 | ||||||||||||||
CSafe Acquisition Co., Inc. | (g)(p) | Capital Goods | L+725 | 1.0% | 10/31/23 | 25,122 | 25,122 | 25,279 | ||||||||||||||
Dade Paper & Bag, LLC | (e)(g)(h) | Capital Goods | L+750 | 1.0% | 6/10/24 | 83,815 | 83,815 | 84,863 | ||||||||||||||
Eastman Kodak Co. | (g) | Consumer Durables & Apparel | L+625 | 1.0% | 9/3/19 | 10,415 | 10,335 | 10,291 | ||||||||||||||
Empire Today, LLC | (e)(g) | Retailing | L+800 | 1.0% | 11/17/22 | 81,385 | 81,385 | 82,199 | ||||||||||||||
Greystone Equity Member Corp. | (g)(i) | Diversified Financials | L+1050 | 3/31/21 | 1,879 | 1,884 | 1,884 | |||||||||||||||
Greystone Equity Member Corp. | (g)(i) | Diversified Financials | L+1100 | 3/31/21 | 50,000 | 50,000 | 50,750 | |||||||||||||||
Greystone Equity Member Corp. | (g)(i) | Diversified Financials | L+1100 | 3/31/21 | 1,022 | 1,022 | 1,041 | |||||||||||||||
Greystone Equity Member Corp. | (g)(i)(p) | Diversified Financials | L+1100 | 3/31/21 | 1,099 | 1,099 | 1,120 | |||||||||||||||
H.M. Dunn Co., Inc. | (g) | Capital Goods | L+947 | 1.0% | 3/26/21 | 1,071 | 1,071 | 1,082 | ||||||||||||||
Imagine Communications Corp. | (e)(g)(h) | Media | L+825 | 1.0% | 4/29/20 | 75,725 | 75,725 | 76,672 | ||||||||||||||
Industrial Group Intermediate Holdings, LLC | (g) | Materials | L+800 | 1.3% | 5/31/20 | 21,504 | 21,504 | 21,611 | ||||||||||||||
Industry City TI Lessor, L.P. | (g) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | 31,278 | 31,278 | 31,747 | |||||||||||||||
International Aerospace Coatings, Inc. | (e)(f)(h) | Capital Goods | L+750 | 1.0% | 6/30/20 | 45,213 | 45,116 | 45,609 | ||||||||||||||
JMC Acquisition Merger Corp. | (g) | Capital Goods | L+854 | 1.0% | 11/6/21 | 6,832 | 6,832 | 6,917 | ||||||||||||||
JSS Holdings, Inc. | (e)(g) | Capital Goods | L+800, 0.0% PIK (2.5% Max PIK) | 1.0% | 3/31/23 | 110,775 | 109,736 | 110,847 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien—119.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (v) | Software & Services | SF+600 | 0.8% | 11/23/26 | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (i)(k)(v) | Software & Services | SF+575 | 0.8% | 11/23/27 | 124.4 | 123.8 | 124.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (v)(x) | Software & Services | SF+600 | 0.8% | 11/23/26 | 7.6 | 7.6 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (f)(k)(t)(v) | Commercial & Professional Services | SF+600 | 1.0% | 11/30/26 | 175.9 | 174.8 | 165.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (v) | Commercial & Professional Services | SF+600 | 1.0% | 11/30/26 | 7.4 | 7.4 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (v)(x) | Commercial & Professional Services | SF+600 | 1.0% | 11/30/26 | 3.2 | 3.2 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 Arch Income Fund 2 LLC | (q)(r)(w)(y)(z) | Financial Services | 9.0% | 3/31/25 | 79.8 | 58.4 | 16.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corp | (aa)(k) | Capital Goods | SF+525, 1.6% PIK (1.6% Max PIK) | 1.0% | 5/18/26 | 7.5 | 7.5 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (v) | Health Care Equipment & Services | SF+650 | 1.0% | 5/7/26 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (m)(t)(v) | Health Care Equipment & Services | SF+650 | 1.0% | 5/7/27 | 45.8 | 44.5 | 45.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (v)(x) | Health Care Equipment & Services | SF+650 | 1.0% | 5/7/26 | 2.6 | 2.6 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (v)(w) | Software & Services | SR+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | SEK | 933.6 | 106.9 | 87.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (v)(w) | Software & Services | R+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | ISK | 1,345.8 | 10.2 | 9.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(v) | Health Care Equipment & Services | SF+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/27 | $ | 1.9 | 1.9 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(m)(v) | Health Care Equipment & Services | SF+550 | 0.8% | 8/2/28 | 44.9 | 44.8 | 44.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(v)(x) | Health Care Equipment & Services | SF+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/27 | 10.9 | 10.9 | 10.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(m)(v)(x) | Health Care Equipment & Services | SF+550 | 0.8% | 8/2/28 | 11.9 | 11.9 | 11.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (v) | Insurance | SF+525 | 0.8% | 12/22/27 | 6.1 | 6.0 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (m) | Insurance | SF+525 | 0.8% | 12/22/28 | 11.9 | 11.7 | 11.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (v)(x) | Insurance | SF+525 | 0.8% | 12/22/27 | 4.7 | 4.7 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (m) | Insurance | SF+525 | 0.8% | 10/2/28 | 9.1 | 9.0 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (m)(v) | Insurance | SF+525 | 0.8% | 10/2/28 | 22.2 | 22.2 | 22.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (v) | Insurance | SF+575 | 0.8% | 10/2/28 | 0.4 | 0.3 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (v)(x) | Insurance | SF+575 | 0.8% | 10/2/28 | 7.2 | 7.2 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (v) | Health Care Equipment & Services | SF+600 | 0.8% | 9/30/26 | 4.4 | 4.4 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (i)(v) | Health Care Equipment & Services | SF+600 | 0.8% | 9/30/27 | 91.2 | 90.8 | 87.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (v)(x) | Health Care Equipment & Services | SF+600 | 0.8% | 9/30/26 | 3.4 | 3.4 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (v) | Health Care Equipment & Services | SF+525 | 0.8% | 2/25/28 | 45.4 | 45.1 | 45.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (v) | Health Care Equipment & Services | SF+525 | 0.8% | 2/25/28 | 22.7 | 22.7 | 22.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (x) | Health Care Equipment & Services | SF+525 | 0.8% | 2/25/28 | 8.4 | 8.4 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (aa)(m)(w) | Financial Services | SF+375 | 0.5% | 7/27/28 | 2.5 | 2.4 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (aa)(v)(w) | Financial Services | E+400 | 0.0% | 7/27/28 | € | 2.0 | 2.3 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v) | Commercial & Professional Services | SF+650 | 1.0% | 10/24/29 | $ | 1.9 | 1.9 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v) | Commercial & Professional Services | SF+500, 2.0% PIK (2.0% Max PIK) | 1.0% | 10/24/30 | 86.3 | 85.4 | 87.1 |
5
KKR Capital Corp.
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
JSS Holdings, Inc. | (g)(p) | Capital Goods | L+800, 0.0% PIK (2.5% Max PIK) | 1.0% | 3/31/23 | $ | 20,182 | $ | 20,182 | $ | 20,195 | |||||||||||
Latham Pool Products, Inc. | (e)(h) | Commercial & Professional Services | L+775 | 1.0% | 6/29/21 | 66,683 | 66,683 | 67,350 | ||||||||||||||
LEAS Acquisition Co Ltd. | (g)(i) | Capital Goods | L+750 | 1.0% | 6/30/20 | € | 26,576 | 36,151 | 31,669 | |||||||||||||
LEAS Acquisition Co Ltd. | (f)(i) | Capital Goods | L+750 | 1.0% | 6/30/20 | $ | 9,323 | 9,323 | 9,404 | |||||||||||||
MB Precision Holdings LLC | (g) | Capital Goods | L+725, 2.3% PIK (2.3% Max PIK) | 1.3% | 1/23/21 | 13,569 | 13,569 | 12,552 | ||||||||||||||
Micronics Filtration, LLC | (e)(g)(h) | Capital Goods | L+850 | 1.3% | 12/11/19 | 62,975 | 62,845 | 62,345 | ||||||||||||||
MORSCO, Inc. | (g) | Capital Goods | L+700 | 1.0% | 10/31/23 | 2,703 | 2,607 | 2,730 | ||||||||||||||
Nobel Learning Communities, Inc. | (g) | Consumer Services | L+450 | 1.0% | 5/5/21 | 24 | 24 | 24 | ||||||||||||||
Nobel Learning Communities, Inc. | (g)(p) | Consumer Services | L+450 | 1.0% | 5/5/21 | 115 | 115 | 115 | ||||||||||||||
Nobel Learning Communities, Inc. | (g) | Consumer Services | L+436 | 4.5% | 5/5/23 | 1,056 | 1,056 | 1,058 | ||||||||||||||
Nobel Learning Communities, Inc. | (g)(p) | Consumer Services | L+375 | 4.5% | 5/5/23 | 621 | 621 | 622 | ||||||||||||||
North Haven Cadence Buyer, Inc. | (g)(p) | Consumer Services | L+500 | 1.0% | 9/2/21 | 938 | 938 | 938 | ||||||||||||||
North Haven Cadence Buyer, Inc. | (e)(g) | Consumer Services | L+810 | 1.0% | 9/2/22 | 27,171 | 27,171 | 27,579 | ||||||||||||||
North Haven Cadence Buyer, Inc. | (g)(p) | Consumer Services | L+750 | 1.0% | 9/2/22 | 4,063 | 4,063 | 4,123 | ||||||||||||||
Nova Wildcat Amerock, LLC | (g) | Consumer Durables & Apparel | L+803 | 1.3% | 9/10/19 | 17,312 | 17,312 | 17,226 | ||||||||||||||
PHRC License, LLC | (f)(g) | Consumer Services | L+850 | 1.5% | 4/28/22 | 50,625 | 50,625 | 51,131 | ||||||||||||||
Polymer Additives, Inc. | (g) | Materials | L+888 | 1.0% | 12/19/22 | 10,511 | 10,511 | 10,774 | ||||||||||||||
Polymer Additives, Inc. | (g) | Materials | L+834 | 1.0% | 12/19/22 | 11,019 | 11,019 | 11,074 | ||||||||||||||
Polymer Additives, Inc. | (g) | Materials | L+875 | 1.0% | 12/19/22 | € | 15,000 | 16,982 | 18,074 | |||||||||||||
Power Distribution, Inc. | (e)(g) | Capital Goods | L+725 | 1.3% | 1/25/23 | $ | 30,004 | 30,004 | 30,304 | |||||||||||||
Roadrunner Intermediate Acquisition Co., LLC | (e)(g)(h) | Health Care Equipment & Services | L+725 | 1.0% | 3/15/23 | 35,150 | 35,150 | 35,312 | ||||||||||||||
Rogue Wave Software, Inc. | (e)(g)(h) | Software & Services | L+860 | 1.0% | 9/25/21 | 33,188 | 33,188 | 33,519 | ||||||||||||||
Safariland, LLC | (e)(g)(h) | Capital Goods | L+769 | 1.1% | 11/18/23 | 126,107 | 126,107 | 127,684 | ||||||||||||||
Safariland, LLC | (g)(p) | Capital Goods | L+725 | 1.1% | 11/18/23 | 33,282 | 33,282 | 33,698 | ||||||||||||||
Sequel Youth and Family Services, LLC | (e)(g)(h) | Health Care Equipment & Services | L+796 | 1.0% | 9/1/22 | 80,000 | 80,000 | 79,976 | ||||||||||||||
Sequel Youth and Family Services, LLC | (g)(p) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/22 | 18,824 | 18,824 | 18,818 | ||||||||||||||
Sequential Brands Group, Inc. | (e)(g)(h) | Consumer Durables & Apparel | L+900 | 7/1/22 | 79,442 | 79,442 | 80,237 | |||||||||||||||
Sorenson Communications, Inc. | (e)(g)(h) | Telecommunication Services | L+575 | 2.3% | 4/30/20 | 90,916 | 90,690 | 91,541 | ||||||||||||||
Sports Authority, Inc. | (g)(k)(q) | Retailing | L+600 | 1.5% | 11/16/17 | 6,318 | 4,208 | 316 | ||||||||||||||
SSC (Lux) Limited S.à r.l. | (e)(g)(i) | Health Care Equipment & Services | L+750 | 1.0% | 9/10/24 | 45,455 | 45,455 | 46,023 | ||||||||||||||
Staples Canada ULC | (g)(i) | Retailing | L+700 | 1.0% | 9/12/23 | C$ | 20,987 | 17,333 | 16,860 | |||||||||||||
SunGard Availability Services Capital, Inc. | (g) | Software & Services | L+700 | 1.0% | 9/30/21 | $ | 4,382 | 4,340 | 4,141 | |||||||||||||
Trace3, LLC | (e)(h) | Software & Services | L+775 | 1.0% | 6/6/23 | 31,172 | 31,172 | 31,328 | ||||||||||||||
Transplace Texas, LP | (e)(g)(h) | Transportation | L+742 | 1.0% | 9/16/21 | 24,486 | 24,486 | 24,486 | ||||||||||||||
U.S. Xpress Enterprises, Inc. | (e)(f)(h) | Transportation | L+1050, 0.0% PIK (1.8% Max PIK) | 1.5% | 5/30/19 | 52,872 | 52,872 | 52,938 | ||||||||||||||
USI Senior Holdings, Inc. | (e)(g) | Capital Goods | L+780 | 1.0% | 1/5/22 | 56,582 | 56,582 | 56,749 | ||||||||||||||
USI Senior Holdings, Inc. | (g)(p) | Capital Goods | L+725 | 1.0% | 1/5/22 | 11,513 | 11,513 | 11,547 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v)(x) | Commercial & Professional Services | SF+650 | 1.0% | 10/24/29 | € | 3.2 | $ | 3.2 | $ | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v)(x) | Commercial & Professional Services | SA+500, 2.0% PIK (2.0% Max PIK) | 1.0% | 10/24/30 | 7.0 | 7.0 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcfield Acquisition Corp | (f)(i)(t)(v) | Capital Goods | SF+625 | 0.8% | 8/4/29 | 84.8 | 84.4 | 86.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcfield Acquisition Corp | (x) | Capital Goods | SF+625 | 0.8% | 8/4/28 | 10.6 | 10.6 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (m) | Software & Services | SF+300, 3.3% PIK (3.3% Max PIK) | 1.0% | 4/20/28 | 12.6 | 12.4 | 11.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (x) | Software & Services | SF+625 | 1.0% | 4/20/27 | 4.5 | 4.5 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd/The | (w)(x) | Insurance | SF+475 | 0.5% | 2/17/31 | 3.4 | 3.4 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | SF+750 | 1.0% | 9/1/26 | 77.9 | 77.9 | 77.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w)(x) | Capital Goods | SF+750 | 1.0% | 9/1/26 | 49.3 | 49.3 | 49.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (f)(k)(m)(t)(v) | Consumer Services | SF+575 | 0.8% | 4/28/28 | 130.1 | 126.8 | 127.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
BDO USA PA | (v) | Commercial & Professional Services | SF+600 | 2.0% | 8/31/28 | 28.3 | 27.8 | 28.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v) | Consumer Discretionary Distribution & Retail | P+650 | 2.0% | 7/31/25 | 21.9 | 21.8 | 20.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v)(y)(z) | Consumer Discretionary Distribution & Retail | 5.0%, 8.0% PIK (8.0% Max PIK) | 7/31/25 | 70.5 | 33.8 | 14.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (f)(i)(k)(m)(t) | Media & Entertainment | SF+575 | 1.0% | 8/16/27 | 109.7 | 109.0 | 109.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (x) | Media & Entertainment | SF+575 | 1.0% | 8/16/27 | 19.9 | 19.9 | 19.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bloom Fresh International Limited | (v)(w) | Food, Beverage & Tobacco | E+575 | 0.0% | 8/9/30 | € | 7.4 | 7.9 | 7.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc | (v)(y)(z) | Food, Beverage & Tobacco | SF+1,000 PIK (SF+1,000 Max PIK) | 1.0% | 9/10/26 | $ | 70.2 | 61.7 | 35.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Caldic BV | (aa)(m)(w) | Consumer Discretionary Distribution & Retail | SF+400 | 0.5% | 2/26/29 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
CFC Underwriting Ltd | (w)(x) | Insurance | SA+500, 0.0% PIK (2.8%Max PIK) | 0.0% | 5/16/29 | £ | 4.7 | 5.7 | 5.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Circana Group (f.k.a. NPD Group) | (v) | Consumer Services | SF+575 | 0.8% | 12/1/27 | $ | 0.6 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Circana Group (f.k.a. NPD Group) | (m)(v) | Consumer Services | SF+350, 2.8% PIK (2.8% Max PIK) | 0.8% | 12/1/28 | 19.6 | 19.6 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Circana Group (f.k.a. NPD Group) | (v)(x) | Consumer Services | SF+575 | 0.8% | 12/1/27 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Civica Group Ltd | (w)(x) | Software & Services | SA+625, 0.0% PIK (2.1% Max PIK) | 0.0% | 8/30/30 | £ | 7.5 | 9.6 | 9.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (v) | Capital Goods | SF+575 | 0.8% | 2/13/30 | $ | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (f)(k)(t)(v) | Capital Goods | SA+575, 0.0% PIK (2.5% Max PIK) | 0.8% | 2/13/31 | 160.1 | 158.6 | 158.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (v)(x) | Capital Goods | SF+575 | 0.8% | 2/13/30 | 21.0 | 21.0 | 20.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (f)(k)(t)(v)(x) | Capital Goods | SF+575, 0.0% PIK (2.5% Max PIK) | 0.8% | 2/13/31 | 21.7 | 21.7 | 21.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (v) | Software & Services | SF+550 | 0.8% | 2/24/28 | 32.3 | 31.8 | 32.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (x) | Software & Services | SF+550 | 0.8% | 2/24/28 | 1.9 | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | SF+775 | 1.0% | 9/27/25 | 15.1 | 14.7 | 15.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corsearch Intermediate Inc | (m)(v) | Software & Services | SF+550 | 1.0% | 4/19/28 | 30.1 | 28.8 | 30.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (f)(k)(t) | Transportation | SF+575 | 0.8% | 3/8/30 | 79.0 | 78.9 | 79.0 |
6
KKR Capital Corp.
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||
VPG Metals Group LLC | (e)(g)(h) | Materials | L+1050 | 1.0% | 12/30/20 | $ | 115,680 | $ | 115,600 | $ | 115,970 | |||||||||||||||||||
Warren Resources, Inc. | (f)(g) | Energy | | L+900, 1.0% PIK (1.0% Max PIK) | | 1.0% | 5/22/20 | 2,032 | 2,032 | 1,991 | ||||||||||||||||||||
Warren Resources, Inc. | (g)(p) | Energy | | L+900, 1.0% PIK (1.0% Max PIK) | | 1.0% | 5/22/20 | 144 | 144 | 141 | ||||||||||||||||||||
Waste Pro USA, Inc. | (e)(g)(h) | Commercial & Professional Services | L+750 | 1.0% | 10/15/20 | 93,831 | 93,831 | 95,121 | ||||||||||||||||||||||
Zeta Interactive Holdings Corp. | (e)(g)(h) | Software & Services | L+750 | 1.0% | 7/29/22 | 9,766 | 9,787 | 9,928 | ||||||||||||||||||||||
Zeta Interactive Holdings Corp. | (g)(r) | Software & Services | L+750 | 1.0% | 7/29/22 | 2,857 | 2,835 | 2,884 | ||||||||||||||||||||||
Zeta Interactive Holdings Corp. | (g)(p) | Software & Services | L+750 | 1.0% | 7/29/22 | 1,777 | 1,777 | 1,804 | ||||||||||||||||||||||
Zeta Interactive Holdings Corp. | (g)(p)(r) | Software & Services | L+750 | 1.0% | 7/29/22 | 457 | 457 | 464 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Senior Secured Loans—First Lien | 2,516,400 | 2,522,155 | ||||||||||||||||||||||||||||
Unfunded Loan Commitments | (149,450 | ) | (149,450 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Net Senior Secured Loans—First Lien | 2,366,950 | 2,372,705 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Senior Secured Loans—Second Lien—8.2% | ||||||||||||||||||||||||||||||
American Bath Group, LLC | (g) | Capital Goods | L+975 | 1.0% | 9/30/24 | 18,000 | 17,565 | 18,045 | ||||||||||||||||||||||
Arena Energy, LP | (g) | Energy | | L+900, 4.0% PIK (4.0% Max PIK) | | 1.0% | 1/24/21 | 8,198 | 8,198 | 8,001 | ||||||||||||||||||||
Brock Holdings III, Inc. | (g)(q) | Energy | Prime+725 | 3/16/18 | 6,923 | 6,910 | 3,652 | |||||||||||||||||||||||
Byrider Finance, LLC | (f)(g) | Automobiles & Components | | L+1000, 0.5% PIK (4.0% Max PIK) | | 1.3% | 8/22/20 | 13,548 | 13,548 | 13,565 | ||||||||||||||||||||
Chisholm Oil and Gas Operating, LLC | (g) | Energy | L+800 | 1.0% | 3/21/24 | 1,000 | 1,000 | 1,003 | ||||||||||||||||||||||
Compuware Corp. | (g) | Software & Services | L+825 | 1.0% | 12/15/22 | 1,506 | 1,448 | 1,522 | ||||||||||||||||||||||
Gruden Acquisition, Inc. | (g) | Transportation | L+850 | 1.0% | 8/18/23 | 15,000 | 14,440 | 14,281 | ||||||||||||||||||||||
JW Aluminum Co. | (e)(f)(g)(h)(t) | Materials | | L+850 PIK (L+850 Max PIK) | | 0.8% | 11/17/20 | 37,531 | 37,516 | 38,094 | ||||||||||||||||||||
Logan’s Roadhouse, Inc. | (g)(s) | Consumer Services | | L+850 PIK (L+850 Max PIK) | | 1.0% | 11/23/20 | 21,393 | 21,252 | 14,475 | ||||||||||||||||||||
LTI Holdings, Inc. | (e) | Materials | L+875 | 1.0% | 5/16/25 | 6,482 | 6,358 | 6,506 | ||||||||||||||||||||||
Spencer Gifts LLC | (e)(h) | Retailing | L+825 | 1.0% | 6/29/22 | 30,000 | 29,898 | 16,800 | ||||||||||||||||||||||
Stadium Management Corp. | (e)(g)(h) | Consumer Services | L+825 | 1.0% | 2/27/21 | 55,689 | 55,689 | 55,550 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Senior Secured Loans—Second Lien | 213,822 | 191,494 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Senior Secured Bonds—8.6% | ||||||||||||||||||||||||||||||
Advanced Lighting Technologies, Inc. | (f)(g)(s) | Materials | | 5.3%, 7.3% PIK (7.3% Max PIK) |
| 6/1/19 | 85,616 | 32,222 | 36,815 | |||||||||||||||||||||
Black Swan Energy Ltd. | (e)(i) | Energy | 9.0% | 1/20/24 | 6,000 | 6,000 | 5,925 | |||||||||||||||||||||||
Caesars Entertainment Resort Properties, LLC | (e)(g) | Consumer Services | 11.0% | 10/1/21 | 24,248 | 24,060 | 25,830 | |||||||||||||||||||||||
FourPoint Energy, LLC | (e)(f)(h) | Energy | 9.0% | 12/31/21 | 74,813 | 72,860 | 76,215 | |||||||||||||||||||||||
Global A&T Electronics Ltd. | (g)(i)(k)(q) | Semiconductors & Semiconductor Equipment | 10.0% | 2/1/19 | 7,000 | 6,967 | 6,288 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (v) | Transportation | SF+575 | 0.8% | 3/8/30 | £ | 15.5 | $ | 19.9 | $ | 19.6 | |||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (x) | Transportation | SF+575 | 0.8% | 3/8/29 | $ | 11.5 | 11.5 | 11.5 | |||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (f)(k)(t)(x) | Transportation | SF+575 | 0.8% | 3/8/30 | 4.7 | 4.7 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dechra Pharmaceuticals Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+625, 0.0% PIK (3.3% Max PIK) | 0.0% | 1/24/31 | € | 13.8 | 14.2 | 14.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Dechra Pharmaceuticals Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625, 0.0% PIK (3.3% Max PIK) | 0.8% | 1/24/31 | $ | 15.2 | 14.9 | 15.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Dechra Pharmaceuticals Ltd | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+625, 0.0% PIK (3.3% Max PIK) | 0.0% | 1/24/31 | € | 3.3 | 3.4 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Dechra Pharmaceuticals Ltd | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625, 0.0% PIK (3.3% Max PIK) | 0.8% | 1/24/31 | $ | 3.7 | 3.6 | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (k)(m)(t)(v) | Health Care Equipment & Services | SF+641 | 0.8% | 4/3/28 | 110.6 | 108.1 | 110.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
DOC Generici Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+650 | 0.0% | 10/27/28 | € | 11.6 | 11.3 | 12.5 | |||||||||||||||||||||||||||||||||||||||||||||||
DOC Generici Srl | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+650 | 0.0% | 10/28/28 | 2.4 | 2.3 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
DOXA Insurance Holdings LLC | (v) | Insurance | SF+550 | 0.8% | 12/20/30 | $ | 6.0 | 6.0 | 6.0 | |||||||||||||||||||||||||||||||||||||||||||||||
DOXA Insurance Holdings LLC | (v) | Insurance | SF+550 | 0.8% | 12/31/30 | 15.3 | 15.2 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
DOXA Insurance Holdings LLC | (x) | Insurance | SF+550 | 0.8% | 12/20/29 | 3.3 | 3.3 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
DOXA Insurance Holdings LLC | (v)(x) | Insurance | SF+550 | 0.8% | 12/20/30 | 8.6 | 8.6 | 8.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (aa)(m)(w) | Commercial & Professional Services | SF+425 | 0.5% | 7/6/29 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (aa)(v)(w) | Commercial & Professional Services | E+425 | 0.0% | 7/6/29 | € | 0.3 | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital LLC | (v) | Commercial & Professional Services | SF+508 | 0.8% | 12/20/28 | $ | 19.6 | 19.3 | 19.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital LLC | (v) | Commercial & Professional Services | SF+508, 0.0% PIK (2.3% Max PIK) | 0.8% | 12/20/28 | 65.1 | 64.2 | 65.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Envirotainer Ltd | (w)(x) | Transportation | E+575, 0.0% PIK (3.0% Max PIK) | 0.0% | 7/30/29 | € | 2.7 | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (v) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/28 | $ | 1.7 | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (v) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/29 | 2.3 | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (v)(x) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/28 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (v)(x) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/29 | 0.8 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (f)(k)(t) | Software & Services | SF+575 | 0.8% | 8/31/28 | 72.7 | 72.2 | 72.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (x) | Software & Services | SF+575 | 0.8% | 8/31/27 | 9.9 | 9.9 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (f)(m)(v) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 2/12/27 | 69.4 | 67.1 | 69.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 2/12/27 | 6.6 | 6.6 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (m)(v) | Insurance | SF+600 | 0.8% | 10/29/28 | 54.1 | 53.4 | 54.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (v) | Insurance | SF+550 | 0.8% | 10/30/28 | 5.4 | 5.4 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (x) | Insurance | SF+600 | 0.8% | 10/29/27 | 7.0 | 6.9 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (v)(x) | Insurance | SF+550 | 0.8% | 10/30/28 | 13.2 | 13.2 | 13.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF+600 | 1.0% | 11/12/26 | 86.9 | 86.9 | 86.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF+550 | 1.0% | 11/30/26 | 18.6 | 18.5 | 18.4 |
7
KKR Capital Corp.
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Mood Media Corp. | (f)(g)(i)(s) | Media | L+600, 8.0% PIK (8.0% Max PIK) | 1.0% | 6/28/24 | $ | 21,568 | $ | 21,568 | $ | 21,568 | |||||||||||
Ridgeback Resources Inc. | (f)(i) | Energy | 12.0% | 12/29/20 | 132 | 130 | 132 | |||||||||||||||
Sorenson Communications, Inc. | (f) | Telecommunication Services | 9.0%, 0.0% PIK (9.0% Max PIK) | 10/31/20 | 19,898 | 19,443 | 19,923 | |||||||||||||||
Sunnova Energy Corp. | (g) | Energy | 6.0%, 6.0% PIK (6.0% Max PIK) | 10/24/18 | 1,042 | 1,042 | 1,042 | |||||||||||||||
Velvet Energy Ltd. | (g)(i) | Energy | 9.0% | 10/5/23 | 5,000 | 5,000 | 4,964 | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total Senior Secured Bonds | 189,292 | 198,702 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Subordinated Debt—24.0% | ||||||||||||||||||||||
Ascent Resources Utica Holdings, LLC | (g) | Energy | 10.0% | 4/1/22 | 40,000 | 40,000 | 43,150 | |||||||||||||||
Aurora Diagnostics, LLC | (e)(f)(h) | Health Care Equipment & Services | 10.8%, 1.5% PIK (1.5% Max PIK) | 1/15/20 | 14,966 | 13,578 | 13,831 | |||||||||||||||
Bellatrix Exploration Ltd. | (g)(i) | Energy | 8.5% | 5/15/20 | 5,000 | 4,941 | 4,680 | |||||||||||||||
Brooklyn Basketball Holdings, LLC | (f)(g) | Consumer Services | L+725 | 10/25/19 | 19,873 | 19,873 | 20,171 | |||||||||||||||
CEC Entertainment, Inc. | (f) | Consumer Services | 8.0% | 2/15/22 | 5,000 | 5,009 | 5,224 | |||||||||||||||
Ceridian HCM Holding, Inc. | (f)(g) | Commercial & Professional Services | 11.0% | 3/15/21 | 17,393 | 17,863 | 18,463 | |||||||||||||||
DEI Sales, Inc. | (e)(g) | Consumer Durables & Apparel | 9.0%, 4.0% PIK (4.0% Max PIK) | 2/28/23 | 66,348 | 65,554 | 65,352 | |||||||||||||||
EV Energy Partners, L.P. | (f) | Energy | 8.0% | 4/15/19 | 265 | 251 | 96 | |||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/30/25 | 818 | 818 | 832 | |||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/30/25 | 5,199 | 5,199 | 5,289 | |||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/3/25 | 1,074 | 1,074 | 1,093 | |||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/29/25 | 1,011 | 1,011 | 1,029 | |||||||||||||||
Global Jet Capital Inc. | (f)(g)(i) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | 74,649 | 74,649 | 75,955 | |||||||||||||||
Global Jet Capital Inc. | (f)(g)(i) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | 12,209 | 12,209 | 12,422 | |||||||||||||||
Global Jet Capital Inc. | (f)(i) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | 6,393 | 6,393 | 6,505 | |||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/14/26 | 13,069 | 13,069 | 13,298 | |||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/2/26 | 12,828 | 12,828 | 13,052 | |||||||||||||||
Greystone Mezzanine Equity Member Corp. | (g)(i)(p) | Diversified Financials | L+650 | 4.5% | 9/15/25 | 27,000 | 27,000 | 27,000 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (v) | Insurance | SF+525 | 0.8% | 9/30/27 | $ | 2.1 | $ | 2.0 | $ | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (k)(m)(t)(v) | Insurance | SF+525 | 0.8% | 9/29/28 | 86.3 | 85.1 | 86.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (v)(x) | Insurance | SF+525 | 0.8% | 9/30/27 | 10.9 | 10.9 | 10.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | SF+500, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 8.4 | 8.4 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
General Datatech LP | (f)(k)(m)(t)(v) | Software & Services | SF+625 | 1.0% | 6/18/27 | 129.8 | 129.0 | 127.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gigamon Inc | (i)(v) | Software & Services | SF+575 | 1.0% | 3/9/29 | 105.9 | 105.1 | 105.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gigamon Inc | (x) | Software & Services | SF+575 | 0.8% | 3/10/28 | 9.3 | 9.3 | 9.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC | (ad)(v) | Health Care Equipment & Services | SF+1,200 PIK (SF+1,200 Max PIK) | 1.0% | 2/28/27 | 29.1 | 25.5 | 25.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Granicus Inc | (v) | Software & Services | SF+575 | 0.8% | 1/17/31 | 16.1 | 16.0 | 16.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Granicus Inc | (x) | Software & Services | SF+525 | 0.8% | 1/17/31 | 2.3 | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Granicus Inc | (x) | Software & Services | SF+350, 2.5% PIK (2.5% Max PIK) | 0.8% | 1/17/31 | 2.4 | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | SF+575 | 1.0% | 12/3/24 | 12.5 | 12.4 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (f)(k)(m)(v) | Transportation | SF+575 | 1.0% | 12/3/26 | 94.0 | 89.4 | 94.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (v)(x) | Transportation | SF+575 | 1.0% | 12/3/24 | 5.3 | 5.3 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heritage Environmental Services Inc | (f)(v) | Commercial & Professional Services | SF+550 | 0.8% | 1/31/31 | 53.3 | 53.0 | 53.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heritage Environmental Services Inc | (x) | Commercial & Professional Services | SF+550 | 0.8% | 1/31/30 | 7.3 | 7.3 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hibu Inc | (f)(k)(m)(t)(v) | Commercial & Professional Services | SF+625 | 1.0% | 5/4/27 | 93.2 | 90.1 | 93.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hibu Inc | (f)(v) | Commercial & Professional Services | SF+625 | 1.0% | 5/4/27 | 24.9 | 24.7 | 24.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | SF+550 | 1.0% | 11/24/28 | 17.1 | 16.8 | 17.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (x) | Insurance | SF+475 | 1.0% | 11/25/28 | 18.2 | 18.2 | 18.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Highgate Hotels Inc | (v) | Consumer Services | SF+550 | 1.0% | 11/5/29 | 33.9 | 33.6 | 33.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Highgate Hotels Inc | (x) | Consumer Services | SF+550 | 1.0% | 11/5/29 | 4.2 | 4.2 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
HKA | (m)(v)(w) | Commercial & Professional Services | SF+575, 0.0% PIK (1.8% Max PIK) | 0.5% | 8/9/29 | 4.6 | 4.5 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | SF+600, 0.0% PIK (6.0% Max PIK) | 1.0% | 6/30/26 | 35.6 | 35.6 | 35.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | SF+600, 0.0% PIK (6.0% Max PIK) | 1.0% | 6/30/26 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v)(x) | Capital Goods | SF+600, 0.0% PIK (6.0% Max PIK) | 1.0% | 6/30/26 | 4.0 | 4.0 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (v) | Capital Goods | SF+600 | 1.0% | 10/31/29 | 71.1 | 69.8 | 71.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (v)(x) | Capital Goods | SF+600 | 1.0% | 10/31/29 | 5.8 | 5.8 | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (x) | Capital Goods | SF+600 | 1.0% | 10/31/29 | 5.9 | 5.9 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | € | 71.2 | 82.5 | 74.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | 17.6 | 20.6 | 18.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Industry City TI Lessor LP | (s)(v) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | $ | 19.6 | 19.6 | 20.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
iNova Pharmaceuticals (Australia) Pty Limited | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B+650 | 0.8% | 10/30/28 | A$ | 0.9 | 0.5 | 0.6 |
8
KKR Capital Corp.
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||
Imagine Communications Corp. | (g) | Media | | 12.5% PIK (12.5% Max PIK) |
| 8/4/18 | $ | 622 | $ | 622 | $ | 622 | ||||||||||||||||
Jupiter Resources Inc. | (f)(g)(i) | Energy | 8.5% | 10/1/22 | 6,425 | 5,594 | 4,614 | |||||||||||||||||||||
NewStar Financial, Inc. | (g)(i) | Diversified Financials | | 8.3%, 0.0% PIK (8.8% Max PIK) | | 12/4/24 | 75,000 | 62,345 | 77,250 | |||||||||||||||||||
P.F. Chang’s China Bistro, Inc. | (f)(g) | Consumer Services | 10.3% | 6/30/20 | 11,433 | 11,681 | 10,983 | |||||||||||||||||||||
PriSo Acquisition Corp. | (g) | Capital Goods | 9.0% | 5/15/23 | 10,155 | 10,054 | 10,821 | |||||||||||||||||||||
S1 Blocker Buyer Inc. | (g) | Commercial & Professional Services | | 10.0% PIK (10.0% Max PIK) |
| 10/31/22 | 127 | 127 | 139 | |||||||||||||||||||
Sorenson Communications, Inc. | (f) | Telecommunication Services | | 13.9%, 0.0% PIK (13.9% Max PIK) | | 10/31/21 | 15,122 | 14,408 | 14,366 | |||||||||||||||||||
SunGard Availability Services Capital, Inc. | (f)(g) | Software & Services | 8.8% | 4/1/22 | 10,750 | 8,606 | 7,297 | |||||||||||||||||||||
ThermaSys Corp. | (e)(f)(g) | Capital Goods | | 6.5%, 5.0% PIK (5.0% Max PIK) | | 5/3/20 | 143,409 | 143,409 | 127,096 | |||||||||||||||||||
VPG Metals Group LLC | (e)(g) | Materials | | 11.0%, 2.0% PIK (2.0% Max PIK) | | 6/30/18 | 2,166 | 2,166 | 2,155 | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Subordinated Debt | 580,331 | 582,785 | ||||||||||||||||||||||||||
Unfunded Debt Commitments | (27,000 | ) | (27,000 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Net Subordinated Debt | 553,331 | 555,785 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Collateralized Securities—2.5% | ||||||||||||||||||||||||||||
MP42013-2A Class Subord. B | (f)(g)(i) | Diversified Financials | 15.2% | 10/25/25 | 21,000 | 11,176 | 12,751 | |||||||||||||||||||||
NewStar Clarendon2014-1A Class D | (g)(i) | Diversified Financials | L+435 | 1/25/27 | 1,560 | 1,483 | 1,554 | |||||||||||||||||||||
NewStar Clarendon2014-1A Class Subord. B | (g)(i) | Diversified Financials | 15.0% | 1/25/27 | 17,900 | 13,405 | 14,845 | |||||||||||||||||||||
Rampart CLO 2007 1A Class Subord. | (g)(i) | Diversified Financials | 8.5% | 10/25/21 | 10,000 | 775 | 771 | |||||||||||||||||||||
Wind River CLO Ltd. 2012 1A Class Subord. B | (g)(i) | Diversified Financials | 12.3% | 1/15/26 | 42,504 | 21,632 | 27,588 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Collateralized Securities | 48,471 | 57,509 | ||||||||||||||||||||||||||
|
|
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
iNova Pharmaceuticals (Australia) Pty Limited | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | B+650 | 0.8% | 10/30/28 | A$ | 2.6 | $ | 1.7 | $ | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (i)(v) | Commercial & Professional Services | SF+600 | 0.8% | 9/22/28 | $ | 175.9 | 174.7 | 175.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | SF+600 | 0.8% | 9/22/27 | 47.9 | 47.9 | 47.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insightsoftware.Com Inc | (v) | Software & Services | SF+500 | 0.8% | 5/25/28 | 2.4 | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insightsoftware.Com Inc | (x) | Software & Services | SF+500 | 0.8% | 3/27/34 | 21.3 | 21.3 | 21.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insightsoftware.Com Inc | (x) | Software & Services | SF+500 | 0.8% | 3/27/34 | 5.3 | 5.3 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (v) | Insurance | SF+600 | 0.8% | 8/27/26 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (v) | Insurance | SF+602 | 0.8% | 8/27/26 | 98.1 | 98.1 | 98.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (v)(x) | Insurance | SF+600 | 0.8% | 8/27/26 | 2.3 | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (x) | Insurance | SF+650 | 1.0% | 8/27/26 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (f)(i)(v) | Insurance | SF+550 | 1.0% | 7/1/25 | 150.9 | 150.2 | 150.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (v) | Insurance | SF+550 | 1.0% | 7/1/25 | 13.8 | 13.7 | 13.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (f)(i)(v)(x) | Insurance | SF+550 | 1.0% | 7/1/25 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (v)(x) | Insurance | SF+550 | 1.0% | 7/1/25 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | SF+675 | 2.0% | 12/21/25 | 96.2 | 94.4 | 97.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | SF+675 | 2.0% | 12/21/25 | 5.5 | 5.4 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (ad)(m)(s)(v) | Commercial & Professional Services | SF+175, 3.5% PIK (3.5% Max PIK) | 1.0% | 11/7/28 | 190.5 | 185.8 | 190.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (ad)(m)(s)(v) | Commercial & Professional Services | SF+100, 7.0% PIK (7.0% Max PIK) | 1.0% | 11/7/28 | 82.8 | 81.1 | 82.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (ad)(x) | Commercial & Professional Services | SF+175, 3.5% PIK (3.5% Max PIK) | 1.0% | 11/6/28 | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Laboratoires Vivacy SAS | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+675, 0.0% PIK (2.4% Max PIK) | 0.0% | 9/30/30 | € | 7.9 | 8.1 | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Laboratoires Vivacy SAS | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+675, 0.0% PIK (2.4% Max PIK) | 0.0% | 9/30/30 | 0.5 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (v) | Health Care Equipment & Services | SF+550 | 0.8% | 11/23/28 | $ | 37.6 | 37.6 | 37.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (f)(i)(m)(v) | Health Care Equipment & Services | SF+550 | 0.8% | 11/23/28 | 80.2 | 79.6 | 79.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (k)(m)(v) | Food, Beverage & Tobacco | SF+575 | 1.0% | 6/10/27 | 67.7 | 66.4 | 67.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | SF+575 | 1.0% | 6/10/27 | 6.8 | 6.8 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (v) | Transportation | SF+625 | 0.8% | 5/4/29 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (v) | Transportation | SF+625 | 0.8% | 5/4/30 | 18.1 | 18.0 | 18.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (f) | Transportation | SF+550 | 0.8% | 5/4/30 | 2.1 | 2.0 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (v) | Transportation | SF+550 | 0.8% | 5/6/30 | 4.1 | 4.1 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (v)(x) | Transportation | SF+625 | 0.8% | 5/4/29 | 1.7 | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (v)(x) | Transportation | SF+550 | 0.8% | 5/6/30 | 5.7 | 5.7 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (i)(k)(m)(v) | Commercial & Professional Services | SF+625 | 1.0% | 5/18/29 | 116.5 | 114.0 | 117.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | SF+675 | 1.0% | 5/18/29 | 8.4 | 8.4 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (aa)(x) | Commercial & Professional Services | SF+625 | 1.0% | 5/19/29 | 30.2 | 30.2 | 29.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lionbridge Technologies Inc | (f)(i)(k)(s)(t)(v) | Media & Entertainment | SF+700 | 1.0% | 12/29/25 | 106.2 | 104.1 | 106.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (f)(i)(m)(v) | Consumer Staples Distribution & Retail | SF+650 | 1.0% | 10/31/28 | 88.1 | 87.0 | 87.4 |
9
KKR Capital Corp.
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Number of Shares | Amortized Cost | Fair Value(d) | |||||||||||||||||||||||||
Equity/Other—23.1%(j) | ||||||||||||||||||||||||||||||
5 Arches, LLC, Common Equity | (g)(i)(m) | Diversified Financials | 20,000 | $ | 500 | $ | 500 | |||||||||||||||||||||||
Advanced Lighting Technologies, Inc., Preferred Equity | (g)(k)(s) | Materials | 3,652 | — | 285 | |||||||||||||||||||||||||
Altus Power America Holdings, LLC, Common Equity | (g)(k) | Energy | 462,008 | 462 | 439 | |||||||||||||||||||||||||
Altus Power America Holdings, LLC, Preferred Equity | (g)(o) | Energy | 955,284 | 955 | 956 | |||||||||||||||||||||||||
AP Exhaust Holdings, LLC, Class A1 Common Units | (g)(k)(m) | Automobiles & Components | 8 | — | — | |||||||||||||||||||||||||
AP Exhaust Holdings, LLC, Class A1 Preferred Units | (g)(k)(m) | Automobiles & Components | 803 | 895 | 895 | |||||||||||||||||||||||||
APP Holdings, LP, Warrants, 5/25/2026 | (g)(i)(k) | Capital Goods | 698,482 | 2,545 | 3,178 | |||||||||||||||||||||||||
Aquilex Corp., Common Equity, Class A Shares | (g)(k)(m) | Commercial & Professional Services | 15,128 | 1,087 | 4,085 | |||||||||||||||||||||||||
Aquilex Corp., Common Equity, Class B Shares | (g)(k)(m) | Commercial & Professional Services | 32,637 | 1,690 | 8,812 | |||||||||||||||||||||||||
Ascent Resources Utica Holdings, LLC, Common Equity | (g)(k)(l) | Energy | 96,800,082 | 29,100 | 24,200 | |||||||||||||||||||||||||
ASG Everglades Holdings, Inc., Common Equity | (g)(k)(s) | Software & Services | 1,689,767 | 36,422 | 72,829 | |||||||||||||||||||||||||
ASG Everglades Holdings, Inc., Warrants, 6/27/2022 | (g)(k)(s) | Software & Services | 229,541 | 6,542 | 4,901 | |||||||||||||||||||||||||
Aspect Software Parent, Inc., Common Equity | (g)(k)(s) | Software & Services | 428,935 | 20,197 | 13,597 | |||||||||||||||||||||||||
Aurora Diagnostics Holdings, LLC, Warrants, 5/25/2027 | (e)(f)(g)(k) | Health Care Equipment & Services | 229,489 | 1,671 | 1,638 | |||||||||||||||||||||||||
Burleigh Point, Ltd., Warrants, 7/16/2020 | (g)(i)(k) | Retailing | 3,451,216 | 1,898 | — | |||||||||||||||||||||||||
Chisholm Oil and Gas, LLC, Series A Units | (g)(k)(m) | Energy | 58,533 | 59 | 57 | |||||||||||||||||||||||||
CSF Group Holdings, Inc., Common Equity | (g)(k) | Capital Goods | 391,300 | 391 | 333 | |||||||||||||||||||||||||
Eastman Kodak Co., Common Equity | (g)(k) | Consumer Durables & Apparel | 61,859 | 1,203 | 455 | |||||||||||||||||||||||||
Escape Velocity Holdings, Inc., Common Equity | (g)(k) | Software & Services | 19,312 | 193 | 207 | |||||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity,Class C-II-A Units | (g)(k)(m) | Energy | 21,000 | 21,000 | 7,245 | |||||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class D Units | (g)(k)(m) | Energy | 3,937 | 2,601 | 1,368 | |||||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity,Class E-II Units | (g)(k)(m) | Energy | 87,400 | 21,850 | 29,279 | |||||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity,Class E-III Units | (g)(k)(m) | Energy | 70,875 | 17,719 | 24,275 | |||||||||||||||||||||||||
Fronton Investor Holdings, LLC, Class B Units | (g)(k)(m)(s) | Consumer Services | 14,943 | 15,011 | 26,747 | |||||||||||||||||||||||||
Global Jet Capital Holdings, LP, Preferred Equity | (f)(g)(i)(k) | Commercial & Professional Services | 42,281,308 | 42,281 | 48,624 | |||||||||||||||||||||||||
H.I.G. Empire Holdco, Inc., Common Equity | (g)(k) | Retailing | 375 | 1,118 | 1,296 | |||||||||||||||||||||||||
Harvey Holdings, LLC, Common Equity | (g)(k) | Capital Goods | 2,333,333 | 2,333 | 5,133 | |||||||||||||||||||||||||
Imagine Communications Corp., Common Equity, Class A Units | (g)(k) | Media | 33,034 | 3,783 | 3,072 | |||||||||||||||||||||||||
Industrial Group Intermediate Holdings, LLC, Common Equity | (g)(k)(m) | Materials | 441,238 | 441 | 684 | |||||||||||||||||||||||||
International Aerospace Coatings, Inc., Common Equity | (f)(k) | Capital Goods | 4,401 | 464 | 79 | |||||||||||||||||||||||||
International Aerospace Coatings, Inc., Preferred Equity | (f)(k) | Capital Goods | 1,303 | 1,303 | 1,303 | |||||||||||||||||||||||||
JMC Acquisition Holdings, LLC, Common Equity | (g)(k) | Capital Goods | 483 | 483 | 650 | |||||||||||||||||||||||||
JSS Holdco, LLC, Net Profits Interest | (g)(k) | Capital Goods | — | — | 493 | |||||||||||||||||||||||||
JW Aluminum Co., Common Equity | (f)(g)(k)(t) | Materials | 972 | — | 541 | |||||||||||||||||||||||||
JW Aluminum Co., Preferred Equity | (f)(g)(t) | Materials | 4,499 | 47,685 | 55,803 | |||||||||||||||||||||||||
MB Precision Investment Holdings LLC,Class A-2 Units | (g)(k)(m) | Capital Goods | 490,213 | 490 | — | |||||||||||||||||||||||||
Micronics Filtration Holdings, Inc., Common Equity | (g)(k) | Capital Goods | 53,073 | 553 | — | |||||||||||||||||||||||||
Micronics Filtration Holdings, Inc., Preferred Equity, Series A | (g)(k) | Capital Goods | 55 | 553 | 832 | |||||||||||||||||||||||||
Micronics Filtration Holdings, Inc., Preferred Equity, Series B | (g)(k) | Capital Goods | 23 | 229 | 246 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (v) | Consumer Staples Distribution & Retail | SF+650 | 1.0% | 10/31/28 | $ | 12.2 | $ | 12.2 | $ | 12.1 | |||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (v)(x) | Consumer Staples Distribution & Retail | SF+650 | 1.0% | 10/31/28 | 15.0 | 15.0 | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lloyd's Register Quality Assurance Ltd | (v)(w) | Consumer Services | SA+600 | 0.0% | 12/2/28 | £ | 11.3 | 14.3 | 14.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Lloyd's Register Quality Assurance Ltd | (v)(w)(x) | Consumer Services | SA+600 | 0.0% | 12/2/28 | 3.7 | 5.7 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (v) | Commercial & Professional Services | SF+600 | 0.8% | 11/21/29 | $ | 2.1 | 2.1 | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (m)(v) | Commercial & Professional Services | SF+650 | 0.8% | 11/22/29 | 23.4 | 23.2 | 23.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (x) | Commercial & Professional Services | SF+650 | 0.8% | 11/22/28 | 2.2 | 2.2 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (v)(x) | Commercial & Professional Services | SF+600 | 0.8% | 11/21/29 | 11.2 | 11.2 | 11.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions LLC | (k)(t)(v) | Health Care Equipment & Services | SF+600 | 0.8% | 2/13/31 | 110.6 | 109.5 | 109.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions LLC | (k)(t)(v)(x) | Health Care Equipment & Services | SF+600 | 0.8% | 2/13/31 | 77.3 | 77.3 | 76.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions LLC | (x) | Health Care Equipment & Services | SF+600 | 0.8% | 2/13/31 | 10.7 | 10.7 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medallia Inc | (m)(v) | Software & Services | SF+250, 4.0% PIK (4.0% Max PIK) | 0.8% | 10/29/28 | 219.1 | 217.4 | 219.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (i)(m)(t)(v) | Software & Services | SF+550 | 1.0% | 9/15/27 | 68.9 | 68.5 | 68.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (i)(m)(t)(v)(x) | Software & Services | SF+550 | 1.0% | 9/15/27 | 11.4 | 11.4 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (x) | Software & Services | SF+550 | 1.0% | 9/15/27 | 7.8 | 7.8 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (m)(v)(y)(z) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 12/14/27 | 115.0 | 106.5 | 63.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v)(y)(z) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 12/14/27 | 19.1 | 17.5 | 10.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd | (v)(w) | Software & Services | SF+725 | 1.0% | 9/13/29 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd | (v)(w)(x) | Software & Services | SF+725 | 1.0% | 9/13/29 | 1.3 | 1.3 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (f)(i)(t)(v) | Commercial & Professional Services | SF+675 | 1.0% | 12/22/25 | 114.5 | 112.4 | 111.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (ad)(v)(y) | Consumer Durables & Apparel | 3/30/25 | 10.1 | 10.1 | 10.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (ad)(v)(y)(z) | Consumer Durables & Apparel | SF+1,000 PIK (SF+1,000 Max PIK) | 1.0% | 3/31/25 | 32.7 | 30.7 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc | (ad)(v) | Software & Services | SF+750 PIK (SF+750 Max PIK) | 1.0% | 8/15/28 | 33.2 | 33.4 | 33.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | SF+625 | 1.0% | 7/2/27 | 33.0 | 32.8 | 33.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | SF+625 | 1.0% | 7/2/27 | 1.5 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v)(x) | Software & Services | SF+625 | 1.0% | 7/2/27 | 1.5 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (i)(k) | Software & Services | SF+625 | 1.0% | 10/31/26 | 25.1 | 24.5 | 24.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (x) | Software & Services | SF+625 | 1.0% | 10/31/26 | 4.7 | 4.7 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
NovaTaste Austria GmbH | (w)(x) | Food, Beverage & Tobacco | E+700 | 0.0% | 4/5/30 | € | 4.7 | 4.9 | 5.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Novotech Pty Ltd | (w)(x) | Health Care Equipment & Services | SF+525 | 0.5% | 1/13/28 | $ | 5.7 | 5.6 | 5.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Omnimax International Inc | (f)(i)(k)(m)(v) | Capital Goods | SF+800 | 1.0% | 10/8/26 | 118.4 | 114.8 | 119.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (aa)(ac)(v) | Health Care Equipment & Services | SF+550 | 0.8% | 4/22/27 | 4.9 | 4.7 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (f)(k)(m)(t)(v) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 93.6 | 93.1 | 93.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (f)(k)(m)(t)(v)(x) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 8.0 | 8.0 | 8.0 |
10
KKR Capital Corp.
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Number of Shares | Amortized Cost | Fair Value(d) | |||||||||||||||||||||||
Mood Media Corp., Common Equity | (g)(i)(k)(s) | Media | 16,243,967 | $ | 11,804 | $ | 29,385 | |||||||||||||||||||||
NewStar Financial, Inc., Warrants, 11/4/2024 | (g)(i)(k) | Diversified Financials | 3,000,000 | 15,058 | — | |||||||||||||||||||||||
North Haven Cadence TopCo, LLC, Common Equity | (g)(k) | Consumer Services | 1,041,667 | 1,042 | 1,406 | |||||||||||||||||||||||
PDI Parent LLC, Common Equity | (g)(k) | Capital Goods | 1,384,615 | 1,385 | 1,454 | |||||||||||||||||||||||
PSAV Holdings LLC, Common Equity | (f) | Technology Hardware & Equipment | 10,000 | 10,000 | 36,000 | |||||||||||||||||||||||
Ridgeback Resources Inc., Common Equity | (f)(i)(k) | Energy | 324,954 | 1,997 | 1,883 | |||||||||||||||||||||||
Roadhouse Holding Inc., Common Equity | (g)(k)(s) | Consumer Services | 6,672,036 | 6,932 | — | |||||||||||||||||||||||
S1 Blocker Buyer Inc., Common Equity | (g) | Commercial & Professional Services | 59 | 587 | 513 | |||||||||||||||||||||||
Safariland, LLC, Common Equity | (f)(k) | Capital Goods | 25,000 | 2,500 | 9,428 | |||||||||||||||||||||||
Safariland, LLC, Warrants, 7/27/2018 | (f)(k) | Capital Goods | 2,263 | 246 | 854 | |||||||||||||||||||||||
Safariland, LLC, Warrants, 9/20/2019 | (f)(k) | Capital Goods | 2,273 | 227 | 857 | |||||||||||||||||||||||
SandRidge Energy, Inc., Common Equity | (g)(i)(k) | Energy | 421,682 | 9,413 | 8,472 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Common Equity | (f)(g)(k) | Commercial & Professional Services | 33,306 | 3,400 | 12,546 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Preferred Equity | (f)(g) | Commercial & Professional Services | 8,000 | 13,065 | 13,068 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Warrants, 9/28/2022 | (g)(k) | Commercial & Professional Services | 1,293 | 1 | 331 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Warrants, 5/10/2022 | (f)(k) | Commercial & Professional Services | 19,388 | 12 | 5,365 | |||||||||||||||||||||||
Sequential Brands Group, Inc., Common Equity | (g)(k) | Consumer Durables & Apparel | 206,664 | 2,790 | 618 | |||||||||||||||||||||||
Sorenson Communications, Inc., Common Equity | (f)(k) | Telecommunication Services | 46,163 | — | 35,837 | |||||||||||||||||||||||
SSC Holdco Limited, Common Equity | (g)(i)(k) | Health Care Equipment & Services | 113,636 | 2,273 | 2,591 | |||||||||||||||||||||||
Sunnova Energy Corp., Common Equity | (g)(k) | Energy | 192,389 | 722 | 1,002 | |||||||||||||||||||||||
Sunnova Energy Corp., Preferred Equity | (g)(k) | Energy | 18,182 | 97 | 97 | |||||||||||||||||||||||
The Stars Group Inc., Warrants, 5/15/2024 | (g)(i)(k) | Consumer Services | 2,000,000 | 16,832 | 20,520 | |||||||||||||||||||||||
ThermaSys Corp., Common Equity | (f)(k) | Capital Goods | 51,813 | 1 | — | |||||||||||||||||||||||
ThermaSys Corp., Preferred Equity | (f)(k) | Capital Goods | 51,813 | 5,181 | — | |||||||||||||||||||||||
Viper Holdings, LLC, Series I Units | (g)(k) | Consumer Durables & Apparel | 308,948 | 509 | 479 | |||||||||||||||||||||||
Viper Holdings, LLC, Series II Units | (g)(k)(m) | Consumer Durables & Apparel | 316,770 | 522 | 491 | |||||||||||||||||||||||
Viper Parallel Holdings LLC, Class A Units | (g)(k) | Consumer Durables & Apparel | 649,538 | 1,070 | 1,007 | |||||||||||||||||||||||
VPG Metals Group LLC,Class A-2 Units | (f)(k) | Materials | 3,637,500 | 3,638 | 1,637 | |||||||||||||||||||||||
Warren Resources, Inc., Common Equity | (f)(g)(k) | Energy | 113,515 | 534 | 386 | |||||||||||||||||||||||
Zeta Interactive Holdings Corp., Preferred Equity, SeriesE-1 | (g)(k) | Software & Services | 215,662 | 1,714 | �� | 2,051 | ||||||||||||||||||||||
Zeta Interactive Holdings Corp., Preferred Equity, Series F | (g)(k) | Software & Services | 196,151 | 1,714 | 1,784 | |||||||||||||||||||||||
Zeta Interactive Holdings Corp., Warrants, 4/20/2027 | (g)(k) | Software & Services | 29,422 | — | 105 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Equity/Other | 400,973 | 535,204 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
TOTAL INVESTMENTS—168.8% | $ | 3,772,839 | 3,911,399 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(68.8%) | (1,594,706 | ) | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
NET ASSETS—100% | $ | 2,316,693 | ||||||||||||||||||||||||||
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | $ | 7.6 | $ | 7.6 | $ | 7.6 | |||||||||||||||||||||||||||||||||||||||||||||
Parts Town LLC | (m)(v) | Consumer Discretionary Distribution & Retail | SF+598 | 0.8% | 11/1/28 | 74.4 | 73.8 | 74.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v) | Health Care Equipment & Services | SF+575 | 0.8% | 8/21/26 | 2.3 | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v) | Health Care Equipment & Services | SF+575 | 0.8% | 8/23/28 | 69.0 | 68.3 | 69.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v)(x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/21/26 | 2.0 | 2.0 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v)(x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/23/28 | 20.5 | 20.5 | 20.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Performance Health Holdings Inc | (f)(i)(m)(v) | Health Care Equipment & Services | SF+575 | 1.0% | 7/12/27 | 93.2 | 92.6 | 94.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF+500, 3.1% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 94.9 | 94.0 | 97.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF+300, 5.5% PIK (5.5% Max PIK) | 0.3% | 8/21/24 | 168.2 | 166.4 | 171.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF+550 PIK (SF+550 Max PIK) | 1.0% | 8/21/24 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
PSKW LLC (dba ConnectiveRx) | (i)(k)(m)(s)(t)(v) | Health Care Equipment & Services | SF+625 | 1.0% | 3/9/26 | 232.2 | 227.9 | 232.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing Inc | (v) | Consumer Durables & Apparel | SF+450 | 0.0% | 12/22/25 | 33.3 | 32.9 | 30.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (v) | Capital Goods | SF+675 | 0.8% | 4/1/28 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (m) | Capital Goods | SF+653 | 0.8% | 4/1/29 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (i)(k) | Capital Goods | SF+675 | 0.8% | 4/1/29 | 66.2 | 66.2 | 66.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (v)(x) | Capital Goods | SF+675 | 0.8% | 4/1/28 | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (s)(v) | Health Care Equipment & Services | SF+625 | 0.0% | 3/2/26 | 43.7 | 42.1 | 39.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (s)(v)(y)(z) | Health Care Equipment & Services | SF+625, 0.0% PIK (6.3% Max PIK) | 0.0% | 3/2/26 | 44.0 | 42.2 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (m)(v) | Software & Services | SF+550 | 1.0% | 9/30/26 | 33.0 | 32.6 | 33.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (x) | Software & Services | SF+575 | 1.0% | 9/30/26 | 3.2 | 3.2 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (k)(m)(v) | Food, Beverage & Tobacco | SF+625 | 1.0% | 8/13/27 | 28.2 | 27.7 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (x) | Food, Beverage & Tobacco | SF+625 | 1.0% | 8/13/27 | 5.3 | 5.2 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (i)(k)(v) | Insurance | SF+550 | 0.8% | 11/1/29 | 186.7 | 182.5 | 186.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (x) | Insurance | SF+550 | 0.8% | 11/1/29 | 7.7 | 7.6 | 7.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Safe-Guard Products International LLC | (f) | Financial Services | SF+550 | 0.5% | 1/27/27 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (m)(v) | Software & Services | SF+525 | 1.0% | 9/1/27 | 8.1 | 8.0 | 8.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (v) | Software & Services | SF+525 | 1.0% | 9/1/27 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (v)(x) | Software & Services | SF+525 | 1.0% | 9/1/27 | 2.1 | 2.1 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (v) | Consumer Services | SF+525 | 0.8% | 10/12/28 | 9.4 | 9.4 | 9.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (x) | Consumer Services | SF+525 | 0.8% | 10/12/28 | 6.3 | 6.3 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC | (v)(y)(z) | Health Care Equipment & Services | 3.0% | 2/28/25 | 57.2 | 8.9 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shaw Development LLC | (v) | Capital Goods | SF+600 | 0.5% | 10/30/29 | 28.8 | 28.5 | 29.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shaw Development LLC | (v)(x) | Capital Goods | SF+600 | 0.5% | 10/30/29 | 3.4 | 3.4 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
SitusAMC Holdings Corp | (k) | Real Estate Management & Development | SF+550 | 1.0% | 12/22/27 | 28.2 | 28.0 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (aa)(f)(k)(t) | Telecommunication Services | SF+550 | 0.8% | 3/17/26 | 28.5 | 27.5 | 29.1 |
11
KKR Capital Corp.
March 31, 2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Source Code LLC | (k)(t)(v) | Software & Services | SF+650 | 1.0% | 6/30/27 | $ | 55.9 | $ | 55.2 | $ | 55.6 | |||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (m)(s)(t)(v) | Software & Services | SF+550 | 1.0% | 1/20/27 | 59.7 | 58.1 | 59.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (m)(s)(t)(v)(x) | Software & Services | SF+550 | 1.0% | 1/20/27 | 14.0 | 14.0 | 14.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (x) | Software & Services | SF+550 | 1.0% | 1/20/27 | 7.9 | 7.9 | 7.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spotless Brands LLC | (v) | Consumer Services | SF+675 | 1.0% | 7/25/28 | 9.7 | 9.5 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spotless Brands LLC | (v) | Consumer Services | SF+650 | 1.0% | 7/25/28 | 12.3 | 12.1 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spotless Brands LLC | (v)(x) | Consumer Services | SF+675 | 1.0% | 7/25/28 | 9.0 | 9.0 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
STV Group Inc | (f)(v) | Capital Goods | SF+525 | 0.8% | 3/20/31 | 41.5 | 41.1 | 41.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
STV Group Inc | (f)(v)(x) | Capital Goods | SF+525 | 0.8% | 3/20/31 | 11.9 | 11.9 | 11.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
STV Group Inc | (x) | Capital Goods | SF+525 | 0.8% | 3/20/31 | 8.3 | 8.3 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Summit Interconnect Inc | (f)(k)(m)(t)(v) | Capital Goods | SF+600 | 1.0% | 9/22/28 | 135.2 | 134.3 | 126.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | SF+575 | 1.0% | 6/30/27 | 15.7 | 15.1 | 15.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | SF+575 PIK (SF+575 Max PIK) | 1.0% | 6/30/27 | 28.1 | 28.1 | 28.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (x) | Commercial & Professional Services | SF+575 | 1.0% | 11/30/26 | 5.7 | 5.7 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangoe LLC | (m)(s)(v) | Software & Services | SF+650 | 1.0% | 11/28/25 | 179.5 | 170.1 | 155.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangoe LLC | (m)(s)(v)(y)(z) | Software & Services | 12.5% PIK (12.5% Max PIK) | 11/28/25 | 10.6 | 8.9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
TeamSystem SpA | (v)(w) | Software & Services | E+625 | 0.0% | 2/15/28 | € | 19.8 | 19.0 | 21.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd) | (v)(w)(y) | Automobiles & Components | 6/4/24 | 40.7 | 40.1 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (f)(v) | Consumer Discretionary Distribution & Retail | SF+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 9/30/25 | $ | 45.8 | 45.7 | 43.7 | |||||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (f)(v) | Consumer Discretionary Distribution & Retail | SF+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 9/30/25 | 45.9 | 45.9 | 43.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | SF+650 | 0.8% | 12/1/27 | 45.1 | 44.4 | 42.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | SF+650 | 0.8% | 12/1/27 | 7.9 | 7.9 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | E+650 | 0.8% | 12/1/27 | € | 13.6 | 14.4 | 13.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v)(x) | Capital Goods | SF+650 | 0.8% | 12/1/27 | $ | 15.9 | 15.9 | 15.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (v)(w) | Software & Services | B+550 | 0.0% | 10/14/26 | A$ | 48.3 | 34.8 | 31.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (f)(i)(v)(w) | Software & Services | SF+550 | 0.0% | 10/14/26 | $ | 126.2 | 123.9 | 126.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Trescal SA | (v)(w) | Commercial & Professional Services | E+650 | 0.0% | 4/28/30 | € | 2.1 | 2.3 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Trescal SA | (v)(w)(x) | Commercial & Professional Services | E+650 | 0.0% | 4/28/30 | 2.5 | 2.7 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (aa)(m)(w) | Capital Goods | SF+350 | 0.5% | 8/3/29 | $ | 1.7 | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (aa)(v)(w) | Capital Goods | E+325 | 0.0% | 8/6/29 | € | 1.4 | 1.6 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (v)(w) | Software & Services | E+575, 0.0% PIK (1.7% Max PIK) | 0.0% | 7/11/29 | 1.1 | 1.1 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (v)(w) | Software & Services | SA+575, 0.0% PIK (1.7% Max PIK) | 0.0% | 7/11/29 | £ | 1.1 | 1.3 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (w)(x) | Software & Services | E+625 | 0.0% | 7/31/30 | € | 13.7 | 14.8 | 14.4 | |||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (m)(v) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | $ | 68.3 | 67.7 | 68.9 | |||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | 6.7 | 6.6 | 6.7 |
12
KKR Capital Corp.
March 31, 2024
Portfolio Company | Fair Value at December 31, 2016 | Transfers In or Out | Purchases and Paid-in- kind Interest | Sales and Repayments | Accretion of Discount | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2017 | Interest Income(4) | PIK Income(4) | Fee Income(4) | |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien |
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ASG Technologies Group, Inc. | $ | 54,766 | $ | — | $ | 11,832 | $ | (65,789 | ) | $ | 49 | $ | 295 | $ | (1,153 | ) | $ | — | $ | 3,203 | $ | 356 | $ | — | ||||||||||||||||||||
Aspect Software, Inc.(1)(2) | — | 634 | 536 | (178 | ) | — | — | (3 | ) | 989 | 61 | — | 17 | |||||||||||||||||||||||||||||||
Aspect Software, Inc.(2) | — | 697 | — | (13 | ) | — | — | — | 684 | 59 | — | 3 | ||||||||||||||||||||||||||||||||
Aspect Software, Inc.(3) | — | — | — | — | — | — | — | — | — | — | 12 | |||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien |
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ASG Technologies Group, Inc. | 23,872 | — | — | (24,611 | ) | 549 | 5,529 | (5,339 | ) | — | 2,286 | — | 1,231 | |||||||||||||||||||||||||||||||
Logan’s Roadhouse, Inc. | 15,415 | — | 5,115 | — | 23 | — | (6,078 | ) | 14,475 | (3 | ) | 1,499 | — | |||||||||||||||||||||||||||||||
Senior Secured Bonds |
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Advanced Lighting Technologies, Inc. | — | 32,222 | — | — | — | — | 4,593 | 36,815 | 3,667 | — | — | |||||||||||||||||||||||||||||||||
Mood Media Corp. | — | 21,568 | — | — | — | — | — | 21,568 | 780 | — | — | |||||||||||||||||||||||||||||||||
Subordinated Debt |
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Mood Media Corp.(2) | — | 5,689 | — | (6,460 | ) | 44 | 727 | — | — | 432 | — | — | ||||||||||||||||||||||||||||||||
Equity/Other |
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Advanced Lighting Technologies, Inc., Preferred Equity | — | — | — | — | — | — | 285 | 285 | — | — | — | |||||||||||||||||||||||||||||||||
ASG Everglades Holdings, Inc., Common Equity | 79,673 | — | — | — | — | — | (6,844 | ) | 72,829 | — | — | — | ||||||||||||||||||||||||||||||||
ASG Everglades Holdings, Inc., Warrants, 6/27/2022 | 5,830 | — | — | — | — | — | (929 | ) | 4,901 | — | — | — | ||||||||||||||||||||||||||||||||
Aspect Software, Inc.(2) | — | 19,792 | 100 | — | — | 305 | (6,600 | ) | 13,597 | — | — | — | ||||||||||||||||||||||||||||||||
Fronton Investor Holdings, LLC, Class B Units | 15,092 | — | — | — | — | — | 11,655 | 26,747 | — | — | — | |||||||||||||||||||||||||||||||||
Mood Media Corp. | — | 6,662 | 5,142 | — | — | — | 17,581 | 29,385 | — | — | — | |||||||||||||||||||||||||||||||||
Roadhouse Holding Inc., Common Equity | 8,147 | — | — | — | — | — | (8,147 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
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Total | $ | 202,795 | $ | 87,264 | $ | 22,725 | $ | (97,051 | ) | $ | 665 | $ | 6,856 | $ | (979 | ) | $ | 222,275 | $ | 10,485 | $ | 1,855 | $ | 1,263 | ||||||||||||||||||||
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Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+600 | 0.8% | 8/31/29 | $ | 8.4 | $ | 8.4 | $ | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||
Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (f)(i)(k)(m)(t)(v) | Household & Personal Products | SF+625 | 1.0% | 11/30/26 | 114.8 | 111.3 | 109.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (v) | Household & Personal Products | SF+625 | 1.0% | 11/30/26 | 5.2 | 5.2 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc | (ad)(v) | Energy | SF+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/22/24 | 18.8 | 18.7 | 18.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (v)(w) | Financial Services | SF+550 | 1.0% | 10/4/27 | 5.9 | 5.9 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (v)(w)(x) | Financial Services | SF+550 | 1.0% | 10/4/27 | 1.6 | 1.6 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Financial Services | SF+550 | 1.0% | 10/4/27 | 2.1 | 2.1 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (f)(k)(m)(t)(v) | Capital Goods | SF+600 | 1.0% | 4/5/28 | 157.5 | 152.6 | 157.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (f)(k)(m)(t)(v)(x) | Capital Goods | SF+600 | 1.0% | 4/5/28 | 3.7 | 3.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v) | Household & Personal Products | SF+625, 0.5% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 40.8 | 40.7 | 36.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v) | Household & Personal Products | SF+625, 0.5% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 6.3 | 6.3 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v)(x) | Household & Personal Products | SF+625, 0.5% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 28.0 | 28.0 | 25.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v)(x) | Household & Personal Products | SF+625, 0.5% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 8.0 | 8.0 | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zendesk Inc | (m)(v) | Software & Services | SF+625, 0.0% PIK (3.5% Max PIK) | 0.8% | 11/22/28 | 59.6 | 59.2 | 60.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zendesk Inc | (x) | Software & Services | SF+625, 0.0% PIK (3.5% Max PIK) | 0.8% | 11/22/28 | 6.0 | 6.0 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zendesk Inc | (x) | Software & Services | SF+625, 0.0% PIK (3.5% Max PIK) | 0.8% | 11/22/28 | 14.5 | 14.4 | 14.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zeus Industrial Products Inc | (v) | Health Care Equipment & Services | SF+550, 0.0% PIK (2.8% Max PIK) | 0.8% | 2/28/31 | 83.1 | 82.5 | 82.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zeus Industrial Products Inc | (x) | Health Care Equipment & Services | SF+550 | 0.8% | 2/28/30 | 11.6 | 11.6 | 11.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zeus Industrial Products Inc | (x) | Health Care Equipment & Services | SF+550 | 0.8% | 2/28/31 | 15.5 | 15.5 | 15.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—First Lien | 9,318.2 | 9,056.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (945.9) | (945.9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—First Lien | 8,372.3 | 8,110.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien—14.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (v)(w) | Financial Services | SF+675 | 0.5% | 7/27/29 | 55.0 | 54.1 | 54.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (ac)(v)(y)(z) | Consumer Discretionary Distribution & Retail | 10.0% PIK (10.0% Max PIK) | 7/31/25 | 32.0 | 4.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | SF+1,100, 0.0% PIK (5.0% Max PIK) | 1.0% | 3/27/26 | 13.6 | 13.0 | 9.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cubic Corp | (v) | Software & Services | SF+763 | 0.8% | 5/25/29 | 44.8 | 42.5 | 42.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ellucian Inc | (v) | Software & Services | SF+800 | 1.0% | 10/9/28 | 112.8 | 107.0 | 113.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrated Power Services LLC | (ab)(v) | Commercial & Professional Services | SF+750 | 0.8% | 11/22/29 | 46.3 | 45.6 | 45.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v)(y) | Health Care Equipment & Services | 6/14/28 | 5.8 | 3.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
OEConnection LLC | (v) | Software & Services | SF+700 | 0.5% | 9/25/27 | 76.1 | 75.8 | 76.1 |
13
KKR Capital Corp.
March 31, 2024
Portfolio Company | Fair Value at December 31, 2016 | Transfers In or Out | Purchases and Paid-in-kind Interest | Sales and Repayments | Accretion of Discount | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2017 | Interest Income(2) | PIK Income(2) | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien |
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Swiss Watch International, Inc.(1) | $ | — | $ | 12,185 | $ | — | $ | (1,615 | ) | $ | — | $ | (10,570 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Swiss Watch International, Inc.(1) | — | 42,301 | — | — | — | (42,301 | ) | — | — | (7 | ) | — | ||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien |
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JW Aluminum Co. | 38,039 | — | 146 | — | 3 | — | (94 | ) | 38,094 | $ | 2,596 | 146 | ||||||||||||||||||||||||||||
Equity/Other |
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JW Aluminum Co., Common Equity | — | — | — | — | — | — | 541 | 541 | — | — | ||||||||||||||||||||||||||||||
JW Aluminum Co., Preferred Equity | 45,031 | — | 4,178 | — | — | — | 6,594 | 55,803 | 818 | 4,178 | ||||||||||||||||||||||||||||||
SWI Holdco LLC, Common Equity(1) | — | — | 8 | — | — | (8 | ) | — | — | — | — | |||||||||||||||||||||||||||||
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Total | $ | 83,070 | $ | 54,486 | $ | 4,332 | $ | (1,615 | ) | $ | 3 | $ | (52,879 | ) | $ | 7,041 | $ | 94,438 | $ | 3,407 | $ | 4,324 | ||||||||||||||||||
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Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (s)(v) | Capital Goods | SF+800 | 1.0% | 2/1/29 | $ | 175.0 | $ | 167.4 | $ | 174.9 | |||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (v) | Capital Goods | SF+775 | 0.8% | 2/1/29 | 129.8 | 124.9 | 129.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF+650 PIK (SF+650 Max PIK) | 1.0% | 7/11/27 | 6.7 | 6.7 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF+650 PIK (SF+650 Max PIK) | 1.0% | 7/19/27 | 7.0 | 7.0 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Solera LLC | (v) | Software & Services | SF+900 | 1.0% | 6/4/29 | 335.9 | 322.5 | 335.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (m)(v)(y) | Commercial & Professional Services | 6/30/27 | 24.0 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (m)(v)(y) | Commercial & Professional Services | 6/30/27 | 8.3 | 4.5 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (v)(w) | Food, Beverage & Tobacco | E+750 | 0.0% | 10/1/30 | € | 3.8 | 4.1 | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (v)(w)(x) | Food, Beverage & Tobacco | E+750 | 0.0% | 10/1/30 | 2.3 | 3.0 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—Second Lien | 985.9 | 1,006.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (3.0) | (3.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—Second Lien | 982.9 | 1,003.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt—2.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co | (aa)(ad)(s)(v) | Materials | 10.3% | 6/1/26 | $ | 76.5 | 75.9 | 78.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (ac)(v) | Health Care Equipment & Services | 8.5% PIK (8.5% Max PIK) | 11/1/28 | 27.8 | 26.5 | 21.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc | (aa)(v) | Software & Services | 6.5% | 3/31/29 | 0.7 | 0.6 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH | (ad)(v)(w) | Capital Goods | 0.1%, 5.9% PIK (5.9% Max PIK) | 12/29/28 | € | 52.2 | 55.8 | 53.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Senior Secured Debt | 158.8 | 154.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt—4.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v) | Commercial & Professional Services | 14.3% PIK (14.3% Max PIK) | 4/23/31 | $ | 20.4 | 20.1 | 19.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w)(y)(z) | Capital Goods | 10.0% PIK (10.0% Max PIK) | 9/1/28 | 34.5 | 21.3 | 19.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (v)(w) | Commercial & Professional Services | SF+850 PIK (SF+850 Max PIK) | 0.5% | 7/9/31 | 80.2 | 78.9 | 81.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital LLC | (v) | Commercial & Professional Services | 9.8% PIK (9.8% Max PIK) | 12/13/29 | 26.2 | 25.6 | 25.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 4/17/24 | 9.0 | 9.0 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v)(x) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 4/17/24 | 17.4 | 17.4 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 4/1/30 | 11.0 | 8.9 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 4/1/30 | 43.6 | 32.0 | 37.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF+725 | 0.5% | 1/31/30 | 62.9 | 61.3 | 61.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF+900 PIK (SF+900 Max PIK) | 0.5% | 1/31/31 | 71.0 | 69.4 | 68.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
14
(continued)
2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||
Senior Secured Loans—First Lien—84.2% | ||||||||||||||||||||||||
5 Arch Income Fund 2, LLC | (g)(j)(o) | Diversified Financials | 10.5% | 11/18/21 | $ | 19,561 | $ | 19,611 | $ | 19,561 | ||||||||||||||
5 Arch Income Fund 2, LLC | (g)(j)(o)(q) | Diversified Financials | 10.5% | 11/18/21 | 18,439 | 18,439 | 18,439 | |||||||||||||||||
A.P. Plasman Inc. | (e)(f)(g)(h)(j) | Capital Goods | L+850 | 1.0% | 12/29/19 | 202,235 | 200,358 | 199,707 | ||||||||||||||||
Aeneas Buyer Corp. | (g) | Health Care Equipment & Services | L+500 | 1.0% | 12/18/21 | 916 | 916 | 916 | ||||||||||||||||
Aeneas Buyer Corp. | (e)(g)(h) | Health Care Equipment & Services | L+815 | 1.0% | 12/18/21 | 77,220 | 77,220 | 78,378 | ||||||||||||||||
AG Group Merger Sub, Inc. | (e)(g) | Commercial & Professional Services | L+750 | 1.0% | 12/29/23 | 62,500 | 62,500 | 62,500 | ||||||||||||||||
AG Group Merger Sub, Inc. | (g)(q) | Commercial & Professional Services | L+750 | 1.0% | 12/29/23 | 27,500 | 27,500 | 27,500 | ||||||||||||||||
All Systems Holding LLC | (e)(f)(g)(h) | Commercial & Professional Services | L+770 | 1.0% | 10/31/23 | 44,000 | 44,000 | 44,370 | ||||||||||||||||
Altus Power America, Inc. | (g) | Energy | L+750 | 1.5% | 9/30/21 | 2,665 | 2,665 | 2,715 | ||||||||||||||||
Altus Power America, Inc. | (g)(q) | Energy | L+750 | 1.5% | 9/30/21 | 1,085 | 1,085 | 1,106 | ||||||||||||||||
AP Exhaust Acquisition, LLC | (f)(g) | Automobiles & Components | L+775 | 1.5% | 1/16/21 | 15,811 | 15,811 | 14,309 | ||||||||||||||||
ASG Technologies Group, Inc. | (e)(g)(h)(t) | Software & Services | L+786, 1.2% PIK (1.2% Max PIK) | 1.0% | 4/30/20 | 53,957 | 53,613 | 54,766 | ||||||||||||||||
Aspect Software, Inc. | (g) | Software & Services | L+1000 | 1.0% | 5/25/18 | 634 | 634 | 634 | ||||||||||||||||
Aspect Software, Inc. | (g)(q) | Software & Services | L+1000 | 1.0% | 5/25/18 | 22 | 22 | 22 | ||||||||||||||||
Aspect Software, Inc. | (g) | Software & Services | L+1000 | 1.0% | 5/25/20 | 697 | 697 | 705 | ||||||||||||||||
Atlas Aerospace LLC | (g) | Capital Goods | L+804 | 1.0% | 5/8/19 | 20,000 | 20,000 | 20,300 | ||||||||||||||||
BenefitMall Holdings, Inc. | (e)(h) | Commercial & Professional Services | L+725 | 1.0% | 11/24/20 | 14,700 | 14,700 | 14,847 | ||||||||||||||||
Cadence Aerospace Finance, Inc. | (g) | Capital Goods | L+575 | 1.3% | 5/9/18 | 73 | 73 | 71 | ||||||||||||||||
Caesars Entertainment Operating Co., Inc. | (e)(g)(j)(l) | Consumer Services | L+575 | 3/1/17 | 9,294 | 9,231 | 9,414 | |||||||||||||||||
Caesars Entertainment Operating Co., Inc. | (e)(j)(l) | Consumer Services | L+675 | 3/1/17 | 851 | 847 | 872 | |||||||||||||||||
Caesars Entertainment Operating Co., Inc. | (e)(g)(j)(l) | Consumer Services | L+875 | 1.0% | 3/1/17 | 11,852 | 11,839 | 12,334 | ||||||||||||||||
Corner Investment PropCo, LLC | (e)(g)(h) | Consumer Services | L+975 | 1.3% | 11/2/19 | 42,303 | 42,404 | 42,725 | ||||||||||||||||
Crestwood Holdings LLC | (g) | Energy | L+800 | 1.0% | 6/19/19 | 5,021 | 5,009 | 4,926 | ||||||||||||||||
CSafe Acquisition Co., Inc. | (g) | Capital Goods | L+725 | 11/1/21 | 783 | 783 | 783 | |||||||||||||||||
CSafe Acquisition Co., Inc. | (g)(q) | Capital Goods | L+725 | 11/1/21 | 5,087 | 5,087 | 5,087 | |||||||||||||||||
CSafe Acquisition Co., Inc. | (g)(h) | Capital Goods | L+725 | 10/31/23 | 45,000 | 45,000 | 45,000 | |||||||||||||||||
CSafe Acquisition Co., Inc. | (g)(q) | Capital Goods | L+725 | 10/31/23 | 27,391 | 27,391 | 27,391 | |||||||||||||||||
Eastman Kodak Co. | (g) | Consumer Durables & Apparel | L+625 | 1.0% | 9/3/19 | 10,438 | 10,331 | 10,503 | ||||||||||||||||
Empire Today, LLC | (e)(g) | Retailing | L+800 | 1.0% | 11/17/22 | 82,000 | 82,000 | 82,726 | ||||||||||||||||
Greystone Equity Member Corp. | (g)(j) | Diversified Financials | L+1050 | 3/31/21 | 3,308 | 3,321 | 3,337 | |||||||||||||||||
Greystone Equity Member Corp. | (g)(j) | Diversified Financials | L+1100 | 3/31/21 | 14,646 | 14,646 | 14,920 | |||||||||||||||||
Greystone Equity Member Corp. | (g)(j)(q) | �� | Diversified Financials | L+1100 | 3/31/21 | 36,047 | 36,047 | 36,716 | ||||||||||||||||
H.M. Dunn Co., Inc. | (g) | Capital Goods | L+955 | 1.0% | 3/26/21 | 1,071 | 1,071 | 1,083 | ||||||||||||||||
H.M. Dunn Co., Inc. | (g)(q) | Capital Goods | L+775 | 1.0% | 3/26/21 | 357 | 357 | 361 | ||||||||||||||||
Imagine Communications Corp. | (e)(g)(h) | Media | L+825 | 1.0% | 4/29/20 | 75,655 | 75,655 | 76,601 | ||||||||||||||||
Imagine Communications Corp. | (g)(q) | Media | L+825 | 1.0% | 4/29/20 | 28,600 | 28,600 | 28,958 | ||||||||||||||||
Industrial Group Intermediate Holdings, LLC | (g) | Materials | L+800 | 1.3% | 5/31/20 | 20,757 | 20,757 | 21,069 | ||||||||||||||||
Industry City TI Lessor, L.P. | (g) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | 32,613 | 32,613 | 33,102 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Subordinated Debt | $ | 343.9 | $ | 351.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Debt Commitments | (17.4) | (17.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Subordinated Debt | 326.5 | 334.2 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance—30.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 8,516,891 | $ | 14.0 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 8.0%, 3.0% PIK (3.0% Max PIK) | 12/19/29 | $ | 60.6 | 59.0 | 48.5 | ||||||||||||||||||||||||||||||||||||||||||
Abacus JV, Private Equity | (ad)(v)(w) | Insurance | 47,045,141 | 46.1 | 46.8 | |||||||||||||||||||||||||||||||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity | (ac)(v)(w)(y) | Financial Services | 2,778,491 | 3.2 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||
Altavair AirFinance, Private Equity | (ac)(v)(w) | Capital Goods | 128,878,615 | 129.8 | 134.7 | |||||||||||||||||||||||||||||||||||||||||||||
Altitude II IRL WH Borrower DAC, Revolver | (v)(w) | Capital Goods | SF+1,000 | 0.0% | 1/12/30 | $ | 4.9 | 4.9 | 4.9 | |||||||||||||||||||||||||||||||||||||||||
Altitude II IRL WH Borrower DAC, Revolver | (v)(w)(x) | Capital Goods | SF+1,000 | 0.0% | 1/12/30 | $ | 4.9 | 4.9 | 4.9 | |||||||||||||||||||||||||||||||||||||||||
Australis Maritime II, Private Equity | (ad)(v)(w)(y) | Transportation | 12,001,421 | 12.0 | 13.4 | |||||||||||||||||||||||||||||||||||||||||||||
Australis Maritime, Common Stock | (ad)(v)(w) | Transportation | 29,131,438 | 29.1 | 27.8 | |||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 10,195,937 | 10.2 | 10.9 | |||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Term Loan | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 7.0% PIK (7.0% Max PIK) | 3/15/34 | $ | 30.6 | 30.6 | 30.6 | ||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | (ad)(v)(w)(y) | Financial Services | 444,962,569 | 49.9 | 40.5 | |||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Subordinated Bond | (ad)(v)(w) | Financial Services | SR+925 | 0.0% | 1/27/34 | SEK | 15.0 | 1.3 | 1.4 | |||||||||||||||||||||||||||||||||||||||||
Bankers Healthcare Group LLC, Term Loan | (v)(w) | Financial Services | 22.0% | 11/8/27 | $ | 8.8 | 8.8 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||
Bausch Health Cos Inc, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+665 | 1.0% | 1/28/28 | $ | 65.0 | 65.0 | 65.0 | |||||||||||||||||||||||||||||||||||||||||
Bausch Health Cos Inc, Revolver | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+665 | 1.0% | 1/28/28 | $ | 55.0 | 55.0 | 55.0 | |||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC, Private Equity | (u)(v)(y) | Automobiles & Components | 54,407 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan A | (v) | Financial Services | SF+900 | 1.0% | 11/3/25 | $ | 100.0 | 96.4 | 100.9 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (v) | Financial Services | SF+900 | 1.0% | 11/3/25 | $ | 12.0 | 12.0 | 12.1 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (v)(x) | Financial Services | SF+900 | 1.0% | 11/3/25 | $ | 36.1 | 36.1 | 36.4 | |||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Private Equity | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 20,702,800 | 22.7 | 31.9 | |||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 11.0% | 12/22/28 | $ | 41.4 | 40.8 | 41.4 | ||||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+675 | 1.0% | 11/20/26 | $ | 15.3 | 15.3 | 15.3 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | C+675 | 1.0% | 11/30/26 | C$ | 1.7 | 1.2 | 1.2 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+675 | 1.0% | 11/30/26 | € | 0.6 | 0.6 | 0.6 |
15
KKR Capital Corp.
2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||
JMC Acquisition Merger Corp. | (g) | Capital Goods | L+857 | 1.0% | 11/6/21 | $ | 6,332 | $ | 6,332 | $ | 6,332 | |||||||||||||
Latham Pool Products, Inc. | (e)(h) | Commercial & Professional Services | L+775 | 1.0% | 6/29/21 | 70,000 | 70,000 | 70,700 | ||||||||||||||||
Leading Edge Aviation Services, Inc. | (e)(f)(h) | Capital Goods | L+875 | 1.5% | 6/30/19 | 30,254 | 30,119 | 30,254 | ||||||||||||||||
LEAS Acquisition Co Ltd. | (g)(j) | Capital Goods | L+875 | 1.5% | 6/30/19 | € | 27,188 | 36,988 | 28,692 | |||||||||||||||
LEAS Acquisition Co Ltd. | (f)(j) | Capital Goods | L+875 | 1.5% | 6/30/19 | $ | 9,538 | 9,538 | 9,538 | |||||||||||||||
MB Precision Holdings LLC | (g) | Capital Goods | L+725, 1.5% PIK (1.5% Max PIK) | 1.3% | 1/23/20 | 12,853 | 12,853 | 12,355 | ||||||||||||||||
Micronics, Inc. | (e)(g)(h) | Capital Goods | L+800 | 1.3% | 12/11/19 | 63,461 | 63,271 | 63,461 | ||||||||||||||||
MMM Holdings, Inc. | (g) | Health Care Equipment & Services | L+825 | 1.5% | 6/30/19 | 6,698 | 6,665 | 6,546 | ||||||||||||||||
MORSCO, Inc. | (g) | Capital Goods | L+700 | 1.0% | 10/31/23 | 15,000 | 14,413 | 15,150 | ||||||||||||||||
MSO of Puerto Rico, Inc. | (g) | Health Care Equipment & Services | L+825 | 1.5% | 6/30/19 | 4,869 | 4,846 | 4,759 | ||||||||||||||||
Nobel Learning Communities, Inc. | (g) | Consumer Services | L+450 | 1.0% | 4/27/20 | 52 | 52 | 52 | ||||||||||||||||
Nobel Learning Communities, Inc. | (g)(q) | Consumer Services | L+450 | 1.0% | 4/27/20 | 87 | 87 | 87 | ||||||||||||||||
Nobel Learning Communities, Inc. | (g) | Consumer Services | L+841 | 1.0% | 4/27/21 | 1,056 | 1,056 | 1,072 | ||||||||||||||||
North Haven Cadence Buyer, Inc. | (g)(q) | Consumer Services | L+500 | 1.0% | 9/2/21 | 938 | 938 | 938 | ||||||||||||||||
North Haven Cadence Buyer, Inc. | (e)(g) | Consumer Services | L+813 | 1.0% | 9/2/22 | 26,771 | 26,771 | 26,771 | ||||||||||||||||
North Haven Cadence Buyer, Inc. | (g)(q) | Consumer Services | L+750 | 1.0% | 9/2/22 | 4,479 | 4,479 | 4,479 | ||||||||||||||||
Nova Wildcat Amerock, LLC | (g) | Consumer Durables & Apparel | L+859 | 1.3% | 9/10/19 | 17,269 | 17,269 | 16,751 | ||||||||||||||||
PHRC License, LLC | (f)(g) | Consumer Services | L+900 | 1.5% | 8/14/20 | 43,879 | 43,879 | 44,318 | ||||||||||||||||
Polymer Additives, Inc. | (g) | Materials | L+888 | 1.0% | 12/20/21 | 10,511 | 10,511 | 10,564 | ||||||||||||||||
Polymer Additives, Inc. | (g) | Materials | L+875 | 1.0% | 12/20/21 | € | 15,000 | 16,982 | 15,830 | |||||||||||||||
PSKW, LLC | (e)(g)(h) | Health Care Equipment & Services | L+839 | 1.0% | 11/25/21 | $ | 30,000 | 30,000 | 29,189 | |||||||||||||||
Roadrunner Intermediate Acquisition Co., LLC | (e)(g)(h) | Health Care Equipment & Services | L+800 | 1.0% | 9/22/21 | 35,844 | 35,844 | 36,381 | ||||||||||||||||
Rogue Wave Software, Inc. | (e)(g)(h) | Software & Services | L+802 | 1.0% | 9/25/21 | 33,188 | 33,188 | 33,188 | ||||||||||||||||
Safariland, LLC | (e)(g)(h) | Capital Goods | L+769 | 1.0% | 11/18/23 | 126,107 | 126,107 | 125,792 | ||||||||||||||||
Safariland, LLC | (g)(q) | Capital Goods | L+725 | 1.0% | 11/18/23 | 33,282 | 33,282 | 33,199 | ||||||||||||||||
Sequential Brands Group, Inc. | (e)(g)(h)(j) | Consumer Durables & Apparel | L+900 | 7/1/22 | 80,652 | 80,652 | 81,459 | |||||||||||||||||
Sorenson Communications, Inc. | (e)(g)(h) | Telecommunication Services | L+575 | 2.3% | 4/30/20 | 91,621 | 91,339 | 90,933 | ||||||||||||||||
Sports Authority, Inc. | (g)(l)(r) | Retailing | L+600 | 1.5% | 11/16/17 | 6,318 | 5,108 | 1,287 | ||||||||||||||||
SunGard Availability Services Capital, Inc. | (g) | Software & Services | L+500 | 1.0% | 3/29/19 | 4,382 | 4,210 | 4,253 | ||||||||||||||||
Sunnova Asset Portfolio 5 Holdings, LLC | (g) | Energy | 12.0%, 0.0% PIK (12.0% Max PIK) | 11/14/21 | 4,703 | 4,633 | 4,750 | |||||||||||||||||
Swiss Watch International, Inc. | (g)(l)(r) | Consumer Durables & Apparel | L+825 | 1.3% | 11/8/18 | 12,185 | 12,185 | 4,875 | ||||||||||||||||
Swiss Watch International, Inc. | (e)(g)(l)(r) | Consumer Durables & Apparel | L+825 | 1.3% | 11/8/18 | 42,611 | 42,301 | — | ||||||||||||||||
Transplace Texas, LP | (e)(g)(h) | Transportation | L+744 | 1.0% | 9/16/21 | 24,486 | 24,486 | 24,486 | ||||||||||||||||
Transplace Texas, LP | (g)(q) | Transportation | L+700 | 1.0% | 9/16/21 | 541 | 541 | 541 | ||||||||||||||||
U.S. Xpress Enterprises, Inc. | (e)(f)(h) | Transportation | L+1000, 0.0% PIK (1.8% Max PIK) | 1.5% | 5/30/19 | 53,435 | 53,435 | 53,435 | ||||||||||||||||
Vertellus Performance Chemicals LLC | (f)(g) | Materials | L+950 | 1.0% | 1/30/20 | 38,000 | 38,000 | 35,693 | ||||||||||||||||
VPG Group Holdings LLC | (e)(g)(h) | Materials | L+900 | 1.0% | 6/30/18 | 61,795 | 61,629 | 61,331 | ||||||||||||||||
Warren Resources, Inc. | (f)(g) | Energy | L+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/22/20 | 2,016 | 2,016 | 2,016 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+675 | 1.0% | 11/20/26 | $ | 4.7 | $ | 4.7 | $ | 4.7 | |||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | C+675 | 1.0% | 11/30/26 | C$ | 2.3 | 1.8 | 1.9 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+675 | 1.0% | 11/30/26 | € | 3.4 | 3.6 | 3.8 | |||||||||||||||||||||||||||||||||||||||||
Curia Global Inc, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 1/29/29 | $ | 42.0 | 42.0 | 42.0 | |||||||||||||||||||||||||||||||||||||||||
Curia Global Inc, Revolver | (v)(w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 1/29/29 | $ | 41.3 | 41.3 | 41.3 | |||||||||||||||||||||||||||||||||||||||||
Drive Revel, Private Equity | (v)(w) | Financial Services | 2,587,091 | 2.8 | 2.8 | |||||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Preferred Stock | (j)(u)(v)(y) | Commercial & Professional Services | 149,494,590 | 69.4 | — | |||||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Preferred Stock | (j)(u)(v)(y)(z) | Commercial & Professional Services | 9.0% PIK (9.0% Max PIK) | 10/1/28 | $ | 505.6 | 309.4 | 256.6 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | $ | 19.4 | 16.3 | 19.4 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | $ | 14.2 | 11.8 | 14.2 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | $ | 1.7 | 1.4 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Financial Services | 3,599,540 | 4.2 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Financial Services | 6,934,286 | 6.9 | 6.6 | |||||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Financial Services | 40,174,500 | 40.2 | 42.5 | |||||||||||||||||||||||||||||||||||||||||||||
GreenSky Holdings LLC, Private Equity | (ad)(v)(y) | Financial Services | 10,662,084 | 10.7 | 10.7 | |||||||||||||||||||||||||||||||||||||||||||||
GreenSky Holdings LLC, Term Loan | (ad)(v) | Financial Services | 9.3% PIK (9.3% Max PIK) | 3/12/34 | $ | 32.0 | 32.0 | 32.0 | ||||||||||||||||||||||||||||||||||||||||||
GreenSky Holdings LLC, Term Loan | (ad)(v)(x) | Financial Services | 9.3% PIK (9.3% Max PIK) | 3/12/34 | $ | 3.0 | 3.0 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 4,471,509 | 4.4 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 168,710 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | (ac)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 11.0% PIK (11.0% Max PIK) | 3/20/30 | $ | 11.7 | 11.7 | 11.7 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Structured Mezzanine | (v) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 33.0 | 33.0 | 33.7 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Structured Mezzanine | (v)(x) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | (ad)(v)(w) | Insurance | 12.0% | $ | 99.7 | 98.9 | 99.7 | |||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | (ad)(v)(w)(y) | Insurance | 536,709 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Altitude II Offshore Aggregator LP, Partnership Interest | (ad)(v)(w) | Capital Goods | 83,548,471 | 83.5 | 87.4 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest | (ad)(v)(w)(y)(z) | Capital Goods | 14.3% | 5/31/26 | $ | 39.1 | 39.1 | 15.5 | ||||||||||||||||||||||||||||||||||||||||||
KKR Chord IP Aggregator LP, Partnership Interest | (ad)(v)(w) | Media & Entertainment | 30,478,189 | 0.3 | 30.5 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | (ad)(v)(w)(y) | Financial Services | 7,952,248 | 8.0 | 7.5 |
16
KKR Capital Corp.
2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||
Warren Resources, Inc. | (g)(q) | Energy | L+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/22/20 | $ | 144 | $ | 144 | $ | 144 | |||||||||||||
Waste Pro USA, Inc. | (e)(g)(h) | Commercial & Professional Services | L+750 | 1.0% | 10/15/20 | 94,553 | 94,553 | 96,326 | ||||||||||||||||
Zeta Interactive Holdings Corp. | (e)(g)(h) | Software & Services | L+750 | 1.0% | 7/29/22 | 9,766 | 9,792 | 9,863 | ||||||||||||||||
Zeta Interactive Holdings Corp. | (g)(s) | Software & Services | L+750 | 1.0% | 7/29/22 | 2,857 | 2,831 | 2,876 | ||||||||||||||||
Zeta Interactive Holdings Corp. | (g)(q) | Software & Services | L+750 | 1.0% | 7/29/22 | 1,777 | 1,777 | 1,793 | ||||||||||||||||
Zeta Interactive Holdings Corp. | (g)(q)(s) | Software & Services | L+750 | 1.0% | 7/29/22 | 457 | 457 | 461 | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Senior Secured Loans—First Lien | 2,178,392 | 2,121,674 | ||||||||||||||||||||||
Unfunded Loan Commitments | (186,233 | ) | (186,233 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net Senior Secured Loans—First Lien | 1,992,159 | 1,935,441 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Senior Secured Loans—Second Lien—26.1% | ||||||||||||||||||||||||
Alison US LLC | (g)(j) | Capital Goods | L+850 | 1.0% | 8/29/22 | 4,444 | 4,303 | 4,310 | ||||||||||||||||
AP Exhaust Acquisition, LLC | (f) | Automobiles & Components | 12.0% PIK (12.0% Max PIK) | 9/28/21 | 3,763 | 3,763 | 3,279 | |||||||||||||||||
Arena Energy, LP | (g) | Energy | L+900, 4.0% PIK (4.0% Max PIK) | 1.0% | 1/24/21 | 7,955 | 7,955 | 7,994 | ||||||||||||||||
Ascent Resources—Utica, LLC | (e)(f)(g)(h) | Energy | L+950 | 1.5% | 9/30/18 | 186,037 | 185,553 | 187,665 | ||||||||||||||||
ASG Technologies Group, Inc. | (g)(t) | Software & Services | L+1100, 0.0% PIK (6.0% Max PIK) | 1.0% | 6/27/22 | 24,611 | 18,533 | 23,872 | ||||||||||||||||
Brock Holdings III, Inc. | (g) | Energy | L+825 | 1.8% | 3/16/18 | 6,923 | 6,893 | 6,611 | ||||||||||||||||
Byrider Finance, LLC | (f)(g) | Automobiles & Components | L+1000, 0.5% PIK (0.5% Max PIK) | 1.3% | 8/22/20 | 10,047 | 10,047 | 9,896 | ||||||||||||||||
Compuware Corp. | (g) | Software & Services | L+825 | 1.0% | 12/15/22 | 6,550 | 5,982 | 6,582 | ||||||||||||||||
DEI Sales, Inc. | (e)(f)(g)(h) | Consumer Durables & Apparel | L+900 | 1.5% | 1/15/18 | 64,654 | 64,431 | 62,229 | ||||||||||||||||
EagleView Technology Corp. | (g) | Software & Services | L+825 | 1.0% | 7/14/23 | 11,538 | 11,394 | 11,520 | ||||||||||||||||
Gruden Acquisition, Inc. | (g) | Transportation | L+850 | 1.0% | 8/18/23 | 15,000 | 14,371 | 11,874 | ||||||||||||||||
JW Aluminum Co. | (e)(f)(g)(h)(u) | Materials | L+850 PIK (L+850 Max PIK) | 0.8% | 11/17/20 | 37,385 | 37,367 | 38,039 | ||||||||||||||||
Logan’s Roadhouse, Inc. | (g)(t) | Consumer Services | L+850 PIK (L+850 Max PIK) | 1.0% | 11/23/20 | 16,114 | 16,114 | 15,415 | ||||||||||||||||
National Surgical Hospitals, Inc. | (e)(h) | Health Care Equipment & Services | L+900 | 1.0% | 6/1/23 | 30,000 | 30,000 | 30,014 | ||||||||||||||||
Nielsen & Bainbridge, LLC | (g) | Consumer Durables & Apparel | L+925 | 1.0% | 8/15/21 | 16,675 | 16,481 | 16,341 | ||||||||||||||||
Paw Luxco II Sarl | (f)(j) | Consumer Durables & Apparel | EURIBOR+950 | 1/29/19 | € | 16,364 | 20,914 | 2,055 | ||||||||||||||||
PSAV Acquisition Corp. | (e)(g)(h) | Technology Hardware & Equipment | L+825 | 1.0% | 1/24/22 | $ | 80,000 | 79,130 | 80,000 | |||||||||||||||
Spencer Gifts LLC | (e)(h) | Retailing | L+825 | 1.0% | 6/29/22 | 30,000 | 29,885 | 24,825 | ||||||||||||||||
Stadium Management Corp. | (e)(g)(h) | Consumer Services | L+825 | 1.0% | 2/27/21 | 56,776 | 56,776 | 56,634 | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Senior Secured Loans—Second Lien | 619,892 | 599,155 | ||||||||||||||||||||||
|
|
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (ad)(v)(w)(y) | Capital Goods | 11,976,417 | $ | 11.3 | $ | 11.6 | |||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 20,284,091 | 20.3 | 17.7 | |||||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Term Loan | (v)(w) | Equity Real Estate Investment Trusts (REITs) | 7.5% PIK (7.5% Max PIK) | 3/15/34 | $ | 60.9 | 60.9 | 60.9 | ||||||||||||||||||||||||||||||||||||||||||
NewStar Clarendon 2014-1A Class D | (v)(w) | Financial Services | 3.2% | 1/25/27 | $ | 8.3 | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||
Opendoor Labs Inc, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 10.0% | 4/1/26 | $ | 10.5 | 10.5 | 10.2 | ||||||||||||||||||||||||||||||||||||||||||
Optio Invest, Private Equity | (v)(w) | Financial Services | 2,911,438 | 3.7 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||
PayPal Europe Sarl et Cie SCA, Private Equity | (v)(w) | Financial Services | 48,398,136 | 52.4 | 54.1 | |||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 5,612,193 | 7.3 | — | |||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 5.0%, 6.0% PIK (6.0% Max PIK) | 3/12/30 | $ | 58.9 | 57.3 | 34.7 | ||||||||||||||||||||||||||||||||||||||||||
Residential Opportunities I LLC, Private Equity | (v) | Real Estate Management & Development | 4,213,350 | 4.2 | 6.2 | |||||||||||||||||||||||||||||||||||||||||||||
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity | (ad)(v) | Financial Services | 220,778,388 | 236.5 | 234.5 | |||||||||||||||||||||||||||||||||||||||||||||
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 18.0% | 7/25/30 | $ | 3.4 | 2.4 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||
Star Mountain Diversified Credit Income Fund III, LP, Private Equity | (o)(w) | Financial Services | 23,500,000 | 23.5 | 25.1 | |||||||||||||||||||||||||||||||||||||||||||||
SunPower Financial, Private Equity | (v)(w)(y) | Financial Services | 3,690,938 | 3.7 | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||
Synovus Financial Corp, Private Equity | (v)(w) | Banks | 7,160,874 | 7.2 | 7.2 | |||||||||||||||||||||||||||||||||||||||||||||
TalkTalk Telecom Group Ltd, Revolver | (v)(w) | Commercial & Professional Services | SA+700 | 1.5% | 9/5/26 | £ | 34.2 | 43.1 | 43.3 | |||||||||||||||||||||||||||||||||||||||||
TalkTalk Telecom Group Ltd, Revolver | (v)(w)(x) | Commercial & Professional Services | SA+700 | 1.5% | 9/5/26 | £ | 9.1 | 11.5 | 11.4 | |||||||||||||||||||||||||||||||||||||||||
TDC LLP, Preferred Equity | (ad)(v)(w) | Financial Services | 8.0% | £ | 30.2 | 36.7 | 38.3 | |||||||||||||||||||||||||||||||||||||||||||
TDC LLP, Private Equity | (ad)(v)(w) | Financial Services | 1,576,060 | 2.0 | 2.0 | |||||||||||||||||||||||||||||||||||||||||||||
Vehicle Secured Funding Trust, Private Equity | (v)(w) | Financial Services | 86,619,949 | 86.6 | 87.5 | |||||||||||||||||||||||||||||||||||||||||||||
Weber-Stephen Products LLC, Revolver | (v)(w) | Consumer Discretionary Distribution & Retail | SF+575 | 1.0% | 12/19/26 | $ | 68.8 | 68.8 | 69.0 | |||||||||||||||||||||||||||||||||||||||||
Weber-Stephen Products LLC, Revolver | (v)(w)(x) | Consumer Discretionary Distribution & Retail | SF+575 | 1.0% | 12/19/26 | $ | 14.5 | 14.5 | 14.6 | |||||||||||||||||||||||||||||||||||||||||
Total Asset Based Finance | 2,397.4 | 2,255.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded commitments | (177.0) | (177.0) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Based Finance | 2,220.4 | 2,078.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
17
KKR Capital Corp.
2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||
Senior Secured Bonds—6.9% | ||||||||||||||||||||||||
Advanced Lighting Technologies, Inc. | (f)(g) | Materials | 10.5% | 6/1/19 | $ | 78,500 | $ | 77,670 | $ | 28,103 | ||||||||||||||
Caesars Entertainment Resort Properties, LLC | (e)(g)(h) | Consumer Services | 11.0% | 10/1/21 | 24,248 | 24,026 | 26,497 | |||||||||||||||||
FourPoint Energy, LLC | (e)(f)(h) | Energy | 9.0% | 12/31/21 | 74,813 | 72,520 | 76,589 | |||||||||||||||||
Global A&T Electronics Ltd. | (g)(j) | Semiconductors & Semiconductor Equipment | 10.0% | 2/1/19 | 7,000 | 6,955 | 5,328 | |||||||||||||||||
Ridgeback Resources Inc. | (f)(j) | Energy | 12.0% | 12/29/20 | 132 | 129 | 132 | |||||||||||||||||
Sorenson Communications, Inc. | (f) | Telecommunication Services | 9.0%, 0.0% PIK (9.0% Max PIK) | 10/31/20 | 19,898 | 19,357 | 17,709 | |||||||||||||||||
Velvet Energy Ltd. | (g)(j) | Energy | 9.0% | 10/5/23 | 5,000 | 5,000 | 5,112 | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Senior Secured Bonds | 205,657 | 159,470 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Subordinated Debt—19.8% | ||||||||||||||||||||||||
Aurora Diagnostics, LLC | (e)(f)(h) | Health Care Equipment & Services | 10.8% | 1/15/18 | 14,935 | 14,944 | 12,881 | |||||||||||||||||
Bellatrix Exploration Ltd. | (g)(j) | Energy | 8.5% | 5/15/20 | 5,000 | 4,928 | 4,922 | |||||||||||||||||
Brooklyn Basketball Holdings, LLC | (f)(g) | Consumer Services | L+725 | 10/25/19 | 19,873 | 19,873 | 19,972 | |||||||||||||||||
CEC Entertainment, Inc. | (f) | Consumer Services | 8.0% | 2/15/22 | 5,000 | 5,010 | 5,117 | |||||||||||||||||
Ceridian HCM Holding, Inc. | (f)(g) | Commercial & Professional Services | 11.0% | 3/15/21 | 21,800 | 22,555 | 22,509 | |||||||||||||||||
EV Energy Partners, L.P. | (f) | Energy | 8.0% | 4/15/19 | 265 | 245 | 188 | |||||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/30/25 | 732 | 732 | 727 | |||||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/30/25 | 4,649 | 4,649 | 4,620 | |||||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/3/25 | 961 | 961 | 955 | |||||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/29/25 | 904 | 904 | 899 | |||||||||||||||||
Global Jet Capital Inc. | (f)(g)(j) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | 66,763 | 66,763 | 66,346 | |||||||||||||||||
Global Jet Capital Inc. | (f)(g)(j) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | 10,919 | 10,919 | 10,851 | |||||||||||||||||
Global Jet Capital Inc. | (f)(j) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | 5,718 | 5,718 | 5,682 | |||||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/14/26 | 11,688 | 11,688 | 11,615 | |||||||||||||||||
Global Jet Capital Inc. | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/2/26 | 11,473 | 11,473 | 11,473 | |||||||||||||||||
Imagine Communications Corp. | (g) | Media | 12.5% PIK (12.5% Max PIK) | 8/4/18 | 585 | 585 | 585 | |||||||||||||||||
Jupiter Resources Inc. | (f)(g)(j) | Energy | 8.5% | 10/1/22 | 6,425 | 5,505 | 5,579 | |||||||||||||||||
Mood Media Corp. | (g)(i)(j) | Media | 10.0% | 8/6/23 | 6,460 | 5,689 | 5,976 | |||||||||||||||||
Mood Media Corp. | (f)(g)(j) | Media | 9.3% | 10/15/20 | 43,135 | 42,402 | 26,744 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC —20.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | (ad)(v)(w) | Credit Opportunities Partners JV, LLC | $ | 1,637.3 | $ | 1,571.7 | $ | 1,390.3 | ||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,571.7 | 1,390.3 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Equity/Other—16.8%(e) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Abaco Energy Technologies LLC, Common Stock | (v)(y) | Energy | 3,055,556 | $ | 0.2 | $ | 0.3 | |||||||||||||||||||||||||||||||||||||||||||
Abaco Energy Technologies LLC, Preferred Stock | (v)(y) | Energy | 12,734,481 | 1.5 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | 11.8% PIK (11.8% Max PIK) | 49,073,000 | 48.1 | 50.1 | ||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners, Private Equity | (v)(y) | Health Care Equipment & Services | 2,655,491 | 2.7 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc, Preferred Stock | (v) | Health Care Equipment & Services | 11.5% PIK (11.5% Max PIK) | 12,702,290 | 12.3 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA, Preferred Stock | (v) | Software & Services | SF+950 PIK (SF+950 Max PIK) | 1.0% | 4/30/31 | 15,000,000 | 14.1 | 12.3 | ||||||||||||||||||||||||||||||||||||||||||
Arena Energy LP, Warrants | (v) | Energy | 68,186,525 | 0.4 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp | (n)(p)(y) | Energy | 866,071 | 18.9 | 21.2 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (n)(p)(y) | Energy | 10,193 | 9.7 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | 10.8% PIK (10.8% Max PIK) | 267,493 | 262.2 | 250.5 | ||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-1 Common Stock | (ad)(v)(w)(y) | Capital Goods | 500 | 5.0 | 0.0 | |||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-2 Common Stock | (ad)(v)(w)(y) | Capital Goods | 900 | 4.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | (ad)(s)(v)(w)(y) | Capital Goods | 5,578 | 9.9 | — | |||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | (ac)(v)(y) | Consumer Discretionary Distribution & Retail | 94,950 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | (ad)(h)(n)(y) | Food, Beverage & Tobacco | 5,179,936 | 4.2 | 11.2 | |||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Common Stock | (v)(y) | Food, Beverage & Tobacco | 1,058,391 | 10.0 | 2.8 | |||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 9/10/28 | 161,828 | 0.0 | — | ||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 9/10/28 | 1,918,831 | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||
CDS US Intermediate Holdings Inc, Warrant | (v)(w)(y) | Media & Entertainment | 2,023,714 | — | 6.8 | |||||||||||||||||||||||||||||||||||||||||||||
Cengage Learning, Inc, Common Stock | (v)(y) | Media & Entertainment | 227,802 | 7.5 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | (ac)(f)(v)(y) | Capital Goods | 849,702 | 10.3 | — | |||||||||||||||||||||||||||||||||||||||||||||
Cubic Corp, Preferred Stock | (v) | Software & Services | 11.0% PIK (11.0% Max PIK) | 42,141,600 | 39.8 | 32.6 | ||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | (ac)(o)(y) | Consumer Services | 14,943 | — | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Common Stock | (ac)(n)(y) | Consumer Durables & Apparel | 228,806 | 35.4 | 9.9 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Preferred Stock | (ac)(n) | Consumer Durables & Apparel | 15.9% PIK (15.9% Max PIK) | 2,068,400 | 4.0 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Trade Claim | (ac)(v)(y) | Consumer Durables & Apparel | 7,701,195 | 2.5 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Class A Common Stock | (ad)(n)(y) | Health Care Equipment & Services | 250 | — | — |
18
KKR Capital Corp.
2024
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||
NewStar Financial, Inc. | (g)(j) | Diversified Financials | 8.3%, 0.0% PIK (8.8% Max PIK) | 12/4/24 | $ | 75,000 | $ | 61,615 | $ | 65,250 | ||||||||||||||
P.F. Chang’s China Bistro, Inc. | (f)(g) | Consumer Services | 10.3% | 6/30/20 | 11,433 | 11,743 | 11,223 | |||||||||||||||||
PriSo Acquisition Corp. | (g) | Capital Goods | 9.0% | 5/15/23 | 10,155 | 10,044 | 10,206 | |||||||||||||||||
S1 Blocker Buyer Inc. | (g) | Commercial & Professional Services | 10.0% PIK (10.0% Max PIK) | 10/31/22 | 127 | 127 | 129 | |||||||||||||||||
SandRidge Energy, Inc. | (g)(j)(l) | Energy | —% | 10/4/20 | 4,405 | 5,871 | 5,530 | |||||||||||||||||
Sequel Industrial Products Holdings, LLC | (f) | Commercial & Professional Services | 14.5%, 2.5% PIK (2.5% Max PIK) | 9/30/19 | 7,044 | 6,999 | 7,203 | |||||||||||||||||
Sorenson Communications, Inc. | (f) | Telecommunication Services | 13.9%, 0.0% PIK (13.9% Max PIK) | 10/31/21 | 15,122 | 14,314 | 13,913 | |||||||||||||||||
SunGard Availability Services Capital, Inc. | (f)(g) | Software & Services | 8.8% | 4/1/22 | 10,750 | 8,363 | 7,404 | |||||||||||||||||
ThermaSys Corp. | (e)(f)(g) | Capital Goods | 9.0%, 1.8% PIK (5.0% Max PIK) | 5/3/20 | 138,106 | 138,106 | 110,312 | |||||||||||||||||
VPG Group Holdings LLC | (e)(g) | Materials | 11.0%, 2.0% PIK (2.0% Max PIK) | 6/30/18 | 5,355 | 5,355 | 5,234 | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Subordinated Debt | 498,080 | 454,045 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Collateralized Securities—3.1% | ||||||||||||||||||||||||
ACASC2013-2A Class Subord. B | (f)(g)(j) | Diversified Financials | 12.5% | 10/25/25 | 30,500 | 17,799 | 20,270 | |||||||||||||||||
NewStar Clarendon2014-1A Class D | (g)(j) | Diversified Financials | L+435 | 1/25/27 | 1,560 | 1,477 | 1,472 | |||||||||||||||||
NewStar Clarendon2014-1A Class Subord. B | (g)(j) | Diversified Financials | 16.4% | 1/25/27 | 17,900 | 14,272 | 14,300 | |||||||||||||||||
Rampart CLO 2007 1A Class Subord. | (g)(j) | Diversified Financials | 17.6% | 10/25/21 | 10,000 | 741 | 1,105 | |||||||||||||||||
Stone Tower CLO VI Class Subord. | (f)(j) | Diversified Financials | 23.6% | 4/17/21 | 5,000 | 1,636 | 2,434 | |||||||||||||||||
Wind River CLO Ltd. 2012 1A Class Subord. B | (g)(j) | Diversified Financials | 19.9% | 1/15/26 | 42,504 | 23,300 | 32,477 | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Collateralized Securities | 59,225 | 72,058 | ||||||||||||||||||||||
|
|
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Equity | (ad)(n)(y) | Health Care Equipment & Services | 1,000 | $ | 8.2 | $ | 3.3 | |||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Stock B | (ad)(n)(y) | Health Care Equipment & Services | 745 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Harvey Industries Inc, Common Stock | (v)(y) | Capital Goods | 5,000,000 | 2.2 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | (ad)(s)(v)(y) | Capital Goods | 85,385 | 7.1 | 24.2 | |||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | (ad)(s)(v)(y) | Capital Goods | 15,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Imagine Communications Corp, Common Stock | (v)(y) | Media & Entertainment | 33,034 | 3.8 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock | (ad)(j)(u)(v)(y) | Materials | 2,105 | 0.0 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | (ad)(j)(u)(v)(y)(z) | Materials | 0.0% PIK (12.5% Max PIK) | 2/15/28 | 15,279 | 214.5 | 148.6 | |||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC, Common Stock | (ad)(m)(s)(v)(y) | Commercial & Professional Services | 26,230,661 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC, Preferred Stock | (ad)(m)(s)(v)(y) | Commercial & Professional Services | 26,230,661 | 48.3 | 48.3 | |||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC, Common Stock | (v)(y) | Consumer Staples Distribution & Retail | 7,944,319 | 8.0 | 5.1 | |||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC, Common Stock | (h)(y) | Commercial & Professional Services | 4,938,192 | 4.9 | 5.3 | |||||||||||||||||||||||||||||||||||||||||||||
Maverick Natural Resources LLC, Common Stock | (n)(o) | Energy | 259,211 | 61.3 | 40.5 | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Common Stock | (h)(y) | Software & Services | 29,403 | 1.5 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Preferred Stock | (h) | Software & Services | 8.0% PIK (8.0% Max PIK) | 29,403 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd, Preferred Stock | (v)(w) | Software & Services | L+1,125 PIK (L+1,125 Max PIK) | 0.0% | 78,761,513 | 74.7 | 75.0 | |||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class A-1 Common Stock | (ad)(v)(y) | Software & Services | 42,923 | 0.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class B-1 Common Stock | (ad)(v)(y) | Software & Services | 30,121 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class C Common Stock | (ad)(v)(y) | Software & Services | 49,406 | 20.2 | 20.3 | |||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class I-1 Common Stock | (ad)(v)(y) | Software & Services | 42,923 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | (ac)(v)(y) | Health Care Equipment & Services | 34,872 | 2.1 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (ac)(v)(y) | Health Care Equipment & Services | 371,992 | 22.8 | 18.8 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (ac)(v) | Health Care Equipment & Services | 9.0% PIK (9.0% Max PIK) | 10/25/29 | 7,672,347 | 7.9 | 7.7 | |||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Trade Claim | (v)(y) | Energy | 589,656 | 0.6 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||
Polyconcept North America Inc, Class A - 1 Units | (v) | Household & Personal Products | 30,000 | 3.0 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series A PIK | (ad)(v)(y) | Media & Entertainment | 8/21/24 | 434,250 | 18.1 | 143.0 | ||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series B PIK | (ad)(v)(y) | Media & Entertainment | 8/21/24 | 140 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | (ac)(v)(w)(y) | Energy | 2,635,005 | 33.5 | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | (ac)(v)(w)(y) | Energy | 837,780 | 5.4 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC, Common Stock | (ad)(v)(y) | Consumer Durables & Apparel | 4,563 | 8.3 | 10.1 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Private Equity | (ad)(v)(y) | Health Care Equipment & Services | 1,840,376 | 1.8 | 8.1 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trade Claim | (ad)(v)(y) | Health Care Equipment & Services | 8,301,000 | 0.7 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units | (ad)(v)(y) | Health Care Equipment & Services | 143,400 | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Saturn Oil & Gas Inc, Common Stock | (aa)(j)(u)(v)(w)(y) | Energy | 355,993 | 0.7 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC, Common Stock | (j)(u)(v) | Telecommunication Services | 42,731 | 7.1 | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||
Stuart Weitzman Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Swift Worldwide Resources Holdco Ltd, Common Stock | (v)(y) | Energy | 1,250,000 | 1.2 | 1.3 |
19
KKR Capital Corp.
2024
Portfolio Company(a) | Footnotes | Industry | Number of Shares | Amortized Cost | Fair Value(d) | |||||||||||||||||||||||
Equity/Other—22.1%(k) | ||||||||||||||||||||||||||||
5 Arches, LLC, Common Equity | (g)(j)(l)(n) | Diversified Financials | 9,475 | $ | 250 | $ | 250 | |||||||||||||||||||||
A.P. Plasman Inc., Warrants, 5/25/2026 | (g)(j)(l) | Capital Goods | 698,482 | 2,545 | 3,073 | |||||||||||||||||||||||
Altus Power America Holdings, LLC, Common Equity | (g)(l) | Energy | 462,008 | 462 | 462 | |||||||||||||||||||||||
Altus Power America Holdings, LLC, Preferred Equity | (g) | Energy | 888,211 | 888 | 888 | |||||||||||||||||||||||
Amaya Inc., Warrants, 5/15/2024 | (g)(j)(l) | Consumer Services | 2,000,000 | 16,832 | 13,360 | |||||||||||||||||||||||
AP Exhaust Holdings, LLC, Common Equity | (g)(l)(n) | Automobiles & Components | 811 | 811 | 41 | |||||||||||||||||||||||
Aquilex Corp., Common Equity, Class A Shares | (g)(l)(n) | Commercial & Professional Services | 15,128 | 1,087 | 4,529 | |||||||||||||||||||||||
Aquilex Corp., Common Equity, Class B Shares | (g)(l)(n) | Commercial & Professional Services | 32,637 | 1,690 | 9,772 | |||||||||||||||||||||||
Ascent Resources Utica Holdings, LLC, Common Equity | (g)(l)(m) | Energy | 96,800,082 | 29,100 | 21,683 | |||||||||||||||||||||||
ASG Technologies Group, Inc., Common Equity | (g)(l)(t) | Software & Services | 1,689,767 | 36,422 | 79,673 | |||||||||||||||||||||||
ASG Technologies Group, Inc., Warrants, 6/27/2022 | (g)(l)(t) | Software & Services | 229,541 | 6,542 | 5,830 | |||||||||||||||||||||||
Aspect Software, Inc., Common Equity | (g)(l) | Software & Services | 409,967 | 19,792 | 22,384 | |||||||||||||||||||||||
Burleigh Point, Ltd., Warrants, 7/16/2020 | (g)(j)(l) | Retailing | 3,451,216 | 1,898 | 276 | |||||||||||||||||||||||
CSF Group Holdings, Inc., Common Equity | (g)(l) | Capital Goods | 391,300 | 391 | 391 | |||||||||||||||||||||||
Eastman Kodak Co., Common Equity | (g)(l) | Consumer Durables & Apparel | 61,859 | 1,203 | 959 | |||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity,Class C-II-A Units | (g)(l)(n) | Energy | 21,000 | 21,000 | 10,133 | |||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity, Class D Units | (g)(l)(n) | Energy | 3,937 | 2,601 | 1,919 | |||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity,Class E-II Units | (g)(l)(n) | Energy | 87,400 | 21,850 | 39,986 | |||||||||||||||||||||||
FourPoint Energy, LLC, Common Equity,Class E-III Units | (g)(l)(n) | Energy | 70,875 | 17,719 | 34,197 | |||||||||||||||||||||||
Fronton Investor Holdings, LLC, Class B Units | (g)(n)(t) | Consumer Services | 14,943 | 15,011 | 15,092 | |||||||||||||||||||||||
Global Jet Capital Holdings, LP, Preferred Equity | (f)(g)(j)(l) | Commercial & Professional Services | 42,281,308 | 42,281 | 42,281 | |||||||||||||||||||||||
H.I.G. Empire Holdco, Inc., Common Equity | (g)(l) | Retailing | 375 | 1,118 | 1,148 | |||||||||||||||||||||||
Harvey Holdings, LLC, Common Equity | (g)(l) | Capital Goods | 2,333,333 | 2,333 | 5,367 | |||||||||||||||||||||||
Imagine Communications Corp., Common Equity, Class A Units | (g)(l) | Media | 33,034 | 3,783 | 3,191 | |||||||||||||||||||||||
Industrial Group Intermediate Holdings, LLC, Common Equity | (g)(l)(n) | Materials | 441,238 | 441 | 772 | |||||||||||||||||||||||
JMC Acquisition Holdings, LLC, Common Equity | (g)(l) | Capital Goods | 483 | 483 | 539 | |||||||||||||||||||||||
JW Aluminum Co., Common Equity | (f)(g)(l)(u) | Materials | 972 | — | — | |||||||||||||||||||||||
JW Aluminum Co., Preferred Equity | (f)(g)(u) | Materials | 4,499 | 43,507 | 45,031 | |||||||||||||||||||||||
Leading Edge Aviation Services, Inc., Common Equity | (f)(l) | Capital Goods | 4,401 | 464 | 137 | |||||||||||||||||||||||
Leading Edge Aviation Services, Inc., Preferred Equity | (f)(l) | Capital Goods | 1,303 | 1,303 | 1,303 | |||||||||||||||||||||||
MB Precision Investment Holdings LLC,Class A-2 Units | (g)(l)(n) | Capital Goods | 490,213 | 490 | 98 | |||||||||||||||||||||||
Micronics, Inc., Common Equity | (g)(l) | Capital Goods | 53,073 | 553 | 403 | |||||||||||||||||||||||
Micronics, Inc., Preferred Equity | (g)(l) | Capital Goods | 55 | 553 | 740 | |||||||||||||||||||||||
NewStar Financial, Inc., Warrants, 11/4/2024 | (g)(j)(l) | Diversified Financials | 3,000,000 | 15,058 | 8,310 | |||||||||||||||||||||||
North Haven Cadence Buyer, Inc., Common Equity | (g)(l) | Consumer Services | 1,041,667 | 1,042 | 1,094 | |||||||||||||||||||||||
PSAV Holdings LLC, Common Equity | (f) | Technology Hardware & Equipment | 10,000 | 10,000 | 28,500 | |||||||||||||||||||||||
Ridgeback Resources Inc., Common Equity | (f)(j)(l) | Energy | 324,954 | 1,997 | 1,997 | |||||||||||||||||||||||
Roadhouse Holding Inc., Common Equity | (g)(l)(t) | Consumer Services | 6,672,036 | 6,932 | 8,147 | |||||||||||||||||||||||
S1 Blocker Buyer Inc., Common Equity | (g) | Commercial & Professional Services | 59 | 587 | 571 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc, Preferred Stock | (v) | Software & Services | SF+1,200 PIK (SF+1,200 Max PIK) | 0.5% | 76,878,880 | $ | 73.5 | $ | 81.8 | |||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | 454,343,603 | 4.8 | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | 1,272,105 | 1.3 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | (ad)(v)(y) | Energy | 3,483,788 | 12.8 | 11.4 | |||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH, Common Stock | (ad)(v)(w)(y) | Capital Goods | 11,630 | 8.0 | 7.4 | |||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc, Preferred Equity | (v)(y) | Household & Personal Products | 830,617 | 0.3 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Total Equity/Other | 1,173.0 | 1,148.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS—208.8% | $ | 14,805.6 | 14,220.8 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(108.8%) | (7,408.8) | |||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSETS—100.0% | $ | 6,812.0 |
Foreign Currency | Settlement Date | Counterparty | Amount and Transaction | US$ Value at Settlement Date | US$ Value at March 31, 2024 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||||||||||||||
AUD | 10/21/2024 | JP Morgan Chase Bank | A$ | 8.3 | Sold | $ | 5.2 | $ | 5.4 | $ | (0.2) | ||||||||||||||||||||||||||||||||||||
AUD | 10/21/2024 | JP Morgan Chase Bank | A$ | 2.2 | Sold | 1.5 | 1.4 | 0.1 | |||||||||||||||||||||||||||||||||||||||
AUD | 10/21/2024 | JP Morgan Chase Bank | A$ | 2.3 | Sold | 1.5 | 1.5 | 0.0 | |||||||||||||||||||||||||||||||||||||||
CAD | 11/18/2024 | JP Morgan Chase Bank | C$ | 1.1 | Sold | 0.8 | 0.8 | 0.0 | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 1.4 | Sold | 1.7 | 1.8 | (0.1) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 3.4 | Sold | 4.1 | 4.3 | (0.2) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 1.7 | Sold | 2.1 | 2.2 | (0.1) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 5.0 | Sold | 6.0 | 6.3 | (0.3) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 1.9 | Sold | 2.3 | 2.4 | (0.1) | |||||||||||||||||||||||||||||||||||||||
GBP | 1/20/2026 | JP Morgan Chase Bank | £ | 6.2 | Sold | 7.5 | 7.9 | (0.4) | |||||||||||||||||||||||||||||||||||||||
GBP | 3/31/2026 | JP Morgan Chase Bank | £ | 13.5 | Sold | 16.6 | 17.1 | (0.5) | |||||||||||||||||||||||||||||||||||||||
GBP | 4/2/2026 | JP Morgan Chase Bank | £ | 3.5 | Sold | 4.3 | 4.4 | (0.1) | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 503.0 | Sold | 60.2 | 47.2 | 13.0 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 34.5 | Sold | 4.1 | 3.2 | 0.9 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 250.0 | Sold | 26.3 | 23.4 | 2.9 | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 119.3 | Sold | 13.3 | 11.4 | 1.9 | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 27.8 | Sold | 3.1 | 2.7 | 0.4 | |||||||||||||||||||||||||||||||||||||||
SEK | 4/14/2027 | JP Morgan Chase Bank | SEK | 167.0 | Sold | 16.4 | 16.3 | 0.1 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 177.0 | $ | 159.7 | $ | 17.3 |
20
KKR Capital Corp.
2024
Portfolio Company(a) | Footnotes | Industry | Number of Shares | Amortized Cost | Fair Value(d) | |||||||||||||||||||||||
Safariland, LLC, Common Equity | (f)(l) | Capital Goods | 25,000 | $ | 2,500 | $ | 11,535 | |||||||||||||||||||||
Safariland, LLC, Warrants, 7/27/2018 | (f)(l) | Capital Goods | 2,263 | 246 | 1,044 | |||||||||||||||||||||||
Safariland, LLC, Warrants, 9/20/2019 | (f)(l) | Capital Goods | 2,273 | 227 | 1,049 | |||||||||||||||||||||||
SandRidge Energy, Inc., Common Equity | (g)(j)(l) | Energy | 186,853 | 4,671 | 4,400 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Common Equity | (f)(g)(l) | Commercial & Professional Services | 33,306 | 3,400 | 9,682 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Preferred Equity | (f)(g) | Commercial & Professional Services | 8,000 | 12,174 | 12,179 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Warrants, 9/28/2022 | (g)(l) | Commercial & Professional Services | 1,293 | 1 | 219 | |||||||||||||||||||||||
Sequel Industrial Products Holdings, LLC, Warrants, 5/10/2022 | (f)(l) | Commercial & Professional Services | 19,388 | 12 | 3,697 | |||||||||||||||||||||||
Sequential Brands Group, Inc., Common Equity | (g)(j)(l) | Consumer Durables & Apparel | 206,664 | 2,790 | 967 | |||||||||||||||||||||||
Sorenson Communications, Inc., Common Equity | (f)(l) | Telecommunication Services | 46,163 | — | 38,989 | |||||||||||||||||||||||
Sunnova Energy Corp., Common Equity | (g)(l) | Energy | 192,389 | 722 | 1,045 | |||||||||||||||||||||||
Sunnova Energy Corp., Preferred Equity | (g)(l) | Energy | 18,182 | 97 | 99 | |||||||||||||||||||||||
SWI Holdco LLC, Common Equity | (g)(l) | Consumer Durables & Apparel | 950 | — | 2,613 | |||||||||||||||||||||||
ThermaSys Corp., Common Equity | (f)(l) | Capital Goods | 51,813 | 1 | — | |||||||||||||||||||||||
ThermaSys Corp., Preferred Equity | (f)(l) | Capital Goods | 51,813 | 5,181 | — | |||||||||||||||||||||||
VPG Group Holdings LLC,Class A-2 Units | (f)(l) | Materials | 3,637,500 | 3,638 | 2,183 | |||||||||||||||||||||||
Warren Resources, Inc., Common Equity | (f)(g)(l) | Energy | 113,515 | 534 | 488 | |||||||||||||||||||||||
Zeta Interactive Holdings Corp., Preferred Equity | (g)(l) | Software & Services | 215,662 | 1,714 | 1,931 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Equity/Other | 368,927 | 506,647 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
TOTAL INVESTMENTS—162.2% | $ | 3,743,940 | 3,726,816 | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(62.2%) | (1,429,439 | ) | ||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
NET ASSETS—100% | $ | 2,297,377 | ||||||||||||||||||||||||||
|
|
21
KKR Capital Corp.
2024
Portfolio Company | Fair Value at December 31, 2015 | Purchases and Paid-in-kind Interest | Sales and Repayments | Accretion of Discount | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2016 | Interest Income | Fee Income | Dividend Income | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien |
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ASG Technologies Group, Inc. | $ | 38,321 | $ | 15,628 | — | $ | 44 | — | $ | 773 | $ | 54,766 | $ | 4,841 | — | — | ||||||||||||||||||||||||
Senior Secured Loans—Second Lien |
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ASG Technologies Group, Inc. | — | $ | 18,069 | — | $ | 464 | — | $ | 5,339 | $ | 23,872 | $ | 1,818 | $ | 738 | — | ||||||||||||||||||||||||
Logan’s Roadhouse, Inc. | — | $ | 16,114 | — | — | — | $ | (699 | ) | $ | 15,415 | $ | 165 | $ | 14 | — | ||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||
ASG Technologies Group, Inc., Common Equity | $ | 77,898 | — | — | — | — | $ | 1,775 | $ | 79,673 | — | — | — | |||||||||||||||||||||||||||
ASG Technologies Group, Inc., Warrants, 6/27/2022 | — | $ | 6,542 | — | — | — | $ | (712 | ) | $ | 5,830 | — | — | — | ||||||||||||||||||||||||||
Fronton Investor Holdings, LLC, Class B Units | $ | 16,138 | — | $ | (1,874 | ) | — | — | $ | 828 | $ | 15,092 | — | — | $ | 224 | ||||||||||||||||||||||||
Roadhouse Holding Inc., Common Equity | — | $ | 6,932 | — | — | — | $ | 1,215 | $ | 8,147 | — | — | — |
Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at March 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | $ | 35.6 | $ | 1.2 | $ | (1.4) | $ | — | $ | 0.6 | $ | 36.0 | $ | 1.1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | 7.3 | 3.4 | — | — | 0.1 | 10.8 | 0.3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 13.2 | — | (2.1) | 0.3 | 2.9 | 14.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 20.0 | — | — | — | 0.2 | 20.2 | 0.8 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | 15.1 | 0.1 | — | — | (0.1) | 15.1 | 0.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | 86.4 | — | (0.2) | — | 0.7 | 86.9 | 2.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | 18.1 | — | — | — | 0.3 | 18.4 | 0.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | 4.2 | — | — | — | 0.4 | 4.6 | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | 9.0 | — | (0.1) | — | 0.7 | 9.6 | 0.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | 20.6 | 0.2 | — | — | 0.8 | 21.6 | — | 0.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Altavair AirFinance, Private Equity | 133.9 | — | (0.1) | — | 0.9 | 134.7 | — | — | — | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity | 2.5 | — | — | — | (0.1) | 2.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | 11.4 | 0.3 | — | — | — | 11.7 | — | 0.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | 0.2 | — | — | — | — | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | 4.2 | — | — | — | (0.1) | 4.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc, Preferred Stock | 50.0 | — | — | — | 0.1 | 50.1 | — | 1.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc, Preferred Stock | 252.6 | — | — | — | (2.1) | 250.5 | — | 7.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock(4) | 11.2 | — | (4.9) | — | (6.3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | 1.8 | — | — | — | (0.1) | 1.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Common Stock | 0.5 | — | — | — | 9.4 | 9.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Trade Claim | 1.0 | — | — | — | — | 1.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Preferred Stock | 5.5 | — | — | — | 0.6 | 6.1 | — | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | 18.5 | — | — | — | 0.3 | 18.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | 1.9 | — | — | — | 0.4 | 2.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | 7.7 | — | (0.1) | — | 0.1 | 7.7 | — | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | 3.5 | — | — | — | (0.2) | 3.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | 9.5 | — | — | — | — | 9.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | — | — | — | (10.2) | 10.2 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 745.4 | $ | 5.2 | $ | (8.9) | $ | (9.9) | $ | 19.7 | $ | 751.5 | $ | 6.4 | $ | 10.0 | $ | — | $ | 4.0 |
22
KKR Capital Corp.
2024
Portfolio Company | Fair Value at December 31, 2015 | Purchases and Paid-in-kind Interest | Sales and Repayments | Accretion of Discount | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2016 | Interest Income | Fee Income | Dividend Income | ||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co. | $ | 32,887 | $ | 4,478 | — | $ | 2 | — | $ | 672 | $ | 38,039 | $ | 3,338 | — | — | ||||||||||||||||||||||||
Senior Secured Bonds | ||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co. | — | $ | 8,060 | $ | (8,141) | $ | 107 | $ | (26) | — | — | $ | 210 | — | — | |||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co., Common Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
JW Aluminum Co., Preferred Equity | $ | 43,844 | $ | 406 | — | — | — | $ | 781 | $ | 45,031 | $ | 35 | — | — |
Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at March 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | $ | 65.1 | $ | 13.8 | $ | (1.0) | $ | — | $ | — | $ | 77.9 | $ | 2.6 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Gracent LLC | 24.5 | 0.8 | — | — | 0.3 | 25.6 | — | 0.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | 35.8 | — | (0.2) | — | — | 35.6 | 1.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | 1.0 | — | — | — | — | 1.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | — | 10.5 | (10.5) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | — | 185.8 | — | — | 4.7 | 190.5 | 0.3 | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | — | 81.1 | — | — | 1.7 | 82.8 | 0.1 | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc | 32.2 | 1.0 | — | — | — | 33.2 | — | 1.0 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 168.6 | 4.0 | (0.3) | — | (0.7) | 171.6 | 6.7 | 2.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 0.1 | — | — | — | — | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 63.6 | 0.7 | (0.8) | — | (0.3) | 63.2 | 0.1 | 0.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 34.8 | 0.2 | (0.4) | — | — | 34.6 | 0.8 | 0.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc | 18.8 | 0.2 | — | — | (0.2) | 18.8 | 0.9 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel LLC | 6.5 | 0.2 | — | — | — | 6.7 | — | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel LLC | 6.8 | 0.2 | — | — | — | 7.0 | — | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co | 77.1 | — | — | — | 1.4 | 78.5 | 2.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH | — | 55.8 | — | — | (2.3) | 53.5 | — | 0.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | 32.9 | 1.8 | — | — | (15.5) | 19.2 | 0.2 | 0.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | 52.7 | — | — | — | (4.2) | 48.5 | 1.2 | 0.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Abacus JV, Private Equity | 48.5 | — | — | — | (1.7) | 46.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Private Equity | 38.8 | — | (37.9) | — | (0.9) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Private Equity | — | 10.2 | — | — | 0.7 | 10.9 | — | — | — | — |
23
Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at March 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Term Loan | $ | — | $ | 2.2 | $ | 28.4 | $ | — | $ | — | $ | 30.6 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Australis Maritime, Common Stock | 35.8 | — | (6.3) | — | (1.7) | 27.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Australis Maritime II, Private Equity | 12.2 | 1.1 | — | — | 0.1 | 13.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | 42.9 | — | — | — | (2.4) | 40.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Subordinated Bond | 1.5 | — | — | — | (0.1) | 1.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Private Equity | 32.4 | — | (0.5) | — | — | 31.9 | — | — | — | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Structured Mezzanine | 41.5 | — | (0.1) | — | — | 41.4 | 1.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GreenSky Holdings LLC, Private Equity | — | 10.7 | — | — | — | 10.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GreenSky Holdings LLC, Term Loan | — | 32.0 | — | — | — | 32.0 | — | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | 99.7 | — | — | — | — | 99.7 | 3.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | 0.5 | — | — | — | — | 0.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Altitude II Offshore Aggregator LP, Partnership Interest | 65.6 | 20.2 | — | — | 1.6 | 87.4 | — | — | — | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest | 15.3 | — | — | — | 0.2 | 15.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Chord IP Aggregator LP, Partnership Interest | 99.9 | — | (89.3) | — | 19.9 | 30.5 | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | 8.3 | — | (1.2) | — | 0.4 | 7.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | 11.8 | — | — | — | (0.2) | 11.6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Private Equity | 78.8 | — | (81.1) | — | 2.3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Private Equity | — | 20.3 | — | — | (2.6) | 17.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Term Loan | — | 60.9 | — | — | — | 60.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime St LLC, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime St LLC, Structured Mezzanine | 33.1 | 0.1 | — | — | 1.5 | 34.7 | 0.8 | 0.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity | 241.0 | — | — | — | (6.5) | 234.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TDC LLP, Preferred Equity | 27.8 | 10.4 | — | — | 0.1 | 38.3 | (0.3) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TDC LLP, Preferred Equity | 2.0 | — | — | — | — | 2.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,396.9 | — | — | — | (6.6) | 1,390.3 | — | — | — | 54.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | 25.9 | — | — | — | (25.9) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-1 Common Stock | 2.5 | — | — | — | (2.5) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-2 Common Stock | 0.8 | — | — | — | (0.8) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock(4) | — | 4.9 | (0.9) | 0.2 | 7.0 | 11.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Stock A | — | — | — | (8.0) | 8.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Stock B | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Class A Common Stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Equity | 3.8 | — | — | — | (0.5) | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | 25.1 | — | — | — | (0.9) | 24.2 | — | — | — | — |
Portfolio Company | Fair Value at December 31, 2023 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at March 31, 2024 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock | 2.5 | — | — | — | — | 2.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | 148.7 | — | — | — | (0.1) | 148.6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC, Preferred Stock | — | 48.3 | — | — | — | 48.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC (fka NBG Home), Common Stock | 10.2 | — | — | — | (0.1) | 10.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class A-1 Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class B-1 Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class C Common Stock | 19.7 | — | — | — | 0.6 | 20.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class I-1 Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series A PIK | 120.7 | — | — | — | 22.3 | 143.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series B PIK | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trade Claim | 0.9 | — | — | — | — | 0.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units | 0.1 | — | — | — | — | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Private Equity | 7.7 | 0.9 | — | — | (0.5) | 8.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH, Common Stock | — | 8.0 | — | — | (0.6) | 7.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | 12.3 | — | — | — | (0.9) | 11.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,335.7 | $ | 586.3 | $ | (202.1) | $ | (7.8) | $ | (5.9) | $ | 3,706.2 | $ | 21.2 | $ | 8.1 | $ | — | $ | 57.0 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien—124.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (v) | Software & Services | SF+600 | 0.8% | 11/23/26 | $ | 2.2 | $ | 2.2 | $ | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (i)(k)(v) | Software & Services | SF+575 | 0.8% | 11/23/27 | 124.7 | 124.0 | 122.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (x) | Software & Services | SF+600 | 0.8% | 11/23/26 | 6.9 | 6.9 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (f)(k)(t)(v) | Commercial & Professional Services | SF+600 | 1.0% | 11/30/26 | 180.9 | 179.7 | 171.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (v) | Commercial & Professional Services | SF+600 | 1.0% | 11/30/26 | 6.4 | 6.4 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (x) | Commercial & Professional Services | SF+600 | 1.0% | 11/30/26 | 4.2 | 4.2 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 Arch Income Fund 2 LLC | (q)(r)(w)(y)(z) | Financial Services | 9.0% | 3/31/24 | 84.2 | 61.7 | 19.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aareon AG | (v)(w) | Software & Services | E+625 | 0.8% | 8/19/30 | € | 35.9 | 38.2 | 38.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corp | (aa)(k) | Capital Goods | SF+525, 1.6% PIK (1.6% Max PIK) | 1.0% | 5/18/26 | $ | 7.5 | 7.5 | 6.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (m)(t)(v) | Health Care Equipment & Services | SF+650 | 1.0% | 5/7/27 | 38.1 | 36.7 | 37.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (v) | Health Care Equipment & Services | SF+650 | 1.0% | 5/7/27 | 7.8 | 7.8 | 7.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | SF+650 | 1.0% | 5/7/26 | 3.6 | 3.6 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (v)(w) | Software & Services | SR+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | SEK | 933.6 | 106.7 | 91.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (v)(w) | Software & Services | R+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | ISK | 1,345.8 | 10.2 | 9.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(v) | Health Care Equipment & Services | SF+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/27 | $ | 1.9 | 1.9 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(m)(v) | Health Care Equipment & Services | SF+550 | 0.8% | 8/2/28 | 13.7 | 13.6 | 13.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(v) | Health Care Equipment & Services | SF+550 | 0.8% | 8/2/28 | 28.0 | 28.0 | 27.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | SF+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/27 | 10.9 | 10.9 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | SF+550 | 0.8% | 8/2/28 | 15.3 | 15.3 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (v) | Insurance | SF+525 | 0.8% | 12/22/27 | 4.6 | 4.5 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (m) | Insurance | SF+525 | 0.8% | 12/22/28 | 11.9 | 11.8 | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (x) | Insurance | SF+525 | 0.8% | 12/22/27 | 6.1 | 6.1 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (m)(v) | Insurance | SF+600 | 0.8% | 10/2/28 | 31.4 | 31.3 | 31.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (x) | Insurance | SF+575 | 0.8% | 10/2/28 | 7.6 | 7.6 | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (v) | Health Care Equipment & Services | SF+600 | 0.8% | 9/30/26 | 4.4 | 4.4 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (i)(v) | Health Care Equipment & Services | SF+600 | 0.8% | 9/30/27 | 91.4 | 91.0 | 88.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (x) | Health Care Equipment & Services | SF+600 | 0.8% | 9/30/26 | 3.4 | 3.4 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (v) | Health Care Equipment & Services | SF+550 | 0.8% | 2/25/28 | 68.3 | 68.0 | 67.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (x) | Health Care Equipment & Services | SF+550 | 0.8% | 2/25/28 | 8.4 | 8.4 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (aa)(m)(w) | Financial Services | SF+375 | 0.5% | 7/27/28 | 2.5 | 2.4 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (aa)(v)(w) | Financial Services | E+400 | 0.0% | 7/27/28 | € | 2.0 | 2.3 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v) | Commercial & Professional Services | SF+650 | 1.0% | 10/24/29 | $ | 0.4 | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v) | Commercial & Professional Services | SF+500, 2.0% PIK (2.0% Max PIK) | 1.0% | 10/24/30 | 80.7 | 79.8 | 79.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (x) | Commercial & Professional Services | SF+650 | 1.0% | 10/24/29 | 4.7 | 4.7 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (x) | Commercial & Professional Services | SF+500, 2.0% PIK (2.0% Max PIK) | 1.0% | 10/24/30 | 12.0 | 12.0 | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcfield Acquisition Corp | (f)(i)(t)(v) | Capital Goods | SF+625 | 0.8% | 8/4/29 | 85.0 | 84.6 | 85.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcfield Acquisition Corp | (x) | Capital Goods | SF+625 | 0.8% | 8/4/28 | 10.6 | 10.6 | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (m) | Software & Services | SF+300, 3.3% PIK (3.3% Max PIK) | 1.0% | 4/20/28 | 12.5 | 12.3 | 11.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (x) | Software & Services | SF+625 | 1.0% | 4/20/27 | 4.5 | 4.5 | 4.0 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (v)(w) | Insurance | SA+725 | 0.8% | 7/14/26 | £ | 0.8 | $ | 1.0 | $ | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (v)(w) | Insurance | E+725 | 1.0% | 7/14/26 | € | 19.0 | 19.3 | 20.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (v)(w) | Insurance | SF+675 | 0.8% | 7/14/26 | $ | 9.9 | 9.4 | 9.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (w)(x) | Insurance | SF+675 | 0.8% | 7/14/26 | 9.9 | 9.9 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | SF+750 | 1.0% | 9/1/26 | 65.1 | 65.1 | 65.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(w)(x) | Capital Goods | SF+750 | 1.0% | 9/1/26 | 63.0 | 63.0 | 63.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (f)(k)(m)(t)(v) | Consumer Services | SF+575 | 0.8% | 4/28/28 | 130.5 | 127.0 | 126.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
BDO USA PA | (v) | Commercial & Professional Services | SF+600 | 2.0% | 8/31/28 | 28.4 | 27.8 | 28.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v) | Consumer Discretionary Distribution & Retail | P+650 | 2.0% | 7/31/25 | 21.9 | 21.8 | 20.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v)(y)(z) | Consumer Discretionary Distribution & Retail | 5.0%, 8.0% PIK (8.0% Max PIK) | 7/31/25 | 70.9 | 35.6 | 13.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (f)(i)(k)(m)(t) | Media & Entertainment | SF+575 | 1.0% | 8/16/27 | 110.0 | 109.2 | 107.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (x) | Media & Entertainment | SF+575 | 1.0% | 8/16/27 | 19.9 | 19.9 | 19.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bloom Fresh International Limited | (v)(w) | Food, Beverage & Tobacco | E+575 | 0.0% | 8/9/30 | € | 7.4 | 7.9 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc | (v)(y)(z) | Food, Beverage & Tobacco | SF+1,000 PIK (SF+1,000 Max PIK) | 1.0% | 9/10/26 | $ | 67.5 | 61.7 | 35.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Caldic BV | (aa)(m)(w) | Consumer Discretionary Distribution & Retail | SF+375 | 0.5% | 2/26/29 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Caldic BV | (aa)(v)(w) | Consumer Discretionary Distribution & Retail | E+350 | 0.0% | 2/26/29 | € | 0.8 | 0.9 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Careismatic Brands Inc | (v) | Health Care Equipment & Services | SF+675 | 1.0% | 3/9/25 | $ | 11.5 | 11.5 | 11.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Careismatic Brands Inc | (x) | Health Care Equipment & Services | SF+675 | 1.0% | 3/9/25 | 18.5 | 18.5 | 18.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
CFC Underwriting Ltd | (w)(x) | Insurance | SA+500, 0.0% PIK (2.8% Max PIK) | 0.0% | 5/16/29 | £ | 4.7 | 5.7 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Circana Group (f.k.a. NPD Group) | (v) | Consumer Services | SF+575 | 0.8% | 12/1/27 | $ | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Circana Group (f.k.a. NPD Group) | (m)(v) | Consumer Services | SF+350, 2.8% PIK (2.8% Max PIK) | 0.8% | 12/1/28 | 19.5 | 19.5 | 19.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Circana Group (f.k.a. NPD Group) | (x) | Consumer Services | SF+575 | 0.8% | 12/1/27 | 0.8 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Civica Group Ltd | (v)(w) | Software & Services | SA+625, 0.0% PIK (2.1% Max PIK) | 0.0% | 8/30/30 | £ | 17.7 | 21.8 | 22.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Civica Group Ltd | (v)(w) | Software & Services | BW+625, 0.0% PIK (2.1% Max PIK) | 0.0% | 8/30/30 | A$ | 1.0 | 0.6 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Civica Group Ltd | (w)(x) | Software & Services | SA+625, 0.0% PIK (2.1% Max PIK) | 0.0% | 8/30/30 | £ | 7.5 | 9.6 | 9.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (f)(i)(k)(m)(s)(v) | Capital Goods | SF+625 | 1.0% | 12/14/26 | $ | 225.5 | 221.1 | 225.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (x) | Capital Goods | SF+625 | 1.0% | 12/13/24 | 25.4 | 25.4 | 25.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (v) | Software & Services | SF+550 | 0.8% | 2/24/28 | 32.4 | 31.9 | 31.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (x) | Software & Services | SF+550 | 0.8% | 2/24/28 | 3.9 | 3.8 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (x) | Software & Services | SF+550 | 0.8% | 2/24/28 | 1.9 | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | SF+775 | 1.0% | 9/27/25 | 15.1 | 14.6 | 15.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corsearch Intermediate Inc | (m)(v) | Software & Services | SF+550 | 1.0% | 4/19/28 | 30.1 | 28.7 | 29.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (v) | Transportation | SF+625 | 0.8% | 12/23/26 | 7.0 | 7.0 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (f)(i)(k)(m)(t)(v) | Transportation | SF+625 | 1.0% | 12/23/27 | 184.9 | 180.5 | 184.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (v) | Transportation | SF+625 | 1.0% | 12/23/27 | £ | 26.9 | 35.6 | 34.1 | |||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (m)(v) | Transportation | SF+625 | 1.0% | 8/13/28 | 11.7 | 11.7 | 11.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (x) | Transportation | SF+625 | 0.8% | 12/23/26 | 27.9 | 27.9 | 27.8 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (k)(m)(t)(v) | Health Care Equipment & Services | SF+641 | 0.8% | 4/3/28 | $ | 98.7 | $ | 96.2 | $ | 97.7 | |||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (v) | Health Care Equipment & Services | SF+641 | 0.8% | 4/3/28 | 12.1 | 12.1 | 12.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
DOC Generici Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+650 | 0.0% | 10/27/28 | € | 23.1 | 22.6 | 25.3 | |||||||||||||||||||||||||||||||||||||||||||||||
DOC Generici Srl | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+650 | 0.0% | 10/28/28 | 2.4 | 2.3 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
DOXA Insurance Holdings LLC | (v) | Insurance | SF+550 | 0.8% | 12/31/30 | $ | 15.3 | 15.2 | 15.2 | |||||||||||||||||||||||||||||||||||||||||||||||
DOXA Insurance Holdings LLC | (x) | Insurance | SF+550 | 0.8% | 12/20/29 | 3.3 | 3.3 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
DOXA Insurance Holdings LLC | (x) | Insurance | SF+550 | 0.8% | 12/31/30 | 14.6 | 14.6 | 14.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (aa)(m)(w) | Commercial & Professional Services | SF+425 | 0.5% | 7/6/29 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (aa)(v)(w) | Commercial & Professional Services | E+425 | 0.0% | 7/6/29 | € | 0.3 | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital LLC | (v) | Commercial & Professional Services | SF+508 | 0.8% | 12/20/28 | $ | 19.6 | 19.3 | 19.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital LLC | (v) | Commercial & Professional Services | SF+508, 0.0% PIK (2.3% Max PIK) | 0.8% | 12/20/28 | 65.1 | 64.2 | 65.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Envirotainer Ltd | (w)(x) | Transportation | E+575, 0.0% PIK (3.0% Max PIK) | 0.0% | 7/30/29 | € | 2.7 | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (v) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/28 | $ | 1.5 | 1.5 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (v) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/29 | 2.3 | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/28 | 0.9 | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/29 | 0.8 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (f)(k)(t) | Software & Services | SF+575 | 0.8% | 8/31/28 | 72.9 | 72.4 | 72.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (x) | Software & Services | SF+575 | 0.8% | 8/31/27 | 9.9 | 9.9 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (f)(m)(v) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 2/12/27 | 69.6 | 67.1 | 69.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+625 | 1.0% | 2/12/27 | 6.6 | 6.6 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (m)(v) | Insurance | SF+600 | 0.8% | 10/29/28 | 54.2 | 53.5 | 54.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (x) | Insurance | SF+600 | 0.8% | 10/29/27 | 7.0 | 6.9 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (x) | Insurance | SF+550 | 0.8% | 10/29/28 | 18.5 | 18.5 | 18.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF+575 | 1.0% | 11/12/26 | 87.1 | 87.1 | 86.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (ac)(v) | Consumer Durables & Apparel | SF+550 | 1.0% | 11/30/26 | 18.6 | 18.5 | 18.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (k)(m)(t)(v) | Insurance | SF+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 86.5 | 85.3 | 85.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | SF+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/30/27 | 12.0 | 11.8 | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
General Datatech LP | (f)(k)(m)(t)(v) | Software & Services | SF+625 | 1.0% | 6/18/27 | 131.6 | 130.7 | 128.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gigamon Inc | (i)(v) | Software & Services | SF+575 | 1.0% | 3/9/29 | 106.1 | 105.4 | 105.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gigamon Inc | (x) | Software & Services | SF+575 | 0.8% | 3/10/28 | 9.3 | 9.3 | 9.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC | (ad)(v) | Health Care Equipment & Services | SF+1,200 PIK (SF+1,200 Max PIK) | 1.0% | 2/28/27 | 28.3 | 24.7 | 24.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Greystone Equity Member Corp | (v)(w) | Financial Services | SF+725 | 3.8% | 4/1/26 | 194.8 | 187.5 | 194.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | SF+575 | 1.0% | 12/3/24 | 6.8 | 6.7 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (f)(k)(m)(v) | Transportation | SF+575 | 1.0% | 12/3/26 | 94.3 | 89.3 | 94.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (x) | Transportation | SF+575 | 1.0% | 12/3/24 | 11.0 | 11.0 | 11.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hibu Inc | (f)(k)(m)(t)(v) | Commercial & Professional Services | SF+625 | 1.0% | 5/4/27 | 94.5 | 91.2 | 95.4 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | SF+550 | 1.0% | 11/24/28 | $ | 10.3 | $ | 10.2 | $ | 10.2 | |||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | SF+550 | 1.0% | 11/24/28 | 6.9 | 6.6 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Highgate Hotels Inc | (v) | Consumer Services | SF+550 | 1.0% | 11/5/29 | 34.0 | 33.6 | 33.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Highgate Hotels Inc | (x) | Consumer Services | SF+550 | 1.0% | 11/5/29 | 4.2 | 4.2 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
HKA | (m)(v)(w) | Commercial & Professional Services | SF+575, 0.0% PIK (1.8% Max PIK) | 0.5% | 8/9/29 | 4.6 | 4.5 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | SF+600, 0.0% PIK (6.0% Max PIK) | 1.0% | 6/30/26 | 35.8 | 35.8 | 35.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | SF+600, 0.0% PIK (6.0% Max PIK) | 1.0% | 6/30/26 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(x) | Capital Goods | SF+600, 0.0% PIK (6.0% Max PIK) | 1.0% | 6/30/26 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (v) | Capital Goods | SF+600 | 1.0% | 10/31/29 | 71.3 | 69.9 | 69.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (x) | Capital Goods | SF+600 | 1.0% | 10/31/29 | 5.8 | 5.8 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (x) | Capital Goods | SF+600 | 1.0% | 10/31/29 | 5.9 | 5.9 | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | € | 71.2 | 82.3 | 75.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | € | 17.6 | 20.6 | 18.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Industry City TI Lessor LP | (s)(v) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | $ | 20.9 | 20.9 | 21.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
iNova Pharmaceuticals (Australia) Pty Limited | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B+650 | 0.8% | 10/30/28 | A$ | 0.9 | 0.5 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||
iNova Pharmaceuticals (Australia) Pty Limited | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | B+650 | 0.8% | 10/30/28 | 2.6 | 1.7 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (i)(v) | Commercial & Professional Services | SF+600 | 0.8% | 9/22/28 | $ | 176.4 | 175.1 | 176.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | SF+600 | 0.8% | 9/22/27 | 21.1 | 21.1 | 21.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | SF+600 | 0.8% | 9/22/28 | 26.8 | 26.8 | 26.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (v) | Insurance | SF+600 | 0.8% | 8/27/26 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (v) | Insurance | SF+602 | 0.8% | 8/27/26 | 98.4 | 98.4 | 98.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (x) | Insurance | SF+600 | 0.8% | 8/27/26 | 2.3 | 2.3 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (x) | Insurance | SF+650 | 1.0% | 8/27/26 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (f)(i)(v) | Insurance | SF+550 | 1.0% | 7/1/25 | 86.0 | 85.2 | 85.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (v) | Insurance | SF+550 | 1.0% | 7/1/25 | 5.1 | 5.0 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (f)(v) | Insurance | SF+550 | 1.0% | 7/1/25 | 63.2 | 63.2 | 62.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (x) | Insurance | SF+550 | 1.0% | 7/1/25 | 9.0 | 9.0 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (x) | Insurance | SF+550 | 1.0% | 7/1/25 | 2.5 | 2.5 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | SF+700 | 2.0% | 12/21/25 | 49.8 | 48.2 | 49.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | SF+700 | 2.0% | 12/21/25 | 5.5 | 5.4 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | SF+700 | 1.0% | 12/21/25 | 36.1 | 35.7 | 36.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (m)(s)(v) | Commercial & Professional Services | SF+600 | 1.0% | 11/7/26 | 165.7 | 160.6 | 165.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (m)(s)(v)(y)(z) | Commercial & Professional Services | SF+100, 7.0% PIK (7.0% Max PIK) | 0.8% | 11/7/26 | 200.4 | 197.6 | 135.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Laboratoires Vivacy SAS | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+675, 0.0% PIK (2.4% Max PIK) | 0.0% | 9/30/30 | € | 7.8 | 8.0 | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Laboratoires Vivacy SAS | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+675, 0.0% PIK (2.4% Max PIK) | 0.0% | 9/30/30 | 0.6 | 0.7 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (v) | Health Care Equipment & Services | SF+550 | 0.8% | 11/23/28 | $ | 37.7 | 37.7 | 36.8 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (f)(i)(m)(v) | Health Care Equipment & Services | SF+550 | 0.8% | 11/23/28 | $ | 80.4 | $ | 79.8 | $ | 78.5 | |||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (k)(m) | Food, Beverage & Tobacco | SF+575 | 1.0% | 6/10/27 | 30.9 | 29.6 | 30.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (m)(v) | Food, Beverage & Tobacco | SF+575 | 1.0% | 6/10/27 | 36.9 | 36.9 | 36.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | SF+575 | 1.0% | 6/10/27 | 6.8 | 6.8 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (v) | Transportation | SF+625 | 0.8% | 5/6/30 | 18.2 | 18.0 | 18.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (f)(v) | Transportation | SF+550 | 0.8% | 5/6/30 | 3.3 | 3.3 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (x) | Transportation | SF+625 | 0.8% | 5/4/29 | 1.9 | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lazer Logistics Inc | (x) | Transportation | SF+550 | 0.8% | 5/6/30 | 8.6 | 8.6 | 8.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (v) | Commercial & Professional Services | SF+675 | 1.0% | 5/18/29 | 2.9 | 2.9 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (i)(k)(m)(v) | Commercial & Professional Services | SF+675 | 1.0% | 5/18/29 | 116.8 | 114.2 | 118.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | SF+675 | 1.0% | 5/18/29 | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lionbridge Technologies Inc | (f)(i)(k)(s)(t)(v) | Media & Entertainment | SF+700 | 1.0% | 12/29/25 | 109.5 | 107.1 | 109.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (f)(i)(m)(v) | Consumer Staples Distribution & Retail | SF+650 | 1.0% | 10/31/28 | 100.6 | 99.4 | 99.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (x) | Consumer Staples Distribution & Retail | SF+650 | 1.0% | 10/31/28 | 15.0 | 15.0 | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lloyd's Register Quality Assurance Ltd | (v)(w) | Consumer Services | SA+600, 0.0% PIK (2.9% Max PIK) | 0.0% | 12/2/28 | £ | 11.3 | 14.3 | 14.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Lloyd's Register Quality Assurance Ltd | (w)(x) | Consumer Services | SA+600, 0.0% PIK (2.9% Max PIK) | 0.0% | 12/2/28 | 3.7 | 5.7 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (m)(v) | Commercial & Professional Services | SF+650 | 0.8% | 11/22/29 | $ | 18.3 | 18.1 | 18.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (v) | Commercial & Professional Services | SF+650 | 0.8% | 11/22/29 | 5.1 | 5.1 | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (v) | Commercial & Professional Services | SF+600 | 0.8% | 11/21/29 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (x) | Commercial & Professional Services | SF+650 | 0.8% | 11/22/28 | 2.2 | 2.2 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC | (x) | Commercial & Professional Services | SF+600 | 0.8% | 11/21/29 | 12.9 | 12.9 | 12.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions LLC | (k)(m)(t)(v) | Health Care Equipment & Services | SF+600 | 1.0% | 1/29/27 | 220.2 | 214.8 | 220.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medallia Inc | (m)(v) | Software & Services | SF+250, 4.0% PIK (4.0% Max PIK) | 0.8% | 10/29/28 | 217.0 | 215.2 | 216.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (i)(m)(t)(v) | Software & Services | SF+600 | 1.0% | 9/15/27 | 69.1 | 68.7 | 69.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (x) | Software & Services | SF+600 | 1.0% | 9/15/27 | 11.4 | 11.4 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (x) | Software & Services | SF+600 | 1.0% | 9/15/27 | 7.8 | 7.8 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (m)(v)(y)(z) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 12/14/27 | 114.6 | 106.5 | 68.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v)(y)(z) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 12/14/27 | 19.0 | 17.5 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd | (v)(w) | Software & Services | SF+725 | 1.0% | 9/13/29 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd | (w)(x) | Software & Services | SF+725 | 1.0% | 9/13/29 | 1.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (f)(i)(t)(v) | Commercial & Professional Services | SF+650 | 1.0% | 12/22/25 | 114.5 | 112.1 | 111.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (v)(y) | Consumer Durables & Apparel | 3/31/24 | 10.1 | 10.1 | 10.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (v)(y)(z) | Consumer Durables & Apparel | SF+1,000 PIK (SF+1,000 Max PIK) | 1.0% | 3/31/24 | 32.7 | 30.7 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (v)(y)(z) | Consumer Durables & Apparel | L+550 | 1.0% | 4/26/24 | 44.3 | 38.7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc | (ad)(v) | Software & Services | SF+750 PIK (SF+750 Max PIK) | 1.0% | 8/15/28 | 32.2 | 32.4 | 32.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | SF+625 | 1.0% | 7/2/27 | 33.0 | 32.8 | 33.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | SF+625 | 1.0% | 7/2/27 | 1.5 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (x) | Software & Services | SF+625 | 1.0% | 7/2/27 | 1.5 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (i)(k) | Software & Services | SF+625 | 1.0% | 10/31/26 | 25.2 | 24.5 | 24.9 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (x) | Software & Services | SF+625 | 1.0% | 10/31/26 | $ | 4.7 | $ | 4.7 | $ | 4.6 | |||||||||||||||||||||||||||||||||||||||||||||
NovaTaste Austria GmbH | (v)(w) | Food, Beverage & Tobacco | E+700 | 0.0% | 5/30/30 | € | 4.0 | 4.1 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||||
NovaTaste Austria GmbH | (w)(x) | Food, Beverage & Tobacco | E+700 | 0.0% | 5/30/30 | 4.7 | 4.9 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Novotech Pty Ltd | (w)(x) | Health Care Equipment & Services | SF+525 | 0.5% | 1/13/28 | 5.7 | 5.6 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omnimax International Inc | (f)(i)(k)(m)(v) | Capital Goods | SF+800 | 1.0% | 10/8/26 | 121.2 | 117.3 | 120.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (aa)(ac)(v) | Health Care Equipment & Services | SF+550 | 0.8% | 4/22/27 | 4.9 | 4.7 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (f)(k)(m)(t)(v) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 93.9 | 93.3 | 94.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 8.0 | 8.0 | 8.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 7.6 | 7.6 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts Town LLC | (m)(v) | Consumer Discretionary Distribution & Retail | SF+598 | 0.8% | 11/1/28 | 74.5 | 74.0 | 74.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v) | Health Care Equipment & Services | SF+575 | 0.8% | 8/21/26 | 1.3 | 1.3 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v) | Health Care Equipment & Services | SF+575 | 0.8% | 8/23/28 | 69.2 | 68.5 | 68.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/21/26 | 3.0 | 3.0 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/23/28 | 20.5 | 20.5 | 20.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Performance Health Holdings Inc | (f)(i)(m)(v) | Health Care Equipment & Services | SF+575 | 1.0% | 7/12/27 | 93.2 | 92.5 | 92.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF+500, 3.1% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 95.5 | 94.3 | 98.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF+300, 5.5% PIK (5.5% Max PIK) | 0.3% | 8/21/24 | 165.3 | 162.7 | 168.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | SF+550 PIK (SF+550 Max PIK) | 1.0% | 8/21/24 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
PSKW LLC (dba ConnectiveRx) | (i)(k)(m)(s)(t)(v) | Health Care Equipment & Services | SF+625 | 1.0% | 3/9/26 | 242.8 | 237.9 | 242.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing Inc | (v) | Consumer Durables & Apparel | SF+450 | 0.0% | 12/22/25 | 33.4 | 33.0 | 30.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (v) | Capital Goods | SF+675 | 0.8% | 4/1/28 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (m) | Capital Goods | SF+653 | 0.8% | 4/1/29 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (i)(k) | Capital Goods | SF+675 | 0.8% | 4/1/29 | 66.4 | 66.4 | 67.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (x) | Capital Goods | SF+675 | 0.8% | 4/1/28 | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (s)(v)(y)(z) | Health Care Equipment & Services | SF+625, 0.0% PIK (6.3% Max PIK) | 0.0% | 2/28/26 | 44.0 | 42.7 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (s)(v) | Health Care Equipment & Services | SF+625 | 0.0% | 3/2/26 | 44.0 | 42.2 | 39.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (m)(v) | Software & Services | SF+550 | 1.0% | 9/30/26 | 33.1 | 32.7 | 33.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (x) | Software & Services | SF+575 | 1.0% | 9/30/26 | 3.2 | 3.2 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (k)(m)(v) | Food, Beverage & Tobacco | SF+625 | 1.0% | 8/13/27 | 28.3 | 27.8 | 28.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (x) | Food, Beverage & Tobacco | SF+625 | 1.0% | 8/13/27 | 5.3 | 5.2 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (i)(k)(v) | Insurance | SF+550 | 0.8% | 11/1/29 | 187.2 | 183.4 | 186.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (x) | Insurance | SF+550 | 0.8% | 11/1/29 | 7.7 | 7.6 | 7.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Safe-Guard Products International LLC | (f) | Financial Services | SF+550 | 0.5% | 1/27/27 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (m) | Software & Services | SF+525 | 1.0% | 9/1/27 | 6.0 | 6.0 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (v) | Software & Services | SF+525 | 1.0% | 9/1/27 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (x) | Software & Services | SF+525 | 1.0% | 9/1/27 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (v) | Consumer Services | SF+525 | 0.8% | 10/12/28 | 9.4 | 9.4 | 9.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (v) | Consumer Services | SF+525 | 0.8% | 10/12/28 | 0.4 | 0.3 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (x) | Consumer Services | SF+525 | 0.8% | 10/12/28 | 6.0 | 6.0 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC | (v)(y)(z) | Health Care Equipment & Services | 3.0% | 2/28/25 | 57.2 | 8.9 | 0.3 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Shaw Development LLC | (v) | Capital Goods | SF+600 | 0.5% | 10/30/29 | $ | 28.8 | $ | 28.5 | $ | 28.6 | |||||||||||||||||||||||||||||||||||||||||||||
Shaw Development LLC | (x) | Capital Goods | SF+600 | 0.5% | 10/30/29 | 3.4 | 3.4 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
SitusAMC Holdings Corp | (k) | Real Estate Management & Development | SF+550 | 1.0% | 12/22/27 | 28.2 | 28.0 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Solina France SASU | (m)(v)(w) | Food, Beverage & Tobacco | SF+650 | 0.0% | 7/28/28 | 19.5 | 19.0 | 19.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (aa)(f)(k)(t) | Telecommunication Services | SF+550 | 0.8% | 3/17/26 | 29.6 | 28.4 | 29.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Source Code LLC | (k)(t)(v) | Software & Services | SF+650 | 1.0% | 6/30/27 | 56.0 | 55.3 | 56.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (m)(s)(t)(v) | Software & Services | SF+550 | 1.0% | 1/20/27 | 57.4 | 55.6 | 57.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (x) | Software & Services | SF+550 | 1.0% | 1/20/27 | 16.5 | 16.5 | 16.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (x) | Software & Services | SF+550 | 1.0% | 1/20/27 | 7.9 | 7.9 | 7.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spotless Brands LLC | (v) | Consumer Services | SF+650 | 1.0% | 7/25/28 | 12.4 | 12.1 | 12.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spotless Brands LLC | (x) | Consumer Services | SF+675 | 1.0% | 7/25/28 | 18.7 | 18.4 | 19.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Summit Interconnect Inc | (f)(k)(m)(t)(v) | Capital Goods | SF+600 | 1.0% | 9/22/28 | 135.4 | 134.5 | 125.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (m)(v)(y)(z) | Commercial & Professional Services | SF+575 | 1.0% | 11/30/26 | 71.5 | 69.8 | 53.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (v)(y)(z) | Commercial & Professional Services | SF+575 | 1.0% | 11/30/26 | 5.6 | 5.5 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (x)(y)(z) | Commercial & Professional Services | SF+575 | 1.0% | 11/30/26 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangoe LLC | (m)(s)(v) | Software & Services | SF+650 | 1.0% | 11/28/25 | 179.5 | 169.1 | 155.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangoe LLC | (m)(s)(v)(y)(z) | Software & Services | 12.5% PIK (12.5% Max PIK) | 11/28/25 | 9.8 | 8.4 | 0.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
TeamSystem SpA | (v)(w) | Software & Services | E+625 | 0.0% | 2/15/28 | € | 19.8 | 19.0 | 21.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd) | (v)(w)(y) | Automobiles & Components | 4/4/24 | 39.8 | 40.1 | 4.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (f)(v) | Consumer Discretionary Distribution & Retail | SF+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 4/30/24 | $ | 46.0 | 45.9 | 44.0 | |||||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (f)(v) | Consumer Discretionary Distribution & Retail | SF+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 4/30/24 | 45.8 | 45.7 | 43.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc | (aa)(v) | Software & Services | SF+450 | 0.5% | 3/30/29 | 15.1 | 13.9 | 14.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | SF+650 | 0.8% | 12/1/27 | 45.1 | 44.4 | 42.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | SF+650 | 0.8% | 12/1/27 | 7.1 | 7.1 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | E+650 | 0.8% | 12/1/27 | € | 13.6 | 14.4 | 14.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (x) | Capital Goods | SF+650 | 0.8% | 12/1/27 | $ | 15.0 | 15.0 | 14.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (v)(w) | Software & Services | B+550 | 0.0% | 10/14/26 | A$ | 48.3 | 34.7 | 33.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (f)(i)(v)(w) | Software & Services | SF+550 | 0.0% | 10/14/26 | $ | 126.2 | 123.7 | 126.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Trescal SA | (v)(w) | Commercial & Professional Services | E+650 | 0.0% | 5/2/30 | € | 9.6 | 10.4 | 10.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Trescal SA | (v)(w) | Commercial & Professional Services | SF+650 | 0.5% | 5/2/30 | $ | 8.6 | 8.4 | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Trescal SA | (w)(x) | Commercial & Professional Services | E+650 | 0.0% | 5/2/30 | € | 2.8 | 3.1 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (aa)(m)(w) | Capital Goods | SF+350 | 0.5% | 8/6/29 | $ | 1.8 | 1.7 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (aa)(v)(w) | Capital Goods | E+325 | 0.0% | 8/6/29 | € | 1.4 | 1.6 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (v)(w) | Software & Services | E+575, 0.0% PIK (1.7% Max PIK) | 0.0% | 7/11/29 | € | 1.1 | 1.1 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (v)(w) | Software & Services | SA+575, 0.0% PIK (1.7% Max PIK) | 0.0% | 7/11/29 | £ | 1.1 | 1.3 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (w)(x) | Software & Services | E+625 | 0.0% | 7/31/30 | € | 13.7 | 14.8 | 14.3 | |||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (m)(v) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | $ | 68.3 | 67.7 | 68.0 | |||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | 6.7 | 6.6 | 6.7 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+600 | 0.8% | 8/31/29 | $ | 8.4 | $ | 8.4 | $ | 8.5 | |||||||||||||||||||||||||||||||||||||||||||||
Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (v) | Household & Personal Products | SF+625 | 1.0% | 9/21/26 | 5.3 | 5.3 | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | (f)(i)(k)(m)(t)(v) | Household & Personal Products | SF+625 | 1.0% | 11/30/26 | 116.4 | 112.6 | 113.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc | (ad)(v) | Energy | SF+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/22/24 | 18.8 | 18.5 | 18.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (v)(w) | Financial Services | SF+575 | 1.0% | 10/4/27 | 5.3 | 5.2 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Financial Services | SF+575 | 1.0% | 10/4/27 | 0.9 | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Financial Services | SF+575 | 1.0% | 10/29/27 | 2.1 | 2.1 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH | (v)(w) | Capital Goods | 10.0% PIK (10.0% Max PIK) | 12/31/28 | € | 1.6 | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH | (w)(x) | Capital Goods | 10.0% PIK (10.0% Max PIK) | 12/31/28 | 19.6 | 21.4 | 21.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (f)(k)(m)(t)(v) | Capital Goods | SF+600 | 1.0% | 4/5/28 | $ | 157.9 | 152.8 | 157.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (x) | Capital Goods | SF+600 | 1.0% | 4/5/28 | 3.7 | 3.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v) | Household & Personal Products | SF+625, 0.5% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 40.9 | 40.8 | 37.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v) | Household & Personal Products | SF+675, 0.0% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 5.7 | 5.7 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (x) | Household & Personal Products | SF+625, 0.5% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 28.0 | 28.0 | 25.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (x) | Household & Personal Products | SF+675, 0.0% PIK (0.5% Max PIK) | 1.0% | 3/29/28 | 8.5 | 8.5 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zendesk Inc | (m)(v) | Software & Services | SF+350, 3.5% PIK (3.5% Max PIK) | 0.8% | 11/22/28 | 59.6 | 59.1 | 59.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zendesk Inc | (x) | Software & Services | SF+625, 0.0% PIK (3.5% Max PIK) | 0.8% | 11/22/28 | 6.0 | 6.0 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Zendesk Inc | (x) | Software & Services | SF+625, 0.0% PIK (3.5% Max PIK) | 0.8% | 11/22/28 | 14.5 | 14.4 | 14.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—First Lien | 9,697.2 | 9,336.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (807.1) | (807.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—First Lien | 8,890.1 | 8,529.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien—15.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (v)(w) | Financial Services | SF+675 | 0.5% | 7/27/29 | 55.0 | 54.1 | 53.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (ac)(v)(y)(z) | Consumer Discretionary Distribution & Retail | 10.0% PIK (10.0% Max PIK) | 7/31/25 | 31.2 | 4.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Caldic BV | (v)(w) | Consumer Discretionary Distribution & Retail | SF+725 | 0.5% | 2/25/30 | 40.0 | 39.1 | 39.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | SF+1,100, 0.0% PIK (5.0% Max PIK) | 1.0% | 3/27/26 | 13.6 | 13.1 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cubic Corp | (v) | Software & Services | SF+763 | 0.8% | 5/25/29 | 44.8 | 42.4 | 42.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ellucian Inc | (v) | Software & Services | SF+800 | 1.0% | 10/9/28 | 179.2 | 171.9 | 181.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v)(y) | Health Care Equipment & Services | 6/14/28 | 5.6 | 3.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
OEConnection LLC | (v) | Software & Services | SF+700 | 0.5% | 9/25/27 | 76.1 | 75.8 | 75.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (s)(v) | Capital Goods | SF+800 | 1.0% | 2/1/29 | 175.0 | 167.1 | 175.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (v) | Capital Goods | SF+775 | 0.8% | 2/1/29 | 129.8 | 124.8 | 129.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF+650 PIK (SF+650 Max PIK) | 1.0% | 7/11/27 | 6.5 | 6.5 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC | (ad)(v) | Consumer Durables & Apparel | SF+650 PIK (SF+650 Max PIK) | 1.0% | 7/19/27 | 6.8 | 6.8 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Solera LLC | (v) | Software & Services | SF+900 | 1.0% | 6/4/29 | 335.9 | 322.1 | 335.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (v)(w) | Food, Beverage & Tobacco | E+750 | 0.0% | 10/1/29 | € | 3.8 | 4.1 | 3.5 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (w)(x) | Food, Beverage & Tobacco | E+750 | 0.0% | 10/1/29 | 2.3 | 3.0 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH | (v)(w)(y)(z) | Capital Goods | E+850, 1.0% PIK (1.0% Max PIK) | 0.0% | 10/4/27 | 114.5 | 122.5 | 31.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—Second Lien | 1,161.1 | 1,092.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (3.0) | (3.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—Second Lien | 1,158.1 | 1,089.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt—1.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Angelica Corp | (h)(y)(z) | Health Care Equipment & Services | 10.0% PIK (10.0% Max PIK) | 12/31/24 | $ | 65.1 | 2.7 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co | (aa)(ad)(s)(v) | Materials | 10.3% | 6/1/26 | 76.5 | 75.9 | 77.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (ac)(v) | Health Care Equipment & Services | 8.5% PIK (8.5% Max PIK) | 11/1/28 | 27.8 | 26.3 | 20.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc | (aa)(v) | Software & Services | 6.5% | 3/31/29 | 0.7 | 0.6 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Senior Secured Debt | 105.5 | 99.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt—4.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (v) | Commercial & Professional Services | 14.3% PIK (14.3% Max PIK) | 4/23/31 | 13.3 | 13.0 | 13.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Apex Service Partners LLC | (x) | Commercial & Professional Services | 14.3% PIK (14.3% Max PIK) | 4/23/31 | 6.5 | 6.5 | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (aa)(v)(w) | Insurance | 11.5%, 0.0% PIK (12.8% Max PIK) | 1/15/27 | 1.0 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | 10.0% PIK (10.0% Max PIK) | 9/1/28 | 32.9 | 19.5 | 32.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (v)(w) | Commercial & Professional Services | SF+850 PIK (SF+850 Max PIK) | 0.5% | 7/9/31 | 77.5 | 76.3 | 74.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital LLC | (v) | Commercial & Professional Services | 9.8% PIK (9.8% Max PIK) | 12/13/29 | 26.2 | 25.6 | 25.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 5/24/24 | 6.3 | 6.3 | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (x) | Health Care Equipment & Services | SF+650, 1.5% PIK (1.5% Max PIK) | 1.0% | 5/24/24 | 20.0 | 20.0 | 20.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 4/1/30 | 11.0 | 8.9 | 10.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 4/1/30 | 43.6 | 32.0 | 36.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF+725 | 0.5% | 1/31/30 | 62.9 | 61.2 | 61.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings Ltd | (v)(w) | Capital Goods | SF+900 PIK (SF+900 Max PIK) | 0.5% | 1/31/31 | 66.1 | 64.5 | 62.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Subordinated Debt | 334.8 | 349.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (26.5) | (26.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Subordinated Debt | 308.3 | 322.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance—30.3% | ||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 8,516,891 | $ | 14.0 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 8.0%, 3.0% PIK (3.0% Max PIK) | 12/19/29 | $ | 60.6 | 59.0 | 52.7 | ||||||||||||||||||||||||||||||||||||||||||
Abacus JV, Private Equity | (ad)(v)(w) | Insurance | 47,045,141 | 46.1 | 48.5 | |||||||||||||||||||||||||||||||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity | (ac)(v)(w)(y) | Financial Services | 2,778,491 | 3.2 | 2.5 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Altavair AirFinance, Private Equity | (ac)(v)(w) | Capital Goods | 128,878,615 | $ | 129.9 | $ | 133.9 | |||||||||||||||||||||||||||||||||||||||||||
Altitude II IRL WH Borrower DAC, Revolver | (v)(w) | Capital Goods | SF+1,000 | 0.0% | 1/12/30 | $ | 4.9 | 4.9 | 4.8 | |||||||||||||||||||||||||||||||||||||||||
Altitude II IRL WH Borrower DAC, Revolver | (w)(x) | Capital Goods | SF+1,000 | 0.0% | 1/12/30 | $ | 4.9 | 4.9 | 4.8 | |||||||||||||||||||||||||||||||||||||||||
Australis Maritime II, Private Equity | (ad)(v)(w)(y) | Transportation | 10,877,686 | 10.9 | 12.2 | |||||||||||||||||||||||||||||||||||||||||||||
Australis Maritime, Common Stock | (ad)(v)(w) | Transportation | 35,450,153 | 35.4 | 35.8 | |||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 37,850,611 | 37.9 | 38.8 | |||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | (ad)(v)(w)(y) | Financial Services | 444,962,569 | 49.9 | 42.9 | |||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Subordinated Bond | (ad)(v)(w) | Financial Services | SR+925 | 0.0% | 1/27/34 | SEK | 15.0 | 1.3 | 1.5 | |||||||||||||||||||||||||||||||||||||||||
Bankers Healthcare Group LLC, Term Loan | (v)(w) | Financial Services | 22.0% | 11/8/27 | $ | 9.0 | 9.0 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||
Bausch Health Cos Inc, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+665 | 1.0% | 1/28/28 | $ | 70.0 | 70.0 | 70.0 | |||||||||||||||||||||||||||||||||||||||||
Bausch Health Cos Inc, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+665 | 1.0% | 1/28/28 | $ | 50.0 | 50.0 | 50.0 | |||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC, Private Equity | (u)(v)(y) | Automobiles & Components | 54,407 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC, Term Loan | (u)(v)(y) | Automobiles & Components | 11/26/26 | 5,000,000 | 5.0 | — | ||||||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan A | (v) | Financial Services | SF+900 | 1.0% | 11/3/25 | $ | 125.0 | 121.0 | 126.0 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (v) | Financial Services | SF+900 | 1.0% | 11/3/25 | $ | 12.0 | 12.0 | 12.1 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (x) | Financial Services | SF+900 | 1.0% | 11/3/25 | $ | 36.1 | 36.1 | 36.4 | |||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Private Equity | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 21,190,090 | 23.2 | 32.4 | |||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 11.0% | 12/22/28 | 41.5 | 40.9 | 41.5 | |||||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | SF+675 | 1.0% | 11/20/26 | $ | 14.1 | 14.1 | 14.1 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | C+675 | 1.0% | 11/30/26 | $ | 1.8 | 1.3 | 1.3 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+675 | 1.0% | 11/30/26 | € | 2.0 | 2.1 | 2.3 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | SF+675 | 1.0% | 11/20/26 | $ | 5.9 | 5.9 | 5.9 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | C+675 | 1.0% | 11/30/26 | $ | 2.2 | 1.7 | 1.8 | |||||||||||||||||||||||||||||||||||||||||
Covis Finco Sarl, Revolver | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | E+675 | 1.0% | 11/30/26 | € | 2.0 | 2.1 | 2.0 | |||||||||||||||||||||||||||||||||||||||||
Drive Revel, Private Equity | (v)(w)(y) | Financial Services | 1,853,796 | 2.0 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Preferred Stock | (j)(u)(v)(y) | Commercial & Professional Services | 149,494,590 | 69.4 | — | |||||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Preferred Stock | (j)(u)(v)(y)(z) | Commercial & Professional Services | 9.0% PIK (9.0% Max PIK) | 10/1/28 | $ | 494.5 | 309.4 | 256.5 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | $ | 18.7 | 15.6 | 18.7 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | $ | 13.7 | 11.2 | 13.7 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | $ | 1.6 | 1.3 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Financial Services | 3,839,633 | 4.4 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Financial Services | 7,193,212 | 7.2 | 6.9 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Financial Services | 32,850,984 | $ | 32.9 | $ | 34.5 | |||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 4,471,509 | 4.4 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 168,710 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | (ac)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 11.0% PIK (11.0% Max PIK) | 3/20/30 | $ | 11.4 | 11.4 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Structured Mezzanine | (v) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 46.0 | 46.0 | 46.9 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Structured Mezzanine | (x) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 0.7 | $ | 0.7 | $ | 0.7 | ||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | (ad)(v)(w) | Insurance | 12.0% | 99,700,000 | 98.9 | 99.7 | ||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | (ad)(v)(w)(y) | Insurance | 536,709 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Altitude II Offshore Aggregator LP, Partnership Interest | (ad)(v)(w) | Capital Goods | 63,265,438 | 63.3 | 65.6 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest | (ad)(v)(w)(y)(z) | Capital Goods | 14.3% | 5/31/26 | $ | 39.1 | 39.1 | 15.3 | ||||||||||||||||||||||||||||||||||||||||||
KKR Chord IP Aggregator LP, Partnership Interest | (ad)(v)(w) | Media & Entertainment | 89,492,619 | 89.6 | 99.9 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Residential Opportunities I LLC, Private Equity | (v) | Real Estate Management & Development | 6,285,920 | 6.3 | 7.3 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | (ad)(v)(w)(y) | Financial Services | 9,221,222 | 9.2 | 8.3 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (ad)(v)(w)(y) | Capital Goods | 11,976,417 | 11.3 | 11.8 | |||||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 81,136,364 | 81.1 | 78.8 | |||||||||||||||||||||||||||||||||||||||||||||
NewStar Clarendon 2014-1A Class D | (v)(w) | Financial Services | 2.0% | 1/25/27 | $ | 8.3 | 2.4 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||
Opendoor Labs Inc, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 10.0% | 4/1/26 | $ | 42.6 | 42.6 | 40.9 | ||||||||||||||||||||||||||||||||||||||||||
Optio Invest, Private Equity | (v)(w)(y) | Financial Services | 810,922 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
PayPal Europe Sarl et Cie SCA, Private Equity | (v)(w)(y) | Financial Services | 55,605,051 | 59.8 | 59.6 | |||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Private Equity | (ad)(v)(w)(y) | Equity Real Estate Investment Trusts (REITs) | 5,612,193 | 7.3 | — | |||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Structured Mezzanine | (ad)(v)(w) | Equity Real Estate Investment Trusts (REITs) | 5.0%, 6.0% PIK (6.0% Max PIK) | 3/12/30 | $ | 58.9 | 57.2 | 33.1 | ||||||||||||||||||||||||||||||||||||||||||
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity | (ad)(v) | Financial Services | 220,778,388 | 236.5 | 241.0 | |||||||||||||||||||||||||||||||||||||||||||||
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (v)(w) | Real Estate Management & Development | 18.0% | 7/25/30 | $ | 3.4 | 2.4 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||
Star Mountain Diversified Credit Income Fund III, LP, Private Equity | (o)(w) | Financial Services | 23,500,000 | 23.5 | 24.4 | |||||||||||||||||||||||||||||||||||||||||||||
SunPower Financial, Private Equity | (v)(w)(y) | Financial Services | 3,690,938 | 3.7 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Synovus Financial Corp, Private Equity | (v)(w) | Banks | 8,345,434 | 8.3 | 8.4 | |||||||||||||||||||||||||||||||||||||||||||||
TalkTalk Telecom Group Ltd, Revolver | (v)(w) | Commercial & Professional Services | SA+700 | 1.5% | 9/5/26 | £ | 33.1 | 41.6 | 42.1 | |||||||||||||||||||||||||||||||||||||||||
TalkTalk Telecom Group Ltd, Revolver | (w)(x) | Commercial & Professional Services | SA+700 | 1.5% | 9/5/26 | £ | 10.3 | 13.0 | 12.9 | |||||||||||||||||||||||||||||||||||||||||
TDC LLP, Preferred Equity | (ad)(v)(w) | Financial Services | 8.0% | £ | 21.7 | 26.3 | 27.8 | |||||||||||||||||||||||||||||||||||||||||||
TDC LLP, Private Equity | (ad)(v)(w) | Financial Services | 1,576,060 | 2.0 | 2.0 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Vehicle Secured Funding Trust, Private Equity | (v)(w)(y) | Financial Services | 94,927,993 | $ | 94.9 | $ | 94.9 | |||||||||||||||||||||||||||||||||||||||||||
Weber-Stephen Products LLC, Revolver | (v)(w) | Consumer Discretionary Distribution & Retail | SF+575 | 1.0% | 12/19/26 | $ | 21.8 | 21.8 | 21.8 | |||||||||||||||||||||||||||||||||||||||||
Weber-Stephen Products LLC, Revolver | (w)(x) | Consumer Discretionary Distribution & Retail | SF+575 | 1.0% | 12/19/26 | $ | 44.9 | 44.9 | 44.9 | |||||||||||||||||||||||||||||||||||||||||
Total Asset Based Finance | 2,396.4 | 2,236.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Asset Based Finance Commitments | (159.3) | (159.3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Based Finance | 2,237.1 | 2,077.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC—20.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | (ad)(v)(w) | Credit Opportunities Partners JV, LLC | 1,637.3 | 1,571.7 | 1,396.9 | |||||||||||||||||||||||||||||||||||||||||||||
Total Credit Opportunities Partners JV, LLC | 1,571.7 | 1,396.9 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Equity/Other—16.6%(e) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Abaco Energy Technologies LLC, Common Stock | (v)(y) | Energy | 3,055,556 | $ | 0.2 | $ | 0.6 | |||||||||||||||||||||||||||||||||||||||||||
Abaco Energy Technologies LLC, Preferred Stock | (v)(y) | Energy | 12,734,481 | 1.5 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | 11.8% PIK (11.8% Max PIK) | 49,073,000 | 48.1 | 50.0 | ||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners, Private Equity | (v)(y) | Health Care Equipment & Services | 2,655,491 | 2.7 | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc, Preferred Stock | (v) | Health Care Equipment & Services | 11.5% PIK (11.5% Max PIK) | 12,702,290 | 12.3 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA, Preferred Stock | (v) | Software & Services | SF+950 PIK (SF+950 Max PIK) | 1.0% | 4/30/31 | 15,000,000 | 14.1 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||
Arena Energy LP, Warrants | (v) | Energy | 68,186,525 | 0.4 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp | (p)(y) | Energy | 866,071 | 19.4 | 22.9 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (p)(y) | Energy | 10,193 | 9.7 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | 10.8% PIK (10.8% Max PIK) | 267,493 | 262.2 | 252.6 | ||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-1 Common Stock | (ad)(v)(w)(y) | Capital Goods | 500 | 5.0 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-2 Common Stock | (ad)(v)(w)(y) | Capital Goods | 900 | 4.0 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | (ad)(s)(v)(w)(y) | Capital Goods | 5,578 | 9.9 | 25.9 | |||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | (ac)(v)(y) | Consumer Discretionary Distribution & Retail | 94,950 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | (ac)(h)(n)(y) | Food, Beverage & Tobacco | 6,044,502 | 4.9 | 11.2 | |||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Common Stock | (v)(y) | Food, Beverage & Tobacco | 1,058,391 | 10.0 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 9/10/28 | 161,828 | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 9/10/28 | 1,058,391 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
CDS US Intermediate Holdings Inc, Warrant | (v)(w)(y) | Media & Entertainment | 2,023,714 | — | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||
Cengage Learning, Inc, Common Stock | (v)(y) | Media & Entertainment | 227,802 | 7.5 | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | (ac)(f)(v)(y) | Capital Goods | 849,702 | 10.3 | — | |||||||||||||||||||||||||||||||||||||||||||||
CTI Foods Holding Co LLC, Common Stock | (v)(y) | Food, Beverage & Tobacco | 5,892 | $ | 0.7 | $ | — |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Cubic Corp, Preferred Stock | (v) | Software & Services | 11.0% PIK (11.0% Max PIK) | 42,141,600 | 39.7 | 33.9 | ||||||||||||||||||||||||||||||||||||||||||||
Fox Head Inc, Common Stock | (j)(v)(y) | Consumer Durables & Apparel | 10,000,000 | 2.9 | — | |||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | (ac)(o)(y) | Consumer Services | 14,943 | — | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Common Stock | (ac)(n)(y) | Consumer Durables & Apparel | 228,806 | 35.4 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Preferred Stock | (ac)(n) | Consumer Durables & Apparel | 15.9% PIK (15.9% Max PIK) | 2,068,400 | 4.0 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Trade Claim | (ac)(v)(y) | Consumer Durables & Apparel | 7,701,195 | 2.5 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Class A Common Stock | (ad)(n)(y) | Health Care Equipment & Services | 250 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Equity | (ad)(n)(y) | Health Care Equipment & Services | 1,000 | 8.2 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Stock A | (ad)(n)(y) | Health Care Equipment & Services | 500 | 8.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Stock B | (ad)(n)(y) | Health Care Equipment & Services | 745 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Harvey Industries Inc, Common Stock | (v)(y) | Capital Goods | 5,000,000 | 2.2 | 7.3 | |||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | (ad)(s)(v)(y) | Capital Goods | 85,385 | 7.1 | 25.1 | |||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | (ad)(s)(v)(y) | Capital Goods | 15,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Imagine Communications Corp, Common Stock | (v)(y) | Media & Entertainment | 33,034 | 3.8 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||
Jones Apparel Holdings, Inc., Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | 0.9 | — | |||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock | (ad)(j)(u)(v)(y) | Materials | 2,105 | — | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | (ad)(j)(u)(v)(y)(z) | Materials | 0.0% PIK (12.5% Max PIK) | 2/15/28 | 15,279 | 214.5 | 148.7 | |||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC, Common Stock | (v)(y) | Consumer Staples Distribution & Retail | 7,944,319 | 8.0 | 5.6 | |||||||||||||||||||||||||||||||||||||||||||||
Magna Legal Services LLC, Common Stock | (h)(y) | Commercial & Professional Services | 4,938,192 | 4.9 | 5.0 | |||||||||||||||||||||||||||||||||||||||||||||
Maverick Natural Resources LLC, Common Stock | (n)(o) | Energy | 259,211 | 61.3 | 84.4 | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Common Stock | (h)(y) | Software & Services | 29,403 | 1.5 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Preferred Stock | (h) | Software & Services | 8.0% PIK (8.0% Max PIK) | 29,403 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd, Preferred Stock | (v)(w) | Software & Services | L+1,125 PIK (L+1,125 Max PIK) | 0.0% | 75,534,743 | 71.5 | 71.2 | |||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class A-1 Common Stock | (ad)(v)(y) | Software & Services | 42,923 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class B-1 Common Stock | (ad)(v)(y) | Software & Services | 30,121 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class C Common Stock | (ad)(v)(y) | Software & Services | 49,406 | 20.2 | 19.7 | |||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class I-1 Common Stock | (ad)(v)(y) | Software & Services | 42,923 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Nine West Holdings Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | 6.4 | — | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | (ac)(v)(y) | Health Care Equipment & Services | 34,872 | 2.1 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (ac)(v)(y) | Health Care Equipment & Services | 371,992 | 22.8 | 18.5 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (ac)(v) | Health Care Equipment & Services | 9.0% PIK (9.0% Max PIK) | 10/25/29 | 7,672,347 | 8.0 | 7.7 | |||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Trade Claim | (v)(y) | Energy | 589,656 | $ | 0.6 | $ | 0.3 | |||||||||||||||||||||||||||||||||||||||||||
Polyconcept North America Inc, Class A - 1 Units | (v)(y) | Household & Personal Products | 30,000 | 3.0 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series A PIK | (ad)(v)(y) | Media & Entertainment | 8/21/24 | 434,250 | 18.1 | 120.7 | ||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series B PIK | (ad)(v)(y) | Media & Entertainment | 8/21/24 | 140 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | (ac)(v)(w)(y) | Energy | 2,635,005 | 33.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | (ac)(v)(w)(y) | Energy | 837,780 | 5.4 | 9.5 | |||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC, Common Stock | (ad)(v)(y) | Consumer Durables & Apparel | 4,563 | 8.3 | 10.2 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Private Equity | (ad)(v)(y) | Health Care Equipment & Services | 920,188 | 0.9 | 7.7 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trade Claim | (ad)(v)(y) | Health Care Equipment & Services | 8,301,000 | 0.7 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units | (ad)(v)(y) | Health Care Equipment & Services | 143,400 | 0.2 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Saturn Oil & Gas Inc, Common Stock | (aa)(j)(u)(v)(w)(y) | Energy | 355,993 | 0.7 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC, Common Stock | (j)(u)(v) | Telecommunication Services | 42,731 | 7.1 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||
Stuart Weitzman Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Swift Worldwide Resources Holdco Ltd, Common Stock | (v)(y) | Energy | 1,250,000 | 1.2 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | (ac)(u)(v)(y) | Capital Goods | 17,383,026 | 10.2 | — | |||||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc, Preferred Stock | (v) | Software & Services | SF+1,200 PIK (SF+1,200 Max PIK) | 0.5% | 76,878,880 | 73.5 | 82.6 | |||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | 683,240,044 | 7.2 | 10.4 | |||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | 1,272,105 | 1.3 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | (ad)(v)(y) | Energy | 3,483,788 | 12.8 | 12.3 | |||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc, Class A Private Equity | (v)(y) | Household & Personal Products | 32,109 | 1.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc, Class B Private Equity | (v)(y) | Household & Personal Products | 43,974 | 2.1 | — | |||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc, Preferred Equity | (v) | Household & Personal Products | 20.0% PIK (20.0% Max PIK) | 830,617 | 0.3 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||
Total Equity/Other | 1,149.0 | 1,134.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS—213.9% | $ | 15,419.8 | 14,649.3 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(113.9%) | (7,800.3) | |||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSETS—100% | $ | 6,849.0 |
Foreign Currency | Settlement Date | Counterparty | Amount and Transaction | US$ Value at Settlement Date | US$ Value at December 31, 2023 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||||||||||||||
AUD | 10/21/2024 | JP Morgan Chase Bank | A$ | 8.3 | Sold | $ | 5.2 | $ | 5.7 | $ | (0.5) | ||||||||||||||||||||||||||||||||||||
AUD | 10/21/2024 | JP Morgan Chase Bank | A$ | 2.2 | Sold | 1.5 | 1.5 | — | |||||||||||||||||||||||||||||||||||||||
AUD | 10/21/2024 | JP Morgan Chase Bank | A$ | 2.3 | Sold | 1.5 | 1.6 | (0.1) | |||||||||||||||||||||||||||||||||||||||
CAD | 11/18/2024 | JP Morgan Chase Bank | C$ | 1.1 | Sold | 0.8 | 0.8 | — | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 1.4 | Sold | 1.7 | 1.8 | (0.1) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 3.4 | Sold | 4.1 | 4.3 | (0.2) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 1.7 | Sold | 2.1 | 2.2 | (0.1) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 5.0 | Sold | 6.0 | 6.3 | (0.3) | |||||||||||||||||||||||||||||||||||||||
GBP | 11/25/2024 | JP Morgan Chase Bank | £ | 1.9 | Sold | 2.3 | 2.5 | (0.2) | |||||||||||||||||||||||||||||||||||||||
GBP | 1/20/2026 | JP Morgan Chase Bank | £ | 6.2 | Sold | 7.5 | 7.9 | (0.4) | |||||||||||||||||||||||||||||||||||||||
GBP | 3/31/2026 | JP Morgan Chase Bank | £ | 13.5 | Sold | 16.6 | 17.3 | (0.7) | |||||||||||||||||||||||||||||||||||||||
GBP | 4/2/2026 | JP Morgan Chase Bank | £ | 3.5 | Sold | 4.3 | 4.5 | (0.2) | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 503.0 | Sold | 60.1 | 50.5 | 9.6 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 34.5 | Sold | 4.1 | 3.4 | 0.7 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 250.0 | Sold | 26.3 | 25.0 | 1.3 | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 119.3 | Sold | 13.3 | 12.1 | 1.2 | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 27.8 | Sold | 3.1 | 2.8 | 0.3 | |||||||||||||||||||||||||||||||||||||||
SEK | 4/14/2027 | JP Morgan Chase Bank | SEK | 167.0 | Sold | 16.4 | 17.3 | (0.9) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 176.9 | $ | 167.5 | $ | 9.4 |
Company Act of 1940, as amended. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of December 31, 2023, 73.1% of the Company’s total assets represented qualifying assets.
Portfolio Company | Fair Value at December 31, 2022 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2023 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | $ | 53.1 | $ | 8.1 | $ | (26.5) | $ | (0.2) | $ | 1.1 | $ | 35.6 | $ | 4.6 | $ | 0.3 | $ | 0.4 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | — | 7.4 | — | — | (0.1) | 7.3 | 0.3 | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 8.8 | — | (7.9) | 1.0 | 11.3 | 13.2 | 0.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 19.4 | — | — | — | 0.6 | 20.0 | 3.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | 15.0 | 0.2 | — | — | (0.1) | 15.1 | 2.1 | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | — | 7.5 | (7.5) | — | — | — | 0.7 | — | 0.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | — | 88.0 | (0.9) | — | (0.7) | 86.4 | 9.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | — | 21.7 | (3.2) | — | (0.4) | 18.1 | 1.9 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc(4) | — | 4.7 | — | — | (0.5) | 4.2 | 0.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | 0.5 | — | (1.1) | (4.7) | 5.3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | 2.0 | — | (2.0) | — | — | — | — | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp | 8.6 | — | (5.1) | (3.2) | (0.3) | — | (0.2) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 3.3 | — | — | — | (3.3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | 13.5 | 0.3 | — | — | (4.8) | 9.0 | 2.4 | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | — | — | — | (13.5) | 13.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc(4) | — | 26.3 | — | — | (5.7) | 20.6 | — | 2.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance |
Portfolio Company | Fair Value at December 31, 2022 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2023 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Altavair AirFinance, Private Equity(4) | $ | — | $ | 141.2 | $ | (11.3) | $ | — | $ | 4.0 | $ | 133.9 | $ | — | $ | — | $ | — | $ | 27.9 | ||||||||||||||||||||||||||||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity4) | — | 4.5 | (1.2) | (0.1) | (0.7) | 2.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | 10.2 | 1.2 | — | — | — | 11.4 | — | 1.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | 0.2 | — | — | — | — | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | 5.0 | — | — | — | (0.8) | 4.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc, Preferred Stock | 49.9 | — | — | — | 0.1 | 50.0 | — | 5.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc, Preferred Stock | 231.2 | — | — | — | 21.4 | 252.6 | — | 29.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | 4.8 | — | (5.2) | 1.0 | 10.6 | 11.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | 6.3 | — | — | — | (6.3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | 1.0 | — | — | — | 0.8 | 1.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Common Stock(4) | — | 35.4 | — | — | (34.9) | 0.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Trade Claim(4) | — | 4.6 | (2.1) | — | (1.5) | 1.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Preferred Stock | — | 4.0 | — | — | 1.5 | 5.5 | — | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A(4) | — | 22.8 | — | — | (4.3) | 18.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock(4) | — | 2.1 | — | — | (0.2) | 1.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B(4) | — | 8.0 | — | — | (0.3) | 7.7 | — | 0.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | 1.1 | — | — | — | 2.4 | 3.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | 9.5 | — | — | — | — | 9.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | — | — | (0.2) | (1.5) | 1.7 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 443.4 | $ | 388.0 | $ | (74.2) | $ | (21.2) | $ | 9.4 | $ | 745.4 | $ | 25.2 | $ | 39.4 | $ | 1.3 | $ | 27.9 |
Portfolio Company | Fair Value at December 31, 2022 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2023 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd) | $ | 3.9 | $ | — | $ | (40.1) | $ | — | $ | 36.2 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | 40.6 | 27.9 | (3.4) | — | — | 65.1 | 7.6 | — | 3.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC | — | 52.0 | (23.1) | (4.2) | (0.2) | 24.5 | 0.4 | 2.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | 35.6 | 1.0 | (0.8) | — | — | 35.8 | 2.9 | 1.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | — | 1.0 | — | — | — | 1.0 | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc | 28.1 | 3.4 | 0.3 | — | 0.4 | 32.2 | — | 3.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 152.5 | 20.0 | (1.2) | — | (2.7) | 168.6 | 23.8 | 8.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 0.1 | — | — | — | — | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 68.1 | 3.5 | (6.4) | 0.1 | (1.7) | 63.6 | 9.6 | 1.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 31.3 | 4.5 | (1.6) | — | 0.6 | 34.8 | 3.6 | 1.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc | 18.6 | 0.7 | — | — | (0.5) | 18.8 | 3.1 | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC | — | 6.5 | — | — | — | 6.5 | — | 0.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC | — | 6.8 | — | — | — | 6.8 | — | 0.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co | 78.1 | 0.2 | — | — | (1.2) | 77.1 | 8.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | 21.9 | 11.1 | — | — | (0.1) | 32.9 | — | 3.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | — | — | — | (99.4) | 99.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | — | — | — | — | — | — | (0.3) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | — | — | — | (26.9) | 26.9 | — | (0.1) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | 58.9 | 2.0 | — | — | (8.2) | 52.7 | 4.2 | 1.8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | 6.3 | — | — | — | (6.3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Abacus JV, Private Equity(4) | — | 48.2 | (2.2) | 0.1 | 2.4 | 48.5 | — | — | — | 7.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Private Equity | 31.0 | 7.8 | — | — | — | 38.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Australis Maritime, Common Stock(4) | — | 53.2 | (19.1) | 1.3 | 0.4 | 35.8 | — | — | — | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Australis Maritime II, Private Equity | — | 10.9 | — | — | 1.3 | 12.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | 42.6 | 5.3 | — | — | (5.0) | 42.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Subordinated Bond | — | 1.3 | — | — | 0.2 | 1.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Private Equity(4) | — | 23.7 | (0.5) | — | 9.2 | 32.4 | — | — | — | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Structured Mezzanine(4) | — | 41.8 | (0.9) | — | 0.6 | 41.5 | 4.7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | 99.5 | 0.3 | — | — | (0.1) | 99.7 | 15.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | 0.5 | — | — | — | — | 0.5 | — | — | — | — |
Portfolio Company | Fair Value at December 31, 2022 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2023 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Altitude II Offshore Aggregator LP, Partnership Interest | $ | 44.4 | $ | 19.5 | $ | (0.6) | $ | — | $ | 2.3 | $ | 65.6 | $ | — | $ | — | $ | — | $ | 1.9 | ||||||||||||||||||||||||||||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest(4) | — | 39.1 | — | — | (23.8) | 15.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Chord IP Aggregator LP, Partnership Interest(4) | — | 89.6 | — | — | 10.3 | 99.9 | — | — | — | 4.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | 4.3 | 9.9 | (5.0) | — | (0.9) | 8.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest(4) | — | 23.0 | (11.7) | — | 0.5 | 11.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Private Equity | 79.0 | — | (3.2) | — | 3.0 | 78.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Private Equity | — | — | (0.1) | — | 0.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Structured Mezzanine | 43.5 | 3.5 | — | — | (13.9) | 33.1 | 3.0 | 3.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity | 261.2 | 0.1 | — | — | (20.3) | 241.0 | — | — | — | 14.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TDC LLP, Preferred Equity | — | 26.3 | — | — | 1.5 | 27.8 | 1.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
TDC LLP, Preferred Equity | — | 2.0 | — | — | — | 2.0 | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,428.3 | — | — | — | (31.4) | 1,396.9 | — | — | — | 228.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | — | — | — | (30.7) | 30.7 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | 29.2 | 8.2 | — | — | (11.5) | 25.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-1 Common Stock | 5.0 | — | — | — | (2.5) | 2.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Class B-2 Common Stock | 9.0 | — | — | — | (8.2) | 0.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Stock A | — | 8.0 | — | — | (8.0) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Stock B | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Class A Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, Preferred Equity | — | 8.2 | — | — | (4.4) | 3.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class A Common Stock | — | — | — | (0.1) | 0.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class B Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class C Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Equity Options | — | — | — | (15.0) | 15.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | 16.9 | — | — | — | 8.2 | 25.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock | 2.4 | — | — | — | 0.1 | 2.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | 112.5 | 18.6 | (4.2) | — | 21.8 | 148.7 | — | 16.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class A-1 Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class B-1 Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class C Common Stock | 20.2 | — | — | — | (0.5) | 19.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc, Class I-1 Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series A PIK | 105.7 | — | — | — | 15.0 | 120.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series B PIK | — | — | — | — | — | — | — | — | — | — |
Portfolio Company | Fair Value at December 31, 2022 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2023 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoizel, LLC, Common Stock | $ | — | $ | 8.3 | $ | — | $ | — | $ | 1.9 | $ | 10.2 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trade Claim(4) | — | 0.7 | — | — | 0.2 | 0.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units(4) | — | 0.2 | — | — | (0.1) | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Private Equity | — | 0.9 | — | — | 6.8 | 7.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | 29.2 | — | — | — | (16.9) | 12.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,908.4 | $ | 599.2 | $ | (123.8) | $ | (174.8) | $ | 126.7 | $ | 3,335.7 | $ | 87.1 | $ | 44.5 | $ | 3.8 | $ | 266.0 |
prior investment advisory agreement, which remained in effect until June 16, 2021.
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 2. Summary of Significant Accounting Policies (continued)
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.
The See Note 4 for a discussion of the subordinated incentive fee on income is subject to a total return requirement, which provides that no incentive fee in respect ofunder the Company’spre-incentive fee netprior investment income will be payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations over the then-current and eleven preceding calendar quarters exceeds the cumulative incentive fees accrued and/or paid for the eleven preceding calendar quarters. Accordingly, any subordinated incentive fee on income that is payable in a calendar quarter will be limited to the lesser of (i) 20.0% of the amount by which the Company’spre-incentive fee net investment income for such calendar quarter exceeds the applicable quarterly hurdle rate, subject to the“catch-up” provision, and (ii) (x) 20.0% of the cumulative net increase in net assets resulting from operations for the then-current and eleven preceding calendar quartersminus (y) the cumulative incentive fees accrued and/or paid for the eleven preceding calendar quarters. For the foregoing purpose, the “cumulative net increase in net assets resulting from operations” is the sum ofpre-incentive fee net investment income, base management fees, realized gains and losses and unrealized appreciation and depreciation of the Company for the then-current and eleven preceding calendar quarters. There will be no accumulation of amounts on the hurdle rate from quarter to quarter and, accordingly, there will be no clawback of amounts previously paid if subsequent quarters are below the applicable quarterly hurdle rate and there will be no delay of payment if prior quarters are below the applicable quarterly hurdle rate.
Partial Loan Sales:The Company follows the guidance in Accounting Standards Codification Topic 860,Transfers andServicing, or ASC Topic 860, when accounting for loan participations and other partial loan sales. This guidance requires a participation or other partial loan sale to meet the definition of a participating interest, as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain on the Company’s consolidated balance sheets and the proceeds are recorded as a secured borrowing until the
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 2. Summary of Significant Accounting Policies (continued)
participation or other partial loan sale meets the definition. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. See Note 8 for additional information regarding the Company’s secured borrowing.
Reclassifications:Certain amounts in the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2016March 31, 2023 and the audited consolidated financial statements as of and for the year ended December 31, 20162023 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2017. These reclassifications had no material impactMarch 31, 2024.
Revenue Recognition:In May 2014,interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the FASB issued ASUNo. 2014-09,Revenue from Contracts with Customers, which provides for revenue recognition basedthree months ended March 31, 2024 and 2023, the Company recognized $12 and $2, respectively, in structuring fee revenue. The Company records prepayment premiums on the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Whenloans and securities as fee income when it becomes effective, the new revenue recognition guidance in ASUNo. 2014-09 will replace most revenue recognition guidance under existing GAAP. In 2016, the FASB issued additional guidance that clarified, amendedreceives such amounts.
Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on derivative instruments in the consolidated statements of operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on derivative instruments in the consolidated statements of operations.
Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Reinvestment of Distributions | 1,662,059 | $ | 15,908 | 641,574 | $ | 5,665 | ||||||||||
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Net Proceeds from Share Transactions | 1,662,059 | $ | 15,908 | 641,574 | $ | 5,665 | ||||||||||
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2023:
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||
Share Repurchase Program | — | — | (1,665,317) | $ | (32) | |||||||||||||||||||||
Net Proceeds from Share Transactions | — | — | (1,665,317) | $ | (32) |
FS Investment Corporation
Notesinvestment advisory agreement amended the prior investment advisory agreement to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 4. Related Party Transactions (continued)
1.50% of the average value of(i) reduce the Company’s gross assetsincome incentive fee rate from 20% to 17.5%; and (b) continue(ii) remove the total return lookback provision applicable to calculate the subordinated incentive fee on income to which it is entitled underfrom the prior investment advisory agreement. Under the prior investment advisory agreement, as if the base managementsubordinated incentive fee on income was 1.75%subject to a cap equal to (i) 20.0% of the “per share pre-incentive fee return” for the then-current and eleven preceding calendar quarters minus the cumulative “per share incentive fees” accrued and/or payable for the eleven preceding calendar quarters multiplied by (ii) the weighted average valuenumber of shares outstanding during the calendar quarter (or any portion thereof) for which the subordinated incentive fee on income was being calculated. The definitions of “per share pre-incentive fee return” and “per share incentive fees” under the prior investment advisory agreement took into account the historic per share pre-incentive fee return of both the Company and CCT, together with the historic per share incentive fees paid by both the Company and CCT. For the purpose of calculating the “per share pre-incentive fee return,” any unrealized appreciation or depreciation recognized as a result of the purchase accounting for the Company’s gross assets.acquisition of CCT was excluded. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that FBthe Advisor may be entitled to under the investment advisory agreement.
Pursuant to an investmentsub-advisory agreement,
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Related Party | Source Agreement | Description | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
FB Advisor | Investment Advisory Agreement | Base Management Fee(1) | $ | 18,038 | $ | 17,872 | $ | 54,772 | $ | 53,258 | ||||||||||
FB Advisor | Investment Advisory Agreement | Subordinated Incentive Fee on Income(2) | $ | 12,662 | $ | 12,250 | $ | 37,426 | $ | 38,945 | ||||||||||
FB Advisor | Administration Agreement | Administrative Services Expenses(3) | $ | 750 | $ | 750 | $ | 2,226 | $ | 2,846 |
2023:
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
Related Party | March 31, | |||||||||||||||||||||||||||||||||||||
Source Agreement | Description | 2024 | 2023 | |||||||||||||||||||||||||||||||||||
The Adviser | Investment advisory agreement | Base Management Fee(1) | $ | 55 | $ | 58 | ||||||||||||||||||||||||||||||||
The Adviser | Investment advisory agreement | Subordinated Incentive Fee on Income(2) | $ | 43 | $ | 46 | ||||||||||||||||||||||||||||||||
The Adviser | Administration agreement | Administrative Services Expenses(3) | $ | 3 | $ | 3 | ||||||||||||||||||||||||||||||||
FB Advisor’s senior management team is comprised
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 4. Related Party Transactions (continued)
investment advisory services to certain other fundsprincipals of entities that operate in the Fund Complexsame or a related line of business as the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to KKR FS Income Trust and suchKKR FS Income Trust Select, and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or KKR Credit. In serving in the Fund Complex. While none of the investment advisers are currently providing investment advisory services to clientsthese multiple and other than the funds in the Fund Complex, any, or all,capacities, they may do so in the future. In the event that FB Advisor or its management team undertakes to provide investment advisory serviceshave obligations to other clients or investors in those entities, the fulfillment of which may not be in the future, it intends to allocate investment opportunitiesCompany’s best interests or in a fair and equitable manner consistent with the best interest of the Company’s stockholders. The Company’s investment objectives and strategies, if necessary, so thatmay overlap with the Company will not be disadvantaged in relation to anyinvestment objectives of such investment funds, accounts or other client of FB Advisor or its management team.investment vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form10-K for the year ended December 31, 2016.
2023.
Trademark License Agreement
On April 16, 2014,advisers. However, in connection with the listinginvestment advisory relationship with the Adviser, and in an effort to mitigate potential future conflicts of its common stockinterest, the Company’s board of directors authorized and directed that the Company (i) withdraw from the FS Order, except with respect to any transaction in which the Company participated in reliance on the NYSE,FS Order prior to April 9, 2018, and (ii) rely on an exemptive relief order, dated January 5, 2021, that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with certain affiliates of the Adviser.
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
Distribution | ||||||||
For the Three Months Ended | Per Share | Amount | ||||||
Fiscal 2016 | ||||||||
March 31, 2016 | $ | 0.22275 | $ | 54,093 | ||||
June 30, 2016 | 0.22275 | 54,238 | ||||||
September 30, 2016 | 0.22275 | 54,236 | ||||||
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Total | $ | 0.66825 | $ | 162,567 | ||||
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Fiscal 2017 | ||||||||
March 31, 2017 | $ | 0.22275 | $ | 54,485 | ||||
June 30, 2017 | 0.22275 | 54,607 | ||||||
September 30, 2017 | 0.22275 | 54,733 | ||||||
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Total | $ | 0.66825 | $ | 163,825 | ||||
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2023:
Distribution | ||||||||||||||
For the Three Months Ended | Per Share | Amount | ||||||||||||
Fiscal 2023 | ||||||||||||||
March 31, 2023 | $ | 0.70 | $ | 196 | ||||||||||
Total | $ | 0.70 | $ | 196 | ||||||||||
Fiscal 2024 | ||||||||||||||
March 31, 2024 | $ | 0.75 | $ | 210 | ||||||||||
Total | $ | 0.75 | $ | 210 |
KKR Capital Corp.
Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
Source of Distribution | Distribution Amount | Percentage | Distribution Amount | Percentage | ||||||||||||
Offering proceeds | $ | — | — | $ | — | — | ||||||||||
Borrowings | — | — | — | — | ||||||||||||
Net investment income(1) | 163,825 | 100 | % | 162,567 | 100 | % | ||||||||||
Short-term capital gains proceeds from the sale of assets | — | — | — | — | ||||||||||||
Long-term capital gains proceeds from the sale of assets | — | — | — | — | ||||||||||||
Non-capital gains proceeds from the sale of assets | — | — | — | — | ||||||||||||
Distributions on account of preferred and common equity | — | — | — | — | ||||||||||||
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Total | $ | 163,825 | 100 | % | $ | 162,567 | 100 | % | ||||||||
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________________ (1)During the three months ended March 31, 2024 and 2023, 89.4% and 87.5%, respectively, of the Company’s gross |
The Company’s net investment income on a tax basis for the nine months ended September 30, 2017was attributable to cash income earned, 2.5% and 20163.3%, respectively, was $146,571 and $156,642, respectively. Asattributable to non-cash accretion of September 30, 2017 and December 31, 2016, the Company had $133,656 and $150,910 of undistributed net investment income, respectively, and $180,020 and $73,555, respectively, of accumulated capital losses on a tax basis.
The difference between the Company’s GAAP-basis net investment income and itstax-basis net investment income is primarily due to the reclassification of unamortized original issue discount and prepayment fees recognized upon prepayment of loans from income for GAAP purposes8.1% and 9.2%, respectively, was attributable to realized gains or deferred to future periods for tax purposes, the impact of consolidating certain subsidiaries for purposes of computing GAAP-basis net investment income but not for purposes of computingtax-basis net investment income and income recognized for tax purposes on certain transactions but not recognized for GAAP purposes.
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 5. Distributions (continued)
The following table sets forth a reconciliation between GAAP-basis net investment income andtax-basis net investment income during the nine months ended September 30, 2017 and 2016:
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
GAAP-basis net investment income | $ | 149,698 | $ | 155,781 | ||||
Income subject to tax not recorded for GAAP | (305 | ) | — | |||||
GAAP versustax-basis impact of consolidation of certain subsidiaries | 9,041 | — | ||||||
Reclassification or deferral of unamortized original issue discount and prepayment fees | (11,996 | ) | (9,434 | ) | ||||
Other miscellaneous differences | 133 | 10,295 | ||||||
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Tax-basis net investment income | $ | 146,571 | $ | 156,642 | ||||
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The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. Therefore, a determination made on a quarterly basis may not be representative of the actual tax attributes of the Company’s distributions for a full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually on Form1099-DIV.
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||
Distributable ordinary income | $ | 133,656 | $ | 150,910 | ||||
Distributable realized gains (accumulated capital losses)(1) | (180,020 | ) | (73,555 | ) | ||||
Other temporary differences | 3,614 | 3,580 | ||||||
Net unrealized appreciation (depreciation) on investments and secured borrowing and gain/loss on foreign currency(2) | 91,208 | (44,842 | ) | |||||
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Total | $ | 48,458 | $ | 36,093 | ||||
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was $1,246 and $1,282, respectively. As of March 31, 2024 and December 31, 2023, the Company’s gross unrealized depreciation on a tax basis was $2,220 and $2,418, respectively.
The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.
KKR Capital Corp.
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||
Senior Secured Loans—First Lien | $ | 2,366,950 | $ | 2,372,705 | 61% | $ | 1,992,159 | $ | 1,935,441 | 52% | ||||||||||||||
Senior Secured Loans—Second Lien | 213,822 | 191,494 | 5% | 619,892 | 599,155 | 16% | ||||||||||||||||||
Senior Secured Bonds | 189,292 | 198,702 | 5% | 205,657 | 159,470 | 4% | ||||||||||||||||||
Subordinated Debt | 553,331 | 555,785 | 14% | 498,080 | 454,045 | 12% | ||||||||||||||||||
Collateralized Securities | 48,471 | 57,509 | 1% | 59,225 | 72,058 | 2% | ||||||||||||||||||
Equity/Other | 400,973 | 535,204 | 14% | 368,927 | 506,647 | 14% | ||||||||||||||||||
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Total | $ | 3,772,839 | $ | 3,911,399 | 100% | $ | 3,743,940 | $ | 3,726,816 | 100% | ||||||||||||||
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2023:
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | $ | 8,372 | $ | 8,111 | 57.0 | % | $ | 8,890 | $ | 8,529 | 58.2 | % | ||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | 983 | 1,004 | 7.1 | % | 1,158 | 1,090 | 7.5 | % | ||||||||||||||||||||||||||||||
Other Senior Secured Debt | 159 | 154 | 1.1 | % | 106 | 99 | 0.7 | % | ||||||||||||||||||||||||||||||
Subordinated Debt | 327 | 334 | 2.3 | % | 308 | 323 | 2.2 | % | ||||||||||||||||||||||||||||||
Asset Based Finance | 2,220 | 2,079 | 14.6 | % | 2,237 | 2,077 | 14.2 | % | ||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,572 | 1,390 | 9.8 | % | 1,572 | 1,397 | 9.5 | % | ||||||||||||||||||||||||||||||
Equity/Other | 1,173 | 1,149 | 8.1 | % | 1,149 | 1,134 | 7.7 | % | ||||||||||||||||||||||||||||||
Total | $ | 14,806 | $ | 14,221 | 100.0 | % | $ | 15,420 | $ | 14,649 | 100.0 | % |
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 6. Investment Portfolio (continued)
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2017March 31, 2024 and December 31, 2016:
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||||||||||
Industry Classification | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||
Automobiles & Components | $ | 14,460 | 0 | % | $ | 27,525 | 1 | % | ||||||||
Capital Goods | 1,026,676 | 26 | % | 708,946 | 19 | % | ||||||||||
Commercial & Professional Services | 553,163 | 14 | % | 514,682 | 14 | % | ||||||||||
Consumer Durables & Apparel | 176,156 | 5 | % | 198,752 | 5 | % | ||||||||||
Consumer Services | 292,506 | 8 | % | 343,211 | 9 | % | ||||||||||
Diversified Financials | 210,229 | 6 | % | 184,355 | 5 | % | ||||||||||
Energy | 262,235 | 7 | % | 432,047 | 12 | % | ||||||||||
Food, Beverage & Tobacco | 69,682 | 2 | % | — | — | |||||||||||
Health Care Equipment & Services | 209,352 | 5 | % | 199,064 | 5 | % | ||||||||||
Materials | 320,023 | 8 | % | 263,849 | 7 | % | ||||||||||
Media | 131,319 | 3 | % | 113,455 | 3 | % | ||||||||||
Retailing | 150,624 | 4 | % | 110,262 | 3 | % | ||||||||||
Semiconductors & Semiconductor Equipment | 6,288 | 0 | % | 5,328 | 0 | % | ||||||||||
Software & Services | 199,314 | 5 | % | 265,501 | 7 | % | ||||||||||
Technology Hardware & Equipment | 36,000 | 1 | % | 108,500 | 3 | % | ||||||||||
Telecommunication Services | 161,667 | 4 | % | 161,544 | 4 | % | ||||||||||
Transportation | 91,705 | 2 | % | 89,795 | 3 | % | ||||||||||
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Total | $ | 3,911,399 | 100 | % | $ | 3,726,816 | 100 | % | ||||||||
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2023:
March 31, 2024 | ||||||||||||||||||||||||||
(Unaudited) | December 31, 2023 | |||||||||||||||||||||||||
Industry Classification(1) | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
Automobiles & Components | $ | 4 | 0.0 | % | $ | 4 | 0.0 | % | ||||||||||||||||||
Banks | 7 | 0.1 | % | 8 | 0.1 | % | ||||||||||||||||||||
Capital Goods | 1,985 | 14.0 | % | 1,970 | 13.5 | % | ||||||||||||||||||||
Commercial & Professional Services | 1,961 | 13.8 | % | 1,826 | 12.5 | % | ||||||||||||||||||||
Consumer Discretionary Distribution & Retail | 267 | 1.9 | % | 259 | 1.8 | % | ||||||||||||||||||||
Consumer Durables & Apparel | 196 | 1.4 | % | 185 | 1.3 | % | ||||||||||||||||||||
Consumer Services | 249 | 1.8 | % | 240 | 1.6 | % | ||||||||||||||||||||
Consumer Staples Distribution & Retail | 105 | 0.7 | % | 105 | 0.7 | % | ||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,390 | 9.8 | % | 1,397 | 9.5 | % | ||||||||||||||||||||
Energy | 113 | 0.8 | % | 162 | 1.1 | % | ||||||||||||||||||||
Equity Real Estate Investment Trusts (REITs) | 293 | 2.1 | % | 293 | 2.0 | % | ||||||||||||||||||||
Financial Services | 807 | 5.7 | % | 986 | 6.7 | % | ||||||||||||||||||||
Food, Beverage & Tobacco | 157 | 1.1 | % | 181 | 1.2 | % | ||||||||||||||||||||
Health Care Equipment & Services | 1,666 | 11.7 | % | 1,709 | 11.7 | % | ||||||||||||||||||||
Household & Personal Products | 160 | 1.1 | % | 166 | 1.1 | % | ||||||||||||||||||||
Insurance | 831 | 5.8 | % | 839 | 5.7 | % | ||||||||||||||||||||
Materials | 230 | 1.6 | % | 228 | 1.6 | % | ||||||||||||||||||||
Media & Entertainment | 672 | 4.7 | % | 717 | 4.9 | % | ||||||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 337 | 2.4 | % | 286 | 2.0 | % | ||||||||||||||||||||
Real Estate Management & Development | 47 | 0.3 | % | 79 | 0.5 | % | ||||||||||||||||||||
Software & Services | 2,351 | 16.5 | % | 2,472 | 16.9 | % | ||||||||||||||||||||
Technology Hardware & Equipment | 4 | 0.0 | % | 4 | 0.0 | % | ||||||||||||||||||||
Telecommunication Services | 84 | 0.6 | % | 79 | 0.5 | % | ||||||||||||||||||||
Transportation | 305 | 2.1 | % | 454 | 3.1 | % | ||||||||||||||||||||
Total | $ | 14,221 | 100.0 | % | $ | 14,649 | 100.0 | % |
As of | ||||||||||||||
March 31, 2024 (Unaudited) | December 31, 2023 | |||||||||||||
Selected Balance Sheet Information | ||||||||||||||
Total investments, at fair value | $ | 3,403.6 | $ | 3,470.8 | ||||||||||
Cash and other assets | 354.2 | 272.2 | ||||||||||||
Total assets | 3,757.8 | 3,743.0 | ||||||||||||
Debt | 1,799.6 | 1,840.1 | ||||||||||||
Other liabilities | 369.2 | 306.5 | ||||||||||||
Total liabilities | 2,168.8 | 2,146.6 | ||||||||||||
Member's equity | $ | 1,589.0 | $ | 1,596.4 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Selected Statement of Operations Information | ||||||||||||||||||||||||||
Total investment income | $ | 90.6 | $ | 93.1 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Interest expense | 32.4 | 29.4 | ||||||||||||||||||||||||
Custodian and accounting fees | 0.4 | 0.4 | ||||||||||||||||||||||||
Administrative services | 2.4 | 2.4 | ||||||||||||||||||||||||
Professional services | 0.1 | 0.1 | ||||||||||||||||||||||||
Other | 0.2 | 0.2 | ||||||||||||||||||||||||
Total expenses | 35.5 | 32.5 | ||||||||||||||||||||||||
Net investment income | 55.1 | 60.6 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (2.6) | (33.8) | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 52.5 | $ | 26.8 |
Derivative Instrument | Statement Location | March 31, 2024 (Unaudited) | December 31, 2023 | |||||||||||||||||
Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | 19 | $ | 13 | |||||||||||||||
Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (2) | (4) | |||||||||||||||||
Total | $ | 17 | $ | 9 |
Three Months Ended March 31, | ||||||||||||||||||||
Derivative Instrument | Statement Location | 2024 | 2023 | |||||||||||||||||
Foreign currency forward contracts | Net realized gain (loss) on foreign currency forward contracts | $ | (0) | $ | 3 | |||||||||||||||
Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 8 | (4) | |||||||||||||||||
Total | $ | 8 | $ | (1) |
As of March 31, 2024 (Unaudited) | ||||||||||||||||||||||||||||||||
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(1) | Cash Collateral Received(1) | Net Amount of Derivative Assets(2) | |||||||||||||||||||||||||||
JP Morgan Chase Bank | $ | 19 | $ | (2) | $ | — | $ | — | $ | 17 | ||||||||||||||||||||||
Total | $ | 19 | $ | (2) | $ | — | $ | — | $ | 17 | ||||||||||||||||||||||
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(1) | Cash Collateral Pledged(1) | Net Amount of Derivative Liabilities(3) | |||||||||||||||||||||||||||
JP Morgan Chase Bank | $ | (2) | $ | 2 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Total | $ | (2) | $ | 2 | $ | — | $ | — | $ | — |
As of December 31, 2023 | ||||||||||||||||||||||||||||||||
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(1) | Cash Collateral Received(1) | Net Amount of Derivative Assets(2) | |||||||||||||||||||||||||||
JP Morgan Chase Bank | $ | 13 | $ | (4) | $ | — | $ | — | $ | 9 | ||||||||||||||||||||||
Total | $ | 13 | $ | (4) | $ | — | $ | — | $ | 9 | ||||||||||||||||||||||
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(1) | Cash Collateral Pledged(1) | Net Amount of Derivative Liabilities(3) | |||||||||||||||||||||||||||
JP Morgan Chase Bank | $ | (4) | $ | 4 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Total | $ | (4) | $ | 4 | $ | — | $ | — | $ | — |
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 7. Fair Value of Financial Instruments (continued)
As of September 30, 2017March 31, 2024 and December 31, 2016,2023, the Company’s investments and secured borrowing were categorized as follows in the fair value hierarchy:
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||||||||||
Valuation Inputs | Investments | Secured Borrowing | Investments | Secured Borrowing | ||||||||||||
Level 1—Price quotations in active markets | $ | 9,545 | $ | — | $ | 6,326 | $ | — | ||||||||
Level 2—Significant other observable inputs | — | — | — | — | ||||||||||||
Level 3—Significant unobservable inputs | 3,901,854 | (2,891 | ) | 3,720,490 | (2,880 | ) | ||||||||||
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$ | 3,911,399 | $ | (2,891 | ) | $ | 3,726,816 | $ | (2,880 | ) | |||||||
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The Company has elected the
____________March 31, 2024 Valuation Inputs (Unaudited) December 31, 2023 Level 1—Price quotations in active markets $ 1 $ 1 Level 2—Significant other observable inputs 164 178 Level 3—Significant unobservable inputs 12,666 13,073 1,390 1,397 $ 14,221 $ 14,649
The secured borrowing as of September 30, 2017 was valued using Level 3 inputs under the fair value hierarchy. The Company’s approach to determining fair value amounts presented in this table are intended to permit reconciliation of the Level 3 secured borrowing is consistent with its approach to determining fair value hierarchy to the amounts presented in the consolidated balance sheets.
Adviser’s valuation policy.
services and are typically classified as Level 2 within the fair value hierarchy.
KKR Capital Corp.
For the Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | Senior Secured Loans—Second Lien | Senior Secured Bonds | Subordinated Debt | Collateralized Securities | Equity/Other | Total | ||||||||||||||||||||||
Fair value at beginning of period | $ | 1,935,441 | $ | 599,155 | $ | 159,470 | $ | 454,045 | $ | 72,058 | $ | 500,321 | $ | 3,720,490 | ||||||||||||||
Accretion of discount (amortization of premium) | 1,280 | 8,697 | 475 | 1,350 | 6 | 2 | 11,810 | |||||||||||||||||||||
Net realized gain (loss) | (52,473) | (20,437) | (47,057) | (14,397) | (379) | 1,359 | (133,384) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 62,473 | (1,591) | 55,597 | 46,489 | (3,795) | (1,966) | 157,207 | |||||||||||||||||||||
Purchases | 754,203 | 62,269 | 60,819 | 117,572 | 279 | 21,871 | 1,017,013 | |||||||||||||||||||||
Paid-in-kind interest | 1,419 | 2,309 | 11 | 20,272 | — | 5,067 | 29,078 | |||||||||||||||||||||
Sales and repayments | (329,638) | (458,908) | (30,613) | (69,546) | (10,660) | (995) | (900,360) | |||||||||||||||||||||
Net transfers in or out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||||||||
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Fair value at end of period | $ | 2,372,705 | $ | 191,494 | $ | 198,702 | $ | 555,785 | $ | 57,509 | $ | 525,659 | $ | 3,901,854 | ||||||||||||||
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The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $ | 12,699 | $ | (14,811) | $ | 6,028 | $ | 28,921 | $ | (526) | $ | (124) | $ | 32,187 | ||||||||||||||
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For the Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | Senior Secured Loans—Second Lien | Senior Secured Bonds | Subordinated Debt | Collateralized Securities | Equity/Other | Total | ||||||||||||||||||||||
Fair value at beginning of period | $ | 2,173,829 | $ | 624,814 | $ | 240,754 | $ | 438,414 | $ | 85,007 | $ | 465,769 | $ | 4,028,587 | ||||||||||||||
Accretion of discount (amortization of premium) | 2,195 | 1,388 | 2,407 | 1,263 | 34 | 84 | 7,371 | |||||||||||||||||||||
Net realized gain (loss) | 13,593 | 219 | (41,205) | (1,676) | 194 | 9,785 | (19,090) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 45,774 | 14,206 | 1,363 | 14,365 | 16,536 | 14,144 | 106,388 | |||||||||||||||||||||
Purchases | 482,831 | 25,816 | 8,060 | 44,550 | 4,551 | 96,948 | 662,756 | |||||||||||||||||||||
Paid-in-kind interest | 1,539 | 5,730 | — | 14,075 | — | 1,932 | 23,276 | |||||||||||||||||||||
Sales and repayments | (660,862) | (52,105) | (42,909) | (66,677) | (27,643) | (22,735) | (872,931) | |||||||||||||||||||||
Net transfers in or out of Level 3(1) | — | — | — | — | — | (1,412) | (1,412) | |||||||||||||||||||||
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Fair value at end of period | $ | 2,058,899 | $ | 620,068 | $ | 168,470 | $ | 444,314 | $ | 78,679 | $ | 564,515 | $ | 3,934,945 | ||||||||||||||
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The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $ | 40,875 | $ | 14,252 | $ | (27,987) | $ | 16,071 | $ | 15,799 | $ | 27,576 | $ | 86,586 | ||||||||||||||
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For the Three Months Ended March 31, 2024 Other Senior
Secured
DebtSubordinated
DebtAsset Based Finance Equity/Other Total Fair value at beginning of period $ 8,429 $ 1,090 $ 21 $ 322 $ 2,077 $ 1,134 $ 13,073 Accretion of discount (amortization of premium) 11 3 — — 1 — 15 Net realized gain (loss) (105) (102) (3) — (4) (30) (244) Net change in unrealized appreciation (depreciation) 97 89 1 (8) 19 (10) 188 Purchases 1,323 51 56 10 345 56 1,841 Paid-in-kind interest 10 — — 10 2 3 25 Sales and repayments (1,739) (127) — — (361) (5) (2,232) Transfers into Level 3 — — — — — — — Transfers out of Level 3 — — — — — — — Fair value at end of period $ 8,026 $ 1,004 $ 75 $ 334 $ 2,079 $ 1,148 $ 12,666 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ 44 $ (2) $ (1) $ (8) $ 22 $ (43) $ 12
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | Senior Secured Loans—Second Lien | Other Senior Secured Debt | Subordinated Debt | Asset Based Finance | Equity/Other | Total | ||||||||||||||||||||||||||||||||||||||||||||
Fair value at beginning of period | $ | 9,124 | $ | 874 | $ | 22 | $ | 264 | $ | 1,902 | $ | 1,199 | $ | 13,385 | ||||||||||||||||||||||||||||||||||||
Accretion of discount (amortization of premium) | 11 | 1 | — | — | — | — | 12 | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | 2 | (20) | — | — | 7 | (48) | (59) | |||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 17 | 2 | (2) | — | (17) | 71 | 71 | |||||||||||||||||||||||||||||||||||||||||||
Purchases | 235 | 3 | — | 10 | 30 | 9 | 287 | |||||||||||||||||||||||||||||||||||||||||||
Paid-in-kind interest | 15 | — | — | 5 | 3 | 7 | 30 | |||||||||||||||||||||||||||||||||||||||||||
Sales and repayments | (234) | (4) | — | — | (147) | (16) | (401) | |||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Fair value at end of period | $ | 9,170 | $ | 856 | $ | 20 | $ | 279 | $ | 1,778 | $ | 1,222 | $ | 13,325 | ||||||||||||||||||||||||||||||||||||
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $ | 17 | $ | (20) | $ | (2) | $ | — | $ | (17) | $ | 21 | $ | (1) | ||||||||||||||||||||||||||||||||||||
KKR Capital Corp.
The following is a reconciliation for the nine months ended September 30, 2017 and 2016 of a secured borrowing for which significant unobservable inputs (Level 3) were used in determining market value:
For the Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Fair value at beginning of period | $ | (2,880) | $ | — | ||||
Amortization of premium (accretion of discount) | (4) | (1) | ||||||
Net realized gain (loss) | — | — | ||||||
Net change in unrealized appreciation (depreciation) | (7) | (33) | ||||||
Repayments on secured borrowing | — | — | ||||||
Paid-in-kind interest | — | — | ||||||
Proceeds from secured borrowing | — | (2,829) | ||||||
Net transfers in or out of Level 3 | — | — | ||||||
|
|
|
| |||||
Fair value at end of period | $ | (2,891) | $ | (2,863) | ||||
|
|
|
| |||||
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date | $ | (7) | $ | (33) | ||||
|
|
|
|
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 7. Fair Value of Financial Instruments (continued)
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2017March 31, 2024 and December 31, 20162023 were as follows:
Type of Investment | Fair Value at September 30, 2017 (Unaudited) | Valuation Technique(1) | Unobservable Input | Range | Weighted Average | |||||||
Senior Secured Loans—First Lien | $ | 2,213,659 | Market Comparables | Market Yield (%) | 5.8% - 13.8% | 9.6% | ||||||
EBITDA Multiples (x) | 7.5x - 8.0x | 7.8x | ||||||||||
45,760 | Other(2) | Other(2) | N/A | N/A | ||||||||
113,286 | Market Quotes | Indicative Dealer Quotes | 4.0% - 101.5% | 100.0% | ||||||||
Senior Secured Loans—Second Lien | 78,790 | Market Comparables | Market Yield (%) | 7.8% - 16.9% | 10.4% | |||||||
EBITDA Multiples (x) | 5.8x - 6.8x | 6.3x | ||||||||||
112,704 | Market Quotes | Indicative Dealer Quotes | 51.3% - 101.5% | 92.8% | ||||||||
Senior Secured Bonds | 145,619 | Market Comparables | Market Yield (%) | 8.3% - 10.0% | 8.6% | |||||||
EBITDA Multiples (x) | 4.8x - 9.5x | 8.8x | ||||||||||
Production Multiples (Mboe/d) | $42,250.0 - $44,750.0 | $43,500.0 | ||||||||||
Proved Reserves Multiples (Mmboe) | $10.0 - $11.0 | $10.5 | ||||||||||
PV-10 Multiples (x) | 0.7x - 0.8x | 0.8x | ||||||||||
7,330 | Other(2) | Other(2) | N/A | N/A | ||||||||
45,753 | Market Quotes | Indicative Dealer Quotes | 100.0% - 106.7% | 103.7% | ||||||||
Subordinated Debt | 345,010 | Market Comparables | Market Yield (%) | 7.8% - 18.8% | 15.2% | |||||||
EBITDA Multiples (x) | 8.8x - 11.3x | 9.5x | ||||||||||
77,250 | Other(2) | Other(2) | N/A | N/A | ||||||||
133,525 | Market Quotes | Indicative Dealer Quotes | 36.3% - 108.0% | 99.5% | ||||||||
Collateralized Securities | 57,509 | Market Quotes | Indicative Dealer Quotes | 7.7% - 99.6% | 68.8% | |||||||
Equity/Other | 488,936 | Market Comparables | Market Yield (%) | 13.8% - 14.3% | 14.0% | |||||||
Capacity Multiple ($/kW) | $2,500.0 - $2,750.0 | $2,625.0 | ||||||||||
EBITDA Multiples (x) | 1.9x - 16.0x | 8.7x | ||||||||||
Production Multiples (Mboe/d) | $42,250.0 - $46,250.0 | $44,955.9 | ||||||||||
Production Multiples (MMcfe/d) | $5,750.0 - $6,750.0 | $6,250.0 | ||||||||||
Proved Reserves Multiples (Bcfe) | $1.7 - $1.9 | $ 1.8 | ||||||||||
Proved Reserves Multiples (Mmboe) | $10.0 - $11.3 | $ 11.0 | ||||||||||
PV-10 Multiples (x) | 0.7x - 3.3x | 2.9x | ||||||||||
Discounted Cash Flow | Discount Rate (%) | 19.8% - 21.8% | 20.8% | |||||||||
Option Valuation Model | Volatility (%) | 30.0% - 37.0% | 36.3% | |||||||||
36,723 | Other(2) | Other(2) | N/A | N/A | ||||||||
|
| |||||||||||
Total | $ | 3,901,854 | ||||||||||
|
| |||||||||||
Secured Borrowing | $ | (2,891) | Market Comparables | Market Yield (%) | (6.0)% - (7.1)% | (6.6)% |
Type of Investment | Fair Value at March 31, 2024 (Unaudited) | Valuation Technique(1) | Unobservable Input | Range (Weighted Average) | Impact to Valuation from | |||||||||||||||||||||||||||
Senior Debt | $ | 7,857 | Discounted Cash Flow | Discount Rate | 5.6% - 27.5% (11.2%) | Decrease | ||||||||||||||||||||||||||
1,155 | Waterfall | EBITDA Multiple | 0.4x - 10.3x (7.2x) | Increase | ||||||||||||||||||||||||||||
89 | Other(3) | |||||||||||||||||||||||||||||||
4 | Cost | |||||||||||||||||||||||||||||||
Subordinated Debt | 306 | Discounted Cash Flow | Discount Rate | 10.7% - 15.5% (12.8%) | Decrease | |||||||||||||||||||||||||||
28 | Waterfall | EBITDA Multiple | 0.4x - 8.5x (5.9x) | Increase | ||||||||||||||||||||||||||||
Asset Based Finance | 1,335 | Discounted Cash Flow | Discount Rate | 5.7% - 42.4% (11.3%) | Decrease | |||||||||||||||||||||||||||
612 | Waterfall | EBITDA Multiple | 1.0x - 1.4x (1.1x) | Increase | ||||||||||||||||||||||||||||
87 | Other(3) | |||||||||||||||||||||||||||||||
43 | Cost | |||||||||||||||||||||||||||||||
2 | Indicative Dealer Quotes | 28.3% - 28.3% (28.3%) | Increase | |||||||||||||||||||||||||||||
Equity/Other | 609 | Waterfall | EBITDA Multiple | 0.6x - 14.0x (6.8x) | Increase | |||||||||||||||||||||||||||
526 | Discounted Cash Flow | Discount Rate | 5.0% - 21.0% (14.2%) | Decrease | ||||||||||||||||||||||||||||
10 | Other(3) | |||||||||||||||||||||||||||||||
3 | Option Pricing Model | Equity Illiquidity Discount | 75.0% - 75.0% (75.0%) | Decrease | ||||||||||||||||||||||||||||
Total | $ | 12,666 |
Type of Investment | Fair December 31, 2023 | Valuation Technique(1) | Unobservable Input | Range | Impact to Valuation from an Increase in Input(2) | |||||||||||||||||||||||||||
Senior Debt | $ | 8,356 | Discounted Cash Flow | Discount Rate | 6.1% - 25.0% (11.6%) | Decrease | ||||||||||||||||||||||||||
1,165 | Waterfall | EBITDA Multiple | 0.6x - 10.8x (8.1x) | Increase | ||||||||||||||||||||||||||||
15 | Cost | |||||||||||||||||||||||||||||||
4 | Other(3) | |||||||||||||||||||||||||||||||
Subordinated Debt | 289 | Discounted Cash Flow | Discount Rate | 10.7% - 21.0% (13.7%) | Decrease | |||||||||||||||||||||||||||
33 | Waterfall | EBITDA Multiple | 7.5x - 7.5x (7.5x) | Increase | ||||||||||||||||||||||||||||
Asset Based Finance | 1,232 | Discounted Cash Flow | Discount Rate | 5.9% - 43.2% (11.1%) | Decrease | |||||||||||||||||||||||||||
616 | Waterfall | EBITDA Multiple | 1.0x - 1.3x (1.1x) | Increase | ||||||||||||||||||||||||||||
118 | Cost | |||||||||||||||||||||||||||||||
109 | Other(3) | |||||||||||||||||||||||||||||||
2 | Indicative Dealer Quotes | 26.8% - 26.8% (26.8%) | Increase | |||||||||||||||||||||||||||||
Equity/Other | 603 | Waterfall | EBITDA Multiple | 0.6x - 14.8x (6.5x) | Increase | |||||||||||||||||||||||||||
521 | Discounted Cash Flow | Discount Rate | 5.2% - 21.0% (14.2%) | Decrease | ||||||||||||||||||||||||||||
7 | Other(3) | |||||||||||||||||||||||||||||||
3 | Option Pricing Model | Equity Illiquidity Discount | 75.0% - 75.0% (75.0%) | Decrease | ||||||||||||||||||||||||||||
Total | $ | 13,073 |
(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.
KKR Capital Corp.
Note 7. Fair Value of Financial Instruments (continued)
Type of Investment | Fair Value at December 31, 2016 | Valuation Technique(1) | Unobservable Input | Range | Weighted Average | |||||||
Senior Secured Loans—First Lien | $ | 1,575,465 | Market Comparables | Market Yield (%) | 5.5% - 17.3% | 10.0% | ||||||
93,703 | Other(2) | Other(2) | N/A | N/A | ||||||||
203,773 | Market Quotes | Indicative Dealer Quotes | 18.2% - 104.1% | 99.6% | ||||||||
62,500 | Cost | Cost | 100.0% - 100.0% | 100.0% | ||||||||
Senior Secured Loans—Second Lien | 458,403 | Market Comparables | Market Yield (%) | 8.8% - 26.0% | 12.4% | |||||||
140,752 | Market Quotes | Indicative Dealer Quotes | 8.8% - 101.0% | 93.3% | ||||||||
Senior Secured Bonds | 109,936 | Market Comparables | Market Yield (%) | 7.5% - 9.0% | 7.8% | |||||||
EBITDA Multiples (x) | 6.3x - 7.3x | 6.5x | ||||||||||
Production Multiples (Mboe/d) | $45,000.0 - $50,000.0 | $47,500.0 | ||||||||||
Proved Reserves Multiples (Mmboe) | $14.5 - $15.0 | $14.8 | ||||||||||
PV-10 Multiples (x) | 0.8x - 0.9x | 0.9x | ||||||||||
49,534 | Market Quotes | Indicative Dealer Quotes | 76.0% - 109.6% | 98.5% | ||||||||
Subordinated Debt | 321,853 | Market Comparables | Market Yield (%) | 8.0% - 15.3% | 13.0% | |||||||
EBITDA Multiples (x) | 7.3x - 10.3x | 8.7x | ||||||||||
132,192 | Market Quotes | Indicative Dealer Quotes | 60.8% - 125.5% | 89.0% | ||||||||
Collateralized Securities | 72,058 | Market Quotes | Indicative Dealer Quotes | 11.1% - 94.3% | 72.7% | |||||||
Equity/Other | 453,246 | Market Comparables | EBITDA Multiples (x) | 4.5x - 16.3x | 8.8x | |||||||
Production Multiples (Mboe/d) | $2,225.0 - $50,000.0 | $42,391.6 | ||||||||||
Proved Reserves Multiples (Mmboe) | $0.7 - $15.0 | $8.8 | ||||||||||
Undeveloped Acreage Multiples ($/Acre) | $8,000.0 - $10,000.0 | $9,000.0 | ||||||||||
Capacity Multiple ($/kW) | $2,375.0 - $2,875.0 | $2,625.0 | ||||||||||
Discounted Cash Flow | Discount Rate (%) | 11.0% - 24.8% | 19.9% | |||||||||
Option Valuation Model | Volatility (%) | 34.5% - 41.0% | 39.5% | |||||||||
47,075 | Other(2) | Other(2) | N/A | N/A | ||||||||
|
| |||||||||||
Total | $ | 3,720,490 | ||||||||||
|
| |||||||||||
Secured Borrowing | $ | (2,880) | Market Comparables | Market Yield (%) | (6.0)% - (7.1)% | (6.6)% |
FS Investment Corporation
NotesNote 9. Financing Arrangements
(June 14, 2019, in thousands, except share and per share amounts)
Note 8. Financing Arrangements
accordance with the 1940 Act, the Company was allowed to borrow amounts such that its asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, the Company’s asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of March 31, 2024, the aggregate amount outstanding of the senior securities issued by the Company was $7,968. As of March 31, 2024, the Company’s asset coverage was 185%.
As of March 31, 2024 (Unaudited) | ||||||||||||||||||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
Ambler Credit Facility(2) | Revolving Credit Facility | SOFR+2.75%(1) | $ | 155 | $ | 45 | May 22, 2027 | |||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | SOFR+1.90% - 2.05%(1)(3) | 255 | — | June 2, 2026 | |||||||||||||||||||||||||||
Darby Creek Credit Facility(2) | Revolving Credit Facility | SOFR+2.65%(1) | 681 | 69 | February 26, 2027 | |||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2) | Revolving Credit Facility | SOFR+2.70%(1) | 241 | 59 | November 22, 2026 | |||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | SOFR+1.75% - 1.88%(1)(4) | 1,164(5) | 3,415(6) | October 31, 2028 | |||||||||||||||||||||||||||
4.625% Notes due 2024(7) | Unsecured Notes | 4.63% | 400 | — | July 15, 2024 | |||||||||||||||||||||||||||
1.650% Notes due 2024(7) | Unsecured Notes | 1.65% | 500 | — | October 12, 2024 | |||||||||||||||||||||||||||
4.125% Notes due 2025(7) | Unsecured Notes | 4.13% | 470 | — | February 1, 2025 | |||||||||||||||||||||||||||
4.250% Notes due 2025(7) | Unsecured Notes | 4.25% | 475 | — | February 14, 2025 | |||||||||||||||||||||||||||
8.625% Notes due 2025(7) | Unsecured Notes | 8.63% | 250 | — | May 15, 2025 | |||||||||||||||||||||||||||
3.400% Notes due 2026(7) | Unsecured Notes | 3.40% | 1,000 | — | January 15, 2026 | |||||||||||||||||||||||||||
2.625% Notes due 2027(7) | Unsecured Notes | 2.63% | 400 | — | January 15, 2027 | |||||||||||||||||||||||||||
3.250% Notes due 2027(7) | Unsecured Notes | 3.25% | 500 | — | July 15, 2027 | |||||||||||||||||||||||||||
3.125% Notes due 2028(7) | Unsecured Notes | 3.13% | 750 | — | October 12, 2028 | |||||||||||||||||||||||||||
7.875% Notes due 2029(7) | Unsecured Notes | 7.88% | 400 | — | January 15, 2029 | |||||||||||||||||||||||||||
CLO-1 Notes(2)(8) | Collateralized Loan Obligation | SOFR+1.85% - 3.01%(1) | 327 | — | January 15, 2031 | |||||||||||||||||||||||||||
Total | $ | 7,968 | $ | 3,588 |
As of September 30, 2017 (Unaudited) | ||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||
Hamilton Street Credit Facility(1) | Revolving Credit Facility | L+2.50% | $ | 150,000 | $ | — | December 15, 2021 | |||||||||
ING Credit Facility(1) | Revolving Credit Facility | L+2.25% | 66,131 | (2) | 261,369 | March 16, 2021 | ||||||||||
Locust Street Credit Facility(1) | Term Loan Credit Facility | L+2.68% | 425,000 | — | November 1, 2020 | |||||||||||
4.000% Notes due 2019 | Unsecured Notes | 4.00% | 400,000 | — | July 15, 2019 | |||||||||||
4.250% Notes due 2020 | Unsecured Notes | 4.25% | 405,000 | — | January 15, 2020 | |||||||||||
4.750% Notes due 2022 | Unsecured Notes | 4.75% | 275,000 | — | May 15, 2022 | |||||||||||
Partial Loan Sale | Secured Borrowing | | L+4.50% (1% floor) | | 2,857 | — | July 29, 2022 | |||||||||
|
|
|
| |||||||||||||
Total | $ | 1,723,988 | $ | 261,369 |
As of December 31, 2016 | ||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||
Hamilton Street Credit Facility | Revolving Credit Facility | L+2.50% | $ | 150,000 | $ | — | December 15, 2021 | |||||||||
ING Credit Facility | Revolving Credit Facility | L+2.50% | 44,932 | (1) | 255,068 | April 3, 2018 | ||||||||||
Locust Street Credit Facility | Term Loan Credit Facility | L+2.68% | 425,000 | — | November 1, 2020 | |||||||||||
4.000% Notes due 2019 | Unsecured Notes | 4.00% | 400,000 | — | July 15, 2019 | |||||||||||
4.250% Notes due 2020 | Unsecured Notes | 4.25% | 405,000 | — | January 15, 2020 | |||||||||||
4.750% Notes due 2022 | Unsecured Notes | 4.75% | 275,000 | — | May 15, 2022 | |||||||||||
Partial Loan Sale | Secured Borrowing | | L+4.50% (1% floor) | | 2,857 | — | July 29, 2022 | |||||||||
|
|
|
| |||||||||||||
Total | $ | 1,702,789 | $ | 255,068 |
(8)As of March 31, 2024, there were $256.8 of Class A-1R notes outstanding at SOFR+1.85%, $20.5 of Class A-2R notes outstanding at SOFR+2.25%, $32.4 of Class B-1R notes outstanding at SOFR+2.60% and $17.4 of Class B-2R notes outstanding at 3.011%. In addition to the spread over the benchmark rate, a credit spread adjustment of 0.26161% is applicable to Class A-1R, Class A-2R and Class B-1R notes outstanding.
KKR Capital Corp.
As of December 31, 2023 | ||||||||||||||||||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
Ambler Credit Facility(2)(9) | Revolving Credit Facility | SOFR+2.75%(1) | $ | 132 | $ | 68 | May 22, 2027 | |||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | SOFR+1.90% - 2.05%(1)(3) | 294 | — | June 2, 2026 | |||||||||||||||||||||||||||
Darby Creek Credit Facility(2)(9) | Revolving Credit Facility | SOFR+2.65%(1) | 654 | 96 | February 26, 2027 | |||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2)(9) | Revolving Credit Facility | SOFR+2.70%(1) | 225 | 75 | November 22, 2026 | |||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | SOFR+1.75% - 1.88%(1)(4) | 1,429(5) | 3,170(6) | October 31, 2028 | |||||||||||||||||||||||||||
4.625% Notes due 2024(7) | Unsecured Notes | 4.63% | 400 | — | July 15, 2024 | |||||||||||||||||||||||||||
1.650% Notes due 2024(7) | Unsecured Notes | 1.65% | 500 | — | October 12, 2024 | |||||||||||||||||||||||||||
4.125% Notes due 2025(7) | Unsecured Notes | 4.13% | 470 | — | February 1, 2025 | |||||||||||||||||||||||||||
4.250% Notes due 2025(7)(9) | Unsecured Notes | 4.25% | 475 | — | February 14, 2025 | |||||||||||||||||||||||||||
8.625% Notes due 2025(7) | Unsecured Notes | 8.63% | 250 | — | May 15, 2025 | |||||||||||||||||||||||||||
3.400% Notes due 2026(7) | Unsecured Notes | 3.40% | 1,000 | — | January 15, 2026 | |||||||||||||||||||||||||||
2.625% Notes due 2027(7) | Unsecured Notes | 2.63% | 400 | — | January 15, 2027 | |||||||||||||||||||||||||||
3.250% Notes due 2027(7) | Unsecured Notes | 3.25% | 500 | — | July 15, 2027 | |||||||||||||||||||||||||||
3.125% Notes due 2028(7) | Unsecured Notes | 3.13% | 750 | — | October 12, 2028 | |||||||||||||||||||||||||||
7.875% Notes due 2029(7) | Unsecured Notes | 7.88% | 400 | — | January 15, 2029 | |||||||||||||||||||||||||||
CLO-1 Notes(2)(8) | Collateralized Loan Obligation | SOFR+1.85% - 3.01%(1) | 344 | — | January 15, 2031 | |||||||||||||||||||||||||||
Total | $ | 8,223 | $ | 3,409 |
Three Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Arrangement(1) | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount | Total Interest Expense | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount | Total Interest Expense | ||||||||||||||||||
Hamilton Street Credit Facility(2) | $ | 1,411 | $ | 83 | $ | 1,494 | $ | — | $ | — | $ | — | ||||||||||||
ING Credit Facility(2) | 1,278 | 169 | 1,447 | 1,164 | 284 | 1,448 | ||||||||||||||||||
JPM Facility | — | — | — | 5,399 | — | 5,399 | ||||||||||||||||||
Locust Street Credit Facility | 4,318 | 283 | 4,601 | — | — | — | ||||||||||||||||||
4.000% Notes due 2019 | 4,000 | 310 | 4,310 | 3,998 | 311 | 4,309 | ||||||||||||||||||
4.250% Notes due 2020 | 4,303 | 283 | 4,586 | 3,453 | 244 | 3,697 | ||||||||||||||||||
4.750% Notes due 2022 | 3,266 | 138 | 3,404 | 3,266 | 136 | 3,402 | ||||||||||||||||||
Partial Loan Sale(3) | 42 | 1 | 43 | 27 | 1 | 28 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 18,618 | $ | 1,267 | $ | 19,885 | $ | 17,307 | $ | 976 | $ | 18,283 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Arrangement(1) | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount | Total Interest Expense | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount | Total Interest Expense | ||||||||||||||||||
Hamilton Street Credit Facility(2) | $ | 4,190 | $ | 245 | $ | 4,435 | $ | — | $ | — | $ | — | ||||||||||||
ING Credit Facility(2) | 3,831 | 655 | 4,486 | 3,236 | 847 | 4,083 | ||||||||||||||||||
JPM Facility | — | — | — | 17,284 | — | 17,284 | ||||||||||||||||||
Locust Street Credit Facility | 12,181 | 838 | 13,019 | — | — | — | ||||||||||||||||||
4.000% Notes due 2019 | 12,000 | 921 | 12,921 | 11,631 | 926 | 12,557 | ||||||||||||||||||
4.250% Notes due 2020 | 12,909 | 842 | 13,751 | 10,359 | 726 | 11,085 | ||||||||||||||||||
4.750% Notes due 2022 | 9,797 | 406 | 10,203 | 9,797 | 407 | 10,204 | ||||||||||||||||||
Partial Loan Sale(3) | 122 | 4 | 126 | 27 | 1 | 28 | ||||||||||||||||||
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| |||||||||||||
Total | $ | 55,030 | $ | 3,911 | $ | 58,941 | $ | 52,334 | $ | 2,907 | $ | 55,241 | ||||||||||||
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Three Months Ended March 31, 2024 2023 Direct Interest Expense Amortization of Deferred Financing Costs and Discount / Premium Total Interest Expense Direct Interest Expense Amortization of Deferred Financing Costs and Discount / Premium Total Interest Expense $ 3 $ 0 $ 3 $ 2 $ 1 $ 3 5 0 5 5 0 5 14 1 15 4 0 4 — 0 — 8 0 8 5 0 5 4 0 4 28 1 29 38 1 39 4.625% Notes due 2024 5 0 5 5 0 5 1.650% Notes due 2024 2 1 3 2 1 3 4.125% Notes due 2025 5 1 6 5 1 6 4.250% Notes due 2025 5 (2) 3 5 (2) 3 8.625% Notes due 2025 5 0 5 5 0 5 3.400% Notes due 2026 9 2 11 9 2 11 2.625% Notes due 2027 2 0 2 2 0 2 3.250% Notes due 2027 4 0 4 4 0 4 3.125% Notes due 2028 6 0 6 6 0 6 7.875% Notes due 2029 8 — 8 — — — CLO-1 Notes 6 0 6 6 0 6 Total $ 112 $ 4 $ 116 $ 110 $ 4 $ 114
KKR Capital Corp.
Note 8. Financing Arrangements (continued)
For the nine months ended September 30, 2017 and 2016, the cash paid for interest expense, average borrowings, effective interest rate and weighted average interest rate for the Company’s financing arrangements were as follows:
Nine Months Ended September 30, | ||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||
Arrangement | Cash Paid for Interest Expense | Average Borrowings | Effective Interest Rate | Weighted Average Interest Rate(1) | Cash Paid for Interest Expense | Average Borrowings | Effective Interest Rate | Weighted Average Interest Rate(1) | ||||||||||||||||
Hamilton Street Credit Facility(2)(3) | $ | 3,730 | $ | 150,000 | 3.68% | 3.68% | $ | — | $ | — | — | — | ||||||||||||
ING Credit Facility(2)(4) | 3,347 | 112,422 | 6.55% | 4.49% | 3,599 | 102,464 | 5.42% | 4.15% | ||||||||||||||||
JPM Facility(3) | — | — | — | — | 18,340 | 698,723 | 3.25% | 3.25% | ||||||||||||||||
Locust Street Credit Facility(3) | 10,769 | 425,000 | 3.83% | 3.78% | — | — | — | — | ||||||||||||||||
4.000% Notes due 2019(5) | 16,000 | 400,000 | 4.00% | 4.00% | 16,000 | 400,000 | 4.00% | 4.00% | ||||||||||||||||
4.250% Notes due 2020(5) | 17,213 | 405,000 | 4.25% | 4.25% | 13,812 | 325,000 | 4.25% | 4.25% | ||||||||||||||||
4.750% Notes due 2022(5) | 6,531 | 275,000 | 4.75% | 4.75% | 6,531 | 275,000 | 4.75% | 4.75% | ||||||||||||||||
Partial Loan Sale(3) | 121 | 2,857 | 5.81% | 5.64% | — | 635 | 5.50% | 5.50% | ||||||||||||||||
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$ | 57,711 | $ | 1,770,279 | 4.21% | 4.10% | $ | 58,282 | $ | 1,801,822 | 3.95% | 3.82% | |||||||||||||
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Hamilton Street Credit Facility
On December 15, 2016, Hamilton Street Funding LLC, or Hamilton Street, a wholly-owned, special-purpose financing subsidiary of the Company, entered into a revolving credit facility, or the Hamilton Street credit facility, pursuant to (a) a Loan and Security Agreement, dated as of December 15, 2016, by and among Hamilton Street, as borrower, each of the lenders from time to time party thereto, each of the lender agents from time to time party thereto, HSBC Bank USA, National Association, as administrative agent, and U.S. Bank National Association, as collateral agent, account bank and custodian, and (b) certain other related transaction documents.
The Hamilton Street credit facility provides for a five-year credit facility with a four-year revolving period, during which Hamilton Street is permitted to borrow, repay and reborrow advances in U.S. dollars and certain agreed foreign currencies in an initial aggregate amount of up to $150,000, subject to its compliance with the terms of the Hamilton Street credit facility (including maintenance of the required borrowing base). The Hamilton Street credit facility has an accordion option that would permit the parties to increase the commitments by an additional $50,000 to $200,000. After the revolving period, outstanding advances under the Hamilton Street credit facility must be repaid by 5% each month until the maturity date at which time all remaining outstanding advances must be repaid.
The Company incurred costs in connection with obtaining the Hamilton Street credit facility, which the Company has recorded as deferred financing costs on its consolidated balance sheets and amortizes to interest expense over the life of the facility. As of September 30, 2017, $1,379 of such deferred financing costs had yet to be amortized to interest expense.
ING Credit Facility
On April 3, 2014, the Company entered into a senior secured revolving credit facility with ING Capital LLC, or ING, as administrative agent, and the lenders party thereto, or the ING credit facility. The ING credit facility originally provided for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate amount of up to $300,000, with an
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 8. Financing Arrangements (continued)
option for the Company to request, at one or more times after closing, that existing or new lenders, at their election, provide up to $100,000 of additional commitments. The ING credit facility provides for the issuance of letters of credit in an aggregate face amount not to exceed $25,000. The Company’s obligations under the ING credit facility are guaranteed by all of the Company’s subsidiaries, other than its special-purpose financing subsidiaries. The Company’s obligations under the ING credit facility are secured by a first priority security interest in substantially all of the assets of the Company and the subsidiary guarantors thereunder other than the equity interests of its special-purpose financing subsidiaries.
On March 16, 2017, the Company, certain subsidiary guarantors of the Company, the several banks and other financial institutions or entities from time to time party thereto and ING entered into a second amendment, or the Amendment, to the ING credit facility. The Amendment, among other things, (i) increased the lenders’ aggregate commitments under the ING credit facility to $327,500, (ii) extended the term of the revolving period to March 16, 2020 and the final maturity date to March 16, 2021, (iii) increased the size of the accordion provision to permit increases to the lenders’ aggregate commitments under the ING credit facility up to $600,000 and (iv) decreased the Applicable Margin (as defined therein) to 1.25% with respect to any ABR Loan (as defined therein) and 2.25% with respect to any Eurocurrency Loan (as defined therein).
As of September 30, 2017 and December 31, 2016, $66,131 and $44,932, respectively, was outstanding under the ING credit facility, which includes borrowings in Euro in an aggregate amount of €41,780 and €42,575, respectively, and borrowings in Canadian dollars in an aggregate amount of CAD $20,987 and CAD $0, respectively. The Company incurred costs in connection with obtaining and amending the ING credit facility, which the Company has recorded as deferred financing costs on its consolidated balance sheets and amortizes to interest expense over the life of the facility. As of September 30, 2017, $2,333 of such deferred financing costs had yet to be amortized to interest expense.
JPM Financing
On July 21, 2011, through its two wholly-owned, special-purpose financing subsidiaries, Locust Street Funding LLC, or Locust Street, and Race Street Funding LLC, or Race Street, the Company entered into a debt financing arrangement with JPMorgan Chase Bank, N.A., London Branch, or JPM, which was subsequently amended several times, or the JPM Facility. Prior to its termination, the Company and JPM had most recently amended the financing arrangement on April 28, 2016 to, among other things, reduce the amount of outstanding available debt financing from $725,000 to $650,000. On November 1, 2016, in connection with the entrance into the Locust Street credit facility (as defined below), (i) the Class A Notes issued by Locust Street to Race Street were redeemed, (ii) the amended and restated global master repurchase agreement between Locust Street and JPM was terminated and (iii) the JPM Facility was prepaid and terminated.
JPM Term Loan Facility
On November 1, 2016, Locust Street entered into a loan agreement, or the Locust Street loan agreement and, together with the related transaction documents, the Locust Street term loan facility, with JPM, as lender and administrative agent, Citibank, N.A., as collateral agent and securities intermediary, and Virtus Group, LP, as collateral administrator, pursuant to which JPM advanced $625,000 to Locust Street. Advances outstanding under the Locust Street term loan facility bear interest at a rate equal to LIBOR for a three-month interest period plus a spread of 2.6833% per annum. Interest is payable in arrears beginning on January 15, 2017 and each quarter thereafter. Under the Locust Street loan agreement, Locust Street agreed to repay $200,000 of the aggregate principal amount of the advances on or before January 31, 2017, which repayment was satisfied in full in December 2016. All remaining outstanding advances under the Locust Street loan agreement will mature, and all accrued and unpaid interest thereunder, will be due and payable, on November 1, 2020.
The Company incurred costs in connection with obtaining the Locust Street term loan, which the Company has recorded as deferred financing costs on its consolidated balance sheets and amortizes to interest expense over the life of the facility. As of September 30, 2017, $3,461 of such deferred financing costs had yet to be amortized to interest expense.
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 8. Financing Arrangements (continued)
4.000% Notes due 2019
On July 14, 2014, the Company and U.S. Bank National Association, or U.S. Bank, entered into an indenture, or the base indenture, and a first supplemental indenture thereto, or together with the base indenture and any supplemental indentures thereto, the indenture, relating to the Company’s issuance of $400,000 aggregate principal amount of its 4.000% notes due 2019, or the 4.000% notes.
The 4.000% notes will mature on July 15, 2019 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the applicable redemption price set forth in the indenture. The 4.000% notes bear interest at a rate of 4.000% per year, payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2015. The 4.000% notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 4.000% notes and rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the indenture, the Company will generally be required to make an offer to purchase the outstanding 4.000% notes at a price equal to 100% of the principal amount of such notes plus accrued and unpaid interest to the repurchase date.
The indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a)(1) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the 4.000% notes and U.S. Bank if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended, or the Exchange Act. These covenants are subject to limitations and exceptions that are described in the indenture.
As of September 30, 2017, the fair value of the 4.000% notes was approximately $407,440. The Company incurred costs in connection with issuing the 4.000% notes, which the Company has recorded as deferred financing costs on its consolidated balance sheets and amortizes to interest expense over the life of the 4.000% notes. As of September 30, 2017, $200 of such deferred financing costs had yet to be amortized to interest expense. In connection with issuing the 4.000% notes, the Company has charged discount costs against the carrying amount of such notes. As of September 30, 2017, $2,003 of such discount had yet to be amortized to interest expense.
4.250% Notes due 2020
On December 3, 2014, the Company and U.S. Bank entered into a second supplemental indenture to the base indenture relating to the Company’s issuance of $325,000 aggregate principal amount of its 4.250% notes due 2020, or the 4.250% notes. On December 8, 2016, the Company issued an additional $80,000 aggregate principal amount of the 4.250% notes as additional notes under the second supplemental indenture.
The 4.250% notes will mature on January 15, 2020 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the applicable redemption price set forth in the indenture. The 4.250% notes bear interest at a rate of 4.250% per year, payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2015. The 4.250% notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 4.250% notes and rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the indenture, the Company will generally be required to make an offer to purchase the outstanding 4.250% notes at a price equal to 100% of the principal amount of such notes plus accrued and unpaid interest to the repurchase date.
The indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a)(1) of the 1940 Act, whether or not it is subject
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 8. Financing Arrangements (continued)
to those requirements, and to provide financial information to the holders of the 4.250% notes and U.S. Bank if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to limitations and exceptions that are described in the indenture.
As of September 30, 2017, the fair value of the 4.250% notes was approximately $414,572. The Company incurred costs in connection with issuing the 4.250% notes, which the Company has recorded as deferred financing costs on its consolidated balance sheets and amortizes to interest expense over the life of the 4.250% notes. As of September 30, 2017, $1,051 of such deferred financing costs had yet to be amortized to interest expense. In connection with issuing the 4.250% notes, the Company has charged discount costs against the carrying amount of such notes. As of September 30, 2017, $1,527 of such discount had yet to be amortized to interest expense.
4.750% Notes due 2022
On April 30, 2015, the Company and U.S. Bank entered into a third supplemental indenture to the base indenture relating to the Company’s issuance of $275,000 aggregate principal amount of its 4.750% notes due 2022, or the 4.750% notes.
The 4.750% notes will mature on May 15, 2022 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the applicable redemption price set forth in the indenture. The 4.750% notes bear interest at a rate of 4.750% per year payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2015. The 4.750% notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 4.750% notes and rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
In addition, on the occurrence of a “change of control repurchase event,” as defined in the indenture, the Company will generally be required to make an offer to purchase the outstanding 4.750% notes at a price equal to 100% of the principal amount of such notes plus accrued and unpaid interest to the repurchase date.
The indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) of the 1940 Act, as modified by Section 61(a)(1) of the 1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of the 4.750% notes and U.S. Bank if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to limitations and exceptions that are described in the indenture.
As of September 30, 2017, the fair value of the 4.750% notes was approximately $286,271. The Company incurred costs in connection with issuing the 4.750% notes, which the Company has recorded as deferred financing costs on its consolidated balance sheets and amortizes to interest expense over the life of the 4.750% notes. As of September 30, 2017, $312 of such deferred financing costs had yet to be amortized to interest expense. In connection with issuing the 4.750% notes, the Company has charged discount costs against the carrying amount of such notes. As of September 30, 2017, $2,193 of such discount had yet to be amortized to interest expense.
Partial Loan Sale
Certain partial loan sales do not qualify for sale accounting under ASC Topic 860 because these sales do not meet the definition of a participating interest, as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain as an investment on the consolidated balance sheets and the portion sold is recorded as a secured borrowing in the liabilities section of the consolidated balance sheets. For these partial loan sales, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the buyer in the partial loan sale is recorded within interest expense in the consolidated statements of operations.
As of September 30, 2017 and December 31, 2016, the Company recognized a secured borrowing at fair value of $2,891 and $2,880, respectively, and the fair value of the loan that is associated with the secured borrowing was $15,080 and $14,993,
FS Investment Corporation
Notes to Unaudited Consolidated Financial Statements (continued)
(in thousands, except share and per share amounts)
Note 8. Financing Arrangements (continued)
respectively. The secured borrowing was the result of the Company’s completion of a partial sale of a senior secured loan associated with one portfolio company that did not meet the definition of a participating interest. As a result, sale treatment was not allowed and the partial loan sale was treated as a secured borrowing.
During the nine months ended September 30, 2017, there were no new partial loan sales, fundings on revolving and delayed draw secured borrowings or repayments on secured borrowings.
Note 9.10. Commitments and Contingencies
See Note 6 for a discussion
Category / Company(1) | Commitment Amount | ||||||||||
Senior Secured Loans—First Lien | |||||||||||
3Pillar Global Inc | $ | 7.6 | |||||||||
48Forty Solutions LLC | 3.2 | ||||||||||
Advanced Dermatology & Cosmetic Surgery | 2.6 | ||||||||||
Affordable Care Inc | 10.9 | ||||||||||
Affordable Care Inc | 11.9 | ||||||||||
Alacrity Solutions Group LLC | 4.7 | ||||||||||
Alera Group Intermediate Holdings Inc | 7.2 | ||||||||||
American Vision Partners | 3.4 | ||||||||||
Amerivet Partners Management Inc | 8.4 | ||||||||||
Apex Service Partners LLC | 3.2 | ||||||||||
Apex Service Partners LLC | 7.0 | ||||||||||
Arcfield Acquisition Corp | 10.6 | ||||||||||
Arcos LLC/VA | 4.5 | ||||||||||
Ardonagh Group Ltd/The | 3.4 | ||||||||||
ATX Networks Corp | 49.3 | ||||||||||
BGB Group LLC | 19.9 | ||||||||||
CFC Underwriting Ltd | 5.7 | ||||||||||
Circana Group (f.k.a. NPD Group) | 0.4 | ||||||||||
Civica Group Ltd | 9.6 | ||||||||||
Clarience Technologies LLC | 21.0 | ||||||||||
Clarience Technologies LLC | 21.7 | ||||||||||
Community Brands Inc | 1.9 | ||||||||||
CSafe Global | 11.5 | ||||||||||
CSafe Global | 4.7 | ||||||||||
Dechra Pharmaceuticals Ltd | 3.4 | ||||||||||
Dechra Pharmaceuticals Ltd | 3.6 | ||||||||||
DOC Generici Srl | 2.3 | ||||||||||
DOXA Insurance Holdings LLC | 3.3 | ||||||||||
DOXA Insurance Holdings LLC | 8.6 | ||||||||||
Envirotainer Ltd | 2.7 | ||||||||||
Excelitas Technologies Corp | 0.6 | ||||||||||
Excelitas Technologies Corp | 0.8 | ||||||||||
Follett Software Co | 9.9 | ||||||||||
Foundation Consumer Brands LLC | 6.6 | ||||||||||
Foundation Risk Partners Corp | 6.9 | ||||||||||
Foundation Risk Partners Corp | 13.2 |
KKR Capital Corp.
Category / Company(1) | Commitment Amount | ||||||||||
Galway Partners Holdings LLC | $ | 10.9 | |||||||||
Galway Partners Holdings LLC | 8.4 | ||||||||||
Gigamon Inc | 9.3 | ||||||||||
Granicus Inc | 2.3 | ||||||||||
Granicus Inc | 2.4 | ||||||||||
Heniff Transportation Systems LLC | 5.3 | ||||||||||
Heritage Environmental Services Inc | 7.3 | ||||||||||
Higginbotham Insurance Agency Inc | 18.2 | ||||||||||
Highgate Hotels Inc | 4.2 | ||||||||||
HM Dunn Co Inc | 4.0 | ||||||||||
Individual FoodService | 5.8 | ||||||||||
Individual FoodService | 5.9 | ||||||||||
iNova Pharmaceuticals (Australia) Pty Limited | 1.7 | ||||||||||
Insight Global LLC | 47.9 | ||||||||||
Insightsoftware.Com Inc | 21.3 | ||||||||||
Insightsoftware.Com Inc | 5.3 | ||||||||||
Integrity Marketing Group LLC | 2.3 | ||||||||||
Integrity Marketing Group LLC | 0.1 | ||||||||||
J S Held LLC | 0.5 | ||||||||||
J S Held LLC | 0.3 | ||||||||||
Kellermeyer Bergensons Services LLC | 5.5 | ||||||||||
Laboratoires Vivacy SAS | 0.6 | ||||||||||
Lakeview Farms Inc | 6.8 | ||||||||||
Lazer Logistics Inc | 1.7 | ||||||||||
Lazer Logistics Inc | 5.7 | ||||||||||
Lexitas Inc | 8.4 | ||||||||||
Lexitas Inc | 30.2 | ||||||||||
Lipari Foods LLC | 15.0 | ||||||||||
Lloyd's Register Quality Assurance Ltd | 5.7 | ||||||||||
Magna Legal Services LLC | 2.2 | ||||||||||
Magna Legal Services LLC | 11.2 | ||||||||||
MB2 Dental Solutions LLC | 77.3 | ||||||||||
MB2 Dental Solutions LLC | 10.7 | ||||||||||
Med-Metrix | 11.4 | ||||||||||
Med-Metrix | 7.8 | ||||||||||
Misys Ltd | 1.3 | ||||||||||
Net Documents | 1.5 | ||||||||||
New Era Technology Inc | 4.7 | ||||||||||
NovaTaste Austria GmbH | 4.9 | ||||||||||
Novotech Pty Ltd | 5.6 | ||||||||||
Oxford Global Resources LLC | 8.0 | ||||||||||
Oxford Global Resources LLC | 7.6 | ||||||||||
PartsSource Inc | 2.0 | ||||||||||
PartsSource Inc | 20.5 | ||||||||||
Radwell International LLC/PA | 5.5 | ||||||||||
Revere Superior Holdings Inc | 3.2 | ||||||||||
Rise Baking Company | 5.2 | ||||||||||
RSC Insurance Brokerage Inc | 7.6 | ||||||||||
SAMBA Safety Inc | 2.1 | ||||||||||
SavATree LLC | 6.3 |
Category / Company(1) | Commitment Amount | ||||||||||
Shaw Development LLC | $ | 3.4 | |||||||||
Spins LLC | 14.0 | ||||||||||
Spins LLC | 7.9 | ||||||||||
Spotless Brands LLC | 9.0 | ||||||||||
STV Group Inc | 11.9 | ||||||||||
STV Group Inc | 8.3 | ||||||||||
Sweeping Corp of America Inc | 5.7 | ||||||||||
Time Manufacturing Co | 15.9 | ||||||||||
Trescal SA | 2.7 | ||||||||||
Version1 Software Ltd | 14.8 | ||||||||||
VetCor Professional Practices LLC | 6.6 | ||||||||||
VetCor Professional Practices LLC | 8.4 | ||||||||||
Wealth Enhancement Group LLC | 1.6 | ||||||||||
Wealth Enhancement Group LLC | 2.1 | ||||||||||
Woolpert Inc | 3.7 | ||||||||||
Worldwise Inc | 28.0 | ||||||||||
Worldwise Inc | 8.0 | ||||||||||
Zendesk Inc | 6.0 | ||||||||||
Zendesk Inc | 14.4 | ||||||||||
Zeus Industrial Products Inc | 11.6 | ||||||||||
Zeus Industrial Products Inc | 15.5 | ||||||||||
Senior Secured Loans—Second Lien | |||||||||||
Valeo Foods Group Ltd | 3.0 | ||||||||||
Subordinated Debt | |||||||||||
Miami Beach Medical Group LLC | 17.4 | ||||||||||
Asset Based Finance | |||||||||||
Altitude II IRL WH Borrower DAC, Revolver | 4.9 | ||||||||||
Bausch Health Cos Inc, Revolver | 55.0 | ||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | 36.1 | ||||||||||
Covis Finco Sarl, Revolver | 4.7 | ||||||||||
Covis Finco Sarl, Revolver | 1.8 | ||||||||||
Covis Finco Sarl, Revolver | 3.6 | ||||||||||
Curia Global Inc, Revolver | 41.3 | ||||||||||
GreenSky Holdings LLC, Term Loan | 3.0 | ||||||||||
Jet Edge International LLC, Structured Mezzanine | 0.6 | ||||||||||
TalkTalk Telecom Group Ltd, Revolver | 11.5 | ||||||||||
Weber-Stephen Products LLC, Revolver | 14.5 | ||||||||||
Total | $ | 1,142.7 | |||||||||
Unfunded Asset Based Finance/Other commitments | $ | 579.3 |
Nine Months Ended September 30, 2017 (Unaudited) | Year Ended December 31, 2016 | |||||||
Per Share Data:(1) | ||||||||
Net asset value, beginning of period | $ | 9.41 | $ | 9.10 | ||||
Results of operations(2) | ||||||||
Net investment income (loss) | 0.61 | 0.85 | ||||||
Net realized and unrealized appreciation (depreciation) on investments and secured borrowing and gain/loss on foreign currency | 0.08 | 0.35 | ||||||
|
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|
| |||||
Net increase (decrease) in net assets resulting from operations | 0.69 | 1.20 | ||||||
|
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|
| |||||
Stockholder distributions(3) | ||||||||
Distributions from net investment income | (0.67) | (0.89) | ||||||
Distributions from net realized gain on investments | — | — | ||||||
|
|
|
| |||||
Net decrease in net assets resulting from stockholder distributions | (0.67) | (0.89) | ||||||
|
|
|
| |||||
Capital share transactions | ||||||||
Issuance of common stock(4) | 0.00 | 0.00 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from capital share transactions | — | — | ||||||
|
|
|
| |||||
Net asset value, end of period | $ | 9.43 | $ | 9.41 | ||||
|
|
|
| |||||
Per share market value, end of period | $ | 8.45 | $ | 10.30 | ||||
|
|
|
| |||||
Shares outstanding, end of period | 245,725,416 | 244,063,357 | ||||||
|
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|
| |||||
Total return based on net asset value(5) | 7.33% | 13.19% | ||||||
|
|
|
| |||||
Total return based on market value(6) | (11.80)% | 25.91% | ||||||
|
|
|
| |||||
Ratio/Supplemental Data: | ||||||||
Net assets, end of period | $ | 2,316,693 | $ | 2,297,377 | ||||
Ratio of net investment income to average net assets(7) | 8.69% | 9.32% | ||||||
Ratio of total operating expenses to average net assets(7) | 9.22% | 9.69% | ||||||
Portfolio turnover(8) | 23.27% | 29.65% | ||||||
Total amount of senior securities outstanding, exclusive of treasury securities | $ | 1,723,988 | $ | 1,702,789 | ||||
Asset coverage per unit(9) | 2.34 | 2.35 |
|
Three Months Ended March 31, 2024 Year Ended December 31, 2023 (Unaudited) Net asset value, beginning of period $ 24.46 $ 24.89 Net investment income (loss) 0.76 3.18 Net realized gain (loss) and unrealized appreciation (depreciation) (0.15) (0.70) Net increase (decrease) in net assets resulting from operations 0.61 2.48 Distributions from net investment income (0.75) (2.95) Distributions from net realized gain on investments — — Net decrease in net assets resulting from stockholder distributions (0.75) (2.95) Capital share transactions — 0.04 Net increase (decrease) in net assets resulting from capital share transactions — 0.04 Net asset value, end of period $ 24.32 $ 24.46 Per share market value, end of period $ 19.07 $ 19.97 Shares outstanding, end of period 280,066,433 280,066,433 2.49 % 10.12 % (0.77) % 32.45 % Ratio/Supplemental Data: Net assets, end of period $ 6,812 $ 6,849 12.26 % 12.67 % 12.83 % 13.32 % 12.83 % 13.32 % 9.96 % 12.14 % Total amount of senior securities outstanding, exclusive of treasury securities $ 7,968 $ 8,223 1.85 1.83
KKR Capital Corp.
Nine Months Ended September 30, 2017
(Unaudited) | Year Ended December 31, 2016 | |||||||
Ratio of subordinated income incentive fees to average net assets | 2.17% | 2.33% | ||||||
Ratio of interest expense to average net assets | 3.42% | 3.33% | ||||||
Ratio of excise taxes to average net assets | — | 0.25% |
not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total return based on market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.
Three Months Ended March 31, 2024 | Year Ended December 31, 2023 | |||||||||||||
(Unaudited) | ||||||||||||||
Ratio of net subordinated income incentive fees to average net assets | 2.49 | % | 2.57 | % | ||||||||||
Ratio of interest expense to average net assets | 6.71 | % | 6.63 | % | ||||||||||
Ratio of excise taxes to average net assets | — | 0.31 | % |
KKR Capital Corp. and the “Adviser” refers to FS/KKR Advisor, LLC.
In addition, words
We have based the forward-looking statements included in this quarterly report on Form10-Q on information available to us on the date of this quarterly report on Form10-Q. You should not place undue reliance on these forward-looking statements. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Stockholders are advised to consult any additional disclosures that we may make directly to stockholders or through reports that we may file in the future with the SEC, including annual reports onForm 10-K, quarterly reports onForm 10-Q and current reports onForm 8-K. The forward-looking statements and projections contained in this quarterly report on Form10-Q are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act.
On April 16, 2014, shares of our common stock began trading on the NYSE under the ticker symbol “FSIC”. This listing accomplished our goal of providing our stockholders with greatly enhanced liquidity.
Our investment activities
Direct Originations:We intend to leverage our relationships and our relationship with GDFMthe Adviser and its global sourcing and origination platform, including its industry relationships, to directly sourceaffiliates. We define direct originations as any investment opportunities. Such investments are originatedwhere the Company's investment adviser, sub-adviser or structuredtheir affiliates had negotiated the terms of the transaction beyond just the price, which, for us or made by us and are not generally available to the broader market. These investmentsexample, may include both debt and equity components, although we do not generally make equity investments independent of having an existing credit relationship. We believe directly originated investments may offer higher returns and more favorable protections than broadly syndicated transactions.
Opportunistic: We intend to seek to capitalize on market price inefficiencies by investing in loans, bonds and other securities where the market price of such investment reflects a lower value than deemed warranted by our fundamental analysis. We believe that market price inefficiencies may occur due to, among other things, general dislocations in the markets, a misunderstanding by the market of a particular companynegotiating financial covenants, maturity dates or an industry being out of favor with the broader investment community. We seek to allocate capital to these securities that have been misunderstood or mispriced by the market and where we believe there is an opportunity to earn an attractive return on our investment. Such opportunities may include event driven investments, anchor orders (i.e., opportunities that are originated and then syndicated by a commercial or investment bank but where we provide a capital commitment significantly above the average syndicate participant) and CLOs.
In the case of event driven investments, we intend to take advantage of dislocations that arise in the markets due to an impending event and where the market’s apparent expectation of value differs substantially from our fundamental analysis. Such events may include a looming debt maturity or default, a merger,spin-off or other corporate reorganization, an adverse regulatory or legal ruling, or a material contract expiration, any of which may significantly improve or impair a company’s financial position. Compared to other investment strategies, event driven investing depends more heavily on our ability to successfully predict the outcome of an individual event rather than on underlying macroeconomic fundamentals. As a result, successful event driven strategies may offer both substantial diversification benefits and the ability to generate performance in uncertain market environments.
We may also invest in anchor orders. In these types of investments, we may receive fees, preferential pricing or other benefits not available to other lenders in return for our significant capital commitment. Our decision to provide an anchor order to a syndicated transaction is predicated on a rigorous credit analysis, our familiarity with a particular company, industry or financial sponsor, and the broader investment experiences of FB Advisor and GDFM.
In addition, we opportunistically invest in CLOs. CLOs are a form of securitization where the cash flow from a pooled basket of syndicated loans is used to support distribution payments made to different tranches of securities. While collectively CLOs represent nearly fifty percent of the broadly syndicated loan universe, investing in individual CLO tranches requires a high degree of investor sophistication due to their structural complexity and the illiquid nature of their securities.
Broadly Syndicated/Other:Although our primary focus is to invest ininterest rate terms. These directly originated transactions and opportunistic investments,include participation in certain circumstances we will also invest in the broadly syndicated loan and high yield markets. Broadly syndicated loans and bonds are generally more liquid than our directlyother originated investments and providetransactions where there may be third parties involved, or a complement to our less liquid strategies. In addition, and because we typically receive more attractive financing terms on these positions than we do on our less liquid assets, we are able to leverage the broadly syndicated portion of our portfolio in suchbank acting as an intermediary, for a way that maximizes the levered return potential of our portfolio.
closely held club, or similar transactions.
investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Adviser’s fundamental analysis. Such investment opportunities may occur due to general dislocations in the markets, a misunderstanding by the
or other securities of any rating, as well as debt or other securities that have not been rated by a NRSRO.
indebtedness, and other expenses necessary for our operations. The management and incentive fees compensate FB Advisorthe Adviser for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments. FB Advisor is responsible for compensating
FB Advisor oversees ourday-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. FB AdvisorThe Adviser also performs, or oversees the performance of, our corporate operations and required administrative services, which includes being responsible for the financial records that we are required to maintain and preparing reports for our stockholders and reports filed with the SEC. In addition, FB Advisorthe Adviser assists us in calculating our net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our stockholders, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.
limitations included in the investment advisory agreement and the administration agreement.
2023
Net Investment Activity | For the Three Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | ||||||
Purchases | $ | 183,384 | $ | 1,021,755 | ||||
Sales and Repayments | (225,483 | ) | (900,360 | ) | ||||
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| |||||
Net Portfolio Activity | $ | (42,099 | ) | $ | 121,395 | |||
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For the Three Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | |||||||||||||||
New Investment Activity by Asset Class | Purchases | Percentage | Purchases | Percentage | ||||||||||||
Senior Secured Loans—First Lien | $ | 179,637 | 98% | $ | 754,203 | 74% | ||||||||||
Senior Secured Loans—Second Lien | 3,483 | 2% | 62,269 | 6% | ||||||||||||
Senior Secured Bonds | — | — | 60,819 | 6% | ||||||||||||
Subordinated Debt | — | — | 117,572 | 11% | ||||||||||||
Collateralized Securities | 264 | 0% | 279 | 0% | ||||||||||||
Equity/Other | — | — | 26,613 | 3% | ||||||||||||
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Total | $ | 183,384 | 100% | $ | 1,021,755 | 100% | ||||||||||
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For the Three Months Ended For the Year Ended Net Investment Activity March 31, 2024 December 31, 2023 Purchases $ 1,444 $ 1,817 Sales and Repayments (1,855) (2,570) Net Portfolio Activity $ (411) $ (753)
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
New Investment Activity by Asset Class | Purchases | Percentage | Sales and Repayments | Percentage | ||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | $ | 1,000 | 69 | % | $ | (1,381) | 74 | % | ||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | 46 | 3 | % | (106) | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | 42 | 3 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | 10 | 1 | % | (1) | 0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | 345 | 24 | % | (361) | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other(1) | 1 | 0 | % | (6) | 0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,444 | 100 | % | $ | (1,855) | 100 | % | ||||||||||||||||||||||||||||||||||||||||||
(1) Equity/Other includes investments in preferred equity investments. During the three ended March 31, 2024, purchases of preferred equity investments were $0 and sales and repayments of preferred equity investments were $0. |
The following table summarizes the composition of our investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | $ | 8,372 | $ | 8,111 | 57.0 | % | $ | 8,890 | $ | 8,529 | 58.2 | % | ||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | 983 | 1,004 | 7.1 | % | 1,158 | 1,090 | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | 159 | 154 | 1.1 | % | 106 | 99 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | 327 | 334 | 2.3 | % | 308 | 323 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | 2,220 | 2,079 | 14.6 | % | 2,237 | 2,077 | 14.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,572 | 1,390 | 9.8 | % | 1,572 | 1,397 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Equity/Other(2) | 1,173 | 1,149 | 8.1 | % | 1,149 | 1,134 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 14,806 | $ | 14,221 | 100.0 | % | $ | 15,420 | $ | 14,649 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
(1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. | ||||||||||||||||||||||||||||||||||||||||||||||||||
(2) As of March 31, 2024, Equity/Other included $925 of preferred equity investments at fair value. |
The following table presents certain selected information regarding the composition of our investment portfolio as of March 31, 2024 and December 31, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of Portfolio Companies | 205 | 204 | |||||||||||||||||||||||||||||||||||||||||||||
% Variable Rate Debt Investments (based on fair value)(1)(2) | 68.0% | 66.0% | |||||||||||||||||||||||||||||||||||||||||||||
% Fixed Rate Debt Investments (based on fair value)(1)(2) | 7.5% | 7.9% | |||||||||||||||||||||||||||||||||||||||||||||
% Other Income Producing Investments (based on fair value)(3) | 16.0% | 15.2% | |||||||||||||||||||||||||||||||||||||||||||||
% Non-Income Producing Investments (based on fair value)(2) | 4.3% | 5.4% | |||||||||||||||||||||||||||||||||||||||||||||
% of Investments on Non-Accrual (based on fair value) | 4.2% | 5.5% | |||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Annual Yield on Accruing Debt Investments(2)(4) | 12.5% | 12.7% | |||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Annual Yield on All Debt Investments(5) | 11.4% | 11.2% |
September 30, 2017 (Unaudited) | December 31, 2016 | |||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||
Senior Secured Loans—First Lien | $ | 2,366,950 | $ | 2,372,705 | 61% | $ | 1,992,159 | $ | 1,935,441 | 52% | ||||||||||||||
Senior Secured Loans—Second Lien | 213,822 | 191,494 | 5% | 619,892 | 599,155 | 16% | ||||||||||||||||||
Senior Secured Bonds | 189,292 | 198,702 | 5% | 205,657 | 159,470 | 4% | ||||||||||||||||||
Subordinated Debt | 553,331 | 555,785 | 14% | 498,080 | 454,045 | 12% | ||||||||||||||||||
Collateralized Securities | 48,471 | 57,509 | 1% | 59,225 | 72,058 | 2% | ||||||||||||||||||
Equity/Other | 400,973 | 535,204 | 14% | 368,927 | 506,647 | 14% | ||||||||||||||||||
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Total | $ | 3,772,839 | $ | 3,911,399 | 100% | $ | 3,743,940 | $ | 3,726,816 | 100% | ||||||||||||||
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The following table presents certain selected information regarding the compositionend of our investment portfoliothe applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of September 30, 2017the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of March 31, 2024, and December(b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of March 31, 2016:
September 30, 2017 | December 31, 2016 | |||
Number of Portfolio Companies | 104 | 102 | ||
% Variable Rate (based on fair value) | 65.3% | 67.0% | ||
% Fixed Rate (based on fair value) | 21.0% | 19.4% | ||
% Income Producing Equity/Other Investments (based on fair value) | 2.7% | 2.7% | ||
%Non-Income Producing Equity/Other Investments (based on fair value) | 11.0% | 10.9% | ||
Average Annual EBITDA of Portfolio Companies | $91,700 | $100,000 | ||
Weighted Average Purchase Price of Debt Investments (as a % of par) | 97.5% | 98.6% | ||
% of Investments onNon-Accrual (based on fair value) | 0.3% | 0.2% | ||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) | 9.4% | 9.1% | ||
Gross Portfolio Yield Prior to Leverage (based on amortized | 10.3% | 10.1% |
2024.
Our estimated gross portfolio yield may be higher than an investor’s yield on an investment in shares of our common stock. Our estimated gross portfolio yield does not reflect operating expenses that may be incurred by us. In addition, our estimated gross portfolio yield and total return figures disclosed above do not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of our common stock. Our estimated gross portfolio yield and total return based on net asset value do not represent actual investment returns to stockholders. Our estimated gross portfolio yield and total return figures are subject to change and, in the future, may be greater or less than the rates set forth above. See the section entitled “Item 1A. Risk Factors” in our annual report on Form10-K for the year ended December 31, 2016 for a discussion of the
uncertainties, risks and assumptions associated with these statements. See footnotes 5 and 6 to the table included in Note 1011 to our unaudited consolidated financial statements included herein for information regarding the calculation of our total return based on net asset value and total return based on market value, respectively.
The following tables present certain selected information regarding our direct originations for the three and nine months ended September 30, 2017:
New Direct Originations | For the Three Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | ||||||
Total Commitments (including unfunded commitments) | $ | 199,157 | $ | 825,648 | ||||
Exited Investments (including partial paydowns) | (169,035 | ) | (709,383 | ) | ||||
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Net Direct Originations | $ | 30,122 | $ | 116,265 | ||||
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For the Three Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | |||||||||||||||
New Direct Originations by Asset Class (including unfunded commitments) | Commitment Amount | Percentage | Commitment Amount | Percentage | ||||||||||||
Senior Secured Loans—First Lien | $ | 168,824 | 85% | $ | 709,389 | 86% | ||||||||||
Senior Secured Loans—Second Lien | 3,333 | 2% | 8,113 | 1% | ||||||||||||
Senior Secured Bonds | — | — | 7,031 | 1% | ||||||||||||
Subordinated Debt | 27,000 | 13% | 92,000 | 11% | ||||||||||||
Collateralized Securities | — | — | — | — | ||||||||||||
Equity/Other | — | — | 9,115 | 1% | ||||||||||||
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Total | $ | 199,157 | 100% | $ | 825,648 | 100% | ||||||||||
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For the Three Months Ended September 30, 2017 | For the Nine Months Ended September 30, 2017 | |||
Average New Direct Origination Commitment Amount | $49,789 | $28,471 | ||
Weighted Average Maturity for New Direct Originations | 5/5/23 | 2/27/23 | ||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period | 9.6% | 9.7% | ||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of New Direct Originations Funded during Period—ExcludingNon-Income Producing Assets | 9.6% | 9.8% | ||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Direct Originations Exited during Period | 12.0% | 9.9% |
Characteristics of All Direct Originations held in Portfolio | September 30, 2017 | December 31, 2016 | ||
Number of Portfolio Companies | 74 | 67 | ||
Average Annual EBITDA of Portfolio Companies | $70,700 | $64,600 | ||
Average Leverage Through Tranche of Portfolio Companies—Excluding Equity/Other and Collateralized Securities | 4.8x | 4.8x | ||
% of Investments onNon-Accrual | — | 0.1% | ||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations | 9.3% | 9.1% | ||
Gross Portfolio Yield Prior to Leverage (based on amortized cost) of Funded Direct Originations—ExcludingNon-Income Producing Assets | 10.2% | 10.1% |
Characteristics of All Direct Originations held in Portfolio March 31, 2024 December 31, 2023 Number of Portfolio Companies 197 196 % of Investments on Non-Accrual (based on fair value) 2.9% 4.5% Total Cost of Direct Originations $14,193.1 $14,797.5 Total Fair Value of Direct Originations $13,780.8 $14,176.1 % of Total Investments, at Fair Value 96.9% 96.8% 12.5% 12.7% 11.7% 11.4%
As of | ||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
Total debt investments(1) | $ | 3,149.8 | $ | 3,131.6 | ||||||||||
Weighted average annual yield on accruing debt investments(2) | 11.3 | % | 11.6 | % | ||||||||||
Number of portfolio companies in COPJV | 119 | 124 | ||||||||||||
Largest investment in a single portfolio company | $ | 126.0 | $ | 134.2 | ||||||||||
Unfunded commitments | $ | 4.5 | $ | 24.7 |
Industry Classification
September 30, 2017 | December 31, 2016 | |||||||||||||||
Portfolio Composition by Strategy | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||
Direct Originations | $ | 3,507,097 | 90% | $ | 3,264,395 | 88% | ||||||||||
Opportunistic | 360,516 | 9% | 352,937 | 9% | ||||||||||||
Broadly Syndicated/Other | 43,786 | 1% | 109,484 | 3% | ||||||||||||
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Total | $ | 3,911,399 | 100% | $ | 3,726,816 | 100% | ||||||||||
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See Note 6 to our unaudited consolidated financial statements included herein for additional information regarding the composition of our investment portfolio by industry classification.
2023:
March 31, 2024 | ||||||||||||||||||||||||||
(Unaudited) | December 31, 2023 | |||||||||||||||||||||||||
Industry Classification(1) | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
Automobiles & Components | $ | 4 | 0.0 | % | $ | 4 | 0.0 | % | ||||||||||||||||||
Banks | 7 | 0.1 | % | 8 | 0.1 | % | ||||||||||||||||||||
Capital Goods | 1,985 | 14.0 | % | 1,970 | 13.5 | % | ||||||||||||||||||||
Commercial & Professional Services | 1,961 | 13.8 | % | 1,826 | 12.5 | % | ||||||||||||||||||||
Consumer Discretionary Distribution & Retail | 267 | 1.9 | % | 259 | 1.8 | % | ||||||||||||||||||||
Consumer Durables & Apparel | 196 | 1.4 | % | 185 | 1.3 | % | ||||||||||||||||||||
Consumer Services | 249 | 1.8 | % | 240 | 1.6 | % | ||||||||||||||||||||
Consumer Staples Distribution & Retail | 105 | 0.7 | % | 105 | 0.7 | % | ||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,390 | 9.8 | % | 1,397 | 9.5 | % | ||||||||||||||||||||
Energy | 113 | 0.8 | % | 162 | 1.1 | % | ||||||||||||||||||||
Equity Real Estate Investment Trusts (REITs) | 293 | 2.1 | % | 293 | 2.0 | % | ||||||||||||||||||||
Financial Services | 807 | 5.7 | % | 986 | 6.7 | % | ||||||||||||||||||||
Food, Beverage & Tobacco | 157 | 1.1 | % | 181 | 1.2 | % | ||||||||||||||||||||
Health Care Equipment & Services | 1,666 | 11.7 | % | 1,709 | 11.7 | % | ||||||||||||||||||||
Household & Personal Products | 160 | 1.1 | % | 166 | 1.1 | % | ||||||||||||||||||||
Insurance | 831 | 5.8 | % | 839 | 5.7 | % | ||||||||||||||||||||
Materials | 230 | 1.6 | % | 228 | 1.6 | % | ||||||||||||||||||||
Media & Entertainment | 672 | 4.7 | % | 717 | 4.9 | % | ||||||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 337 | 2.4 | % | 286 | 2.0 | % | ||||||||||||||||||||
Real Estate Management & Development | 47 | 0.3 | % | 79 | 0.5 | % | ||||||||||||||||||||
Software & Services | 2,351 | 16.5 | % | 2,472 | 16.9 | % | ||||||||||||||||||||
Technology Hardware & Equipment | 4 | 0.0 | % | 4 | 0.0 | % | ||||||||||||||||||||
Telecommunication Services | 84 | 0.6 | % | 79 | 0.5 | % | ||||||||||||||||||||
Transportation | 305 | 2.1 | % | 454 | 3.1 | % | ||||||||||||||||||||
Total | $ | 14,221 | 100.0 | % | $ | 14,649 | 100.0 | % |
Investment Rating | Summary Description | |||||||
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Performing | ||||||||
Performing | ||||||||
Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. | ||||||||
Underperforming |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Investment Rating | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||
1 | $ | 444,424 | 11% | $ | 383,790 | 10% | ||||||||||
2 | 3,204,381 | 82% | 3,049,433 | 82% | ||||||||||||
3 | 212,817 | 6% | 242,608 | 7% | ||||||||||||
4 | — | — | — | — | ||||||||||||
5 | 49,777 | 1% | 50,985 | 1% | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 3,911,399 | 100% | $ | 3,726,816 | 100% | ||||||||||
|
|
|
|
|
|
|
|
2023:
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Investment Rating | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
1 | $ | 10,031 | 71 | % | $ | 10,429 | 71 | % | ||||||||||||||||||
2 | 3,334 | 23 | % | 3,165 | 22 | % | ||||||||||||||||||||
3 | 401 | 3 | % | 550 | 4 | % | ||||||||||||||||||||
4 | 455 | 3 | % | 505 | 3 | % | ||||||||||||||||||||
Total | $ | 14,221 | 100 | % | $ | 14,649 | 100 | % |
March 31, 2023
Three Months Ended September 30, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
Amount | Percentage of Total Income | Amount | Percentage of Total Income | |||||||||||||
Interest income | $ | 86,763 | 84 | % | $ | 88,520 | 88 | % | ||||||||
Paid-in-kind interest income | 10,670 | 10 | % | 7,823 | 8 | % | ||||||||||
Fee income | 6,237 | 6 | % | 4,214 | 4 | % | ||||||||||
Dividend income | 21 | 0 | % | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income(1) | $ | 103,691 | 100 | % | $ | 100,557 | 100 | % | ||||||||
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|
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|
|
|
|
___________ (1)Such revenues represent $388 and $399 of cash income earned as well as $46 and $57 in non-cash portions relating to accretion of discount and PIK interest for |
The decrease in interest income during the three months ended September 30, 2017 comparedMarch 31, 2024 and 2023, respectively. Cash flows related to the three months ended September 30, 2016 was primarily due to recent prepaymentssuch non-cash revenues may not occur for a number of higher-yielding assets during the three months ended September 30, 2017. reporting periods or years after such revenues are recognized.
The increase in PIK interest income during the three months ended September 30, 2017 compared to the three months ended September 30, 2016 was due primarily to the restructuring of several investments with PIK interest during the nine months ended September 30, 2017.
Fee income is transaction based, and typically consists of amendment and consent fees, prepayment fees, structuring fees and othernon-recurring fees. As such, fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees.
March 31, 2024.
Three Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Management fees | $ | 18,038 | $ | 17,872 | ||||
Subordinated income incentive fees(1) | 12,662 | 12,250 | ||||||
Administrative services expenses | 750 | 750 | ||||||
Accounting and administrative fees | 254 | 243 | ||||||
Interest expense | 19,885 | 18,283 | ||||||
Directors’ fees | 277 | 277 | ||||||
Expenses associated with our independent audit and related fees | 114 | 123 | ||||||
Legal fees | 147 | 205 | ||||||
Printing fees | 300 | 553 | ||||||
Stock transfer agent fees | 45 | 30 | ||||||
Other | 571 | 968 | ||||||
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Total operating expenses | $ | 53,043 | $ | 51,554 | ||||
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The following table reflects selected expense ratios as a percent of average net assets for |
During the three months ended September 30, 2017March 31, 2024 and 2016,2023:
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Ratio of operating expenses to average net assets | 3.21 | % | 3.21 | % | ||||||||||||||||||||||
Ratio of incentive fees, interest expense and excise taxes to average net assets(1) | 2.30 | % | 2.26 | % | ||||||||||||||||||||||
Ratio of net operating expenses, excluding certain expenses, to average net assets | 0.91 | % | 0.95 | % |
March 31, 2024 compared to the three months ended March 31, 2023 can primarily be attributed to lower investment income during the three months ended March 31, 2024 as discussed above.
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net realized gain (loss) on investments(1) | $ | (243) | $ | (58) | ||||||||||||||||||||||
Net realized gain (loss) on foreign currency forward contracts | (0) | 3 | ||||||||||||||||||||||||
Net realized gain (loss) on foreign currency | (3) | 1 | ||||||||||||||||||||||||
Total net realized gain (loss) | $ | (246) | $ | (54) |
For the three months ended September 30, 2017, the
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | $ | 186 | $ | 31 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 8 | (4) | ||||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | 13 | (3) | ||||||||||||||||||||||||
Total net change in unrealized appreciation (depreciation) | $ | 207 | $ | 24 |
several specific assets in the portfolio, partially offset by appreciation on several assets in the portfolio.
Comparison of the Nine Months Ended September 30, 2017 and 2016
Revenues
Our investment income for the nine months ended September 30, 2017 and 2016 was as follows:
Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
Amount | Percentage of Total Income | Amount | Percentage of Total Income | |||||||||||||
Interest income | $ | 244,007 | 79% | $ | 268,507 | 86% | ||||||||||
Paid-in-kind interest income | 29,078 | 9% | 23,276 | 7% | ||||||||||||
Fee income | 35,344 | 12% | 21,824 | 7% | ||||||||||||
Dividend income | 21 | 0% | 224 | 0% | ||||||||||||
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| |||||||||
Total investment income(1) | $ | 308,450 | 100% | $ | 313,831 | 100% | ||||||||||
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The decrease in interest income during the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016 was primarily due to recent prepayments of higher-yielding assets during the nine months ended September 30, 2017. The level of interest income we receive is generally related to the balance of income-producing investments, multiplied by the weighted average yield of our investments.
The increase in PIK interest income during the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016 was due primarily to the restructuring of several investments with PIK interest during the nine months ended September 30, 2017.
Fee income is transaction-based, and typically consists of prepayment fees, structuring fees, amendment and consent fees and othernon-recurring fees. As such, fee income is generally dependent on new direct origination investments and the occurrence of prepayments and other events at existing portfolio companies resulting in such fees. The increase in fee income during the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016 was primarily due to prepayments of certain assets and the restructuring of several portfolio companies during the three months ended September 30, 2017.
Expenses
Our operating expenses for the nine months ended September 30, 2017 and 2016 were as follows:
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Management fees | $ | 54,772 | $ | 53,258 | ||||
Subordinated income incentive fees(1) | 37,426 | 38,945 | ||||||
Administrative services expenses | 2,226 | 2,846 | ||||||
Accounting and administrative fees | 774 | 706 | ||||||
Interest expense | 58,941 | 55,241 | ||||||
Directors’ fees | 822 | 780 | ||||||
Expenses associated with our independent audit and related fees | 337 | 367 | ||||||
Legal fees | 411 | 900 | ||||||
Printing fees | 698 | 1,249 | ||||||
Stock transfer agent fees | 104 | 149 | ||||||
Other | 2,241 | 3,609 | ||||||
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|
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| |||||
Total | $ | 158,752 | $ | 158,050 | ||||
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Other expenses during the nine months ended September 30, 2016 include $938 of breakage fees associated with the partial paydown of the JPM Facility.
During the nine months ended September 30, 2017 and 2016, the ratio of our expenses to our average net assets was 6.91% and 7.17%, respectively. Our ratio of expenses to our average net assets during the nine months ended September 30, 2017 and 2016 includes $58,941 and $55,241, respectively, related to interest expense and $37,426 and $38,945, respectively, related to accruals for incentive fees. Without such expenses, our ratio of expenses to average net assets would have been 2.72% and 2.89% for the nine months ended September 30, 2017 and 2016, respectively. Incentive fees and interest expense, among other things, may increase or decrease our expense ratios relative to comparative periods depending on portfolio performance and changes in amounts outstanding under our financing arrangements and benchmark interest rates such as LIBOR, among other factors. The lower ratio of expenses to average net assets, excluding incentive fees and interest expense, during the nine months ended September 30, 2017, compared to the nine months ended September 30, 2016, can primarily be attributed to a decrease in legal fees, printing fees and administrative services fees during the nine months ended September 30, 2017 and loan breakage fees associated with the partial paydown of the JPM Facility during the nine months ended September 30, 2016.
Net Investment Income
Our net investment income totaled $149,698 ($0.61 per share) and $155,781 ($0.64 per share) for the nine months ended September 30, 2017 and 2016, respectively. The decrease in net investment income can be attributed to the reduction in investment income during the nine months ended September 30, 2017.
Net Realized Gains or Losses
We sold investments and received principal repayments of $259,525 and $640,835, respectively, during the nine months ended September 30, 2017, from which we realized a net loss of $133,384. We also realized a net gain of $165 from settlements on foreign currency during the nine months ended September 30, 2017. We sold investments and received principal repayments of $369,844 and $503,087, respectively, during the nine months ended September 30, 2016, from which we realized a net loss of $19,090. We also realized a net gain of $264 from settlements on foreign currency during the nine months ended September 30, 2016.
Net Change in Unrealized Appreciation (Depreciation) on Investments and Secured Borrowing and Unrealized Gain (Loss) on Foreign Currency
For the nine months ended September 30, 2017, the net change in unrealized appreciation (depreciation) on investments and secured borrowing totaled $155,677 and the net change in unrealized gain (loss) on foreign currency totaled $(4,923). For the nine months ended September 30, 2016, the net change in unrealized appreciation (depreciation) on investments and secured borrowing totaled $106,740 and the net change in unrealized gain (loss) on foreign currency totaled $(1,266).
Net Increase (Decrease) in Net Assets Resulting from Operations
For the nine months ended September 30, 2017, the net increase in net assets resulting from operations was $167,233 ($0.68 per share), compared to a net increase in net assets resulting from operations of $242,429 ($1.00 per share) during the nine months ended September 30, 2016.
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||
Hamilton Street Credit Facility(1) | Revolving Credit Facility | L+2.50% | $ | 150,000 | $ | — | December 15, 2021 | |||||||||
ING Credit Facility(1) | Revolving Credit Facility | L+2.25% | 66,131 | (2) | 261,369 | March 16, 2021 | ||||||||||
Locust Street Credit Facility(1) | Term Loan Credit Facility | L+2.68% | 425,000 | — | November 1, 2020 | |||||||||||
4.000% Notes due 2019 | Unsecured Notes | 4.00% | 400,000 | — | July 15, 2019 | |||||||||||
4.250% Notes due 2020 | Unsecured Notes | 4.25% | 405,000 | — | January 15, 2020 | |||||||||||
4.750% Notes due 2022 | Unsecured Notes | 4.75% | 275,000 | — | May 15, 2022 | |||||||||||
Partial Loan Sale | Secured Borrowing | | L+4.50% (1% floor) | | 2,857 | — | July 29, 2022 | |||||||||
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|
| |||||||||||||
Total | $ | 1,723,988 | $ | 261,369 |
March 31, 2024:
As of March 31, 2024 (Unaudited) | ||||||||||||||||||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
Ambler Credit Facility(2) | Revolving Credit Facility | SOFR+2.75%(1) | $ | 155 | $ | 45 | May 22, 2027 | |||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | SOFR+1.90% - 2.05%(1)(3) | 255 | — | June 2, 2026 | |||||||||||||||||||||||||||
Darby Creek Credit Facility(2) | Revolving Credit Facility | SOFR+2.65%(1) | 681 | 69 | February 26, 2027 | |||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2) | Revolving Credit Facility | SOFR+2.70(1) | 241 | 59 | November 22, 2026 | |||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | SOFR+1.75% - 1.88%(1)(4) | 1,164(5) | 3,415(6) | October 31, 2028 | |||||||||||||||||||||||||||
4.625% Notes due 2024(7) | Unsecured Notes | 4.63% | 400 | — | July 15, 2024 | |||||||||||||||||||||||||||
1.650% Notes due 2024(7) | Unsecured Notes | 1.65% | 500 | — | October 12, 2024 | |||||||||||||||||||||||||||
4.125% Notes due 2025(7) | Unsecured Notes | 4.13% | 470 | — | February 1, 2025 | |||||||||||||||||||||||||||
4.250% Notes due 2025(7) | Unsecured Notes | 4.25% | 475 | — | February 14, 2025 | |||||||||||||||||||||||||||
8.625% Notes due 2025(7) | Unsecured Notes | 8.63% | 250 | — | May 15, 2025 | |||||||||||||||||||||||||||
3.400% Notes due 2026(7) | Unsecured Notes | 3.40% | 1,000 | — | January 15, 2026 | |||||||||||||||||||||||||||
2.625% Notes due 2027(7) | Unsecured Notes | 2.63% | 400 | — | January 15, 2027 | |||||||||||||||||||||||||||
3.250% Notes due 2027(7) | Unsecured Notes | 3.25% | 500 | — | July 15, 2027 | |||||||||||||||||||||||||||
3.125% Notes due 2028(7) | Unsecured Notes | 3.13% | 750 | — | October 12, 2028 | |||||||||||||||||||||||||||
7.875% Notes due 2029(7) | Unsecured Notes | 7.88% | 400 | — | January 15, 2029 | |||||||||||||||||||||||||||
CLO-1 Notes(2)(8) | Collateralized Loan Obligation | SOFR+1.85% - 3.01%(1) | 327 | — | January 15, 2031 | |||||||||||||||||||||||||||
Total | $ | 7,968 | $ | 3,588 |
borrowings
.During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form1099-DIV identifying the sources of the distributions will be mailed to our stockholders. No portion of the distributions paid during the ninethree months ended September 30, 2017March 31, 2024 or 20162023 represented a return of capital.
Distribution | ||||||||
For the Three Months Ended | Per Share | Amount | ||||||
Fiscal 2016 | ||||||||
March 31, 2016 | $ | 0.22275 | $ | 54,093 | ||||
June 30, 2016 | 0.22275 | 54,238 | ||||||
September 30, 2016 | 0.22275 | 54,236 | ||||||
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Total | $ | 0.66825 | $ | 162,567 | ||||
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Fiscal 2017 | ||||||||
March 31, 2017 | $ | 0.22275 | $ | 54,485 | ||||
June 30, 2017 | 0.22275 | 54,607 | ||||||
September 30, 2017 | 0.22275 | 54,733 | ||||||
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Total | $ | 0.66825 | $ | 163,825 | ||||
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2023:
Distribution | ||||||||||||||
For the Three Months Ended | Per Share | Amount | ||||||||||||
Fiscal 2023 | ||||||||||||||
March 31, 2023 | $ | 0.70 | $ | 196 | ||||||||||
Total | $ | 0.70 | $ | 196 | ||||||||||
Fiscal 2024 | ||||||||||||||
March 31, 2024 | $ | 0.75 | $ | 210 | ||||||||||
Total | $ | 0.75 | $ | 210 |
distribu
tions.and Estimates
We determine
process set forth in the Adviser’s valuation policy.
the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets;markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
FB Advisor’s management team, any approved independent third-party valuation services and our board of directors may also consider private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors,
valuations implied by third-party investments in the portfolio companies or industry practices in determining fair value. FB Advisor’s management team, any approved independent third-party valuation services and our board of directors may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, and may apply discounts or premiums, where and as appropriate, due to the higher (or lower) financial risk and/or the smaller size of portfolio companies relative to comparable firms, as well as such other factors as our board of directors, in consultation with FB Advisor’s management team and any approved independent third-party valuation services, if applicable, may consider relevant in assessing fair value. Generally, the value of our equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. Portfolio securities that carry certain restrictions on sale are typically valued at a discount from the public market value of the security.
The fair values of our investments are determined in good faith by our board of directors. Our board of directors is solely responsible for the valuation of our portfolio investments at fair value as determined in good faith pursuant to our valuation policy and consistently applied valuation process. Our board of directors has delegatedday-to-day responsibility for implementing our valuation policy to FB Advisor’s management team, and has authorized FB Advisor’s management team to utilize independent third-party valuation and pricing services that have been approved by our board of directors. The valuation committee is responsible for overseeing FB Advisor’s implementation of the valuation process.
Revenue Recognition
Security transactions are accounted for on the trade date. We record interest income on an accrual basis to the extent that we expect to collect such amounts. We record dividend income on theex-dividend date. We do not accrue as a receivable interest or dividends on loans and securities if we have reason to doubt our ability to collect such income. Our policy is to place investments onnon-accrual status when there is reasonable doubt that interest income will be collected. We consider many factors relevant to an investment when placing it on or removing it fromnon-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that we will receive any previously accrued interest, then the interest income will bewritten-off. Payments received onnon-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest.Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on our judgment.
Loan origination fees, original issue discount and market discount are capitalized and we amortize such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and othernon-recurring upfront fees are recorded as fee income when earned. We record prepayment premiums on loans and securities as fee income when we earn such amounts.
Net Realized Gains or Losses, Net Change in Unrealized Appreciation or Depreciation and Net Change in Unrealized Gains or Losses on Foreign Currency
Gains or losses on the sale of investments are calculated by using the specific identification method. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized. Net change in unrealized gains or losses on foreign currency reflects the change in the value of receivables or accruals during the reporting period due to the impact of foreign currency fluctuations.
We follow the guidance in ASC Topic 860 when accounting for loan participations and other partial loan sales. This guidance requires a participation or other partial loan sale to meet the definition of a participating interest, as defined in the
guidance, in order for sale treatment to be allowed. Participations or other partial loan sales which do not meet the definition of a participating interest remain on our consolidated balance sheets and the proceeds are recorded as a secured borrowing until the participation or other partial loan sale meets the definition. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value.
Uncertainty in Income Taxes
We evaluate our tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax benefits or liabilities in our consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. We recognize interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in our consolidated statements of operations. During the nine months ended September 30, 2017 and 2016, we did not incur any interest or penalties.
See Note 2 to our unaudited consolidated financial statements included herein for additional information regarding our significant accounting policies.
A summary of our significant contractual payment obligations for the repayment of outstanding indebtedness at September 30, 2017 is as follows:
Payments Due By Period | ||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||
Hamilton Street Credit Facility(1) | $ | 150,000 | — | — | $ | 150,000 | — | |||||||||||||
ING Credit Facility(2) | $ | 66,131 | — | — | $ | 66,131 | — | |||||||||||||
Locust Street Credit Facility(3) | $ | 425,000 | — | — | $ | 425,000 | — | |||||||||||||
4.000% Notes due 2019(4) | $ | 400,000 | — | $ | 400,000 | — | — | |||||||||||||
4.250% Notes due 2020(5) | $ | 405,000 | — | $ | 405,000 | — | — | |||||||||||||
4.750% Notes due 2022(6) | $ | 275,000 | — | — | $ | 275,000 | — | |||||||||||||
Partial Loan Sale(7) | $ | 2,857 | — | — | $ | 2,857 | — |
2023.
Related Party Transactions
Compensation
Pursuant to the investment advisory agreement, FB Advisor is entitled to an annual base management fee equal to 1.75% of the average value of our gross assets and an incentive fee based on our performance. The investmentsub-advisory agreement provides that GDFM will receive 50% of all management and incentive fees payable to FB Advisor under the investment advisory agreement with respect to each year. Pursuant to the administration agreement, we also reimburse FB Advisor and GDFM for expenses necessary to perform services related to our administration and operations, including FB Advisor’s allocable portion of the compensation and related expenses of certain personnel of FS Investments providing administrative services to us on behalf of FB Advisor.
See Note 4 to our unaudited consolidated financial statements included herein for additional information regarding our agreements with FB Advisor and our other related party transactions and relationships, including our potential conflicts of interest, exemptive relief order and our trademark license agreement with FS Investments.
Contents
Basis Point Change in Interest Rates | Increase (Decrease) in Interest Income(1) | Increase (Decrease) in Interest Expense | Increase (Decrease) in Net Interest Income | Percentage Change in Net Interest Income | ||||||||||||
Down 100 basis points | $ | (8,436 | ) | $ | (5,808 | ) | $ | (2,628 | ) | (0.9 | )% | |||||
No change | — | — | — | — | ||||||||||||
Up 100 basis points | $ | 24,613 | $ | 5,808 | $ | 18,805 | 6.7 | % | ||||||||
Up 300 basis points | $ | 75,794 | $ | 17,424 | $ | 58,370 | 20.8 | % | ||||||||
Up 500 basis points | $ | 126,994 | $ | 29,039 | $ | 97,955 | 34.9 | % |
Basis Point Change in Interest Rates | Increase (Decrease) in Interest Income(1) | Increase (Decrease) in Interest Expense(2) | Increase (Decrease) in Net Interest Income | Percentage Change in Net Interest Income | ||||||||||||||||||||||
Down 250 basis points | $ | (244) | $ | (71) | $ | (173) | (18.4) | % | ||||||||||||||||||
Down 200 basis points | (196) | (57) | (139) | (14.8) | % | |||||||||||||||||||||
Down 150 basis points | (147) | (43) | (104) | (11.1) | % | |||||||||||||||||||||
Down 100 basis points | (98) | (28) | (70) | (7.4) | % | |||||||||||||||||||||
Down 50 basis points | (49) | (14) | (35) | (3.7) | % | |||||||||||||||||||||
Up 50 basis points | 49 | 14 | 35 | 3.7 | % | |||||||||||||||||||||
Up 100 basis points | 98 | 28 | 70 | 7.4 | % | |||||||||||||||||||||
Up 150 basis points | 147 | 43 | 104 | 11.1 | % | |||||||||||||||||||||
Up 200 basis points | 196 | 57 | 139 | 14.8 | % | |||||||||||||||||||||
Up 250 basis points | 244 | 71 | 173 | 18.4 | % |
Foreign Currency Risk
Investments Denominated in Foreign Currencies As of March 31, 2024 | Economic Hedging As of March 31, 2024 | |||||||||||||||||||||||||||||||||||||
Cost in Local Currency | Cost in US$ | Fair Value | Reduction in Fair Value as of March 31, 2024 if 10% Adverse Change in Exchange Rate(1) | Net Foreign Currency Hedge Amount in Local Currency | Net Foreign Currency Hedge Amount in U.S. Dollars | |||||||||||||||||||||||||||||||||
Australian Dollars | A$ | 54.1 | $ | 35.3 | $ | 32.0 | $ | 3.2 | A$ | 12.8 | $ | 8.3 | ||||||||||||||||||||||||||
British Pound Sterling | £ | 95.9 | 121.2 | 122.3 | 12.2 | £ | 36.7 | 46.4 | ||||||||||||||||||||||||||||||
Canadian Dollars | $ | 2.6 | 1.9 | 2.0 | 0.2 | $ | 1.1 | 0.8 | ||||||||||||||||||||||||||||||
Euros | € | 326.5 | 352.6 | 307.0 | 30.7 | € | — | — | ||||||||||||||||||||||||||||||
Icelandic Krona | ISK | 1,419.5 | 10.2 | 9.7 | 1.0 | ISK | — | — | ||||||||||||||||||||||||||||||
Swedish Krona | SEK | 1,690.5 | 158.1 | 129.1 | 12.9 | SEK | 1,113.3 | 104.2 | ||||||||||||||||||||||||||||||
Total | $ | 679.3 | $ | 602.1 | $ | 60.2 | $ | 159.7 |
March 31, 2024.
2021, that investment vehicle entered into a written trading plan with a third-party broker in accordance with Rule 10b5-1 and Rule 10b-18 promulgated under the Exchange Act, or the December 2021 Affiliated Purchaser Program, to facilitate the purchase of shares of our common stock pursuant to the terms and conditions of such plan. The December 2021 Affiliated Purchaser Program provided for the purchase of up to $70 worth of shares of our common stock, subject to the limitations provided therein. The December 2021 Affiliated Purchaser Program has concluded since the aggregate repurchase amount under the plan has been expended.
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||
July 1 to July 31, 2017 | — | — | — | $ | 635 | |||||||||||
August 1 to August 31, 2017 | 10,047 | $ | 8.3963 | 10,047 | $ | 550 | ||||||||||
September 1 to September 30, 2017 | — | — | — | $ | 550 | |||||||||||
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10,047 | $ | 8.3963 | 10,047 | |||||||||||||
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Not applicable.
Not applicable.
Not applicable.
Period |
101.INS* | Inline XBRL Instance Document | ||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
*Filed herewith.
FS KKR CAPITAL CORP. | ||||||
By: | ||||||
| /s/ Michael C. Forman | |||||
Michael C. Forman Chief Executive Officer (Principal Executive Officer) | ||||||
By: | /s/ Steven Lilly | |||||
Steven Lilly Chief Financial Officer (Principal Financial Officer) | ||||||
By: | /s/ William Goebel | |||||
William Goebel Chief |
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