0001422183us-gaap-supplement:InvestmentAffiliatedIssuerControlledMember Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity, Asset Based Finance 2021-12-310001422183 Production Resource Group LLC -2us-gaap-supplement:InvestmentAffiliatedIssuerControlledMember2021-12-310001422183srt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberfsk:AssetBasedFinanceMemberus-gaap:MeasurementInputDiscountRateMember2022-09-30
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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.
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 | ||||||||||||
PART I—FINANCIAL INFORMATION | ||||||||||||
ITEM 1. | ||||||||||||
ITEM 2. | ||||||||||||
ITEM 3. | ||||||||||||
ITEM 4. | ||||||||||||
PART II—OTHER INFORMATION | ||||||||||||
ITEM 1. | ||||||||||||
ITEM 1A. | ||||||||||||
ITEM 2. | ||||||||||||
ITEM 3. | ||||||||||||
ITEM 4. | ||||||||||||
ITEM 5. | ||||||||||||
ITEM 6. | ||||||||||||
SIGNATURES | ||||||||||||
September 30, 2021 (Unaudited) | December 31, 2020 | |||||||
Assets | ||||||||
Investments, at fair value | ||||||||
Non-controlled/unaffiliated investments (amortized cost—$12,092 and $5,314, respectively) | $ | 12,279 | $ | 4,986 | ||||
Non-controlled/affiliated investments (amortized cost—$901 and $629, respectively) | 871 | 534 | ||||||
Controlled/affiliated investments (amortized cost—$2,731 and $1,510, respectively) | 2,674 | 1,260 | ||||||
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Total investments, at fair value (amortized cost—$15,724 and $7,453, respectively) | 15,824 | 6,780 | ||||||
Cash | 229 | 182 | ||||||
Foreign currency, at fair value (cost—$12 and $8, respectively) | 12 | 9 | ||||||
Receivable for investments sold and repaid | 365 | 173 | ||||||
Income receivable | 163 | 72 | ||||||
Unrealized appreciation on foreign currency forward contracts | 6 | 1 | ||||||
Deferred financing costs | 15 | 15 | ||||||
Deferred merger costs | — | 1 | ||||||
Prepaid expenses and other assets | 6 | 4 | ||||||
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Total assets | $ | 16,620 | $ | 7,237 | ||||
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Liabilities | ||||||||
Payable for investments purchased | $ | 57 | $ | — | ||||
Debt (net of deferred financing costs of $24 and $23, respectively)(1) | 8,492 | 3,997 | ||||||
Unrealized depreciation on foreign currency forward contracts | 1 | 3 | ||||||
Stockholder distributions payable | 186 | 74 | ||||||
Management fees payable | 58 | 25 | ||||||
Subordinated income incentive fees payable(2) | 20 | — | ||||||
Administrative services expense payable | 6 | 2 | ||||||
Interest payable | 55 | 25 | ||||||
Other accrued expenses and liabilities | 9 | 15 | ||||||
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Total liabilities | 8,884 | 4,141 | ||||||
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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, 750,000,000 shares authorized, 285,076,619 and 123,755,965 shares issued and outstanding, respectively | 0 | 0 | ||||||
Capital in excess of par value | 7,507 | 3,866 | ||||||
Retained earnings (accumulated deficit)(4) | 229 | (770 | ) | |||||
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Total stockholders’ equity | 7,736 | 3,096 | ||||||
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Total liabilities and stockholders’ equity | $ | 16,620 | $ | 7,237 | ||||
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Net asset value per share of common stock at period end | $ | 27.14 | $ | 25.02 |
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September 30, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Investments, at fair value | ||||||||||||||
Non-controlled/unaffiliated investments (amortized cost—$12,988 and $12,419, respectively) | $ | 12,552 | $ | 12,558 | ||||||||||
Non-controlled/affiliated investments (amortized cost—$579 and $860, respectively) | 439 | 859 | ||||||||||||
Controlled/affiliated investments (amortized cost—$3,111 and $2,778, respectively) | 2,801 | 2,684 | ||||||||||||
Total investments, at fair value (amortized cost—$16,678 and $16,057, respectively) | $ | 15,792 | $ | 16,101 | ||||||||||
Cash | 264 | 258 | ||||||||||||
Foreign currency, at fair value (cost—$2 and $119, respectively) | 2 | 119 | ||||||||||||
Receivable for investments sold and repaid | 425 | 567 | ||||||||||||
Income receivable | 165 | 153 | ||||||||||||
Unrealized appreciation on foreign currency forward contracts | 39 | 9 | ||||||||||||
Deferred financing costs | 22 | 16 | ||||||||||||
Prepaid expenses and other assets | 7 | 5 | ||||||||||||
Total assets | $ | 16,716 | $ | 17,228 | ||||||||||
Liabilities | ||||||||||||||
Payable for investments purchased | $ | 57 | $ | 2 | ||||||||||
Debt (net of deferred financing costs of $36 and $38, respectively)(1) | 9,137 | 9,142 | ||||||||||||
Unrealized depreciation on foreign currency forward contracts | — | 1 | ||||||||||||
Stockholder distributions payable | 190 | 176 | ||||||||||||
Management fees payable | 61 | 60 | ||||||||||||
Subordinated income incentive fees payable(2) | 25 | 19 | ||||||||||||
Administrative services expense payable | 7 | 5 | ||||||||||||
Interest payable | 67 | 70 | ||||||||||||
Other accrued expenses and liabilities | 12 | 23 | ||||||||||||
Total liabilities | $ | 9,556 | $ | 9,498 | ||||||||||
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, 282,978,008 and 284,543,091 shares issued and outstanding, respectively | — | — | ||||||||||||
Capital in excess of par value | 9,625 | 9,658 | ||||||||||||
Retained earnings (accumulated deficit)(4) | (2,465) | (1,928) | ||||||||||||
Total stockholders' equity | $ | 7,160 | $ | 7,730 | ||||||||||
Total liabilities and stockholders' equity | $ | 16,716 | $ | 17,228 | ||||||||||
Net asset value per share of common stock at period end | $ | 25.30 | $ | 27.17 |
1
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Investment income | ||||||||||||||||
Interest income | $ | 219 | $ | 93 | $ | 414 | $ | 327 | ||||||||
Paid-in-kind interest income | 16 | 11 | 35 | 31 | ||||||||||||
Fee income | 29 | 3 | 62 | 21 | ||||||||||||
Dividend and other income | 8 | 7 | 20 | 10 | ||||||||||||
From non-controlled/affiliated investments: | ||||||||||||||||
Interest income | 8 | 3 | 12 | 8 | ||||||||||||
Paid-in-kind interest income | 4 | 5 | 12 | 14 | ||||||||||||
Fee income | 2 | — | 2 | 0 | ||||||||||||
Dividend income | 0 | 0 | 0 | 0 | ||||||||||||
From controlled/affiliated investments: | ||||||||||||||||
Interest income | 12 | 2 | 16 | 6 | ||||||||||||
Paid-in-kind interest income | 15 | 1 | 23 | 3 | ||||||||||||
Fee income | 0 | — | 1 | — | ||||||||||||
Dividend and other income | 47 | 22 | 120 | 56 | ||||||||||||
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Total investment income | 360 | 147 | 717 | 476 | ||||||||||||
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Operating expenses | ||||||||||||||||
Management fees | 58 | 24 | 113 | 80 | ||||||||||||
Subordinated income incentive fees(1) | 35 | — | 43 | — | ||||||||||||
Administrative services expenses | 5 | 1 | 9 | 6 | ||||||||||||
Accounting and administrative fees | 1 | 0 | 2 | 1 | ||||||||||||
Interest expense(2) | 70 | 40 | 158 | 128 | ||||||||||||
Other general and administrative expenses | 5 | 4 | 12 | 8 | ||||||||||||
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Total operating expenses | 174 | 69 | 337 | 223 | ||||||||||||
Incentive fee waiver(1) | (15 | ) | — | (15 | ) | — | ||||||||||
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Net expenses | 159 | 69 | 322 | 223 | ||||||||||||
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Net investment income | 201 | 78 | 395 | 253 | ||||||||||||
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Realized and unrealized gain/loss | ||||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||
Non-controlled/unaffiliated investments | 60 | (99 | ) | (22 | ) | (239 | ) | |||||||||
Non-controlled/affiliated investments | 139 | (90 | ) | 203 | (129 | ) | ||||||||||
Controlled/affiliated investments | (2 | ) | (18 | ) | (58 | ) | (35 | ) | ||||||||
Net realized gain (loss) on foreign currency forward contracts | 0 | 0 | 0 | 0 | ||||||||||||
Net realized gain (loss) on foreign currency | (1 | ) | (2 | ) | (4 | ) | (5 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on investments: | ||||||||||||||||
Non-controlled/unaffiliated investments | (49 | ) | 261 | 526 | (114 | ) | ||||||||||
Non-controlled/affiliated investments | (104 | ) | 27 | 65 | (138 | ) | ||||||||||
Controlled/affiliated investments | 11 | 68 | 193 | (144 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 5 | (1 | ) | 8 | 1 | |||||||||||
Net change in unrealized gain (loss) on foreign currency | 10 | (14 | ) | 28 | 2 | |||||||||||
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Total net realized and unrealized gain (loss) | $ | 69 | $ | 132 | $ | 939 | $ | (801 | ) | |||||||
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Net increase (decrease) in net assets resulting from operations | $ | 270 | $ | 210 | $ | 1,334 | $ | (548 | ) | |||||||
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Per share information—basic and diluted | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) | $ | 0.95 | $ | 1.70 | $ | 7.13 | $ | (4.40 | ) | |||||||
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Weighted average shares outstanding | 285,124,920 | 123,755,965 | 187,003,417 | 124,470,122 | ||||||||||||
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Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||||||||||
From non-controlled/unaffiliated investments: | ||||||||||||||||||||||||||||||||
Interest income | $ | 255 | $ | 219 | $ | 725 | $ | 414 | ||||||||||||||||||||||||
Paid-in-kind interest income | 18 | 16 | 51 | 35 | ||||||||||||||||||||||||||||
Fee income | 23 | 29 | 63 | 62 | ||||||||||||||||||||||||||||
Dividend and other income | 9 | 8 | 34 | 20 | ||||||||||||||||||||||||||||
From non-controlled/affiliated investments: | ||||||||||||||||||||||||||||||||
Interest income | 8 | 8 | 25 | 12 | ||||||||||||||||||||||||||||
Paid-in-kind interest income | 12 | 4 | 37 | 12 | ||||||||||||||||||||||||||||
Fee income | 3 | 2 | 5 | 2 | ||||||||||||||||||||||||||||
Dividend and other income | — | 0 | 7 | 0 | ||||||||||||||||||||||||||||
From controlled/affiliated investments: | ||||||||||||||||||||||||||||||||
Interest income | 16 | 12 | 37 | 16 | ||||||||||||||||||||||||||||
Paid-in-kind interest income | 9 | 15 | 34 | 23 | ||||||||||||||||||||||||||||
Fee income | — | 0 | — | 1 | ||||||||||||||||||||||||||||
Dividend and other income | 58 | 47 | 168 | 120 | ||||||||||||||||||||||||||||
Total investment income | 411 | 360 | 1,186 | 717 | ||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Management fees | 61 | 58 | 186 | 113 | ||||||||||||||||||||||||||||
Subordinated income incentive fees(1) | 40 | 35 | 117 | 43 | ||||||||||||||||||||||||||||
Administrative services expenses | 4 | 5 | 12 | 9 | ||||||||||||||||||||||||||||
Accounting and administrative fees | 2 | 1 | 4 | 2 | ||||||||||||||||||||||||||||
Interest expense(2) | 96 | 70 | 256 | 158 | ||||||||||||||||||||||||||||
Other general and administrative expenses | 6 | 5 | 16 | 12 | ||||||||||||||||||||||||||||
Total operating expenses | 209 | 174 | 591 | 337 | ||||||||||||||||||||||||||||
Incentive fee waiver(1) | (15) | (15) | (45) | (15) | ||||||||||||||||||||||||||||
Net expenses | 194 | 159 | 546 | 322 | ||||||||||||||||||||||||||||
Net investment income before taxes | 217 | 201 | 640 | 395 | ||||||||||||||||||||||||||||
Excise taxes | 1 | — | 1 | — | ||||||||||||||||||||||||||||
Net investment income | 216 | 201 | 639 | 395 | ||||||||||||||||||||||||||||
Realized and unrealized gain/loss | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on investments: | ||||||||||||||||||||||||||||||||
Non-controlled/unaffiliated investments | 16 | 60 | 167 | (22) | ||||||||||||||||||||||||||||
Non-controlled/affiliated investments | 51 | 139 | 90 | 203 | ||||||||||||||||||||||||||||
Controlled/affiliated investments | (4) | (2) | (43) | (58) | ||||||||||||||||||||||||||||
Net realized gain (loss) on foreign currency forward contracts | 2 | 0 | 9 | 0 | ||||||||||||||||||||||||||||
Net realized gain (loss) on foreign currency | 5 | (1) | 12 | (4) | ||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments: | ||||||||||||||||||||||||||||||||
Non-controlled/unaffiliated investments | (283) | (49) | (574) | 526 | ||||||||||||||||||||||||||||
Non-controlled/affiliated investments | (99) | (104) | (140) | 65 |
2
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Controlled/affiliated investments | $ | (69) | $ | 11 | $ | (216) | $ | 193 | ||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 15 | 5 | 31 | 8 | ||||||||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | 23 | 10 | 53 | 28 | ||||||||||||||||||||||||||||
Total net realized and unrealized gain (loss) | (343) | 69 | (611) | 939 | ||||||||||||||||||||||||||||
Provision for taxes on realized gains on investments | — | — | (3) | — | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (127) | $ | 270 | $ | 25 | $ | 1,334 | ||||||||||||||||||||||||
Per share information—basic and diluted | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) | $ | (0.45) | $ | 0.95 | $ | 0.09 | $ | 7.13 | ||||||||||||||||||||||||
Weighted average shares outstanding | 283,175,526 | 285,124,920 | 283,787,605 | 187,003,417 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 201 | $ | 78 | $ | 395 | $ | 253 | ||||||||
Net realized gain (loss) on investments, foreign currency forward contracts and foreign currency | 196 | (209 | ) | 119 | (408 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts(1) | (137 | ) | 355 | 792 | (395 | ) | ||||||||||
Net change in unrealized gain (loss) on foreign currency | 10 | (14 | ) | 28 | 2 | |||||||||||
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Net increase (decrease) in net assets resulting from operations | 270 | 210 | 1,334 | (548 | ) | |||||||||||
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Stockholder distributions(2) | ||||||||||||||||
Distributions to stockholders | (186 | ) | (74 | ) | (335 | ) | (244 | ) | ||||||||
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Net decrease in net assets resulting from stockholder distributions | (186 | ) | (74 | ) | (335 | ) | (244 | ) | ||||||||
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Capital share transactions(3) | ||||||||||||||||
Issuance of common stock | — | — | 3,642 | — | ||||||||||||
Repurchases of common stock | (1 | ) | — | (1 | ) | (47 | ) | |||||||||
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Net increase (decrease) in net assets resulting from capital share transactions | (1 | ) | — | 3,641 | (47 | ) | ||||||||||
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Total increase (decrease) in net assets | 83 | 136 | 4,640 | (839 | ) | |||||||||||
Net assets at beginning of period | 7,653 | 2,891 | 3,096 | 3,866 | ||||||||||||
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Net assets at end of period | $ | 7,736 | $ | 3,027 | $ | 7,736 | $ | 3,027 | ||||||||
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Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Operations | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 216 | $ | 201 | $ | 639 | $ | 395 | |||||||||||||||||||||||||||
Net realized gain (loss) on investments, foreign currency forward contracts, foreign currency and provision for taxes on realized gains on investments | 70 | 196 | 232 | 119 | |||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency forward contracts(1) | (436) | (137) | (899) | 792 | |||||||||||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | 23 | 10 | 53 | 28 | |||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (127) | 270 | 25 | 1,334 | |||||||||||||||||||||||||||||||
Stockholder distributions(2) | |||||||||||||||||||||||||||||||||||
Distributions to stockholders | (190) | (186) | (562) | (335) | |||||||||||||||||||||||||||||||
Net decrease in net assets resulting from stockholder distributions | (190) | (186) | (562) | (335) | |||||||||||||||||||||||||||||||
Capital share transactions(3) | |||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | 3,642 | |||||||||||||||||||||||||||||||
Repurchases of common stock | (10) | (1) | (33) | (1) | |||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (10) | (1) | (33) | 3,641 | |||||||||||||||||||||||||||||||
Total increase (decrease) in net assets | (327) | 83 | (570) | 4,640 | |||||||||||||||||||||||||||||||
Net assets at beginning of period | 7,487 | 7,653 | 7,730 | 3,096 | |||||||||||||||||||||||||||||||
Net assets at end of period | $ | 7,160 | $ | 7,736 | $ | 7,160 | $ | 7,736 | |||||||||||||||||||||||||||
4
Nine Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,334 | $ | (548 | ) | |||
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) | (4,528 | ) | (1,723 | ) | ||||
Paid-in-kind interest | (67 | ) | (64 | ) | ||||
Proceeds from sales and repayments of investments | 3,720 | 1,706 | ||||||
Net realized (gain) loss on investments | (123 | ) | 403 | |||||
Net change in unrealized (appreciation) depreciation on investments(2) | (773 | ) | 396 | |||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (7 | ) | (1 | ) | ||||
Accretion of discount | (46 | ) | (10 | ) | ||||
Amortization of deferred financing costs and discount | 7 | 8 | ||||||
Unrealized (gain)/loss on borrowings in foreign currency | (5 | ) | (10 | ) | ||||
(Increase) decrease in receivable for investments sold and repaid | (192 | ) | 426 | |||||
(Increase) decrease in income receivable | (91 | ) | (11 | ) | ||||
(Increase) decrease in deferred merger costs | 1 | — | ||||||
(Increase) decrease in prepaid expenses and other assets | (2 | ) | — | |||||
Increase (decrease) in payable for investments purchased | 57 | (10 | ) | |||||
Increase (decrease) in management fees payable | 33 | (6 | ) | |||||
Increase (decrease) in subordinated income incentive fees payable | 20 | — | ||||||
Increase (decrease) in administrative services expense | 4 | 0 | ||||||
Increase (decrease) in interest payable | 30 | 10 | ||||||
Increase (decrease) in other accrued expenses and liabilities | (6 | ) | (7 | ) | ||||
Cash acquired in merger | 293 | — | ||||||
Other assets acquired from merger net of other assets, net of unrealized depreciation on derivatives | 17 | — | ||||||
Merger costs capitalized into purchase price | (8 | ) | — | |||||
Mark-to-market of merged debt | 26 | — | ||||||
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Net cash provided by (used in) operating activities | (306 | ) | 559 | |||||
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Cash flows from financing activities | ||||||||
Repurchases of common stock | (1 | ) | (47 | ) | ||||
Stockholder distributions | (316 | ) | (266 | ) | ||||
Borrowings under financing arrangements(3) | 2,689 | 1,512 | ||||||
Repayments of financing arrangements(3) | (2,009 | ) | (1,717 | ) | ||||
Deferred financing costs paid | (7 | ) | (11 | ) | ||||
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Net cash provided by (used in) financing activities | 356 | (529 | ) | |||||
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Total increase (decrease) in cash | 50 | 30 | ||||||
Cash, and foreign currency at beginning of period | 191 | 106 | ||||||
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Cash, and foreign currency at end of period | $ | 241 | $ | 136 | ||||
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Supplemental disclosure | ||||||||
Non-cash purchases of investments | $ | (198 | ) | $ | (212 | ) | ||
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Non-cash sales of investments | $ | 198 | $ | 212 | ||||
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|
|
| |||||
Local and excise taxes paid | $ | 9 | $ | 7 | ||||
|
|
|
|
| ||
|
|
Nine Months Ended | |||||||||||||||||||||||
September 30, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 25 | $ | 1,334 | |||||||||||||||||||
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) | (3,779) | (4,528) | |||||||||||||||||||||
Paid-in-kind interest | (89) | (67) | |||||||||||||||||||||
Proceeds from sales and repayments of investments | 3,530 | 3,720 | |||||||||||||||||||||
Net realized (gain) loss on investments | (214) | (123) | |||||||||||||||||||||
Net change in unrealized (appreciation) depreciation on investments(2) | 930 | (773) | |||||||||||||||||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (31) | (7) | |||||||||||||||||||||
Accretion of discount | (69) | (46) | |||||||||||||||||||||
Amortization of deferred financing costs and discount | 11 | 7 | |||||||||||||||||||||
Unrealized (gain)/loss on borrowings in foreign currency | (81) | (5) | |||||||||||||||||||||
(Increase) decrease in receivable for investments sold and repaid | 142 | (192) | |||||||||||||||||||||
(Increase) decrease in income receivable | (12) | (91) | |||||||||||||||||||||
(Increase) decrease in deferred merger costs | — | 1 | |||||||||||||||||||||
(Increase) decrease in prepaid expenses and other assets | (2) | (2) | |||||||||||||||||||||
Increase (decrease) in payable for investments purchased | 55 | 57 | |||||||||||||||||||||
Increase (decrease) in management fees payable | 1 | 33 | |||||||||||||||||||||
Increase (decrease) in subordinated income incentive fees payable | 6 | 20 | |||||||||||||||||||||
Increase (decrease) in administrative services expense payable | 2 | 4 | |||||||||||||||||||||
Increase (decrease) in interest payable | (3) | 30 | |||||||||||||||||||||
Increase (decrease) in other accrued expenses and liabilities | (11) | (6) | |||||||||||||||||||||
Cash acquired in merger | — | 293 | |||||||||||||||||||||
Other assets acquired from merger net of other assets | — | 17 | |||||||||||||||||||||
Merger costs capitalized into purchase price | — | (8) | |||||||||||||||||||||
Mark-to-market of merged debt | — | 26 | |||||||||||||||||||||
Net cash provided by (used in) operating activities | 411 | (306) | |||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Repurchases of common stock | (33) | (1) | |||||||||||||||||||||
Stockholder distributions | (548) | (316) | |||||||||||||||||||||
Borrowings under financing arrangements(3) | 2,848 | 2,689 | |||||||||||||||||||||
Repayments of financing arrangements(3) | (2,770) | (2,009) | |||||||||||||||||||||
Deferred financing costs paid | (19) | (7) | |||||||||||||||||||||
Net cash provided by (used in) financing activities | (522) | 356 | |||||||||||||||||||||
Total increase (decrease) in cash | (111) | 50 | |||||||||||||||||||||
Cash, and foreign currency at beginning of period | 377 | 191 | |||||||||||||||||||||
Cash, and foreign currency at end of period | $ | 266 | $ | 241 | |||||||||||||||||||
Supplemental disclosure | |||||||||||||||||||||||
Non-cash purchases of investments | $ | (541) | $ | (198) | |||||||||||||||||||
Non-cash sales of investments | $ | 541 | $ | 198 | |||||||||||||||||||
Local and excise taxes paid | $ | 13 | $ | 9 |
5
(continued)
6
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Senior Secured Loans—First Lien—125.2% | ||||||||||||||||||||||
5 Arch Income Fund 2 LLC | (w)(y)(z)(q)(r) | Diversified Financials | 9.0% | 11/18/23 | $ | 111.1 | $ | 81.3 | $ | 78.1 | ||||||||||||
ABB CONCISE Optical Group LLC | (aa)(v) | Retailing | L+500 | 1.0% | 6/15/23 | 0.7 | 0.7 | 0.7 | ||||||||||||||
Accuride Corp | (aa)(l)(v) | Capital Goods | L+525 | 1.0% | 11/17/23 | 30.0 | 28.6 | 29.1 | ||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (v)(m)(t) | Health Care Equipment & Services | L+625 | 1.0% | 5/7/27 | 40.5 | 38.5 | 40.6 | ||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | L+625 | 1.0% | 5/7/26 | 3.6 | 3.6 | 3.6 | ||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | L+625 | 1.0% | 5/7/27 | 8.7 | 8.7 | 8.7 | ||||||||||||||
Advania Sverige AB | (w)(v) | Software & Services | R+610, 0.0% PIK (2.0% Max PIK) | 0.0% | 3/30/28 | ISK | 1,345.8 | 9.9 | 10.3 | |||||||||||||
Advania Sverige AB | (w)(v) | Software & Services | SR+610 | 0.0% | 4/1/28 | SEK | 629.4 | 67.7 | 72.0 | |||||||||||||
Advania Sverige AB | (w)(x) | Software & Services | SR+610 | 0.0% | 4/1/28 | 304.1 | 37.5 | 37.6 | ||||||||||||||
Affordable Care Inc | (v)(ac) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | $ | 116.3 | 115.2 | 115.7 | |||||||||||||
Affordable Care Inc | (x)(ac) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/27 | 12.8 | 12.8 | 12.8 | ||||||||||||||
Affordable Care Inc | (x)(ac) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | 43.5 | 43.5 | 43.2 | ||||||||||||||
Alera Group Intermediate Holdings Inc | (v) | Insurance | L+550 | 0.8% | 10/2/28 | 32.7 | 32.3 | 32.3 | ||||||||||||||
Alera Group Intermediate Holdings Inc | (x) | Insurance | L+550 | 0.8% | 10/2/28 | 9.3 | 9.2 | 9.2 | ||||||||||||||
American Tire Distributors Inc | (aa)(v) | Automobiles & Components | L+600, 0.0% PIK (1.0% Max PIK) | 1.0% | 9/1/23 | 2.6 | 2.4 | 2.6 | ||||||||||||||
American Tire Distributors Inc | (aa)(v) | Automobiles & Components | L+750, 0.0% PIK (1.5% Max PIK) | 1.0% | 9/2/24 | 43.2 | 40.3 | 43.3 | ||||||||||||||
American Vision Partners | (i)(v) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/27 | 95.0 | 94.0 | 94.0 | ||||||||||||||
American Vision Partners | (x) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/26 | 7.8 | 7.8 | 7.8 | ||||||||||||||
American Vision Partners | (x) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/27 | 38.9 | 38.9 | 38.5 | ||||||||||||||
Amtek Global Technology Pte Ltd | (ad)(w)(g) | Automobiles & Components | E+500 PIK (E+500 Max PIK) | 0.0% | 4/4/24 | € | 56.5 | 68.7 | 55.4 | |||||||||||||
Apex Group Limited | (aa)(w)(v) | Diversified Financials | L+375 | 0.5% | 7/27/28 | $ | 4.2 | 4.2 | 4.2 | |||||||||||||
Apex Group Limited | (aa)(w)(v) | Diversified Financials | E+400 | 0.0% | 7/27/28 | € | 1.6 | 1.9 | 1.9 | |||||||||||||
Arcos LLC/VA | (v)(m) | Software & Services | L+575 | 1.0% | 3/31/28 | $ | 35.0 | 33.0 | 34.7 | |||||||||||||
Arcos LLC/VA | (x) | Software & Services | L+575 | 1.0% | 4/20/27 | 4.5 | 4.5 | 4.5 | ||||||||||||||
Ardonagh Group Ltd | (w)(v) | Insurance | L+725 | 0.8% | 7/14/26 | £ | 0.8 | 1.0 | 1.1 | |||||||||||||
Ardonagh Group Ltd | (w)(x) | Insurance | L+600 | 1.0% | 7/14/26 | 16.7 | 22.8 | 22.4 | ||||||||||||||
Ardonagh Group Ltd | (w)(x) | Insurance | L+600 | 0.8% | 7/14/26 | $ | 54.8 | 54.8 | 53.8 | |||||||||||||
Arrotex Australia Group Pty Ltd | (w)(v) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | A$ | 42.6 | 30.3 | 30.8 | |||||||||||||
Arrotex Australia Group Pty Ltd | (w)(x) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | 3.1 | 2.2 | 2.3 | ||||||||||||||
Aspect Software Inc | (v) | Software & Services | 8.0% PIK (8.0% Max PIK) | 10/15/21 | $ | 0.3 | 0.2 | 0.3 | ||||||||||||||
ATX Networks Corp | (w)(v)(s)(ad) | Capital Goods | L+750 | 1.0% | 8/9/26 | 45.8 | 45.8 | 45.8 | ||||||||||||||
AxiomSL Ltd | (f)(v)(m)(t) | Software & Services | L+600 | 1.0% | 12/3/27 | 35.2 | 34.5 | 34.5 | ||||||||||||||
AxiomSL Ltd | (x) | Software & Services | L+600 | 1.0% | 12/3/25 | 2.5 | 2.4 | 2.4 | ||||||||||||||
AxiomSL Ltd | (x) | Software & Services | L+600 | 1.0% | 12/3/27 | 2.3 | 2.3 | 2.2 | ||||||||||||||
Barbri Inc | (f)(k)(l)(v)(m)(t) | Consumer Services | L+575 | 0.8% | 4/28/28 | 110.1 | 104.5 | 110.1 | ||||||||||||||
Barbri Inc | (x) | Consumer Services | L+575 | 0.8% | 4/28/28 | 30.2 | 30.2 | 30.3 | ||||||||||||||
Belk Inc | (ac)(aa)(v) | Retailing | L+750 | 1.0% | 7/31/25 | 21.9 | 21.7 | 22.1 | ||||||||||||||
Belk Inc | (ac)(aa)(y)(z)(v) | Retailing | 10.0%, 0.0% PIK (8.0% Max PIK) | 7/31/25 | 65.6 | 38.1 | 50.9 | |||||||||||||||
BGB Group LLC | (f)(i)(k)(l)(v)(t) | Media & Entertainment | L+575 | 1.0% | 8/16/27 | 167.6 | 165.9 | 166.2 | ||||||||||||||
BGB Group LLC | (x) | Media & Entertainment | L+575 | 1.0% | 8/16/27 | 19.9 | 19.9 | 19.8 | ||||||||||||||
Borden (New Dairy Opco) | (ac)(v) | Food, Beverage & Tobacco | L+700, 0.0% PIK (1.0% Max PIK) | 1.0% | 7/20/25 | 42.0 | 40.1 | 42.0 | ||||||||||||||
Borden (New Dairy Opco) | (ac)(v) | Food, Beverage & Tobacco | L+250 | 1.0% | 7/20/25 | 19.0 | 18.1 | 19.0 | ||||||||||||||
Borden Dairy Co | (ac)(y)(z)(v) | Food, Beverage & Tobacco | L+825 | 1.0% | 7/6/23 | 65.0 | 25.4 | — |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien—136.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (i)(k)(l) | Software & Services | L+575 | 0.8% | 11/23/27 | $ | 95.5 | $ | 94.7 | $ | 92.9 | |||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (v) | Software & Services | L+600 | 0.8% | 11/23/27 | 5.7 | 5.7 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (x) | Software & Services | L+600 | 0.8% | 11/23/26 | 9.2 | 9.2 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (x) | Software & Services | L+600 | 0.8% | 11/23/27 | 24.9 | 24.9 | 24.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (f)(k)(l)(t)(v) | Commercial & Professional Services | SF+550 | 1.0% | 11/30/26 | 183.2 | 181.5 | 179.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (v) | Commercial & Professional Services | SF+550 | 1.0% | 11/30/26 | 7.4 | 7.4 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (x) | Commercial & Professional Services | SF+550 | 1.0% | 11/30/26 | 3.2 | 3.2 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 Arch Income Fund 2 LLC | (q)(r)(w)(y)(z) | Diversified Financials | 9.0% | 11/18/23 | 97.5 | 71.4 | 62.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corp | (aa)(l) | Capital Goods | L+525 | 1.0% | 11/17/23 | 8.9 | 8.4 | 7.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (m)(t)(v) | Health Care Equipment & Services | L+650 | 1.0% | 5/7/27 | 38.6 | 36.9 | 38.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (v) | Health Care Equipment & Services | L+650 | 1.0% | 5/7/27 | 7.9 | 7.9 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | L+650 | 1.0% | 5/7/26 | 3.6 | 3.6 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | L+650 | 1.0% | 5/7/27 | 2.2 | 2.2 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (v)(w) | Software & Services | SR+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | SEK | 933.6 | 105.9 | 81.2 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 10.1 | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(m)(v) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | $ | 38.8 | 38.4 | 38.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(v) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | 10.3 | 10.3 | 10.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/27 | 12.8 | 12.8 | 12.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | 33.2 | 33.2 | 32.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (v) | Insurance | L+525 | 0.8% | 12/22/27 | 3.1 | 3.0 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (v) | Insurance | L+525 | 0.8% | 12/22/28 | 28.4 | 28.0 | 27.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (x) | Insurance | L+525 | 0.8% | 12/22/27 | 7.7 | 7.7 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (v) | Insurance | SF+600 | 0.8% | 10/2/28 | 9.2 | 9.1 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (v) | Insurance | SF+600 | 0.8% | 10/2/28 | 17.0 | 17.0 | 16.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (x) | Insurance | SF+600 | 0.8% | 10/2/28 | 5.6 | 5.6 | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (i)(v) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/27 | 74.4 | 73.8 | 72.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (v) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/27 | 38.8 | 38.8 | 37.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (x) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/26 | 7.8 | 7.8 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (v) | Health Care Equipment & Services | SF+550 | 0.8% | 2/25/28 | 0.8 | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (v) | Health Care Equipment & Services | SF+550 | 0.8% | 2/25/28 | 101.5 | 100.6 | 98.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (x) | Health Care Equipment & Services | SF+550 | 0.8% | 2/25/28 | 7.6 | 7.6 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc | (x) | Health Care Equipment & Services | SF+550 | 0.8% | 2/25/28 | 61.4 | 61.4 | 59.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (aa)(v)(w) | Diversified Financials | L+375 | 0.5% | 7/27/28 | 2.5 | 2.5 | 2.4 |
7
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Bowery Farming Inc | (v) | Food, Beverage & Tobacco | L+1,000 | 1.0% | 4/30/26 | $ | 75.0 | $ | 74.3 | $ | 74.3 | |||||||||||
Cimarron Energy Inc | (v) | Energy | L+900 | 1.0% | 12/31/22 | 7.5 | 5.7 | 3.7 | ||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | L+750 | 1.0% | 3/27/24 | 15.0 | 13.9 | 15.0 | ||||||||||||||
Corsearch Intermediate Inc | (v)(m) | Software & Services | L+550 | 1.0% | 4/19/28 | 30.1 | 28.3 | 30.0 | ||||||||||||||
Corsearch Intermediate Inc | (x) | Software & Services | L+550 | 1.0% | 4/19/28 | 4.4 | 4.4 | 4.4 | ||||||||||||||
CSafe Global | (f)(k)(l)(v)(m)(s)(t) | Capital Goods | L+625 | 1.0% | 12/23/27 | 139.7 | 131.2 | 140.7 | ||||||||||||||
CSafe Global | (v) | Capital Goods | L+625 | 1.0% | 8/13/28 | 29.5 | 29.5 | 29.7 | ||||||||||||||
CSafe Global | (x) | Capital Goods | L+625 | 1.0% | 12/23/26 | 30.7 | 30.7 | 30.7 | ||||||||||||||
Dental Care Alliance Inc | (f)(k)(v)(m)(t) | Health Care Equipment & Services | L+625 | 0.8% | 3/12/27 | 94.9 | 90.5 | 94.2 | ||||||||||||||
Dental Care Alliance Inc | (x) | Health Care Equipment & Services | L+625 | 0.8% | 3/12/27 | 18.0 | 18.0 | 17.9 | ||||||||||||||
Distribution International Inc | (aa)(v) | Retailing | L+575 | 1.0% | 12/15/23 | 27.4 | 25.5 | 27.4 | ||||||||||||||
Entertainment Benefits Group LLC | (v) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/24 | 9.1 | 8.3 | 8.6 | ||||||||||||||
Entertainment Benefits Group LLC | (v) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/24 | 0.3 | 0.3 | 0.3 | ||||||||||||||
Entertainment Benefits Group LLC | (f)(k)(l)(v)(m) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/25 | 63.6 | 58.4 | 60.4 | ||||||||||||||
Entertainment Benefits Group LLC | (x) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/24 | 1.2 | 1.2 | 1.1 | ||||||||||||||
Fairway Group Holdings Corp | (ac)(y)(z)(v) | Food & Staples Retailing | 12.0% PIK (12.0% Max PIK) | 11/27/23 | 11.7 | 1.0 | 0.6 | |||||||||||||||
Fairway Group Holdings Corp | (ac)(y)(z)(v) | Food & Staples Retailing | 10.0% PIK (10.0% Max PIK) | 11/28/23 | 7.6 | — | — | |||||||||||||||
FloWorks International LLC | (i)(v)(m) | Capital Goods | L+700 | 1.0% | 10/14/26 | 53.4 | 50.3 | 52.6 | ||||||||||||||
FloWorks International LLC | (x) | Capital Goods | L+700 | 1.0% | 10/14/26 | 21.5 | 21.5 | 21.2 | ||||||||||||||
Follett Software Co | (v) | Software & Services | L+575 | 0.8% | 8/31/27 | 4.2 | 4.2 | 4.2 | ||||||||||||||
Follett Software Co | (f)(k)(l)(v)(t) | Software & Services | L+575 | 0.8% | 8/31/28 | 112.6 | 111.5 | 111.5 | ||||||||||||||
Follett Software Co | (x) | Software & Services | L+575 | 0.8% | 8/31/27 | 5.6 | 5.6 | 5.6 | ||||||||||||||
Foundation Consumer Brands LLC | (v)(m) | Pharmaceuticals, Biotechnology & Life Sciences | L+638 | 1.0% | 2/12/27 | 102.3 | 98.2 | 104.3 | ||||||||||||||
Foundation Consumer Brands LLC | (x) | Pharmaceuticals, Biotechnology & Life Sciences | L+638 | 1.0% | 2/12/27 | 6.6 | 6.6 | 6.6 | ||||||||||||||
Frontline Technologies Group LLC | (i)(v)(m) | Software & Services | L+575 | 1.0% | 9/18/23 | 78.9 | 78.3 | 78.9 | ||||||||||||||
Frontline Technologies Group LLC | (s) | Software & Services | L+575 | 1.0% | 9/18/23 | 53.7 | 50.4 | 54.2 | ||||||||||||||
Frontline Technologies Group LLC | (v) | Software & Services | L+575 | 1.0% | 9/18/23 | 22.0 | 20.9 | 22.2 | ||||||||||||||
Galway Partners Holdings LLC | (k)(l)(v)(t) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 139.2 | 136.4 | 136.4 | ||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/30/27 | 12.0 | 11.7 | 11.7 | ||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 32.0 | 31.7 | 31.4 | ||||||||||||||
General Datatech LP | (f)(k)(l)(v)(m)(t) | Software & Services | L+625 | 1.0% | 6/18/27 | 180.4 | 178.6 | 179.2 | ||||||||||||||
Greystone Equity Member Corp | (w)(v) | Diversified Financials | L+725 | 3.8% | 4/1/26 | 194.8 | 182.3 | 193.8 | ||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | L+575 | 1.0% | 12/3/24 | 6.5 | 6.2 | 6.1 | ||||||||||||||
Heniff Transportation Systems LLC | (f)(i)(k)(l)(v)(m) | Transportation | L+575 | 1.0% | 12/3/26 | 138.0 | 130.5 | 128.0 | ||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | L+625 | 1.0% | 12/3/26 | 19.4 | 18.6 | 18.4 | ||||||||||||||
Heniff Transportation Systems LLC | (x) | Transportation | L+575 | 1.0% | 12/3/24 | 11.3 | 11.3 | 10.5 | ||||||||||||||
Hermes UK Ltd | (w)(v) | Transportation | SA+650 | 0.0% | 11/30/27 | £ | 14.7 | 19.7 | 19.2 | |||||||||||||
hibu Inc | (f)(k)(l)(v)(m)(t) | Commercial & Professional Services | L+625 | 1.0% | 5/4/27 | $ | 102.2 | 97.0 | 102.6 | |||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | L+550 | 0.8% | 11/25/26 | 60.8 | 57.3 | 61.4 | ||||||||||||||
Higginbotham Insurance Agency Inc | (x) | Insurance | L+550 | 0.8% | 11/25/26 | 2.6 | 2.6 | 2.6 | ||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | L+600 | 1.0% | 6/30/26 | 33.0 | 33.0 | 33.0 | ||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | L+600 | 1.0% | 6/30/26 | 2.0 | 2.0 | 2.0 | ||||||||||||||
Hudson Technologies Co | (w)(v) | Commercial & Professional Services | L+1,025 | 1.0% | 10/10/23 | 81.2 | 72.9 | 81.5 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (aa)(v)(w) | Diversified Financials | E+400 | 0.0% | 7/27/28 | € | 2.0 | $ | 2.3 | $ | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||
Arcfield Acquisition Corp | (i)(v) | Capital Goods | L+575 | 0.8% | 3/10/28 | $ | 40.4 | 40.0 | 39.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Arcfield Acquisition Corp | (x) | Capital Goods | L+575 | 0.8% | 3/10/27 | 7.1 | 7.1 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (m) | Software & Services | L+575 | 1.0% | 3/31/28 | 12.4 | 12.2 | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (x) | Software & Services | L+575 | 1.0% | 4/20/27 | 4.5 | 4.5 | 4.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (v)(w) | Insurance | SA+700 | 0.8% | 7/14/26 | £ | 0.8 | 1.0 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (w)(x) | Insurance | L+575 | 0.8% | 7/14/26 | 16.7 | 22.8 | 21.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | A$ | 42.6 | 30.9 | 27.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | 3.1 | 2.2 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | L+750 | 1.0% | 9/1/26 | $ | 41.1 | 41.1 | 41.1 | |||||||||||||||||||||||||||||||||||||||||||||||
AxiomSL Ltd | (f)(m)(t)(v) | Software & Services | L+600 | 1.0% | 12/3/27 | 34.8 | 34.2 | 34.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
AxiomSL Ltd | (x) | Software & Services | L+600 | 1.0% | 12/3/25 | 2.5 | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
AxiomSL Ltd | (x) | Software & Services | L+600 | 1.0% | 12/3/27 | 2.3 | 2.3 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (f)(k)(l)(m)(t)(v) | Consumer Services | L+575 | 0.8% | 4/28/28 | 132.1 | 127.9 | 132.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (x) | Consumer Services | L+575 | 0.8% | 4/28/28 | 9.1 | 9.1 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v) | Retailing | L+750 | 1.0% | 7/31/25 | 21.9 | 21.8 | 19.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v)(y)(z) | Retailing | 5.0%, 8.0% PIK (8.0% Max PIK) | 7/31/25 | 69.9 | 43.5 | 12.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (f)(i)(k)(l)(m)(t) | Media & Entertainment | L+575 | 1.0% | 8/16/27 | 111.4 | 110.4 | 109.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (x) | Media & Entertainment | L+575 | 1.0% | 8/16/27 | 19.9 | 19.9 | 19.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc | (v) | Food, Beverage & Tobacco | L+1,000 | 1.0% | 4/30/26 | 75.0 | 74.4 | 70.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Caldic BV | (aa)(v)(w) | Retailing | E+350 | 0.0% | 2/4/29 | € | 0.8 | 0.9 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Caldic BV | (aa)(v)(w) | Retailing | SF+375 | 0.5% | 2/26/29 | $ | 1.4 | 1.4 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||
CFC Underwriting Ltd | (v)(w) | Insurance | SF+550, 0.0% PIK (2.8% Max PIK) | 0.5% | 5/16/29 | 39.5 | 38.5 | 38.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
CFC Underwriting Ltd | (w)(x) | Insurance | SA+550, 0.0% PIK (2.8% Max PIK) | 0.0% | 5/16/29 | £ | 4.7 | 5.7 | 5.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Cimarron Energy Inc | (v)(y)(z) | Energy | L+900 | 1.0% | 12/31/24 | $ | 7.5 | 5.0 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (v) | Capital Goods | SF+625 | 1.0% | 12/13/24 | 1.8 | 1.7 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (f)(i)(k)(m)(s)(v) | Capital Goods | SF+625 | 1.0% | 12/14/26 | 294.7 | 284.9 | 292.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (x) | Capital Goods | SF+625 | 1.0% | 12/13/24 | 23.6 | 23.6 | 23.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (v) | Software & Services | SF+575 | 0.8% | 2/24/28 | 32.8 | 32.2 | 31.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (x) | Software & Services | SF+575 | 0.8% | 2/24/28 | 3.9 | 3.8 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Community Brands Inc | (x) | Software & Services | SF+575 | 0.8% | 2/24/28 | 1.9 | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | L+750 | 1.0% | 3/27/24 | 15.0 | 14.3 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corsearch Intermediate Inc | (m)(v) | Software & Services | L+550 | 1.0% | 4/19/28 | 30.1 | 28.5 | 29.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corsearch Intermediate Inc | (x) | Software & Services | L+550 | 1.0% | 4/19/28 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (f)(i)(k)(l)(m)(t)(v) | Capital Goods | L+625 | 0.8% | 12/23/27 | 187.3 | 181.8 | 187.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (v) | Capital Goods | L+625 | 0.8% | 12/23/27 | £ | 27.2 | 36.0 | 30.3 | |||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (v) | Capital Goods | L+625 | 0.8% | 8/13/28 | $ | 11.8 | 11.8 | 11.8 |
8
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Individual FoodService | (v) | Capital Goods | L+625 | 1.0% | 11/22/24 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||||
Individual FoodService | (v)(m)(s) | Capital Goods | L+625 | 1.0% | 11/22/25 | 72.3 | 67.7 | 72.6 | ||||||||||||||
Individual FoodService | (x) | Capital Goods | L+625 | 1.0% | 11/22/24 | 4.5 | 4.5 | 4.5 | ||||||||||||||
Individual FoodService | (x) | Capital Goods | L+625 | 1.0% | 11/22/25 | 3.3 | 3.3 | 3.3 | ||||||||||||||
Industria Chimica Emiliana Srl | (w)(v) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | € | 88.8 | 101.1 | 107.4 | |||||||||||||
Industry City TI Lessor LP | (v)(s) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | $ | 30.9 | 31.0 | 33.6 | ||||||||||||||
Insight Global LLC | (i)(v) | Commercial & Professional Services | L+600 | 0.8% | 9/22/28 | 268.6 | 265.9 | 265.9 | ||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | L+600 | 0.8% | 9/22/27 | 21.1 | 21.1 | 21.1 | ||||||||||||||
J S Held LLC | (f)(i)(v)(m)(s) | Insurance | L+550 | 1.0% | 7/1/25 | 150.2 | 144.3 | 151.7 | ||||||||||||||
J S Held LLC | (v) | Insurance | L+550 | 1.0% | 7/1/25 | 8.2 | 8.2 | 8.4 | ||||||||||||||
J S Held LLC | (x) | Insurance | L+550 | 1.0% | 7/1/25 | 14.1 | 13.9 | 14.1 | ||||||||||||||
J S Held LLC | (x) | Insurance | L+550 | 1.0% | 7/1/25 | 24.1 | 24.1 | 24.6 | ||||||||||||||
Jarrow Formulas Inc | (f)(i)(k)(l)(v)(m)(s)(t) | Household & Personal Products | L+625 | 1.0% | 11/30/26 | 187.8 | 177.9 | 191.6 | ||||||||||||||
Karman Space Inc | (v)(m) | Capital Goods | L+675 | 1.0% | 12/21/25 | 92.9 | 89.2 | 94.0 | ||||||||||||||
Karman Space Inc | (v) | Capital Goods | L+675 | 1.0% | 12/21/25 | 1.9 | 1.7 | 1.9 | ||||||||||||||
Karman Space Inc | (x) | Capital Goods | L+675 | 1.0% | 12/21/25 | 3.6 | 3.6 | 3.6 | ||||||||||||||
KBP Investments LLC | (x) | Food & Staples Retailing | L+500 | 0.8% | 5/26/27 | 27.4 | 26.7 | 27.2 | ||||||||||||||
Kellermeyer Bergensons Services LLC | (f)(i)(k)(l)(v)(m)(s)(t) | Commercial & Professional Services | L+575 | 1.0% | 11/7/26 | 326.2 | 313.6 | 327.6 | ||||||||||||||
Kellermeyer Bergensons Services LLC | (x) | Commercial & Professional Services | L+575 | 1.0% | 11/7/26 | 47.4 | 47.4 | 47.6 | ||||||||||||||
Lakeview Farms Inc | (l)(v)(m) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 92.9 | 90.9 | 92.4 | ||||||||||||||
Lakeview Farms Inc | (v) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 0.8 | 0.8 | 0.8 | ||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 10.8 | 10.8 | 10.8 | ||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 6.0 | 6.0 | 5.9 | ||||||||||||||
Lexitas Inc | (i)(k)(l)(v)(m) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 102.4 | 98.8 | 104.4 | ||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 15.0 | 15.0 | 15.3 | ||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 5.4 | 5.4 | 5.4 | ||||||||||||||
Lionbridge Technologies Inc | (f)(k)(s)(t) | Consumer Services | L+700 | 1.0% | 12/29/25 | 69.9 | 64.6 | 70.8 | ||||||||||||||
Lipari Foods LLC | (f)(v)(m)(s) | Food & Staples Retailing | L+575 | 1.0% | 1/6/25 | 273.4 | 261.9 | 276.2 | ||||||||||||||
Matchesfashion Ltd | (w)(v) | Consumer Durables & Apparel | L+463, 3.0% PIK (3.0% Max PIK) | 0.0% | 10/11/24 | 12.7 | 12.2 | 8.4 | ||||||||||||||
MB2 Dental Solutions LLC | (k)(l)(v)(m)(t) | Health Care Equipment & Services | L+600 | 1.0% | 1/29/27 | 198.3 | 187.2 | 198.9 | ||||||||||||||
MB2 Dental Solutions LLC | (x) | Health Care Equipment & Services | L+600 | 1.0% | 1/29/27 | 90.0 | 90.0 | 90.3 | ||||||||||||||
Med-Metrix | (v) | Software & Services | L+600 | 1.0% | 9/15/27 | 62.6 | 61.9 | 61.9 | ||||||||||||||
Med-Metrix | (x) | Software & Services | L+600 | 1.0% | 9/15/27 | 31.3 | 31.3 | 31.0 | ||||||||||||||
Med-Metrix | (x) | Software & Services | L+600 | 1.0% | 9/15/27 | 7.8 | 7.8 | 7.8 | ||||||||||||||
Miami Beach Medical Group LLC | (k)(l)(v)(m)(t) | Health Care Equipment & Services | L+650 | 1.0% | 12/14/26 | 181.0 | 171.4 | 179.6 | ||||||||||||||
Micronics Filtration Holdings Inc | (ac)(y)(z)(v) | Capital Goods | 7.5% PIK (7.5% Max PIK) | 3/29/24 | 50.4 | 45.0 | 40.0 | |||||||||||||||
Monitronics International Inc | (aa)(f)(v) | Commercial & Professional Services | L+650 | 1.3% | 3/29/24 | 18.9 | 17.1 | 18.5 | ||||||||||||||
Monitronics International Inc | (v) | Commercial & Professional Services | L+500 | 1.5% | 7/3/24 | 36.2 | 33.5 | 34.5 | ||||||||||||||
Monitronics International Inc | (x) | Commercial & Professional Services | L+500 | 1.5% | 7/3/24 | 33.8 | 33.8 | 32.2 | ||||||||||||||
Motion Recruitment Partners LLC | (v)(m)(t) | Commercial & Professional Services | L+650 | 1.0% | 12/19/25 | 85.2 | 80.2 | 83.8 | ||||||||||||||
Motion Recruitment Partners LLC | (x) | Commercial & Professional Services | L+650 | 1.0% | 12/19/25 | 59.6 | 59.6 | 58.6 | ||||||||||||||
NBG Home | (v) | Consumer Durables & Apparel | L+550 | 1.0% | 4/26/24 | 68.1 | 67.9 | 57.8 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (x) | Capital Goods | L+625 | 0.8% | 12/23/26 | $ | 34.9 | $ | 34.9 | $ | 34.7 | |||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (f)(k)(m)(t)(v) | Health Care Equipment & Services | SF+600 | 0.8% | 4/3/28 | 131.3 | 127.4 | 129.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (x) | Health Care Equipment & Services | SF+600 | 0.8% | 4/3/28 | 6.1 | 6.1 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (aa)(v)(w) | Commercial & Professional Services | E+425 | 0.0% | 4/12/29 | € | 0.3 | 0.4 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (aa)(v)(w) | Commercial & Professional Services | SF+425 | 0.5% | 6/22/29 | $ | 1.4 | 1.4 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital Inc | (v) | Software & Services | L+550, 0.0% PIK (2.4% Max PIK) | 0.8% | 12/20/28 | 65.1 | 63.9 | 62.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital Inc | (x) | Software & Services | L+550 | 0.8% | 12/20/28 | 19.6 | 19.4 | 18.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Envirotainer Ltd | (w)(x) | Transportation | E+600, 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 | $ | 1.0 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (v) | Technology Hardware & Equipment | E+575 | 0.0% | 8/12/29 | € | 4.1 | 4.1 | 3.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/28 | $ | 1.4 | 1.4 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (x) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/29 | 4.7 | 4.7 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (f)(k)(l)(t) | Software & Services | L+575 | 0.8% | 8/31/28 | 73.9 | 73.2 | 72.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (x) | Software & Services | L+575 | 0.8% | 8/31/27 | 9.9 | 9.9 | 9.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (m)(v) | Pharmaceuticals, Biotechnology & Life Sciences | L+550 | 1.0% | 2/12/27 | 85.6 | 82.1 | 86.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (x) | Pharmaceuticals, Biotechnology & Life Sciences | L+550 | 1.0% | 2/12/27 | 6.6 | 6.6 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (v) | Insurance | L+550 | 0.8% | 10/29/27 | 0.4 | 0.3 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (v) | Insurance | L+550 | 0.8% | 10/29/28 | 65.8 | 64.9 | 64.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (v) | Insurance | L+550 | 0.8% | 10/29/28 | 14.3 | 14.2 | 13.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (x) | Insurance | L+550 | 0.8% | 10/29/27 | 6.6 | 6.6 | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group LLC | (i)(m)(v) | Software & Services | L+575 | 1.0% | 9/18/23 | 22.9 | 22.8 | 22.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group LLC | (s) | Software & Services | L+575 | 1.0% | 9/18/23 | 26.7 | 25.8 | 26.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group LLC | (v) | Software & Services | L+575 | 1.0% | 9/18/23 | 10.9 | 10.5 | 11.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (v) | Consumer Durables & Apparel | SF+575 | 0.0% | 6/24/23 | 7.5 | 7.5 | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (v) | Consumer Durables & Apparel | SF+575 | 1.0% | 11/12/26 | 88.3 | 88.3 | 86.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (v) | Consumer Durables & Apparel | SF+500 | 1.0% | 11/12/26 | 22.5 | 22.3 | 22.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (k)(l)(m)(t)(v) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 105.6 | 103.8 | 103.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/30/27 | 12.0 | 11.8 | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 7.1 | 7.1 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
General Datatech LP | (f)(k)(l)(m)(t)(v) | Software & Services | L+625 | 1.0% | 6/18/27 | 157.4 | 156.1 | 148.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gigamon Inc | (v) | Software & Services | SF+575 | 0.8% | 3/9/29 | 170.9 | 169.3 | 165.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gigamon Inc | (x) | Software & Services | SF+575 | 0.8% | 3/10/28 | 9.3 | 9.3 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC | (v) | Health Care Equipment & Services | SF+550 | 1.0% | 2/28/27 | 25.9 | 26.8 | 23.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC | (v) | Health Care Equipment & Services | 12.0% PIK (12.0% Max PIK) | 2/28/27 | 22.2 | 22.8 | 15.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Greystone Equity Member Corp | (v)(w) | Diversified Financials | L+725 | 3.8% | 4/1/26 | 194.8 | 184.4 | 188.9 |
9
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
NCI Inc | (v) | Software & Services | L+750, 0.0% PIK (2.5% Max PIK) | 1.0% | 8/15/24 | $ | 78.8 | $ | 77.6 | $ | 69.7 | |||||||||||
Net Documents | (v) | Software & Services | L+675 | 1.0% | 6/30/27 | 24.6 | 24.4 | 24.2 | ||||||||||||||
Net Documents | (x) | Software & Services | L+675 | 1.0% | 6/30/27 | 7.4 | 7.3 | 7.3 | ||||||||||||||
Net Documents | (x) | Software & Services | L+675 | 1.0% | 6/30/27 | 3.0 | 2.9 | 2.9 | ||||||||||||||
New Era Technology Inc | (i)(l)(v)(m)(t) | Software & Services | L+625 | 1.0% | 10/31/26 | 88.0 | 83.7 | 87.3 | ||||||||||||||
New Era Technology Inc | (x) | Software & Services | L+625 | 1.0% | 10/31/26 | 18.5 | 18.5 | 18.4 | ||||||||||||||
New Era Technology Inc | (x) | Software & Services | L+625 | 1.0% | 10/31/26 | 4.7 | 4.6 | 4.6 | ||||||||||||||
Omnimax International Inc | (f)(i)(k)(l)(v)(m) | Capital Goods | L+725 | 1.0% | 10/8/26 | 219.9 | 210.3 | 221.2 | ||||||||||||||
One Call Care Management Inc | (ad)(aa)(v) | Health Care Equipment & Services | L+550 | 0.8% | 4/22/27 | 5.0 | 4.7 | 5.0 | ||||||||||||||
Oxford Global Resources LLC | (f)(k)(l)(v)(t) | Commercial & Professional Services | L+600 | 0.0% | 8/17/27 | 88.6 | 87.8 | 87.9 | ||||||||||||||
Oxford Global Resources LLC | (v) | Commercial & Professional Services | L+600 | 0.0% | 8/17/27 | 1.2 | 1.2 | 1.2 | ||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | L+600 | 0.0% | 8/17/27 | 15.3 | 15.3 | 15.2 | ||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | L+600 | 0.0% | 8/17/27 | 6.4 | 6.4 | 6.4 | ||||||||||||||
P2 Energy Solutions Inc. | (v) | Software & Services | L+675 | 1.0% | 1/31/25 | 4.6 | 4.2 | 4.2 | ||||||||||||||
P2 Energy Solutions Inc. | (f)(i)(k)(v)(m)(s)(t) | Software & Services | L+675 | 1.0% | 2/2/26 | 249.7 | 232.5 | 232.5 | ||||||||||||||
P2 Energy Solutions Inc. | (x) | Software & Services | L+675 | 1.0% | 1/31/25 | 10.6 | 10.6 | 9.9 | ||||||||||||||
Parata Systems | (f)(v)(m) | Health Care Equipment & Services | L+575 | 1.0% | 6/30/27 | 132.1 | 131.1 | 131.7 | ||||||||||||||
Parata Systems | (x) | Health Care Equipment & Services | L+575 | 1.0% | 6/30/27 | 22.0 | 22.0 | 21.9 | ||||||||||||||
Parata Systems | (x) | Health Care Equipment & Services | L+575 | 1.0% | 6/30/27 | 5.5 | 5.5 | 5.5 | ||||||||||||||
Peak 10 Holding Corp | (aa)(v) | Telecommunication Services | L+350 | 0.0% | 8/1/24 | 20.1 | 17.3 | 18.7 | ||||||||||||||
Peraton Corp | (aa)(v) | Capital Goods | L+375 | 0.8% | 2/1/28 | 9.0 | 8.7 | 9.1 | ||||||||||||||
Performance Health Holdings Inc | (f)(i)(v) | Health Care Equipment & Services | L+600 | 1.0% | 7/12/27 | 121.0 | 119.8 | 120.3 | ||||||||||||||
Petroplex Acidizing Inc | (ac)(y)(z)(v) | Energy | L+900 PIK (L+900 Max PIK) | 1.0% | 12/30/21 | 26.5 | 22.9 | 6.9 | ||||||||||||||
Polyconcept North America Inc | (aa)(v) | Household & Personal Products | L+450 PIK (L+450 Max PIK) | 1.0% | 8/16/23 | 22.5 | 22.2 | 22.4 | ||||||||||||||
Premium Credit Ltd | (w)(v) | Diversified Financials | L+650 | 0.0% | 1/16/26 | £ | 58.0 | 75.1 | 78.2 | |||||||||||||
Pretium Packaging LLC | (aa)(v) | Household & Personal Products | L+400 | 0.5% | 9/22/28 | $ | 1.6 | 1.6 | 1.6 | |||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+750, 0.0% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 60.6 | 56.0 | 60.6 | ||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+300, 5.5% PIK (5.5% Max PIK) | 0.3% | 8/21/24 | 130.1 | 121.0 | 130.1 | ||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+550 PIK (L+550 Max PIK) | 1.0% | 8/21/24 | 0.1 | 0.1 | 0.1 | ||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+500 | 1.0% | 8/21/24 | 3.4 | 3.3 | 3.4 | ||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+750, 0.0% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 10.1 | 10.0 | 10.1 | ||||||||||||||
Production Resource Group LLC | (ad)(x) | Media & Entertainment | L+750, 0.0% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 20.2 | 20.2 | 20.2 | ||||||||||||||
Propulsion Acquisition LLC | (f)(l)(v)(s)(t) | Capital Goods | L+700 | 1.0% | 7/13/24 | 60.7 | 56.7 | 61.3 | ||||||||||||||
PSKW LLC | (i)(l)(v)(s)(t) | Health Care Equipment & Services | L+625 | 1.0% | 3/9/26 | 295.5 | 283.7 | 298.5 | ||||||||||||||
Qdoba Restaurant Corp | (aa)(v)(m) | Consumer Services | L+700 | 1.0% | 3/21/25 | 11.0 | 10.8 | 10.8 | ||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (f)(i)(l)(v)(m)(s) | Health Care Equipment & Services | L+675 | 0.0% | 9/2/24 | 160.5 | 152.2 | 155.3 | ||||||||||||||
Revere Superior Holdings Inc | (v)(m) | Software & Services | L+575 | 1.0% | 9/30/26 | 23.1 | 22.4 | 23.3 | ||||||||||||||
Revere Superior Holdings Inc | (x) | Software & Services | L+575 | 1.0% | 9/30/26 | 3.2 | 3.2 | 3.2 | ||||||||||||||
Rise Baking Company | (v) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 0.9 | 0.7 | 0.8 | ||||||||||||||
Rise Baking Company | (l)(v)(m) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 43.5 | 42.4 | 42.6 | ||||||||||||||
Rise Baking Company | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 4.4 | 4.4 | 4.3 | ||||||||||||||
RSC Insurance Brokerage Inc | (f)(i)(k)(l)(v)(m)(s) | Insurance | L+550 | 1.0% | 10/30/26 | 240.3 | 230.5 | 242.7 | ||||||||||||||
RSC Insurance Brokerage Inc | (x) | Insurance | L+550 | 1.0% | 9/30/26 | 7.7 | 7.6 | 7.7 | ||||||||||||||
RSC Insurance Brokerage Inc | (x) | Insurance | L+550 | 1.0% | 10/30/26 | 23.2 | 23.2 | 23.5 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | L+575 | 1.0% | 12/3/24 | $ | 6.5 | $ | 6.3 | $ | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (f)(i)(k)(l)(m)(v) | Transportation | L+575 | 1.0% | 12/3/26 | 136.6 | 130.4 | 131.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | L+625 | 1.0% | 12/3/26 | 19.2 | 18.5 | 18.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (x) | Transportation | L+575 | 1.0% | 12/3/24 | 11.3 | 11.3 | 10.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hibu Inc | (f)(k)(l)(m)(t)(v) | Commercial & Professional Services | SF+625 | 1.0% | 5/4/27 | 99.6 | 95.3 | 100.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | L+550 | 0.8% | 11/25/26 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | L+525 | 0.8% | 11/25/26 | 7.0 | 6.6 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (x) | Insurance | L+550 | 0.8% | 11/25/26 | 8.9 | 8.9 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
HKA | (v)(w) | Commercial & Professional Services | SF+575, 0.0% PIK (1.8% Max PIK) | 0.5% | 8/9/29 | 3.5 | 3.4 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
HKA | (w)(x) | Commercial & Professional Services | SF+575, 0.0% PIK (1.8% Max PIK) | 0.5% | 8/9/29 | 1.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | L+600 PIK (L+600 Max PIK) | 1.0% | 6/30/26 | 35.6 | 35.6 | 35.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(x) | Capital Goods | L+600 PIK (L+600 Max PIK) | 1.0% | 6/30/26 | 2.0 | 2.0 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (m)(s) | Capital Goods | L+625 | 1.0% | 11/22/25 | 69.6 | 66.0 | 69.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (v) | Capital Goods | L+625 | 1.0% | 11/22/25 | 5.3 | 5.2 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (m)(v) | Capital Goods | L+625 | 1.0% | 11/22/25 | 16.8 | 16.8 | 16.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (v) | Capital Goods | L+625 | 1.0% | 11/22/25 | 4.0 | 4.0 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (v) | Capital Goods | L+625 | 1.0% | 11/22/25 | 8.0 | 8.0 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (x) | Capital Goods | L+625 | 1.0% | 11/22/24 | 4.8 | 4.7 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (x) | Capital Goods | L+625 | 1.0% | 11/22/25 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | € | 88.8 | 101.9 | 85.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Industry City TI Lessor LP | (s)(v) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | $ | 26.7 | 26.8 | 27.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (i)(v) | Commercial & Professional Services | L+600 | 0.8% | 9/22/28 | 203.8 | 202.0 | 200.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | L+600 | 0.8% | 9/22/27 | 21.1 | 21.1 | 20.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | L+600 | 0.8% | 9/22/28 | 26.8 | 26.8 | 26.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (v) | Insurance | SF+550 | 0.8% | 8/27/25 | 124.7 | 124.7 | 122.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (f)(i)(m)(s)(v) | Insurance | L+550 | 1.0% | 7/1/25 | 125.5 | 123.3 | 125.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (v) | Insurance | L+550 | 1.0% | 7/1/25 | 1.7 | 1.5 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (f)(v) | Insurance | SF+550 | 1.0% | 7/1/25 | 23.2 | 23.2 | 23.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (x) | Insurance | L+550 | 1.0% | 7/1/25 | 12.4 | 12.4 | 12.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (x) | Insurance | SF+550 | 1.0% | 7/1/25 | 21.0 | 21.0 | 20.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Jarrow Formulas Inc | (f)(i)(k)(l)(m)(s)(t)(v) | Household & Personal Products | L+625 | 1.0% | 11/30/26 | 183.0 | 174.9 | 184.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (m)(v) | Capital Goods | L+700 | 1.0% | 12/21/25 | 52.5 | 50.1 | 52.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | L+700 | 1.0% | 12/21/25 | 5.2 | 5.0 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | L+700 | 1.0% | 12/21/25 | 38.1 | 37.5 | 38.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (x) | Capital Goods | L+700 | 1.0% | 12/21/25 | 0.3 | 0.3 | 0.3 |
10
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Safe-Guard Products International LLC | (f)(m)(t) | Diversified Financials | L+500 | 0.5% | 1/27/27 | $ | 45.1 | $ | 42.4 | $ | 45.1 | |||||||||||
SAMBA Safety Inc | (v) | Software & Services | L+575 | 1.0% | 9/1/27 | 27.4 | 27.1 | 27.1 | ||||||||||||||
SAMBA Safety Inc | (x) | Software & Services | L+575 | 1.0% | 9/1/27 | 6.1 | 6.1 | 6.0 | ||||||||||||||
SAMBA Safety Inc | (x) | Software & Services | L+575 | 1.0% | 9/1/27 | 2.4 | 2.4 | 2.4 | ||||||||||||||
Sequa Corp | (aa)(v)(m) | Capital Goods | L+675, 0.0% PIK (1.0% Max PIK) | 1.0% | 11/28/23 | 16.0 | 15.3 | 16.3 | ||||||||||||||
Sequa Corp | (v) | Capital Goods | L+900, 0.0% PIK (9.5% Max PIK) | 1.0% | 7/31/25 | 16.4 | 15.9 | 17.1 | ||||||||||||||
Sequel Youth & Family Services LLC | (y)(z)(v) | Health Care Equipment & Services | L+800 | 1.0% | 9/1/23 | 170.0 | 112.4 | 53.3 | ||||||||||||||
Sequel Youth & Family Services LLC | (y)(z)(v) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/23 | 29.2 | 19.3 | 9.2 | ||||||||||||||
Sequel Youth & Family Services LLC | (v) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/23 | 27.5 | 27.5 | 27.5 | ||||||||||||||
Sequel Youth & Family Services LLC | (x) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/23 | 14.5 | 14.5 | 14.5 | ||||||||||||||
Sequential Brands Group Inc. | (v) | Consumer Durables & Apparel | 5.0% | 11/24/21 | 126.4 | 125.8 | 126.4 | |||||||||||||||
Sequential Brands Group Inc. | (y)(z)(k)(l)(v) | Consumer Durables & Apparel | L+875 | 0.0% | 2/7/24 | 266.8 | 216.8 | 230.5 | ||||||||||||||
Sequential Brands Group Inc. | (x) | Consumer Durables & Apparel | 5.0% | 11/24/21 | 7.7 | 7.7 | 7.7 | |||||||||||||||
Sorenson Communications LLC | (ac)(aa)(f)(k)(v)(t) | Telecommunication Services | L+550 | 0.8% | 3/17/26 | 61.8 | 58.5 | 62.3 | ||||||||||||||
Source Code LLC | (k)(l)(t) | Software & Services | L+650 | 1.0% | 6/30/27 | 53.4 | 52.4 | 52.5 | ||||||||||||||
Source Code LLC | (x) | Software & Services | L+650 | 1.0% | 6/30/27 | 15.3 | 15.0 | 15.0 | ||||||||||||||
Spins LLC | (v)(m)(s)(t) | Software & Services | L+550 | 1.0% | 1/20/27 | 60.8 | 57.3 | 61.7 | ||||||||||||||
Spins LLC | (x) | Software & Services | L+550 | 1.0% | 1/20/27 | 7.9 | 7.9 | 7.9 | ||||||||||||||
Summit Interconnect Inc | (f)(k)(l)(v)(t) | Capital Goods | L+600 | 1.0% | 9/22/28 | 118.3 | 117.1 | 117.1 | ||||||||||||||
Summit Interconnect Inc | (x) | Capital Goods | L+600 | 1.0% | 9/22/28 | 48.7 | 48.7 | 48.2 | ||||||||||||||
Sungard Availability Services Capital Inc | (ac)(v) | Software & Services | L+375, 3.8% PIK (3.8% Max PIK) | 1.0% | 7/1/24 | 5.7 | 5.6 | 6.0 | ||||||||||||||
Sweeping Corp of America Inc | (v)(m) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 54.6 | 52.0 | 55.1 | ||||||||||||||
Sweeping Corp of America Inc | (v) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 1.8 | 1.8 | 1.8 | ||||||||||||||
Sweeping Corp of America Inc | (x) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 1.3 | 1.3 | 1.4 | ||||||||||||||
Sweeping Corp of America Inc | (x) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 3.9 | 3.9 | 3.9 | ||||||||||||||
Tangoe LLC | (f)(i)(v)(m)(s) | Software & Services | L+650 | 1.0% | 11/28/25 | 190.5 | 170.9 | 155.0 | ||||||||||||||
ThermaSys Corp | (ac)(y)(z)(v) | Capital Goods | L+1,100 PIK (L+1,100 Max PIK) | 1.0% | 1/1/24 | 8.2 | 8.3 | 3.2 | ||||||||||||||
ThreeSixty Group | (v)(m) | Retailing | L+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 3/1/23 | 48.4 | 48.2 | 47.8 | ||||||||||||||
ThreeSixty Group | (v)(m) | Retailing | L+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 3/1/23 | 48.1 | 47.8 | 47.5 | ||||||||||||||
Total Safety US Inc | (aa)(f) | Capital Goods | L+600 | 1.0% | 8/16/25 | 0.9 | 0.9 | 0.9 | ||||||||||||||
Trace3 Inc | (f)(i)(k)(l)(v)(m)(s) | Software & Services | L+675 | 1.0% | 8/3/24 | 249.3 | 237.7 | 249.3 | ||||||||||||||
Transaction Services Group Ltd | (w)(v) | Software & Services | B+650 | 0.0% | 10/15/26 | A$ | 80.3 | 55.5 | 56.9 | |||||||||||||
Transaction Services Group Ltd | (w)(v) | Software & Services | L+650 | 0.0% | 10/15/26 | $ | 126.2 | 122.1 | 123.5 | |||||||||||||
Transaction Services Group Ltd | (w)(v) | Software & Services | L+650 | 0.0% | 10/15/26 | £ | 13.9 | 17.6 | 18.3 | |||||||||||||
Truck-Lite Co LLC | (f)(i)(k)(v)(m)(s) | Capital Goods | L+625 | 1.0% | 12/14/26 | $ | 268.7 | 257.5 | 268.7 | |||||||||||||
Truck-Lite Co LLC | (x) | Capital Goods | L+625 | 1.0% | 12/13/24 | 25.4 | 25.2 | 25.4 | ||||||||||||||
Warren Resources Inc | (ad)(v) | Energy | L+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/22/24 | 18.6 | 17.3 | 18.6 | ||||||||||||||
Wealth Enhancement Group LLC | (w)(v) | Diversified Financials | L+625 | 1.0% | 10/31/25 | 1.3 | 1.3 | 1.3 | ||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Diversified Financials | L+625 | 1.0% | 10/31/25 | 28.3 | 28.2 | 28.3 | ||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Diversified Financials | L+625 | 1.0% | 10/31/25 | 0.4 | 0.4 | 0.4 | ||||||||||||||
Woolpert Inc | (f)(k)(l)(v)(m)(t) | Capital Goods | L+600 | 1.0% | 4/5/28 | 139.6 | 132.6 | 140.2 | ||||||||||||||
Woolpert Inc | (x) | Capital Goods | L+600 | 1.0% | 4/5/28 | 25.6 | 25.6 | 25.7 | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total Senior Secured Loans—First Lien | 10,722.8 | 10,880.8 | ||||||||||||||||||||
Unfunded Loan Commitments | (1,192.1 | ) | (1,192.1 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||
Net Senior Secured Loans—First Lien | 9,530.7 | 9,688.7 | ||||||||||||||||||||
|
|
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (f)(i)(k)(l)(m)(s)(t)(v) | Commercial & Professional Services | L+600 | 1.0% | 11/7/26 | $ | 369.9 | $ | 359.3 | $ | 353.2 | |||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (f)(i)(v) | Health Care Equipment & Services | L+550 | 0.8% | 11/23/28 | 103.8 | 103.0 | 100.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (x) | Health Care Equipment & Services | L+550 | 0.8% | 11/23/28 | 40.0 | 40.0 | 38.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (l)(m)(v) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 76.4 | 74.7 | 73.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (v) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 5.0 | 5.0 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 10.8 | 10.8 | 10.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 1.8 | 1.8 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (v) | Commercial & Professional Services | SF+625 | 1.0% | 5/18/29 | 6.4 | 6.4 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (i)(k)(l)(m)(v) | Commercial & Professional Services | SF+625 | 1.0% | 5/18/29 | 121.2 | 118.2 | 119.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | SF+625 | 1.0% | 5/18/29 | 8.4 | 8.4 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | SF+625 | 1.0% | 5/18/29 | 5.9 | 5.9 | 5.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lionbridge Technologies Inc | (f)(k)(m)(s)(t)(v) | Media & Entertainment | SF+700 | 1.0% | 12/29/25 | 124.4 | 120.4 | 125.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (f)(m)(s)(v) | Food & Staples Retailing | SF+575 | 1.0% | 1/6/25 | 228.5 | 221.1 | 228.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (f)(s)(v) | Food & Staples Retailing | SF+575 | 1.0% | 1/6/25 | 40.0 | 38.9 | 40.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lrqa Ltd | (v)(w) | Consumer Services | SA+600, 0.0% PIK (6.3% Max PIK) | 0.0% | 12/2/28 | £ | 5.7 | 7.4 | 6.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Lrqa Ltd | (w)(x) | Consumer Services | SA+600, 0.0% PIK (6.3% Max PIK) | 0.0% | 12/2/28 | 9.3 | 12.6 | 12.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Matchesfashion Ltd | (v)(w)(y)(z) | Consumer Durables & Apparel | L+463, 3.0% PIK (3.0% Max PIK) | 0.0% | 10/11/24 | $ | 13.1 | 12.7 | 6.2 | |||||||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions LLC | (k)(l)(m)(t)(v) | Health Care Equipment & Services | SF+600 | 1.0% | 1/29/27 | 273.7 | 264.4 | 270.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medallia Inc | (v) | Software & Services | L+675 PIK (L+675 Max PIK) | 0.8% | 10/29/28 | 205.1 | 203.1 | 203.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (v) | Software & Services | L+600 | 1.0% | 9/15/27 | 56.3 | 55.8 | 56.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (x) | Software & Services | L+600 | 1.0% | 9/15/27 | 25.0 | 25.0 | 25.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (x) | Software & Services | L+600 | 1.0% | 9/15/27 | 7.8 | 7.8 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (k)(l)(m)(t)(v) | Health Care Equipment & Services | SF+800, 1.5% PIK (1.5% Max PIK) | 1.0% | 12/14/26 | 140.5 | 134.1 | 130.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (v) | Health Care Equipment & Services | SF+800, 1.5% PIK (1.5% Max PIK) | 1.0% | 12/14/26 | 23.3 | 22.1 | 21.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Monitronics International Inc | (aa)(f)(v) | Commercial & Professional Services | L+750 | 1.3% | 3/29/24 | 18.7 | 17.5 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Monitronics International Inc | (v) | Commercial & Professional Services | L+600 | 1.5% | 7/3/24 | 58.4 | 56.4 | 54.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Monitronics International Inc | (x) | Commercial & Professional Services | L+600 | 1.5% | 7/3/24 | 11.6 | 11.6 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (f)(i)(v) | Commercial & Professional Services | SF+650 | 1.0% | 12/20/25 | 64.2 | 64.2 | 64.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (m)(t)(v) | Commercial & Professional Services | L+650 | 1.0% | 12/22/25 | 54.8 | 51.2 | 54.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (v) | Commercial & Professional Services | SF+650 | 1.0% | 12/22/25 | 4.7 | 4.5 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (x) | Commercial & Professional Services | SF+650 | 1.0% | 12/22/25 | 59.6 | 59.6 | 59.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (v)(y)(z) | Consumer Durables & Apparel | L+550 | 1.0% | 4/26/24 | 76.4 | 71.9 | 28.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc | (v) | Software & Services | L+750, 0.0% PIK (2.5% Max PIK) | 1.0% | 8/15/24 | 77.3 | 76.4 | 55.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | L+625 | 1.0% | 6/30/27 | 24.6 | 24.4 | 24.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | L+625 | 1.0% | 6/30/27 | 2.0 | 2.0 | 2.0 |
11
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Senior Secured Loans—Second Lien—21.6% | ||||||||||||||||||||||
Advanced Lighting Technologies Inc | (v) | Materials | L+600 | 1.0% | 3/16/27 | $ | 10.8 | $ | 10.5 | $ | 10.6 | |||||||||||
Ammeraal Beltech Holding BV | (w)(f)(v)(s) | Capital Goods | L+775 | 0.0% | 9/12/26 | 51.3 | 46.4 | 50.8 | ||||||||||||||
Amtek Global Technology Pte Ltd | (ad)(w)(z)(g)(v) | Automobiles & Components | E+500 PIK (E+500 Max PIK) | 0.0% | 4/4/24 | € | 34.3 | 38.8 | — | |||||||||||||
Apex Group Limited | (w)(v) | Diversified Financials | L+675 | 0.5% | 7/12/29 | $ | 40.0 | 39.6 | 39.6 | |||||||||||||
Belk Inc | (ac)(y)(z)(v) | Retailing | 10.0% PIK (10.0% Max PIK) | 7/31/25 | 24.9 | 4.2 | 4.6 | |||||||||||||||
Byrider Finance LLC | (v)(u) | Automobiles & Components | L+1,000, 0.5% PIK (0.5% Max PIK) | 1.3% | 6/7/22 | 54.2 | 51.9 | 54.3 | ||||||||||||||
Constellis Holdings LLC | (ac)(f)(v) | Capital Goods | L+100, 10.0% PIK (10.0% Max PIK) | 1.0% | 3/27/25 | 13.5 | 12.5 | 13.5 | ||||||||||||||
Cubic Corp | (v) | Software & Services | L+763 | 0.8% | 5/25/29 | 54.8 | 51.7 | 54.7 | ||||||||||||||
Datatel Inc | (v) | Software & Services | L+800 | 1.0% | 10/9/28 | 179.2 | 169.9 | 180.2 | ||||||||||||||
Excelitas Technologies Corp | (aa)(l) | Technology Hardware & Equipment | L+750 | 1.0% | 12/1/25 | 6.6 | 6.1 | 6.7 | ||||||||||||||
Fairway Group Holdings Corp | (ac)(y)(z)(v) | Food & Staples Retailing | 11.0% PIK (11.0% Max PIK) | 2/24/24 | 6.9 | — | — | |||||||||||||||
Misys Ltd | (aa)(w)(v) | Software & Services | L+725 | 1.0% | 6/13/25 | 21.8 | 20.4 | 22.0 | ||||||||||||||
NBG Home | (v) | Consumer Durables & Apparel | L+1,275 PIK (L+1,275 Max PIK) | 1.0% | 9/30/24 | 30.4 | 27.2 | 18.7 | ||||||||||||||
NEP Broadcasting LLC | (aa)(v) | Media & Entertainment | L+700 | 0.0% | 10/19/26 | 6.8 | 6.1 | 6.6 | ||||||||||||||
OEConnection LLC | (f)(v)(s) | Software & Services | L+825 | 0.0% | 9/25/27 | 77.0 | 73.4 | 77.0 | ||||||||||||||
Paradigm Acquisition Corp | (aa)(l)(v) | Health Care Equipment & Services | L+750 | 0.0% | 10/26/26 | 2.3 | 2.2 | 2.3 | ||||||||||||||
Peraton Corp | (v)(s) | Capital Goods | L+800 | 1.0% | 2/1/29 | 175.0 | 165.1 | 179.3 | ||||||||||||||
Peraton Corp | (v) | Capital Goods | L+775 | 0.8% | 2/1/29 | 156.4 | 149.8 | 157.4 | ||||||||||||||
Petrochoice Holdings Inc | (v) | Capital Goods | L+875 | 1.0% | 8/21/23 | 65.0 | 64.3 | 57.8 | ||||||||||||||
Polyconcept North America Inc | (v) | Household & Personal Products | 11.0% PIK (11.0% Max PIK) | 2/16/24 | 9.8 | 9.6 | 9.4 | |||||||||||||||
Pretium Packaging LLC | (v)(m)(s) | Household & Personal Products | L+825 | 0.8% | 11/6/28 | 15.1 | 14.4 | 15.4 | ||||||||||||||
Pretium Packaging LLC | (v) | Household & Personal Products | L+675 | 0.5% | 9/22/29 | 39.9 | 39.5 | 39.5 | ||||||||||||||
Pure Fishing Inc | (f)(v)(m) | Consumer Durables & Apparel | L+838 | 1.0% | 12/31/26 | 177.0 | 170.4 | 177.0 | ||||||||||||||
Sequa Corp | (aa)(v)(m) | Capital Goods | L+1,075, 0.0% PIK (6.8% Max PIK) | 1.0% | 4/28/24 | 5.9 | 5.7 | 5.9 | ||||||||||||||
SIRVA Worldwide Inc | (aa)(v) | Commercial & Professional Services | L+950 | 0.0% | 8/3/26 | 6.5 | 5.3 | 5.8 | ||||||||||||||
Solera LLC | (aa)(v) | Software & Services | L+800 | 1.0% | 6/4/29 | 312.4 | 295.4 | 319.4 | ||||||||||||||
Sorenson Communications LLC | (ac)(v)(m)(s)(u) | Telecommunication Services | L+1,150 PIK (L+1,150 Max PIK) | 3/17/26 | 6.9 | 6.6 | 6.9 | |||||||||||||||
Sungard Availability Services Capital Inc | (ac)(v) | Software & Services | L+400, 2.8% PIK (2.8% Max PIK) | 1.0% | 8/1/24 | 14.5 | 13.5 | 14.5 | ||||||||||||||
Vantage Specialty Chemicals Inc | (aa)(v) | Materials | L+825 | 1.0% | 10/27/25 | 0.8 | 0.7 | 0.7 | ||||||||||||||
WireCo WorldGroup Inc | (aa)(v)(m) | Capital Goods | L+900 | 1.0% | 9/30/24 | 14.9 | 13.6 | 14.8 | ||||||||||||||
Wittur Holding GmbH | (w)(v) | Capital Goods | E+850, 0.5% PIK (0.5% Max PIK) | 0.0% | 9/23/27 | € | 112.50 | 120.3 | 123.5 | |||||||||||||
|
|
|
| |||||||||||||||||||
Total Senior Secured Loans—Second Lien | 1,635.1 | 1,668.9 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Other Senior Secured Debt—1.8% | ||||||||||||||||||||||
Angelica Corp | (y)(z)(h) | Health Care Equipment & Services | 10.0% PIK (10.0% Max PIK) | 12/30/22 | $ | 50.8 | 42.3 | 21.2 | ||||||||||||||
JW Aluminum Co | (ad)(aa)(v)(s) | Materials | 10.3% | 6/1/26 | 76.5 | 75.4 | 82.2 | |||||||||||||||
One Call Care Management Inc | (ad)(v) | Health Care Equipment & Services | 8.5% PIK (8.5% Max PIK) | 11/1/28 | 22.5 | 20.6 | 22.3 | |||||||||||||||
TruckPro LLC | (aa)(v) | Capital Goods | 11.0% | 10/15/24 | 9.2 | 9.2 | 10.0 | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total Other Senior Secured Debt | 147.5 | 135.7 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Subordinated Debt—1.2% | ||||||||||||||||||||||
Ardonagh Group Ltd | (aa)(w)(v) | Insurance | 12.8% PIK (12.8% Max PIK) | 1/15/27 | 0.9 | 0.9 | 0.9 | |||||||||||||||
ATX Networks Corp | (w)(y)(z)(v)(s)(ad) | Capital Goods | 10.0% PIK (10.0% Max PIK) | 8/9/28 | 18.3 | 4.8 | 4.8 | |||||||||||||||
ClubCorp Club Operations Inc | (aa)(v) | Consumer Services | 8.5% | 9/15/25 | 37.3 | 35.3 | 36.3 | |||||||||||||||
Hilding Anders | (ad)(w)(y)(v) | Consumer Durables & Apparel | € | 24.8 | 26.9 | — | ||||||||||||||||
Hilding Anders | (ad)(w)(y)(v) | Consumer Durables & Apparel | 110.5 | — | — | |||||||||||||||||
Hilding Anders | (ad)(w)(y)(z)(v) | Consumer Durables & Apparel | 13.0% PIK (13.0% Max PIK) | 11/30/25 | 126.0 | 99.4 | 51.1 | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total Subordinated Debt | 167.3 | 93.1 | ||||||||||||||||||||
|
|
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (x) | Software & Services | L+625 | 1.0% | 6/30/27 | $ | 7.4 | $ | 7.3 | $ | 7.2 | |||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (x) | Software & Services | L+625 | 1.0% | 6/30/27 | 0.9 | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (i)(l)(m)(t)(v) | Software & Services | L+625 | 1.0% | 10/31/26 | 51.2 | 49.7 | 50.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (v) | Software & Services | L+625 | 1.0% | 10/31/26 | 2.1 | 2.1 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (x) | Software & Services | L+625 | 1.0% | 10/31/26 | 2.6 | 2.6 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Novotech Pty Ltd | (w)(x) | Health Care Equipment & Services | SF+525 | 0.5% | 1/13/28 | 5.7 | 5.6 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
NPD Group Inc/The | (v) | Consumer Services | SF+350, 2.8% PIK (2.8% Max PIK) | 0.8% | 12/1/28 | 19.0 | 19.0 | 19.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
NPD Group Inc/The | (x) | Consumer Services | L+575 | 0.8% | 12/1/27 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omnimax International Inc | (f)(i)(k)(l)(m)(v) | Capital Goods | SF+850 | 1.0% | 10/8/26 | 155.6 | 149.7 | 148.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omnimax International Inc | (v) | Capital Goods | SF+800 | 1.0% | 10/8/26 | 22.1 | 21.1 | 21.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Omnimax International Inc | (v) | Capital Goods | SF+800 | 1.0% | 10/8/26 | 14.6 | 13.9 | 14.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (aa)(ad)(v) | Health Care Equipment & Services | L+550 | 0.8% | 4/22/27 | 4.9 | 4.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (f)(k)(l)(m)(t) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 87.7 | 87.0 | 87.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (v) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 3.2 | 3.2 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 15.3 | 15.3 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | SF+600 | 1.0% | 8/17/27 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
P2 Energy Solutions Inc. | (v) | Software & Services | L+675 | 1.0% | 1/31/25 | 3.7 | 3.5 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
P2 Energy Solutions Inc. | (i)(k)(m)(s)(t)(v) | Software & Services | L+675 | 1.0% | 2/2/26 | 247.2 | 233.2 | 242.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
P2 Energy Solutions Inc. | (x) | Software & Services | L+675 | 1.0% | 1/31/25 | 11.4 | 11.4 | 11.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts Town LLC | (v) | Retailing | L+550 | 0.8% | 11/1/28 | 100.6 | 99.7 | 97.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v) | Health Care Equipment & Services | L+575 | 0.8% | 8/23/28 | 65.3 | 64.6 | 64.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (x) | Health Care Equipment & Services | L+575 | 0.8% | 8/21/26 | 4.3 | 4.2 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (x) | Health Care Equipment & Services | L+575 | 0.8% | 8/23/28 | 22.9 | 22.6 | 22.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Performance Health Holdings Inc | (f)(i)(m)(v) | Health Care Equipment & Services | L+600 | 1.0% | 7/12/27 | 108.3 | 107.4 | 107.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Premium Credit Ltd | (v)(w) | Diversified Financials | SA+650 | 0.0% | 1/16/26 | £ | 55.9 | 73.1 | 62.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+500, 3.1% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | $ | 62.3 | 59.2 | 64.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+300, 5.5% PIK (5.5% Max PIK) | 0.3% | 8/21/24 | 146.4 | 140.0 | 149.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+550 PIK (L+550 Max PIK) | 1.0% | 8/21/24 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+500, 3.1% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 34.3 | 34.1 | 34.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Propulsion Acquisition LLC | (f)(l)(s)(t)(v) | Capital Goods | L+700 | 1.0% | 7/13/24 | 60.0 | 57.3 | 60.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
PSKW LLC (dba ConnectiveRx) | (i)(l)(s)(t)(v) | Health Care Equipment & Services | L+625 | 1.0% | 3/9/26 | 292.5 | 283.0 | 292.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing Inc | (aa)(v) | Consumer Durables & Apparel | L+450 | 0.0% | 12/22/25 | 33.8 | 33.2 | 28.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Qdoba Restaurant Corp | (aa)(m)(v) | Consumer Services | L+700 | 1.0% | 3/21/25 | 10.9 | 10.8 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Radwell International LLC/PA | (v) | Capital Goods | SF+575 | 0.8% | 4/1/29 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (f)(i)(l)(m)(s)(v) | Health Care Equipment & Services | L+625 | 0.0% | 2/28/26 | 106.8 | 101.4 | 89.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (m)(v) | Software & Services | L+575 | 1.0% | 9/30/26 | 33.6 | 32.9 | 33.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (v) | Software & Services | L+575 | 1.0% | 9/30/26 | 1.5 | 1.5 | 1.5 |
12
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||
Asset Based Finance—25.8% | ||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | (ad)(w)(y)(v) | Real Estate | 8,554,983 | $ | 14.1 | $ | 22.5 | |||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | (ad)(w)(v) | Real Estate | 8.0%, 3.0% PIK (3.0% Max PIK) | 12/19/29 | $ | 55.5 | 53.4 | 55.5 | ||||||||||||||
Abacus JV, Private Equity | (w)(v) | Insurance | 40,241,018 | 39.2 | 42.9 | |||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity | (w)(y)(v) | Diversified Financials | 5,397,365 | 6.3 | 4.7 | |||||||||||||||||
Altavair AirFinance, Private Equity | (w)(v) | Capital Goods | 121,889,043 | 122.9 | 143.5 | |||||||||||||||||
Australis Maritime, Common Stock | (w)(v) | Transportation | 43,889,942 | 42.2 | 43.4 | |||||||||||||||||
Avida Holding AB, Common Stock | (ad)(w)(y)(v) | Diversified Financials | 405,023,756 | 43.9 | 52.4 | |||||||||||||||||
Bank of Ireland, Class B Credit Linked Floating Rate Note | (w)(g) | Banks | L+1,185 | 12/4/27 | $ | 14.7 | 14.7 | 14.2 | ||||||||||||||
Byrider Finance LLC, Structured Mezzanine | (v) | Automobiles & Components | L+1,050 | 0.3% | 6/3/28 | $ | 12.0 | 12.0 | 12.0 | |||||||||||||
Byrider Finance LLC, Structured Mezzanine | (x) | Automobiles & Components | L+1,050 | 0.3% | 6/3/28 | $ | 11.0 | 11.0 | 11.0 | |||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan A | (v) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 125.0 | 117.7 | 125.3 | |||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (x) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 40.3 | 40.3 | 40.4 | |||||||||||||
Capital Automotive LP, Private Equity | (w)(v) | Real Estate | 21,640,936 | 23.7 | 27.5 | |||||||||||||||||
Capital Automotive LP, Structured Mezzanine | (w)(v) | Real Estate | 11.0% | 12/22/28 | $ | 42.7 | 40.9 | 42.7 | ||||||||||||||
Global Jet Capital LLC, Preferred Stock | (y)(j)(v)(u) | Commercial & Professional Services | 149,494,590 | 69.4 | — | |||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (v) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/30/25 | $ | 4.5 | 3.5 | 3.6 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (v) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/30/25 | $ | 28.3 | 22.3 | 22.7 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (v) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/3/25 | $ | 5.9 | 4.6 | 4.7 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (v) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/29/25 | $ | 5.5 | 4.3 | 4.4 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(v)(u) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | $ | 271.3 | 218.2 | 217.8 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(v)(u) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | $ | 44.4 | 35.7 | 35.6 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(v)(u) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | $ | 23.2 | 18.7 | 18.6 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (v) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 2/17/26 | $ | 25.6 | 19.3 | 20.5 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (v) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/14/26 | $ | 39.6 | 32.2 | 31.8 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (v) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/2/26 | $ | 50.2 | 40.2 | 40.3 | ||||||||||||||
Global Lending Services LLC, Private Equity | (w)(v) | Diversified Financials | 13,725,159 | 15.7 | 18.1 | |||||||||||||||||
Global Lending Services LLC, Private Equity | (w)(v) | Diversified Financials | 18,291,830 | 20.2 | 22.1 | |||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(w)(y)(v) | Real Estate | 1,016,252 | 1.0 | 1.0 | |||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(w)(y)(v) | Real Estate | 38,343 | 0.0 | 0.0 | |||||||||||||||||
Home Partners JV 2, Structured Mezzanine | (ac)(w)(v) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/20/30 | $ | 2.2 | 2.1 | 2.2 | ||||||||||||||
Home Partners JV 2, Structured Mezzanine | (ac)(w)(x) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/20/30 | $ | 14.8 | 14.8 | 14.8 | ||||||||||||||
Home Partners JV, Common Stock | (ac)(w)(y)(v) | Real Estate | 32,659,547 | 47.6 | 73.6 | |||||||||||||||||
Home Partners JV, Private Equity | (ac)(w)(y)(v) | Real Estate | 4,127,355 | 5.4 | 8.5 | |||||||||||||||||
Home Partners JV, Structured Mezzanine | (ac)(w)(v) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/25/29 | $ | 88.0 | 83.0 | 88.0 | ||||||||||||||
Jet Edge International LLC, Preferred Stock | (v)(ac) | Transportation | 8.0%, 0.0% PIK (8.0% Max PIK) | 20,878,236 | 20.9 | 16.6 | ||||||||||||||||
Jet Edge International LLC, Term Loan | (v)(ac) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 39.5 | 38.7 | 39.3 | ||||||||||||||
Jet Edge International LLC, Term Loan | (x)(ac) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 38.3 | 38.3 | 38.0 | ||||||||||||||
Jet Edge International LLC, Warrant | (y)(h)(ac) | Transportation | 3,963 | — | 4.3 | |||||||||||||||||
Kilter Finance, Preferred Stock | (ad)(w)(v) | Insurance | 6.0%, 6.0% PIK (6.0% Max PIK) | 34,060,490 | 32.6 | 34.1 | ||||||||||||||||
Kilter Finance, Private Equity | (ad)(w)(y)(v) | Insurance | 536,709 | 0.5 | 0.5 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (x) | Software & Services | L+575 | 1.0% | 9/30/26 | $ | 1.7 | $ | 1.7 | $ | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (v) | Food, Beverage & Tobacco | L+650 | 1.0% | 8/13/27 | 3.7 | 3.6 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (l)(m) | Food, Beverage & Tobacco | L+650 | 1.0% | 8/13/27 | 28.6 | 28.0 | 26.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (x) | Food, Beverage & Tobacco | L+650 | 1.0% | 8/13/27 | 1.6 | 1.6 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (i)(k)(l)(m)(s)(v) | Insurance | SF+550 | 0.8% | 10/30/26 | 240.6 | 234.7 | 239.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (x) | Insurance | SF+550 | 0.8% | 10/30/26 | 7.7 | 7.6 | 7.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Safe-Guard Products International LLC | (f) | Diversified Financials | L+500 | 0.5% | 1/27/27 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (v) | Software & Services | L+525 | 1.0% | 9/1/27 | 6.1 | 6.0 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (v) | Software & Services | L+525 | 1.0% | 9/1/27 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (x) | Software & Services | L+525 | 1.0% | 9/1/27 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (v) | Consumer Services | L+550 | 0.8% | 10/12/28 | 3.2 | 3.1 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (x) | Consumer Services | L+550 | 0.8% | 10/12/28 | 6.3 | 6.3 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (x) | Consumer Services | L+550 | 0.8% | 10/12/28 | 6.3 | 6.3 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequa Corp | (aa)(m)(v) | Capital Goods | L+675, 0.0% PIK (1.0% Max PIK) | 1.0% | 11/28/23 | 8.3 | 8.1 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC | (v)(y)(z) | Health Care Equipment & Services | 3.0% | 2/28/25 | 57.2 | 8.9 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
SitusAMC Holdings Corp | (k)(l)(v) | Real Estate | L+575 | 0.8% | 12/22/27 | 55.3 | 54.8 | 53.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (aa)(f)(k)(t) | Telecommunication Services | L+550 | 0.8% | 3/17/26 | 34.7 | 32.7 | 33.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Source Code LLC | (k)(l)(t) | Software & Services | SF+650 | 1.0% | 6/30/27 | 52.9 | 52.0 | 51.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Source Code LLC | (x) | Software & Services | SF+650 | 1.0% | 6/30/27 | 15.3 | 15.0 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (m)(s)(t)(v) | Software & Services | L+550 | 1.0% | 1/20/27 | 68.4 | 65.4 | 69.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (x) | Software & Services | L+550 | 1.0% | 1/20/27 | 16.5 | 16.5 | 16.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (x) | Software & Services | L+550 | 1.0% | 1/20/27 | 7.9 | 7.9 | 7.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Staples Canada | (v)(w) | Retailing | C+700 | 1.0% | 9/12/24 | C$ | 31.8 | 24.9 | 23.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Summit Interconnect Inc | (f)(k)(l)(m)(t)(v) | Capital Goods | SF+600 | 1.0% | 9/22/28 | $ | 97.5 | 96.6 | 93.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Summit Interconnect Inc | (v) | Capital Goods | SF+600 | 1.0% | 9/22/28 | 39.3 | 39.3 | 37.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Summit Interconnect Inc | (x) | Capital Goods | SF+600 | 1.0% | 9/22/28 | 9.4 | 9.4 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | (ac)(v) | Software & Services | L+100, 8.5% PIK (8.5% Max PIK) | 0.0% | 10/31/22 | 4.5 | 4.5 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | (ac)(v)(y)(z) | Software & Services | SF+375, 3.8% PIK (3.8% Max PIK) | 1.0% | 7/1/24 | 6.0 | 5.8 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | (ac)(x) | Software & Services | L+100, 8.5% PIK (8.5% Max PIK) | 0.0% | 10/31/22 | 1.7 | 1.7 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 72.4 | 70.3 | 72.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (x) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 5.7 | 5.7 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangoe LLC | (m)(s)(v) | Software & Services | L+650 | 1.0% | 11/28/25 | 179.5 | 164.4 | 146.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangoe LLC | (m)(s)(v) | Software & Services | 12.5% PIK (12.5% Max PIK) | 11/28/25 | 2.0 | 2.0 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Tekfor HoldCo (formerly Amtek Global Technology Pte Ltd) | (ad)(v)(w)(y) | Automobiles & Components | € | 42.9 | 48.6 | 10.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp | (ac)(v)(y)(z) | Capital Goods | L+1,100 PIK (L+1,100 Max PIK) | 1.0% | 1/1/24 | $ | 9.3 | 8.3 | 5.7 |
13
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest | (w)(y)(z)(v) | Capital Goods | 5/31/23 | $ | 39.1 | $ | 39.1 | $ | 27.6 | |||||||||||||||||||||
KKR Chord IP Aggregator LP, Partnership Interest | (w)(v) | Media & Entertainment | 61,994,246 | 60.5 | 66.4 | |||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | (w)(v)(ad) | Diversified Financials | 764,880 | 0.8 | 0.8 | |||||||||||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (w)(y)(v) | Capital Goods | 23,664,954 | 23.0 | 22.5 | |||||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (w)(v) | Technology Hardware & Equipment | 7.8% | 9/22/24 | € | 7.8 | 9.2 | 9.1 | ||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (w)(v) | Technology Hardware & Equipment | 7.8% | 9/22/24 | $ | 12.1 | 12.1 | 12.1 | ||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (w)(v) | Technology Hardware & Equipment | 11.8% | 9/22/24 | € | 5.9 | 6.9 | 6.8 | ||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (w)(v) | Technology Hardware & Equipment | 11.8% | 9/22/24 | £ | 1.6 | 2.2 | 2.1 | ||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (w)(v) | Technology Hardware & Equipment | 7.8% | 9/22/24 | £ | 2.1 | 2.9 | 2.9 | ||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (w)(v) | Technology Hardware & Equipment | 11.8% | 9/22/24 | $ | 9.1 | 9.1 | 9.1 | ||||||||||||||||||||||
NewStar Clarendon 2014-1A Class D | (w)(v) | Diversified Financials | 18.1% | 1/25/27 | $ | 8.3 | 2.5 | 3.5 | ||||||||||||||||||||||
Opendoor Labs Inc, 2L Term Loan | (w)(v) | Real Estate | 10.0% | 1/23/26 | $ | 151.0 | 148.9 | 151.0 | ||||||||||||||||||||||
Orchard Marine Limited, Class B Common Stock | (ac)(w)(y)(v) | Transportation | 1,964 | 3.1 | — | |||||||||||||||||||||||||
Orchard Marine Limited, Series A Preferred Stock | (ac)(w)(y)(v) | Transportation | 62,976 | 62.0 | 51.7 | |||||||||||||||||||||||||
Pretium Partners LLC P1, Structured Mezzanine | (w)(v) | Real Estate | 2.8%, 5.3% PIK (5.3% Max PIK) | 10/22/26 | $ | 6.7 | 6.2 | 6.7 | ||||||||||||||||||||||
Prime ST LLC, Private Equity | (ad)(w)(y)(v) | Real Estate | 6,634,509 | 8.3 | 10.8 | |||||||||||||||||||||||||
Prime ST LLC, Structured Mezzanine | (ad)(w)(v) | Real Estate | 5.0%, 6.0% PIK (6.0% Max PIK) | 3/12/30 | $ | 49.4 | 47.3 | 49.4 | ||||||||||||||||||||||
Star Mountain Diversified Credit Income Fund III, LP, Private Equity | (w)(o) | Diversified Financials | 21,000,000 | 21.0 | 21.1 | |||||||||||||||||||||||||
Toorak Capital Funding LLC, Membership Interest | (ad)(w)(y)(v) | Real Estate | 1,723,140 | 1.9 | 1.7 | |||||||||||||||||||||||||
Toorak Capital Partners LLC, Private Equity | (ad)(v) | Real Estate | 198,139,270 | 198.1 | 248.4 | |||||||||||||||||||||||||
Toorak Capital Partners LLC, Structured Mezzanine | (ad)(x) | Real Estate | L+650 PIK (L+650 Max PIK) | 11/11/21 | $ | 20.0 | 20.0 | 20.0 | ||||||||||||||||||||||
Wind River CLO Ltd. 2012 1A Class Subord. B | (w)(y)(v) | Diversified Financials | 1/15/26 | $ | 42.5 | 13.5 | 1.2 | |||||||||||||||||||||||
|
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Total Asset Based Finance | 2,070.1 | 2,124.0 | ||||||||||||||||||||||||||||
Unfunded commitments | (124.4 | ) | (124.4 | ) | ||||||||||||||||||||||||||
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Net Asset Based Finance | 1,945.7 | 1,999.6 | ||||||||||||||||||||||||||||
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Credit Opportunities Partners JV, LLC—18.1% | ||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | (v)(w)(ad) | Diversified Financials | $ | 1,462.3 | 1,396.7 | 1,398.8 | ||||||||||||||||||||||||
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Credit Opportunities Partners JV, LLC | 1,396.7 | 1,398.8 | ||||||||||||||||||||||||||||
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Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||
Equity/Other—10.9%(e) | ||||||||||||||||||||||||||||||
Abaco Energy Technologies LLC, Common Stock | (y)(v) | Energy | 3,055,556 | $ | 0.2 | $ | 0.3 | |||||||||||||||||||||||
Abaco Energy Technologies LLC, Preferred Stock | (y)(v) | Energy | 12,734,481 | 1.5 | 1.8 | |||||||||||||||||||||||||
Affordable Care Inc, Preferred Stock | (v)(ac) | Health Care Equipment & Services | 11.8% PIK (11.8% Max PIK) | 49,073,000 | 48.1 | 49.3 | ||||||||||||||||||||||||
American Vision Partners, Private Equity | (y)(v) | Health Care Equipment & Services | 2,450,230 | 2.5 | 2.5 | |||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Common Stock | (ad)(w)(y)(g)(v) | Automobiles & Components | 7,046,126 | — | — | |||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | (ad)(w)(y)(g) | Automobiles & Components | 5,735,804,056 | 30.7 | — |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (m)(v) | Retailing | SF+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 3/1/24 | $ | 46.2 | $ | 46.1 | $ | 44.8 | |||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (m)(v) | Retailing | SF+500, 2.5% PIK (2.5%% Max PIK) | 1.5% | 3/1/24 | 45.9 | 45.9 | 44.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc | (aa)(ab)(v) | Software & Services | SF+450 | 0.5% | 3/30/29 | 39.9 | 36.3 | 35.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | L+650 | 0.8% | 12/1/27 | 45.5 | 44.6 | 43.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | L+650 | 0.8% | 12/1/27 | 5.7 | 5.7 | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | E+650 | 0.8% | 12/1/27 | € | 13.7 | 14.5 | 12.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (x) | Capital Goods | L+650 | 0.8% | 12/1/27 | $ | 16.4 | 16.4 | 15.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (v)(w) | Software & Services | B+650 | 0.0% | 10/15/26 | A$ | 48.3 | 34.0 | 30.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (v)(w) | Software & Services | L+650 | 0.0% | 10/15/26 | $ | 126.2 | 122.7 | 125.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC | (aa)(v)(w) | Capital Goods | L+375 | 0.5% | 8/6/29 | 1.8 | 1.8 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC | (aa)(v)(w) | Capital Goods | E+375 | 0.0% | 8/6/29 | € | 1.4 | 1.6 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (v)(w) | Software & Services | E+575, 0.0% PIK (1.7% Max PIK) | 0.0% | 7/11/29 | 2.5 | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (v)(w) | Software & Services | SA+575, 0.0% PIK (1.7% Max PIK) | 0.0% | 7/11/29 | £ | 4.0 | 4.7 | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Version1 Software Ltd | (w)(x) | Software & Services | E+575, 0.0% PIK (1.7% Max PIK) | 0.0% | 7/11/29 | € | 2.4 | 2.4 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (v) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | $ | 75.2 | 74.3 | 74.5 | |||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | 18.0 | 18.0 | 17.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
VetCor Professional Practices LLC | (x) | Health Care Equipment & Services | SF+575 | 0.8% | 8/31/29 | 6.7 | 6.6 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc | (ad)(v) | Energy | L+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/22/24 | 18.6 | 17.6 | 18.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (v)(w) | Diversified Financials | SF+600 | 1.0% | 10/4/27 | 28.7 | 28.6 | 28.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Diversified Financials | SF+600 | 1.0% | 10/4/27 | 5.7 | 5.7 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Diversified Financials | SF+600 | 1.0% | 10/29/27 | 2.1 | 2.1 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (f)(k)(l)(m)(t)(v) | Capital Goods | L+600 | 1.0% | 4/5/28 | 159.9 | 153.8 | 154.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (x) | Capital Goods | L+600 | 1.0% | 4/5/28 | 3.7 | 3.7 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v) | Household & Personal Products | SF+625 | 1.0% | 3/29/28 | 26.6 | 26.6 | 25.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v) | Household & Personal Products | SF+625 | 1.0% | 3/29/28 | 20.1 | 19.9 | 19.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (v) | Household & Personal Products | SF+625 | 1.0% | 3/29/28 | 6.8 | 6.8 | 6.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (x) | Household & Personal Products | SF+625 | 1.0% | 3/29/28 | 15.5 | 15.5 | 14.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc | (x) | Household & Personal Products | SF+625 | 1.0% | 3/29/28 | 7.4 | 7.4 | 7.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—First Lien | 10,961.6 | 10,719.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (938.6) | (938.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—First Lien | 10,023.0 | 9,780.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien—17.4% |
14
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | (ad)(w)(y)(g) | Automobiles & Components | 4,097 | $ | — | $ | — | |||||||||||||||
Angelica Corp, Limited Partnership Interest | (y)(h) | Health Care Equipment & Services | 877,044 | 47.7 | — | |||||||||||||||||
Ap Plasman Inc, Warrant | (w)(y)(v) | Capital Goods | 5/25/26 | 6,985 | 2.5 | — | ||||||||||||||||
Arcos LLC/VA, Preferred Stock | (v) | Software & Services | L+950 PIK (L+950 Max PIK) | 1.0% | 4/30/31 | 15,000,000 | 13.9 | 15.2 | ||||||||||||||
Ardonagh Ltd, Ordinary Shares | (w)(y)(v) | Insurance | 16,450 | — | — | |||||||||||||||||
Ardonagh Ltd, Ordinary Shares | (w)(y)(v) | Insurance | 116,814 | 0.2 | 0.3 | |||||||||||||||||
Ardonagh Ltd, Preferred Stock | (w)(y)(v) | Insurance | 6,113,719 | 9.1 | 13.3 | |||||||||||||||||
Arena Energy LP, Warrants | (y)(v) | Energy | 68,186,525 | 0.4 | 0.5 | |||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (y)(p) | Energy | 10,193 | 9.7 | 2.5 | |||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim | (y)(p) | Energy | 86,607,143 | 19.4 | 21.3 | |||||||||||||||||
Aspect Software Inc, Common Stock | (y)(l)(v)(s) | Software & Services | 1,309,955 | 2.3 | 2.7 | |||||||||||||||||
Aspect Software Inc, Warrant | (y)(l)(v)(s) | Software & Services | 1/15/24 | 181,730 | 0.3 | 0.3 | ||||||||||||||||
ATX Networks Corp, Common Stock | (w)(y)(v)(s)(ad) | Capital Goods | 3,483 | — | — | |||||||||||||||||
AVF Parent LLC, Trade Claim | (y)(v) | Retailing | 44,507 | — | — | |||||||||||||||||
Belk Inc, Common Stock | (ac)(y)(v) | Retailing | 94,950 | — | — | |||||||||||||||||
Borden (New Dairy Opco), Common Stock | (ac)(y)(h)(n) | Food, Beverage & Tobacco | 11,167,000 | 9.1 | 10.1 | |||||||||||||||||
Bowery Farming Inc, Warrants | (y)(v) | Food, Beverage & Tobacco | 4/30/26 | 161,828 | 0.0 | 0.0 | ||||||||||||||||
Catalina Marketing Corp, Common Stock | (y)(v) | Media & Entertainment | 6,522 | — | — | |||||||||||||||||
CDS US Intermediate Holdings Inc, Warrant | (w)(y)(v) | Media & Entertainment | 2,023,714 | — | — | |||||||||||||||||
Cengage Learning, Inc, Common Stock | (y)(v) | Media & Entertainment | 227,802 | 7.5 | 4.6 | |||||||||||||||||
Charlotte Russe Inc, Common Stock | (ac)(y)(v) | Retailing | 22,575 | 12.5 | — | |||||||||||||||||
Chisholm Oil & Gas Operating LLC, Series A Units | (y)(v)(n)(o) | Energy | 300,000 | 0.1 | — | |||||||||||||||||
Cimarron Energy Inc, Common Stock | (y)(v) | Energy | 4,302,293 | — | — | |||||||||||||||||
Cimarron Energy Inc, Participation Option | (y)(v) | Energy | 25,000,000 | — | — | |||||||||||||||||
Constellis Holdings LLC, Private Equity | (ac)(y)(f)(v) | Capital Goods | 849,702 | 10.3 | 9.4 | |||||||||||||||||
CTI Foods Holding Co LLC, Common Stock | (y)(v) | Food, Beverage & Tobacco | 5,892 | 0.7 | 0.0 | |||||||||||||||||
Cubic Corp, Preferred Stock | (v) | Software & Services | 11.0% PIK (11.0% Max PIK) | 42,141,600 | 39.7 | 42.2 | ||||||||||||||||
Empire Today LLC, Common Stock | (v) | Retailing | 1,005 | 5.7 | 10.0 | |||||||||||||||||
Envigo Laboratories Inc, Series A Warrant | (y)(s) | Health Care Equipment & Services | 4/29/24 | 10,924 | — | — | ||||||||||||||||
Envigo Laboratories Inc, Series B Warrant | (y)(s) | Health Care Equipment & Services | 4/29/24 | 17,515 | — | — | ||||||||||||||||
Fairway Group Holdings Corp, Common Stock | (ac)(y)(v) | Food & Staples Retailing | 103,091 | — | — | |||||||||||||||||
Fox Head Inc, Common Stock | (y)(j)(v) | Consumer Durables & Apparel | 10,000,000 | 8.0 | 10.4 | |||||||||||||||||
Fronton BV, Common Stock | (ac)(y)(o) | Consumer Services | 14,943 | — | 1.5 | |||||||||||||||||
Genesys Telecommunications Laboratories Inc, Class A Shares | (y)(v) | Technology Hardware & Equipment | 40,529 | — | — | |||||||||||||||||
Genesys Telecommunications Laboratories Inc, Ordinary Shares | (y)(v) | Technology Hardware & Equipment | 41,339 | — | — | |||||||||||||||||
Genesys Telecommunications Laboratories Inc, Preferred Stock | (y)(v) | Technology Hardware & Equipment | 1,050,465 | — | — | |||||||||||||||||
Harvey Industries Inc, Common Stock | (y)(v) | Capital Goods | 5,000,000 | 2.2 | 4.2 | |||||||||||||||||
Hilding Anders, Class A Common Stock | (ad)(w)(y)(v) | Consumer Durables & Apparel | 4,503,411 | 0.1 | — |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc | (v)(y)(z) | Materials | L+600, 0.0% PIK (16.0% Max PIK) | 1.0% | 3/16/27 | $ | 12.8 | $ | 10.5 | $ | 3.2 | |||||||||||||||||||||||||||||||||||||||||||||
Ammeraal Beltech Holding BV | (f)(s)(v)(w) | Capital Goods | L+775 | 0.0% | 9/12/26 | 23.6 | 21.7 | 23.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (v)(w) | Diversified Financials | L+675 | 0.5% | 7/27/29 | 55.0 | 54.0 | 53.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (ac)(v)(y)(z) | Retailing | 10.0% PIK (10.0% Max PIK) | 7/31/25 | 27.5 | 4.2 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC | (u)(v)(y)(z) | Automobiles & Components | SF+1,600 | 1.3% | 7/7/23 | 54.4 | 53.2 | 14.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Caldic BV | (v)(w) | Retailing | SF+725 | 0.5% | 12/30/29 | 40.0 | 39.0 | 38.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | L+1,100, 0.0% PIK (5.0% Max PIK) | 1.0% | 3/27/25 | 13.5 | 12.7 | 13.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cubic Corp | (v) | Software & Services | L+763 | 0.8% | 5/25/29 | 44.8 | 42.1 | 41.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (v)(w) | Commercial & Professional Services | SA+725 | 0.5% | 6/24/30 | £ | 5.0 | 5.7 | 5.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Ellucian Inc | (v) | Software & Services | L+800 | 1.0% | 10/9/28 | $ | 179.2 | 170.8 | 178.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd | (aa)(v)(w) | Software & Services | L+725 | 1.0% | 6/13/25 | 16.3 | 15.5 | 13.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (v)(y)(z) | Consumer Durables & Apparel | L+1,275 PIK (L+1,275 Max PIK) | 1.0% | 9/30/24 | 34.6 | 29.4 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
OEConnection LLC | (f)(v) | Software & Services | L+700 | 0.5% | 9/25/27 | 76.1 | 75.7 | 73.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (s)(v) | Capital Goods | L+800 | 1.0% | 2/1/29 | 175.0 | 166.0 | 172.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (v) | Capital Goods | L+775 | 0.8% | 2/1/29 | 130.4 | 124.7 | 129.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing Inc | (m)(v) | Consumer Durables & Apparel | L+838 | 1.0% | 12/21/26 | 100.0 | 95.1 | 86.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Solera LLC | (aa)(v) | Software & Services | L+800 | 1.0% | 6/4/29 | 312.4 | 296.9 | 307.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | (ac)(v)(y)(z) | Software & Services | SF+400, 2.8% PIK (2.8% Max PIK) | 1.0% | 8/1/24 | 15.0 | 13.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (v)(w) | Food, Beverage & Tobacco | E+750 | 0.0% | 10/1/29 | € | 3.8 | 4.0 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (w)(x) | Food, Beverage & Tobacco | E+750 | 0.0% | 10/1/29 | 2.3 | 3.1 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Vantage Specialty Chemicals Inc | (aa)(v) | Materials | L+825 | 1.0% | 10/27/25 | $ | 0.8 | 0.7 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH | (v)(w) | Capital Goods | E+850, 0.5% PIK (0.5% Max PIK) | 0.0% | 9/23/27 | € | 113.1 | 122.0 | 82.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—Second Lien | 1,360.5 | 1,247.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (3.1) | (3.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—Second Lien | 1,357.4 | 1,244.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt—1.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Angelica Corp | (h)(y)(z) | Health Care Equipment & Services | 10.0% PIK (10.0% Max PIK) | 12/30/22 | 56.1 | 42.3 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co | (aa)(ad)(s)(v) | Materials | 10.3% | 6/1/26 | 76.5 | 75.6 | 78.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (ad)(v) | Health Care Equipment & Services | 8.5% PIK (8.5% Max PIK) | 11/1/28 | 24.5 | 22.8 | 21.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc | (aa)(v) | Software & Services | 6.5% | 3/31/29 | 1.0 | 0.8 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
TruckPro LLC | (aa)(v) | Capital Goods | 11.0% | 10/15/24 | 9.2 | 9.2 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Senior Secured Debt | 150.7 | 110.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
15
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||
Hilding Anders, Class B Common Stock | (ad)(w)(y)(v) | Consumer Durables & Apparel | 574,791 | $ | 0.0 | $ | — | |||||||||||||||
Hilding Anders, Class C Common Stock | (ad)(w)(y)(v) | Consumer Durables & Apparel | 213,201 | — | — | |||||||||||||||||
Hilding Anders, Equity Options | (ad)(w)(y)(v) | Consumer Durables & Apparel | 11/30/25 | 236,160,807 | 15.0 | — | ||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | (ad)(y)(v)(s) | Capital Goods | 85,385 | 7.1 | 8.6 | |||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | (ad)(y)(v)(s) | Capital Goods | 15,000 | — | — | |||||||||||||||||
Imagine Communications Corp, Common Stock | (y)(v) | Media & Entertainment | 33,034 | 3.8 | 2.5 | |||||||||||||||||
Jones Apparel Holdings, Inc., Common Stock | (y)(v) | Consumer Durables & Apparel | 5,451 | 0.9 | — | |||||||||||||||||
JW Aluminum Co, Common Stock | (ad)(y)(j)(v)(u) | Materials | 2,105 | 0.0 | — | |||||||||||||||||
JW Aluminum Co, Preferred Stock | (ad)(j)(v)(u) | Materials | 12.5% PIK (12.5% Max PIK) | 2/15/28 | 15,279 | 171.1 | 119.0 | |||||||||||||||
Maverick Natural Resources LLC, Common Stock | (y)(n)(o) | Energy | 259,211 | 84.5 | 133.9 | |||||||||||||||||
MB Precision Holdings LLC, Class A—2 Units | (y)(n)(o) | Capital Goods | 8,081,288 | 0.5 | — | |||||||||||||||||
Med-Metrix, Common Stock | (y)(h) | Software & Services | 29,403 | 2.9 | 2.9 | |||||||||||||||||
Miami Beach Medical Group LLC, Common Stock | (y)(v) | Health Care Equipment & Services | 5,000,000 | 4.8 | 4.1 | |||||||||||||||||
Micronics Filtration Holdings Inc, Common Stock | (ac)(y)(v) | Capital Goods | 53,073 | 0.6 | — | |||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series A | (ac)(y)(v) | Capital Goods | 55 | 0.6 | — | |||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B | (ac)(y)(v) | Capital Goods | 23 | 0.2 | — | |||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK | (ac)(y)(v) | Capital Goods | 112,780 | — | — | |||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK | (ac)(y)(v) | Capital Goods | 54,000 | — | — | |||||||||||||||||
Misys Ltd, Preferred Stock | (w)(v) | Software & Services | L+1,025 PIK (L+1,025 Max PIK) | 77,447,484 | 71.3 | 76.9 | ||||||||||||||||
NBG Home, Common Stock | (y)(v) | Consumer Durables & Apparel | 1,903 | 2.6 | 0.1 | |||||||||||||||||
Nine West Holdings Inc, Common Stock | (y)(v) | Consumer Durables & Apparel | 5,451 | 6.5 | — | |||||||||||||||||
One Call Care Management Inc, Common Stock | (ad)(y)(v) | Health Care Equipment & Services | 34,872 | 2.1 | 2.4 | |||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (ad)(y)(v) | Health Care Equipment & Services | 371,992 | 22.8 | 25.4 | |||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (ad)(v) | Health Care Equipment & Services | 9.0% PIK (9.0% Max PIK) | 10/25/29 | 7,672,347 | 8.0 | 9.0 | |||||||||||||||
Petroplex Acidizing Inc, Preferred Stock A | (ac)(v)(ac)(y)(v) | Energy | 25,012,540 | 4.9 | — | |||||||||||||||||
Petroplex Acidizing Inc, Warrant | (ac)(y)(v) | Energy | 12/15/26 | 8 | — | — | ||||||||||||||||
Polyconcept North America Inc, Class A—1 Units | (y)(v) | Household & Personal Products | 30,000 | 3.0 | 3.3 | |||||||||||||||||
Production Resource Group LLC, Preferred Stock, Series A PIK | (ad)(y)(v) | Media & Entertainment | 8/21/24 | 434,250 | 18.1 | 13.9 | ||||||||||||||||
Production Resource Group LLC, Preferred Stock, Series B PIK | (ad)(y)(v) | Media & Entertainment | 8/21/24 | 140 | — | — | ||||||||||||||||
Professional Plumbing Group Inc, Common Stock | (y)(j) | Materials | 3,000,000 | 2.6 | 2.7 | |||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | (ac)(w)(y)(v) | Energy | 2,635,005 | 33.5 | 3.4 | |||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | (ac)(w)(y)(v) | Energy | 837,780 | 5.4 | 9.5 | |||||||||||||||||
Quorum Health Corp, Trade Claim | (y)(v) | Health Care Equipment & Services | 8,301,000 | 0.7 | 0.9 | |||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units | (y)(v) | Health Care Equipment & Services | 143,400 | 0.2 | 0.2 | |||||||||||||||||
Ridgeback Resources Inc, Common Stock | (w)(y)(j)(v)(u) | Energy | 1,969,418 | 9.1 | 10.0 | |||||||||||||||||
Sequential Brands Group Inc., Common Stock | (y)(j)(v) | Consumer Durables & Apparel | 18,519 | 2.8 | — | |||||||||||||||||
Sorenson Communications LLC, Common Stock | (ac)(y)(j)(v)(u) | Telecommunication Services | 89,959 | 42.5 | 74.5 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt—3.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (aa)(v)(w) | Insurance | 12.8% PIK (12.8% Max PIK) | 1/15/27 | $ | 1.0 | $ | 1.0 | $ | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ab)(ad)(s)(v)(w) | Capital Goods | 10.0% PIK (10.0% Max PIK) | 9/1/28 | 21.8 | 8.1 | 16.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (v)(w) | Commercial & Professional Services | SF+850 PIK (SF+850 Max PIK) | 0.5% | 7/9/31 | 65.9 | 64.4 | 63.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital Inc | (v) | Software & Services | 9.8% PIK (9.8% Max PIK) | 12/13/29 | 22.6 | 22.0 | 21.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | (ad)(v)(w)(y) | Consumer Durables & Apparel | € | 135.2 | 26.9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | (ad)(v)(w)(y)(z) | Consumer Durables & Apparel | 13.0% PIK (13.0% Max PIK) | 11/30/25 | 143.2 | 99.4 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | $ | 9.7 | 8.9 | 9.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (j)(u)(v)(y) | Telecommunication Services | 39.5 | 32.0 | 32.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC | (v)(w) | Capital Goods | L+725 | 0.5% | 1/31/30 | 62.4 | 60.6 | 58.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC | (v)(w) | Capital Goods | L+900, 0.0% PIK (9.0% Max PIK) | 0.5% | 1/31/31 | 58.2 | 56.5 | 52.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Subordinated Debt | 379.8 | 255.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance—25.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | (ad)(v)(w)(y) | Real Estate | 8,554,983 | $ | 14.1 | $ | 14.3 | |||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | (ad)(v)(w) | Real Estate | 8.0%, 3.0% PIK (3.0% Max PIK) | 12/19/29 | $ | 57.2 | 55.3 | 57.2 | ||||||||||||||||||||||||||||||||||||||||||
Abacus JV, Private Equity | (v)(w) | Insurance | 49,223,047 | 48.2 | 52.3 | |||||||||||||||||||||||||||||||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity | (v)(w)(y) | Diversified Financials | 3,869,291 | 4.5 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||
Altavair AirFinance, Private Equity | (v)(w) | Capital Goods | 118,783,852 | 119.7 | 135.1 | |||||||||||||||||||||||||||||||||||||||||||||
Australis Maritime, Common Stock | (v)(w) | Transportation | 43,151,590 | 41.7 | 43.6 | |||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Private Equity | (ad)(v)(w)(y) | Real Estate | 41,348,722 | 41.3 | 41.3 | |||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | (ad)(v)(w)(y) | Diversified Financials | 405,023,756 | 44.6 | 37.7 | |||||||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC, Structured Mezzanine | (v) | Automobiles & Components | L+1,050 | 0.3% | 6/3/28 | $ | 10.6 | 10.6 | 10.6 | |||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC, Structured Mezzanine | (x) | Automobiles & Components | L+1,050 | 0.3% | 6/3/28 | $ | 12.4 | 12.4 | 12.3 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan A | (v) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 125.0 | 119.0 | 126.0 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (v) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 12.0 | 12.0 | 12.1 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (x) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 36.1 | 36.1 | 36.3 | |||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Private Equity | (v)(w) | Real Estate | 21,640,936 | 23.7 | 27.2 | |||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Structured Mezzanine | (v)(w) | Real Estate | 11.0% | 12/22/28 | $ | 42.7 | 41.9 | 42.7 | ||||||||||||||||||||||||||||||||||||||||||
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 | $ | 442.9 | 309.4 | 232.0 |
16
2022
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||
Sound United LLC, Common Stock | (ad)(v) | Consumer Durables & Apparel | 12,857,143 | $ | 17.3 | $ | 75.2 | |||||||||||||||||||||||
Stuart Weitzman Inc, Common Stock | (y)(v) | Consumer Durables & Apparel | 5,451 | — | — | |||||||||||||||||||||||||
Sungard Availability Services Capital Inc, Common Stock | (ac)(y)(v)(s)(u) | Software & Services | 262,516 | 6.9 | 5.1 | |||||||||||||||||||||||||
Swift Worldwide Resources Holdco Ltd, Common Stock | (y)(v) | Energy | 1,250,000 | 1.2 | 1.0 | |||||||||||||||||||||||||
ThermaSys Corp, Common Stock | (ac)(y)(v)(u) | Capital Goods | 17,383,026 | 10.2 | — | |||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | (ac)(y)(v) | Capital Goods | 1,529 | 1.7 | — | |||||||||||||||||||||||||
Trace3 Inc, Common Stock | (y)(v) | Software & Services | 61,798 | 3.9 | 10.2 | |||||||||||||||||||||||||
Versatile Processing Group Inc, Class A—2 Units | (y)(u) | Materials | 3,637,500 | 3.6 | — | |||||||||||||||||||||||||
Warren Resources Inc, Common Stock | (ad)(y)(v) | Energy | 3,483,788 | 12.8 | 21.1 | |||||||||||||||||||||||||
Zeta Interactive Holdings Corp, Common Stock | (aa)(y)(v) | Software & Services | 3,610,212 | 30.8 | 21.2 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Equity/Other | 900.9 | 839.4 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
TOTAL INVESTMENTS—204.6% | $ | 15,723.9 | 15,824.2 | |||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(104.6%) | (8,088.2 | ) | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
NET ASSETS—100% | $ | 7,736.0 | ||||||||||||||||||||||||||||
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | $ | 27.0 | $ | 20.2 | $ | 27.0 | ||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | $ | 19.8 | 14.4 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | $ | 2.3 | 1.6 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Diversified Financials | 8,622,196 | 10.0 | 9.2 | |||||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Diversified Financials | 11,471,468 | 11.5 | 12.0 | |||||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w)(y) | Diversified Financials | 3,736,989 | 3.7 | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Real Estate | 4,471,509 | 4.4 | 5.2 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Real Estate | 168,710 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | (ac)(v)(w) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/20/30 | $ | 10.0 | 10.0 | 10.0 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Term Loan | (v) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 94.2 | 94.2 | 97.0 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Term Loan | (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% | $ | 75.9 | 74.4 | 75.9 | |||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | (ad)(v)(w)(y) | Insurance | 536,709 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest | (v)(w)(y)(z) | Capital Goods | 14.3% | 5/31/23 | $ | 39.1 | 39.1 | 16.3 | ||||||||||||||||||||||||||||||||||||||||||
KKR Chord IP Aggregator LP, Partnership Interest | (v)(w) | Media & Entertainment | 62,294,586 | 62.3 | 68.5 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | (ad)(v)(w) | Diversified Financials | 2,977,627 | 3.0 | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (v)(w)(y) | Capital Goods | 23,664,954 | 23.0 | 19.6 | |||||||||||||||||||||||||||||||||||||||||||||
Luxembourg Life Fund - Absolute Return Fund II, Structured Mezzanine | (v)(w) | Insurance | SF+750 | 0.5% | 2/10/27 | $ | 26.2 | 26.2 | 26.0 | |||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Private Equity | (ad)(v)(w)(y) | Real Estate | 85,000,000 | 85.0 | 85.0 | |||||||||||||||||||||||||||||||||||||||||||||
NewStar Clarendon 2014-1A Class D | (v)(w) | Diversified Financials | 19.7% | 1/25/27 | $ | 8.3 | 2.5 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||
Opendoor Labs Inc, Structured Mezzanine | (v)(w) | Real Estate | 10.0% | 4/1/26 | $ | 106.6 | 106.6 | 101.6 | ||||||||||||||||||||||||||||||||||||||||||
Opendoor Labs Inc, Structured Mezzanine | (w)(x) | Real Estate | 10.0% | 4/1/26 | $ | 53.4 | 53.4 | 50.9 | ||||||||||||||||||||||||||||||||||||||||||
Pretium Partners LLC P2, Term Loan | (v)(w) | Real Estate | 11.0% | 12/16/29 | $ | 33.5 | 32.9 | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Private Equity | (ad)(v)(w)(y) | Real Estate | 5,983,135 | 7.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Structured Mezzanine | (ad)(v)(w) | Real Estate | 5.0%, 6.0% PIK (6.0% Max PIK) | 3/12/30 | $ | 52.4 | 50.5 | 47.7 | ||||||||||||||||||||||||||||||||||||||||||
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity | (ad)(v) | Real Estate | 220,778,388 | 236.5 | 259.7 | |||||||||||||||||||||||||||||||||||||||||||||
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (v)(w) | Real Estate | 8.0% | 7/25/30 | $ | 5.7 | 5.7 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||
Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine | (v)(w) | Real Estate | 18.0% | 7/25/30 | $ | 3.4 | 2.3 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||
Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan | (v)(w) | Real Estate | 7.3% | 7/25/30 | $ | 34.5 | 34.5 | 34.4 |
17
2022
Foreign currency forward contracts
Foreign Currency | Settlement Date | Counterparty | Amount and | US$ Value at Settlement Date | US$ Value at September 30, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 10/17/2022 | JP Morgan Chase Bank | A$ | 3.0 Sold | $ | 2.1 | $ | 2.2 | $ | (0.1 | ) | |||||||||||
CAD | 6/7/2022 | JP Morgan Chase Bank | $ | 1.4 Sold | 1.1 | 1.1 | 0.0 | |||||||||||||||
CAD | 6/7/2022 | JP Morgan Chase Bank | $ | 1.9 Sold | 1.5 | 1.5 | 0.0 | |||||||||||||||
CAD | 11/10/2022 | JP Morgan Chase Bank | $ | 1.5 Sold | 1.2 | 1.1 | 0.1 | |||||||||||||||
CAD | 11/15/2024 | JP Morgan Chase Bank | $ | 4.0 Sold | 3.2 | 3.1 | 0.1 | |||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 6.1 Sold | 7.5 | 7.1 | 0.4 | |||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 1.6 Sold | 2.0 | 1.9 | 0.1 | |||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 0.7 Sold | 0.9 | 0.9 | 0.0 | |||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 2.2 Sold | 2.7 | 2.6 | 0.1 | |||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 0.9 Sold | 1.2 | 1.1 | 0.1 | |||||||||||||||
EUR | 7/17/2023 | JP Morgan Chase Bank | € | 1.3 Sold | 1.7 | 1.5 | 0.2 | |||||||||||||||
EUR | 8/8/2025 | JP Morgan Chase Bank | € | 4.8 Sold | 5.7 | 5.8 | (0.1 | ) | ||||||||||||||
EUR | 8/8/2025 | JP Morgan Chase Bank | € | 1.9 Sold | 2.3 | 2.4 | (0.1 | ) | ||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.9 Sold | 2.9 | 2.6 | 0.3 | |||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.7 Sold | 2.6 | 2.3 | 0.3 | |||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 3.4 Sold | 4.8 | 4.6 | 0.2 | |||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 5.0 Sold | 6.6 | 6.7 | (0.1 | ) | ||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.4 Sold | 1.9 | 1.9 | 0.0 | |||||||||||||||
GBP | 10/13/2023 | JP Morgan Chase Bank | £ | 6.2 Sold | 8.5 | 8.3 | 0.2 | |||||||||||||||
NOK | 8/8/2025 | JP Morgan Chase Bank | NOK | 49.1 Sold | 5.2 | 5.4 | (0.2 | ) | ||||||||||||||
NOK | 8/8/2025 | JP Morgan Chase Bank | NOK | 11.4 Sold | 1.2 | 1.3 | (0.1 | ) | ||||||||||||||
SEK | 3/15/2024 | JP Morgan Chase Bank | SEK | 72.8 Sold | 8.5 | 8.4 | 0.1 | |||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 430.3 Sold | 51.4 | 49.7 | 1.7 | |||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 503 Sold | 60.1 | 58.1 | 2.0 | |||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 34.5 Sold | 4.1 | 4.0 | 0.1 | |||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 119.3 Sold | 13.3 | 13.9 | (0.6 | ) | ||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 27.8 Sold | 3.1 | 3.2 | (0.1 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||||
Total | $ | 207.3 | $ | 202.7 | $ | 4.6 | ||||||||||||||||
|
|
|
|
|
|
| ||
|
|
|
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Star Mountain Diversified Credit Income Fund III, LP, Private Equity | (o)(w) | Diversified Financials | 23,500,000 | $ | 23.5 | $ | 23.9 | |||||||||||||||||||||||||||||||||||||||||||
Total Asset Based Finance | 2,044.4 | 1,928.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded commitments | (102.6) | (102.6) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Based Finance | 1,941.8 | 1,825.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC —20.5% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | (ad)(v)(w) | Diversified Financials | $ | 1,637.3 | 1,571.7 | 1,466.1 | ||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,571.7 | 1,466.1 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Equity/Other—15.5%(e) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Abaco Energy Technologies LLC, Common Stock | (v)(y) | Energy | 3,055,556 | $ | 0.2 | $ | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
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 | 50.0 | ||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners, Private Equity | (v)(y) | Health Care Equipment & Services | 2,450,230 | 2.5 | 2.0 | |||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management Inc, Preferred Stock | (v) | Health Care Equipment & Services | 11.5% PIK (11.5% Max PIK) | 12,702,290 | 12.3 | 12.1 | ||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Common Stock | (ad)(g)(v)(w)(y) | Automobiles & Components | 7,046,126 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | (ad)(v)(w)(y) | Automobiles & Components | 5,735,804,056 | 30.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | (ad)(v)(w)(y) | Automobiles & Components | 4,097 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Angelica Corp, Limited Partnership Interest | (h)(y) | Health Care Equipment & Services | 877,044 | 47.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA, Preferred Stock | (v) | Software & Services | L+950 PIK (L+950 Max PIK) | 1.0% | 4/30/31 | 15,000,000 | 14.0 | 13.7 | ||||||||||||||||||||||||||||||||||||||||||
Arena Energy LP, Warrants | (v) | Energy | 68,186,525 | 0.4 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (p)(y) | Energy | 10,193 | 9.7 | 2.8 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim | (p)(y) | Energy | 86,607,143 | 19.4 | 23.5 | |||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | 10.8% PIK (10.8% Max PIK) | 267,493 | 262.2 | 229.0 | ||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | (ab)(ad)(s)(v)(w)(y) | Capital Goods | 3,773 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
AVF Parent LLC, Trade Claim | (v)(y) | Retailing | 44,507 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | (ac)(v)(y) | Retailing | 94,950 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | (ac)(h)(n)(y) | Food, Beverage & Tobacco | 11,167,000 | 9.1 | 4.9 | |||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 4/30/26 | 161,828 | 0.0 | 3.0 | ||||||||||||||||||||||||||||||||||||||||||||
Catalina Marketing Corp, Common Stock | (v)(y) | Media & Entertainment | 6,522 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
CDS US Intermediate Holdings Inc, Warrant | (aa)(v)(w)(y) | Media & Entertainment | 2,023,714 | — | 5.8 | |||||||||||||||||||||||||||||||||||||||||||||
Cengage Learning, Inc, Common Stock | (v)(y) | Media & Entertainment | 227,802 | 7.5 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||
Cimarron Energy Inc, Common Stock | (v)(y) | Energy | 4,302,293 | — | — |
18
2022
| ||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Cimarron Energy Inc, Participation Option | (v)(y) | Energy | 25,000,000 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | (ac)(f)(v)(y) | Capital Goods | 849,702 | 10.3 | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||
CTI Foods Holding Co LLC, Common Stock | (v)(y) | Food, Beverage & Tobacco | 5,892 | 0.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
Cubic Corp, Preferred Stock | (v) | Software & Services | 11.0% PIK (11.0% Max PIK) | 42,141,600 | 39.7 | 35.1 | ||||||||||||||||||||||||||||||||||||||||||||
Envigo Laboratories Inc, Series A Warrant | (s)(y) | Health Care Equipment & Services | 4/29/24 | 10,924 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Envigo Laboratories Inc, Series B Warrant | (s)(y) | Health Care Equipment & Services | 4/29/24 | 17,515 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Fox Head Inc, Common Stock | (j)(v) | Consumer Durables & Apparel | 10,000,000 | 2.9 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | (ac)(o)(y) | Consumer Services | 14,943 | — | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Common Stock | (n)(y) | Consumer Durables & Apparel | 228,806 | 35.5 | 14.9 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Trade Claim | (v)(y) | Consumer Durables & Apparel | 6,723,167 | 4.0 | 1.5 | |||||||||||||||||||||||||||||||||||||||||||||
Genesys Telecommunications Laboratories Inc, Class A Shares | (v)(y) | Technology Hardware & Equipment | 40,529 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Genesys Telecommunications Laboratories Inc, Ordinary Shares | (v)(y) | Technology Hardware & Equipment | 41,339 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Genesys Telecommunications Laboratories Inc, Preferred Stock | (v)(y) | Technology Hardware & Equipment | 1,050,465 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Gracent LLC, NP-1 Common Stock | (n)(y) | Health Care Equipment & Services | 1,000,000 | 4.2 | — | |||||||||||||||||||||||||||||||||||||||||||||
Harvey Industries Inc, Common Stock | (v) | Capital Goods | 5,000,000 | 2.2 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class A Common Stock | (ad)(v)(w)(y) | Consumer Durables & Apparel | 4,503,411 | 0.1 | — | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class B Common Stock | (ad)(v)(w)(y) | Consumer Durables & Apparel | 574,791 | 0.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class C Common Stock | (ad)(v)(w)(y) | Consumer Durables & Apparel | 213,201 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Equity Options | (ad)(v)(w)(y) | Consumer Durables & Apparel | 11/30/25 | 236,160,807 | 15.0 | — | ||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | (ad)(s)(v)(y) | Capital Goods | 85,385 | 7.1 | 10.9 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 0.0 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | (ad)(j)(u)(v) | Materials | 6.3% PIK (12.5% Max PIK) | 2/15/28 | 15,279 | 195.6 | 105.4 | |||||||||||||||||||||||||||||||||||||||||||
Maverick Natural Resources LLC, Common Stock | (n)(o)(y) | Energy | 259,211 | 84.5 | 192.6 | |||||||||||||||||||||||||||||||||||||||||||||
MB Precision Holdings LLC, Class A - 2 Units | (n)(o)(y) | Capital Goods | 8,081,288 | 0.5 | — | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Common Stock | (h)(y) | Software & Services | 29,403 | 1.5 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Preferred Stock | (h) | Software & Services | 8.0% PIK (8.0% Max PIK) | 29,403 | 1.5 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC, Common Stock | (v)(y) | Health Care Equipment & Services | 5,000,000 | 4.8 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd, Preferred Stock | (v)(w) | Software & Services | L+1,025 PIK (L+1,025 Max PIK) | 0.0% | 62,923,634 | 58.8 | 60.2 | |||||||||||||||||||||||||||||||||||||||||||
NBG Home, Common Stock | (v)(y) | Consumer Durables & Apparel | 1,903 | 2.4 | — | |||||||||||||||||||||||||||||||||||||||||||||
Nine West Holdings Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | 6.4 | — | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | (ad)(v)(y) | Health Care Equipment & Services | 34,872 | 2.1 | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (ad)(v)(y) | Health Care Equipment & Services | 371,992 | 22.8 | 22.5 |
| ||
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor(b) | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (ad)(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 | 646,309 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||
Polyconcept North America Inc, Class A - 1 Units | (v) | Household & Personal Products | 30,000 | 3.0 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series A PIK | (ad)(v)(y) | Media & Entertainment | 8/21/24 | 434,250 | 18.1 | 63.4 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | (ac)(v)(w)(y) | Energy | 837,780 | 5.4 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trade Claim | (v)(y) | Health Care Equipment & Services | 8,301,000 | 0.7 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units | (v)(y) | Health Care Equipment & Services | 143,400 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Ridgeback Resources Inc, Common Stock | (j)(u)(v)(w) | Energy | 1,969,418 | 8.0 | 8.3 | |||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC, Class R Common Stock | (n)(y) | Health Care Equipment & Services | 900,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC, Common Stock | (j)(u)(v)(y) | Telecommunication Services | 42,731 | 7.1 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC, Trade Claim | (j)(u)(v)(y) | Telecommunication Services | 987,959 | 1.0 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC, Common Stock | (v) | Consumer Durables & Apparel | 532,768 | 0.7 | 7.0 | |||||||||||||||||||||||||||||||||||||||||||||
Stuart Weitzman Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc, Common Stock | (ac)(s)(u)(v)(y) | Software & Services | 262,516 | 6.9 | — | |||||||||||||||||||||||||||||||||||||||||||||
Swift Worldwide Resources Holdco Ltd, Common Stock | (v)(y) | Energy | 1,250,000 | 1.2 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | (ac)(u)(v)(y) | Capital Goods | 17,383,026 | 10.2 | — | |||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | (ac)(v)(y) | Capital Goods | 1,529 | 1.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
TIBCO Software Inc, Preferred Stock | (v) | Software & Services | SF+1,200 PIK (SF+1,200 Max PIK) | 0.5% | 12/31/69 | 133,186,150 | 127.3 | 127.3 | ||||||||||||||||||||||||||||||||||||||||||
Ultra Electronics Holdings PLC, Private Equity | (v)(w)(y) | Capital Goods | 7,141,708 | 8.8 | 7.5 | |||||||||||||||||||||||||||||||||||||||||||||
Versatile Processing Group Inc, Class A - 2 Units | (u)(y) | Materials | 3,637,500 | 3.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | (ad)(v)(y) | Energy | 3,483,788 | 12.8 | 24.8 | |||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc, Class A Private Equity | (v)(y) | Household & Personal Products | 32,109 | 1.6 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||
Worldwise Inc, Class B Private Equity | (v)(y) | Household & Personal Products | 32,109 | 1.6 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||
Zeta Interactive Holdings Corp, Common Stock | (aa)(v)(y) | Software & Services | 2,208,577 | 18.8 | 14.6 | |||||||||||||||||||||||||||||||||||||||||||||
Total Equity/Other | 1,253.3 | 1,109.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS—220.6% | $ | 16,677.7 | 15,791.8 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(120.6%) | (8,631.8) | |||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSETS—100% | $ | 7,160.0 |
| ||
Foreign Currency | Settlement Date | Counterparty | Amount and Transaction | US$ Value at Settlement Date | US$ Value at September 30, 2022 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||||||||||||||
AUD | 10/17/2022 | JP Morgan Chase Bank | A$ | 3.0 | Sold | $ | 2.1 | $ | 1.9 | $ | 0.2 | ||||||||||||||||||||||||||||||||||||
AUD | 2/14/2023 | JP Morgan Chase Bank | A$ | 2.2 | Sold | 1.6 | 1.4 | 0.2 | |||||||||||||||||||||||||||||||||||||||
CAD | 11/10/2022 | JP Morgan Chase Bank | C$ | 1.5 | Sold | 1.2 | 1.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
CAD | 11/15/2024 | JP Morgan Chase Bank | C$ | 4.0 | Sold | 3.2 | 2.9 | 0.3 | |||||||||||||||||||||||||||||||||||||||
CAD | 1/11/2023 | JP Morgan Chase Bank | C$ | 1.5 | Sold | 1.2 | 1.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
CAD | 7/5/2023 | JP Morgan Chase Bank | C$ | 1.9 | Sold | 1.5 | 1.4 | 0.1 | |||||||||||||||||||||||||||||||||||||||
CAD | 7/5/2023 | JP Morgan Chase Bank | C$ | 1.4 | Sold | 1.1 | 1.0 | 0.1 | |||||||||||||||||||||||||||||||||||||||
EUR | 7/17/2023 | JP Morgan Chase Bank | € | 1.3 | Sold | 1.7 | 1.3 | 0.4 | |||||||||||||||||||||||||||||||||||||||
EUR | 8/8/2025 | JP Morgan Chase Bank | € | 4.8 | Sold | 5.7 | 4.9 | 0.8 | |||||||||||||||||||||||||||||||||||||||
EUR | 8/8/2025 | JP Morgan Chase Bank | € | 1.9 | Sold | 2.3 | 2.0 | 0.3 | |||||||||||||||||||||||||||||||||||||||
EUR | 2/23/2024 | JP Morgan Chase Bank | € | 42.3 | Sold | 49.1 | 42.7 | 6.4 | |||||||||||||||||||||||||||||||||||||||
EUR | 12/15/2023 | JP Morgan Chase Bank | € | 13.0 | Sold | 13.4 | 13.1 | 0.3 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.9 | Sold | 2.9 | 2.2 | 0.7 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.7 | Sold | 2.6 | 1.9 | 0.7 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 3.4 | Sold | 4.8 | 3.8 | 1.0 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 5.0 | Sold | 6.6 | 5.5 | 1.1 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.4 | Sold | 1.9 | 1.6 | 0.3 | |||||||||||||||||||||||||||||||||||||||
GBP | 10/13/2023 | JP Morgan Chase Bank | £ | 6.2 | Sold | 8.5 | 6.9 | 1.6 | |||||||||||||||||||||||||||||||||||||||
NOK | 8/8/2025 | JP Morgan Chase Bank | NOK | 45.0 | Sold | 4.8 | 4.2 | 0.6 | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 119.3 | Sold | 13.3 | 11.0 | 2.3 | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 27.8 | Sold | 3.1 | 2.6 | 0.5 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 503.0 | Sold | 60.1 | 46.1 | 14.0 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 34.5 | Sold | 4.1 | 3.1 | 1.0 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 68.0 | Sold | 8.1 | 6.2 | 1.9 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 250.0 | Sold | 26.4 | 22.9 | 3.5 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 231.3 | $ | 192.8 | $ | 38.5 |
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Position or portion thereof unsettled as of September 30, 2022.
Portfolio Company | Fair Value at December 31, 2021 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2022 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | 59.9 | 10.0 | (21.2) | — | (0.7) | 48.0 | 2.7 | — | 0.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc | — | 6.8 | (6.1) | (0.7) | — | — | 0.2 | — | 0.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 49.2 | 4.5 | (1.0) | (0.2) | (39.6) | 12.9 | 3.7 | 2.7 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 21.9 | 0.1 | — | — | (2.4) | 19.6 | 1.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | 9.0 | — | (9.0) | 0.6 | (0.6) | — | 0.1 | — | 0.3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | 42.0 | 0.1 | (42.0) | 1.7 | (1.8) | — | 0.9 | — | 1.3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden Dairy Co | — | — | — | (25.4) | 25.4 | — | — | — | — | — |
22
2022
| ||
Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien |
| |||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | ||||||||||||||||||||
Affordable Care Inc | — | 115.1 | — | — | 0.3 | 115.4 | 1.4 | — | 1.6 | — | ||||||||||||||||||||||||||||||
Belk Inc | — | 39.3 | (1.3 | ) | 0.1 | 12.8 | 50.9 | 0.9 | — | — | — | |||||||||||||||||||||||||||||
Belk Inc | — | 21.7 | — | — | 0.4 | 22.1 | 1.1 | — | — | — | ||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | 7.6 | 10.5 | — | — | 0.9 | 19.0 | 0.4 | — | — | — | ||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | 16.8 | 23.3 | — | — | 1.9 | 42.0 | 1.7 | — | — | — | ||||||||||||||||||||||||||||||
Borden Dairy Co | — | — | — | 1.3 | (1.3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Constellis Holdings LLC | — | 13.9 | — | — | 1.1 | 15.0 | 0.5 | — | — | — | ||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | — | 1.7 | (0.7 | ) | — | (0.4 | ) | 0.6 | 0.4 | — | — | — | ||||||||||||||||||||||||||||
Fairway Group Holdings Corp | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
HM Dunn Co Inc(5) | 0.3 | — | (0.6 | ) | — | 0.3 | — | — | — | — | — | |||||||||||||||||||||||||||||
HM Dunn Co Inc(5) | 0.2 | — | (0.3 | ) | — | 0.1 | — | — | — | — | — | |||||||||||||||||||||||||||||
Micronics Filtration Holdings LLC | 35.5 | — | — | — | 4.5 | 40.0 | — | — | — | — | ||||||||||||||||||||||||||||||
One Call Care Management Inc(5) | 4.7 | 0.1 | (4.9 | ) | 0.5 | (0.4 | ) | — | 0.2 | — | — | — | ||||||||||||||||||||||||||||
Petroplex Acidizing Inc | 4.5 | 0.7 | — | — | 1.7 | 6.9 | — | — | — | — | ||||||||||||||||||||||||||||||
Sorenson Communications LLC(4) | — | 61.7 | (3.3 | ) | 0.1 | 3.8 | 62.3 | 1.6 | — | — | — | |||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc(4) | — | 5.6 | — | — | 0.4 | 6.0 | 0.1 | — | — | — | ||||||||||||||||||||||||||||||
ThermaSys Corp | 3.9 | 0.4 | — | — | (1.1 | ) | 3.2 | — | 0.5 | — | — | |||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien |
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Belk Inc | — | 4.2 | — | — | 0.4 | 4.6 | — | — | — | — | ||||||||||||||||||||||||||||||
Constellis Holdings LLC | — | 12.5 | — | — | 1.0 | 13.5 | 0.2 | 0.3 | — | — | ||||||||||||||||||||||||||||||
Fairway Holdings Group Corp | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Sorenson Communications LLC(4) | — | 21.3 | (15.0 | ) | 0.3 | 0.3 | 6.9 | 0.4 | 0.8 | — | — | |||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc(4) | — | 13.4 | 0.1 | — | 1.0 | 14.5 | 0.5 | 0.1 | — | — | ||||||||||||||||||||||||||||||
Other Senior Secured Debt |
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JW Aluminum Co(5) | 41.8 | — | (39.4 | ) | — | (2.4 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Subordinated Debt |
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Home Partners of America Inc | — | 3.5 | (3.5 | ) | — | — | — | 0.1 | — | — | — | |||||||||||||||||||||||||||||
Asset Based Finance |
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Home Partners JV, Structured Mezzanine | 38.5 | 81.8 | (37.3 | ) | — | 5.0 | 88.0 | 1.6 | 4.8 | — | — | |||||||||||||||||||||||||||||
Home Partners JV, Private Equity | — | 5.4 | — | — | 3.1 | 8.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Home Partners JV, Private Equity | — | — | — | (0.6 | ) | 0.6 | — | — | — | — | — | |||||||||||||||||||||||||||||
Home Partners JV, Common Stock | 21.5 | 45.9 | (22.9 | ) | 7.7 | 21.4 | 73.6 | — | — | — | — | |||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | — | 2.1 | — | — | 0.1 | 2.2 | — | 0.1 | — | — | ||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | — | 1.0 | — | — | — | 1.0 | — | — | — | — |
Portfolio Company | Fair Value at December 31, 2021 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2022 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | $ | 15.0 | $ | 0.3 | $ | — | $ | — | $ | (0.3) | $ | 15.0 | $ | 1.3 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | 0.7 | — | — | (1.0) | 0.3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings LLC | 51.0 | 5.7 | (51.7) | — | (5.0) | — | 0.2 | 0.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc | 9.7 | — | (16.7) | (5.3) | 12.3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC(4) | 60.1 | — | (56.9) | — | (3.2) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | 6.0 | 0.1 | — | — | (5.6) | 0.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | — | 4.5 | — | — | — | 4.5 | 0.3 | 0.1 | 0.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp | 3.5 | — | — | — | 2.2 | 5.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | 6.7 | — | — | — | (3.0) | 3.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | 12.0 | 0.2 | — | — | 1.3 | 13.5 | 1.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | 8.3 | — | (0.2) | — | (8.1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc | — | 5.5 | (4.7) | (0.8) | — | — | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Structured Mezzanine | 90.4 | 7.9 | (98.1) | 4.6 | (4.8) | — | 0.3 | 7.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Private Equity | 9.4 | — | (11.8) | 6.4 | (4.0) | — | — | — | — | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Common Stock | 80.6 | — | (101.0) | 53.4 | (33.0) | — | — | — | — | 4.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | 3.5 | 6.5 | — | 0.1 | (0.1) | 10.0 | — | 0.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | 0.1 | 0.1 | — | — | — | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | 1.6 | 2.9 | — | — | 0.7 | 5.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Preferred Stock | 16.8 | — | (30.1) | 9.2 | 4.1 | — | 0.7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Warrant | 4.5 | — | (13.3) | 13.3 | (4.5) | — | — | — | — | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Term Loan | 75.6 | — | (75.9) | — | 0.3 | — | 9.9 | 1.9 | 2.7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Orchard Marine Limited, Class B Common Stock | — | — | — | (3.1) | 3.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Orchard Marine Limited, Series A Preferred Stock | 64.6 | — | (65.4) | 3.4 | (2.6) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc, Preferred Stock | 52.1 | — | — | — | (2.1) | 50.0 | — | 4.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc, Preferred Stock | — | 311.3 | (47.5) | (1.6) | (33.2) | 229.0 | 1.4 | 20.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | 7.7 | — | — | — | (2.8) | 4.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | 0.2 | — | — | — | 5.7 | 5.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | 1.4 | — | — | — | (0.3) | 1.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Common Stock | — | — | (0.1) | (0.5) | 0.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series A | 0.1 | — | — | (0.6) | 0.5 | — | — | — | — | — |
23
2022
Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Jet Edge International LLC, Preferred Stock | $ | — | $ | 20.9 | $ | — | $ | — | $ | (4.3 | ) | $ | 16.6 | $ | 0.1 | $ | — | $ | — | $ | — | |||||||||||||||||||
Jet Edge International, Warrant | — | — | — | — | 4.3 | 4.3 | — | — | — | — | ||||||||||||||||||||||||||||||
Jet Edge International, Term Loan | — | 39.4 | (0.7 | ) | — | 0.3 | 39.0 | 0.8 | 0.3 | — | — | |||||||||||||||||||||||||||||
Orchard Marine Limited, Class B Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Orchard Marine Limited, Series A Preferred Stock | 24.6 | — | — | — | 27.1 | 51.7 | — | — | — | — | ||||||||||||||||||||||||||||||
Equity/Other |
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Affordable Care Inc, Preferred Stock | — | 48.1 | — | — | 1.2 | 49.3 | — | 0.9 | — | — | ||||||||||||||||||||||||||||||
ASG Technologies, Common Stock | 42.7 | — | (78.7 | ) | 55.3 | (19.3 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
ASG Technologies, Warrant | 3.5 | — | (10.2 | ) | 3.7 | 3.0 | — | — | — | — | — | |||||||||||||||||||||||||||||
Belk Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | 3.2 | 5.2 | — | — | 1.7 | 10.1 | — | — | — | — | ||||||||||||||||||||||||||||||
Charlotte Russe Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | — | 10.3 | — | — | (0.9 | ) | 9.4 | — | — | — | — | |||||||||||||||||||||||||||||
Fairway Group Holdings Corp, Common Stock | — | — | — | — | — | — | — | — | �� | — | ||||||||||||||||||||||||||||||
Fronton BV, Common Stock | 1.2 | — | — | — | 0.3 | 1.5 | — | — | — | — | ||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A(5) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B(5) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Home Partners of America Inc, Common Stock | 130.5 | — | (214.3 | ) | 130.7 | (46.9 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Home Partners of America Inc, Warrant | 2.1 | — | (4.4 | ) | 4.1 | (1.8 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock(5) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock(5) | 93.7 | — | (107.3 | ) | — | 13.6 | — | — | 4.2 | — | — | |||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series A | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock(5) | 2.4 | — | (3.0 | ) | — | 0.6 | — | — | — | — | — | |||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A(5) | 25.5 | — | (32.3 | ) | — | 6.8 | — | — | — | — | — | |||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B(5) | 10.6 | — | (9.8 | ) | — | (0.8 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Preferred Stock A | — | 0.4 | — | — | (0.4 | ) | — | — | — | — | 0.4 | |||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Warrant | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | 9.0 | — | — | — | (5.6 | ) | 3.4 | — | — | — | — | |||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | 9.5 | — | — | — | — | 9.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Sorenson Communications LLC, Common Stock(4) | — | 42.5 | — | — | 32.0 | 74.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Sungard Availbaility Services Capital Inc, Common Stock(4) | — | 6.9 | — | — | (1.8 | ) | 5.1 | — | — | — | — | |||||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
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Total | $ | 533.8 | $ | 658.8 | $ | (589.8 | ) | $ | 203.2 | $ | 64.6 | $ | 870.6 | $ | 12.0 | $ | 12.0 | $ | 1.9 | $ | 0.4 | |||||||||||||||||||
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Portfolio Company | Fair Value at December 31, 2021 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2022 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B | $ | 0.4 | $ | — | $ | (0.4) | $ | 0.2 | $ | (0.2) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK | 11.9 | — | (11.9) | 11.9 | (11.9) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK | 6.2 | — | (6.2) | 6.2 | (6.2) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Preferred Stock A | — | — | — | (4.9) | 4.9 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Warrant | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | 0.1 | 0.1 | — | — | 0.3 | 0.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | 9.3 | — | — | — | (0.3) | 9.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC, Common Stock(4) | 67.5 | — | (65.4) | 22.9 | (25.0) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 859.0 | $ | 366.6 | $ | (736.6) | $ | 89.8 | $ | (139.6) | $ | 439.2 | $ | 24.7 | $ | 37.2 | $ | 4.9 | $ | 6.5 |
Portfolio Company | Fair Value at December 31, 2021 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2022 | 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) | $ | 34.8 | $ | — | $ | (16.9) | $ | (3.2) | $ | (4.4) | $ | 10.3 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | 46.8 | 0.4 | (6.1) | — | — | 41.1 | 2.0 | 1.0 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | 33.6 | 2.0 | — | — | — | 35.6 | — | 2.0 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | 2.0 | — | (2.0) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | 5.0 | — | — | — | (1.3) | 3.7 | 0.3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 133.3 | 15.1 | — | — | 1.0 | 149.4 | 8.3 | 6.0 | — | — |
24
2022
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Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien |
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Advanced Lighting Technologies Inc | $ | 12.0 | $ | 4.1 | $ | (15.9 | ) | $ | (4.6 | ) | $ | 4.4 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Amtek Global Technology Pte Ltd | 59.7 | 2.4 | — | — | (6.7 | ) | 55.4 | 1.1 | 1.4 | — | — | |||||||||||||||||||||||||||||
ATX Networks Corp | — | 45.8 | — | — | — | 45.8 | 0.3 | — | — | — | ||||||||||||||||||||||||||||||
HM Dunn Co Inc(4) | — | 48.6 | (7.1 | ) | (8.5 | ) | — | 33.0 | — | — | — | — | ||||||||||||||||||||||||||||
HM Dunn Co Inc(4) | — | 14.0 | (19.0 | ) | 7.0 | — | 2.0 | 0.4 | 0.8 | — | — | |||||||||||||||||||||||||||||
One Call Care Management Inc | — | 9.7 | (5.1 | ) | 0.1 | 0.3 | 5.0 | 0.2 | — | 0.1 | — | |||||||||||||||||||||||||||||
Production Resource Group LLC | — | 121.0 | — | — | 9.1 | 130.1 | 3.1 | 1.9 | — | — | ||||||||||||||||||||||||||||||
Production Resource Group LLC | — | 3.3 | — | — | 0.1 | 3.4 | 0.1 | — | — | — | ||||||||||||||||||||||||||||||
Production Resource Group LLC | — | 0.1 | — | — | — | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||
Production Resource Group LLC | — | 56.3 | (0.3 | ) | — | 4.6 | 60.6 | 1.5 | — | 0.4 | — | |||||||||||||||||||||||||||||
Production Resource Group LLC | — | 10.0 | — | — | 0.1 | 10.1 | 0.1 | — | 0.1 | — | ||||||||||||||||||||||||||||||
Sound United LLC | 14.9 | — | (15.0 | ) | — | 0.1 | — | 0.4 | — | — | — | |||||||||||||||||||||||||||||
Warren Resources Inc(4) | — | 19.2 | (2.0 | ) | 0.1 | 1.3 | 18.6 | 0.7 | 0.1 | — | — | |||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien |
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Amtek Global Technology Pte Ltd | 0.1 | (1.9 | ) | — | (10.6 | ) | 12.4 | — | (1.9 | ) | — | — | — | |||||||||||||||||||||||||||
Sound United LLC | 20.9 | 0.8 | (22.6 | ) | 0.9 | — | — | — | 1.0 | — | — | |||||||||||||||||||||||||||||
Other Senior Secured Debt |
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Advanced Lighting Technologies Inc | — | — | (0.7 | ) | (22.9 | ) | 23.6 | — | — | — | — | — | ||||||||||||||||||||||||||||
JW Aluminum Co(4) | — | 75.5 | — | — | 6.7 | 82.2 | 4.2 | — | — | — | ||||||||||||||||||||||||||||||
One Call Care Management Inc(4) | — | 42.5 | (21.9 | ) | — | 1.7 | 22.3 | 0.4 | 1.1 | — | — | |||||||||||||||||||||||||||||
Subordinated Debt |
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ATX Networks Corp | — | 4.8 | — | — | — | 4.8 | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders | 32.4 | — | — | — | 18.7 | 51.1 | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders | 30.3 | — | — | — | (30.3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Asset Based Finance |
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801 5th Ave, Seattle, Structure Mezzanine | 29.4 | 24.0 | — | — | 2.1 | 55.5 | 2.4 | 0.9 | — | — | ||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | 10.3 | 9.6 | — | — | 2.6 | 22.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | 38.3 | 8.4 | — | — | 5.7 | 52.4 | — | — | — | — | ||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | 0.2 | 32.4 | — | — | 1.5 | 34.1 | 0.7 | 0.6 | — | — |
Portfolio Company | Fair Value at December 31, 2021 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2022 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | $ | 0.1 | $ | — | $ | — | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 64.4 | 2.8 | (0.4) | — | 0.9 | 67.7 | 4.7 | 1.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | 20.2 | 10.8 | (0.2) | — | 0.3 | 31.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc | 18.7 | 0.4 | (0.2) | — | (0.3) | 18.6 | 1.8 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd | — | — | — | (39.1) | 39.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co | 81.0 | 0.1 | — | — | (2.6) | 78.5 | 6.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | 23.5 | 1.2 | — | — | (3.5) | 21.2 | 0.2 | 1.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | 7.1 | 3.3 | — | — | 6.2 | 16.6 | 2.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | 46.6 | — | — | — | (46.6) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | 57.2 | 0.2 | — | — | (0.2) | 57.2 | 3.5 | 1.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | 23.1 | — | — | — | (8.8) | 14.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenue One PropCo, Private Equity | — | 41.3 | — | — | — | 41.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | 52.3 | — | — | — | (14.6) | 37.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | 36.1 | 39.8 | — | — | — | 75.9 | 4.8 | 1.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | 0.5 | — | — | — | — | 0.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | 1.4 | 1.6 | — | — | — | 3.0 | — | — | — | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
My Community Homes PropCo 2, Private Equity | 33.0 | 157.0 | (105.0) | — | — | 85.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime St LLC, Private Equity | 9.1 | — | — | — | (9.1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime St LLC, Structured Mezzanine | 52.4 | 0.1 | — | — | (4.8) | 47.7 | 2.6 | 2.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Toorak Capital Funding LLC, Membership Interest | 1.7 | — | (1.7) | (0.2) | 0.2 | — | — | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity | 199.3 | 78.4 | — | — | (18.0) | 259.7 | — | — | — | 13.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Roemanu LLC (FKA Toorak Capital Partners LLC), Structured Mezzanine | 22.0 | 32.0 | (54.0) | — | — | — | — | 0.6 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,396.2 | 175.0 | — | — | (105.1) | 1,466.1 | — | — | — | 153.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class A Common Stock | — | — | — | — | — | — | — | — | — | — |
25
2022
Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | $ | 0.2 | $ | 0.3 | $ | — | $ | — | $ | — | $ | 0.5 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
KKR Rocket Loans Aggregtor LLC, Partnership Interest | — | 0.8 | — | — | — | 0.8 | — | — | — | — | ||||||||||||||||||||||||||||||
Prime St LLC, Private Equity | 3.9 | 5.2 | — | — | 1.7 | 10.8 | — | — | — | — | ||||||||||||||||||||||||||||||
Prime St LLC, Structured Mezzanine | 22.8 | 24.5 | — | — | 2.1 | 49.4 | 0.3 | 1.4 | — | — | ||||||||||||||||||||||||||||||
Toorak Capital Funding LLC, Membership Interest | 6.6 | 1.3 | (4.9 | ) | — | (1.3 | ) | 1.7 | — | — | — | — | ||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Private Equity | 235.9 | 2.3 | — | — | 10.2 | 248.4 | — | — | — | 14.5 | ||||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Structured Mezzanine | — | 18.0 | (18.0 | ) | — | — | — | 0.1 | — | — | — | |||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC |
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Credit Opportunities Partners JV, LLC | 712.5 | 586.4 | — | — | 99.9 | 1,398.8 | — | — | — | 85.3 | ||||||||||||||||||||||||||||||
Equity/Other |
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Advanced Lighting Technologies Inc, Common Stock | — | — | — | (16.5 | ) | 16.5 | — | — | — | — | — | |||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc, Warrant | — | — | — | (0.1 | ) | 0.1 | — | — | — | — | — | |||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Trade Claim | — | — | (1.4 | ) | 0.4 | 1.0 | — | — | — | — | — | |||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Class A Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Class B Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Class C Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Equity Options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
HM Dunn Preferred Stock, Series A(4) | — | 7.1 | — | — | 1.5 | 8.6 | — | — | — | — | ||||||||||||||||||||||||||||||
HM Dunn Preferred Stock, Series A(5) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock(4) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock(4) | — | 171.1 | — | — | (52.1 | ) | 119.0 | 1.7 | 12.8 | — | — | |||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock(4) | — | 4.5 | (2.2 | ) | (0.2 | ) | 0.3 | 2.4 | — | — | — | — | ||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A(4) | — | 48.6 | (23.7 | ) | (2.1 | ) | 2.6 | 25.4 | — | — | — | — | ||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B(4) | — | 15.7 | (8.8 | ) | 1.1 | 1.0 | 9.0 | — | 0.7 | — | — | |||||||||||||||||||||||||||||
Production Resource Group LLC, Preferred Stock, Series A PIK | — | 18.1 | — | — | (4.2 | ) | 13.9 | — | — | — | — | |||||||||||||||||||||||||||||
Production Resource Group LLC, Preferred Stock, Series B PIK | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Sound United LLC, Class A Units | — | — | — | (1.1 | ) | 1.1 | — | — | — | — | — | |||||||||||||||||||||||||||||
Sound United LLC, Common Stock | 29.3 | — | — | — | 45.9 | 75.2 | — | — | — | 20.0 | ||||||||||||||||||||||||||||||
Sound United LLC, Series I Units | — | — | — | (0.5 | ) | 0.5 | — | — | — | — | — | |||||||||||||||||||||||||||||
Sound United LLC, Series II Units | — | — | — | (0.5 | ) | 0.5 | — | — | — | — | — | |||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | — | 12.8 | — | — | 8.3 | 21.1 | — | — | — | — | ||||||||||||||||||||||||||||||
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Total | $ | 1,259.7 | $ | 1,447.3 | $ | (168.6 | ) | $ | (58.0 | ) | $ | 193.6 | $ | 2,674.0 | $ | 15.8 | $ | 22.7 | $ | 0.6 | $ | 119.8 | ||||||||||||||||||
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Portfolio Company | Fair Value at December 31, 2021 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at September 30, 2022 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend and Other Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class B Common Stock | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class C Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Equity Options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | 7.1 | — | — | — | 3.8 | 10.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock | — | — | — | — | 2.2 | 2.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | 122.6 | 17.7 | — | — | (34.9) | 105.4 | 0.6 | 15.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | 2.4 | — | — | — | (0.3) | 2.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | 26.1 | — | — | — | (3.6) | 22.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | 9.2 | — | — | — | (1.5) | 7.7 | — | 0.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series A PIK | 17.4 | — | — | — | 46.0 | 63.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series B PIK | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC, Common Stock(4) | 77.5 | — | (17.3) | — | (60.2) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | 20.4 | — | — | — | 4.4 | 24.8 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,684.1 | $ | 579.2 | $ | (203.8) | $ | (42.5) | $ | (215.7) | $ | 2,801.3 | $ | 37.0 | $ | 34.0 | $ | — | $ | 168.2 |
26
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Senior Secured Loans—First Lien—111.4% | ||||||||||||||||||||||
5 Arch Income Fund 2 LLC | (l)(n)(q)(w) | Diversified Financials | 9.0% | 11/18/23 | $ | 28.8 | $ | 28.8 | $ | 25.5 | ||||||||||||
5 Arch Income Fund 2 LLC | (l)(n)(q)(v)(w) | Diversified Financials | 9.0% | 11/18/23 | 4.5 | 4.5 | 4.0 | |||||||||||||||
A10 Capital LLC | (g)(h) | Diversified Financials | L+650 | 1.0% | 5/1/23 | 12.8 | 12.7 | 12.6 | ||||||||||||||
A10 Capital LLC | (v) | Diversified Financials | L+650 | 1.0% | 5/1/23 | 14.1 | 14.1 | 14.0 | ||||||||||||||
Abaco Systems, Inc | (g)(h)(i) | Capital Goods | L+600 | 1.0% | 12/7/21 | 60.6 | 60.0 | 60.6 | ||||||||||||||
ABB CONCISE Optical Group LLC | (g)(x) | Retailing | L+500 | 1.0% | 6/15/23 | 0.7 | 0.7 | 0.7 | ||||||||||||||
Accuride Corp | (g)(h)(i)(x) | Capital Goods | L+525 | 1.0% | 11/17/23 | 17.7 | 17.6 | 16.1 | ||||||||||||||
Acproducts Inc | (g)(h)(x) | Consumer Durables & Apparel | L+650 | 1.0% | 8/18/25 | 41.8 | 39.7 | 43.1 | ||||||||||||||
Advanced Lighting Technologies Inc | (g)(n)(w)(z) | Materials | L+750 | 1.0% | 10/4/22 | 19.8 | 16.4 | 12.0 | ||||||||||||||
All Systems Holding LLC | (f)(g)(h) | Commercial & Professional Services | L+625 | 1.0% | 10/31/23 | 112.2 | 112.3 | 112.6 | ||||||||||||||
All Systems Holding LLC | (v) | Commercial & Professional Services | L+625 | 1.0% | 10/31/23 | 7.2 | 7.2 | 7.2 | ||||||||||||||
American Tire Distributors Inc | (g)(x) | Automobiles & Components | L+750, 0.0% PIK (1.5% Max PIK) | 1.0% | 9/2/24 | 23.0 | 21.7 | 22.0 | ||||||||||||||
Amtek Global Technology Pte Ltd | (j)(l)(z) | Automobiles & Components | E+500 | 0.0% | 4/4/24 | € | 54.4 | 66.3 | 59.7 | |||||||||||||
Apex Group Limited | (g)(l) | Diversified Financials | L+700 | 1.3% | 6/15/23 | $ | 0.6 | 0.6 | 0.6 | |||||||||||||
Apex Group Limited | (l)(v) | Diversified Financials | L+700 | 1.3% | 6/15/23 | 1.3 | 1.2 | 1.3 | ||||||||||||||
Apex Group Limited | (g)(h)(l) | Diversified Financials | L+700 | 1.3% | 6/16/25 | 18.6 | 18.3 | 18.7 | ||||||||||||||
Apex Group Limited | (g)(l) | Diversified Financials | L+700 | 1.5% | 6/16/25 | £ | 31.3 | 39.7 | 43.2 | |||||||||||||
Ardonagh Group Ltd | (g)(l) | Insurance | L+750, 0.0% PIK (2.3% Max PIK) | 0.8% | 7/14/26 | 0.1 | 0.2 | 0.2 | ||||||||||||||
Ardonagh Group Ltd | (l)(v) | Insurance | L+750, 0.0% PIK (2.3% Max PIK) | 0.8% | 7/14/26 | 0.7 | 0.8 | 0.9 | ||||||||||||||
Aspect Software Inc | (g) | Software & Services | 8.0% PIK (8.0% Max PIK) | 1/15/21 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Aspect Software Inc | (v) | Software & Services | L+500 | 1.0% | 7/15/23 | 0.7 | 0.7 | 0.7 | ||||||||||||||
Berner Food & Beverage LLC | (g)(h)(i) | Food & Staples Retailing | L+875 | 1.0% | 3/16/22 | 87.6 | 87.3 | 91.6 | ||||||||||||||
Borden (New Dairy Opco) | (g)(y) | Food, Beverage & Tobacco | L+250 | 1.0% | 7/20/25 | 7.6 | 7.6 | 7.6 | ||||||||||||||
Borden (New Dairy Opco) | (g)(y) | Food, Beverage & Tobacco | L+700, 0.0% PIK (1.0% Max PIK) | 1.0% | 7/20/25 | 16.8 | 16.8 | 16.8 | ||||||||||||||
Borden Dairy Co | (g)(n)(w)(y) | Food, Beverage & Tobacco | L+825 | 1.0% | 7/6/23 | 26.0 | 24.1 | — | ||||||||||||||
Charles Taylor PLC | (g)(l) | Diversified Financials | L+575 | 0.0% | 1/24/27 | £ | 33.6 | 42.9 | 43.3 | |||||||||||||
CSafe Global | (g) | Capital Goods | L+625 | 1.0% | 12/23/27 | $ | 0.1 | 0.1 | 0.1 | |||||||||||||
CSafe Global | (v) | Capital Goods | L+625 | 1.0% | 12/23/27 | 1.5 | 1.5 | 1.5 | ||||||||||||||
CSafe Global | (g)(h) | Capital Goods | L+625 | 1.0% | 12/23/27 | 16.0 | 15.9 | 15.9 | ||||||||||||||
CSM Bakery Products | (g)(x) | Food, Beverage & Tobacco | L+625 | 1.0% | 1/4/22 | 1.1 | 1.1 | 1.1 | ||||||||||||||
CTI Foods Holding Co LLC | (g) | Food, Beverage & Tobacco | L+577, 3.0% PIK (3.0% Max PIK) | 1.0% | 5/3/24 | 3.0 | 3.0 | 2.5 | ||||||||||||||
Distribution International Inc | (g)(h)(x) | Retailing | L+575 | 1.0% | 12/15/23 | 27.6 | 25.2 | 25.3 | ||||||||||||||
Eagle Family Foods Inc | (v) | Food, Beverage & Tobacco | L+650 | 1.0% | 6/14/23 | 7.1 | 7.1 | 7.1 | ||||||||||||||
Eagle Family Foods Inc | (g)(h)(i) | Food, Beverage & Tobacco | L+650 | 1.0% | 6/14/24 | 45.6 | 45.3 | 45.6 | ||||||||||||||
Empire Today LLC | (g)(h) | Retailing | L+650 | 1.0% | 11/17/22 | 75.6 | 75.6 | 76.4 | ||||||||||||||
Entertainment Benefits Group LLC | (g) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/24 | 4.3 | 4.3 | 3.6 | ||||||||||||||
Entertainment Benefits Group LLC | (v) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/24 | 0.5 | 0.5 | 0.4 | ||||||||||||||
Entertainment Benefits Group LLC | (g)(h) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/25 | 30.1 | 29.8 | 25.3 | ||||||||||||||
FloWorks International LLC | (g)(h) | Capital Goods | L+600 | 1.0% | 10/14/26 | 17.2 | 17.0 | 17.0 | ||||||||||||||
FloWorks International LLC | (g) | Capital Goods | L+600 | 1.0% | 10/14/26 | 6.4 | 6.4 | 6.4 | ||||||||||||||
FloWorks International LLC | (v) | Capital Goods | L+600 | 1.0% | 10/14/26 | 6.4 | 6.4 | 6.4 | ||||||||||||||
Frontline Technologies Group LLC | (g) | Software & Services | L+525 | 1.0% | 9/18/23 | 22.3 | 22.3 | 22.3 | ||||||||||||||
Frontline Technologies Group LLC | (g)(h)(i) | Software & Services | L+575 | 1.0% | 9/18/23 | 51.9 | 51.6 | 52.0 | ||||||||||||||
Greystone & Co Inc | (g)(h) | Diversified Financials | L+800 | 1.0% | 4/17/24 | 36.8 | 36.6 | 37.2 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien—126.3% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (i)(k)(l) | Software & Services | L+600 | 0.8% | 11/23/27 | $ | 96.3 | $ | 95.3 | $ | 95.3 | |||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (x) | Software & Services | L+600 | 0.8% | 11/23/26 | 9.2 | 9.2 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
3Pillar Global Inc | (x) | Software & Services | L+600 | 0.8% | 11/23/27 | 30.6 | 30.6 | 30.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
5 Arch Income Fund 2 LLC | (q)(r)(w)(y)(z) | Diversified Financials | 9.0% | 11/18/23 | 111.1 | 81.3 | 78.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accuride Corp | (aa)(l) | Capital Goods | L+525 | 1.0% | 11/17/23 | 9.0 | 8.1 | 8.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (m)(t)(v) | Health Care Equipment & Services | L+625 | 1.0% | 5/7/27 | 44.8 | 42.9 | 45.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | L+625 | 1.0% | 5/7/26 | 3.6 | 3.6 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Dermatology & Cosmetic Surgery | (x) | Health Care Equipment & Services | L+625 | 1.0% | 5/7/27 | 4.2 | 4.2 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (v)(w) | Software & Services | SR+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | SEK | 629.4 | 67.9 | 68.9 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 10.0 | 10.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (w)(x) | Software & Services | SR+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | SEK | 304.1 | 37.5 | 37.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(v) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | $ | 60.4 | 59.9 | 60.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/27 | 12.8 | 12.8 | 12.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (ac)(x) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | 43.1 | 43.1 | 42.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (v) | Insurance | L+525 | 0.8% | 12/22/27 | 1.1 | 0.9 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (v) | Insurance | L+525 | 0.8% | 12/22/28 | 69.2 | 68.2 | 68.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (x) | Insurance | L+525 | 0.8% | 12/22/27 | 9.7 | 9.7 | 9.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (v) | Insurance | L+550 | 0.8% | 10/2/28 | 21.4 | 21.2 | 21.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (x) | Insurance | L+550 | 0.8% | 10/2/28 | 22.9 | 22.9 | 22.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (i)(v) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/27 | 94.7 | 93.8 | 94.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (x) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/26 | 7.8 | 7.8 | 7.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (x) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/27 | 38.9 | 38.9 | 38.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd | (ad)(v)(w)(y)(z) | Automobiles & Components | E+500 PIK (E+500 Max PIK) | 0.0% | 4/4/24 | € | 57.2 | 68.7 | 34.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (m) | Software & Services | L+575 | 1.0% | 3/31/28 | $ | 12.5 | 12.3 | 12.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (x) | Software & Services | L+575 | 1.0% | 4/20/27 | 4.5 | 4.5 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (v)(w) | Insurance | SA+675 | 0.8% | 7/14/26 | £ | 0.8 | 1.0 | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (v)(w) | Insurance | L+550 | 0.8% | 7/14/26 | $ | 14.1 | 13.8 | 13.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (w)(x) | Insurance | L+550 | 1.0% | 7/14/26 | £ | 16.7 | 22.8 | 22.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | A$ | 42.6 | 30.4 | 30.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | 3.1 | 2.2 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Aspect Software Inc | (v) | Software & Services | 8.0% PIK (8.0% Max PIK) | 7/14/22 | $ | 0.3 | 0.2 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w) | Capital Goods | 7.5% PIK (7.5% Max PIK) | 1.0% | 8/9/26 | 46.8 | 46.8 | 46.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
AxiomSL Ltd | (f)(m)(t)(v) | Software & Services | L+600 | 1.0% | 12/3/27 | 35.1 | 34.4 | 34.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
AxiomSL Ltd | (x) | Software & Services | L+600 | 1.0% | 12/3/25 | 2.5 | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
AxiomSL Ltd | (x) | Software & Services | L+600 | 1.0% | 12/3/27 | 2.3 | 2.3 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (f)(k)(l)(m)(t)(v) | Consumer Services | L+575 | 0.8% | 4/28/28 | 92.4 | 88.1 | 92.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (k)(l) | Consumer Services | L+575 | 0.8% | 4/30/28 | 35.1 | 34.8 | 34.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (x) | Consumer Services | L+575 | 0.8% | 4/30/28 | 14.8 | 14.8 | 14.6 |
27
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Greystone Equity Member Corp | (g)(l) | Diversified Financials | L+725 | 3.8% | 4/1/26 | $ | 60.8 | $ | 60.8 | $ | 60.3 | |||||||||||
Heniff Transportation Systems LLC | (g) | Transportation | L+575 | 1.0% | 12/3/24 | 3.4 | 3.4 | 3.4 | ||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | L+575 | 1.0% | 12/3/24 | 4.8 | 4.8 | 4.7 | ||||||||||||||
Heniff Transportation Systems LLC | (g)(h)(i) | Transportation | L+575 | 1.0% | 12/3/26 | 64.4 | 64.1 | 64.0 | ||||||||||||||
HM Dunn Co Inc | (g)(n)(w)(y) | Capital Goods | L+875 PIK (L+875 Max PIK) | 1.0% | 12/31/21 | 0.9 | 0.6 | 0.3 | ||||||||||||||
HM Dunn Co Inc | (g)(y) | Capital Goods | 15.0% PIK (15.0% Max PIK) | 12/31/21 | 0.3 | 0.3 | 0.2 | |||||||||||||||
Hudson Technologies Co | (g)(l) | Commercial & Professional Services | L+1,025 | 1.0% | 10/10/23 | 32.4 | 32.2 | 26.8 | ||||||||||||||
ID Verde | (g)(l) | Commercial & Professional Services | E+500, 2.3% PIK (2.3% Max PIK) | 0.0% | 3/29/24 | € | 30.3 | 33.3 | 37.1 | |||||||||||||
ID Verde | (g)(l) | Commercial & Professional Services | L+525, 2.3% PIK (2.3% Max PIK) | 0.0% | 3/29/24 | £ | 4.3 | 5.1 | 5.9 | |||||||||||||
Individual FoodService | (g) | Capital Goods | L+625 | 1.0% | 11/22/24 | $ | 0.1 | 0.1 | 0.1 | |||||||||||||
Individual FoodService | (v) | Capital Goods | L+625 | 1.0% | 11/22/24 | 0.4 | 0.4 | 0.4 | ||||||||||||||
Individual FoodService | (g) | Capital Goods | L+625 | 1.0% | 11/22/25 | 6.8 | 6.8 | 6.8 | ||||||||||||||
Individual FoodService | (v) | Capital Goods | L+625 | 1.0% | 11/22/25 | 0.5 | 0.5 | 0.5 | ||||||||||||||
Industria Chimica Emiliana Srl | (g)(l) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 6/30/26 | € | 19.3 | 20.7 | 23.9 | |||||||||||||
Industria Chimica Emiliana Srl | (g)(l) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | 8.1 | 9.3 | 10.1 | ||||||||||||||
Industry City TI Lessor LP | (g) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | $ | 24.1 | 24.1 | 26.4 | ||||||||||||||
J S Held LLC | (g)(h) | Insurance | L+600 | 1.0% | 7/1/25 | 65.5 | 65.1 | 66.1 | ||||||||||||||
J S Held LLC | (v) | Insurance | L+600 | 1.0% | 7/1/25 | 1.4 | 1.4 | 1.4 | ||||||||||||||
J S Held LLC | (g) | Insurance | L+600 | 1.0% | 7/1/25 | 1.1 | 1.1 | 1.1 | ||||||||||||||
J S Held LLC | (v) | Insurance | L+600 | 1.0% | 7/1/25 | 5.1 | 5.1 | 5.1 | ||||||||||||||
Jarrow Formulas Inc | (g)(i) | Household & Personal Products | L+625 | 1.0% | 11/30/26 | 57.3 | 56.6 | 56.6 | ||||||||||||||
Jo-Ann Stores Inc | (g)(h)(x) | Retailing | L+500 | 1.0% | 10/20/23 | 8.7 | 8.7 | 8.5 | ||||||||||||||
Kellermeyer Bergensons Services LLC | (g)(h)(i) | Commercial & Professional Services | L+650 | 1.0% | 11/7/26 | 117.7 | 117.0 | 118.9 | ||||||||||||||
Kellermeyer Bergensons Services LLC | (v) | Commercial & Professional Services | L+650 | 1.0% | 11/7/26 | 28.3 | 28.3 | 28.6 | ||||||||||||||
Kodiak BP LLC | (h) | Capital Goods | L+725 | 1.0% | 12/1/24 | 10.2 | 10.2 | 10.3 | ||||||||||||||
Kodiak BP LLC | (g)(h) | Capital Goods | L+725 | 1.0% | 12/1/24 | 125.0 | 124.8 | 126.2 | ||||||||||||||
Koosharem LLC | (g)(x) | Commercial & Professional Services | L+450 | 1.0% | 4/18/25 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Lexitas Inc | (g)(h)(i) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 34.7 | 34.4 | 34.6 | ||||||||||||||
Lexitas Inc | (v) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 4.3 | 4.2 | 4.3 | ||||||||||||||
Lexitas Inc | (v) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 2.5 | 2.5 | 2.5 | ||||||||||||||
Lipari Foods LLC | (g)(h)(i) | Food & Staples Retailing | L+588 | 1.0% | 1/6/25 | 84.4 | 83.8 | 85.0 | ||||||||||||||
Lipari Foods LLC | (g) | Food & Staples Retailing | L+588 | 1.0% | 1/6/25 | 19.2 | 19.2 | 19.3 | ||||||||||||||
Matchesfashion Ltd | (g)(h)(l) | Consumer Durables & Apparel | L+463, 1.0% PIK (1.0% Max PIK) | 0.0% | 10/11/24 | 12.7 | 12.1 | 9.8 | ||||||||||||||
Miami Beach Medical Group LLC | (v) | Health Care Equipment & Services | L+650 | 1.0% | 12/14/26 | 1.4 | 1.4 | 1.4 | ||||||||||||||
Miami Beach Medical Group LLC | (g) | Health Care Equipment & Services | L+650 | 1.0% | 12/14/26 | 7.8 | 7.8 | 7.8 | ||||||||||||||
Micronics Filtration Holdings Inc | (g)(n)(w)(y) | Capital Goods | 7.5% PIK (7.5% Max PIK) | 3/29/24 | 47.6 | 45.0 | 35.5 | |||||||||||||||
Motion Recruitment Partners LLC | (g)(h) | Commercial & Professional Services | L+650 | 1.0% | 12/19/25 | 37.5 | 37.2 | 33.7 | ||||||||||||||
Motion Recruitment Partners LLC | (v) | Commercial & Professional Services | L+650 | 1.0% | 12/20/25 | 29.8 | 29.8 | 29.8 | ||||||||||||||
NBG Home | (g)(h)(i) | Consumer Durables & Apparel | L+550 | 1.0% | 4/26/24 | 69.3 | 69.0 | 55.4 | ||||||||||||||
NCI Inc | (g)(h)(i) | Software & Services | L+500, 2.5% PIK (2.5% Max PIK) | 1.0% | 8/15/24 | 83.5 | 82.9 | 59.0 | ||||||||||||||
Omnimax International Inc | (g)(h) | Capital Goods | L+725 | 1.0% | 10/8/26 | 44.7 | 44.0 | 44.0 | ||||||||||||||
Omnimax International Inc | (v) | Capital Goods | L+725 | 1.0% | 10/8/26 | 7.7 | 7.7 | 7.7 | ||||||||||||||
One Call Care Management Inc | (g)(x)(y) | Health Care Equipment & Services | L+525 | 1.0% | 11/27/22 | 4.9 | 4.3 | 4.7 | ||||||||||||||
P2 Energy Solutions Inc. | (g) | Software & Services | L+675 | 1.0% | 1/31/25 | 2.3 | 2.3 | 2.2 | ||||||||||||||
P2 Energy Solutions Inc. | (v) | Software & Services | L+675 | 1.0% | 1/31/25 | 4.7 | 4.7 | 4.5 | ||||||||||||||
P2 Energy Solutions Inc. | (g)(h)(i) | Software & Services | L+675 | 1.0% | 2/2/26 | 116.5 | 115.2 | 111.0 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v) | Retailing | L+750 | 1.0% | 7/31/25 | $ | 21.9 | $ | 21.7 | $ | 21.9 | |||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (aa)(ac)(v) | Retailing | 5.0%, 8.0% PIK (8.0% Max PIK) | 7/31/25 | 66.7 | 40.2 | 49.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (f)(i)(k)(l)(m)(t)(v) | Media & Entertainment | L+575 | 1.0% | 8/16/27 | 118.6 | 117.5 | 118.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (x) | Media & Entertainment | L+575 | 1.0% | 8/16/27 | 19.9 | 19.9 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | (ac)(v) | Food, Beverage & Tobacco | L+700, 0.0% PIK (1.0% Max PIK) | 1.0% | 7/20/25 | 42.0 | 40.2 | 42.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | (ac)(v) | Food, Beverage & Tobacco | L+250 | 1.0% | 7/20/25 | 9.0 | 8.4 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Borden Dairy Co | (ac)(v)(y)(z) | Food, Beverage & Tobacco | L+825 | 1.0% | 7/6/23 | 65.0 | 25.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc | (v) | Food, Beverage & Tobacco | L+1,000 | 1.0% | 4/30/26 | 75.0 | 74.3 | 69.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cimarron Energy Inc | (v)(y)(z) | Energy | L+900 | 1.0% | 12/31/24 | 7.5 | 5.5 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (f)(i)(k)(m)(s)(v) | Capital Goods | L+625 | 1.0% | 12/14/26 | 268.0 | 257.2 | 270.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (v) | Capital Goods | L+625 | 1.0% | 12/31/26 | 18.1 | 17.6 | 18.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (x) | Capital Goods | L+625 | 1.0% | 12/13/24 | 25.4 | 25.2 | 25.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Clarience Technologies LLC | (x) | Capital Goods | L+625 | 1.0% | 12/31/26 | 10.8 | 10.8 | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(v) | Capital Goods | L+750 | 1.0% | 3/27/24 | 15.0 | 14.0 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corsearch Intermediate Inc | (m)(v) | Software & Services | L+550 | 1.0% | 4/19/28 | 30.1 | 28.3 | 30.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corsearch Intermediate Inc | (x) | Software & Services | L+550 | 1.0% | 4/19/28 | 4.4 | 4.4 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (f)(i)(k)(l)(m)(t)(v) | Capital Goods | L+625 | 0.8% | 12/23/27 | 188.7 | 182.5 | 188.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (v) | Capital Goods | L+625 | 0.8% | 12/23/27 | £ | 27.4 | 36.3 | 37.1 | |||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (v) | Capital Goods | L+625 | 0.8% | 8/13/28 | $ | 11.9 | 11.9 | 11.9 | |||||||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (x) | Capital Goods | L+625 | 0.8% | 12/23/26 | 34.9 | 34.9 | 34.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (f)(k)(m)(t)(v) | Health Care Equipment & Services | L+625 | 0.8% | 3/12/27 | 90.3 | 86.1 | 90.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (v) | Health Care Equipment & Services | L+625 | 0.8% | 3/12/27 | 8.7 | 8.7 | 8.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Dental Care Alliance Inc | (x) | Health Care Equipment & Services | L+625 | 0.8% | 3/12/27 | 13.6 | 13.6 | 13.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Element Materials Technology Group US Holdings Inc | (aa)(v)(w) | Capital Goods | L+350 | 1.0% | 6/28/24 | 1.9 | 1.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital Inc | (v) | Software & Services | L+550, 0.0% PIK (2.4% Max PIK) | 0.5% | 12/13/28 | 81.3 | 79.7 | 79.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital Inc | (x) | Software & Services | L+550 | 0.5% | 12/13/28 | 19.6 | 19.4 | 19.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entertainment Benefits Group LLC | (v) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/24 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entertainment Benefits Group LLC | (f)(k)(l)(m)(v) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/25 | 64.0 | 59.1 | 61.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entertainment Benefits Group LLC | (x) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/24 | 10.2 | 9.6 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | (ac)(v)(y)(z) | Food & Staples Retailing | 12.0% PIK (12.0% Max PIK) | 11/27/23 | 11.7 | 1.0 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | (ac)(v)(y)(z) | Food & Staples Retailing | 10.0% PIK (10.0% Max PIK) | 11/28/23 | 7.6 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (f)(k)(l)(t) | Software & Services | L+575 | 0.8% | 8/31/28 | 74.4 | 73.7 | 74.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (x) | Software & Services | L+575 | 0.8% | 8/31/27 | 9.9 | 9.9 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (m)(v) | Pharmaceuticals, Biotechnology & Life Sciences | L+638 | 1.0% | 2/12/27 | 97.1 | 93.0 | 98.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands LLC | (x) | Pharmaceuticals, Biotechnology & Life Sciences | L+638 | 1.0% | 2/12/27 | 6.6 | 6.6 | 6.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (v) | Insurance | L+575 | 0.8% | 10/29/28 | 74.3 | 73.2 | 73.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (x) | Insurance | L+575 | 0.8% | 10/29/27 | 7.0 | 6.9 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp | (x) | Insurance | L+575 | 0.8% | 10/29/28 | 6.2 | 6.2 | 6.1 |
28
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Petroplex Acidizing Inc | (g)(n)(w)(y) | Energy | L+900 PIK (L+900 Max PIK) | 1.0% | 12/30/21 | $ | 24.6 | $ | 22.2 | $ | 4.5 | |||||||||||
Polyconcept North America Inc | (g)(x) | Household & Personal Products | L+450 PIK (L+450 Max PIK) | 1.0% | 8/16/23 | 21.5 | 21.2 | 20.4 | ||||||||||||||
Premium Credit Ltd | (g)(l) | Diversified Financials | L+650 | 0.0% | 1/16/26 | £ | 40.0 | 51.2 | 53.9 | |||||||||||||
Project Marron | (g)(l) | Consumer Services | B+575 | 0.0% | 7/3/25 | A$ | 1.5 | 1.0 | 1.0 | |||||||||||||
PSKW LLC | (g) | Health Care Equipment & Services | L+625 | 1.0% | 3/9/26 | $ | 137.3 | 135.7 | 137.6 | |||||||||||||
Qdoba Restaurant Corp | (g)(h)(x) | Consumer Services | L+700 | 1.0% | 3/21/25 | 11.1 | 10.9 | 10.4 | ||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (g)(h)(i) | Health Care Equipment & Services | L+675 | 0.0% | 9/2/24 | 64.8 | 64.5 | 62.4 | ||||||||||||||
Revere Superior Holdings Inc | (g)(h) | Software & Services | L+575 | 1.0% | 9/30/26 | 12.9 | 12.9 | 13.0 | ||||||||||||||
Revere Superior Holdings Inc | (v) | Software & Services | L+575 | 1.0% | 9/30/26 | 1.0 | 1.0 | 1.0 | ||||||||||||||
Roadrunner Intermediate Acquisition Co LLC | (h) | Health Care Equipment & Services | L+675 | 1.0% | 3/15/23 | 10.7 | 10.7 | 10.7 | ||||||||||||||
RSC Insurance Brokerage Inc | (v) | Insurance | L+550 | 1.0% | 9/30/26 | 3.2 | 3.1 | 3.2 | ||||||||||||||
RSC Insurance Brokerage Inc | (g)(h)(i) | Insurance | L+550 | 1.0% | 10/30/26 | 98.4 | 97.8 | 98.3 | ||||||||||||||
RSC Insurance Brokerage Inc | (v) | Insurance | L+550 | 1.0% | 10/30/26 | 6.3 | 6.3 | 6.3 | ||||||||||||||
Safe-Guard Products International LLC | (g)(i) | Diversified Financials | L+575 | 0.0% | 1/27/27 | 40.0 | 39.6 | 39.9 | ||||||||||||||
Savers Inc | (g)(h) | Retailing | L+800, 0.8% PIK (0.8% Max PIK) | 1.5% | 3/28/24 | 44.9 | 44.6 | 44.4 | ||||||||||||||
Savers Inc | (g)(l) | Retailing | C+850, 0.8% PIK (0.8% Max PIK) | 1.5% | 3/28/24 | $ | 62.4 | 46.1 | 49.2 | |||||||||||||
Sequa Corp | (h)(x) | Capital Goods | L+675, 0.0% PIK (1.0% Max PIK) | 1.0% | 11/28/23 | $ | 11.4 | 10.8 | 11.4 | |||||||||||||
Sequel Youth & Family Services LLC | (g) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/23 | 13.7 | 13.7 | 9.2 | ||||||||||||||
Sequel Youth & Family Services LLC | (g)(h) | Health Care Equipment & Services | L+800 | 1.0% | 9/1/23 | 80.0 | 80.0 | 53.7 | ||||||||||||||
Sequential Brands Group Inc. | (g)(h) | Consumer Durables & Apparel | L+875 | 0.0% | 2/7/24 | 59.0 | 57.8 | 50.9 | ||||||||||||||
Sorenson Communications LLC | (h)(x) | Telecommunication Services | L+650 | 0.0% | 4/29/24 | 10.1 | 9.9 | 10.1 | ||||||||||||||
Sound United LLC | (g)(h)(z) | Consumer Durables & Apparel | L+700 | 1.0% | 12/31/23 | 15.0 | 15.0 | 14.9 | ||||||||||||||
Sungard Availability Services Capital Inc | (g) | Software & Services | L+375, 3.8% PIK (3.8% Max PIK) | 1.0% | 7/1/24 | 0.6 | 0.7 | 0.7 | ||||||||||||||
Sungard Availability Services Capital Inc | (v) | Software & Services | L+375, 3.8% PIK (3.8% Max PIK) | 1.0% | 7/1/24 | 0.3 | 0.4 | 0.4 | ||||||||||||||
Sweeping Corp of America Inc | (g) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 10.7 | 10.6 | 10.6 | ||||||||||||||
Sweeping Corp of America Inc | (v) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 3.4 | 3.4 | 3.4 | ||||||||||||||
Sweeping Corp of America Inc | (v) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 1.7 | 1.7 | 1.7 | ||||||||||||||
Sweet Harvest Foods Management Co | (g)(i) | Food & Staples Retailing | L+775, 1.0% PIK (1.0% Max PIK) | 1.0% | 6/23/23 | 24.4 | 24.3 | 24.4 | ||||||||||||||
Sweet Harvest Foods Management Co | (v) | Food & Staples Retailing | L+775, 1.0% PIK (1.0% Max PIK) | 1.0% | 6/23/23 | 0.8 | 0.8 | 0.8 | ||||||||||||||
Tangoe LLC | (g)(h)(i) | Software & Services | L+650 | 1.0% | 11/28/25 | 89.2 | 88.5 | 82.5 | ||||||||||||||
ThermaSys Corp | (g)(y) | Capital Goods | L+1,100 PIK (L+1,100 Max PIK) | 1.0% | 1/1/24 | 7.5 | 7.9 | 3.9 | ||||||||||||||
ThreeSixty Group | (g)(h)(i) | Retailing | L+375, 3.8% PIK (3.8% Max PIK) | 1.5% | 3/1/23 | 51.6 | 51.3 | 46.6 | ||||||||||||||
ThreeSixty Group | (g)(h)(i) | Retailing | L+375, 3.8% PIK (3.8% Max PIK) | 1.5% | 3/1/23 | 51.3 | 50.9 | 46.3 | ||||||||||||||
Torrid Inc | (g)(h) | Retailing | L+675 | 1.0% | 12/16/24 | 26.3 | 26.0 | 26.3 | ||||||||||||||
Trace3 Inc | (g)(h) | Software & Services | L+675 | 1.0% | 8/3/24 | 89.0 | 89.0 | 89.0 | ||||||||||||||
Transaction Services Group Ltd | (g)(l) | Software & Services | B+600 | 0.0% | 10/15/26 | A$ | 7.6 | 5.0 | 5.5 | |||||||||||||
Transaction Services Group Ltd | (g)(h)(l) | Software & Services | L+600 | 0.0% | 10/15/26 | $ | 15.9 | 15.9 | 14.8 | |||||||||||||
Transaction Services Group Ltd | (g)(l) | Software & Services | L+600 | 0.0% | 10/15/26 | £ | 6.1 | 7.8 | 7.8 | |||||||||||||
Truck-Lite Co LLC | (g) | Capital Goods | L+625 | 1.0% | 12/13/24 | $ | 9.3 | 9.2 | 9.0 | |||||||||||||
Truck-Lite Co LLC | (v) | Capital Goods | L+625 | 1.0% | 12/13/24 | 2.5 | 2.5 | 2.5 | ||||||||||||||
Truck-Lite Co LLC | (g)(h)(i) | Capital Goods | L+625 | 1.0% | 12/13/26 | 125.4 | 124.1 | 121.8 | ||||||||||||||
Utility One Source LP | (h)(x) | Capital Goods | L+425 | 0.0% | 4/18/25 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Virgin Pulse Inc | (g)(h)(i) | Software & Services | L+650 | 1.0% | 5/22/25 | 115.6 | 114.9 | 115.6 | ||||||||||||||
Warren Resources Inc | (g)(h) | Energy | L+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/21/21 | 0.7 | 0.7 | 0.7 | ||||||||||||||
Wheels Up Partners LLC | (g) | Transportation | L+855 | 1.0% | 10/15/21 | 4.3 | 4.3 | 4.3 | ||||||||||||||
Wheels Up Partners LLC | (g) | Transportation | L+855 | 1.0% | 7/15/22 | 4.6 | 4.6 | 4.6 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group LLC | (i)(m)(v) | Software & Services | L+525 | 1.0% | 9/18/23 | $ | 78.7 | $ | 78.1 | $ | 78.7 | |||||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group LLC | (s)(v) | Software & Services | L+525 | 1.0% | 9/18/23 | 75.6 | 71.7 | 76.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (v) | Consumer Durables & Apparel | L+575 | 1.0% | 11/1/26 | 88.9 | 88.9 | 88.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (v) | Consumer Durables & Apparel | 5.0% | 2/4/22 | 0.9 | 0.9 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (x) | Consumer Durables & Apparel | 5.0% | 2/4/22 | 7.7 | 7.7 | 7.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (k)(l)(t)(v) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 128.1 | 125.5 | 126.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/30/27 | 12.0 | 11.7 | 11.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (x) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 22.4 | 22.4 | 22.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
General Datatech LP | (f)(k)(l)(m)(t)(v) | Software & Services | L+625 | 1.0% | 6/18/27 | 169.1 | 167.5 | 166.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Greystone Equity Member Corp | (v)(w) | Diversified Financials | L+725 | 3.8% | 4/1/26 | 194.8 | 182.7 | 192.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | L+575 | 1.0% | 12/3/24 | 5.9 | 5.6 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (f)(i)(k)(l)(m)(v) | Transportation | L+575 | 1.0% | 12/3/26 | 137.7 | 130.5 | 128.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (v) | Transportation | L+625 | 1.0% | 12/3/26 | 19.4 | 18.6 | 18.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Heniff Transportation Systems LLC | (x) | Transportation | L+575 | 1.0% | 12/3/24 | 11.9 | 11.9 | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
hibu Inc | (f)(k)(l)(m)(t)(v) | Commercial & Professional Services | L+625 | 1.0% | 5/4/27 | 101.6 | 96.6 | 104.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | L+550 | 0.8% | 11/25/26 | 25.3 | 24.6 | 25.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (v) | Insurance | L+525 | 0.8% | 11/25/26 | 4.5 | 4.3 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (x) | Insurance | L+525 | 0.8% | 11/25/26 | 32.6 | 32.6 | 33.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | L+600 | 1.0% | 6/30/26 | 33.6 | 33.6 | 33.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc | (ad)(v) | Capital Goods | L+600 | 1.0% | 6/30/26 | 2.0 | 2.0 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hudson Technologies Co | (v)(w) | Commercial & Professional Services | L+1,025 | 1.0% | 10/10/23 | 79.9 | 72.3 | 82.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (v) | Capital Goods | L+625 | 1.0% | 11/22/24 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (m)(s)(v) | Capital Goods | L+625 | 1.0% | 11/22/25 | 90.8 | 86.5 | 91.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (x) | Capital Goods | L+625 | 1.0% | 11/22/24 | 4.5 | 4.5 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Individual FoodService | (x) | Capital Goods | L+625 | 0.0% | 11/22/25 | 5.6 | 5.6 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Industria Chimica Emiliana Srl | (v)(w) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | € | 88.8 | 101.3 | 103.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Industry City TI Lessor LP | (s)(v) | Consumer Services | 10.8%, 1.0% PIK (1.0% Max PIK) | 6/30/26 | $ | 29.9 | 30.0 | 32.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (v) | Commercial & Professional Services | L+600 | 0.8% | 9/22/27 | 10.5 | 10.5 | 10.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (i)(v) | Commercial & Professional Services | L+600 | 0.8% | 9/22/28 | 230.0 | 227.8 | 227.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | L+600 | 0.8% | 9/22/27 | 10.5 | 10.5 | 10.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Insight Global LLC | (x) | Commercial & Professional Services | L+600 | 0.8% | 11/15/28 | 20.0 | 20.0 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Group LLC | (x) | Insurance | L+550 | 0.8% | 8/27/25 | 145.3 | 145.3 | 143.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (f)(i)(m)(s)(v) | Insurance | L+550 | 1.0% | 7/1/25 | 165.4 | 159.8 | 167.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (v) | Insurance | L+550 | 1.0% | 7/1/25 | 2.8 | 2.6 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (x) | Insurance | L+550 | 1.0% | 7/1/25 | 16.7 | 16.7 | 16.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
J S Held LLC | (x) | Insurance | L+550 | 1.0% | 7/1/25 | 11.3 | 11.3 | 11.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Jarrow Formulas Inc | (f)(i)(k)(l)(m)(s)(t)(v) | Household & Personal Products | L+625 | 1.0% | 11/30/26 | 186.6 | 177.1 | 190.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (m)(v) | Capital Goods | L+675 | 1.0% | 12/21/25 | 92.4 | 88.8 | 94.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (v) | Capital Goods | L+675 | 1.0% | 12/21/25 | 4.4 | 4.2 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Karman Space Inc | (x) | Capital Goods | L+675 | 1.0% | 12/21/25 | 1.1 | 1.1 | 1.1 |
29
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Wheels Up Partners LLC | (g) | Transportation | L+710 | 1.0% | 6/30/24 | $ | 16.9 | $ | 16.9 | $ | 17.1 | |||||||||||
Wheels Up Partners LLC | (g) | Transportation | L+710 | 1.0% | 11/1/24 | 7.0 | 7.0 | 7.1 | ||||||||||||||
Wheels Up Partners LLC | (g) | Transportation | L+710 | 1.0% | 12/21/24 | 14.9 | 14.9 | 15.1 | ||||||||||||||
Wheels Up Partners LLC | (g) | Transportation | L+710 | 1.0% | 12/21/24 | 11.7 | 11.6 | 11.8 | ||||||||||||||
Zeta Interactive Holdings Corp | (g)(h) | Software & Services | L+750 | 1.0% | 7/29/22 | 15.8 | 15.8 | 15.8 | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total Senior Secured Loans—First Lien | 3,750.9 | 3,603.5 | ||||||||||||||||||||
Unfunded Loan Commitments | (154.0 | ) | (154.0 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||
Net Senior Secured Loans—First Lien | 3,596.9 | 3,449.5 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Senior Secured Loans—Second Lien—28.4% | ||||||||||||||||||||||
Abaco Systems, Inc | (g) | Capital Goods | L+1,050 | 1.0% | 6/7/22 | 63.4 | 63.0 | 63.4 | ||||||||||||||
Amtek Global Technology Pte Ltd | (g)(j)(l)(n)(w)(z) | Automobiles & Components | E+500 PIK (E+500 Max PIK) | 0.0% | 4/4/24 | € | 44.9 | 51.3 | 0.1 | |||||||||||||
athenahealth Inc | (g) | Health Care Equipment & Services | L+850 | 0.0% | 2/11/27 | $ | 112.9 | 112.0 | 114.0 | |||||||||||||
Belk Inc | (g)(n)(w) | Retailing | 10.5% | 6/12/23 | 19.5 | 14.0 | 2.7 | |||||||||||||||
Belk Inc | (g)(n)(w) | Retailing | 10.5% | 10/29/25 | 99.6 | 90.5 | 13.9 | |||||||||||||||
Byrider Finance LLC | (f)(g) | Automobiles & Components | L+1,000, 0.5% PIK (0.5% Max PIK) | 1.3% | 6/7/22 | 18.0 | 18.0 | 17.9 | ||||||||||||||
Culligan International Co | (g)(h) | Household & Personal Products | L+850 | 1.0% | 12/13/24 | 85.0 | 84.4 | 85.0 | ||||||||||||||
Datatel Inc | (g) | Software & Services | L+800 | 1.0% | 10/9/28 | 53.7 | 53.0 | 53.0 | ||||||||||||||
Gruden Acquisition Inc | (g)(x) | Transportation | L+850 | 1.0% | 8/18/23 | 10.0 | 9.8 | 9.2 | ||||||||||||||
MedAssets Inc | (g) | Health Care Equipment & Services | L+975 | 1.0% | 4/20/23 | 63.0 | 62.2 | 62.6 | ||||||||||||||
NBG Home | (g)(n)(w) | Consumer Durables & Apparel | L+1,275 PIK (L+1,275 Max PIK) | 1.0% | 9/30/24 | 27.6 | 24.7 | 17.0 | ||||||||||||||
NEP Broadcasting LLC | (g)(x) | Media & Entertainment | L+700 | 0.0% | 10/19/26 | 1.0 | 1.0 | 0.9 | ||||||||||||||
OEConnection LLC | (g) | Software & Services | L+825 | 0.0% | 9/25/27 | 34.1 | 33.7 | 33.8 | ||||||||||||||
Paradigm Acquisition Corp | (g)(x) | Health Care Equipment & Services | L+750 | 0.0% | 10/26/26 | 1.9 | 1.9 | 1.7 | ||||||||||||||
Peak 10 Holding Corp | (g)(n)(w)(x) | Telecommunication Services | L+725 | 0.0% | 8/1/25 | 0.2 | 0.2 | 0.1 | ||||||||||||||
Petrochoice Holdings Inc | (g) | Capital Goods | L+875 | 1.0% | 8/21/23 | 65.0 | 64.1 | 54.9 | ||||||||||||||
Polyconcept North America Inc | (g) | Household & Personal Products | 11.0% PIK (11.0% Max PIK) | 2/16/24 | 8.7 | 8.6 | 7.5 | |||||||||||||||
Pretium Packaging LLC | (g) | Household & Personal Products | L+825 | 0.8% | 11/6/28 | 18.6 | 18.3 | 18.3 | ||||||||||||||
Pure Fishing Inc | (g) | Consumer Durables & Apparel | L+838 | 1.0% | 12/31/26 | 81.1 | 80.4 | 76.0 | ||||||||||||||
Rise Baking Company | (g)(h) | Food, Beverage & Tobacco | L+800 | 1.0% | 8/9/26 | 31.1 | 30.9 | 29.1 | ||||||||||||||
Sequa Corp | (h)(x) | Capital Goods | L+1,075, 0.0% PIK (6.8% Max PIK) | 1.0% | 4/28/24 | 3.6 | 3.5 | 3.1 | ||||||||||||||
Sorenson Communications LLC | (f)(h) | Telecommunication Services | L+1,150 PIK (L+1,150 Max PIK) | 4/30/25 | 18.4 | 18.0 | 18.4 | |||||||||||||||
Sound United LLC | (g)(z) | Consumer Durables & Apparel | 13.5% PIK (13.5% Max PIK) | 6/30/24 | 21.8 | 20.9 | 20.9 | |||||||||||||||
Sparta Systems Inc | (g) | Software & Services | L+825 | 1.0% | 8/21/25 | 35.1 | 34.7 | 34.9 | ||||||||||||||
Sungard Availability Services Capital Inc | (g) | Software & Services | L+400, 2.8% PIK (2.8 % Max PIK) | 1.0% | 8/1/24 | 1.9 | 1.9 | 1.9 | ||||||||||||||
Vestcom International Inc | (g)(h) | Consumer Services | L+825 | 1.0% | 12/19/24 | 70.5 | 70.1 | 70.5 | ||||||||||||||
WireCo WorldGroup Inc | (h)(x) | Capital Goods | L+900 | 1.0% | 9/30/24 | 3.4 | 3.4 | 2.8 | ||||||||||||||
Wittur Holding GmbH | (g)(l) | Capital Goods | E+850, 0.5% PIK (0.5% Max PIK) | 0.0% | 9/23/27 | € | 56.7 | 60.6 | 66.3 | |||||||||||||
|
|
|
| |||||||||||||||||||
Total Senior Secured Loans—Second Lien | 1,035.1 | 879.9 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Other Senior Secured Debt—2.8% | ||||||||||||||||||||||
Advanced Lighting Technologies Inc | (g)(n)(w)(z) | Materials | L+1,700 PIK (L+1,700 Max PIK) | 1.0% | 10/4/23 | $ | 38.3 | 23.6 | — | |||||||||||||
Angelica Corp | (n)(t)(w) | Health Care Equipment & Services | 10.0% PIK (10.0% Max PIK) | 12/30/22 | 48.4 | 42.3 | 23.9 | |||||||||||||||
Black Swan Energy Ltd | (g)(l) | Energy | 9.0% | 1/20/24 | 6.0 | 6.0 | 5.9 | |||||||||||||||
JW Aluminum Co | (g)(x)(y) | Materials | 10.3% | 6/1/26 | 39.3 | 39.4 | 41.8 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
KBP Investments LLC | (v) | Food & Staples Retailing | L+500 | 0.8% | 5/26/27 | $ | 23.6 | $ | 22.9 | $ | 23.3 | |||||||||||||||||||||||||||||||||||||||||||||
KBP Investments LLC | (x) | Food & Staples Retailing | L+500 | 0.8% | 5/26/27 | 3.9 | 3.9 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (f)(i)(k)(l)(m)(s)(t)(v) | Commercial & Professional Services | L+575 | 1.0% | 11/7/26 | 341.7 | 329.6 | 342.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Kellermeyer Bergensons Services LLC | (x) | Commercial & Professional Services | L+575 | 1.0% | 11/7/26 | 31.0 | 31.0 | 31.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (f)(i)(v) | Consumer Services | L+550 | 0.8% | 11/23/28 | 115.6 | 114.5 | 114.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakefield Veterinary Group | (x) | Consumer Services | L+550 | 0.8% | 11/23/28 | 56.3 | 56.3 | 55.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (l)(m)(v) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 77.0 | 75.1 | 76.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (v) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 3.4 | 3.4 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 10.8 | 10.8 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lakeview Farms Inc | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 6/10/27 | 3.4 | 3.4 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (i)(k)(l)(m)(v) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 106.8 | 103.3 | 107.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 10.3 | 10.3 | 10.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lexitas Inc | (x) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 5.4 | 5.4 | 5.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lionbridge Technologies Inc | (f)(k)(s)(t) | Consumer Services | L+700 | 1.0% | 12/29/25 | 68.9 | 64.0 | 70.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lipari Foods LLC | (f)(m)(s)(v) | Food & Staples Retailing | L+575 | 1.0% | 1/6/25 | 272.0 | 261.2 | 272.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lloyd's Register Quality Assurance Ltd | (w)(x) | Consumer Services | SA+600, 0.0% PIK (6.3% Max PIK) | 0.0% | 12/2/28 | £ | 15.0 | 20.0 | 19.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Matchesfashion Ltd | (v)(w) | Consumer Durables & Apparel | L+463, 3.0% PIK (3.0% Max PIK) | 0.0% | 10/11/24 | $ | 12.9 | 12.4 | 8.2 | |||||||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions LLC | (k)(l)(m)(t)(v) | Health Care Equipment & Services | L+600 | 1.0% | 1/29/27 | 231.0 | 220.3 | 231.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
MB2 Dental Solutions LLC | (x) | Health Care Equipment & Services | L+600 | 1.0% | 1/29/27 | 56.7 | 56.7 | 56.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Medallia Inc | (v) | Software & Services | L+675 PIK (L+675 Max PIK) | 0.8% | 10/29/28 | 147.9 | 146.5 | 146.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (v) | Software & Services | L+600 | 1.0% | 9/15/27 | 62.4 | 61.8 | 61.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (x) | Software & Services | L+600 | 1.0% | 9/15/27 | 31.3 | 31.3 | 31.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix | (x) | Software & Services | L+600 | 1.0% | 9/15/27 | 7.8 | 7.8 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC | (k)(l)(m)(t)(v) | Health Care Equipment & Services | L+650 | 1.0% | 12/14/26 | 180.6 | 171.4 | 178.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc | (ac)(v) | Capital Goods | 7.5% PIK (7.5% Max PIK) | 3/29/24 | 51.4 | 46.0 | 51.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Monitronics International Inc | (aa)(f)(v) | Commercial & Professional Services | L+650 | 1.3% | 3/29/24 | 18.8 | 17.2 | 17.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Monitronics International Inc | (v) | Commercial & Professional Services | L+500 | 1.5% | 7/3/24 | 47.3 | 44.8 | 45.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Monitronics International Inc | (x) | Commercial & Professional Services | L+500 | 1.5% | 7/3/24 | 22.7 | 22.7 | 21.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (v) | Commercial & Professional Services | L+650 | 1.0% | 12/19/25 | 4.8 | 4.5 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (f)(i)(m)(t)(v) | Commercial & Professional Services | L+650 | 1.0% | 12/22/25 | 119.9 | 115.5 | 118.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Motion Recruitment Partners LLC | (x) | Commercial & Professional Services | L+650 | 1.0% | 12/19/25 | 59.6 | 59.6 | 58.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (v) | Consumer Durables & Apparel | L+550 | 1.0% | 4/26/24 | 67.7 | 67.6 | 53.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
NCI Inc | (v) | Software & Services | L+750, 0.0% PIK (2.5% Max PIK) | 1.0% | 8/15/24 | 78.8 | 77.7 | 72.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | L+650 | 1.0% | 6/30/27 | 24.6 | 24.4 | 24.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (v) | Software & Services | L+675 | 1.0% | 6/30/27 | 0.9 | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (x) | Software & Services | L+675 | 1.0% | 6/30/27 | 2.1 | 2.1 | 2.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Documents | (x) | Software & Services | L+675 | 1.0% | 6/30/27 | 7.4 | 7.3 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (i)(l)(m)(t)(v) | Software & Services | L+625 | 1.0% | 10/31/26 | 82.5 | 78.6 | 82.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (v) | Software & Services | L+625 | 1.0% | 10/31/26 | 1.6 | 1.5 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (x) | Software & Services | L+625 | 1.0% | 10/31/26 | 13.8 | 13.8 | 13.7 |
30
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||
Lycra | (g)(l)(x) | Consumer Durables & Apparel | 7.5% | 5/1/25 | $ | 5.4 | $ | 5.4 | $ | 4.8 | ||||||||||||
TruckPro LLC | (g)(x) | Capital Goods | 11.0% | 10/15/24 | 2.8 | 2.6 | 3.0 | |||||||||||||||
Velvet Energy Ltd | (g)(l) | Energy | 9.0% | 10/5/23 | 7.5 | 7.5 | 6.2 | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total Other Senior Secured Debt | 126.8 | 85.6 | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Subordinated Debt—5.5% | ||||||||||||||||||||||
All Systems Holding LLC | (g) | Commercial & Professional Services | 10.0% PIK (10.0% Max PIK) | 10/31/22 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Ardonagh Group Ltd | (g)(l)(x) | Insurance | 11.5% | 1/15/27 | 0.8 | 0.8 | 0.8 | |||||||||||||||
athenahealth Inc | (g) | Health Care Equipment & Services | L+1,113 PIK (L+1,113 Max PIK) | 2/11/27 | 71.2 | 71.2 | 71.5 | |||||||||||||||
ClubCorp Club Operations Inc | (g)(x) | Consumer Services | 8.5% | 9/15/25 | 19.0 | 18.8 | 17.8 | |||||||||||||||
Cornerstone (Ply Gem Holdings Inc) | (g)(x) | Capital Goods | 8.0% | 4/15/26 | 0.2 | 0.2 | 0.2 | |||||||||||||||
Craftworks Rest & Breweries Group Inc | (g)(n)(w) | Consumer Services | 14.0% PIK (14.0% Max PIK) | 11/1/24 | 7.3 | 7.2 | — | |||||||||||||||
Hilding Anders | (g)(l)(n)(z) | Consumer Durables & Apparel | € | 110.5 | — | — | ||||||||||||||||
Hilding Anders | (g)(l)(n)(z) | Consumer Durables & Apparel | 24.8 | 26.9 | 30.3 | |||||||||||||||||
Hilding Anders | (g)(l)(n)(w)(z) | Consumer Durables & Apparel | 13.0% PIK (13.0% Max PIK) | 6/30/21 | 118.2 | 99.4 | 32.4 | |||||||||||||||
Legends Hospitality LLC | (g) | Consumer Services | L+1,000 PIK (L+1,000 Max PIK) | 1.0% | 5/6/26 | 18.2 | 17.9 | 17.9 | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total Subordinated Debt | 242.4 | 170.9 | ||||||||||||||||||||
|
|
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||
Asset Based Finance—30.8% | ||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | (g)(l)(n)(z) | Real Estate | 4,529,676 | $ | 4.5 | $ | 10.3 | |||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | (g)(l)(z) | Real Estate | 8.0%, 3.0% PIK (3.0% Max PIK) | 12/19/29 | $ | 29.4 | 29.4 | 29.4 | ||||||||||||||
Abacus JV, Private Equity | (g)(l) | Insurance | 29,115,242 | 29.1 | 31.0 | |||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity | (g)(l)(n) | Diversified Financials | 4,285,347 | 5.0 | 3.8 | |||||||||||||||||
Altavair AirFinance, Private Equity | (g)(l) | Capital Goods | 46,599,209 | 46.6 | 46.6 | |||||||||||||||||
AMPLIT JV LP, Limited Partnership Interest | (g)(l)(n) | Diversified Financials | N/A | 3.8 | — | |||||||||||||||||
Australis Maritime, Common Stock | (g)(l) | Transportation | 19,792,141 | 19.8 | 19.6 | |||||||||||||||||
Avida Holding AB, Common Stock | (g)(l)(n)(z) | Diversified Financials | 328,271,754 | 35.5 | 38.3 | |||||||||||||||||
Bank of Ireland, Class B Credit Linked Floating Rate Note | (j)(l) | Banks | L+1,185 | 12/4/27 | $ | 14.7 | 14.7 | 14.5 | ||||||||||||||
Byrider Finance LLC, Structured Mezzanine | (g) | Automobiles & Components | L+1,050 | 0.3% | 6/3/28 | $ | 2.1 | 2.1 | 2.1 | |||||||||||||
Byrider Finance LLC, Structured Mezzanine | (v) | Automobiles & Components | L+1,050 | 0.3% | 6/3/28 | $ | 5.5 | 5.5 | 5.5 | |||||||||||||
Byrider Finance LLC, Sub Note | (g)(l) | Automobiles & Components | 8.7% | 2/17/25 | $ | 2.1 | 2.0 | 2.2 | ||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan A | (g) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 37.5 | 37.5 | 37.5 | |||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (v) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 12.1 | 12.1 | 12.1 | |||||||||||||
Capital Automotive LP, Private Equity | (g)(l)(n) | Real Estate | 10,001,344 | 10.0 | 10.0 | |||||||||||||||||
Capital Automotive LP, Structured Mezzanine | (g)(l) | Real Estate | 11.0% PIK (11.0% MAX PIK) | 12/22/28 | $ | 20.0 | 20.0 | 20.0 | ||||||||||||||
Global Jet Capital LLC, Preferred Stock | (f)(g)(n) | Commercial & Professional Services | 69,429,554 | 69.4 | — | |||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/30/25 | $ | 1.3 | 1.2 | 1.2 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/30/25 | $ | 8.5 | 7.5 | 7.4 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/3/25 | $ | 1.7 | 1.5 | 1.5 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 9/29/25 | $ | 1.6 | 1.5 | 1.4 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (f)(g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | $ | 99.2 | 87.9 | 87.5 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (f)(g)(l) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | $ | 22.1 | 19.6 | 19.5 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
New Era Technology Inc | (x) | Software & Services | L+625 | 1.0% | 10/31/26 | $ | 3.1 | $ | 3.1 | $ | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||
Omnimax International Inc | (f)(i)(k)(l)(m)(v) | Capital Goods | L+725 | 1.0% | 10/8/26 | 218.5 | 209.2 | 217.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (aa)(ad)(v) | Health Care Equipment & Services | L+550 | 0.8% | 4/22/27 | 5.0 | 4.7 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (f)(k)(l)(m)(t) | Commercial & Professional Services | L+600 | 1.0% | 8/17/27 | 88.4 | 87.6 | 88.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (v) | Commercial & Professional Services | L+600 | 1.0% | 8/17/27 | 4.0 | 4.0 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | L+600 | 1.0% | 8/17/27 | 15.3 | 15.3 | 15.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Oxford Global Resources LLC | (x) | Commercial & Professional Services | L+600 | 1.0% | 8/17/27 | 3.7 | 3.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
P2 Energy Solutions Inc. | (v) | Software & Services | L+675 | 1.0% | 1/31/25 | 4.6 | 4.3 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
P2 Energy Solutions Inc. | (f)(i)(k)(m)(s)(t)(v) | Software & Services | L+675 | 1.0% | 2/2/26 | 249.1 | 232.7 | 232.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
P2 Energy Solutions Inc. | (x) | Software & Services | L+675 | 1.0% | 1/31/25 | 10.6 | 10.6 | 9.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parata Systems | (f)(m)(v) | Health Care Equipment & Services | L+575 | 1.0% | 6/30/27 | 73.9 | 73.4 | 74.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parata Systems | (x) | Health Care Equipment & Services | L+575 | 1.0% | 6/30/27 | 22.0 | 22.0 | 22.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parata Systems | (x) | Health Care Equipment & Services | L+575 | 1.0% | 6/30/27 | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts Town LLC | (v) | Retailing | L+550 | 0.8% | 11/1/28 | 87.4 | 86.6 | 86.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Parts Town LLC | (x) | Retailing | L+550 | 0.8% | 11/1/28 | 63.9 | 63.9 | 63.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (v) | Health Care Equipment & Services | L+575 | 0.8% | 8/23/28 | 65.8 | 65.0 | 64.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (x) | Health Care Equipment & Services | L+575 | 0.8% | 8/24/26 | 4.3 | 4.2 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
PartsSource Inc | (x) | Health Care Equipment & Services | L+575 | 0.8% | 8/23/28 | 22.9 | 22.6 | 22.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (aa)(v) | Capital Goods | L+375 | 0.8% | 2/1/28 | 9.0 | 8.7 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Performance Health Holdings Inc | (f)(i)(v) | Health Care Equipment & Services | L+600 | 1.0% | 7/12/27 | 120.7 | 119.5 | 120.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc | (ac)(v)(y)(z) | Energy | L+825, 1.8% PIK (1.8% Max PIK) | 1.0% | 6/30/23 | 27.0 | 22.0 | 9.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Polyconcept North America Inc | (aa)(v) | Household & Personal Products | L+450 PIK (L+450 Max PIK) | 1.0% | 8/16/23 | 22.8 | 22.6 | 22.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Premium Credit Ltd | (v)(w) | Diversified Financials | L+650 | 0.0% | 1/16/26 | £ | 55.9 | 72.6 | 75.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+500, 3.1% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | $ | 64.4 | 60.2 | 64.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+300, 5.5% PIK (5.5% Max PIK) | 0.3% | 8/21/24 | 133.3 | 124.9 | 133.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+550 PIK (L+550 Max PIK) | 1.0% | 8/21/24 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(v) | Media & Entertainment | L+750, 0.0% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 20.2 | 20.1 | 20.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | (ad)(x) | Media & Entertainment | L+750, 0.0% PIK (3.1% Max PIK) | 1.0% | 8/21/24 | 10.1 | 10.1 | 10.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Propulsion Acquisition LLC | (f)(l)(s)(t)(v) | Capital Goods | L+700 | 1.0% | 7/13/24 | 60.5 | 56.8 | 61.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
PSKW LLC | (i)(l)(s)(t)(v) | Health Care Equipment & Services | L+625 | 1.0% | 3/9/26 | 294.7 | 283.5 | 294.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Qdoba Restaurant Corp | (aa)(m)(v) | Consumer Services | L+700 | 1.0% | 3/21/25 | 10.9 | 10.8 | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (f)(i)(l)(m)(s)(v) | Health Care Equipment & Services | L+625 | 0.0% | 2/28/26 | 126.8 | 120.7 | 124.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (m)(v) | Software & Services | L+575 | 1.0% | 9/30/26 | 23.0 | 22.4 | 23.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings Inc | (x) | Software & Services | L+575 | 1.0% | 9/30/26 | 3.2 | 3.2 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings, Inc | (v) | Software & Services | L+575 | 1.0% | 9/30/26 | 3.3 | 3.3 | 3.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revere Superior Holdings, Inc | (x) | Software & Services | L+575 | 1.0% | 9/30/26 | 7.4 | 7.4 | 7.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (v) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 2.8 | 2.6 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (l)(m) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 28.8 | 28.1 | 28.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Rise Baking Company | (x) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 2.5 | 2.5 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (f)(i)(k)(l)(m)(s)(v) | Insurance | L+550 | 0.8% | 10/30/26 | 277.8 | 268.1 | 280.6 |
31
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (f)(g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | $ | 2.3 | $ | 2.0 | $ | 2.0 | ||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (f)(g)(l) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | $ | 17.6 | 15.6 | 15.5 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (f) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | $ | 8.5 | 7.5 | 7.5 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (f)(l) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | $ | 1.9 | 1.7 | 1.7 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 4/14/26 | $ | 21.2 | 18.8 | 18.7 | ||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (g) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/2/26 | $ | 20.9 | 18.5 | 18.4 | ||||||||||||||
Global Lending Services LLC, Private Equity | (g)(l) | Diversified Financials | 5,092,915 | 5.1 | 5.7 | |||||||||||||||||
Global Lending Services LLC, Private Equity | (g)(l) | Diversified Financials | 1,836,896 | 1.8 | 1.9 | |||||||||||||||||
Home Partners JV, Common Stock | (g)(l)(n)(y) | Real Estate | 16,886,437 | 16.9 | 21.5 | |||||||||||||||||
Home Partners JV, Private Equity | (g)(l)(n)(x)(y) | Real Estate | 585,960 | 0.6 | 0.0 | |||||||||||||||||
Home Partners JV, Structured Mezzanine | (g)(l)(y) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/25/29 | $ | 38.5 | 38.5 | 38.5 | ||||||||||||||
Home Partners JV, Structured Mezzanine | (l)(v)(y) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/25/29 | $ | 9.7 | 9.7 | 9.7 | ||||||||||||||
Kilter Finance, Preferred Stock | (g)(l)(z) | Insurance | 6.0%, 6.0% PIK (6.0% Max PIK) | 228,173 | 0.2 | 0.2 | ||||||||||||||||
Kilter Finance, Private Equity | (g)(l)(n)(z) | Insurance | 247,441 | 0.2 | 0.2 | |||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest | (g)(l) | Capital Goods | 16.0% | 5/31/23 | N/A | 39.1 | 38.8 | |||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (g)(l) | Capital Goods | 18,232,157 | 18.2 | 20.2 | |||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (g)(l) | Technology Hardware & Equipment | 8.0% | 6/22/22 | € | 7.4 | 8.4 | 9.0 | ||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (g)(l) | Technology Hardware & Equipment | 12.0% | 6/22/22 | $ | 4.7 | 5.3 | 5.7 | ||||||||||||||
Opendoor Labs Inc, 2L Term Loan | (g)(l) | Real Estate | 10.0% | 1/23/26 | $ | 23.6 | 23.6 | 23.6 | ||||||||||||||
Opendoor Labs Inc, 2L Term Loan | (l)(v) | Real Estate | 10.0% | 1/23/26 | $ | 47.1 | 47.1 | 47.1 | ||||||||||||||
Orchard Marine Limited, Class B Common Stock | (g)(l)(n)(y) | Transportation | 1,964 | 3.1 | — | |||||||||||||||||
Orchard Marine Limited, Series A Preferred Stock | (g)(l)(n)(y) | Transportation | 62,976 | 62.0 | 24.6 | |||||||||||||||||
Prime ST LLC, Private Equity | (g)(l)(n)(z) | Real Estate | 3,058,733 | 3.1 | 3.9 | |||||||||||||||||
Prime ST LLC, Structured Mezzanine | (g)(l)(z) | Real Estate | 5.0%, 6.0% PIK (6.0% Max PIK) | 3/12/30 | $ | 22.8 | 22.8 | 22.8 | ||||||||||||||
Rampart CLO 2007 1A Class Subord. | (g)(l)(n) | Diversified Financials | 10/25/21 | $ | 10.0 | — | — | |||||||||||||||
Sofi Lending Corp, Purchase Facility | (g)(l) | Diversified Financials | 32,231,687 | 32.2 | 32.6 | |||||||||||||||||
Star Mountain Diversified Credit Income Fund III, LP, Private Equity | (l)(p) | Diversified Financials | 12,500,000 | 12.5 | 12.1 | |||||||||||||||||
Toorak Capital Funding LLC, Membership Interest | (g)(l)(z) | Real Estate | N/A | 5.5 | 6.6 | |||||||||||||||||
Toorak Capital Partners LLC, Private Equity | (g)(z) | Real Estate | N/A | 195.8 | 235.9 | |||||||||||||||||
Wind River CLO Ltd. 2012 1A Class Subord. B | (g)(l)(n) | Diversified Financials | 1/15/26 | 42.5 | 17.5 | — | ||||||||||||||||
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Total Asset Based Finance | 1,099.5 | 1,025.8 | ||||||||||||||||||||
Unfunded Asset Based Finance Commitments | (74.4 | ) | (74.4 | ) | ||||||||||||||||||
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Net Asset Based Finance | 1,025.1 | 951.4 | ||||||||||||||||||||
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Strategic Credit Opportunities, LLC—23.0% | ||||||||||||||||||||||
Strategic Credit Opportunities Partners, LLC | (g)(l)(z) | Diversified Financials | $ | 810.3 | 810.3 | 712.5 | ||||||||||||||||
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Total Strategic Credit Opportunities Partners | 810.3 | 712.5 | ||||||||||||||||||||
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Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (v) | Insurance | L+550 | 0.8% | 10/30/26 | $ | 4.1 | $ | 4.0 | $ | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (x) | Insurance | L+550 | 0.8% | 10/30/26 | 16.1 | 16.1 | 16.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
RSC Insurance Brokerage Inc | (x) | Insurance | L+550 | 0.8% | 10/30/26 | 3.6 | 3.6 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Safe-Guard Products International LLC | (f)(m)(t) | Diversified Financials | L+500 | 0.5% | 1/27/27 | 45.1 | 42.5 | 45.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (x) | Software & Services | L+575 | 1.0% | 9/1/27 | 2.4 | 2.4 | 2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
SAMBA Safety Inc | (x) | Software & Services | L+575 | 1.0% | 9/1/27 | 6.1 | 6.1 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (v) | Consumer Services | L+550 | 0.8% | 10/12/28 | 1.9 | 1.8 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (x) | Consumer Services | L+550 | 0.8% | 10/12/28 | 7.6 | 7.6 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
SavATree LLC | (x) | Consumer Services | L+550 | 0.8% | 10/12/28 | 6.3 | 6.3 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequa Corp | (aa)(m)(v) | Capital Goods | L+675, 0.0% PIK (1.0% Max PIK) | 1.0% | 11/28/23 | 16.0 | 15.4 | 16.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequa Corp | (v) | Capital Goods | L+900, 0.0% PIK (9.5% Max PIK) | 1.0% | 7/31/25 | 16.4 | 16.0 | 17.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC | (v)(y)(z) | Health Care Equipment & Services | L+800 | 1.0% | 9/1/23 | 170.0 | 106.4 | 51.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC | (v)(y)(z) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/23 | 29.2 | 19.3 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC | (v) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/23 | 36.0 | 36.0 | 36.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequel Youth & Family Services LLC | (x) | Health Care Equipment & Services | L+700 | 1.0% | 9/1/23 | 6.0 | 6.0 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
SitusAMC Holdings Corp | (k)(l)(v) | Real Estate | L+575 | 0.8% | 12/22/27 | 95.4 | 94.5 | 94.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | (aa)(ac)(f)(k)(t)(v) | Telecommunication Services | L+550 | 0.8% | 3/17/26 | 59.9 | 56.9 | 60.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Source Code LLC | (k)(l)(t) | Software & Services | L+650 | 1.0% | 6/30/27 | 53.3 | 52.3 | 52.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Source Code LLC | (x) | Software & Services | L+650 | 1.0% | 6/30/27 | 15.3 | 15.0 | 15.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (m)(s)(t)(v) | Software & Services | L+550 | 1.0% | 1/20/27 | 60.7 | 57.3 | 61.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Spins LLC | (x) | Software & Services | L+550 | 1.0% | 1/20/27 | 7.9 | 7.9 | 7.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Staples Canada | (v)(w) | Retailing | C+700 | 1.0% | 9/12/24 | C$ | 35.8 | 28.0 | 29.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Summit Interconnect Inc | (f)(k)(l)(t)(v) | Capital Goods | L+600 | 1.0% | 9/22/28 | $ | 107.9 | 106.8 | 106.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Summit Interconnect Inc | (x) | Capital Goods | L+600 | 1.0% | 9/22/28 | 48.7 | 48.7 | 48.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | (ac)(v) | Software & Services | SF+375, 3.8% PIK (3.8% Max PIK) | 1.0% | 7/1/24 | 5.8 | 5.7 | 6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (m)(v) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 55.8 | 53.3 | 56.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (v) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (x) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 17.2 | 17.2 | 17.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sweeping Corp of America Inc | (x) | Commercial & Professional Services | L+575 | 1.0% | 11/30/26 | 3.9 | 3.9 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Tangoe LLC | (f)(i)(m)(s)(v) | Software & Services | L+650 | 1.0% | 11/28/25 | 190.2 | 171.5 | 147.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp | (ac)(v)(y)(z) | Capital Goods | L+1,100 PIK (L+1,100 Max PIK) | 1.0% | 1/1/24 | 8.5 | 8.3 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (m)(v) | Retailing | L+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 3/1/23 | 48.5 | 48.4 | 47.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
ThreeSixty Group | (m)(v) | Retailing | L+500, 2.5% PIK (2.5% Max PIK) | 1.5% | 3/1/23 | 48.3 | 48.1 | 47.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | L+650 | 0.8% | 12/1/27 | 45.8 | 44.8 | 44.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (v) | Capital Goods | L+650 | 0.8% | 12/1/27 | 5.3 | 5.3 | 5.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (x) | Capital Goods | L+650 | 0.8% | 12/1/27 | 13.7 | 13.7 | 13.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (x) | Capital Goods | L+650 | 0.8% | 12/1/27 | 4.5 | 4.5 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Time Manufacturing Co | (x) | Capital Goods | E+650 | 0.8% | 12/1/27 | € | 15.0 | 17.0 | 17.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (v)(w) | Software & Services | L+650 | 0.0% | 10/15/26 | £ | 13.9 | 17.7 | 18.3 | |||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (v)(w) | Software & Services | B+650 | 0.0% | 10/15/26 | A$ | 80.3 | 55.7 | 57.0 |
32
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||
Equity/Other—17.1%(m) | ||||||||||||||||||||||
Advanced Lighting Technologies Inc, Common Stock | (g)(n)(z) | Materials | 587,637 | $ | 16.5 | $ | — | |||||||||||||||
Advanced Lighting Technologies Inc, Warrant | (g)(n)(z) | Materials | 10/4/27 | 9,262 | 0.1 | — | ||||||||||||||||
Alion Science & Technology Corp, Class A Membership Interest | (g)(n) | Capital Goods | 7,350,267 | 7.3 | 12.4 | |||||||||||||||||
All Systems Holding LLC, Common Stock | (g)(n) | Commercial & Professional Services | 586,763 | 0.6 | 0.9 | |||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | (j)(l)(n)(z) | Automobiles & Components | 5,735,804,056 | 30.7 | — | |||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | (j)(l)(n)(z) | Automobiles & Components | 4,097 | — | — | |||||||||||||||||
Amtek Global Technology Pte Ltd, Trade Claim | (j)(l)(n)(z) | Automobiles & Components | 1,190,759 | 1.0 | — | |||||||||||||||||
Angelica Corp, Limited Partnership Interest | (n)(t) | Health Care Equipment & Services | 877,044 | 47.6 | — | |||||||||||||||||
Ap Plasman Inc, Warrant | (g)(l)(n) | Capital Goods | 5/25/26 | 6,985 | 2.5 | — | ||||||||||||||||
Ardonagh Ltd, Ordinary Shares | (g)(l)(n) | Insurance | 16,450 | — | — | |||||||||||||||||
Ardonagh Ltd, Ordinary Shares | (g)(l)(n) | Insurance | 116,814 | 0.2 | 0.2 | |||||||||||||||||
Ardonagh Ltd, Preferred Stock | (g)(l)(n) | Insurance | 6,113,719 | 9.1 | 9.7 | |||||||||||||||||
Arena Energy LP, Warrants | (g)(n) | Energy | 9,740,932 | 0.0 | 0.0 | |||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (n)(o) | Energy | 10,193 | 9.7 | 2.3 | |||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim | (o) | Energy | 86,607,143 | 19.4 | 19.3 | |||||||||||||||||
ASG Technologies, Common Stock | (g)(n)(y) | Software & Services | 1,149,421 | 23.4 | 42.7 | |||||||||||||||||
ASG Technologies, Warrant | (g)(n)(y) | Software & Services | 6/27/22 | 229,541 | 6.5 | 3.5 | ||||||||||||||||
Aspect Software Inc, Common Stock | (g)(n) | Software & Services | 161,261 | 0.3 | 0.3 | |||||||||||||||||
Aspect Software Inc, Warrant | (g)(n) | Software & Services | 1/15/24 | 161,008 | — | 0.2 | ||||||||||||||||
AVF Parent LLC, Trade Claim | (g)(n) | Retailing | 56,969 | — | — | |||||||||||||||||
Belk Inc, Units | (g)(n) | Retailing | 1,642 | 7.8 | — | |||||||||||||||||
Borden (New Dairy Opco), Common Stock | (n)(t)(y) | Food, Beverage & Tobacco | 4,466,800 | 3.9 | 3.2 | |||||||||||||||||
Cengage Learning, Inc, Common Stock | (g)(n) | Media & Entertainment | 227,802 | 7.5 | 3.3 | |||||||||||||||||
Charlotte Russe Inc, Common Stock | (g)(n)(y) | Retailing | 22,575 | 12.5 | — | |||||||||||||||||
Chisholm Oil & Gas Operating LLC, Series A Units | (n)(p) | Energy | 75,000 | 0.1 | — | |||||||||||||||||
CTI Foods Holding Co LLC, Common Stock | (g)(n) | Food, Beverage & Tobacco | 5,836 | 0.7 | 0.0 | |||||||||||||||||
Directed LLC, Warrant | (g)(n) | Consumer Durables & Apparel | 12/31/25 | 649,538 | — | — | ||||||||||||||||
Empire Today LLC, Common Stock | (g)(n) | Retailing | 375 | 1.1 | 3.3 | |||||||||||||||||
Fronton BV, Common Stock | (n)(p)(y) | Consumer Services | 14,943 | — | 1.2 | |||||||||||||||||
Genesys Telecommunications Laboratories Inc, Class A Shares | (g)(n) | Technology Hardware & Equipment | 40,529 | — | — | |||||||||||||||||
Genesys Telecommunications Laboratories Inc, Ordinary Shares | (g)(n) | Technology Hardware & Equipment | 41,339 | — | — | |||||||||||||||||
Genesys Telecommunications Laboratories Inc, Preferred Stock | (g)(n) | Technology Hardware & Equipment | 1,050,465 | — | — | |||||||||||||||||
Harvey Industries Inc, Common Stock | (g)(n) | Capital Goods | 2,333,333 | — | 1.9 | |||||||||||||||||
Hilding Anders, Class A Common Stock | (g)(l)(n)(z) | Consumer Durables & Apparel | 4,503,411 | 0.1 | — | |||||||||||||||||
Hilding Anders, Class B Common Stock | (g)(l)(n)(z) | Consumer Durables & Apparel | 574,791 | — | — | |||||||||||||||||
Hilding Anders, Class C Common Stock | (g)(l)(n)(z) | Consumer Durables & Apparel | 213,201 | — | — | |||||||||||||||||
Hilding Anders, Equity Options | (g)(l)(n)(z) | Consumer Durables & Apparel | 11/30/25 | 236,160,807 | 15.0 | — | ||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | (g)(n)(y) | Capital Goods | 214 | 0.0 | — | |||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | (g)(n)(y) | Capital Goods | 214 | — | — | |||||||||||||||||
Home Partners of America Inc, Common Stock | (g)(n)(y) | Real Estate | 81,625 | 83.6 | 130.5 | |||||||||||||||||
Home Partners of America Inc, Warrant | (g)(n)(y) | Real Estate | 8/7/24 | 2,675 | 0.3 | 2.1 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transaction Services Group Ltd | (v)(w) | Software & Services | L+650 | 0.0% | 10/15/26 | $ | 126.2 | $ | 122.2 | $ | 123.1 | |||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc | (ad)(v) | Energy | L+900, 1.0% PIK (1.0% Max PIK) | 1.0% | 5/22/24 | 18.7 | 17.4 | 18.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (v)(w) | Diversified Financials | L+625 | 1.0% | 10/4/27 | 15.1 | 15.0 | 15.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (v)(w) | Diversified Financials | L+625 | 1.0% | 10/4/27 | 0.7 | 0.7 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Diversified Financials | L+625 | 1.0% | 10/4/27 | 13.2 | 13.2 | 13.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wealth Enhancement Group LLC | (w)(x) | Diversified Financials | L+625 | 1.0% | 10/4/27 | 1.0 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (f)(k)(l)(m)(t)(v) | Capital Goods | L+600 | 1.0% | 4/5/28 | 139.2 | 132.5 | 141.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Woolpert Inc | (x) | Capital Goods | L+600 | 1.0% | 4/5/28 | 25.6 | 25.6 | 25.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—First Lien | 11,165.5 | 11,236.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (1,470.4) | (1,470.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—First Lien | 9,695.1 | 9,765.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien—20.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc | (v)(y)(z) | Materials | L+600 | 1.0% | 3/16/27 | 11.3 | 10.5 | 6.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Ammeraal Beltech Holding BV | (f)(s)(v)(w) | Capital Goods | L+775 | 0.0% | 9/12/26 | 44.9 | 40.8 | 44.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd | (ad)(v)(w)(y)(z) | Automobiles & Components | E+500 PIK (E+500 Max PIK) | 0.0% | 4/4/24 | € | 34.7 | 39.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (v)(w) | Diversified Financials | L+675 | 0.5% | 7/27/29 | $ | 8.0 | 7.9 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (ac)(v)(y)(z) | Retailing | 10.0% PIK (10.0% Max PIK) | 7/31/25 | 25.5 | 4.2 | 6.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC | (u)(v) | Automobiles & Components | L+1,000, 0.5% PIK (0.5% Max PIK) | 1.3% | 6/7/22 | 54.3 | 52.8 | 54.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | (ac)(f)(v) | Capital Goods | L+1,100, 0.0% PIK (10.0% Max PIK) | 1.0% | 3/27/25 | 13.5 | 12.5 | 12.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cubic Corp | (v) | Software & Services | L+763 | 0.8% | 5/25/29 | 54.8 | 51.8 | 55.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Datatel Inc | (v) | Software & Services | L+800 | 1.0% | 10/9/28 | 179.2 | 170.1 | 184.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | (ac)(v)(y)(z) | Food & Staples Retailing | 11.0% PIK (11.0% Max PIK) | 2/24/24 | 6.9 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (v) | Consumer Durables & Apparel | L+500 | 1.0% | 11/1/26 | 36.2 | 35.8 | 35.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd | (aa)(v)(w) | Software & Services | L+725 | 1.0% | 6/13/25 | 21.8 | 20.5 | 21.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
NBG Home | (v)(y)(z) | Consumer Durables & Apparel | L+1,275 PIK (L+1,275 Max PIK) | 1.0% | 9/30/24 | 31.4 | 28.2 | 8.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
OEConnection LLC | (f)(v) | Software & Services | L+825 | 0.0% | 9/25/27 | 27.0 | 26.6 | 26.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
OEConnection LLC | (v) | Software & Services | L+700 | 0.5% | 9/25/27 | 49.0 | 49.0 | 48.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (s)(v) | Capital Goods | L+800 | 1.0% | 2/1/29 | 175.0 | 165.3 | 178.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Peraton Corp | (v) | Capital Goods | L+775 | 0.8% | 2/1/29 | 156.4 | 149.9 | 158.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Petrochoice Holdings Inc | (v) | Capital Goods | L+875 | 1.0% | 8/21/23 | 65.0 | 64.4 | 57.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Polyconcept North America Inc | (v) | Household & Personal Products | 11.0% PIK (11.0% Max PIK) | 2/16/24 | 10.0 | 9.9 | 10.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pure Fishing Inc | (f)(m)(v) | Consumer Durables & Apparel | L+838 | 1.0% | 12/21/26 | 177.0 | 170.6 | 168.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sequa Corp | (aa)(m)(v) | Capital Goods | L+1,075, 0.0% PIK (6.8% Max PIK) | 1.0% | 4/28/24 | 5.9 | 5.7 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
SIRVA Worldwide Inc | (aa)(v) | Commercial & Professional Services | L+950 | 0.0% | 8/3/26 | 6.5 | 5.4 | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Solera LLC | (aa)(v) | Software & Services | L+800 | 1.0% | 6/4/29 | 312.4 | 295.8 | 317.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | (ac)(v)(y)(z) | Software & Services | SF+400, 2.8% PIK (2.8% Max PIK) | 1.0% | 8/1/24 | 14.6 | 13.7 | 8.3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (v)(w) | Food, Beverage & Tobacco | SA+800 | 0.0% | 10/1/29 | £ | 9.3 | 12.3 | 12.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Valeo Foods Group Ltd | (w)(x) | Food, Beverage & Tobacco | E+750 | 0.0% | 10/1/29 | € | 6.2 | 7.2 | 6.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Vantage Specialty Chemicals Inc | (aa)(v) | Materials | L+825 | 1.0% | 10/27/25 | $ | 0.8 | 0.7 | 0.7 |
33
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||
Imagine Communications Corp, Common Stock | (g)(n) | Media & Entertainment | 33,034 | $ | 3.8 | $ | 2.9 | |||||||||||||||
Jones Apparel Holdings, Inc., Common Stock | (g)(n) | Consumer Durables & Apparel | 5,451 | 0.9 | — | |||||||||||||||||
JW Aluminum Co, Common Stock | (f)(g)(n)(y) | Materials | 1,474 | — | — | |||||||||||||||||
JW Aluminum Co, Preferred Stock | (f)(g)(y) | Materials | 12.5% PIK (12.5% Max PIK) | 2/15/28 | 8,404 | 107.3 | 93.7 | |||||||||||||||
Maverick Natural Resources, Common Stock | (n) | Energy | 160,101 | 44.0 | 48.6 | |||||||||||||||||
MB Precision Holdings LLC, Class A—2 Units | (n)(p) | Capital Goods | 1,426,110 | 0.5 | — | |||||||||||||||||
Miami Beach Medical Group LLC, Common Stock | (g)(n) | Health Care Equipment & Services | 269,107 | 0.3 | 0.3 | |||||||||||||||||
Micronics Filtration Holdings Inc, Common Stock | (g)(n)(y) | Capital Goods | 53,073 | 0.6 | — | |||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series A | (g)(n)(y) | Capital Goods | 55 | 0.6 | — | |||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B | (g)(n)(y) | Capital Goods | 23 | 0.2 | — | |||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK | (g)(y) | Capital Goods | 3.0% PIK (3.0% Max PIK) | 3/31/24 | 112,780 | — | — | |||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK | (g)(y) | Capital Goods | 7.5% PIK (7.5% Max PIK) | 3/31/24 | 54,000 | — | — | |||||||||||||||
NBG Home, Common Stock | (g)(n) | Consumer Durables & Apparel | 1,903 | 2.6 | — | |||||||||||||||||
Nine West Holdings Inc, Common Stock | (g)(n) | Consumer Durables & Apparel | 5,451 | 6.5 | — | |||||||||||||||||
One Call Care Management Inc, Common Stock | (g)(n)(y) | Health Care Equipment & Services | 4,370,566,806 | 3.0 | 2.4 | |||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (g)(n)(y) | Health Care Equipment & Services | 466,194 | 32.3 | 25.5 | |||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (g)(y) | Health Care Equipment & Services | 9.0% PIK (9.0% Max PIK) | 10/25/29 | 9,615,247 | 9.8 | 10.6 | |||||||||||||||
Petroplex Acidizing Inc, Preferred Stock A | (g)(y) | Energy | 2.0% PIK (2.0% Max PIK) | 24,642,082 | 4.5 | — | ||||||||||||||||
Petroplex Acidizing Inc, Warrant | (g)(n)(y) | Energy | 12/15/26 | 8 | — | — | ||||||||||||||||
Polyconcept North America Inc, Class A—1 Units | (g)(n) | Household & Personal Products | 29,376 | 2.9 | 2.1 | |||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | (g)(l)(n)(y) | Energy | 2,635,005 | 33.5 | 9.0 | |||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | (g)(l)(n)(y) | Energy | 837,780 | 5.4 | 9.5 | |||||||||||||||||
Quorum Health Corp, Common Stock | (g)(n) | Health Care Equipment & Services | 32,622 | 0.3 | 0.3 | |||||||||||||||||
Quorum Health Corp, Trade Claim | (g)(n) | Health Care Equipment & Services | 3,334,000 | 0.3 | 0.3 | |||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units | (g)(n) | Health Care Equipment & Services | 57,595 | 0.1 | 0.1 | |||||||||||||||||
Ridgeback Resources Inc, Common Stock | (f)(l)(n) | Energy | 324,954 | 2.0 | 1.3 | |||||||||||||||||
Sequential Brands Group Inc., Common Stock | (g)(x) | Consumer Durables & Apparel | 5,167 | 2.8 | 0.1 | |||||||||||||||||
Sorenson Communications LLC, Common Stock | (f)(n) | Telecommunication Services | 46,163 | — | 42.3 | |||||||||||||||||
Sound United LLC, Class A Units | (g)(n)(z) | Consumer Durables & Apparel | 649,538 | 1.1 | — | |||||||||||||||||
Sound United LLC, Common Stock | (g)(n)(z) | Consumer Durables & Apparel | 12,857,143 | 17.3 | 29.3 | |||||||||||||||||
Sound United LLC, Series I Units | (g)(n)(z) | Consumer Durables & Apparel | 308,948 | 0.5 | — | |||||||||||||||||
Sound United LLC, Series II Units | (n)(p)(z) | Consumer Durables & Apparel | 316,770 | 0.5 | — | |||||||||||||||||
SSC (Lux) Limited S.a r.l., Common Stock | (g)(l)(n) | Health Care Equipment & Services | 113,636 | 2.3 | 4.9 | |||||||||||||||||
Stuart Weitzman Inc, Common Stock | (g)(n) | Consumer Durables & Apparel | 5,451 | — | — | |||||||||||||||||
Sungard Availability Services Capital Inc, Common Stock | (f)(g)(n) | Software & Services | 44,857 | 3.1 | 1.5 | |||||||||||||||||
Sweet Harvest Foods Management Co, Warrant | (g)(i)(n) | Food & Staples Retailing | 6/30 /30 | 2,883,007 | — | 1.1 | ||||||||||||||||
ThermaSys Corp, Common Stock | (f)(g)(n)(y) | Capital Goods | 17,383,026 | 10.2 | — | |||||||||||||||||
ThermaSys Corp, Preferred Stock | (g)(n)(y) | Capital Goods | 1,529 | 1.7 | — | |||||||||||||||||
Trace3 Inc, Common Stock | (g)(n) | Software & Services | 19,312 | 0.2 | 1.4 | |||||||||||||||||
Versatile Processing Group Inc, Class A—2 Units | (f)(n) | Materials | 3,637,500 | 3.6 | — | |||||||||||||||||
Warren Resources Inc, Common Stock | (g)(n) | Energy | 113,515 | 0.5 | 0.1 | |||||||||||||||||
Zeta Interactive Holdings Corp, Preferred Stock, Series E—1 | (g)(n) | Software & Services | 215,662 | 1.7 | 2.2 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c) | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Wittur Holding GmbH | (v)(w) | Capital Goods | E+850, 0.5% PIK (0.5% Max PIK) | 0.0% | 9/23/27 | € | 112.8 | 120.9 | 120.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Senior Secured Loans—Second Lien | 1,571.6 | 1,563.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Loan Commitments | (7.2) | (7.2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Senior Secured Loans—Second Lien | 1,564.4 | 1,556.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt—1.6% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Angelica Corp | (h)(y)(z) | Health Care Equipment & Services | 10.0% PIK (10.0% Max PIK) | 12/30/22 | $ | 53.4 | 42.3 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co | (aa)(ad)(s)(v) | Materials | 10.3% | 6/1/26 | 76.5 | 75.5 | 81.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | (ad)(v) | Health Care Equipment & Services | 8.5% PIK (8.5% Max PIK) | 11/1/28 | 23.5 | 21.6 | 23.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
TruckPro LLC | (aa)(v) | Capital Goods | 11.0% | 10/15/24 | 9.2 | 9.2 | 10.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Other Senior Secured Debt | 148.6 | 119.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt—1.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (aa)(v)(w) | Insurance | 12.8% PIK (12.8% Max PIK) | 1/15/27 | 0.9 | 0.9 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | (ad)(s)(v)(w)(y)(z) | Capital Goods | 10.0% PIK (10.0% Max PIK) | 8/9/28 | 18.3 | 4.8 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
ClubCorp Club Operations Inc | (aa)(v) | Consumer Services | 8.5% | 9/15/25 | 37.3 | 35.4 | 35.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Encora Digital Inc | (v) | Software & Services | 9.8% PIK (9.8% Max PIK) | 12/13/29 | 21.6 | 20.9 | 20.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | (ad)(v)(w)(y) | Consumer Durables & Apparel | € | 24.8 | 26.9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | (ad)(v)(w)(y) | Consumer Durables & Apparel | 110.5 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | (ad)(v)(w)(y)(z) | Consumer Durables & Apparel | 13.0% PIK (13.0% Max PIK) | 11/30/25 | 134.4 | 99.4 | 46.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Subordinated Debt | 188.3 | 111.3 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance—29.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | (ad)(v)(w)(y) | Real Estate | 8,554,983 | $ | 14.1 | $ | 23.1 | |||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | (ad)(v)(w) | Real Estate | 8.0%, 3.0% PIK (3.0% Max PIK) | 12/19/29 | $ | 57.2 | 55.1 | 57.2 | ||||||||||||||||||||||||||||||||||||||||||
Abacus JV, Private Equity | (v)(w) | Insurance | 44,833,382 | 43.8 | 48.1 | |||||||||||||||||||||||||||||||||||||||||||||
Accelerator Investments Aggregator LP, Private Equity | (v)(w)(y) | Diversified Financials | 5,397,365 | 6.3 | 4.7 | |||||||||||||||||||||||||||||||||||||||||||||
Altavair AirFinance, Private Equity | (v)(w) | Capital Goods | 94,679,609 | 95.6 | 114.3 | |||||||||||||||||||||||||||||||||||||||||||||
Australis Maritime, Common Stock | (v)(w) | Transportation | 46,781,830 | 45.1 | 46.7 | |||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | (ad)(v)(w)(y) | Diversified Financials | 405,023,756 | 44.6 | 52.3 | |||||||||||||||||||||||||||||||||||||||||||||
Bank of Ireland, Class B Credit Linked Floating Rate Note | (g)(w) | Banks | L+1,185 | 12/4/27 | $ | 14.7 | 14.7 | 14.7 | ||||||||||||||||||||||||||||||||||||||||||
Byrider Finance LLC, Structured Mezzanine | (x) | Automobiles & Components | L+1,050 | 0.3% | 6/3/28 | $ | 23.0 | 23.0 | 23.0 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan A | (v) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 125.0 | 118.0 | 125.6 | |||||||||||||||||||||||||||||||||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | (x) | Diversified Financials | L+900 | 1.0% | 11/3/25 | $ | 40.3 | 40.3 | 40.5 | |||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Private Equity | (v)(w) | Real Estate | 21,640,936 | 23.7 | 28.1 | |||||||||||||||||||||||||||||||||||||||||||||
Capital Automotive LP, Structured Mezzanine | (v)(w) | Real Estate | 11.0% | 12/22/28 | $ | 42.7 | 41.9 | 42.7 |
34
2021
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||
Zeta Interactive Holdings Corp, Preferred Stock, Series F | (g)(n) | Software & Services | 196,151 | $ | 1.7 | $ | 3.4 | |||||||||||||||||||||||
Zeta Interactive Holdings Corp, Warrant | (g)(n) | Software & Services | 4/20/27 | 29,422 | — | 0.1 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Equity/Other | 616.1 | 530.0 | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
TOTAL INVESTMENTS—219.0% | $ | 7,452.7 | 6,779.8 | |||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(119.0%) | (3,683.8 | ) | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
NET ASSETS—100% | $ | 3,096.0 | ||||||||||||||||||||||||||||
|
|
Foreign currency forward contracts
Foreign Currency | Settlement Date | Counterparty | Amount and | US$ Value at Settlement Date | US$ Value at December 31, 2020 | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 10/17/2022 | JP Morgan Chase Bank | A$ | 3.0 Sold | $ | 2.1 | $ | 2.3 | $ | (0.2 | ) | |||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 6.1 Sold | 7.5 | 7.5 | — | |||||||||||||||
EUR | 7/17/2023 | JP Morgan Chase Bank | € | 1.3 Sold | 1.7 | 1.6 | 0.1 | |||||||||||||||
EUR | 8/8/2025 | JP Morgan Chase Bank | € | 4.8 Sold | 5.7 | 6.1 | (0.4 | ) | ||||||||||||||
GBP | 10/13/2021 | JP Morgan Chase Bank | £ | 0.6 Sold | 0.9 | 0.8 | 0.1 | |||||||||||||||
GBP | 10/13/2021 | JP Morgan Chase Bank | £ | 0.6 Bought | (0.8 | ) | (0.8 | ) | — | |||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 2.0 Bought | (2.7 | ) | (2.7 | ) | — | |||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 7.0 Sold | 9.4 | 9.6 | (0.2 | ) | ||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.9 Sold | 2.9 | 2.7 | 0.2 | |||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.7 Sold | 2.6 | 2.4 | 0.2 | |||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 3.4 Sold | 4.8 | 4.7 | 0.1 | |||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.4 Sold | 1.9 | 1.9 | — | |||||||||||||||
NOK | 8/8/2025 | JP Morgan Chase Bank | NOK | 49.1 Sold | 5.2 | 5.6 | (0.4 | ) | ||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 119.3 Sold | 13.3 | 14.8 | (1.5 | ) | ||||||||||||||
|
|
|
|
|
| |||||||||||||||||
Total | $ | 54.5 | $ | 56.5 | $ | (2.0 | ) | |||||||||||||||
|
|
|
|
|
|
| ||
|
|
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
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) | Commercial & Professional Services | 9.0% PIK (9.0% Max PIK) | 10/1/28 | $ | 414.0 | 304.8 | 302.2 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/4/25 | $ | 53.6 | 36.9 | 53.6 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 12/9/25 | $ | 39.2 | 26.9 | 39.2 | ||||||||||||||||||||||||||||||||||||||||||
Global Jet Capital LLC, Structured Mezzanine | (j)(u)(v)(w) | Commercial & Professional Services | 15.0% PIK (15.0% Max PIK) | 1/29/26 | $ | 4.6 | 3.1 | 4.6 | ||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Diversified Financials | 12,222,437 | 14.2 | 15.5 | |||||||||||||||||||||||||||||||||||||||||||||
Global Lending Services LLC, Private Equity | (v)(w) | Diversified Financials | 22,352,639 | 24.2 | 28.5 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Real Estate | 1,585,353 | 1.5 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | (ac)(v)(w)(y) | Real Estate | 59,815 | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | (ac)(v)(w) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/20/30 | $ | 3.5 | 3.4 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | (ac)(w)(x) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/20/30 | $ | 13.6 | 13.6 | 13.6 | ||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Common Stock | (ac)(v)(w)(y) | Real Estate | 32,659,547 | 47.6 | 80.6 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Private Equity | (ac)(v)(w)(y) | Real Estate | 4,127,355 | 5.4 | 9.4 | |||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Structured Mezzanine | (ac)(v)(w) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/25/29 | $ | 90.4 | 85.6 | 90.4 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Preferred Stock | (ac)(p) | Transportation | 8.0%, 0.0% PIK (8.0% Max PIK) | 20,878,236 | 20.9 | 16.8 | ||||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Term Loan | (ac)(v) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 76.6 | 75.9 | 76.1 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Term Loan | (ac)(x) | Transportation | 10.0%, 2.0% PIK (2.0% Max PIK) | 4/2/26 | $ | 75.0 | 75.0 | 74.5 | ||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Warrant | (ac)(h)(y) | Transportation | 3,963 | — | 4.5 | |||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | (ad)(v)(w) | Insurance | 6.0%, 6.0% PIK (6.0% Max PIK) | 36,108,611 | 34.6 | 36.1 | ||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | (ad)(v)(w)(y) | Insurance | 536,709 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Central Park Leasing Aggregator L.P., Partnership Interest | (v)(w)(y)(z) | Capital Goods | 14.3% | 5/31/23 | $ | 39.1 | 39.1 | 25.8 | ||||||||||||||||||||||||||||||||||||||||||
KKR Chord IP Aggregator LP, Partnership Interest | (v)(w) | Media & Entertainment | 114,193,861 | 112.6 | 131.5 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Chord IP Aggregator LP, Structured Mezzanine | (v)(w) | Media & Entertainment | 9.0% | 10/14/23 | $ | 167.3 | 164.9 | 167.3 | ||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | (ad)(v)(w) | Diversified Financials | 1,387,913 | 1.4 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (v)(w)(y) | Capital Goods | 23,664,954 | 23.0 | 19.1 | |||||||||||||||||||||||||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (v)(w) | Technology Hardware & Equipment | 7.8% | 9/22/24 | € | 7.8 | 9.2 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (v)(w) | Technology Hardware & Equipment | 7.8% | 9/22/24 | $ | 12.1 | 12.1 | 12.1 | ||||||||||||||||||||||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (v)(w) | Technology Hardware & Equipment | 11.8% | 9/22/24 | € | 5.9 | 6.9 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (v)(w) | Technology Hardware & Equipment | 11.8% | 9/22/24 | £ | 1.6 | 2.2 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (v)(w) | Technology Hardware & Equipment | 7.8% | 9/22/24 | £ | 2.1 | 2.9 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (v)(w) | Technology Hardware & Equipment | 11.8% | 9/22/24 | $ | 9.1 | 9.1 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||
My Community Homes SFR PropCo 2, Private Equity | (ad)(v)(w)(y) | Real Estate | 33,000,000 | 33.0 | 33.0 | |||||||||||||||||||||||||||||||||||||||||||||
NewStar Clarendon 2014-1A Class D | (v)(w) | Diversified Financials | 19.5% | 1/25/27 | $ | 8.3 | 2.5 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||
Opendoor Labs Inc, Structured Mezzanine | (v)(w) | Real Estate | 10.0% | 4/1/26 | $ | 71.1 | 71.1 | 71.1 | ||||||||||||||||||||||||||||||||||||||||||
Opendoor Labs Inc, Structured Mezzanine | (w)(x) | Real Estate | 10.0% | 4/1/26 | $ | 88.9 | 88.9 | 88.9 | ||||||||||||||||||||||||||||||||||||||||||
Orchard Marine Limited, Class B Common Stock | (ac)(v)(w)(y) | Transportation | 1,964 | 3.1 | — | |||||||||||||||||||||||||||||||||||||||||||||
Orchard Marine Limited, Series A Preferred Stock | (ac)(v)(w)(y) | Transportation | 62,976 | 62.0 | 64.6 | |||||||||||||||||||||||||||||||||||||||||||||
Pretium Partners LLC P1, Structured Mezzanine | (v)(w) | Real Estate | 2.8%, 5.3% PIK (5.3% Max PIK) | 10/22/26 | $ | 6.7 | 6.2 | 6.8 |
35
2021
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Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Principal Amount(c)/ Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Pretium Partners LLC P2, Private Equity | (v)(w)(y) | Real Estate | 16,772,368 | $ | 16.4 | $ | 16.4 | |||||||||||||||||||||||||||||||||||||||||||
Pretium Partners LLC P2, Term Loan | (v)(w) | Real Estate | 11.0% | 12/16/29 | $ | 33.5 | 32.9 | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Private Equity | (ad)(v)(w)(y) | Real Estate | 5,983,135 | 7.7 | 9.1 | |||||||||||||||||||||||||||||||||||||||||||||
Prime ST LLC, Structured Mezzanine | (ad)(v)(w) | Real Estate | 5.0%, 6.0% PIK (6.0% Max PIK) | 3/12/30 | $ | 52.4 | 50.4 | 52.4 | ||||||||||||||||||||||||||||||||||||||||||
Star Mountain Diversified Credit Income Fund III, LP, Private Equity | (o)(w) | Diversified Financials | 23,500,000 | 23.5 | 24.3 | |||||||||||||||||||||||||||||||||||||||||||||
Toorak Capital Funding LLC, Membership Interest | (ad)(v)(w)(y) | Real Estate | 1,723,140 | 1.9 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Private Equity | (ad)(v) | Real Estate | 158,139,270 | 158.1 | 199.3 | |||||||||||||||||||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Structured Mezzanine | (ad)(v) | Real Estate | L+650 PIK (L+650 Max PIK) | 5/11/22 | $ | 22.0 | 22.0 | 22.0 | ||||||||||||||||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Structured Mezzanine | (ad)(x) | Real Estate | L+650 PIK (L+650 Max PIK) | 5/11/22 | $ | 8.0 | 8.0 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||
Total Asset Based Finance | 2,380.9 | 2,493.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded Asset Based Finance Commitments | (248.9) | (248.9) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Based Finance | 2,132.0 | 2,245.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC—18.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | (ad)(v)(w) | Diversified Financials | 1,462 | 1,396.7 | 1,396.2 | |||||||||||||||||||||||||||||||||||||||||||||
Total Credit Opportunities Partners JV, LLC | 1,396.7 | 1,396.2 |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Equity/Other—11.7%(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 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc, Preferred Stock | (ac)(v) | Health Care Equipment & Services | 11.8% PIK (11.8% Max PIK) | 49,073,000 | 48.1 | 52.1 | ||||||||||||||||||||||||||||||||||||||||||||
American Vision Partners, Private Equity | (v)(y) | Health Care Equipment & Services | 2,450,230 | 2.5 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Common Stock | (ad)(g)(v)(w)(y) | Automobiles & Components | 7,046,126 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | (ad)(v)(w)(y) | Automobiles & Components | 5,735,804,056 | 30.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | (ad)(v)(w)(y) | Automobiles & Components | 4,097 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Angelica Corp, Limited Partnership Interest | (h)(y) | Health Care Equipment & Services | 877,044 | 47.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA, Preferred Stock | (v) | Software & Services | L+950 PIK (L+950 Max PIK) | 1.0% | 4/30/31 | 15,000,000 | 14.0 | 15.5 | ||||||||||||||||||||||||||||||||||||||||||
Ardonagh Ltd, Ordinary Shares | (v)(w)(y) | Insurance | 16,450 | — | 2.8 | |||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Ltd, Ordinary Shares | (v)(w)(y) | Insurance | 116,814 | 0.2 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||
Ardonagh Ltd, Preferred Stock | (v)(w)(y) | Insurance | 6,113,719 | 9.1 | 22.0 | |||||||||||||||||||||||||||||||||||||||||||||
Arena Energy LP, Warrants | (v)(y) | Energy | 68,186,525 | 0.4 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (p)(y) | Energy | 10,193 | 9.7 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim | (p)(y) | Energy | 86,607,143 | 19.4 | 19.8 | |||||||||||||||||||||||||||||||||||||||||||||
Aspect Software Inc, Common Stock | (l)(s)(v)(y) | Software & Services | 1,309,955 | 2.3 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||
Aspect Software Inc, Warrant | (l)(s)(v)(y) | Software & Services | 1/15/24 | 181,730 | 0.3 | 0.3 |
36
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Portfolio Company | Fair Value at December 31, 2019 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2020 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien |
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AltEn, LLC | $ | 1.5 | $ | — | $ | — | $ | (2.7 | ) | $ | 1.2 | $ | — | $ | — | $ | — | — | — | |||||||||||||||||||||
Borden (New Dairy Opco) | — | 7.6 | — | — | — | 7.6 | 0.1 | — | — | — | ||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | — | 16.8 | — | — | — | 16.8 | 0.6 | — | — | — | ||||||||||||||||||||||||||||||
Borden Dairy Co(4) | — | 70.7 | (11.6 | ) | (35.0 | ) | (24.1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
HM Dunn Co Inc | 0.4 | — | — | — | (0.1 | ) | 0.3 | — | — | — | — | |||||||||||||||||||||||||||||
HM Dunn Co Inc | 0.1 | 0.2 | — | — | (0.1 | ) | 0.2 | — | — | — | — | |||||||||||||||||||||||||||||
MB Precision Holdings LLC | 4.6 | 0.2 | (3.9 | ) | (0.8 | ) | (0.1 | ) | — | 0.3 | — | — | — | |||||||||||||||||||||||||||
Micronics Filtration Holdings Inc(4) | — | 61.6 | — | (16.6 | ) | (9.5 | ) | 35.5 | — | — | — | — | ||||||||||||||||||||||||||||
One Call Care Management Inc | 4.6 | 0.1 | — | — | — | 4.7 | 0.5 | — | — | — | ||||||||||||||||||||||||||||||
Petroplex Acidizing Inc | 22.2 | — | — | — | (17.7 | ) | 4.5 | — | — | — | — | |||||||||||||||||||||||||||||
Safariland LLC | 2.6 | — | (2.5 | ) | (0.3 | ) | 0.2 | — | — | — | — | — | ||||||||||||||||||||||||||||
Safariland LLC | 116.2 | 8.8 | (117.4 | ) | (14.7 | ) | 7.1 | — | 1.3 | — | — | — | ||||||||||||||||||||||||||||
ThermaSys Corp | 6.4 | 0.8 | — | — | (3.3 | ) | 3.9 | 0.2 | 0.6 | — | — | |||||||||||||||||||||||||||||
Z Gallerie LLC | — | 0.9 | (1.5 | ) | 0.6 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien |
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Z Gallerie LLC | 2.8 | — | (2.0 | ) | (0.9 | ) | 0.1 | — | 0.1 | — | 0.1 | — | ||||||||||||||||||||||||||||
Other Senior Secured Debt |
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JW Aluminum Co | 38.3 | 2.9 | — | — | 0.6 | 41.8 | 3.9 | — | — | — | ||||||||||||||||||||||||||||||
Mood Media Corp | 36.4 | 3.6 | — | (40.5 | ) | 0.5 | — | 0.4 | — | — | — | |||||||||||||||||||||||||||||
Z Gallerie LLC | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Z Gallerie LLC | 1.4 | — | — | (1.5 | ) | 0.1 | — | — | — | 0.1 | — | |||||||||||||||||||||||||||||
Asset Based Finance |
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Home Partners JV, Common Stock | 13.2 | 4.4 | — | — | 3.9 | 21.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Home Partners JV, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Home Partners JV, Structured Mezzanine | 25.0 | 14.0 | (0.5 | ) | — | — | 38.5 | — | 3.3 | — | — | |||||||||||||||||||||||||||||
Orchard Marine Limited, Class B Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Orchard Marine Limited, Series A Preferred Stock | 22.7 | — | — | — | 1.9 | 24.6 | — | — | — | — | ||||||||||||||||||||||||||||||
Equity/Other |
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AltEn, LLC, Membership Units | — | — | — | (3.0 | ) | 3.0 | — | — | — | — | — | |||||||||||||||||||||||||||||
ASG Technologies, Common Stock | 56.5 | — | — | — | (13.8 | ) | 42.7 | — | — | — | — | |||||||||||||||||||||||||||||
ASG Technologies, Warrants | 6.3 | — | — | — | (2.8 | ) | 3.5 | — | — | — | — | |||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | — | 3.9 | — | — | (0.7 | ) | 3.2 | — | — | — | ||||||||||||||||||||||||||||||
Charlotte Russe Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Fronton BV, Common Stock | 1.4 | — | — | — | (0.2 | ) | 1.2 | — | — | — | — | |||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B | — | — | — | — | — | — | — | — | — | — |
Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | (ad)(s)(v)(w)(y) | Capital Goods | 3,483 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||
AVF Parent LLC, Trade Claim | (v)(y) | Retailing | 44,507 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | (ac)(v)(y) | Retailing | 94,950 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | (ac)(h)(n)(y) | Food, Beverage & Tobacco | 11,167,000 | 9.1 | 7.7 | |||||||||||||||||||||||||||||||||||||||||||||
Bowery Farming Inc, Warrants | (v)(y) | Food, Beverage & Tobacco | 4/30/26 | 161,828 | 0.0 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||||
Catalina Marketing Corp, Common Stock | (v)(y) | Media & Entertainment | 6,522 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
CDS US Intermediate Holdings Inc, Warrant | (v)(w)(y) | Media & Entertainment | 2,023,714 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cengage Learning, Inc, Common Stock | (v)(y) | Media & Entertainment | 227,802 | 7.5 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||||
Cimarron Energy Inc, Common Stock | (v)(y) | Energy | 4,302,293 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cimarron Energy Inc, Participation Option | (v)(y) | Energy | 25,000,000 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | (ac)(f)(v)(y) | Capital Goods | 849,702 | 10.3 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
CTI Foods Holding Co LLC, Common Stock | (v)(y) | Food, Beverage & Tobacco | 5,892 | 0.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
Cubic Corp, Preferred Stock | (v) | Software & Services | 11.0% PIK (11.0% Max PIK) | 42,141,600 | 39.6 | 42.3 | ||||||||||||||||||||||||||||||||||||||||||||
Envigo Laboratories Inc, Series A Warrant | (s)(y) | Health Care Equipment & Services | 4/29/24 | 10,924 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Envigo Laboratories Inc, Series B Warrant | (s)(y) | Health Care Equipment & Services | 4/29/24 | 17,515 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp, Common Stock | (ac)(v)(y) | Food & Staples Retailing | 103,091 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Fox Head Inc, Common Stock | (j)(v)(y) | Consumer Durables & Apparel | 10,000,000 | 8.0 | 10.9 | |||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | (ac)(o)(y) | Consumer Services | 14,943 | — | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Common Stock | (v)(y) | Consumer Durables & Apparel | 228,806 | 35.5 | 35.5 | |||||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC, Trade Claim | (v)(y) | Consumer Durables & Apparel | 27,256,114 | 16.4 | 16.4 | |||||||||||||||||||||||||||||||||||||||||||||
Genesys Telecommunications Laboratories Inc, Class A Shares | (v)(y) | Technology Hardware & Equipment | 40,529 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Genesys Telecommunications Laboratories Inc, Ordinary Shares | (v)(y) | Technology Hardware & Equipment | 41,339 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Genesys Telecommunications Laboratories Inc, Preferred Stock | (v)(y) | Technology Hardware & Equipment | 1,050,465 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Harvey Industries Inc, Common Stock | (v) | Capital Goods | 5,000,000 | 2.2 | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class A Common Stock | (ad)(v)(w)(y) | Consumer Durables & Apparel | 4,503,411 | 0.1 | — | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class B Common Stock | (ad)(v)(w)(y) | Consumer Durables & Apparel | 574,791 | 0.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class C Common Stock | (ad)(v)(w)(y) | Consumer Durables & Apparel | 213,201 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Equity Options | (ad)(v)(w)(y) | Consumer Durables & Apparel | 11/30/25 | 236,160,807 | 15.0 | — | ||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A | (ad)(s)(v)(y) | Capital Goods | 85,385 | 7.1 | 7.1 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 0.0 | — | |||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | (ad)(j)(u)(v) | Materials | 12.5% PIK (12.5% Max PIK) | 2/15/28 | 15,279 | 177.9 | 122.6 | |||||||||||||||||||||||||||||||||||||||||||
Maverick Natural Resources LLC, Common Stock | (n)(o)(y) | Energy | 259,211 | 84.5 | 143.6 | |||||||||||||||||||||||||||||||||||||||||||||
MB Precision Holdings LLC, Class A - 2 Units | (n)(o)(y) | Capital Goods | 8,081,288 | 0.5 | — | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Common Stock | (h)(y) | Software & Services | 29,403 | 1.5 | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||
Med-Metrix, Preferred Stock | (h) | Software & Services | 8.0% PIK (8.0% Max PIK) | 29,403 | 1.5 | 1.5 |
37
2021
Portfolio Company | Fair Value at December 31, 2019 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2020 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Home Partners of America Inc, Common Stock | $ | 134.1 | $ | — | $ | — | $ | — | $ | (3.6 | ) | $ | 130.5 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Home Partners of America Inc, Warrant | 2.0 | — | — | — | 0.1 | 2.1 | — | — | — | — | ||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock | 127.2 | 16.9 | — | — | (50.4 | ) | 93.7 | 2.4 | 14.6 | — | — | |||||||||||||||||||||||||||||
MB Precision Holdings LLC, Class A—2 Units | — | — | (0.5 | ) | — | 0.5 | — | — | — | — | — | |||||||||||||||||||||||||||||
MB Precision Holdings LLC, Preferred Stock | 1.2 | — | — | (1.9 | ) | 0.7 | — | — | — | — | — | |||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Common Stock(4) | — | 0.6 | — | — | (0.6 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series A(4) | — | 0.6 | — | — | (0.6 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B(4) | — | 0.2 | — | — | (0.2 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK(4) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK(4) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Mood Media Corp, Common Stock | 0.9 | — | — | (11.8 | ) | 10.9 | — | — | — | — | — | |||||||||||||||||||||||||||||
Mood Media LLC, Class A Warrants | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Mood Media LLC, Class B Warrants | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Mood Media LLC, Class C Warrants | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | 3.0 | — | — | — | (0.6 | ) | 2.4 | — | — | — | — | |||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | 32.3 | — | — | — | (6.8 | ) | 25.5 | — | — | — | — | |||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | 9.8 | — | — | — | 0.8 | 10.6 | — | 0.9 | — | — | ||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Preferred Stock A | 4.2 | 0.3 | — | — | (4.5 | ) | — | — | — | — | 0.4 | |||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Warrant | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | 14.4 | — | — | — | (5.4 | ) | 9.0 | — | — | — | — | |||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | 9.5 | — | — | — | — | 9.5 | — | — | — | — | ||||||||||||||||||||||||||||||
Safariland LLC, Common Equity | 6.4 | — | (1.0 | ) | (2.0 | ) | (3.4 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | 6.9 | — | — | — | (6.9 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | 1.5 | — | — | — | (1.5 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Z Gallerie LLC, Common Stock | 0.7 | — | — | (0.7 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||
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Total | $ | 716.7 | $ | 215.1 | $ | (140.9 | ) | $ | (131.8 | ) | $ | (125.3 | ) | $ | 533.8 | $ | 9.8 | $ | 19.4 | $ | 0.2 | $ | 0.4 | |||||||||||||||||
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Portfolio Company(a) | Footnotes | Industry | Rate(b) | Floor | Maturity | Number of Shares | Amortized Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Miami Beach Medical Group LLC, Common Stock | (v)(y) | Health Care Equipment & Services | 5,000,000 | $ | 4.8 | $ | 3.9 | |||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Common Stock | (ac)(v)(y) | Capital Goods | 53,073 | 0.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series A | (ac)(v)(y) | Capital Goods | 55 | 0.6 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B | (ac)(v)(y) | Capital Goods | 23 | 0.2 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK | (ac)(v)(y) | Capital Goods | 112,780 | — | 11.9 | |||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK | (ac)(v)(y) | Capital Goods | 54,000 | — | 6.2 | |||||||||||||||||||||||||||||||||||||||||||||
Misys Ltd, Preferred Stock | (v)(w) | Software & Services | L+1,025 PIK (L+1,025 Max PIK) | 79,782,377 | 73.5 | 78.9 | ||||||||||||||||||||||||||||||||||||||||||||
NBG Home, Common Stock | (v)(y) | Consumer Durables & Apparel | 1,903 | 2.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Nine West Holdings Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | 6.5 | — | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | (ad)(v)(y) | Health Care Equipment & Services | 34,872 | 2.1 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (ad)(v)(y) | Health Care Equipment & Services | 371,992 | 22.8 | 26.1 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (ad)(v) | Health Care Equipment & Services | 9.0% PIK (9.0% Max PIK) | 10/25/29 | 7,672,347 | 8.0 | 9.2 | |||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Preferred Stock A | (ac)(v)(y) | Energy | 25,138,631 | 4.9 | — | |||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Warrant | (ac)(v)(y) | Energy | 12/15/26 | 8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Polyconcept North America Inc, Class A - 1 Units | (v)(y) | Household & Personal Products | 30,000 | 3.0 | 4.3 | |||||||||||||||||||||||||||||||||||||||||||||
PRG III LLC, Preferred Stock, Series A PIK | (ad)(v)(y) | Media & Entertainment | 8/21/24 | 434,250 | 18.1 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 33.4 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | (ac)(v)(w)(y) | Energy | 837,780 | 5.4 | 9.3 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trade Claim | (v)(y) | Health Care Equipment & Services | 8,301,000 | 0.7 | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||
Quorum Health Corp, Trust Initial Funding Units | (v)(y) | Health Care Equipment & Services | 143,400 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Ridgeback Resources Inc, Common Stock | (j)(u)(v)(w)(y) | Energy | 1,969,418 | 9.1 | 9.9 | |||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC, Common Stock | (ac)(j)(u)(v)(y) | Telecommunication Services | 89,959 | 42.5 | 67.5 | |||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC, Common Stock | (ad)(v) | Consumer Durables & Apparel | 12,857,143 | 17.3 | 77.5 | |||||||||||||||||||||||||||||||||||||||||||||
Stuart Weitzman Inc, Common Stock | (v)(y) | Consumer Durables & Apparel | 5,451 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc, Common Stock | (ac)(s)(u)(v)(y) | Software & Services | 262,516 | 6.9 | — | |||||||||||||||||||||||||||||||||||||||||||||
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 | — | |||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | (ac)(v)(y) | Capital Goods | 1,529 | 1.7 | — | |||||||||||||||||||||||||||||||||||||||||||||
Versatile Processing Group Inc, Class A - 2 Units | (u)(y) | Materials | 3,637,500 | 3.6 | — | |||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | (ad)(v)(y) | Energy | 3,483,788 | 12.8 | 20.4 | |||||||||||||||||||||||||||||||||||||||||||||
Zeta Interactive Holdings Corp, Common Stock | (aa)(v)(y) | Software & Services | 3,610,212 | 30.8 | 30.4 | |||||||||||||||||||||||||||||||||||||||||||||
Total Equity/Other | 931.6 | 907.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS—208.3% | $ | 16,056.7 | 16,101.5 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(108.3%) | (8,371.5) | |||||||||||||||||||||||||||||||||||||||||||||||||
NET ASSETS—100% | $ | 7,730.0 |
38
2021
| ||
Portfolio Company | Fair Value at December 31, 2019 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2020 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien |
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Advanced Lighting Technologies Inc | $ | 13.1 | $ | — | $ | (1.5 | ) | $ | — | $ | 0.4 | $ | 12.0 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Amtek Global Technology Pte Ltd | 55.3 | 5.8 | — | — | (1.4 | ) | 59.7 | 3.0 | — | — | — | |||||||||||||||||||||||||||||
Sound United LLC | — | 27.4 | (12.5 | ) | — | — | 14.9 | 0.3 | — | — | — | |||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien |
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Amtek Global Technology Pte Ltd | 36.3 | 6.5 | (0.1 | ) | — | (42.6 | ) | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||
Sound United LLC | — | 22.8 | (1.9 | ) | — | — | 20.9 | — | 0.7 | — | — | |||||||||||||||||||||||||||||
Other Senior Secured Debt |
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Advanced Lighting Technologies Inc | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Subordinated Debt |
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Hilding Anders | 76.8 | — | (26.9 | ) | (3.0 | ) | (14.5 | ) | 32.4 | — | — | — | — | |||||||||||||||||||||||||||
Hilding Anders | 0.2 | — | — | (0.5 | ) | 0.3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Hilding Anders | — | — | — | (0.9 | ) | 0.9 | — | — | — | — | — | |||||||||||||||||||||||||||||
Hilding Anders | 3.6 | — | — | (12.9 | ) | 9.3 | — | — | — | — | — | |||||||||||||||||||||||||||||
Hilding Anders | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders | — | 26.9 | — | — | 3.4 | 30.3 | — | — | — | — | ||||||||||||||||||||||||||||||
Asset Based Finance |
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801 5th Ave, Seattle, Structure Mezzanine | 52.9 | 0.9 | (24.4 | ) | — | — | 29.4 | 3.2 | 1.4 | — | — | |||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | 8.8 | — | (6.3 | ) | 2.0 | 5.8 | 10.3 | — | — | — | — | |||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | — | 35.5 | — | — | 2.8 | 38.3 | — | — | — | — | ||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | — | 0.2 | — | — | — | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | — | 0.2 | — | — | — | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||
Prime ST LLC, Private Equity | — | 5.7 | (0.3 | ) | (2.3 | ) | 0.8 | 3.9 | — | — | — | — | ||||||||||||||||||||||||||||
Prime ST LLC, Structured Mezzanine | — | 41.4 | (18.6 | ) | — | — | 22.8 | 0.6 | 1.7 | — | — | |||||||||||||||||||||||||||||
Toorak Capital Funding LLC, Membership Interest | 5.3 | 3.8 | (2.5 | ) | — | — | 6.6 | — | — | — | — | |||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Private Equity | 240.5 | 11.5 | (4.4 | ) | — | (11.7 | ) | 235.9 | — | — | — | 9.6 | ||||||||||||||||||||||||||||
Strategic Credit Opportunities Partners, LLC |
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Strategic Credit Opportunities Partners, LLC | 479.0 | 319.4 | — | — | (85.9 | ) | 712.5 | — | — | — | 70.4 | |||||||||||||||||||||||||||||
Equity/Other |
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Advanced Lighting Technologies Inc, Common Stock(4) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc, Warrant(4) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | 5.2 | — | — | — | (5.2 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Trade Claim | 0.6 | — | — | — | (0.6 | ) | — | — | — | — | — |
Foreign Currency | Settlement Date | Counterparty | Amount and Transaction | US$ Value at Settlement Date | US$ Value at December 31, 2021 | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||||||||||||||
AUD | 10/17/2022 | JP Morgan Chase Bank | A$ | 3.0 | Sold | $ | 2.1 | $ | 2.2 | $ | (0.1) | ||||||||||||||||||||||||||||||||||||
AUD | 2/14/2023 | JP Morgan Chase Bank | A$ | 2.2 | Sold | 1.6 | 1.6 | — | |||||||||||||||||||||||||||||||||||||||
CAD | 6/7/2022 | JP Morgan Chase Bank | $ | 1.4 | Sold | 1.1 | 1.1 | — | |||||||||||||||||||||||||||||||||||||||
CAD | 6/7/2022 | JP Morgan Chase Bank | $ | 1.9 | Sold | 1.5 | 1.5 | — | |||||||||||||||||||||||||||||||||||||||
CAD | 11/10/2022 | JP Morgan Chase Bank | $ | 1.5 | Sold | 1.2 | 1.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
CAD | 11/15/2024 | JP Morgan Chase Bank | $ | 4.0 | Sold | 3.2 | 3.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 6.1 | Sold | 7.5 | 7.0 | 0.5 | |||||||||||||||||||||||||||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 1.6 | Sold | 2.0 | 1.8 | 0.2 | |||||||||||||||||||||||||||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 0.7 | Sold | 0.9 | 0.8 | 0.1 | |||||||||||||||||||||||||||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 2.2 | Sold | 2.7 | 2.5 | 0.2 | |||||||||||||||||||||||||||||||||||||||
EUR | 5/6/2022 | JP Morgan Chase Bank | € | 0.9 | Sold | 1.2 | 1.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||
EUR | 9/12/2022 | JP Morgan Chase Bank | € | 10.0 | Sold | 11.7 | 11.5 | 0.2 | |||||||||||||||||||||||||||||||||||||||
EUR | 7/17/2023 | JP Morgan Chase Bank | € | 1.3 | Sold | 1.7 | 1.5 | 0.2 | |||||||||||||||||||||||||||||||||||||||
EUR | 2/23/2024 | JP Morgan Chase Bank | € | 42.3 | Sold | 49.1 | 49.4 | (0.3) | |||||||||||||||||||||||||||||||||||||||
EUR | 8/8/2025 | JP Morgan Chase Bank | € | 4.8 | Sold | 5.7 | 5.7 | — | |||||||||||||||||||||||||||||||||||||||
EUR | 8/8/2025 | JP Morgan Chase Bank | € | 1.9 | Sold | 2.3 | 2.3 | — | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.9 | Sold | 2.9 | 2.6 | 0.3 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.7 | Sold | 2.6 | 2.3 | 0.3 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 3.4 | Sold | 4.8 | 4.6 | 0.2 | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 5.0 | Sold | 6.5 | 6.6 | (0.1) | |||||||||||||||||||||||||||||||||||||||
GBP | 1/11/2023 | JP Morgan Chase Bank | £ | 1.4 | Sold | 1.9 | 1.9 | — | |||||||||||||||||||||||||||||||||||||||
GBP | 10/13/2023 | JP Morgan Chase Bank | £ | 6.2 | Sold | 8.5 | 8.4 | 0.1 | |||||||||||||||||||||||||||||||||||||||
NOK | 8/8/2025 | JP Morgan Chase Bank | NOK | 49.1 | Sold | 5.2 | 5.5 | (0.3) | |||||||||||||||||||||||||||||||||||||||
NOK | 8/8/2025 | JP Morgan Chase Bank | NOK | 11.4 | Sold | 1.2 | 1.3 | (0.1) | |||||||||||||||||||||||||||||||||||||||
SEK | 3/15/2024 | JP Morgan Chase Bank | SEK | 72.8 | Sold | 8.5 | 8.2 | 0.3 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 430.3 | Sold | 51.4 | 48.4 | 3.0 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 503.0 | Sold | 60.1 | 56.6 | 3.5 | |||||||||||||||||||||||||||||||||||||||
SEK | 5/10/2024 | JP Morgan Chase Bank | SEK | 34.5 | Sold | 4.1 | 3.9 | 0.2 | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 119.3 | Sold | 13.3 | 13.5 | (0.2) | |||||||||||||||||||||||||||||||||||||||
SEK | 8/8/2025 | JP Morgan Chase Bank | SEK | 27.8 | Sold | 3.1 | 3.2 | (0.1) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 269.6 | $ | 261.2 | $ | 8.4 |
39
2021
Portfolio Company | Fair Value at December 31, 2019 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2020 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Hilding Anders, ARLE PIK Interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Class A Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Class B Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Class C Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hilding Anders, Equity Options | 1.3 | — | — | — | (1.3 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
KKR BPT Holdings Aggregator LLC, Membership Interest | — | — | (0.4 | ) | (17.2 | ) | 17.6 | — | — | — | — | — | ||||||||||||||||||||||||||||
Sound United LLC, Class A Units | — | 1.1 | — | — | (1.1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Sound United LLC, Common Stock | — | 17.3 | — | — | 12.0 | 29.3 | — | — | — | — | ||||||||||||||||||||||||||||||
Sound United LLC, Series I Units | — | 0.5 | — | — | (0.5 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
Sound United LLC, Series II Units | — | 0.5 | — | — | (0.5 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||
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Total | $ | 978.9 | $ | 527.4 | $ | (99.8 | ) | $ | (34.8 | ) | $ | (112.0 | ) | $ | 1,259.7 | $ | 7.1 | $ | 3.8 | $ | — | $ | 80.0 | |||||||||||||||||
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Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.3 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | — | 115.5 | (55.9) | 0.3 | — | 59.9 | 2.7 | — | 1.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | — | 42.6 | (2.4) | — | 9.0 | 49.2 | 3.1 | 0.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | — | 21.7 | — | — | 0.2 | 21.9 | 1.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | 7.6 | 10.6 | (10.0) | 0.2 | 0.6 | 9.0 | 0.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco) | 16.8 | 23.4 | — | — | 1.8 | 42.0 | 2.7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden Dairy Co | — | — | — | 1.3 | (1.3) | — | — | — | — | — |
40
Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | $ | — | $ | 14.0 | $ | — | $ | — | $ | 1.0 | $ | 15.0 | $ | 0.9 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | — | 1.1 | (0.7) | 0.6 | (0.3) | 0.7 | 0.8 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc(5) | 0.3 | — | (0.6) | — | 0.3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc(5) | 0.2 | — | (0.3) | — | 0.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc | 35.5 | 1.0 | — | — | 14.5 | 51.0 | — | 1.0 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc(5) | 4.7 | 0.6 | (4.9) | — | (0.4) | — | 0.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc | 4.5 | — | (0.2) | — | 5.4 | 9.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC(4) | — | 61.8 | (5.1) | 0.2 | 3.2 | 60.1 | 2.8 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc(4) | — | 5.7 | — | — | 0.3 | 6.0 | 0.2 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp | 3.9 | 0.4 | — | — | (0.8) | 3.5 | — | 0.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc | — | 4.2 | — | — | 2.5 | 6.7 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC | — | 12.5 | — | — | (0.5) | 12.0 | 0.6 | 0.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC | — | 22.0 | (22.2) | 0.2 | — | — | 0.4 | 0.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc | — | 13.6 | 0.1 | — | (5.4) | 8.3 | 0.7 | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co(5) | 41.8 | — | (39.4) | — | (2.4) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners of America Inc | — | 3.5 | (3.5) | — | — | — | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Structured Mezzanine | 38.5 | 83.4 | (36.3) | — | 4.8 | 90.4 | 0.6 | 7.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Private Equity | — | 5.4 | — | — | 4.0 | 9.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Private Equity | — | — | — | (0.6) | 0.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV, Common Stock | 21.5 | 45.9 | (22.9) | 7.7 | 28.4 | 80.6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Structured Mezzanine | — | 3.4 | — | — | 0.1 | 3.5 | — | 0.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | — | 0.1 | — | — | — | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners JV 2, Private Equity | — | 1.5 | — | — | 0.1 | 1.6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Preferred Stock | — | 20.9 | — | — | (4.1) | 16.8 | 0.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Warrant | — | — | — | — | 4.5 | 4.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jet Edge International LLC, Term Loan | — | 78.0 | (2.1) | — | (0.3) | 75.6 | 2.4 | 0.5 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Orchard Marine Limited, Class B Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Orchard Marine Limited, Series A Preferred Stock | 24.6 | — | — | — | 40.0 | 64.6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc, Common Stock | — | 48.1 | — | — | 4.0 | 52.1 | — | 2.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ASG Technologies, Common Stock | 42.7 | — | (79.4) | 56.0 | (19.3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ASG Technologies, Warrants | 3.5 | — | (10.2) | 3.7 | 3.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | — | — | — | — | — | — | — | 0 | — | — |
Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borden (New Dairy Opco), Common Stock | $ | 3.2 | $ | 5.2 | $ | — | $ | — | $ | (0.7) | $ | 7.7 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Charlotte Russe Inc, Common Stock | — | — | — | (12.5) | 12.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Constellis Holdings LLC, Private Equity | — | 10.3 | — | — | (10.1) | 0.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fairway Group Holdings Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fronton BV, Common Stock | 1.2 | — | — | — | 0.2 | 1.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A(5) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B(5) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners of America Inc, Common Stock | 130.5 | — | (214.3) | 130.7 | (46.9) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Home Partners of America Inc, Warrant | 2.1 | — | (4.4) | 4.1 | (1.8) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock(5) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock(5) | 93.7 | — | (107.3) | — | 13.6 | — | — | 4.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series A | — | — | — | — | 0.1 | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B | — | — | — | — | 0.4 | 0.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series B PIK | — | — | — | — | 11.9 | 11.9 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Micronics Filtration Holdings Inc, Preferred Stock, Series C PIK | — | — | — | — | 6.2 | 6.2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock(5) | 2.4 | — | (3.0) | — | 0.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A(5) | 25.5 | — | (32.3) | — | 6.8 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B(5) | 10.6 | — | (9.8) | — | (0.8) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Preferred Stock A | — | 0.4 | — | — | (0.4) | — | — | — | — | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Petroplex Acidizing Inc, Warrant | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Common Units | 9.0 | — | (0.1) | — | (8.8) | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Proserv Acquisition LLC, Class A Preferred Units | 9.5 | — | — | — | (0.2) | 9.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sorenson Communications LLC, Common Stock(4) | — | 42.5 | — | — | 25.0 | 67.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sungard Availability Services Capital Inc, Common Stock(4) | — | 6.9 | — | — | (6.9) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ThermaSys Corp, Preferred Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 533.8 | $ | 706.2 | $ | (667.2) | $ | 191.9 | $ | 94.3 | $ | 859.0 | $ | 20.8 | $ | 18.5 | $ | 1.9 | $ | 0.4 |
Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc | $ | 12.0 | $ | 4.1 | $ | (15.9) | $ | (4.6) | $ | 4.4 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd | 59.7 | 2.4 | — | — | (27.3) | 34.8 | 1.1 | 1.4 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | — | 46.8 | — | — | — | 46.8 | 1.3 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc(4) | — | 49.2 | (7.1) | (8.5) | — | 33.6 | 0.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc(4) | — | 14.0 | (19.0) | 7.0 | — | 2.0 | 0.4 | 0.8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc | — | 9.7 | (5.1) | 0.1 | 0.3 | 5.0 | 0.3 | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | — | 124.9 | — | — | 8.4 | 133.3 | 5.4 | 3.8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | — | 0.1 | — | — | — | 0.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | — | 60.6 | (0.4) | — | 4.2 | 64.4 | 2.8 | 0.8 | 0.4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC | — | 20.2 | (0.1) | — | 0.1 | 20.2 | 0.4 | — | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC | 14.9 | — | (15.0) | — | 0.1 | — | 0.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc(4) | — | 19.3 | (2.0) | 0.1 | 1.3 | 18.7 | 1.3 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd | 0.1 | (1.8) | — | (10.4) | 12.1 | — | (1.9) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC | 20.9 | 1.7 | (22.6) | — | — | — | — | 1.0 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc | — | — | (0.7) | (22.9) | 23.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co(4) | — | 75.5 | — | — | 5.5 | 81.0 | 6.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc(4) | — | 43.5 | (21.9) | — | 1.9 | 23.5 | 0.4 | 1.6 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp | — | 4.8 | — | — | 2.3 | 7.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | 32.4 | — | — | — | 14.2 | 46.6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders | 30.3 | — | — | — | (30.3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Structure Mezzanine | 29.4 | 25.7 | — | — | 2.1 | 57.2 | 3.6 | 1.3 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
801 5th Ave, Seattle, Private Equity | 10.3 | 9.6 | — | — | 3.2 | 23.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Avida Holding AB, Common Stock | 38.3 | 9.1 | — | — | 4.9 | 52.3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Preferred Stock | 0.2 | 34.4 | — | — | 1.5 | 36.1 | 1.3 | 1.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Kilter Finance, Private Equity | 0.2 | 0.3 | — | — | — | 0.5 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
KKR Rocket Loans Aggregator LLC, Partnership Interest | — | 1.4 | — | — | — | 1.4 | — | — | — | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
My Community Homes SFR PropCo 2, Private Equity | — | 33.0 | — | — | — | 33.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime St LLC, Private Equity | 3.9 | 4.6 | — | — | 0.6 | 9.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Prime St LLC, Structured Mezzanine | 22.8 | 27.6 | — | — | 2.0 | 52.4 | 0.9 | 2.2 | — | — |
Portfolio Company | Fair Value at December 31, 2020 | Gross Additions(1) | Gross Reductions(2) | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value at December 31, 2021 | Interest Income(3) | PIK Income(3) | Fee Income(3) | Dividend Income(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Toorak Capital Funding LLC, Membership Interest | $ | 6.6 | $ | 1.3 | $ | (4.9) | $ | — | $ | (1.3) | $ | 1.7 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Toorak Capital LLC, Membership Interest | 235.9 | 2.3 | (50.2) | 10.2 | 1.1 | 199.3 | — | — | — | 18.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Structured Mezzanine | — | 73.0 | (51.0) | — | — | 22.0 | 0.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 712.5 | 586.4 | — | — | 97.3 | 1,396.2 | — | — | — | 126.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc, Common Stock | — | — | — | (16.5) | 16.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advanced Lighting Technologies Inc, Warrant | — | — | — | (0.1) | 0.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Ordinary Shares | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Trade Claim | — | — | (1.4) | 0.4 | 1.0 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amtek Global Technology Pte Ltd, Private Equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ATX Networks Corp, Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class A Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class B Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Class C Common Stock | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hilding Anders, Equity Options | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series A(4) | — | 7.1 | — | — | — | 7.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
HM Dunn Co Inc, Preferred Stock, Series B(4) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Common Stock(4) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
JW Aluminum Co, Preferred Stock(4) | — | 177.9 | — | — | (55.3) | 122.6 | 0.4 | 20.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock(4) | — | 4.5 | (2.2) | (0.2) | 0.3 | 2.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A(4) | — | 48.6 | (23.7) | (2.1) | 3.3 | 26.1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B(4) | — | 15.7 | (8.8) | 1.1 | 1.2 | 9.2 | — | 0.8 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC, Preferred Stock, Series A PIK | — | 18.1 | — | — | (0.7) | 17.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Production Resource Group LLC, Preferred Stock, Series B PIK | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC, Class A Units | — | — | — | (1.1) | 1.1 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC, Common Stock | 29.3 | — | — | — | 48.2 | 77.5 | — | — | — | 20.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC, Series I Units | — | — | — | (0.5) | 0.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sound United LLC, Series II Units | — | — | — | (0.5) | 0.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warren Resources Inc, Common Stock | — | 12.8 | — | — | 7.6 | 20.4 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,259.7 | $ | 1,568.4 | $ | (252.0) | $ | (48.5) | $ | 156.5 | $ | 2,684.1 | $ | 25.0 | $ | 35.9 | $ | 0.6 | $ | 165.7 |
On June 15, 2020, the Company filed Articles of Amendment to its Articles of Incorporation, or the Reverse Stock Split Amendment, with the State Department of Assessments and Taxation of the State of Maryland to effect a 4 to 1 reverse split of the Company’s shares of common stock, or the Reverse Stock Split. The Reverse Stock Split became effective in accordance with the terms of the Reverse Stock Split Amendment on June 15, 2020.
The Reverse Stock Split affected all shareholders uniformly and did not alter any shareholder’s percentage interest in the Company’s equity, except to the extent that the Reverse Stock Split resulted in some shareholders owning a fractional share. In that regard, no fractional shares were issued in connection with the Reverse Stock Split. Shareholders of record who would have otherwise been entitled to receive a fractional share instead received a cash payment based on the closing price of the Company’s common stock as reported on the NYSE as of June 15, 2020.
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 2. Summary of Significant Accounting Policies (continued)
are derived from the Company’s audited consolidated financial statements as of and for the year ended December 31, 2020.2021. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or the FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies.
2022.
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 2. Summary of Significant Accounting Policies (continued)
accrued interest will be written-off. Payments received on non-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 the Company’sCompany's judgment.
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Share Repurchase Program | (1,565,083) | $ | (33) | (53,374) | $ | (1) | ||||||||||||||||||||||||||||||||
Issuance of Common Stock(1) | — | — | 161,374,028 | 3,642 | ||||||||||||||||||||||||||||||||||
Net Proceeds from Share Transactions | (1,565,083) | $ | (33) | 161,320,654 | $ | 3,641 |
Nine Months Ended September 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Shares | Amount | Shares(1) | Amount | |||||||||||||
Share Repurchase Program | (53,374 | ) | $ | (1 | ) | (2,823,750 | ) | $ | (47 | ) | ||||||
Fractional Share Repurchase | — | — | (2,051 | ) | (0 | ) | ||||||||||
Issuance of Common Stock(2) | 161,374,028 | 3,642 | — | — | ||||||||||||
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Net Proceeds from Share Transactions | 161,320,654 | $ | 3,641 | (2,825,801 | ) | $ | (47 | ) | ||||||||
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distributed such shares to participants in the DRP. During the nine months ended September 30, 2021, the administrator for the Company’s distribution reinvestment plan, or DRP purchased 707,727 shares of common stock in the open market at an average price per share of $19.69 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. During the nine months ended September 30, 2020,period from October 1, 2022 to October 31, 2022, the administrator for the DRP purchased 1,196,874747,844 shares of common stock in the open market at an average price per share of
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 3. Share Transactions (continued)
$15.70 (totaling $19) pursuant to the DRP, and distributed such shares to participants in the DRP. During the period from October 1, 2021 to November 5, 2021, the administrator for the DRP purchased 613,887 shares of common stock in the open market at an average price per share of $22.68 $18.26 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5.
September 2021
In November 2020,
During the period from October 1, 2021 to October 31, 2021, the Company repurchased 92,410 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $22.65 (totaling $2).
December 2018 Share Repurchase Program
In December 2018, the Company’s board of directors authorized a stock repurchase program. Under the program, the Company was permitted to repurchase up to $200 in the aggregate of its outstanding common stock in the open market at prices below the then- current net asset value per share. The program has terminated since the aggregate repurchase amount that was approved by the Company’s board of directors has been expended.
During the nine months ended September 30, 2020, the Company repurchased 2,823,750 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $16.71 (totaling $47).
The number of shares repurchased and the average price per share amounts have been retroactively adjusted to reflect the Reverse Stock Split as discussed below.
Reverse Stock Split and Fractional Shares
As a result of the Reverse Stock Split, which was effective on June 15, 2020, every four shares of the Company’s common stock issued and outstanding were automatically combined into one share of the Company’s common stock, and the number of outstanding shares of the Company’s common stock was reduced from approximately 495.0 million to approximately 123.75 million as of June 15, 2020. The Reverse Stock Split did not modify the rights or preferences of the Company’s common stock. The Company also filed a separate Articles of Amendment to Articles of Incorporation with the State Department of Assessments and Taxation of the State of Maryland to provide that there would be no change in the par value of $0.001 per share as a result of the Reverse Stock Split.
The Reverse Stock Split affected all shareholders uniformly and did not alter any shareholder’s percentage interest in the Company’s equity, except to the extent that the Reverse Stock Split resulted in some shareholders owning a fractional share. In that regard, no fractional shares were issued in connection with the Reverse Stock Split. Shareholders of record who would have otherwise been entitled to receive a fractional share instead received a cash payment based on the closing price of the Company’s common stock as reported on the NYSE as of June 15, 2020.
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 3. Share Transactions (continued)
Acquisition of FSKR
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 4. Related Party Transactions (continued)
Pursuant to the administration agreement, the Company reimburses the Advisor for expenses necessary to perform services related to its administration and operations, including the Advisor’s allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, and KKR Credit Advisors (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Advisor. The Company reimburses the Advisor no less than quarterly for all costs and expenses incurred by the Advisor in performing its obligations and providing personnel and facilities under the administration agreement. The Advisor allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Company’s board of directors reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Advisor. The Company’s board of directors then assesses the reasonableness of such reimbursements for expenses allocated to it based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Company’s board of directors considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Company’s board of directors compares the total amount paid to the Advisor for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs.
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
Related Party | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
Source Agreement | Description | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
The Advisor | Investment advisory agreement and prior investment advisory agreement | Base Management Fee(1) | $ | 61 | $ | 58 | $ | 186 | $ | 113 | ||||||||||||||||||||||||||||
The Advisor | Investment advisory agreement and prior investment advisory agreement | Subordinated Incentive Fee on Income(2) | $ | 25 | $ | 20 | $ | 72 | $ | 28 | ||||||||||||||||||||||||||||
The Advisor | Administration agreement | Administrative Services Expenses(3) | $ | 4 | $ | 5 | $ | 12 | $ | 9 | ||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Related Party | Source Agreement | Description | 2021 | 2020 | 2021 | 2020 | ||||||||||||||
The Advisor | Investment advisory agreement and prior investment advisory agreement | Base Management Fee(1) | $ | 58 | $ | 24 | $ | 113 | $ | 80 | ||||||||||
The Advisor | Investment advisory agreement and prior investment advisory agreement | Subordinated Incentive Fee on Income(2) | $ | 20 | $ | — | $ | 28 | $ | — | ||||||||||
The Advisor | Administration agreement | Administrative Services Expenses(3) | $ | 5 | $ | 1 | $ | 9 | $ | 6 |
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$104, respectively, in base management fees were paid to the Advisor. As of September 30, 2022, $61 in base management fees were payable to the Advisor.
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 4. Related Party Transactions (continued)
vehicles. For additional information regarding potential conflicts of interest, see the Company’s annual report on Form 10-K for the year ended December 31, 2020.
2021.
Distribution | ||||||||
For the Three Months Ended | Per Share(1) | Amount | ||||||
Fiscal 2020 | ||||||||
March 31, 2020 | $ | 0.76000 | $ | 95 | ||||
June 30, 2020 | 0.60000 | 75 | ||||||
September 30, 2020 | 0.60000 | 74 | ||||||
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Total | $ | 1.96000 | $ | 244 | ||||
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Fiscal 2021 | ||||||||
March 31, 2021 | $ | 0.60000 | $ | 74 | ||||
June 30, 2021 | 0.60000 | 75 | ||||||
September 30, 2021 | 0.65000 | 186 | ||||||
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Total | $ | 1.85000 | $ | 335 | ||||
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2021:
Distribution | ||||||||||||||
For the Three Months Ended | Per Share | Amount | ||||||||||||
Fiscal 2021 | ||||||||||||||
March 31, 2021 | $ | 0.60 | $ | 74 | ||||||||||
June 30, 2021 | 0.60 | 75 | ||||||||||||
September 30, 2021 | 0.65 | 186 | ||||||||||||
Total | $ | 1.85 | $ | 335 | ||||||||||
Fiscal 2022 | ||||||||||||||
March 31, 2022 | $ | 0.63 | $ | 179 | ||||||||||
June 30, 2022 | 0.68 | 193 | ||||||||||||
September 30, 2022 | 0.67 | 190 | ||||||||||||
Total | $ | 1.98 | $ | 562 |
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 5. Distributions (continued)
timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Company’s board of directors.
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 5. Distributions (continued)
The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the nine months ended September 30, 2022 and 2021:
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Source of Distribution | Distribution Amount | Percentage | Distribution Amount | Percentage | ||||||||||||||||||||||||||||||||||
Return of capital | $ | — | — | $ | — | — | ||||||||||||||||||||||||||||||||
Net investment income(1) | 562 | 100 | % | 335 | 100 | % | ||||||||||||||||||||||||||||||||
Short-term capital gains proceeds from the sale of assets | — | — | — | — | ||||||||||||||||||||||||||||||||||
Long-term capital gains proceeds from the sale of assets | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 562 | 100 | % | $ | 335 | 100 | % |
Nine Months Ended September 30, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Source of Distribution | Distribution Amount | Percentage | Distribution Amount | Percentage | ||||||||||||
Return of capital | $ | — | — | $ | — | — | ||||||||||
Net investment income(1) | 335 | 100 | % | 244 | 100 | % | ||||||||||
Short-term capital gains proceeds from the sale of assets | — | — | — | — | ||||||||||||
Long-term capital gains proceeds from the sale of assets | — | — | — | — | ||||||||||||
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Total | $ | 335 | 100 | % | $ | 244 | 100 | % | ||||||||
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85.5%, respectively, of the Company’s gross investment income was attributable to cash income earned, 4.9% and 4.7%, respectively, was attributable to non-cash accretion of discount and 10.3% and 9.8%, respectively, was attributable to PIK interest.
FS KKR Capital Corp.
Notessubsidiaries of $2 related to Unaudited Consolidated Financial Statements (continued)
(the deferred tax liability and $1 related to current taxes. Each were as a result of the sale of investments, during the second quarter, held in millions, except share and per share amounts)
wholly-owned taxable subsidiaries.
September 30, 2021 (Unaudited) | December 31, 2020 | |||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||
Senior Secured Loans—First Lien | $ | 9,531 | $ | 9,689 | 61.2 | % | $ | 3,597 | $ | 3,449 | 50.9 | % | ||||||||||||
Senior Secured Loans—Second Lien | 1,635 | 1,669 | 10.6 | % | 1,035 | 880 | 13.0 | % | ||||||||||||||||
Other Senior Secured Debt | 147 | 136 | 0.9 | % | 127 | 86 | 1.3 | % | ||||||||||||||||
Subordinated Debt | 167 | 93 | 0.6 | % | 243 | 171 | 2.5 | % | ||||||||||||||||
Asset Based Finance | 1,946 | 1,999 | 12.6 | % | 1,025 | 951 | 14.0 | % | ||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,397 | 1,399 | 8.8 | % | 810 | 713 | 10.5 | % | ||||||||||||||||
Equity/Other | 901 | 839 | 5.3 | % | 616 | 530 | 7.8 | % | ||||||||||||||||
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Total | $ | 15,724 | $ | 15,824 | 100.0 | % | $ | 7,453 | $ | 6,780 | 100.0 | % | ||||||||||||
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2021:
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | $ | 10,023 | $ | 9,781 | 61.9 | % | $ | 9,695 | $ | 9,765 | 60.7 | % | ||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | 1,357 | 1,245 | 7.9 | % | 1,564 | 1,557 | 9.7 | % | ||||||||||||||||||||||||||||||
Other Senior Secured Debt | 151 | 110 | 0.7 | % | 149 | 120 | 0.7 | % | ||||||||||||||||||||||||||||||
Subordinated Debt | 380 | 255 | 1.6 | % | 188 | 111 | 0.7 | % | ||||||||||||||||||||||||||||||
Asset Based Finance | 1,942 | 1,826 | 11.6 | % | 2,132 | 2,245 | 13.9 | % | ||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,572 | 1,466 | 9.3 | % | 1,397 | 1,396 | 8.7 | % | ||||||||||||||||||||||||||||||
Equity/Other | 1,253 | 1,109 | 7.0 | % | 932 | 907 | 5.6 | % | ||||||||||||||||||||||||||||||
Total | $ | 16,678 | $ | 15,792 | 100.0 | % | $ | 16,057 | $ | 16,101 | 100.0 | % |
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, 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, 20212022 and December 31, 2020:
September 30, 2021 (Unaudited) | December 31, 2020 | |||||||||||||||
Industry Classification | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||
Automobiles & Components | $ | 168 | 1.1 | % | $ | 104 | 1.5 | % | ||||||||
Banks | 14 | 0.1 | % | 14 | 0.2 | % | ||||||||||
Capital Goods | 2,244 | 14.2 | % | 799 | 11.8 | % | ||||||||||
Commercial & Professional Services | 1,569 | 9.9 | % | 564 | 8.3 | % | ||||||||||
Consumer Durables & Apparel | 756 | 4.8 | % | 385 | 5.7 | % | ||||||||||
Consumer Services | 263 | 1.7 | % | 145 | 2.1 | % | ||||||||||
Credit Opportunities Partners JV, LLC | 1,399 | 8.8 | % | 713 | 10.5 | % | ||||||||||
Diversified Financials | 691 | 4.4 | % | 467 | 6.9 | % | ||||||||||
Energy | 234 | 1.5 | % | 107 | 1.6 | % | ||||||||||
Food & Staples Retailing | 277 | 1.7 | % | 221 | 3.3 | % | ||||||||||
Food, Beverage & Tobacco | 282 | 1.8 | % | 106 | 1.6 | % | ||||||||||
Health Care Equipment & Services | 1,663 | 10.5 | % | 604 | 8.9 | % | ||||||||||
Household & Personal Products | 283 | 1.8 | % | 190 | 2.8 | % | ||||||||||
Insurance | 724 | 4.6 | % | 208 | 3.1 | % | ||||||||||
Materials | 215 | 1.3 | % | 147 | 2.2 | % | ||||||||||
Media & Entertainment | 533 | 3.4 | % | 36 | 0.5 | % | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 243 | 1.5 | % | 34 | 0.5 | % | ||||||||||
Real Estate | 790 | 5.0 | % | 555 | 8.2 | % | ||||||||||
Retailing | 211 | 1.3 | % | 344 | 5.1 | % | ||||||||||
Software & Services | 2,728 | 17.2 | % | 770 | 11.3 | % | ||||||||||
Technology Hardware & Equipment | 49 | 0.3 | % | 15 | 0.2 | % | ||||||||||
Telecommunication Services | 162 | 1.0 | % | 71 | 1.0 | % | ||||||||||
Transportation | 326 | 2.1 | % | 181 | 2.7 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 15,824 | 100.0 | % | $ | 6,780 | 100.0 | % | ||||||||
|
|
|
|
|
|
|
|
2021:
September 30, 2022 | ||||||||||||||||||||||||||
(Unaudited) | December 31, 2021 | |||||||||||||||||||||||||
Industry Classification | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
Automobiles & Components | $ | 36 | 0.2 | % | $ | 89 | 0.5 | % | ||||||||||||||||||
Banks | — | — | 15 | 0.1 | % | |||||||||||||||||||||
Capital Goods | 2,224 | 14.1 | % | 2,281 | 14.2 | % | ||||||||||||||||||||
Commercial & Professional Services | 1,673 | 10.6 | % | 1,615 | 10.0 | % | ||||||||||||||||||||
Consumer Durables & Apparel | 290 | 1.8 | % | 551 | 3.4 | % | ||||||||||||||||||||
Consumer Services | 200 | 1.3 | % | 393 | 2.4 | % | ||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,466 | 9.3 | % | 1,396 | 8.7 | % | ||||||||||||||||||||
Diversified Financials | 634 | 4.0 | % | 672 | 4.2 | % | ||||||||||||||||||||
Energy | 288 | 1.8 | % | 241 | 1.5 | % | ||||||||||||||||||||
Food & Staples Retailing | 268 | 1.7 | % | 296 | 1.8 | % | ||||||||||||||||||||
Food, Beverage & Tobacco | 189 | 1.2 | % | 256 | 1.6 | % | ||||||||||||||||||||
Health Care Equipment & Services | 1,976 | 12.5 | % | 1,613 | 10.0 | % | ||||||||||||||||||||
Household & Personal Products | 246 | 1.6 | % | 227 | 1.4 | % | ||||||||||||||||||||
Insurance | 950 | 6.0 | % | 898 | 5.6 | % | ||||||||||||||||||||
Materials | 190 | 1.2 | % | 211 | 1.3 | % | ||||||||||||||||||||
Media & Entertainment | 627 | 4.0 | % | 720 | 4.5 | % | ||||||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 202 | 1.3 | % | 235 | 1.5 | % | ||||||||||||||||||||
Real Estate | 818 | 5.2 | % | 876 | 5.4 | % | ||||||||||||||||||||
Retailing | 287 | 1.8 | % | 288 | 1.8 | % | ||||||||||||||||||||
Software & Services | 2,847 | 18.0 | % | 2,698 | 16.8 | % | ||||||||||||||||||||
Technology Hardware & Equipment | 5 | 0.0 | % | 42 | 0.3 | % | ||||||||||||||||||||
Telecommunication Services | 79 | 0.5 | % | 128 | 0.8 | % | ||||||||||||||||||||
Transportation | 297 | 1.9 | % | 360 | 2.2 | % | ||||||||||||||||||||
Total | $ | 15,792 | 100.0 | % | $ | 16,101 | 100.0 | % |
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)
calculated and payable quarterly in arrears. As of June 28, 2022, the Company and SCRS increased their commitment by $440, of which $385 was committed by the Company. As of September 30, 2021,2022, the Company and SCRS have funded approximately $1,599.8$1,799.8 to COPJV, of which $1,399.8$1,574.8 was from the Company.
On September 2, 2021, Jersey City Funding LLC, or Jersey City Funding, a wholly-owned subsidiary of COPJV, prepaid all outstanding borrowings under, and terminated, its revolving credit facility with Goldman Sachs Bank.
Chestnut Street Funding LLC, or Chestnut Street Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Citibank, N.A., or as amended, the Chestnut Street Funding Credit Facility, which provides for up to $400 of borrowings as of September 30, 2021. The Chestnut Street Funding Credit Facility provides loans in U.S. dollars, Australian dollars, Canadian dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of three-month LIBOR (subject to a 0% floor) plus 2.25%. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus 2.25%. Chestnut Street Funding also pays a commitment fee of up to 0.50% on undrawn commitments. The Chestnut Street Funding Credit Facility matures on September 18, 2024. As of September 30, 2021, total outstanding borrowings under the Chestnut Street Funding Credit Facility were $177.6. Borrowings under the Chestnut Street Funding Credit Facility are secured by substantially all of the assets of Chestnut Street Funding.
Boxwood Drive Funding LLC, or Boxwood Drive Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with BNP Paribas, or as amended, the Boxwood Drive Funding Credit Facility, which provides for up to $300 of borrowings as of September 30, 2021. The Boxwood Drive Funding Credit Facility provides for loans in U.S. dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus a spread of 2.05% to 3.15% during the reinvestment period and 2.50% to 3.25% thereafter. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency. Boxwood Drive Funding also pays a commitment fee of up to 1.00% on undrawn commitments. The Boxwood Drive Funding Credit Facility matures on April 15, 2025. As of September 30, 2021, total outstanding borrowings under the Boxwood Drive Funding Credit Facility were $49.7. Borrowings under the Boxwood Drive Funding Credit Facility are secured by substantially all of the assets of Boxwood Drive Funding.
Big Cedar Creek LLC, or Big Cedar Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with BNP Paribas, or as amended, the Big Cedar Creek Funding Credit Facility, which provides for up to $300 of borrowings as of September 30, 2021. The Big Cedar Creek Funding Credit Facility provides loans in U.S. dollars, Australian dollars, Canadian dollars, New Zealand dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of LIBOR (subject to a 0% floor) plus a spread of 1.85% to 2.55% during the reinvestment period and 2.00% to 2.65% thereafter. Foreign currency loans bear interest at the applicable floating rate (subject to a 0% floor) plus a spread of 1.85% to 2.55% during the reinvestment period and 2.00% to 2.65% thereafter. Big Cedar Creek Funding also pays a commitment fee of up to 1.00% on undrawn commitments. The Big Cedar Creek Funding Credit Facility matures on March 11, 2025. As of September 30, 2021, total outstanding borrowings under the Big Cedar Creek Funding Credit Facility were $87.6. Borrowings under the Big Cedar Creek Funding Credit Facility are secured by substantially all of the assets of Big Cedar Creek.
Green Creek LLC, or Green Creek Funding, a wholly-owned subsidiary of COPJV, has a revolving credit facility with Goldman Sachs Bank, or as amended, the Green Creek Funding Credit Facility, which provides for up to $500 of borrowings as of September 30, 2021. The Green Creek Credit Facility provides for loans in U.S. dollars, Canadian dollars, Euros and pounds sterling. U.S. dollar loans bear interest at the rate of three-month LIBOR (subject to a 0% floor) plus 3.30%. Foreign currency loans bear interest at the rate of the applicable floating rate (subject to a 0% floor) plus the spread applicable to the specified currency. Green Creek Funding also pays a commitment fee of up to 3.30% on undrawn commitments. The Green Creek Funding Credit Facility matures on January 30, 2022. As of September 30, 2021, total outstanding borrowings under the Green Creek Funding Credit Facility were $348.9. Borrowings under the Green Creek Funding Credit Facility are secured by substantially all of the assets of Green Creek Funding.
On August 17, 2021, COPJV sold in a private placement $225 of aggregate principal amount of Series B senior unsecured notes, or the COPJV Notes, to qualified institutional buyers in reliance on Section 4(a)(2) of the Securities Act. Interest of the COPJV Notes is payable semi-annually on the 17th of each of February and August, at a fixed annual rate of 3.62%, commencing
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)
February 17, 2022. This interest rate is subject to increase up to 4.12% in the event that the COPJV Notes cease to be rated investment grade, and the COPJV Notes will be subject to an additional 2.0% of default interest during the continuance of an event of default. The COPJV Notes mature on August 17, 2026, unless redeemed, purchased or prepaid prior to such date by COPJV in accordance with their terms. The COPJV Notes are general unsecured obligations that rank pari passu with all outstanding and future unsecured and unsubordinated indebtedness that COPJV may issue. COPJV used the net proceeds from the private placement for general corporate purposes, including to make investments, repay existing debt and make permitted distributions.
COPJV was in compliance with all covenants required by its financing arrangements as of September 30, 20212022 and December 31, 2020.
2021.
As of | ||||||||
September 30, 2021 | December 31, 2020 | |||||||
Total debt investments(1) | $ | 2,276.5 | $ | 1,436.3 | ||||
Weighted average annual yield on accruing debt investments(2) | 8.5 | % | 8.6 | % | ||||
Number of portfolio companies in COPJV | 78 | 66 | ||||||
Largest investment in a single portfolio company(1) | $ | 131.0 | $ | 72.6 | ||||
Unfunded commitments(1) | $ | 27.7 | $ | 21.6 |
|
|
As of September 30, 2022 (Unaudited) December 31, 2021 $ 3,455.9 $ 2,954.2 10.0 % 8.1 % Number of portfolio companies in COPJV 125 95 $ 131.9 $ 131.5 $ 2.8 $ 1.9
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien—151.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||
48Forty Solutions LLC | (e)(o) | Commercial & Professional Services | SF+550 | 1.0% | 11/30/2026 | $ | 19.4 | $ | 19.2 | $ | 19.0 | |||||||||||||||||||||||||||||||||||||||
Accuride Corp | (i)(j) | Capital Goods | L+525 | 1.0% | 11/17/2023 | 20.8 | 20.3 | 18.1 | ||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (e)(o) | Software & Services | SR+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/2028 | SEK | 588.0 | 66.6 | 51.3 | |||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (e)(o) | Software & Services | R+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/2028 | ISK | 1,644.9 | 12.8 | 11.1 | |||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (e)(h)(i)(o) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/2028 | $ | 76.3 | 76.0 | 75.6 | |||||||||||||||||||||||||||||||||||||||||
Alacrity Solutions Group LLC | (e)(j)(o) | Insurance | L+525 | 0.8% | 12/22/2028 | 40.6 | 39.9 | 39.6 | ||||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (e)(k)(o) | Insurance | SF+600 | 0.8% | 10/2/2028 | 32.3 | 31.9 | 31.1 | ||||||||||||||||||||||||||||||||||||||||||
Alstom SA | (k) | Transportation | L+550, 2.5% PIK (2.5% Max PIK) | 1.0% | 8/29/2023 | 6.2 | 5.7 | 3.5 | ||||||||||||||||||||||||||||||||||||||||||
American Airlines Group Inc | Transportation | L+175 | 0.0% | 6/27/2025 | 2.5 | 2.3 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||
American Vision Partners | (e)(o) | Health Care Equipment & Services | L+575 | 0.8% | 9/30/2027 | 19.6 | 19.4 | 19.1 | ||||||||||||||||||||||||||||||||||||||||||
Ammeraal Beltech Holding BV | (h)(k) | Capital Goods | E+375 | 0.0% | 7/30/2025 | € | 4.8 | 4.8 | 4.1 | |||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (h) | Diversified Financials | L+375 | 0.5% | 7/27/2028 | $ | 4.2 | 4.2 | 4.0 | |||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (h) | Diversified Financials | E+400 | 0.0% | 7/27/2028 | € | 1.6 | 1.9 | 1.5 | |||||||||||||||||||||||||||||||||||||||||
Arcfield Acquisition Corp | (e)(o) | Capital Goods | L+575 | 0.8% | 3/10/2028 | $ | 8.1 | 8.0 | 7.9 |
Credit Opportunities Partners JV, LLC Portfolio
As
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (e)(h)(j) | Software & Services | L+575 | 1.0% | 3/31/2028 | $ | 22.3 | $ | 22.1 | $ | 21.2 | |||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (e)(i) | Insurance | SA+700 | 0.8% | 7/14/2026 | £ | 3.8 | 4.7 | 4.2 | |||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (e)(i) | Insurance | E+700 | 1.0% | 7/14/2026 | € | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (e)(j)(k)(o) | Insurance | L+575 | 0.8% | 7/14/2026 | $ | 54.8 | 54.2 | 52.8 | |||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (e)(j)(k)(o) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/2024 | A$ | 109.4 | 73.9 | 70.1 | |||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (e)(j)(k)(o) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/2024 | 8.0 | 5.7 | 5.1 | ||||||||||||||||||||||||||||||||||||||||||
athenahealth Inc | (k) | Health Care Equipment & Services | SF+350 | 0.5% | 2/15/2029 | $ | 6.8 | 6.2 | 6.1 | |||||||||||||||||||||||||||||||||||||||||
athenahealth Inc | (k) | Health Care Equipment & Services | SF+350 | 0.5% | 2/15/2029 | 1.2 | 1.1 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (e)(h)(i) | Consumer Services | L+575 | 0.8% | 4/28/2028 | 47.4 | 47.4 | 47.4 | ||||||||||||||||||||||||||||||||||||||||||
BearCom Acquisition Corp | (e)(j) | Technology Hardware & Equipment | L+650 | 1.0% | 7/5/2024 | 2.2 | 2.2 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||
BearCom Acquisition Corp | (e)(j) | Technology Hardware & Equipment | C+550 | 1.0% | 7/5/2024 | C$ | 14.3 | 10.6 | 10.1 | |||||||||||||||||||||||||||||||||||||||||
BearCom Acquisition Corp | (e)(f) | Technology Hardware & Equipment | C+550 | 1.0% | 1/5/2024 | 1.3 | 1.0 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Belk Inc | Retailing | L+750 | 1.0% | 7/31/2025 | $ | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Belk Inc | (g)(p) | Retailing | 5.0%, 8.0% PIK (8.0 Max PIK) | 7/31/2025 | 3.0 | 1.7 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (e)(h)(i)(o) | Media & Entertainment | L+575 | 1.0% | 8/16/2027 | 54.5 | 54.1 | 53.7 | ||||||||||||||||||||||||||||||||||||||||||
Big Bus Tours Ltd | (e)(j) | Consumer Services | L+850 PIK (L+850 Max PIK) | 1.0% | 3/15/2024 | 17.6 | 17.6 | 14.4 | ||||||||||||||||||||||||||||||||||||||||||
Big Bus Tours Ltd | (e)(j) | Consumer Services | E+850 PIK (E+850 Max PIK) | 1.0% | 3/15/2024 | € | 12.4 | 13.8 | 9.9 | |||||||||||||||||||||||||||||||||||||||||
Bugaboo International BV | (e)(h)(i) | Consumer Durables & Apparel | E+700, 0.0% PIK (7.8% Max PIK) | 0.0% | 3/20/2025 | 30.1 | 35.5 | 29.4 | ||||||||||||||||||||||||||||||||||||||||||
Bugaboo International BV | (e)(h) | Consumer Durables & Apparel | E+700, 0.0% PIK (7.8% Max PIK) | 0.0% | 3/20/2025 | 4.9 | 5.4 | 4.8 | ||||||||||||||||||||||||||||||||||||||||||
Cision Ltd | Software & Services | L+375 | 0.0% | 1/29/2027 | $ | 3.8 | 3.4 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||
ClubCorp Club Operations Inc | (j)(k) | Consumer Services | L+275 | 0.0% | 9/18/2024 | 32.0 | 29.9 | 29.6 | ||||||||||||||||||||||||||||||||||||||||||
Creation Technologies Inc | Technology Hardware & Equipment | L+550 | 0.5% | 10/5/2028 | 2.3 | 2.1 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (e)(h)(i)(k) | Capital Goods | L+625 | 0.8% | 12/23/2027 | 59.5 | 59.4 | 59.5 | ||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (e)(h) | Capital Goods | L+625 | 0.8% | 8/13/2028 | 17.3 | 17.3 | 17.3 | ||||||||||||||||||||||||||||||||||||||||||
Cubic Corp | (i) | Software & Services | L+425 | 0.8% | 5/25/2028 | 9.1 | 9.1 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||
EIF Van Hook Holdings LLC | (i)(k) | Energy | SF+525 | 0.0% | 9/5/2024 | 7.7 | 7.4 | 7.4 | ||||||||||||||||||||||||||||||||||||||||||
Emerald Expositions Holding Inc | Media & Entertainment | L+275 | 0.0% | 5/22/2024 | 1.7 | 1.6 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||
Encora Digital Inc | (e)(o) | Software & Services | L+550, 0.0% PIK (2.4% Max PIK) | 0.8% | 12/13/2028 | 16.3 | 15.9 | 15.5 | ||||||||||||||||||||||||||||||||||||||||||
Envirotainer Ltd | (e)(k) | Transportation | E+600, 0.0% PIK (3.0% Max PIK) | 0.0% | 7/29/2029 | € | 14.9 | 13.9 | 14.3 | |||||||||||||||||||||||||||||||||||||||||
Envirotainer Ltd | (e)(k) | Transportation | SF+600, 0.0% PIK (3.0% Max PIK) | 0.8% | 7/29/2029 | $ | 7.6 | 7.4 | 7.4 | |||||||||||||||||||||||||||||||||||||||||
Excelitas Technologies Corp | (e)(j)(k) | Technology Hardware & Equipment | SF+575 | 0.8% | 8/12/2029 | 24.5 | 23.5 | 24.3 | ||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (e)(h)(i) | Software & Services | L+575 | 0.8% | 8/31/2028 | 37.6 | 37.3 | 36.8 | ||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group LLC | (e)(i)(o) | Software & Services | L+575 | 1.0% | 9/18/2023 | 35.8 | 35.8 | 35.8 | ||||||||||||||||||||||||||||||||||||||||||
Galaxy Universal LLC | (e)(h) | Consumer Durables & Apparel | SF+500 | 1.0% | 11/12/2026 | 8.8 | 8.8 | 8.8 | ||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (e)(k)(o) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/2028 | 37.0 | 36.2 | 36.4 | ||||||||||||||||||||||||||||||||||||||||||
General Datatech LP | (e)(j) | Software & Services | L+625 | 1.0% | 6/18/2027 | 18.4 | 17.8 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||
Greystone Equity Member Corp | (e) | Diversified Financials | L+725 | 3.8% | 4/1/2026 | 30.2 | 30.0 | 29.3 | ||||||||||||||||||||||||||||||||||||||||||
HealthChannels LLC | (j) | Health Care Equipment & Services | L+450 | 0.0% | 4/3/2025 | 15.5 | 15.4 | 13.1 | ||||||||||||||||||||||||||||||||||||||||||
Hermes UK Ltd | (e)(k) | Transportation | SA+650 | 0.0% | 11/30/2027 | £ | 14.7 | 19.5 | 15.3 | |||||||||||||||||||||||||||||||||||||||||
Higginbotham Insurance Agency Inc | (e)(h)(i) | Insurance | L+525 | 0.8% | 11/25/2026 | $ | 37.7 | 38.1 | 37.8 | |||||||||||||||||||||||||||||||||||||||||
Industria Chimica Emiliana Srl | (e)(j)(k)(o) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/2026 | € | 113.9 | 125.3 | 109.9 |
FS KKR Capital Corp.
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Big Bus Tours Ltd | (e)(j) | Consumer Services | L+850 PIK (L+850 Max PIK) | 1.0% | 3/15/24 | $ | 16.0 | $ | 16.0 | $ | 9.9 | |||||||||||
Bugaboo International BV | (e)(h)(n) | Consumer Durables & Apparel | E+700, 0.0% PIK (7.8% Max PIK) | 0.0% | 3/20/25 | € | 35.0 | 40.8 | 40.5 | |||||||||||||
Caprock Midstream LLC | (i) | Energy | L+475 | 0.0% | 11/3/25 | $ | 13.3 | 13.1 | 13.2 | |||||||||||||
Catapult Learning LLC | (e)(j)(n) | Consumer Services | L+850 | 1.0% | 4/24/23 | 14.8 | 14.7 | 14.8 | ||||||||||||||
Catapult Learning LLC | (e)(i)(j) | Consumer Services | L+453 | 1.0% | 4/24/23 | 38.9 | 38.6 | 38.9 | ||||||||||||||
Catapult Learning LLC | (e)(f) | Consumer Services | L+850 | 1.0% | 4/24/23 | 0.4 | 0.4 | 0.4 | ||||||||||||||
Catapult Learning LLC | (e)(f) | Consumer Services | L+475 | 1.0% | 4/24/23 | 4.4 | 4.4 | 4.4 | ||||||||||||||
Catapult Learning LLC | (e)(f) | Consumer Services | L+453 | 1.0% | 4/24/23 | 1.2 | 1.2 | 1.2 | ||||||||||||||
Child Development Schools Inc | (e)(j) | Consumer Services | L+425 | 1.0% | 5/21/23 | 8.4 | 8.4 | 8.4 | ||||||||||||||
Child Development Schools Inc | (e)(f) | Consumer Services | L+425 | 1.0% | 5/21/23 | 2.5 | 2.5 | 2.5 | ||||||||||||||
CSafe Global | (e)(k) | Capital Goods | L+625 | 1.0% | 12/23/27 | 24.9 | 24.8 | 25.1 | ||||||||||||||
Cubic Corp | (i) | Software & Services | L+425 | 0.8% | 5/25/28 | 9.2 | 9.2 | 9.2 | ||||||||||||||
Datatel Inc | (h) | Software & Services | L+375 | 0.8% | 10/7/27 | 2.4 | 2.4 | 2.4 | ||||||||||||||
Distribution International Inc | (k) | Retailing | L+575 | 1.0% | 12/15/23 | 13.8 | 12.2 | 13.9 | ||||||||||||||
Eagleclaw Midstream Ventures LLC | (k) | Energy | L+425 | 1.0% | 6/24/24 | 11.1 | 10.6 | 11.1 | ||||||||||||||
EIF Van Hook Holdings LLC | (i)(k) | Energy | L+525 | 0.0% | 9/5/24 | 8.4 | 8.0 | 7.8 | ||||||||||||||
Entertainment Benefits Group LLC | (e)(k) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/25 | 2.6 | 2.6 | 2.5 | ||||||||||||||
FloWorks International LLC | (e)(h)(k) | Capital Goods | L+700 | 1.0% | 10/14/26 | 24.8 | 24.5 | 24.5 | ||||||||||||||
Frontline Technologies Group LLC | (e)(i) | Software & Services | L+575 | 1.0% | 9/18/23 | 19.8 | 19.8 | 19.8 | ||||||||||||||
Greystone Equity Member Corp | (e) | Diversified Financials | L+725 | 3.8% | 4/1/26 | 30.2 | 30.0 | 30.1 | ||||||||||||||
HealthChannels LLC | (j) | Health Care Equipment & Services | L+450 | 0.0% | 4/3/25 | 15.8 | 15.7 | 15.1 |
Footnotes Industry Base Rate Floor Maturity Date Cost Insight Global LLC (e)(h)(i)(o) Commercial & Professional Services L+600 0.8% 9/22/2028 $ 63.9 $ 63.1 $ 62.9 KBP Investments LLC (e)(h)(i) Food & Staples Retailing L+550 0.8% 5/26/2027 23.6 23.5 22.3 Kellermeyer Bergensons Services LLC (e)(i)(j) Commercial & Professional Services L+600 1.0% 11/7/2026 29.2 28.1 27.9 Kettle Cuisine LLC (j) Food, Beverage & Tobacco L+375 1.0% 8/25/2025 16.3 16.3 15.2 Lakefield Veterinary Group (e)(o) Health Care Equipment & Services L+550 0.8% 11/23/2028 27.1 26.8 26.4 Lakeview Farms Inc (e)(j) Food, Beverage & Tobacco L+625 1.0% 6/10/2027 15.6 15.5 14.9 Lexitas Inc (e)(h) Commercial & Professional Services SF+625 1.0% 5/18/2029 18.5 18.5 18.2 Lionbridge Technologies Inc (e)(i)(j) Media & Entertainment SF+700 1.0% 12/29/2025 27.2 26.7 27.4 Lipari Foods LLC (e)(k) Food & Staples Retailing SF+575 1.0% 1/6/2025 42.8 42.8 42.8 Lipari Foods LLC (e)(k) Food & Staples Retailing SF+575 1.0% 1/6/2025 21.7 21.7 21.7 Lrqa Ltd (e)(i)(o) Consumer Services E+600, 0.0% PIK (6.3% Max PIK) 0.0% 12/2/2028 € 44.3 48.7 42.4 MB2 Dental Solutions LLC (e)(i) Health Care Equipment & Services SF+600 1.0% 1/29/2027 $ 12.0 11.8 11.8 Med-Metrix (e)(o) Software & Services L+600 1.0% 9/15/2027 11.9 11.9 11.9 Misys Ltd Software & Services L+350 1.0% 6/13/2024 2.3 2.1 2.0 Monitronics International Inc (h)(i)(k) Commercial & Professional Services L+600 1.5% 7/3/2024 35.5 33.5 34.2 Motion Recruitment Partners LLC (e)(h)(j) Commercial & Professional Services L+650 1.0% 12/22/2025 24.8 24.6 24.8 New Era Technology Inc (e)(h)(j)(k) Software & Services L+625 1.0% 10/31/2026 34.4 33.9 33.8 Novotech Pty Ltd (e)(k)(o) Health Care Equipment & Services SF+525 0.5% 1/13/2028 24.4 23.9 23.9 Novotech Pty Ltd (e)(k)(o) Health Care Equipment & Services B+525 0.5% 1/13/2028 A$ 33.7 24.8 21.0 One Call Care Management Inc (h) Health Care Equipment & Services L+550 0.8% 4/22/2027 $ 4.9 5.0 3.7 Ontic Engineering & Manufacturing Inc (h) Capital Goods L+400 0.0% 10/30/2026 2.1 1.9 2.1 Pantherx Specialty LLC (e)(j) Pharmaceuticals, Biotechnology & Life Sciences SF+550 0.5% 7/16/2029 15.9 14.8 14.9 Parts Town LLC (e)(h)(k)(o) Retailing L+550 0.8% 11/1/2028 49.6 48.5 48.0 Peraton Corp (j) Capital Goods L+375 0.8% 2/1/2028 8.8 8.4 8.4 Plaskolite, LLC Materials L+400 0.8% 12/15/2025 1.1 1.1 1.0 Precision Global Corp (e)(j) Materials L+475 1.0% 8/3/2024 8.9 8.7 8.8 Premium Credit Ltd (e)(h)(i)(k) Diversified Financials SA+650 0.0% 1/16/2026 £ 49.4 64.1 55.0 Pretium Packaging LLC (j) Household & Personal Products L+400 0.5% 10/2/2028 $ 1.6 1.6 1.5 Project Marron (e)(h)(j)(k) Consumer Services B+625 0.5% 7/2/2025 A$ 81.8 56.3 50.4 Project Marron (e)(i)(j) Consumer Services C+625 0.5% 7/2/2025 C$ 52.5 40.0 36.4 Pure Fishing Inc (i) Consumer Durables & Apparel L+450 0.0% 12/22/2025 $ 9.8 9.7 8.2 Qdoba Restaurant Corp (h)(k) Consumer Services L+700 1.0% 3/21/2025 3.5 3.3 3.4 Reliant Rehab Hospital Cincinnati LLC (e)(j)(o) Health Care Equipment & Services L+625 0.0% 2/28/2026 33.8 32.8 28.4 Revere Superior Holdings Inc (e)(k) Software & Services L+575 1.0% 9/30/2026 19.6 19.6 19.6 Rise Baking Company (e)(k) Food, Beverage & Tobacco L+650 1.0% 8/13/2027 1.4 1.3 1.3 Rise Baking Company (e)(j)(k) Food, Beverage & Tobacco L+650 1.0% 8/13/2027 30.5 29.9 28.4 Rise Baking Company (e)(f) Food, Beverage & Tobacco L+650 1.0% 8/13/2027 0.6 0.6 0.5 RSC Insurance Brokerage Inc (e)(k) Insurance SF+550 0.8% 10/30/2026 18.9 18.8 18.7 Sabre Inc Software & Services L+200 0.0% 2/22/2024 2.1 2.1 2.1 Safe-Guard Products International LLC (e)(i)(j)(k) Diversified Financials L+500 0.5% 1/27/2027 71.7 72.1 71.7 SAMBA Safety Inc (e)(h)(j) Software & Services L+525 1.0% 9/1/2027 27.2 26.9 26.9 SavATree LLC (e)(j)(k) Consumer Services L+550 0.8% 10/12/2028 39.7 39.4 39.2 Sequa Corp (h)(j)(k) Capital Goods L+675, 0.0% PIK (1.0% Max PIK) 1.0% 11/28/2023 23.4 22.9 23.4 SI Group Inc Materials SF+475 0.0% 10/15/2025 1.5 1.5 1.3 SIRVA Worldwide Inc (i) Commercial & Professional Services L+550 0.0% 8/4/2025 6.9 6.6 6.3 SitusAMC Holdings Corp (e)(j)(o) Real Estate L+575 0.8% 12/22/2027 39.6 38.7 38.3
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Industria Chimica Emiliana Srl | (e)(j)(k)(n) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 9/27/26 | € | 113.9 | $ | 125.0 | $ | 137.7 | |||||||||||
KBP Investments LLC | (e)(h)(i) | Food & Staples Retailing | L+500 | 0.8% | 5/26/27 | $ | 23.8 | 23.6 | 23.5 | |||||||||||||
Kellermeyer Bergensons Services LLC | (e)(i)(j) | Commercial & Professional Services | L+575 | 1.0% | 11/7/26 | 29.5 | 28.1 | 29.7 | ||||||||||||||
Kettle Cuisine LLC | (j) | Food, Beverage & Tobacco | L+375 | 1.0% | 8/25/25 | 16.5 | 16.4 | 15.7 | ||||||||||||||
Lexitas Inc | (e)(h) | Commercial & Professional Services | L+600 | 1.0% | 11/14/25 | 18.7 | 18.6 | 19.1 | ||||||||||||||
Lionbridge Technologies Inc | (e)(i)(j) | Consumer Services | L+700 | 1.0% | 12/29/25 | 28.7 | 28.0 | 29.0 | ||||||||||||||
Lipari Foods LLC | (e)(k) | Food & Staples Retailing | L+575 | 1.0% | 1/6/25 | 65.6 | 65.6 | 66.3 | ||||||||||||||
Monitronics International Inc | (h)(i)(k) | Commercial & Professional Services | L+500 | 1.5% | 7/3/24 | 35.5 | 32.7 | 35.8 | ||||||||||||||
One Call Care Management Inc | (h) | Health Care Equipment & Services | L+550 | 0.8% | 4/22/27 | 5.0 | 5.0 | 5.0 | ||||||||||||||
Ontic Engineering & Manufacturing Inc | (h) | Capital Goods | L+400 | 0.0% | 10/30/26 | 2.1 | 1.9 | 2.2 | ||||||||||||||
Parts Town LLC | (e)(k)(n) | Retailing | L+550 | 1.0% | 10/15/25 | 52.3 | 52.1 | 51.5 | ||||||||||||||
Parts Town LLC | (e)(f) | Retailing | L+550 | 1.0% | 10/15/25 | 3.2 | 3.2 | 3.1 | ||||||||||||||
Precision Global Corp | (e)(j) | Materials | L+475 | 1.0% | 8/3/24 | 9.0 | 8.7 | 8.6 | ||||||||||||||
Premium Credit Ltd | (e)(h)(i) | Diversified Financials | L+650 | 0.0% | 1/16/26 | £ | 51.2 | 66.3 | 69.0 | |||||||||||||
Project Marron | (e)(h)(j) | Consumer Services | B+575 | 0.0% | 7/2/25 | A$ | 66.8 | 46.0 | 44.9 | |||||||||||||
Project Marron | (e)(i)(j) | Consumer Services | C+575 | 0.0% | 7/2/25 | C$ | 52.5 | 39.8 | 38.7 | |||||||||||||
Pure Fishing Inc | (i) | Consumer Durables & Apparel | L+450 | 0.0% | 12/22/25 | $ | 9.9 | 9.8 | 9.8 | |||||||||||||
Qdoba Restaurant Corp | (k)(n) | Consumer Services | L+700 | 1.0% | 3/21/25 | 3.5 | 3.2 | 3.4 | ||||||||||||||
Reliant Rehab Hospital Cincinnati LLC | (e)(j) | Health Care Equipment & Services | L+675 | 0.0% | 9/2/24 | 19.8 | 19.2 | 19.1 | ||||||||||||||
Revere Superior Holdings Inc | (e)(k) | Software & Services | L+575 | 1.0% | 9/30/26 | 19.8 | 19.8 | 20.0 | ||||||||||||||
Rise Baking Company | (e)(k) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 16.0 | 15.7 | 15.7 |
Footnotes Industry Base Rate Floor Maturity Date Cost Sorenson Communications LLC (j) Telecommunication Services L+550 0.8% 3/17/2026 $ 20.6 $ 19.9 $ 19.8 Staples Canada (e)(h)(i)(j)(k) Retailing C+700 1.0% 9/12/2024 C$ 77.4 59.5 57.3 Summit Interconnect Inc (e)(o) Capital Goods SF+600 1.0% 9/22/2028 $ 19.6 19.3 18.7 Time Manufacturing Co (e)(h)(i) Capital Goods E+650 0.8% 12/1/2027 € 29.3 32.5 27.2 Total Safety US Inc (h)(i) Capital Goods L+600 1.0% 8/18/2025 $ 11.3 10.1 10.9 Transaction Services Group Ltd (e)(j)(k)(n)(o) Software & Services B+650 0.0% 10/15/2026 A$ 124.1 85.2 79.1 Unifrax I LLC / Unifrax Holding Co Capital Goods L+375 0.0% 12/12/2025 $ 2.8 2.7 2.6 Varsity Brands Inc Consumer Durables & Apparel L+350 1.0% 12/16/2024 4.0 3.8 3.7 West Corp (i) Software & Services L+400 1.0% 10/10/2024 12.1 12.0 10.5 West Corp (i) Software & Services L+350 1.0% 10/10/2024 2.5 2.5 2.1 Woolpert Inc (e)(h)(i)(j) Capital Goods L+600 1.0% 4/5/2028 53.1 52.7 51.2 Worldwise Inc (e)(h)(i)(j)(k)(o) Household & Personal Products SF+625 1.0% 3/29/2028 64.8 61.8 61.5 Yak Access LLC (n) Capital Goods L+500 0.0% 7/11/2025 0.8 0.6 0.5 Total Senior Secured Loans—First Lien 2,663.8 2,532.2 Unfunded Loan Commitments (2.8) (2.8) Net Senior Secured Loans—First Lien 2,661.0 2,529.4 Senior Secured Loans—Second Lien—23.4% Access CIG LLC (h)(i) Commercial & Professional Services L+775 0.0% 2/27/2026 2.5 2.3 2.4 Ammeraal Beltech Holding BV (e)(h)(k)(o) Capital Goods L+775 0.0% 9/12/2026 42.8 42.0 42.0 Apex Group Limited (e)(h)(i)(o) Diversified Financials L+675 0.5% 7/27/2029 40.0 39.7 38.8 Cubic Corp (e)(k) Software & Services L+763 0.8% 5/25/2029 10.0 9.7 9.2 EaglePicher Technologies LLC (h) Capital Goods L+725 0.0% 3/8/2026 0.4 0.4 0.3 Element Materials Technology Group US Holdings Inc (e)(h)(i) Commercial & Professional Services SA+725 0.5% 6/24/2030 £ 16.0 17.1 17.2 Misys Ltd (h)(i)(k)(o) Software & Services L+725 1.0% 6/13/2025 $ 46.6 44.6 38.4 NEP Broadcasting LLC (i) Media & Entertainment L+700 0.0% 10/19/2026 6.8 6.7 6.3 OEConnection LLC (e)(h)(i)(j) Software & Services L+700 0.5% 9/25/2027 50.0 50.0 48.5 Paradigm Acquisition Corp (h)(k) Health Care Equipment & Services L+750 0.0% 10/26/2026 2.5 2.5 2.5 Peraton Corp (e)(h)(i) Capital Goods L+775 0.8% 2/1/2029 21.5 21.3 21.3 Pretium Packaging LLC (e)(h)(i)(j) Household & Personal Products L+675 0.5% 10/1/2029 39.9 39.7 36.2 Pure Fishing Inc (e)(h) Consumer Durables & Apparel L+838 1.0% 12/21/2026 26.5 24.1 22.9 SIRVA Worldwide Inc (i)(j) Commercial & Professional Services L+950 0.0% 8/3/2026 10.3 8.7 9.0 Valeo Foods Group Ltd (e)(h) Food, Beverage & Tobacco SA+800 0.0% 9/28/2029 £ 9.3 11.8 9.7 Wittur Holding GmbH (e)(j)(k)(n) Capital Goods E+850, 0.5% PIK (0.5% Max PIK) 0.0% 9/23/2027 € 120.8 131.9 88.5 Total Senior Secured Loans—Second Lien 452.5 393.2 Other Senior Secured Debt—1.3% One Call Care Management Inc (e) Health Care Equipment & Services 8.5% PIK (8.5% Max PIK) 11/1/2028 $ 24.5 24.0 21.2 Total Other Senior Secured Debt 24.0 21.2 Subordinated Debt—0.2% athenahealth Inc Health Care Equipment & Services 6.5% 2/15/2030 5.5 4.8 4.4 Total Subordinated Debt 4.8 4.4 Asset Based Finance—30.0% Abacus JV, Private Equity (e) Insurance 31,400,804 32.2 33.4
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Rise Baking Company | (e)(k) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | $ | 0.3 | $ | 0.3 | $ | 0.3 | |||||||||||
Rise Baking Company | (e)(f) | Food, Beverage & Tobacco | L+625 | 1.0% | 8/13/27 | 1.6 | 1.6 | 1.6 | ||||||||||||||
RSC Insurance Brokerage Inc | (e)(k) | Insurance | L+550 | 1.0% | 10/30/26 | 19.0 | 19.0 | 19.2 | ||||||||||||||
Safe-Guard Products International LLC | (e)(i)(j)(k) | Diversified Financials | L+500 | 0.5% | 1/27/27 | 75.5 | 76.1 | 75.5 | ||||||||||||||
Sequa Corp | (h)(j)(k) | Capital Goods | L+675, 0.0% PIK (1.0% Max PIK) | 1.0% | 11/28/23 | 45.4 | 43.7 | 46.2 | ||||||||||||||
SIRVA Worldwide Inc | (i) | Commercial & Professional Services | L+550 | 0.0% | 8/4/25 | 7.1 | 6.7 | 6.7 | ||||||||||||||
Staples Canada | (e)(h)(i)(k)(n) | Retailing | C+700 | 1.0% | 9/12/24 | C$ | 90.5 | 69.0 | 71.4 | |||||||||||||
Total Safety US Inc | (h)(i) | Capital Goods | L+600 | 1.0% | 8/16/25 | $ | 11.1 | 9.5 | 11.0 | |||||||||||||
Trace3 Inc | (e)(k) | Software & Services | L+675 | 1.0% | 8/3/24 | 32.6 | 32.4 | 32.6 | ||||||||||||||
Transaction Services Group Ltd | (e)(j)(k)(n) | Software & Services | B+650 | 0.0% | 10/15/26 | A$ | 162.0 | 111.0 | 114.9 | |||||||||||||
West Corp | (i) | Software & Services | L+350 | 1.0% | 10/10/24 | $ | 2.6 | $ | 2.5 | $ | 2.5 | |||||||||||
West Corp | (i) | Software & Services | L+400 | 1.0% | 10/10/24 | 12.4 | 12.1 | 12.2 | ||||||||||||||
WireCo WorldGroup Inc | (k) | Capital Goods | L+500 | 1.0% | 9/29/23 | 0.1 | 0.1 | 0.1 | ||||||||||||||
Woolpert Inc | (e)(h)(i)(j) | Capital Goods | L+600 | 1.0% | 4/5/28 | 53.7 | 53.1 | 53.9 | ||||||||||||||
Yak Access LLC | (n) | Capital Goods | L+500 | 0.0% | 7/11/25 | 0.8 | 0.6 | 0.6 | ||||||||||||||
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Total Senior Secured Loans—First Lien | 1,581.6 | 1,612.9 | ||||||||||||||||||||
Unfunded Loan Commitments | (20.0 | ) | (20.0 | ) | ||||||||||||||||||
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Net Senior Secured Loans—First Lien | 1,561.6 | 1,592.9 | ||||||||||||||||||||
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| |||||||||||||||||||
Senior Secured Loans—Second Lien—24.7% | ||||||||||||||||||||||
Access CIG LLC | (h)(i) | Commercial & Professional Services | L+775 | 0.0% | 2/27/26 | 2.5 | 2.2 | 2.5 | ||||||||||||||
Ammeraal Beltech Holding BV | (e)(k)(n) | Capital Goods | L+775 | 0.0% | 9/12/26 | 93.0 | 91.0 | 92.1 | ||||||||||||||
EaglePicher Technologies LLC | (h) | Capital Goods | L+725 | 0.0% | 3/8/26 | 0.4 | 0.4 | 0.4 |
Footnotes Industry Base Rate Floor Maturity Date Cost Altavair AirFinance, Private Equity (e) Capital Goods 36,500,000 $ 43.0 $ 41.5 Connecticut Avenue Securities Trust 2022-R08, Structured Mezzanine Real Estate SF+560 0.0% 7/25/2042 $ 2.3 2.3 2.2 GA Capital Specialty Lending Fund, Limited Partnership Interest (e)(n) Diversified Financials $ 1.0 — 4.8 Global Lending Services LLC, Private Equity (e)(n) Diversified Financials 2,577,072 2.6 2.7 Global Lending Services LLC, Private Equity (e) Diversified Financials 19,329,296 25.4 20.3 KKR Chord IP Aggregator LP, Partnership Interest (e) Media & Entertainment 19,625,000 22.9 21.6 KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest (e)(n)(p) Capital Goods 19,642,734 24.4 16.3 Lenovo Group Ltd, Structured Mezzanine (e) Technology Hardware & Equipment SF+1,075 1.0% 9/30/2024 $ 4.7 4.7 4.7 Lenovo Group Ltd, Structured Mezzanine (e) Technology Hardware & Equipment E+1,075 1.0% 9/30/2024 € 3.6 3.6 3.5 Lenovo Group Ltd, Structured Mezzanine (e) Technology Hardware & Equipment E+675 1.0% 9/30/2024 € 5.0 5.0 4.9 Lenovo Group Ltd, Structured Mezzanine (e) Technology Hardware & Equipment SA+675 1.0% 9/30/2024 £ 1.1 1.3 1.3 Lenovo Group Ltd, Structured Mezzanine (e) Technology Hardware & Equipment SF+675 1.0% 9/30/2024 $ 6.5 6.5 6.5 Lenovo Group Ltd, Structured Mezzanine (e) Technology Hardware & Equipment SA+1,075 1.0% 9/30/2024 £ 0.8 0.9 0.9 Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan (e)(h)(n) Insurance L+750 1.5% 2/27/2025 $ 21.4 21.4 21.3 Luxembourg Life Fund - Absolute Return Fund III, Term Loan (e)(h)(k)(n) Insurance L+925 0.0% 5/27/2026 $ 56.6 56.2 57.6 Luxembourg Life Fund - Long Term Growth Fund, Term Loan (e)(h)(i)(k)(n) Insurance L+925 0.0% 4/1/2023 $ 90.1 89.9 91.0 My Community Homes PropCo 2, Private Equity (e)(p) Real Estate 35,000,000 35.0 35.0 NewStar Clarendon 2014-1A Class D (e)(k)(n) Diversified Financials 18.2% 1/25/2027 $ 30.0 9.3 12.6 Pretium Partners LLC P1, Structured Mezzanine (e)(h)(i) Real Estate 2.8%, 5.3% PIK (5.3% Max PIK) 10/22/2026 $ 29.4 28.5 29.2 Pretium Partners LLC P2, Private Equity (e) Real Estate 16,772,368 16.2 14.4 Roemanu LLC (FKA Toorak Capital Partners LLC), Private Equity (e) Real Estate 40,000,000 50.2 47.1 Sealane Trade Finance (e)(m)(p) Banks 1,254,327 1.3 0.5 SG Residential Mortgage Trust 2022-2, Structured Mezzanine Real Estate 5.4% 9/25/2067 $ 4.6 3.8 3.7 Star Mountain Strategic Credit Income Fund IV LP, Private Equity (e) Diversified Financials 25,000,000 25.0 25.3 Total Asset Based Finance 511.6 502.3 Equity/Other—10.4% Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock (e)(l)(p) Energy 13,556 3.6 3.7 Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim (e)(l)(p) Energy 115,178,571 30.5 31.2 athenahealth Inc, Preferred Stock (e) Health Care Equipment & Services 10.8% PIK (10.8% Max PIK) 50,000 47.5 42.8
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Excelitas Technologies Corp | (h)(i) | Technology Hardware & Equipment | L+750 | 1.0% | 12/1/25 | $ | 16.0 | $ | 12.9 | $ | 16.0 | |||||||||||
Misys Ltd | (h)(i)(k) | Software & Services | L+725 | 1.0% | 6/13/25 | 41.2 | 38.6 | 41.5 | ||||||||||||||
Paradigm Acquisition Corp | (k) | Health Care Equipment & Services | L+750 | 0.0% | 10/26/26 | 0.2 | 0.2 | 0.2 | ||||||||||||||
Pure Fishing Inc | (e)(k) | Consumer Durables & Apparel | L+838 | 1.0% | 12/31/26 | 46.8 | 42.0 | 46.8 | ||||||||||||||
Sequa Corp | (k)(n) | Capital Goods | L+1,075, 0.0% PIK (6.8% Max PIK) | 1.0% | 4/28/24 | 39.1 | 33.4 | 38.6 | ||||||||||||||
SIRVA Worldwide Inc | (j) | Commercial & Professional Services | L+950 | 0.0% | 8/3/26 | 3.8 | 3.0 | 3.4 | ||||||||||||||
Transplace | (k) | Transportation | L+875 | 1.0% | 10/6/25 | 3.3 | 2.6 | 3.3 | ||||||||||||||
Watchfire Enterprises Inc | (e)(j) | Technology Hardware & Equipment | L+825 | 1.0% | 10/2/24 | 9.3 | 8.8 | 9.3 | ||||||||||||||
WireCo WorldGroup Inc | (n) | Capital Goods | L+900 | 1.0% | 9/30/24 | 8.8 | 7.4 | 8.8 | ||||||||||||||
Wittur Holding GmbH | (e)(j)(k)(n) | Capital Goods | E+850, 0.5% PIK (0.5% Max PIK) | 0.0% | 9/23/27 | € | 120.2 | 131.0 | 132.0 | |||||||||||||
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Total Senior Secured Loans—Second Lien | 373.5 | 394.9 | ||||||||||||||||||||
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Other Senior Secured Debt—1.4% | ||||||||||||||||||||||
One Call Care Management Inc | (e) | Health Care Equipment & Services | 8.5% PIK (8.5% Max PIK) | 11/1/28 | $ | 22.5 | 21.9 | 22.3 | ||||||||||||||
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Total Other Senior Secured Debt | 21.9 | 22.3 | ||||||||||||||||||||
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Asset Based Finance—24.6% | ||||||||||||||||||||||
Abacus JV, Private Equity | (e) | Insurance | 31,916,927 | 32.8 | 34.1 | |||||||||||||||||
Comet Aircraft S.a.r.l., Common Stock | (e)(o)(p)(g)(n) | Capital Goods | 12.4% | 2/28/22 | $ | 21.5 | 21.5 | 2.7 | ||||||||||||||
GA Capital Specialty Lending Fund, Limited Partnership Interest | (e)(n) | Diversified Financials | $ | 1.0 | 0.0 | 4.9 |
Footnotes Industry Base Rate Floor Maturity Date Cost Belk Inc, Common Stock (e)(p) Retailing 381 $ — $ — Misys Ltd, Preferred Stock (e) Software & Services L+1,025 PIK (L+1,025 Max PIK) 0.0% 24,436,083 24.0 21.7 One Call Care Management Inc, Common Stock (e)(p) Health Care Equipment & Services 34,873 2.2 2.1 One Call Care Management Inc, Preferred Stock A (e)(p) Health Care Equipment & Services 371,993 23.7 22.5 One Call Care Management Inc, Preferred Stock B (e) Health Care Equipment & Services 9.0% PIK (9.0% Max PIK) 10/25/2029 7,672,346 8.7 7.7 Pure Gym Ltd, Private Equity (e)(p) Consumer Services 30,218,000 39.4 35.2 Zeta Interactive Holdings Corp, Common Stock (k)(p) Software & Services 1,080,789 9.2 7.1 Total Equity/Other 188.8 174.0 TOTAL INVESTMENTS—216.3% $ 3,842.7 $ 3,624.5 Derivative Instruments—3.1% Foreign currency forward contracts $ 52.2
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Global Lending Services LLC, Private Equity | (e)(n) | Diversified Financials | 4,102,288 | $ | 4.1 | $ | 5.4 | |||||||||||||||
Home Partners JV, Common Stock | (e)(o) | Real Estate | 15,249,687 | 22.9 | 34.5 | |||||||||||||||||
Home Partners JV, Structured Mezzanine | (e) | Real Estate | 11.0% PIK (11.0% Max PIK) | 3/25/29 | $ | 37.3 | 37.3 | 37.3 | ||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (e)(o)(n) | Capital Goods | 19,642,734 | 24.4 | 18.6 | |||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(n) | Technology Hardware & Equipment | 11.8% | 9/22/24 | £ | 1.3 | 1.8 | 1.7 | ||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(n) | Technology Hardware & Equipment | 11.8% | 9/22/24 | € | 4.8 | 5.6 | 5.5 | ||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(n) | Technology Hardware & Equipment | 11.8% | 9/22/24 | $ | 7.4 | 7.4 | 7.4 | ||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(n) | Technology Hardware & Equipment | 7.8% | 9/22/24 | € | 6.9 | 8.1 | 8.0 | ||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(n) | Technology Hardware & Equipment | 7.8% | 9/22/24 | $ | 10.7 | 10.7 | 10.7 | ||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(n) | Technology Hardware & Equipment | 7.8% | 9/22/24 | £ | 1.9 | 2.6 | 2.5 | ||||||||||||||
Luxembourg Life Fund—Absolute Return Fund I, 1L Term Loan | (e)(h)(n) | Insurance | L+750 | 1.5% | 2/27/25 | $ | 28.1 | 28.1 | 28.6 | |||||||||||||
Luxembourg Life Fund—Absolute Return Fund III, Term Loan | (e)(h)(k)(n) | Insurance | L+925 | 0.0% | 5/27/26 | $ | 49.8 | 49.4 | 49.4 | |||||||||||||
Luxembourg Life Fund—Absolute Return Fund III, Term Loan | (e)(f) | Insurance | L+925 | 0.0% | 5/27/26 | $ | 7.7 | 7.7 | 7.6 |
Credit Opportunities Partners JV, LLC Portfolio
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien—135.2% | ||||||||||||||||||||||||||||||||||||||||||||||||||
ABB CONCISE Optical Group LLC | (j)(k) | Retailing | L+500 | 1.0% | 6/15/23 | $ | 16.2 | $ | 14.5 | $ | 15.7 | |||||||||||||||||||||||||||||||||||||||
Accuride Corp | (i)(j) | Capital Goods | L+525 | 1.0% | 11/17/23 | 21.0 | 20.3 | 20.3 | ||||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (e) | Software & Services | SR+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | SEK | 588.0 | 66.4 | 64.3 | |||||||||||||||||||||||||||||||||||||||||
Advania Sverige AB | (e) | Software & Services | R+610, 0.0% PIK (3.3% Max PIK) | 0.0% | 4/28/28 | ISK | 1,644.9 | 12.8 | 12.5 | |||||||||||||||||||||||||||||||||||||||||
Affordable Care Inc | (e)(h)(i) | Health Care Equipment & Services | L+550, 0.0% PIK (1.3% Max PIK) | 0.8% | 8/2/28 | $ | 55.9 | 55.6 | 55.6 | |||||||||||||||||||||||||||||||||||||||||
Alera Group Intermediate Holdings Inc | (e)(k) | Insurance | L+550 | 0.8% | 10/2/28 | 20.2 | 20.0 | 20.0 | ||||||||||||||||||||||||||||||||||||||||||
Alstom SA | (k) | Transportation | L+550, 2.5% PIK (2.5% Max PIK) | 1.0% | 8/29/23 | 6.1 | 5.3 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||
Ammeraal Beltech Holding BV | (h)(k) | Capital Goods | E+350 | 0.0% | 7/30/25 | € | 4.8 | 4.7 | 5.4 | |||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (h) | Diversified Financials | L+375 | 0.5% | 7/27/28 | $ | 4.2 | 4.2 | 4.2 | |||||||||||||||||||||||||||||||||||||||||
Apex Group Limited | (h) | Diversified Financials | E+400 | 0.0% | 7/27/28 | € | 1.6 | 1.9 | 1.8 | |||||||||||||||||||||||||||||||||||||||||
Arcos LLC/VA | (e)(h)(j) | Software & Services | L+575 | 1.0% | 3/31/28 | $ | 22.4 | 22.2 | 22.3 | |||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (e)(i) | Insurance | L+675 | 0.8% | 7/14/26 | £ | 3.8 | 4.7 | 5.2 | |||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (e)(i) | Insurance | E+675 | 1.0% | 7/14/26 | € | 0.5 | 0.5 | 0.6 | |||||||||||||||||||||||||||||||||||||||||
Ardonagh Group Ltd | (e)(j)(k) | Insurance | L+550 | 0.8% | 7/14/26 | $ | 40.7 | 40.3 | 40.3 | |||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (e)(j)(k)(n) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | A$ | 109.4 | 73.6 | 79.7 | |||||||||||||||||||||||||||||||||||||||||
Arrotex Australia Group Pty Ltd | (e)(j)(k)(n) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | 8.0 | 5.7 | 5.8 | ||||||||||||||||||||||||||||||||||||||||||
Barbri Inc | (e)(h)(i) | Consumer Services | L+575 | 0.8% | 4/28/28 | $ | 47.7 | 47.7 | 47.7 | |||||||||||||||||||||||||||||||||||||||||
BearCom Acquisition Corp | (e)(j) | Technology Hardware & Equipment | L+600 | 1.0% | 7/5/24 | 2.2 | 2.2 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||
BearCom Acquisition Corp | (e)(j) | Technology Hardware & Equipment | C+550 | 1.0% | 7/5/24 | C$ | 14.4 | 10.5 | 11.0 | |||||||||||||||||||||||||||||||||||||||||
BearCom Acquisition Corp | (e)(f) | Technology Hardware & Equipment | C+550 | 1.0% | 1/5/24 | 1.3 | 1.0 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||
Belk Inc | Retailing | L+750 | 1.0% | 7/31/25 | $ | 0.6 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||
Belk Inc | Retailing | 5.0%, 8.0% PIK (8.0% Max PIK) | 7/31/25 | 2.9 | 1.5 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||
BGB Group LLC | (e)(h)(i) | Media & Entertainment | L+575 | 1.0% | 8/16/27 | 48.5 | 48.2 | 48.3 | ||||||||||||||||||||||||||||||||||||||||||
Big Bus Tours Ltd | (e)(j) | Consumer Services | L+850 PIK (L+850 Max PIK) | 1.0% | 3/15/24 | 16.4 | 16.4 | 10.3 | ||||||||||||||||||||||||||||||||||||||||||
Big Bus Tours Ltd | (e)(j) | Consumer Services | E+850 PIK (E+850 Max PIK) | 1.0% | 3/15/24 | € | 11.5 | 12.9 | 8.3 | |||||||||||||||||||||||||||||||||||||||||
Bugaboo International BV | (e)(h)(i)(n) | Consumer Durables & Apparel | E+700, 0.0% PIK (7.8% Max PIK) | 0.0% | 3/20/25 | 35.0 | 40.8 | 39.8 | ||||||||||||||||||||||||||||||||||||||||||
Caprock Midstream LLC | (i) | Energy | L+475 | 0.0% | 11/3/25 | $ | 13.3 | 13.0 | 13.2 | |||||||||||||||||||||||||||||||||||||||||
CSafe Global | (e)(h)(i)(k) | Capital Goods | L+625 | 0.8% | 12/23/27 | 60.0 | 59.9 | 60.0 | ||||||||||||||||||||||||||||||||||||||||||
CSafe Global | (e)(h) | Capital Goods | L+625 | 0.8% | 8/13/28 | 17.5 | 17.5 | 17.5 | ||||||||||||||||||||||||||||||||||||||||||
Cubic Corp | (i) | Software & Services | L+425 | 0.8% | 5/25/28 | 9.2 | 9.2 | 9.2 | ||||||||||||||||||||||||||||||||||||||||||
Eagleclaw Midstream Ventures LLC | (k) | Energy | L+425 | 1.0% | 6/24/24 | 11.1 | 10.6 | 11.1 | ||||||||||||||||||||||||||||||||||||||||||
EIF Van Hook Holdings LLC | (i)(k) | Energy | L+525 | 0.0% | 9/5/24 | 8.1 | 7.8 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||
Entertainment Benefits Group LLC | (e)(k) | Media & Entertainment | L+575, 2.5% PIK (2.5% Max PIK) | 1.0% | 9/30/25 | 2.6 | 2.6 | 2.5 | ||||||||||||||||||||||||||||||||||||||||||
Follett Software Co | (e)(h)(i) | Software & Services | L+575 | 0.8% | 8/31/28 | 37.9 | 37.5 | 37.7 | ||||||||||||||||||||||||||||||||||||||||||
Frontline Technologies Group LLC | (e)(i) | Software & Services | L+525 | 1.0% | 9/18/23 | 19.7 | 19.8 | 19.7 | ||||||||||||||||||||||||||||||||||||||||||
Galway Partners Holdings LLC | (e)(k) | Insurance | L+525, 0.0% PIK (1.3% Max PIK) | 0.8% | 9/29/28 | 20.3 | 20.0 | 20.0 | ||||||||||||||||||||||||||||||||||||||||||
General Datatech LP | (e)(j) | Software & Services | L+625 | 1.0% | 6/18/27 | 10.2 | 10.0 | 10.0 | ||||||||||||||||||||||||||||||||||||||||||
Greystone Equity Member Corp | (e) | Diversified Financials | L+725 | 3.8% | 4/1/26 | 30.2 | 30.0 | 29.9 | ||||||||||||||||||||||||||||||||||||||||||
HealthChannels LLC | (j) | Health Care Equipment & Services | L+450 | 0.0% | 4/3/25 | 15.6 | 15.5 | 14.3 | ||||||||||||||||||||||||||||||||||||||||||
Hermes UK Ltd | (e) | Transportation | SA+650 | 0.0% | 11/30/27 | £ | 14.7 | 19.5 | 19.3 |
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Luxembourg Life Fund—Long Term Growth Fund, Term Loan | (e)(h)(i)(k)(n) | Insurance | L+925 | 0.0% | 4/1/23 | $ | 94.6 | $ | 94.1 | $ | 94.3 | |||||||||||
NewStar Clarendon 2014-1A Class D | (e)(k)(n) | Diversified Financials | 17.2% | 1/25/27 | $ | 30.0 | 9.3 | 12.5 | ||||||||||||||
Pretium Partners LLC P1, Structured Mezzanine | (e)(h)(i) | Real Estate | 2.8%, 5.3% PIK (5.3% Max PIK) | 10/22/26 | $ | 18.9 | 18.6 | 18.9 | ||||||||||||||
Sealane Trade Finance | (e)(m) | Banks | L+963 | 0.0% | 5/8/23 | $ | 11.2 | 11.2 | 10.8 | |||||||||||||
Sealane Trade Finance | (e)(m) | Banks | L+375 | 0.0% | 5/8/23 | $ | 5.0 | 5.0 | 5.0 | |||||||||||||
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Total Asset Based Finance | 402.6 | 400.4 | ||||||||||||||||||||
Unfunded Commitments | (7.7 | ) | (7.7 | ) | ||||||||||||||||||
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Net Asset Based Finance | 394.9 | 392.7 | ||||||||||||||||||||
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Equity/Other—4.9% | ||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (e)(l)(o) | Energy | 13,556 | 3.6 | 3.3 | |||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim | (e)(l)(o) | Energy | 115,178,571 | 30.5 | 28.3 | |||||||||||||||||
Belk Inc, Common Stock | (e)(o) | Retailing | 381 | — | — | |||||||||||||||||
One Call Care Management Inc, Common Stock | (e)(o) | Health Care Equipment & Services | 34,873 | 2.2 | 2.4 | |||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (e)(o) | Health Care Equipment & Services | 371,993 | 23.7 | 25.5 | |||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (e) | Health Care Equipment & Services | 9.0% PIK (9.0% Max PIK) | 10/25/29 | 7,672,346 | 8.8 | 9.0 |
Footnotes Industry Base Rate Floor Maturity Date Cost Higginbotham Insurance Agency Inc (e)(h)(i) Insurance L+550 0.8% 11/25/26 $ 38.0 $ 38.4 $ 38.8 Industria Chimica Emiliana Srl (e)(j)(k)(n) Pharmaceuticals, Biotechnology & Life Sciences E+725 0.0% 9/27/26 € 113.9 125.0 133.3 Insight Global LLC (e)(h)(i) Commercial & Professional Services L+600 0.8% 9/22/28 $ 37.9 37.5 37.4 KBP Investments LLC (e)(h)(i) Food & Staples Retailing L+500 0.8% 5/26/27 23.7 23.6 23.5 Kellermeyer Bergensons Services LLC (e)(i)(j) Commercial & Professional Services L+575 1.0% 11/7/26 29.5 28.1 29.6 Kettle Cuisine LLC (j) Food, Beverage & Tobacco L+375 1.0% 8/25/25 16.4 16.4 15.6 Lakeview Farms Inc (e)(j) Food, Beverage & Tobacco L+625 1.0% 6/10/27 15.7 15.6 15.6 Lexitas Inc (e)(h) Commercial & Professional Services L+600 1.0% 11/14/25 8.0 7.9 8.1 Lexitas Inc (e)(h) Commercial & Professional Services L+600 1.0% 11/14/25 10.7 10.7 10.8 Lionbridge Technologies Inc (e)(i)(j) Consumer Services L+700 1.0% 12/29/25 28.3 27.7 28.9 Lipari Foods LLC (e)(k) Food & Staples Retailing 1.0% 1/6/25 65.3 65.2 65.4 Lloyd's Register Quality Assurance Ltd (e)(i)(k) Consumer Services E+600, 0.0% PIK (6.3% Max PIK) 0.0% 12/2/28 € 44.3 48.6 48.9 Monitronics International Inc (h)(i)(k) Commercial & Professional Services L+500 1.5% 7/3/24 $ 35.5 32.9 35.6 Motion Recruitment Partners LLC (e)(h)(j) Commercial & Professional Services L+650 1.0% 12/22/25 25.0 24.7 24.7 New Era Technology Inc (e)(j) Software & Services L+625 1.0% 10/31/26 10.0 10.0 10.0 One Call Care Management Inc (h) Health Care Equipment & Services L+550 0.8% 4/22/27 5.0 5.0 5.0 Ontic Engineering & Manufacturing Inc (h) Capital Goods L+400 0.0% 10/30/26 2.1 1.9 2.1 Parata Systems (e)(h)(i) Health Care Equipment & Services L+575 1.0% 6/30/27 57.9 57.7 58.0 Precision Global Corp (e)(j) Materials L+475 1.0% 8/3/24 9.0 8.7 8.7 Premium Credit Ltd (e)(h)(i) Diversified Financials L+650 0.0% 1/16/26 £ 49.4 63.9 67.0 Pretium Packaging LLC (j) Household & Personal Products L+400 0.5% 10/2/28 $ 1.6 1.6 1.6 Project Marron (e)(h)(j) Consumer Services B+625 0.0% 7/2/25 A$ 63.6 43.9 43.6 Project Marron (e)(i)(j) Consumer Services C+625 0.0% 7/2/25 C$ 52.5 39.9 39.1 Project Marron (e)(h) Consumer Services B+575 0.0% 7/2/25 A$ 3.2 2.3 2.2 Pure Fishing Inc (i) Consumer Durables & Apparel L+450 0.0% 12/22/25 $ 9.9 9.8 9.6 Qdoba Restaurant Corp (h)(k) Consumer Services L+700 1.0% 3/21/25 3.5 3.3 3.4 Reliant Rehab Hospital Cincinnati LLC (e)(j) Health Care Equipment & Services L+625 0.0% 2/28/26 15.6 15.2 15.3 Revere Superior Holdings Inc (e)(k) Software & Services L+575 1.0% 9/30/26 19.8 19.8 19.9 Rise Baking Company (e)(k) Food, Beverage & Tobacco L+625 1.0% 8/13/27 1.0 1.0 1.0 Rise Baking Company (e)(j)(k) Food, Beverage & Tobacco L+625 1.0% 8/13/27 30.7 30.0 30.1 Rise Baking Company (e)(f) Food, Beverage & Tobacco L+625 1.0% 8/13/27 0.9 0.9 0.9 RSC Insurance Brokerage Inc (e)(k) Insurance L+550 0.8% 10/30/26 19.0 19.0 19.2 Safe-Guard Products International LLC (e)(i)(j)(k) Diversified Financials L+500 0.5% 1/27/27 75.5 76.0 75.5 SAMBA Safety Inc (e)(h)(j) Software & Services L+575 1.0% 9/1/27 27.4 27.1 27.2 SavATree LLC (e)(j)(k) Consumer Services L+550 0.8% 10/12/28 40.0 39.7 39.7 Sequa Corp (h)(j)(k) Capital Goods L+675, 0.0% PIK (1.0% Max PIK) 1.0% 11/28/23 45.4 43.9 45.8 SIRVA Worldwide Inc (i) Commercial & Professional Services L+550 0.0% 8/4/25 7.1 6.7 6.4 Staples Canada (e)(h)(i)(j)(k)(n) Retailing C+700 1.0% 9/12/24 C$ 87.0 67.1 70.8 Summit Interconnect Inc (e)(j) Capital Goods L+600 1.0% 9/22/28 $ 10.1 10.0 10.0 Time Manufacturing Co (e)(h)(i) Capital Goods E+650 0.8% 12/1/27 € 29.5 32.7 32.9 Total Safety US Inc (h)(i) Capital Goods L+600 1.0% 8/18/25 $ 11.8 10.4 11.7 Transaction Services Group Ltd (e)(j)(k)(n) Software & Services B+650 0.0% 10/15/26 A$ 162.0 110.9 115.2 West Corp (i) Software & Services L+400 1.0% 10/10/24 $ 12.4 12.2 11.8 West Corp (i) Software & Services L+350 1.0% 10/10/24 2.6 2.5 2.4 Woolpert Inc (e)(h)(i)(j) Capital Goods L+600 1.0% 4/5/28 53.5 53.0 54.3 Yak Access LLC (n) Capital Goods L+500 0.0% 7/11/25 0.8 0.6 0.7 Total Senior Secured Loans—First Lien 2,136.4 2,159.4
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||||
Zeta Interactive Holdings Corp, Common Stock | (o)(k) | Software & Services | 1,766,696 | $ | 15.1 | $ | 10.4 | |||||||||||||||||
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Total Equity/Other | 83.9 | 78.9 | ||||||||||||||||||||||
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TOTAL INVESTMENTS—155.2% | $ | 2,435.8 | $ | 2,481.7 | ||||||||||||||||||||
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Derivative Instruments—(0.7)% | ||||||||||||||||||||||||
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Foreign currency forward contracts | $ | (12.0 | ) | |||||||||||||||||||||
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Footnotes Industry Base Rate Floor Maturity Date Cost Unfunded Loan Commitments $ (1.9) $ (1.9) Net Senior Secured Loans—First Lien 2,134.5 2,157.5 Senior Secured Loans—Second Lien—31.5% Access CIG LLC (h)(i) Commercial & Professional Services L+775 0.0% 2/27/26 2.5 2.2 2.5 Ammeraal Beltech Holding BV (e)(k)(n) Capital Goods L+775 0.0% 9/12/26 81.5 79.8 80.3 Apex Group Limited (e)(h)(i) Diversified Financials L+675 0.5% 7/27/29 32.0 31.7 32.0 EaglePicher Technologies LLC (h) Capital Goods L+725 0.0% 3/8/26 0.4 0.4 0.4 Excelitas Technologies Corp (h)(i)(j) Technology Hardware & Equipment L+750 1.0% 12/1/25 22.6 19.7 22.7 Misys Ltd (h)(i)(k) Software & Services L+725 1.0% 6/13/25 41.2 38.8 41.2 NEP Broadcasting LLC (i) Media & Entertainment L+700 0.0% 10/19/26 6.8 6.7 6.7 OEConnection LLC (e)(h)(i)(j) Software & Services L+825 0.0% 9/25/27 50.0 50.0 49.1 Paradigm Acquisition Corp (h)(k) Health Care Equipment & Services L+750 0.0% 10/26/26 2.5 2.5 2.5 Pretium Packaging LLC (e)(h)(i)(j) Household & Personal Products L+675 0.5% 10/1/29 39.9 39.7 39.5 Pure Fishing Inc (e)(k) Consumer Durables & Apparel L+838 1.0% 12/21/26 46.8 42.0 44.5 Sequa Corp (i)(k) Capital Goods L+1,075, 0.0% PIK (6.8% Max PIK) 1.0% 4/28/24 39.1 33.9 39.1 SIRVA Worldwide Inc (j) Commercial & Professional Services L+950 0.0% 8/3/26 3.8 3.1 3.3 Watchfire Enterprises Inc (e)(j) Technology Hardware & Equipment L+825 1.0% 10/2/24 9.3 9.3 9.3 Wittur Holding GmbH (e)(j)(k)(n) Capital Goods E+850, 0.5% PIK (0.5% Max PIK) 0.0% 9/23/27 € 120.5 131.5 129.3 Total Senior Secured Loans—Second Lien 491.3 502.4 Other Senior Secured Debt—1.5% One Call Care Management Inc (e) Health Care Equipment & Services 8.5% PIK (8.5% Max PIK) 11/1/28 $ 23.5 22.9 23.5 Total Other Senior Secured Debt 22.9 23.5 Asset Based Finance—31.0% Abacus JV, Private Equity (e) Insurance 31,916,927 32.7 34.2 Altavair AirFinance, Private Equity (e) Capital Goods 36,500,000 43.0 44.1 GA Capital Specialty Lending Fund, Limited Partnership Interest (e)(n) Diversified Financials 1 — 4.5 Global Lending Services LLC, Private Equity (e)(n) Diversified Financials 3,653,142 3.7 4.6 Home Partners JV, Common Stock (e)(o) Real Estate 15,249,687 22.9 37.6 Home Partners JV, Structured Mezzanine (e) Real Estate 11.0% PIK (11.0% Max PIK) 3/25/29 $ 38.4 38.4 38.4 KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest (e)(n)(o) Capital Goods 19,642,734 24.4 15.9 Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/24 € 6.9 8.1 7.9 Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/24 $ 10.7 10.7 10.7 Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/24 € 4.8 5.6 5.4 Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/24 £ 1.3 1.8 1.7 Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 7.8% 9/22/24 £ 1.9 2.6 2.5 Lenovo Group Ltd, Structured Mezzanine (e)(n) Technology Hardware & Equipment 11.8% 9/22/24 $ 7.4 7.4 7.4 Luxembourg Life Fund - Absolute Return Fund I, 1L Term Loan (e)(h)(n) Insurance L+750 1.5% 2/27/25 $ 26.8 26.9 27.1 Luxembourg Life Fund - Absolute Return Fund III, Term Loan (e)(h)(k)(n) Insurance L+925 0.0% 5/27/26 $ 57.5 57.0 57.0
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Credit Opportunities Partners JV, LLC Portfolio
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||||||||||||||||||||||||||||||
Luxembourg Life Fund - Long Term Growth Fund, Term Loan | (e)(h)(i)(k)(n) | Insurance | L+925 | 0.0% | 4/1/23 | $ | 94.6 | $ | 94.1 | $ | 94.5 | |||||||||||||||||||||||||||||||||||||||
NewStar Clarendon 2014-1A Class D | (e)(k)(n) | Diversified Financials | 18.3% | 1/25/27 | $ | 30.0 | 9.3 | 15.3 | ||||||||||||||||||||||||||||||||||||||||||
Pretium Partners LLC P1, Structured Mezzanine | (e)(h)(i) | Real Estate | 2.8%, 5.3% PIK (5.3% Max PIK) | 10/22/26 | $ | 18.9 | 18.6 | 19.1 | ||||||||||||||||||||||||||||||||||||||||||
Sealane Trade Finance | (e)(m) | Banks | L+375 | 0.0% | 5/8/23 | $ | 5.0 | 5.0 | 5.0 | |||||||||||||||||||||||||||||||||||||||||
Sealane Trade Finance | (e)(m) | Banks | L+963 | 0.0% | 5/8/23 | $ | 11.2 | 11.2 | 11.2 | |||||||||||||||||||||||||||||||||||||||||
Toorak Capital Partners LLC, Private Equity | (e) | Real Estate | 40,000,000 | 50.2 | 50.4 | |||||||||||||||||||||||||||||||||||||||||||||
Total Asset Based Finance | 473.6 | 494.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity/Other—5.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Common Stock | (e)(l)(o) | Energy | 13,556 | 3.6 | 3.1 | |||||||||||||||||||||||||||||||||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp, Trade Claim | (e)(l)(o) | Energy | 115,178,571 | 30.5 | 26.4 | |||||||||||||||||||||||||||||||||||||||||||||
Belk Inc, Common Stock | (e)(o) | Retailing | 381 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Common Stock | (e)(o) | Health Care Equipment & Services | 34,873 | 2.2 | 2.4 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock A | (e)(o) | Health Care Equipment & Services | 371,993 | 23.7 | 26.1 | |||||||||||||||||||||||||||||||||||||||||||||
One Call Care Management Inc, Preferred Stock B | (e) | Health Care Equipment & Services | 9.0% PIK (9.0% Max PIK) | 10/25/29 | 7,672,346 | 8.8 | 9.2 | |||||||||||||||||||||||||||||||||||||||||||
Zeta Interactive Holdings Corp, Common Stock | (k)(o) | Software & Services | 1,766,696 | 15.1 | 14.9 | |||||||||||||||||||||||||||||||||||||||||||||
Total Equity/Other | 83.9 | 82.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS—204.3% | $ | 3,206.2 | $ | 3,260.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments—(0.4)% | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | $ | (6.7) |
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Senior Secured Loans—First Lien—124.6% | ||||||||||||||||||||||
A10 Capital LLC | (e)(h)(i) | Diversified Financials | L+650 | 1.0% | 5/1/23 | $ | 17.5 | $ | 17.3 | $ | 17.3 | |||||||||||
ABB CONCISE Optical Group LLC | (i) | Retailing | L+500 | 1.0% | 6/15/23 | 12.1 | 10.0 | 11.0 | ||||||||||||||
Apex Group Limited | (e)(h) | Diversified Financials | L+700 | 1.3% | 6/15/23 | 0.7 | 0.6 | 0.7 | ||||||||||||||
Apex Group Limited | (e)(f) | Diversified Financials | L+700 | 1.3% | 6/15/23 | 1.4 | 1.3 | 1.4 | ||||||||||||||
Apex Group Limited | (e)(h)(i) | Diversified Financials | L+700 | 1.3% | 6/16/25 | 67.4 | 67.2 | 68.1 | ||||||||||||||
Ardonagh Group Ltd | (e)(k) | Insurance | E+750, 0.0% PIK (2.3% Max PIK) | 1.0% | 7/14/26 | € | 0.5 | 0.5 | 0.6 | |||||||||||||
Ardonagh Group Ltd | (e)(k) | Insurance | L+750, 0.0% PIK (2.3% Max PIK) | 0.8% | 7/14/26 | £ | 3.7 | 4.6 | 5.2 | |||||||||||||
Arrotex Australia Group Pty Ltd | (e)(h)(i) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | A$ | 68.9 | 46.0 | 53.6 | |||||||||||||
Arrotex Australia Group Pty Ltd | (e)(f) | Pharmaceuticals, Biotechnology & Life Sciences | B+525 | 1.0% | 7/10/24 | 4.9 | 3.8 | 3.8 | ||||||||||||||
BearCom Acquisition Corp | (e)(f) | Technology Hardware & Equipment | C+550 | 1.0% | 1/5/24 | C$ | 1.3 | 1.0 | 1.0 | |||||||||||||
BearCom Acquisition Corp | (e)(i) | Technology Hardware & Equipment | L+550 | 1.0% | 7/5/24 | $ | 2.2 | 2.2 | 2.2 | |||||||||||||
BearCom Acquisition Corp | (e)(i) | Technology Hardware & Equipment | C+550 | 1.0% | 7/5/24 | C$ | 14.5 | 10.5 | 11.1 | |||||||||||||
Belk Inc | (g)(l) | Retailing | L+675 | 1.0% | 7/31/25 | $ | 3.8 | 3.4 | 1.4 |
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Big Bus Tours Ltd | (e)(i) | Consumer Services | E+850 PIK (E+850 Max PIK) | 1.0% | 3/18/24 | € | 10.5 | $ | 11.7 | $ | 8.7 | |||||||||||
Big Bus Tours Ltd | (e)(i) | Consumer Services | L+850 PIK (L+850 Max PIK) | 1.0% | 3/18/24 | $ | 14.9 | 14.9 | 10.1 | |||||||||||||
Bugaboo International BV | (e)(h) | Consumer Durables & Apparel | E+775 PIK (E+775 Max PIK) | 0.0% | 3/20/25 | € | 35.0 | 40.6 | 42.7 | |||||||||||||
Cambium Learning Group Inc | (i)(k) | Consumer Services | L+450 | 0.0% | 12/18/25 | $ | 45.1 | 43.4 | 44.9 | |||||||||||||
Catapult Learning LLC | (e)(i) | Consumer Services | L+475 | 1.0% | 4/24/23 | 2.1 | 2.1 | 2.1 | ||||||||||||||
Catapult Learning LLC | (e)(f) | Consumer Services | L+475 | 1.0% | 4/24/23 | 2.3 | 2.4 | 2.3 | ||||||||||||||
Catapult Learning LLC | (e)(i)(k) | Consumer Services | L+635 | 1.0% | 4/24/23 | 39.1 | 38.7 | 38.7 | ||||||||||||||
Catapult Learning LLC | (e)(f) | Consumer Services | L+635 | 1.0% | 4/24/23 | 1.2 | 1.2 | 1.1 | ||||||||||||||
Catapult Learning LLC | (e)(h)(i) | Consumer Services | L+635 | 1.0% | 4/24/23 | 14.9 | 14.7 | 14.7 | ||||||||||||||
Catapult Learning LLC | (e)(f) | Consumer Services | L+635 | 1.0% | 4/24/23 | 0.4 | 0.4 | 0.4 | ||||||||||||||
Child Development Schools Inc | (e)(i) | Consumer Services | L+425 | 1.0% | 5/21/23 | 9.3 | 9.3 | 9.2 | ||||||||||||||
Child Development Schools Inc | (e)(f) | Consumer Services | L+425 | 5/21/23 | 2.5 | 2.5 | 2.5 | |||||||||||||||
CSM Bakery Products | (h) | Food, Beverage & Tobacco | L+625 | 1.0% | 1/4/22 | 1.3 | 1.2 | 1.3 | ||||||||||||||
Diamond Resorts International Inc | (h) | Consumer Services | L+375 | 1.0% | 9/2/23 | 5.7 | 5.6 | 5.5 | ||||||||||||||
Eacom Timber Corp | (e)(h)(i)(k) | Materials | L+650 | 1.0% | 11/20/23 | 59.2 | 59.2 | 59.2 | ||||||||||||||
Frontline Technologies Group LLC | (e) | Software & Services | L+575 | 1.0% | 9/18/23 | 19.9 | 20.0 | 20.0 |
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(the U.S. Prime Lending Rate, or Prime, was 3.25%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the fair value of the underlying investment.
Note 6.may not indicate the actual rate received upon funding.
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
HealthChannels LLC | (i) | Health Care Equipment & Services | L+450 | 0.0% | 4/3/25 | $ | 24.3 | $ | 24.1 | $ | 23.3 | |||||||||||
Huws Gray Ltd | (e)(h) | Materials | L+525 | 0.5% | 4/11/25 | £ | 21.7 | 28.7 | 29.3 | |||||||||||||
Huws Gray Ltd | (e)(f) | Materials | L+525 | 0.5% | 4/11/25 | 6.7 | 8.9 | 8.9 | ||||||||||||||
ID Verde | (e)(h) | Commercial & Professional Services | E+500, 2.3% PIK (2.3% Max PIK) | 0.0% | 3/29/24 | € | 3.1 | 3.7 | 3.8 | |||||||||||||
ID Verde | (e)(h) | Commercial & Professional Services | L+525, 2.3% PIK (2.3% Max PIK) | 0.0% | 3/29/24 | £ | 1.3 | 1.7 | 1.8 | |||||||||||||
ID Verde | (e)(h) | Commercial & Professional Services | E+500, 2.3% PIK (2.3% Max PIK) | 0.0% | 3/29/25 | € | 16.3 | $ | 19.1 | $ | 19.9 | |||||||||||
ID Verde | (e)(h) | Commercial & Professional Services | L+525, 2.3% PIK (2.3% Max PIK) | 0.0% | 3/29/25 | £ | 6.0 | 7.9 | 8.1 | |||||||||||||
Industria Chimica Emiliana Srl | (e)(h)(i) | Pharmaceuticals, Biotechnology & Life Sciences | E+725 | 0.0% | 6/30/26 | € | 62.5 | 68.6 | 77.3 | |||||||||||||
Kellermeyer Bergensons Services LLC | (e)(i)(k) | Commercial & Professional Services | L+650 | 1.0% | 11/7/26 | $ | 29.8 | 28.2 | 30.1 | |||||||||||||
Kettle Cuisine LLC | (i) | Food, Beverage & Tobacco | L+375 | 1.0% | 8/25/25 | 16.6 | 16.5 | 14.2 | ||||||||||||||
Koosharem LLC | (k) | Commercial & Professional Services | L+450 | 1.0% | 4/18/25 | 17.1 | 17.0 | 16.8 | ||||||||||||||
Lionbridge Technologies Inc | (e)(i)(k) | Consumer Services | L+625 | 1.0% | 12/29/25 | 29.8 | 29.0 | 29.8 | ||||||||||||||
MedAssets Inc | (h) | Health Care Equipment & Services | L+450 | 1.0% | 10/20/22 | 6.8 | 6.8 | 6.8 | ||||||||||||||
Parts Town LLC | (e)(h) | Retailing | L+550 | 1.0% | 10/15/25 | 24.8 | 24.6 | 23.8 | ||||||||||||||
Precision Global Corp | (e)(i) | Materials | L+475 | 1.0% | 8/3/24 | 9.1 | 8.7 | 8.3 | ||||||||||||||
Premium Credit Ltd | (e)(k) | Diversified Financials | L+650 | 0.0% | 1/16/26 | £ | 10.6 | 13.0 | 14.3 | |||||||||||||
Project Marron | (e)(i) | Consumer Services | C+575 | 0.0% | 7/2/25 | C$ | 23.8 | 18.0 | 17.5 | |||||||||||||
Project Marron | (e)(i) | Consumer Services | B+575 | 0.0% | 7/3/25 | A$ | 28.8 | 19.5 | 20.5 |
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share(m)Security or portion thereof held within JCF Cayman Ltd and per share amounts)
Note 6. Investment Portfolio (continued)
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Qdoba Restaurant Corp | (h) | Consumer Services | L+700 | 1.0% | 3/21/25 | $ | 1.6 | $ | 1.4 | $ | 1.5 | |||||||||||
Reliant Rehab Hospital Cincinnati LLC | (e) | Health Care Equipment & Services | L+675 | 0.0% | 9/2/24 | 19.9 | 19.2 | 19.2 | ||||||||||||||
Roadrunner Intermediate Acquisition Co LLC | (e)(i)(k) | Health Care Equipment & Services | L+675 | 1.0% | 3/15/23 | 19.9 | 19.7 | 19.9 | ||||||||||||||
Safe-Guard Products International LLC | (e)(i) | Diversified Financials | L+575 | 0.0% | 1/27/27 | 20.5 | 20.4 | 20.4 | ||||||||||||||
Sequa Corp | (i) | Capital Goods | L+675, 0.0% PIK (1.0% Max PIK) | 1.0% | 11/28/23 | 12.2 | 11.6 | 12.3 | ||||||||||||||
Smart & Final Stores LLC | (k) | Food & Staples Retailing | L+675 | 0.0% | 6/20/25 | 18.5 | 17.1 | 18.7 | ||||||||||||||
Staples Canada | (e)(h) | Retailing | C+700 | 1.0% | 9/12/24 | C$ | 43.6 | 32.9 | 34.6 | |||||||||||||
Technimark LLC | (i) | Materials | L+375 | 0.0% | 8/8/25 | $ | 18.4 | 18.3 | 18.2 | |||||||||||||
Total Safety US Inc | (k) | Capital Goods | L+600 | 1.0% | 8/16/25 | 3.9 | 3.2 | 3.7 | ||||||||||||||
Transaction Services Group Ltd | (e)(h)(i) | Software & Services | B+600 | 0.0% | 10/15/26 | A$ | 99.5 | 68.6 | 71.2 | |||||||||||||
Virgin Pulse Inc | (e) | Software & Services | L+650 | 1.0% | 5/22/25 | $ | 19.9 | 19.9 | 19.9 | |||||||||||||
Yak Access LLC | (h) | Capital Goods | L+500 | 0.0% | 7/11/25 | 0.8 | 0.6 | 0.7 | ||||||||||||||
|
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|
| |||||||||||||||||||
Total Senior Secured Loans—First Lien | 1,013.2 | 1,035.6 | ||||||||||||||||||||
Unfunded Loan Commitments | (21.6 | ) | (21.6) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||
Net Senior Secured Loans—First Lien | 991.6 | 1,014.0 | ||||||||||||||||||||
|
|
|
|
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share(n)Security or portion thereof held within Jersey City Funding LLC and per share amounts)
Note 6. Investment Portfolio (continued)
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Senior Secured Loans—Second Lien—28.9% | ||||||||||||||||||||||
Access CIG LLC | (k) | Commercial & Professional Services | L+775 | 0.0% | 2/27/26 | $ | 0.6 | $ | 0.5 | $ | 0.6 | |||||||||||
Ammeraal Beltech Holding BV | (e)(h) | Capital Goods | L+800 | 1.0% | 9/12/26 | 40.7 | 40.0 | 39.2 | ||||||||||||||
BCA Marketplace PLC | (e)(h) | Retailing | L+825 | 0.0% | 11/22/27 | £ | 47.7 | 62.4 | 64.0 | |||||||||||||
Excelitas Technologies Corp | (k) | Technology Hardware & Equipment | L+750 | 1.0% | 12/1/25 | $ | 8.4 | 6.6 | 8.5 | |||||||||||||
Misys Ltd | (k) | Software & Services | L+725 | 1.0% | 6/13/25 | 6.2 | 4.9 | 6.2 | ||||||||||||||
Resource Label Group LLC | (e)(i) | Materials | L+850 | 1.0% | 11/26/23 | 15.0 | 13.4 | 14.9 | ||||||||||||||
Sequa Corp | (h) | Capital Goods | L+1,075, 0.0% PIK (6.8% Max PIK) | 1.0% | 4/28/24 | 19.4 | 15.3 | 16.9 | ||||||||||||||
SIRVA Worldwide Inc | (i) | Commercial & Professional Services | L+950 | 0.0% | 8/3/26 | 3.8 | 3.0 | 3.2 | ||||||||||||||
Watchfire Enterprises Inc | (e)(i) | Technology Hardware & Equipment | L+800 | 1.0% | 10/2/21 | 9.3 | 7.6 | 9.1 | ||||||||||||||
WireCo WorldGroup Inc | (h) | Capital Goods | L+900 | 1.0% | 9/30/24 | 10.3 | 8.4 | 8.4 | ||||||||||||||
Wittur Holding GmbH | (e)(h)(i) | Capital Goods | E+850, 0.5% PIK (0.5% Max PIK) | 0.0% | 9/23/27 | € | 55.3 | 60.3 | 64.6 | |||||||||||||
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| |||||||||||||||||||
Total Senior Secured Loans—Second Lien | 222.4 | 235.6 | ||||||||||||||||||||
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|
| |||||||||||||||||||
Other Senior Secured Debt—1.0% | ||||||||||||||||||||||
Cleaver-Brooks Inc | (h) | Capital Goods | 7.9% | 3/1/23 | $ | 8.4 | 7.1 | 8.3 | ||||||||||||||
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|
| |||||||||||||||||||
Total Other Senior Secured Debt | 7.1 | 8.3 | ||||||||||||||||||||
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|
|
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||
Subordinated Debt—5.3% | ||||||||||||||||||||||
Home Partners of America Inc | (e)(h) | Real Estate | L+625 | 1.0% | 10/8/22 | $ | 42.9 | $ | 42.6 | $ | 42.8 | |||||||||||
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| |||||||||||||||||||
Total Subordinated Debt | 42.6 | 42.8 | ||||||||||||||||||||
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| |||||||||||||||||||
Asset Based Finance—23.8% | ||||||||||||||||||||||
Comet Aircraft S.a.r.l., Common Stock | (e)(g)(h)(l) | Capital Goods | 12.4% | 2/28/22 | $ | 21.5 | 21.5 | 4.8 | ||||||||||||||
GA Capital Specialty Lending Fund, Limited Partnership Interest | (e)(h) | Diversified Financials | N/A | — | 8.9 | |||||||||||||||||
Global Lending Services LLC, Private Equity | (e)(h)(l) | Diversified Financials | 6,981,478 | 7.0 | 7.8 | |||||||||||||||||
KKR Zeno Aggregator LP (K2 Aviation), Partnership Interest | (e)(h) | Capital Goods | 19,642,734 | 24.4 | 21.8 | |||||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(h) | Technology Hardware & Equipment | 8.0% | 6/22/22 | $ | 15.5 | 15.5 | 15.5 | ||||||||||||||
Lenovo Group Ltd, Structured Mezzanine | (e)(h) | Technology Hardware & Equipment | 12.0% | 6/22/22 | $ | 9.8 | 9.8 | 9.8 | ||||||||||||||
Luxembourg Life Fund—Absolute Return Fund I, 1L Term Loan | (e)(h) | Insurance | L+750 | 1.5% | 2/27/25 | $ | 30.6 | 30.7 | 30.7 | |||||||||||||
Luxembourg Life Fund—Long Term Growth Fund, 1L Term Loan | (e)(h) | Insurance | 9.0% | 7/23/21 | $ | 32.5 | 32.0 | 32.5 |
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)
Company(a) | Footnotes | Industry | Interest Rate(b) | Base Rate Floor | Maturity Date | No. Shares/ Principal Amount(c) | Cost | Fair Value(d) | ||||||||||||||||
MP4 2013-2A Class Subord. B | (e)(h)(l) | Diversified Financials | 7/25/29 | $ | 21.0 | $ | 4.2 | $ | 3.1 | |||||||||||||||
NewStar Clarendon 2014-1A Class D | (e)(h)(l) | Diversified Financials | 1/25/27 | $ | 17.9 | 6.5 | 5.6 | |||||||||||||||||
Pretium Partners LLC P1, Structured Mezzanine | (e)(k) | Real Estate | 2.8%, 5.3% PIK (5.3% Max PIK) | 10/22/26 | $ | 12.0 | 11.7 | 12.0 | ||||||||||||||||
Pretium Partners LLC P2, Structured Mezzanine | (e)(k) | Real Estate | 2.0%, 7.5% PIK (7.5% Max PIK) | 5/29/25 | $ | 25.3 | 23.8 | 25.5 | ||||||||||||||||
Sealane Trade Finance | (e)(j) | Banks | L+375 | 0.0% | 5/8/23 | $ | 5.0 | 5.0 | 5.0 | |||||||||||||||
Sealane Trade Finance | (e)(j) | Banks | L+963 | 0.0% | 5/8/23 | $ | 12.0 | 12.0 | 11.1 | |||||||||||||||
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| |||||||||||||||||||||
Total Asset Based Finance | 204.1 | 194.1 | ||||||||||||||||||||||
Equity/Other—6.1% | ||||||||||||||||||||||||
ASG Technologies, Common Stock | (e)(i)(l) | Software & Services | 540,346 | 30.0 | 20.1 | |||||||||||||||||||
Home Partners of America Inc, Common Stock | (e)(i)(l) | Real Estate | 18,419 | 30.0 | 29.4 | |||||||||||||||||||
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| |||||||||||||||||||||
Total Equity/Other | 60.0 | 49.5 | ||||||||||||||||||||||
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TOTAL INVESTMENTS—189.7% | $ | 1,527.8 | $ | 1,544.3 | ||||||||||||||||||||
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Derivative Instruments—(1.4)% | ||||||||||||||||||||||||
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| |||||||||||||||||||||||
Foreign currency forward contracts | $ | (11.4 | ) | |||||||||||||||||||||
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|
|
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)
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Below is selected balance sheet information for COPJV as of September 30, 20212022 and December 31, 2020:
As of | ||||||||
September 30, 2021 | December 31, 2020 | |||||||
Selected Balance Sheet Information | ||||||||
Total investments, at fair value | $ | 2,481.7 | $ | 1,544.3 | ||||
Cash and other assets | 728.5 | 188.6 | ||||||
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| |||||
Total assets | 3,210.2 | 1,732.9 | ||||||
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|
| |||||
Debt | 1,183.5 | 722.0 | ||||||
Other liabilities | 428.1 | 196.8 | ||||||
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| |||||
Total liabilities | 1,611.6 | 918.8 | ||||||
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| |||||
Member’s equity | $ | 1,598.6 | $ | 814.1 | ||||
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FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 6. Investment Portfolio (continued)
As of December 31, 2021 Selected Balance Sheet Information Total investments, at fair value $ 3,624.5 $ 3,260.0 Cash and other assets 350.1 414.3 Total assets 3,974.6 3,674.3 Debt 1,806.3 1,442.0 Other liabilities 492.8 636.7 Total liabilities 2,299.1 2,078.7 Member's equity $ 1,675.5 $ 1,595.6
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Selected Statement of Operations Information | ||||||||||||||||
Total investment income | $ | 56.6 | $ | 32.8 | $ | 128.8 | $ | 81.3 | ||||||||
Expenses | ||||||||||||||||
Interest expense | 12.7 | 5.3 | 27.0 | 16.4 | ||||||||||||
Custodian and accounting fees | 0.5 | 0.2 | 0.7 | 0.4 | ||||||||||||
Administrative services | 2.7 | 0.9 | 4.5 | 2.9 | ||||||||||||
Professional services | 0.2 | 0.1 | 0.5 | 0.5 | ||||||||||||
Other | 0.2 | 0.0 | 0.3 | 0.0 | ||||||||||||
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| |||||||||
Total expenses | 16.3 | 6.5 | 33.0 | 20.2 | ||||||||||||
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| |||||||||
Net investment income | 40.3 | 26.3 | 95.8 | 61.1 | ||||||||||||
Net realized and unrealized gain (loss) | (10.1 | ) | 31.7 | 56.6 | (117.8 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | $ | 30.2 | $ | 58.0 | $ | 152.4 | $ | (56.7 | ) | |||||||
|
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|
|
|
|
|
|
2021:
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Selected Statement of Operations Information | ||||||||||||||||||||||||||
Total investment income | $ | 76.7 | $ | 56.6 | $ | 213.4 | $ | 128.8 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Interest expense | 19.9 | 12.7 | 44.8 | 27.0 | ||||||||||||||||||||||
Custodian and accounting fees | 0.3 | 0.5 | 1.2 | 0.7 | ||||||||||||||||||||||
Administrative services | 2.8 | 2.7 | 7.4 | 4.5 | ||||||||||||||||||||||
Professional services | 0.0 | 0.2 | 0.2 | 0.5 | ||||||||||||||||||||||
Other | 0.0 | 0.2 | 0.1 | 0.3 | ||||||||||||||||||||||
Total expenses | 23.0 | 16.3 | 53.7 | 33.0 | ||||||||||||||||||||||
Net investment income | 53.7 | 40.3 | 159.7 | 95.8 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | (49.4) | (10.1) | (112.8) | 56.6 | ||||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 4.3 | $ | 30.2 | $ | 46.9 | $ | 152.4 |
Fair Value | ||||||||||
Derivative Instrument | Statement Location | September 30, 2021 | December 31, 2020 | |||||||
Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | 6 | $ | 1 | |||||
Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | (1) | (3) | |||||||
|
|
|
| |||||||
Total | $ | 5 | $ | (2) | ||||||
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|
|
|
2021:
Fair Value | ||||||||||||||||||||
Derivative Instrument | Statement Location | September 30, 2022 (Unaudited) | December 31, 2021 | |||||||||||||||||
Foreign currency forward contracts | Unrealized appreciation on foreign currency forward contracts | $ | 39 | $ | 9 | |||||||||||||||
Foreign currency forward contracts | Unrealized depreciation on foreign currency forward contracts | — | (1) | |||||||||||||||||
Total | $ | 39 | $ | 8 |
Net Realized Gains (Losses) | ||||||||||
Nine Months Ended September 30, | ||||||||||
Derivative Instrument | Statement Location | 2021 | 2020 | |||||||
Foreign currency forward contracts | Net realized gain (loss) on foreign currency forward contracts | $ | 0 | $ | 0 | |||||
|
|
|
| |||||||
Total | $ | 0 | $ | 0 | ||||||
|
|
|
|
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 7. Financial Instruments (continued)
Net Unrealized Gains (Losses) | ||||||||||
Nine Months Ended September 30, | ||||||||||
Derivative Instrument | Statement Location | 2021 | 2020 | |||||||
Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | $ | 8 | $ | 1 | |||||
|
|
|
| |||||||
Total | $ | 8 | $ | 1 | ||||||
|
|
|
|
Net Realized Gains (Losses) Nine Months Ended September 30, Derivative Instrument Statement Location 2022 2021 Foreign currency forward contracts Net realized gain (loss) on foreign currency forward contracts $ 9 $ 0 Total $ 9 $ 0
Net Unrealized Gains (Losses) | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
Derivative Instrument | Statement Location | 2022 | 2021 | |||||||||||||||||
Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | $ | 31 | $ | 8 | |||||||||||||||
Total | $ | 31 | $ | 8 |
As of September 30, 2021 | ||||||||||||||||||||
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 | $ | 6 | $ | (1) | $ | — | $ | — | $ | 5 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 6 | $ | (1) | $ | — | $ | — | $ | 5 | ||||||||||
|
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|
|
|
|
|
|
| |||||||||||
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 | $ | (1) | $ | 1 | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | (1) | $ | 1 | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
|
As of December 31, 2020 | ||||||||||||||||||||
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 | $ | 1 | $ | (1) | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 1 | $ | (1) | $ | — | $ | — | $ | — | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
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 | $ | (3) | $ | 1 | $ | — | $ | — | $ | (2 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total | $ | (3) | $ | 1 | $ | — | $ | — | $ | (2 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2022 (Unaudited) Counterparty Derivative Assets Subject to Master Netting Agreement Derivatives Available for Offset JP Morgan Chase Bank $ 39 $ — $ — $ — $ 39 Total $ 39 $ — $ — $ — $ 39 Counterparty Derivative Liabilities Subject to Master Netting Agreement Derivatives Available for Offset JP Morgan Chase Bank $ — $ — $ — $ — $ — Total $ — $ — $ — $ — $ —
|
|
As of December 31, 2021 | ||||||||||||||||||||||||||||||||
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 | $ | 9 | $ | (1) | $ | — | $ | — | $ | 8 | ||||||||||||||||||||||
Total | $ | 9 | $ | (1) | $ | — | $ | — | $ | 8 | ||||||||||||||||||||||
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 | $ | (1) | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Total | $ | (1) | $ | 1 | $ | — | $ | — | $ | — |
per share amounts)
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 8. Fair Value of Financial Instruments (continued)
As of September 30, 20212022 and December 31, 2020,2021, the Company’s investments were categorized as follows in the fair value hierarchy:
September 30, 2021 | ||||||||
Valuation Inputs | (Unaudited) | December 31, 2020 | ||||||
Level 1—Price quotations in active markets | $ | 21 | $ | — | ||||
Level 2—Significant other observable inputs | 861 | 260 | ||||||
Level 3—Significant unobservable inputs | 13,543 | 5,807 | ||||||
Investments measured at net asset value(1) | 1,399 | 713 | ||||||
|
|
|
| |||||
$ | 15,824 | $ | 6,780 | |||||
|
|
|
|
|
____________September 30, 2022 Valuation Inputs (Unaudited) December 31, 2021 Level 1—Price quotations in active markets $ 15 $ 30 Level 2—Significant other observable inputs 600 703 Level 3—Significant unobservable inputs 13,711 13,972 1,466 1,396 $ 15,792 $ 16,101
2021.
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 8. Fair Value of Financial Instruments (continued)
The following is a reconciliation for the nine months ended September 30, 20212022 and 20202021 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
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 | $ | 3,276 | $ | 862 | $ | 36 | $ | 152 | $ | 951 | $ | 530 | $ | 5,807 | ||||||||||||||
Accretion of discount (amortization of premium) | 28 | 8 | — | — | 2 | 1 | 39 | |||||||||||||||||||||
Net realized gain (loss) | 35 | (93 | ) | (21 | ) | (7 | ) | 9 | 191 | 114 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 280 | 158 | 25 | (4 | ) | 126 | 31 | 616 | ||||||||||||||||||||
Purchases | 7,907 | 974 | 52 | 8 | 1,217 | 451 | 10,609 | |||||||||||||||||||||
Paid-in-kind interest | 12 | 4 | — | — | 29 | 21 | 66 | |||||||||||||||||||||
Sales and repayments | (2,197 | ) | (628 | ) | (48 | ) | (93 | ) | (335 | ) | (410 | ) | (3,711 | ) | ||||||||||||||
Transfers into Level 3 | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Fair value at end of period | $ | 9,341 | $ | 1,285 | $ | 44 | $ | 56 | $ | 1,999 | $ | 818 | $ | 13,543 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
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 | $ | 290 | $ | 84 | $ | (1 | ) | $ | 19 | $ | 125 | $ | 84 | $ | 601 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||
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 | $ | 3,358 | $ | 1,015 | $ | 152 | $ | 313 | $ | 737 | $ | 572 | $ | 6,147 | ||||||||||||||
Accretion of discount (amortization of premium) | 5 | 2 | — | 1 | — | 1 | 9 | |||||||||||||||||||||
Net realized gain (loss) | (131 | ) | (16 | ) | (93 | ) | (17 | ) | (4 | ) | (89 | ) | (350 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (42 | ) | (114 | ) | 13 | (67 | ) | (53 | ) | (42 | ) | (305 | ) | |||||||||||||||
Purchases | 1,061 | 5 | — | 27 | 335 | 48 | 1,476 | |||||||||||||||||||||
Paid-in-kind interest | 15 | 3 | 3 | 11 | 19 | 12 | 63 | |||||||||||||||||||||
Sales and repayments | (960 | ) | (59 | ) | (42 | ) | (120 | ) | (177 | ) | (13 | ) | (1,371 | ) | ||||||||||||||
Transfers into Level 3 | 58 | — | — | — | — | — | 58 | |||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Fair value at end of period | $ | 3,364 | $ | 836 | $ | 33 | $ | 148 | $ | 857 | $ | 489 | $ | 5,727 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
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 | $ | (71 | ) | $ | (118 | ) | $ | (11 | ) | $ | (76 | ) | $ | (6 | ) | $ | (103 | ) | $ | (385 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2022 Other Senior
Secured
DebtSubordinated
DebtAsset Based Finance Equity/Other Total Fair value at beginning of period $ 9,542 $ 1,205 $ 29 $ 74 $ 2,245 $ 877 $ 13,972 Accretion of discount (amortization of premium) 52 5 — 1 4 1 63 Net realized gain (loss) (61) (41) — — 113 211 222 Net change in unrealized appreciation (depreciation) (252) (90) (8) (47) (229) (121) (747) Purchases 2,297 67 — 223 779 475 3,841 Paid-in-kind interest 36 2 1 3 20 24 86 Sales and repayments (2,017) (225) — — (1,106) (378) (3,726) Transfers into Level 3 — — — — — — — Transfers out of Level 3 — — — — — — — Fair value at end of period $ 9,597 $ 923 $ 22 $ 254 $ 1,826 $ 1,089 $ 13,711 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 $ (326) $ (136) $ (8) $ (45) $ (177) $ (62) $ (754)
For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 3,276 | $ | 862 | $ | 36 | $ | 152 | $ | 951 | $ | 530 | $ | 5,807 | ||||||||||||||||||||||||||||||||||||
Accretion of discount (amortization of premium) | 28 | 8 | — | — | 2 | 1 | 39 | |||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | 35 | (93) | (21) | (7) | 9 | 191 | 114 | |||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 280 | 158 | 25 | (4) | 126 | 31 | 616 | |||||||||||||||||||||||||||||||||||||||||||
Purchases | 7,907 | 974 | 52 | 8 | 1,217 | 451 | 10,609 | |||||||||||||||||||||||||||||||||||||||||||
Paid-in-kind interest | 12 | 4 | — | — | 29 | 21 | 66 | |||||||||||||||||||||||||||||||||||||||||||
Sales and repayments | (2,197) | (628) | (48) | (93) | (335) | (410) | (3,711) | |||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | 3 | 3 | |||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Fair value at end of period | $ | 9,341 | $ | 1,285 | $ | 44 | $ | 56 | $ | 1,999 | $ | 818 | $ | 13,543 | ||||||||||||||||||||||||||||||||||||
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 | $ | 290 | $ | 84 | $ | (1) | $ | 19 | $ | 125 | $ | 84 | $ | 601 | ||||||||||||||||||||||||||||||||||||
Type of Investment | Fair Value at September 30, 2021 (Unaudited) | Valuation Technique(1) | Unobservable Input | Range (Weighted Average) | Impact to Valuation from an Increase in Input(2) | |||||||||||||||
Senior Debt | $ | 7,852 | Discounted Cash Flow | Discount Rate | 4.7% - 25.7% (8.2%) | Decrease | ||||||||||||||
1,543 | Cost | |||||||||||||||||||
1,251 | Waterfall | EBITDA Multiple | 0.1x - 11.0x (6.5x) | Increase | ||||||||||||||||
24 | Other(3) | |||||||||||||||||||
Subordinated Debt | 56 | Waterfall | EBITDA Multiple | 7.0x - 8.0x (7.9x) | Increase | |||||||||||||||
Asset Based Finance | 967 | Waterfall | EBITDA Multiple | 1.0x - 18.8x (3.8x) | Increase | |||||||||||||||
893 | Discounted Cash Flow | Discount Rate | 4.2% - 15.9% (10.0%) | Decrease | ||||||||||||||||
99 | Other(3) | |||||||||||||||||||
35 | Cost | |||||||||||||||||||
5 | | Indicative Dealer Quotes | | 2.8% - 41.8% (29.9%) | Increase | |||||||||||||||
Equity/Other | 691 | Waterfall | EBITDA Multiple | 0.1x - 15.3x (7.5x) | Increase | |||||||||||||||
59 | Discounted Cash Flow | Discount Rate | 10.0% - 25.0% (11.9%) | Decrease | ||||||||||||||||
55 | Cost | |||||||||||||||||||
13 | Other(3) | |||||||||||||||||||
|
| |||||||||||||||||||
Total | $ | 13,543 | ||||||||||||||||||
|
|
Type of Investment | Fair Value at December 31, 2020 | Valuation Technique(1) | Unobservable Input | Range | Impact to Valuation from an Increase in Input(2) | |||||||||||||
Senior Debt | $ | 3,519 | Discounted Cash Flow | Discount Rate | 5.7% - 18.6% (9.0%) | Decrease | ||||||||||||
418 | Waterfall | EBITDA Multiple | 0.1x - 12.7x (7.2x) | Increase | ||||||||||||||
237 | Cost | |||||||||||||||||
Subordinated Debt | 71 | Discounted Cash Flow | Discount Rate | 12.3% - 12.3% (12.3%) | Decrease | |||||||||||||
63 | Waterfall | EBITDA Multiple | 7.8x - 11.5x (7.8x) | Increase | ||||||||||||||
18 | Cost | |||||||||||||||||
Asset Based Finance | 535 | Waterfall | EBITDA Multiple | 1.0x - 12.0x (3.6x) | Increase | |||||||||||||
287 | Discounted Cash Flow | Discount Rate | 4.2% - 15.2% (9.9%) | Decrease | ||||||||||||||
59 | Other(3) | |||||||||||||||||
70 | Cost | |||||||||||||||||
Equity/Other | 346 | Waterfall | EBITDA Multiple | 0.1x - 12.5x (7.4x) | Increase | |||||||||||||
135 | Option Pricing Model | Equity Illiquidity Discount | 11.0% - 50.0% (11.9%) | Decrease | ||||||||||||||
49 | Other(3) | |||||||||||||||||
|
| |||||||||||||||||
Total | $ | 5,807 | ||||||||||||||||
|
|
| ||||||||||||||||||||||||||||||||
Type of | Fair Value at September 30, 2022 (Unaudited) | Valuation Technique(1) | Unobservable Input | Range (Weighted Average) | Impact to |
| ||||||||||||||||||||||||||||||||
Senior Debt | $ | 9,513 | Discounted Cash Flow | Discount Rate | 5.5% - 21.1% (11.0%) | Decrease | ||||||||||||||||||||||||||
580 | Waterfall | EBITDA Multiple | 0.3x - 21.3x (6.7x) | Increase | ||||||||||||||||||||||||||||
341 | Cost | |||||||||||||||||||||||||||||||
108 | Other(3) | |||||||||||||||||||||||||||||||
Subordinated Debt | 237 | Discounted Cash Flow | Discount Rate | 10.9% - 15.5% (12.6%) | Decrease | |||||||||||||||||||||||||||
17 | Waterfall | EBITDA Multiple | 5.8x - 5.8x (5.8x) | Increase | ||||||||||||||||||||||||||||
Asset Based Finance | 859 | Discounted Cash Flow | Discount Rate | 4.8% - 44.1% (10.3%) | Decrease | |||||||||||||||||||||||||||
686 | Waterfall | EBITDA Multiple | 1.0x - 21.8x (3.4x) | Increase | ||||||||||||||||||||||||||||
197 | Other(3) | |||||||||||||||||||||||||||||||
80 | Cost | |||||||||||||||||||||||||||||||
4 | Indicative Dealer Quotes | 41.8% - 41.8% (41.8%) | Increase | |||||||||||||||||||||||||||||
Equity/Other | 599 | Waterfall | EBITDA Multiple | 0.0x - 15.0x (7.6x) | Increase | |||||||||||||||||||||||||||
352 | Discounted Cash Flow | Discount Rate | 9.8% - 25.0% (14.6%) | Decrease | ||||||||||||||||||||||||||||
127 | Cost | |||||||||||||||||||||||||||||||
8 | Other(3) | |||||||||||||||||||||||||||||||
3 | Option Pricing Model | Equity Illiquidity Discount | 65.0% - 65.0% (65.0%) | Decrease | ||||||||||||||||||||||||||||
Total | $ | 13,711 |
Type of Investment | Fair Value at December 31, 2021 | Valuation Technique(1) | Unobservable Input | Range | Impact to | |||||||||||||||||||||||||||
Senior Debt | $ | 8,746 | Discounted Cash Flow | Discount Rate | 5.3% - 30.3% (8.5%) | Decrease | ||||||||||||||||||||||||||
1,242 | Cost | |||||||||||||||||||||||||||||||
737 | Waterfall | EBITDA Multiple | 0.1x - 11.0x (7.0x) | Increase | ||||||||||||||||||||||||||||
51 | Other(3) | |||||||||||||||||||||||||||||||
Subordinated Debt | 53 | Waterfall | EBITDA Multiple | 7.0x - 7.8x (7.8x) | Increase | |||||||||||||||||||||||||||
21 | Cost | |||||||||||||||||||||||||||||||
Asset Based Finance | 1,021 | Waterfall | EBITDA Multiple | 1.0x - 23.1x (4.1x) | Increase | |||||||||||||||||||||||||||
744 | Discounted Cash Flow | Discount Rate | 4.2% - 16.2% (10.1%) | Decrease | ||||||||||||||||||||||||||||
359 | Cost | |||||||||||||||||||||||||||||||
117 | Other(3) | |||||||||||||||||||||||||||||||
4 | Indicative Dealer Quotes | 50.8% - 50.8% (50.8%) | Increase | |||||||||||||||||||||||||||||
Equity/Other | 737 | Waterfall | EBITDA Multiple | 0.1x - 16.0x (6.1x) | Increase | |||||||||||||||||||||||||||
111 | Discounted Cash Flow | Discount Rate | 7.3% - 25.0% (9.8%) | Decrease | ||||||||||||||||||||||||||||
5 | Option Pricing Model | Equity Illiquidity Discount | 65.0% - 65.0% (65.0%) | Decrease | ||||||||||||||||||||||||||||
22 | Other(3) | |||||||||||||||||||||||||||||||
2 | Cost | |||||||||||||||||||||||||||||||
Total | $ | 13,972 |
| ||
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 9. Financing Arrangements (continued)
The following tables present summary information with respect to the Company’s outstanding financing arrangements as of September 30, 20212022 and December 31, 2020.2021. For additional information regarding these financing arrangements, see the notes to the Company’s audited consolidated financial statements contained in its annual report on Form 10-K for the year ended December 31, 2020.2021. Any significant changes to the Company’sCompany's financing arrangements during the nine months ended September 30, 20212022 are discussed below.
As of September 30, 2021 (Unaudited) | ||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||
Ambler Credit Facility(2)(8) | Revolving Credit Facility | L+2.25%(1) | $ | 140 | $ | 60 | November 22, 2024 | |||||||||
Burholme Prime Brokerage Facility(2)(8) | Prime Brokerage Facility | L+1.25%(1) | — | — | March 28, 2022 | |||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | L+1.75% - 2.00%(1)(3) | 240 | 60 | June 2, 2024 | |||||||||||
Darby Creek Credit Facility(2)(8) | Revolving Credit Facility | L+1.95%(1) | 250 | — | February 26, 2024 | |||||||||||
Dunlap Credit Facility(2)(8) | Revolving Credit Facility | L+2.00%(1) | 470 | 30 | February 26, 2024 | |||||||||||
Juniata River Credit Facility(2)(8) | Revolving Credit Facility | L+2.50% - L+2.75%(1) | 640 | — | July 15, 2022 - April 11, 2023 | |||||||||||
Meadowbrook Run Credit Facility(2)(8) | Revolving Credit Facility | L+2.25%(1) | 300 | — | November 22, 2024 | |||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | L+1.75% - 2.00%(1)(4) | 2,429 | (5) | 1,771 | December 23, 2025 | ||||||||||
4.750% Notes due 2022(6) | Unsecured Notes | 4.75% | 450 | — | May 15, 2022 | |||||||||||
5.000% Notes due 2022(6) | Unsecured Notes | 5.00% | 245 | — | June 28, 2022 | |||||||||||
4.625% Notes due 2024(6) | Unsecured Notes | 4.63% | 400 | — | July 15, 2024 | |||||||||||
4.125% Notes due 2025(6) | Unsecured Notes | 4.13% | 470 | — | February 1, 2025 | |||||||||||
4.250% Notes due 2025(6)(8) | Unsecured Notes | 4.25% | 475 | — | February 14, 2025 | |||||||||||
8.625% Notes due 2025(6) | Unsecured Notes | 8.63% | 250 | — | May 15, 2025 | |||||||||||
3.400% Notes due 2026(6) | Unsecured Notes | 3.40% | 1,000 | — | January 15, 2026 | |||||||||||
2.625% Notes due 2027(6) | Unsecured Notes | 2.63% | 400 | — | January 15, 2027 | |||||||||||
CLO-1 Notes(2)(7) | Collateralized Loan Obligation | L+1.85% - 3.01%(1) | 352 | — | January 15, 2031 | |||||||||||
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|
| |||||||||||||
Total | $ | 8,511 | $ | 1,921 |
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Arrangement Type of Arrangement Rate Amount
OutstandingAmount
AvailableMaturity Date Revolving Credit Facility $ 144 $ 56 November 22, 2025 Prime Brokerage Facility — — March 28, 2023 Revolving Credit Facility 290 10 June 2, 2025 Revolving Credit Facility 243 7 February 26, 2025 Revolving Credit Facility 478 22 February 26, 2025 Revolving Credit Facility 259 41 November 22, 2024 Revolving Credit Facility May 17, 2027 Unsecured Notes 4.63% 400 — July 15, 2024 Unsecured Notes 1.65% 500 — October 12, 2024 Unsecured Notes 4.13% 470 — February 1, 2025 Unsecured Notes 4.25% 475 — February 14, 2025 Unsecured Notes 8.63% 250 — May 15, 2025 Unsecured Notes 3.40% 1,000 — January 15, 2026 Unsecured Notes 2.63% 400 — January 15, 2027 Unsecured Notes 3.25% 500 — July 15, 2027 Unsecured Notes 3.13% 750 — October 12, 2028 Collateralized Loan Obligation 352 — January 15, 2031 Total $ 9,176 $ 2,114
|
As of December 31, 2020 | ||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | L+1.75% - 2.00%(1)(3) | $ | 260 | $ | 40 | December 2, 2023 | |||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | L+1.75% - 2.00%(1)(4) | 615 | (5) | 1,000 | December 23, 2025 | ||||||||||
4.750% Notes due 2022(6) | Unsecured Notes | 4.75% | 450 | — | May 15, 2022 | |||||||||||
5.000% Notes due 2022(6) | Unsecured Notes | 5.00% | 245 | — | June 28, 2022 | |||||||||||
4.625% Notes due 2024(6) | Unsecured Notes | 4.63% | 400 | — | July 15, 2024 | |||||||||||
4.125% Notes due 2025(6) | Unsecured Notes | 4.13% | 470 | — | February 1, 2025 | |||||||||||
8.625% Notes due 2025(6) | Unsecured Notes | 8.63% | 250 | — | May 15, 2025 | |||||||||||
3.400% Notes due 2026(6) | Unsecured Notes | 3.40% | 1,000 | — | January 15, 2026 | |||||||||||
CLO-1 Notes(2)(7) | Collateralized Loan Obligation | L+1.85%–3.01%(1) | 352 | — | January 15, 2031 | |||||||||||
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| |||||||||||||
Total | $ | 4,042 | $ | 1,040 |
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(7)As of September 30, 2022, the fair value of the 4.625% notes, the 1.650% notes, the 4.125% notes, the 4.250% notes, the 8.625% notes, the 3.400% notes, the 2.625% notes, the 3.250% notes and the 3.125% notes was approximately $392, $457, $445, $441, $258, $883, $323, $413 and $583, respectively. These valuations are considered Level 2 valuations within the fair value hierarchy.
As of December 31, 2021 | ||||||||||||||||||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
Ambler Credit Facility(2)(9) | Revolving Credit Facility | SOFR+2.15%(1) | $ | 150 | $ | 50 | November 22, 2025 | |||||||||||||||||||||||||
Burholme Prime Brokerage Facility(2)(9) | Prime Brokerage Facility | L+1.25%(1) | — | — | June 28, 2022 | |||||||||||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | L+1.75% - 2.00%(1)(3) | 300 | — | January 2, 2025 | |||||||||||||||||||||||||||
Darby Creek Credit Facility(2)(9) | Revolving Credit Facility | L+1.85%(1) | 250 | — | February 26, 2025 | |||||||||||||||||||||||||||
Dunlap Credit Facility(2)(9) | Revolving Credit Facility | L+1.85%(1) | 485 | 15 | February 26, 2025 | |||||||||||||||||||||||||||
Meadowbrook Run Credit Facility(2)(9) | Revolving Credit Facility | SOFR+2.05%(1) | 300 | — | November 22, 2024 | |||||||||||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | L+1.75% - 2.00%(1)(4) SONIA+0.0326%(1)(4) | 2,647(5) | 1,544(6) | December 23, 2025 | |||||||||||||||||||||||||||
4.750% Notes due 2022(7) | Unsecured Notes | 4.75% | 450 | — | May 15, 2022 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
3.125% Notes due 2028(7) | Unsecured Notes | 3.13% | 750 | — | October 12, 2028 | |||||||||||||||||||||||||||
CLO-1 Notes(2)(8) | Collateralized Loan Obligation | L+1.85% - 3.01%(1) | 352 | — | January 15, 2031 | |||||||||||||||||||||||||||
Total | $ | 9,179 | $ | 1,609 |
Three Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Arrangement(1) | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount / Premium | Total Interest Expense | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount | Total Interest Expense | ||||||||||||||||||
Ambler Credit Facility(2) | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||
Burholme Prime Brokerage Facility(2) | — | — | — | — | — | — | ||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | 1 | 0 | 1 | 1 | 1 | 2 | ||||||||||||||||||
Darby Creek Credit Facility(2) | 2 | — | 2 | — | — | — | ||||||||||||||||||
Dunlap Credit Facility(2) | 2 | — | 2 | — | — | — | ||||||||||||||||||
Juniata River Credit Facility(2) | 5 | — | 5 | — | — | — | ||||||||||||||||||
Locust Street Credit Facility(2) | — | — | — | 2 | 1 | 3 | ||||||||||||||||||
Meadowbrook Run Credit Facility(2) | 3 | — | 3 | — | — | — | ||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | 13 | 1 | 14 | 7 | 1 | 8 | ||||||||||||||||||
4.750% Notes due 2022 | 5 | 0 | 5 | 5 | 0 | 5 | ||||||||||||||||||
5.000% Notes due 2022 | 3 | — | 3 | 3 | — | 3 | ||||||||||||||||||
4.625% Notes due 2024 | 5 | 1 | 6 | 5 | 0 | 5 | ||||||||||||||||||
4.125% Notes due 2025 | 5 | 1 | 6 | 5 | 1 | 6 | ||||||||||||||||||
4.250% Notes due 2025 | 5 | (2 | ) | 3 | — | — | — | |||||||||||||||||
8.625% Notes due 2025 | 5 | 0 | 5 | 5 | 1 | 6 | ||||||||||||||||||
3.400% Notes due 2026 | 8 | 1 | 9 | — | — | — | ||||||||||||||||||
2.625% Notes due 2027 | 3 | 0 | 3 | — | — | — | ||||||||||||||||||
CLO-1 Notes | 2 | 0 | 2 | 2 | 0 | 2 | ||||||||||||||||||
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| |||||||||||||
Total | $ | 68 | $ | 2 | $ | 70 | $ | 35 | $ | 5 | $ | 40 | ||||||||||||
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Nine Months Ended September 30, | ||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Arrangement(1) | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount / Premium | Total Interest Expense | Direct Interest Expense | Amortization of Deferred Financing Costs and Discount | Total Interest Expense | ||||||||||||||||||
Ambler Credit Facility(2) | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||
Burholme Prime Brokerage Facility(2) | — | — | — | — | — | — | ||||||||||||||||||
CCT Tokyo Funding Credit Facility(2) | 3 | 0 | 3 | 5 | 1 | 6 | ||||||||||||||||||
Darby Creek Credit Facility(2) | 2 | — | 2 | — | — | — | ||||||||||||||||||
Dunlap Credit Facility(2) | 3 | — | 3 | — | — | — | ||||||||||||||||||
Juniata River Credit Facility(2) | 6 | — | 6 | — | — | — | ||||||||||||||||||
Locust Street Funding Credit Facility(2) | — | — | — | 11 | 1 | 12 | ||||||||||||||||||
Meadowbrook Run Credit Facility(2) | 3 | — | 3 | — | — | — | ||||||||||||||||||
Senior Secured Revolving Credit Facility(2) | 23 | 2 | 25 | 33 | 2 | 35 | ||||||||||||||||||
4.750% Notes due 2022 | 16 | 0 | 16 | 16 | 0 | 16 | ||||||||||||||||||
5.000% Notes due 2022 | 9 | — | 9 | 9 | — | 9 | ||||||||||||||||||
4.625% Notes due 2024 | 14 | 1 | 15 | 14 | 1 | 15 | ||||||||||||||||||
4.125% Notes due 2025 | 15 | 1 | 16 | 15 | 2 | 17 | ||||||||||||||||||
4.250% Notes due 2025 | 6 | (2 | ) | 4 | — | — | — | |||||||||||||||||
8.625% Notes due 2025 | 16 | 1 | 17 | 9 | 1 | 10 | ||||||||||||||||||
3.400% Notes due 2026 | 25 | 4 | 29 | — | — | — | ||||||||||||||||||
2.625% Notes due 2027 | 3 | 0 | 3 | — | — | — | ||||||||||||||||||
CLO-1 Notes | 6 | 0 | 6 | 8 | 0 | 8 | ||||||||||||||||||
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Total | $ | 151 | $ | 7 | $ | 158 | $ | 120 | $ | 8 | $ | 128 | ||||||||||||
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FS KKR Capital Corp.
NotesNine Months Ended September 30, 2022 2021 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 $ 4 $ 0 $ 4 $ 1 $ 0 $ 1 — — — — — — 7 1 8 3 0 3 6 0 6 2 — 2 12 0 12 3 — 3 — — — 6 — 6 6 0 6 3 — 3 69 3 72 23 2 25 4.750% Notes due 2022 6 0 6 16 0 16 5.000% Notes due 2022 — — — 9 — 9 4.625% Notes due 2024 14 1 15 14 1 15 1.650% Notes due 2024 6 2 8 — — — 4.125% Notes due 2025 15 1 16 15 1 16 4.250% Notes due 2025 15 (5) 10 6 (2) 4 8.625% Notes due 2025 16 1 17 16 1 17 3.400% Notes due 2026 25 4 29 25 4 29 2.625% Notes due 2027 7 1 8 3 0 3 3.250% Notes due 2027 11 1 12 — — — 3.125% Notes due 2028 18 1 19 — — — CLO-1 Notes 8 0 8 6 0 6 Total $ 245 $ 11 $ 256 $ 151 $ 7 $ 158
(in millions, except share and per share amounts)
Note 9. Financing Arrangements (continued)
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BDCs under the 1940 Act.
The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2020 were $4,269 and 3.72%, respectively. As of September 30, 2020, the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 3.65%.
2.625%2021.
2022
3.250% Notes.
Senior Secured Revolving Credit Facility
On July 30, 2021, the Company entered into Commitment Increase Agreements in connection with its senior secured revolving credit facility originally entered into on August 9, 2018, or as subsequently amended and restated, the Senior Secured Revolving Credit Facility, with JPMorgan Chase Bank, N.A., as administrative agent, ING Capital LLC, as collateral agent, and the lenders party thereto, which, among other things, increased the total facility amount from $4,025 to $4,200.
Note 9. Financing Arrangements (continued)
FSKR Credit Facilities
On June 16, 2021, as a result of the consummation of the 2021 Merger, the Company assumed all of FSKR’s obligations under its Senior Secured Revolving Credit Facility, resulting in FSK remaining the sole borrower thereunder, and the various wholly-owned special purpose financing subsidiaries of FSKR became wholly-owned special purpose financing subsidiaries of the Company. Such special purpose financing subsidiaries and their outstanding credit facilities are (a) Darby Creek LLC and the Darby Creek Credit Facility, (b) Dunlap Funding LLC and the Dunlap Credit Facility, (c) Juniata River LLC and the Juniata River Credit Facility, (d) Burholme Funding LLC and the Burholme Prime Brokerage Facility, (e) Ambler Funding LLC and the Ambler Credit Facility and (f) Meadowbrook Run LLC and the Meadowbrook Run Credit Facility (such credit facilities, together with the prior obligations of FSKR under the Senior Secured Revolving Credit Facility, collectively, the “FSKR Credit Facilities”). Information regarding the FSKR Credit Facilities is set forth in “Part I—Item 1. Financial Statements—Notes to Unaudited Consolidated Financial Statements—Note 9. Financing Arrangements” in FSKR’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on May 10, 2021.
Category / Company(1) | Commitment Amount | |||
Senior Secured Loans—First Lien | ||||
Advanced Dermatology & Cosmetic Surgery | $ | 3.6 | ||
Advanced Dermatology & Cosmetic Surgery | 8.7 | |||
Advania Sverige AB | 37.5 | |||
Affordable Care Inc | 12.8 | |||
Affordable Care Inc | 43.5 | |||
Alera Group Intermediate Holdings Inc | 9.2 | |||
American Vision Partners | 7.8 | |||
American Vision Partners | 38.9 | |||
Arcos LLC/VA | 4.5 | |||
Ardonagh Group Ltd | 22.8 | |||
Ardonagh Group Ltd | 54.8 | |||
Arrotex Australia Group Pty Ltd | 2.2 | |||
AxiomSL Ltd | 2.4 | |||
AxiomSL Ltd | 2.3 | |||
Barbri Inc | 30.2 | |||
BGB Group LLC | 19.9 | |||
Corsearch Intermediate Inc | 4.4 |
Category / Company(1) | Commitment Amount | ||||||||||
Senior Secured Loans—First Lien | |||||||||||
3Pillar Global Inc | $ | 9.2 | |||||||||
3Pillar Global Inc | 24.9 | ||||||||||
48Forty Solutions LLC | 3.2 | ||||||||||
Advanced Dermatology & Cosmetic Surgery | 3.6 | ||||||||||
Advanced Dermatology & Cosmetic Surgery | 2.2 | ||||||||||
Affordable Care Inc | 12.8 | ||||||||||
Affordable Care Inc | 33.2 | ||||||||||
Alacrity Solutions Group LLC | 7.7 | ||||||||||
Alera Group Intermediate Holdings Inc | 5.6 | ||||||||||
American Vision Partners | 7.8 | ||||||||||
Amerivet Partners Management Inc | 7.6 | ||||||||||
Amerivet Partners Management Inc | 61.4 | ||||||||||
Arcfield Acquisition Corp | 7.1 | ||||||||||
Arcos LLC/VA | 4.5 | ||||||||||
Ardonagh Group Ltd | 22.8 | ||||||||||
AxiomSL Ltd | 2.4 | ||||||||||
AxiomSL Ltd | 2.3 | ||||||||||
Barbri Inc | 9.1 | ||||||||||
BGB Group LLC | 19.9 | ||||||||||
CFC Underwriting Ltd | 5.7 | ||||||||||
Clarience Technologies LLC | 23.6 | ||||||||||
Community Brands Inc | 3.8 | ||||||||||
Community Brands Inc | 1.9 | ||||||||||
Corsearch Intermediate Inc | 4.4 | ||||||||||
CSafe Global | 34.9 | ||||||||||
Dental Care Alliance Inc | 6.1 | ||||||||||
Encora Digital Inc | 19.4 | ||||||||||
Envirotainer Ltd | 2.7 | ||||||||||
Excelitas Technologies Corp | 1.4 | ||||||||||
Excelitas Technologies Corp | 4.7 | ||||||||||
Follett Software Co | 9.9 | ||||||||||
Foundation Consumer Brands LLC | 6.6 | ||||||||||
Foundation Risk Partners Corp | 6.6 | ||||||||||
Galway Partners Holdings LLC | 11.8 | ||||||||||
Galway Partners Holdings LLC | 7.1 | ||||||||||
Gigamon Inc | 9.3 |
| Commitment Amount | ||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
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| |||||||||||
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| |||||||||||
Heniff Transportation Systems LLC | $ | 11.3 | |||||||||
Higginbotham Insurance Agency Inc | 8.9 | ||||||||||
| 1.1 | ||||||||||
| 2.0 | ||||||||||
| 4.7 | ||||||||||
Individual FoodService | 1.8 | ||||||||||
Insight Global LLC | 21.1 | ||||||||||
Insight Global LLC | 26.8 | ||||||||||
J S Held LLC | 12.4 | ||||||||||
J S Held LLC | 21.0 | ||||||||||
Karman Space Inc | 0.3 | ||||||||||
| 40.0 | ||||||||||
| 10.8 | ||||||||||
Lakeview Farms Inc | 1.8 | ||||||||||
| 8.4 | ||||||||||
Lexitas Inc | 5.9 | ||||||||||
| 12.6 | ||||||||||
| 25.0 | ||||||||||
Med-Metrix | 7.8 | ||||||||||
| 11.6 | ||||||||||
| |||||||||||
Motion Recruitment Partners LLC | 59.6 | ||||||||||
Net Documents | 7.3 | ||||||||||
Net Documents | 0.9 | ||||||||||
New Era Technology Inc | 2.6 | ||||||||||
| 5.6 | ||||||||||
NPD Group Inc/The | 1.0 | ||||||||||
Oxford Global Resources LLC | 15.3 | ||||||||||
Oxford Global Resources LLC | 4.4 | ||||||||||
P2 Energy Solutions Inc. | 11.4 | ||||||||||
| 4.2 | ||||||||||
| 22.6 | ||||||||||
| |||||||||||
Revere Superior Holdings Inc | 1.7 | ||||||||||
Rise Baking Company | 1.6 | ||||||||||
RSC Insurance Brokerage Inc | 7.6 | ||||||||||
| 1.8 | ||||||||||
| 6.3 | ||||||||||
| 6.3 | ||||||||||
| 15.0 | ||||||||||
| 16.5 | ||||||||||
| 7.9 | ||||||||||
| 9.4 | ||||||||||
Sungard Availability Services Capital Inc | 1.7 | ||||||||||
Sweeping Corp of America Inc | 5.7 | ||||||||||
Time Manufacturing Co | 16.4 | ||||||||||
Version1 Software Ltd | 2.4 | ||||||||||
VetCor Professional Practices LLC | 18.0 | ||||||||||
VetCor Professional Practices LLC | 6.6 | ||||||||||
Wealth Enhancement Group LLC | 5.7 | ||||||||||
Wealth Enhancement Group LLC | 2.1 | ||||||||||
Woolpert Inc | 3.7 |
Category / Company(1) | Commitment Amount | |||
Summit Interconnect Inc | 48.7 | |||
Sweeping Corp of America Inc | 1.3 | |||
Sweeping Corp of America Inc | 3.9 | |||
Truck-Lite Co LLC | 25.2 | |||
Wealth Enhancement Group LLC | 28.2 | |||
Wealth Enhancement Group LLC | 0.4 | |||
Woolpert Inc | 25.6 | |||
Asset Based Finance | ||||
Byrider Finance LLC, Structured Mezzanine | 11.0 | |||
Callodine Commercial Finance LLC, 2L Term Loan B | 40.3 | |||
Home Partners JV 2, Structured Mezzanine | 14.8 | |||
Jet Edge International LLC, Term Loan | 38.3 | |||
Toorak Capital Partners LLC, Structured Mezzanine | 20.0 | |||
|
| |||
Total | $ | 1,313.7 | ||
|
| |||
Unfunded Asset Based Finance/Other commitments | $ | 511.3 |
| |||||||||||
Category / Company(1) | Commitment Amount | ||||||||||
Worldwise Inc | $ | 15.5 | |||||||||
Worldwise Inc | 7.4 | ||||||||||
Senior Secured Loans—Second Lien | |||||||||||
Valeo Foods Group Ltd | 3.1 | ||||||||||
Asset Based Finance | |||||||||||
Byrider Finance LLC, Structured Mezzanine | 12.4 | ||||||||||
Callodine Commercial Finance LLC, 2L Term Loan B | 36.1 | ||||||||||
Jet Edge International LLC, Term Loan | 0.7 | ||||||||||
Opendoor Labs Inc, Structured Mezzanine | 53.4 | ||||||||||
Total | $ | 1,042.4 | |||||||||
Unfunded Asset Based Finance/Other commitments | $ | 362.8 |
2021.
Nine Months Ended September 30, 2021 (Unaudited) | Year Ended December 31, 2020 | |||||||
Per Share Data:(1) | ||||||||
Net asset value, beginning of period | $ | 25.02 | $ | 30.54 | ||||
Results of operations(2) | ||||||||
Net investment income (loss) | 2.11 | 2.66 | ||||||
Net realized and unrealized appreciation (depreciation) on investments and secured borrowing and gain/loss on foreign currency | 4.29 | (5.85 | ) | |||||
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| |||||
Net increase (decrease) in net assets resulting from operations | 6.40 | (3.19 | ) | |||||
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Nine Months Ended September 30, 2022 Year Ended December 31, 2021 (Unaudited) Net asset value, beginning of period $ 27.17 $ 25.02 Net investment income (loss) 2.25 2.76 Net realized gain (loss) and unrealized appreciation (depreciation) (2.17) 4.28 Net increase (decrease) in net assets resulting from operations 0.08 7.04 Distributions from net investment income (1.98) (2.47) Distributions from net realized gain on investments — — Net decrease in net assets resulting from stockholder distributions (1.98) (2.47) Capital share transactions — (2.20) 0.03 0.01 — (0.23) Net increase (decrease) in net assets resulting from capital share transactions 0.03 (2.42) Net asset value, end of period $ 25.30 $ 27.17 Per share market value, end of period $ 16.95 $ 20.94 Shares outstanding, end of period 282,978,008 284,543,091 0.40 % 18.47 % (10.94) % 41.45 % Ratio/Supplemental Data: Net assets, end of period $ 7,160 $ 7,730 11.08 % 10.36 % 10.27 % 9.35 % 9.49 % 8.82 % 21.48 % 49.82 % Total amount of senior securities outstanding, exclusive of treasury securities $ 9,176 $ 9,179 1.78 1.84
Nine Months Ended September 30, 2021 (Unaudited) | Year Ended December 31, 2020 | |||||||
Stockholder distributions(3) | ||||||||
Distributions from net investment income | (1.85 | ) | (2.56 | ) | ||||
Distributions from net realized gain on investments | — | — | ||||||
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| |||||
Net decrease in net assets resulting from stockholder distributions | (1.85 | ) | (2.56 | ) | ||||
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Capital share transactions | ||||||||
Issuance of common stock(4) | (2.20 | ) | — | |||||
Repurchases of common stock(5) | 0.00 | 0.23 | ||||||
Deduction of deferred costs(6) | (0.23 | ) | — | |||||
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Net increase (decrease) in net assets resulting from capital share transactions | (2.43 | ) | 0.23 | |||||
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Net asset value, end of period | $ | 27.14 | $ | 25.02 | ||||
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Per share market value, end of period | $ | 22.04 | $ | 16.56 | ||||
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Shares outstanding, end of period | 285,076,619 | 123,755,965 | ||||||
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Total return based on net asset value(7) | 15.87 | % | (9.69 | )% | ||||
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Total return based on market value(8) | 44.74 | % | (19.73 | )% | ||||
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Ratio/Supplemental Data: | ||||||||
Net assets, end of period | $ | 7,736 | $ | 3,096 | ||||
Ratio of net investment income to average net assets(9) | 10.71 | % | 10.44 | % | ||||
Ratio of total operating expenses to average net assets(9) | 9.14 | % | 9.71 | % | ||||
Ratio of net operating expenses to average net assets(9) | 8.73 | % | 9.71 | % | ||||
Portfolio turnover(10) | 37.81 | % | 32.95 | % | ||||
Total amount of senior securities outstanding, exclusive of treasury securities | $ | 8,511 | $ | 4,042 | ||||
Asset coverage per unit(11) | 1.91 | 1.77 |
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 and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to stockholders. (8)The total return based on market value for each period presented was calculated based on the change in market price during the applicable period, including the impact of distributions reinvested in accordance with the Company’s DRP. Total return based on market value does 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 |
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FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 11. Financial Highlights (continued)
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Nine Months Ended September 30, 2021 (Unaudited) | Year Ended December 31, 2020 | |||||||
Ratio of net subordinated income incentive fees to average net assets | 0.76 | % | — | |||||
Ratio of interest expense to average net assets | 4.28 | % | 5.36 | % | ||||
Ratio of excise taxes to average net assets | — | 0.32 | % |
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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.
Nine Months Ended September 30, 2022 | Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Ratio of net subordinated income incentive fees to average net assets | 1.25 | % | 0.83 | % | ||||||||||||||||||||||||||||
Ratio of interest expense to average net assets | 4.44 | % | 4.10 | % | ||||||||||||||||||||||||||||
Ratio of excise taxes to average net assets | 0.02 | % | 0.21 | % |
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 12. Acquisition of FSKR (continued)
Related Issues. The fair value of the consideration paid by the Company in the 2021 Merger was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill.
Common stock purchased | $ | 3,650 | ||
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Total purchase price | $ | 3,650 | ||
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Assets acquired, at fair value: | ||||
Investments | $ | 7,227 | ||
Cash and cash equivalents | 293 | |||
Other assets | 221 | |||
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Total assets acquired | $ | 7,741 | ||
Debt | 3,794 | |||
Distributions payable | 93 | |||
Other liabilities assumed | 204 | |||
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Total purchase price | $ | 3,650 | ||
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Common stock purchased | $3,650 | ||||
Total purchase price | $3,650 | ||||
Assets acquired, at fair value: | |||||
Investments | $7,227 | ||||
Cash and cash equivalents | 293 | ||||
Other assets | 221 | ||||
Total assets acquired | $7,741 | ||||
Debt | 3,794 | ||||
Distributions payable | 93 | ||||
Other liabilities assumed | 204 | ||||
Total purchase price | $3,650 |
Note 13. Subsequent Events
1.650% Notes due 2024 Notes
On October 12, 2021, the CompanyAnalysis of Financial Condition and U.S. Bank National Association, or the Trustee, entered into a Ninth Supplemental Indenture, or the Ninth Supplemental Indenture, and a Tenth Supplemental Indenture, or the Tenth Supplemental Indenture, to the Indenture, dated July 14, 2014, between the Company and the Trustee, or the Base Indenture, and together with the Ninth Supplemental Indenture and the Tenth Supplemental Indenture, the Indenture. The Ninth Supplemental Indenture relates to the Company’s issuanceResults of $500 aggregate principal amount of its 1.650% notes due 2024, or the 2024 Notes. The Tenth Supplemental Indenture relates to the Company’s issuance of $750 aggregate principal amount of its 3.125% notes due 2028, or the 2028 Notes, and together with the 2024 Notes, the Notes.
The 2024 Notes will mature on October 12, 2024 and the 2028 Notes will mature on October 12, 2028. The Notes may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The 2024 Notes bear interest at a rate of 1.650% per year, and the 2028 Notes bear interest at a rate of 3.125% per year, payable semi-annually on April 12th and October 12th of each year, commencing on April 12, 2022. The 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 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act of 1940, as amended, whether or not it is subject to those requirements, and to provide financial information to the holders of the Notes and
FS KKR Capital Corp.
Notes to Unaudited Consolidated Financial Statements (continued)
(in millions, except share and per share amounts)
Note 13. Subsequent Events (continued)
the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.
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 Notes at a price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest to the repurchase date.
5.000% Notes due 2022
On October 12, 2021, the Company issued a notice of redemption providing for the redemption of its 5.00% senior notes due 2022, or the 2022 Notes, in full on November 11, 2021 for 100% of the aggregate principal amount of the 2022 Notes, plus the accrued and unpaid interest through, but excluding, November 11, 2021. All of the 2022 Notes will be redeemed in connection with the redemption.
Juniata River Credit Facility
On October 12, 2021, Juniata River LLC prepaid all outstanding borrowings under, and terminated, its revolving credit facility with JPMorgan Chase Bank, N.A.
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(in millions, except share and per share amounts)
•our future operating results;
•our business prospects and the prospects of the companies in which we may invest, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;
•the impact of the investments that we expect to make;
•the ability of our portfolio companies to achieve their objectives;
•our current and expected financings and investments;
•receiving and maintaining corporate credit ratings and changes in the general interest rate environment;
•the adequacy of our cash resources, financing sources and working capital;
•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
•our contractual arrangements and relationships with third parties;
•actual and potential conflicts of interest with the other funds inmanaged by the Advisor, FS Investments, KKR Credit or any of their respective affiliates;
•the dependence of our future success on the general economy and its effect on the industries in which we may invest;
•general economic and political trends and other external factors, including the current COVID-19 pandemic and related disruptions caused thereby;
•our use of financial leverage;
•the ability of the Advisor to locate suitable investments for us and to monitor and administer our investments;
•the ability of the Advisor or its affiliates to attract and retain highly talented professionals;
•our ability to maintain our qualification as a RIC and as a BDC;
•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and the rules and regulations issued thereunder;
•the effect of changes to tax legislation on us and the portfolio companies in which we may invest and our and their tax position; and
•the tax status of the enterprises in which we may invest.
•changes in the economy;
•future changes in laws or regulations and conditions in our operating areas; and
•the price at which shares of our common stock may trade on the New York Stock Exchange, or NYSE.
•utilizing the experience and expertise of the management team of the Advisor;
•employing a defensive investment approach focused on long-term credit performance and principal protection;
•focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $25 million to $100 million at the time of investment;
•investing primarily in established, stable enterprises with positive cash flows; and
•maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company.
return swaps and credit default swaps. The Advisor will seek to tailor our investment focus as market conditions evolve. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structures of our portfolio companies or otherwise make opportunistic investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Advisor’s Advisor's
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.
COVID-19 Developments
The rapid spread of the COVID-19 pandemic, and associated impacts on the U.S. and global economies, has negatively impacted, and is likely to continue to negatively impact, the business operations of some of our portfolio companies. We cannot at this time fully predict the continued impact of COVID-19 on our business or the business of our portfolio companies, its duration or magnitude or the extent to which it will negatively impact our portfolio companies’ operating results or our own results of operations or financial condition. We expect that certain of our portfolio companies may continue to experience economic distress for the foreseeable future and may significantly limit business operations if subjected to prolonged economic distress. These developments could result in a decrease in the value of our investments.
COVID-19 has already had adverse effects on our investment income and we expect that such adverse effects may continue for some time. These adverse effects may require us to restructure certain of our investments, which could result in further reductions to our investment income or in impairments on our investments. In addition, disruptions in the capital markets have resulted in illiquidity in certain market areas. These market disruptions and illiquidity are likely to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions caused by COVID-19 can also be expected to increase our funding costs and limit our access to the capital markets. These events have limited our investment originations, which is likely to continue for the immediate future, and have also had a material negative impact on our operating results.
We will continue to carefully monitor the impact of the COVID-19 pandemic on our business and the business of our portfolio companies. Because the full effects of the COVID-19 pandemic are not capable of being known at this time, we cannot estimate the impacts of COVID-19 on our future financial condition, results of operations or cash flows. We do, however, expect that it may continue to have a negative impact on our business and the financial condition of certain of our portfolio companies.
2021
Net Investment Activity(1) | For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | ||||||
Purchases | $ | 2,781 | $ | 11,755 | ||||
Sales and Repayments | (1,806 | ) | (3,720 | ) | ||||
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Net Portfolio Activity | $ | 975 | $ | 8,035 | ||||
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For the Three Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||
New Investment Activity by Asset Class(1) | Purchases | Percentage | Sales and Repayments | Percentage | Purchases | Percentage | Sales and Repayments | Percentage | ||||||||||||||||||||||||
Senior Secured Loans—First Lien | $ | 2,495 | 90 | % | $ | 1,102 | 61 | % | $ | 8,091 | 69 | % | $ | 2,244 | 60 | % | ||||||||||||||||
Senior Secured Loans—Second Lien | 129 | 5 | % | 306 | 17 | % | 1,339 | 11 | % | 653 | 18 | % | ||||||||||||||||||||
Other Senior Secured Debt | — | — | 47 | 3 | % | 95 | 1 | % | 52 | 1 | % | |||||||||||||||||||||
Subordinated Debt | — | — | 5 | 0 | % | 25 | 0 | % | 98 | 3 | % | |||||||||||||||||||||
Asset Based Finance | 92 | 3 | % | 69 | 4 | % | 1,174 | 10 | % | 293 | 8 | % | ||||||||||||||||||||
Credit Opportunities Partners JV, LLC | — | — | — | — | 587 | 5 | % | — | — | |||||||||||||||||||||||
Equity/Other | 65 | 2 | % | 277 | 15 | % | 444 | 4 | % | 380 | 10 | % | ||||||||||||||||||||
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Total | $ | 2,781 | 100 | % | $ | 1,806 | 100 | % | $ | 11,755 | 100 | % | $ | 3,720 | 100 | % | ||||||||||||||||
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2022:
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
Net Investment Activity | September 30, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||
Purchases | $ | 907 | $ | 3,779 | ||||||||||||||||||||||||||||||||||
Sales and Repayments | (951) | (3,530) | ||||||||||||||||||||||||||||||||||||
Net Portfolio Activity | $ | (44) | $ | 249 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
New Investment Activity by Asset Class | Purchases | Percentage | Sales and Repayments | Percentage | Purchases | Percentage | Sales and Repayments | Percentage | ||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | $ | 444 | 49 | % | $ | 558 | 59 | % | $ | 2,143 | 57 | % | $ | 1,883 | 53 | % | ||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | 78 | 9 | % | 55 | 6 | % | 121 | 3 | % | 259 | 7 | % | ||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | 1 | 0 | % | — | — | 1 | 0 | % | — | — | ||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | 180 | 20 | % | 1 | 0 | % | 187 | 5 | % | 38 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Asset Based Finance(1) | 68 | 7 | % | 308 | 32 | % | 645 | 17 | % | 972 | 28 | % | ||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | — | — | — | — | 175 | 5 | % | — | — | |||||||||||||||||||||||||||||||||||||||||
Equity/Other(1) | 136 | 15 | % | 29 | 3 | % | 507 | 13 | % | 378 | 11 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 907 | 100 | % | $ | 951 | 100 | % | $ | 3,779 | 100 | % | $ | 3,530 | 100 | % | ||||||||||||||||||||||||||||||||||
(1) Equity/Other includes investments in preferred equity investments. During the three and nine months ended September 30, 2022, purchases of preferred equity investments were $128 and $451, respectively and sales and repayments of preferred equity investments were $0 and $109, respectively. |
The following table summarizes the composition of our investment portfolio at cost and fair value as of September 30, 2022 and December 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—First Lien | $ | 10,023 | $ | 9,781 | 61.9 | % | $ | 9,695 | $ | 9,765 | 60.7 | % | ||||||||||||||||||||||||||||||||||||||
Senior Secured Loans—Second Lien | 1,357 | 1,245 | 7.9 | % | 1,564 | 1,557 | 9.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Other Senior Secured Debt | 151 | 110 | 0.7 | % | 149 | 120 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Subordinated Debt | 380 | 255 | 1.6 | % | 188 | 111 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Asset Based Finance(2) | 1,942 | 1,826 | 11.6 | % | 2,132 | 2,245 | 13.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,572 | 1,466 | 9.3 | % | 1,397 | 1,396 | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Equity/Other(2) | 1,253 | 1,109 | 7.0 | % | 932 | 907 | 5.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 16,678 | $ | 15,792 | 100.0 | % | $ | 16,057 | $ | 16,101 | 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 September 30, 2022, Equity/Other included $750 of preferred equity investments. |
The following table presents certain selected information regarding the composition of our investment portfolio as of September 30, 2022 and December 31, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of Portfolio Companies | 195 | 189 | |||||||||||||||||||||||||||||||||||||||||||||
% Variable Rate Debt Investments (based on fair value)(1)(2) | 70.9% | 69.7% | |||||||||||||||||||||||||||||||||||||||||||||
% Fixed Rate Debt Investments (based on fair value)(1)(2) | 8.7% | 10.2% | |||||||||||||||||||||||||||||||||||||||||||||
% Other Income Producing Investments (based on fair value)(3) | 13.5% | 13.1% | |||||||||||||||||||||||||||||||||||||||||||||
% Non-Income Producing Investments (based on fair value)(2) | 4.4% | 5.1% | |||||||||||||||||||||||||||||||||||||||||||||
% of Investments on Non-Accrual (based on fair value) | 2.5% | 1.9% | |||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Annual Yield on Accruing Debt Investments(2)(4) | 11.1% | 9.2% | |||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Annual Yield on All Debt Investments(5) | 10.3% | 8.7% |
September 30, 2021 (Unaudited) | December 31, 2020 | |||||||||||||||||||||||
Amortized Cost(1) | Fair Value | Percentage of Portfolio | Amortized Cost(1) | Fair Value | Percentage of Portfolio | |||||||||||||||||||
Senior Secured Loans—First Lien | $ | 9,531 | $ | 9,689 | 61.2 | % | $ | 3,597 | $ | 3,449 | 50.9 | % | ||||||||||||
Senior Secured Loans—Second Lien | 1,635 | 1,669 | 10.6 | % | 1,035 | 880 | 13.0 | % | ||||||||||||||||
Other Senior Secured Debt | 147 | 136 | 0.9 | % | 127 | 86 | 1.3 | % | ||||||||||||||||
Subordinated Debt | 167 | 93 | 0.6 | % | 243 | 171 | 2.5 | % | ||||||||||||||||
Asset Based Finance | 1,946 | 1,999 | 12.6 | % | 1,025 | 951 | 14.0 | % | ||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,397 | 1,399 | 8.8 | % | 810 | 713 | 10.5 | % | ||||||||||||||||
Equity/Other | 901 | 839 | 5.3 | % | 616 | 530 | 7.8 | % | ||||||||||||||||
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Total | $ | 15,724 | $ | 15,824 | 100.0 | % | $ | 7,453 | $ | 6,780 | 100.0 | % | ||||||||||||
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(b) the stated base rate floor. The following table presents certain selected information regardingbase rate utilized in this calculation may not be indicative of the composition of our investment portfoliobase rates for specific contracts as of September 30, 20212022.
September 30, 2021 | December 31, 2020 | |||
Number of Portfolio Companies | 190 | 164 | ||
% Variable Rate Debt Investments (based on fair value)(1)(2) | 69.2% | 63.5% | ||
% Fixed Rate Debt Investments (based on fair value)(1)(2) | 9.3% | 9.0% | ||
% Other Income Producing Investments (based on fair value)(3) | 13.4% | 16.9% | ||
% Non-Income Producing Investments (based on fair value)(2) | 4.4% | 8.1% | ||
% of Investments on Non-Accrual (based on fair value) | 3.7% | 2.5% | ||
Weighted Average Annual Yield on Accruing Debt Investments(2)(4) | 9.1% | 8.8% | ||
Weighted Average Annual Yield on All Debt Investments(5) | 8.5% | 7.9% |
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for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the 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 September 30, 2022, and (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 September 30, 2022.
Characteristics of All Direct Originations held in Portfolio | September 30, 2021 | December 31, 2020 | ||
Number of Portfolio Companies | 158 | 135 | ||
% of Investments on Non-Accrual (based on fair value) | 3.5% | 2.6% | ||
Total Cost of Direct Originations | $14,858.6 | $7,048.4 | ||
Total Fair Value of Direct Originations | $15,019.1 | $6,447.3 | ||
% of Total Investments, at Fair Value | 94.9% | 95.1% | ||
Weighted Average Annual Yield on Accruing Debt Investments(1) | 9.0% | 8.7% | ||
Weighted Average Annual Yield on All Debt Investments(2) | 8.4% | 7.8% |
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Characteristics of All Direct Originations held in Portfolio September 30, 2022 December 31, 2021 Number of Portfolio Companies 177 167 % of Investments on Non-Accrual (based on fair value) 2.5% 1.9% Total Cost of Direct Originations $15,934.6 $15,341.3 Total Fair Value of Direct Originations $15,247.3 $15,433.3 % of Total Investments, at Fair Value 96.6% 95.9% 11.1% 8.9% 10.3% 8.5%
September 30, 2021 (Unaudited) | December 31, 2020 | |||||||||||||||
Industry Classification | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||
Automobiles & Components | $ | 168 | 1.1 | % | $ | 104 | 1.5 | % | ||||||||
Banks | 14 | 0.1 | % | 14 | 0.2 | % | ||||||||||
Capital Goods | 2,244 | 14.2 | % | 799 | 11.8 | % | ||||||||||
Commercial & Professional Services | 1,569 | 9.9 | % | 564 | 8.3 | % | ||||||||||
Consumer Durables & Apparel | 756 | 4.8 | % | 385 | 5.7 | % | ||||||||||
Consumer Services | 263 | 1.7 | % | 145 | 2.1 | % | ||||||||||
Credit Opportunities Partners JV, LLC | 1,399 | 8.8 | % | 713 | 10.5 | % | ||||||||||
Diversified Financials | 691 | 4.4 | % | 467 | 6.9 | % | ||||||||||
Energy | 234 | 1.5 | % | 107 | 1.6 | % | ||||||||||
Food & Staples Retailing | 277 | 1.7 | % | 221 | 3.3 | % | ||||||||||
Food, Beverage & Tobacco | 282 | 1.8 | % | 106 | 1.6 | % | ||||||||||
Health Care Equipment & Services | 1,663 | 10.5 | % | 604 | 8.9 | % | ||||||||||
Household & Personal Products | 283 | 1.8 | % | 190 | 2.8 | % | ||||||||||
Insurance | 724 | 4.6 | % | 208 | 3.1 | % | ||||||||||
Materials | 215 | 1.3 | % | 147 | 2.2 | % | ||||||||||
Media & Entertainment | 533 | 3.4 | % | 36 | 0.5 | % | ||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 243 | 1.5 | % | 34 | 0.5 | % | ||||||||||
Real Estate | 790 | 5.0 | % | 555 | 8.2 | % | ||||||||||
Retailing | 211 | 1.3 | % | 344 | 5.1 | % | ||||||||||
Software & Services | 2,728 | 17.2 | % | 770 | 11.3 | % | ||||||||||
Technology Hardware & Equipment | 49 | 0.3 | % | 15 | 0.2 | % | ||||||||||
Telecommunication Services | 162 | 1.0 | % | 71 | 1.0 | % | ||||||||||
Transportation | 326 | 2.1 | % | 181 | 2.7 | % | ||||||||||
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Total | $ | 15,824 | 100.0 | % | $ | 6,780 | 100.0 | % | ||||||||
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2021:
September 30, 2022 | ||||||||||||||||||||||||||
(Unaudited) | December 31, 2021 | |||||||||||||||||||||||||
Industry Classification | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
Automobiles & Components | $ | 36 | 0.2 | % | $ | 89 | 0.5 | % | ||||||||||||||||||
Banks | — | — | 15 | 0.1 | % | |||||||||||||||||||||
Capital Goods | 2,224 | 14.1 | % | 2,281 | 14.2 | % | ||||||||||||||||||||
Commercial & Professional Services | 1,673 | 10.6 | % | 1,615 | 10.0 | % | ||||||||||||||||||||
Consumer Durables & Apparel | 290 | 1.8 | % | 551 | 3.4 | % | ||||||||||||||||||||
Consumer Services | 200 | 1.3 | % | 393 | 2.4 | % | ||||||||||||||||||||
Credit Opportunities Partners JV, LLC | 1,466 | 9.3 | % | 1,396 | 8.7 | % | ||||||||||||||||||||
Diversified Financials | 634 | 4.0 | % | 672 | 4.2 | % | ||||||||||||||||||||
Energy | 288 | 1.8 | % | 241 | 1.5 | % | ||||||||||||||||||||
Food & Staples Retailing | 268 | 1.7 | % | 296 | 1.8 | % | ||||||||||||||||||||
Food, Beverage & Tobacco | 189 | 1.2 | % | 256 | 1.6 | % | ||||||||||||||||||||
Health Care Equipment & Services | 1,976 | 12.5 | % | 1,613 | 10.0 | % | ||||||||||||||||||||
Household & Personal Products | 246 | 1.6 | % | 227 | 1.4 | % | ||||||||||||||||||||
Insurance | 950 | 6.0 | % | 898 | 5.6 | % | ||||||||||||||||||||
Materials | 190 | 1.2 | % | 211 | 1.3 | % | ||||||||||||||||||||
Media & Entertainment | 627 | 4.0 | % | 720 | 4.5 | % | ||||||||||||||||||||
Pharmaceuticals, Biotechnology & Life Sciences | 202 | 1.3 | % | 235 | 1.5 | % | ||||||||||||||||||||
Real Estate | 818 | 5.2 | % | 876 | 5.4 | % | ||||||||||||||||||||
Retailing | 287 | 1.8 | % | 288 | 1.8 | % | ||||||||||||||||||||
Software & Services | 2,847 | 18.0 | % | 2,698 | 16.8 | % | ||||||||||||||||||||
Technology Hardware & Equipment | 5 | 0.0 | % | 42 | 0.3 | % | ||||||||||||||||||||
Telecommunication Services | 79 | 0.5 | % | 128 | 0.8 | % | ||||||||||||||||||||
Transportation | 297 | 1.9 | % | 360 | 2.2 | % | ||||||||||||||||||||
Total | $ | 15,792 | 100.0 | % | $ | 16,101 | 100.0 | % |
Investment Rating | Summary Description | |||||||
1 | Performing investment—generally executing in accordance with plan and there are no concerns about the portfolio company’s performance or ability to meet covenant requirements. | |||||||
2 | Performing investment—no concern about repayment of both interest and our cost basis but company’s recent performance or trends in the industry require closer monitoring. | |||||||
3 | Underperforming investment—some loss of interest or dividend possible, but still expecting a positive return on investment. | |||||||
4 | Underperforming investment—concerns about the recoverability of principal or interest. |
September 30, 2021 | December 31, 2020 | |||||||||||||||
Investment Rating | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||
1 | $ | 12,172 | 77 | % | $ | 4,538 | 67 | % | ||||||||
2 | 2,304 | 14 | % | 1,537 | 23 | % | ||||||||||
3 | 1,078 | 7 | % | 349 | 5 | % | ||||||||||
4 | 270 | 2 | % | 356 | 5 | % | ||||||||||
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Total | $ | 15,824 | 100 | % | $ | 6,780 | 100 | % | ||||||||
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2021:
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Investment Rating | Fair Value | Percentage of Portfolio | Fair Value | Percentage of Portfolio | ||||||||||||||||||||||
1 | $ | 11,881 | 75 | % | $ | 12,602 | 78 | % | ||||||||||||||||||
2 | 3,252 | 21 | % | 2,468 | 15 | % | ||||||||||||||||||||
3 | 207 | 1 | % | 748 | 5 | % | ||||||||||||||||||||
4 | 452 | 3 | % | 283 | 2 | % | ||||||||||||||||||||
Total | $ | 15,792 | 100 | % | $ | 16,101 | 100 | % |
2021
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Amount | Percentage of Total Income | Amount | Percentage of Total Income | Amount | Percentage of Total Income | Amount | Percentage of Total Income | |||||||||||||||||||||||||
Interest income | $ | 239 | 66.4 | % | $ | 98 | 66.7 | % | $ | 442 | 61.6 | % | $ | 341 | 71.6 | % | ||||||||||||||||
Paid-in-kind interest income | 35 | 9.7 | % | 17 | 11.6 | % | 70 | 9.8 | % | 48 | 10.1 | % | ||||||||||||||||||||
Fee income | 31 | 8.6 | % | 3 | 2.0 | % | 65 | 9.1 | % | 21 | 4.4 | % | ||||||||||||||||||||
Dividend income | 55 | 15.3 | % | 29 | 19.7 | % | 140 | 19.5 | % | 66 | 13.9 | % | ||||||||||||||||||||
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Total investment income(1) | $ | 360 | 100.0 | % | $ | 147 | 100.0 | % | $ | 717 | 100.0 | % | $ | 476 | 100.0 | % | ||||||||||||||||
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Percentage of Total Income | Amount | Percentage of Total Income | Amount | Percentage of Total Income | Amount | Percentage of Total Income | |||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 279 | 67.9 | % | $ | 239 | 66.4 | % | $ | 787 | 66.4 | % | $ | 442 | 61.6 | % | ||||||||||||||||||||||||||||||||||
Paid-in-kind interest income | 39 | 9.5 | % | 35 | 9.7 | % | 122 | 10.3 | % | 70 | 9.8 | % | ||||||||||||||||||||||||||||||||||||||
Fee income | 26 | 6.3 | % | 31 | 8.6 | % | 68 | 5.7 | % | 65 | 9.1 | % | ||||||||||||||||||||||||||||||||||||||
Dividend income | 67 | 16.3 | % | 55 | 15.3 | % | 209 | 17.6 | % | 140 | 19.5 | % | ||||||||||||||||||||||||||||||||||||||
Total investment income(1) | $ | 411 | 100.0 | % | $ | 360 | 100.0 | % | $ | 1,186 | 100.0 | % | $ | 717 | 100.0 | % |
The increase in fee income for the three and nine months ended September 30, 2021 compared to the three and nine months ended September 30, 2020 can be primarily attributed to structuring fees and prepayment fees received in connection with increased investment and repayment activity during the current period.
The increase in dividend income during the three months ended September 30, 2021 compared to the three months ended September 30, 2020 can be primarily attributed to the increase in dividends paid in respect to our investment in Credit Opportunities Partners JV, LLC. The increase in dividend income for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020 can be primarily attributed to the increase in dividends paid in respect to our investment in Credit Opportunities Partners JV, LLC, and a one-time dividend
Expenses
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Management fees | $ | 58 | $ | 24 | $ | 113 | $ | 80 | ||||||||
Subordinated income incentive fees | 35 | — | 43 | — | ||||||||||||
Administrative services expenses | 5 | 1 | 9 | 6 | ||||||||||||
Accounting and administrative fees | 1 | 0 | 2 | 1 | ||||||||||||
Interest expense | 70 | 40 | 158 | 128 | ||||||||||||
Other | 5 | 4 | 12 | 8 | ||||||||||||
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Total operating expenses | $ | 174 | $ | 69 | $ | 337 | $ | 223 | ||||||||
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Incentive fee waiver | (15 | ) | — | (15 | ) | — | ||||||||||
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Total net expenses | $ | 159 | $ | 69 | $ | 322 | $ | 223 | ||||||||
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Management fees | $ | 61 | $ | 58 | $ | 186 | $ | 113 | ||||||||||||||||||
Subordinated income incentive fees | 40 | 35 | 117 | 43 | ||||||||||||||||||||||
Administrative services expenses | 4 | 5 | 12 | 9 | ||||||||||||||||||||||
Accounting and administrative fees | 2 | 1 | 4 | 2 | ||||||||||||||||||||||
Interest expense | 96 | 70 | 256 | 158 | ||||||||||||||||||||||
Other expenses | 6 | 5 | 16 | 12 | ||||||||||||||||||||||
Total operating expenses | 209 | 174 | 591 | 337 | ||||||||||||||||||||||
Incentive fee waiver | (15) | (15) | (45) | (15) | ||||||||||||||||||||||
Net operating expenses before taxes | 194 | 159 | 546 | 322 | ||||||||||||||||||||||
Excise taxes | 1 | — | 1 | — | ||||||||||||||||||||||
Total net expenses, including excise taxes | $ | 195 | $ | 159 | $ | 547 | $ | 322 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Ratio of operating expenses to average net assets | 2.79 | % | 2.26 | % | 7.70 | % | 6.85 | % | ||||||||||||||||||
Ratio of incentive fee waiver to average net assets(1) | (0.20) | % | (0.19) | % | (0.58) | % | (0.30) | % | ||||||||||||||||||
Ratio of net operating expenses to average net assets | 2.59 | % | 2.07 | % | 7.12 | % | 6.55 | % | ||||||||||||||||||
Ratio of net incentive fees, interest expense and excise taxes to average net assets(1) | 1.62 | % | 1.17 | % | 4.28 | % | 3.78 | % | ||||||||||||||||||
Ratio of net operating expenses, excluding certain expenses, to average net assets | 0.97 | % | 0.90 | % | 2.84 | % | 2.77 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Ratio of operating expenses to average net assets | 2.26 | % | 2.38 | % | 6.85 | % | 6.93 | % | ||||||||
Ratio of incentive fee waiver to average net assets(1) | (0.19 | )% | — | % | (0.30 | )% | — | % | ||||||||
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Ratio of net operating expenses to average net assets | 2.07 | % | 2.38 | % | 6.55 | % | 6.93 | % | ||||||||
Ratio of net incentive fees and interest expense to average net assets(1) | 1.17 | % | 1.38 | % | 3.78 | % | 3.98 | % | ||||||||
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Ratio of net operating expenses, excluding certain expenses, to average net assets | 0.90 | % | 1.00 | % | 2.77 | % | 2.95 | % | ||||||||
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interest expense as a result of the rising rate environment.
Net Realized Gains or Losses
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net realized gain (loss) on investments(1) | $ | 197 | $ | (207 | ) | $ | 123 | $ | (403 | ) | ||||||
Net realized gain (loss) on foreign currency forward contracts | 0 | 0 | 0 | 0 | ||||||||||||
Net realized gain (loss) on foreign currency | (1 | ) | (2 | ) | (4 | ) | (5 | ) | ||||||||
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Total net realized gain (loss) | $ | 196 | $ | (209 | ) | $ | 119 | $ | (408 | ) | ||||||
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net realized gain (loss) on investments(1) | $ | 63 | $ | 197 | $ | 214 | $ | 123 | ||||||||||||||||||
Net realized gain (loss) on foreign currency forward contracts | 2 | 0 | 9 | 0 | ||||||||||||||||||||||
Net realized gain (loss) on foreign currency | 5 | (1) | 12 | (4) | ||||||||||||||||||||||
Total net realized gain (loss) | $ | 70 | $ | 196 | $ | 235 | $ | 119 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net change in unrealized appreciation (depreciation) on investments | $ | (142 | ) | $ | 356 | $ | 784 | $ | (396 | ) | ||||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 5 | (1 | ) | 8 | 1 | |||||||||||
Net change in unrealized gain (loss) on foreign currency | 10 | (14 | ) | 28 | 2 | |||||||||||
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Total net change in unrealized appreciation (depreciation) | $ | (127 | ) | $ | 341 | $ | 820 | $ | (393 | ) | ||||||
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Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | $ | (451) | $ | (142) | $ | (930) | $ | 784 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 15 | 5 | 31 | 8 | ||||||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency | 23 | 10 | 53 | 28 | ||||||||||||||||||||||
Total net change in unrealized appreciation (depreciation) | $ | (413) | $ | (127) | $ | (846) | $ | 820 |
2021.
This “Results2021.
We currently generate cash primarily from cash flows from fees, interest and dividends earned from our investments, as well as principal repayments and proceeds from sales of our investments. To seek to enhance our returns, we also employ leverage as market conditions permit and at the discretion of the Advisor, but in no event will leverage employed exceed the maximum amount permitted by the 1940 Act. Prior to June 14, 2019, in accordance with the 1940 Act, we were allowed to borrow amounts such that our asset coverage, calculated pursuant to the 1940 Act, was at least 200% after such borrowing. Effective June 15, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of September 30, 2021,2022, the aggregate amount outstanding of the senior securities issued by us was $8.5$9.2 billion. As of September 30, 2021,2022, our asset coverage was 191%178%. See “—Financing Arrangements.”
This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “COVID-19 Developments” above.
As of September 30, 2021 (Unaudited) | ||||||||||||||||
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||
Ambler Credit Facility(2)(8) | Revolving Credit Facility | L+2.25%(1) | $ | 140 | $ | 60 | November 22, 2024 | |||||||||
Burholme Prime Brokerage Facility(2)(8) | Prime Brokerage Facility | L+1.25%(1) | — | — | March 28, 2022 | |||||||||||
CCT Tokyo Funding Credit Facility(2) | Revolving Credit Facility | L+1.75% – 2.00%(1)(3) | 240 | 60 | June 2, 2024 | |||||||||||
Darby Creek Credit Facility(2)(8) | Revolving Credit Facility | L+1.95%(1) | 250 | — | February 26, 2024 | |||||||||||
Dunlap Credit Facility(2)(8) | Revolving Credit Facility | L+2.00%(1) | 470 | 30 | February 26, 2024 | |||||||||||
Juniata River Credit Facility(2)(8) | Revolving Credit Facility | L+2.50%–2.75%(1) | 640 | — | | July 15, 2022 — April 11, 2023 | ||||||||||
Meadowbrook Run Credit Facility(2)(8) | Revolving Credit Facility | L+2.25%(1) | 300 | — | November 22, 2024 | |||||||||||
Senior Secured Revolving Credit Facility(2) | Revolving Credit Facility | L+1.75%–2.00%(1)(4) | 2,429 | (5) | 1,771 | December 23, 2025 | ||||||||||
4.750% Notes due 2022(6) | Unsecured Notes | 4.75% | 450 | — | May 15, 2022 | |||||||||||
5.000% Notes due 2022(6) | Unsecured Notes | 5.00% | 245 | — | June 28, 2022 | |||||||||||
4.625% Notes due 2024(6) | Unsecured Notes | 4.63% | 400 | — | July 15, 2024 | |||||||||||
4.125% Notes due 2025(6) | Unsecured Notes | 4.13% | 470 | — | February 1, 2025 | |||||||||||
4.250% Notes due 2025(6)(8) | Unsecured Notes | 4.25% | 475 | — | February 14, 2025 | |||||||||||
8.625% Notes due 2025(6) | Unsecured Notes | 8.63% | 250 | — | May 15, 2025 | |||||||||||
3.400% Notes due 2026(6) | Unsecured Notes | 3.40% | 1,000 | — | January 15, 2026 | |||||||||||
2.625% Notes due 2027(6) | Unsecured Notes | 2.63% | 400 | — | January 15, 2027 | |||||||||||
CLO-1 Notes(2)(7) | Collateralized Loan Obligation | L+1.85%– 3.01%(1) | 352 | — | January 15, 2031 | |||||||||||
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Total | $ | 8,511 | $ | 1,921 |
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Arrangement Type of Arrangement Rate Amount
OutstandingAmount
AvailableMaturity Date Revolving Credit Facility $ 144 $ 56 November 22, 2025 Prime Brokerage Facility — — March 28, 2023 Revolving Credit Facility 290 10 June 2, 2025 Revolving Credit Facility 243 7 February 26, 2025 Revolving Credit Facility 478 22 February 26, 2025 Revolving Credit Facility 259 41 November 22, 2024 Revolving Credit Facility May 17, 2027 Unsecured Notes 4.63% 400 — July 15, 2024 Unsecured Notes 1.65% 500 — October 12, 2024 Unsecured Notes 4.13% 470 — February 1, 2025 Unsecured Notes 4.25% 475 — February 14, 2025 Unsecured Notes 8.63% 250 — May 15, 2025 Unsecured Notes 3.40% 1,000 — January 15, 2026 Unsecured Notes 2.63% 400 — January 15, 2027 Unsecured Notes 3.25% 500 — July 15, 2027 Unsecured Notes 3.13% 750 — October 12, 2028 Collateralized Loan Obligation 352 — January 15, 2031 Total $ 9,176 $ 2,114
borrowings
.The following table reflects the cash distributions per share that we have declared on our common stock during the nine months ended September 30, 20212022 and 2020:
Distribution | ||||||||
For the Three Months Ended | Per Share(1) | Amount | ||||||
Fiscal 2020 | ||||||||
March 31, 2020 | $ | 0.76000 | $ | 95 | ||||
June 30, 2020 | 0.60000 | 75 | ||||||
September 30, 2020 | 0.60000 | 74 | ||||||
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Total | $ | 1.96000 | $ | 244 | ||||
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Fiscal 2021 | ||||||||
March 31, 2021 | $ | 0.60000 | $ | 74 | ||||
June 30, 2021 | 0.60000 | 75 | ||||||
September 30, 2021 | 0.65000 | 186 | ||||||
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| |||||
Total | $ | 1.85000 | $ | 335 | ||||
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2021:
Distribution | ||||||||||||||
For the Three Months Ended | Per Share | Amount | ||||||||||||
Fiscal 2021 | ||||||||||||||
March 31, 2021 | $ | 0.60 | $ | 74 | ||||||||||
June 30, 2021 | 0.60 | 75 | ||||||||||||
September 30, 2021 | 0.65 | 186 | ||||||||||||
Total | $ | 1.85 | $ | 335 | ||||||||||
Fiscal 2022 | ||||||||||||||
March 31, 2022 | $ | 0.63 | $ | 179 | ||||||||||
June 30, 2022 | 0.68 | 193 | ||||||||||||
September 30, 2022 | 0.67 | 190 | ||||||||||||
Total | $ | 1.98 | $ | 562 |
distribu
tions.On October 12, 2021, the Company entered into the Ninth Supplemental Indenture and Tenth Supplemental Indenture in connection with the Notes. For additional discussion of the Notes, see Note 13 to our unaudited consolidated financial statements included herein.
and Estimates
We determine
process set forth in the Advisor's valuation policy.
measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as 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; 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.
•our quarterly fair valuation process begins by the Advisor providingfacilitating the delivery of updated quarterly financial and operatingother information relating to each investment to an independent third-party pricing or valuation service;
our independent third-partymethodologies in the Advisor's valuation service providers review thispolicy and communicates the information along with other public and private information, and provideto the Advisor within the form of a valuation range for Level 3 assets;
investment and provides feedback about the Advisor then discussesaccuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service providers’and any suggested revisions thereto prior to the independent third-party pricing or valuation ranges andservice finalizing its valuation range;
preliminary valuations are then discussedcommittee in connection with the valuation committee;
ourcommittee's role in overseeing the fair valuation committee reviews the preliminary valuationsprocess; and the Advisor, together with our independent third-party valuation service providers and, if applicable, supplements the preliminary valuations to reflect any comments provided by the valuation committee;
•following the completion of its review, ourfair value oversight activities, the valuation committee recommends that(with the assistance of the Advisor) provides our board of directors approveswith a report regarding the fair valuations determined by thequarterly valuation committee; and
our board of directors discusses the valuations and determines the fair value of each such investment in our portfolio in good faith based on various statistical and other factors, including the input and recommendation of the Advisor, the valuation committee and our independent third-party valuation service providers.
Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on our consolidated financial statements. In making its determination of fair value, our board of directorsthe Advisor may use any approved independent third-party pricing or valuation services.services for which it has performed the appropriate level of due diligence. However, our board of directorsthe Advisor is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information obtained fromsourced by the Advisor or provided by any approved independent third-party valuation or pricing service that our board of directorsthe Advisor deems to be reliable in determining fair value under the circumstances. Below is a description of factors that the Advisor and any approved independent third-party valuation services and our board of directors may consider when determining the fair value of our investments.
The Advisor, 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. The Advisor, 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 the Advisor 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 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 delegated day-to-day responsibility for implementing our valuation policy to the Advisor, and has authorized the Advisor 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 the Advisor’s implementation of the valuation process.
Merger Accounting
On June 16, 2021, we completed the 2021 Merger. Pursuant to the 2020 Merger Agreement, Merger Sub merged with and into FSKR, with FSKR continuing as the surviving company and as a wholly-owned subsidiary of the Company, or the First Merger, and, immediately thereafter, FSKR merged with and into the Company, with the Company continuing as the surviving company. The 2021 Merger was considered a tax-free reorganization.
The 2021 Merger was accounted for in accordance with the asset acquisition method of accounting as detailed in Accounting Standards Codification 805-50,Business Combinations—Related Issues. The fair value of the consideration paid by the Company in the 2021 Merger was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill.
See Note 12 to our unaudited financial statements included herein for additional information regarding the 2021 Merger.
A summary
Payments Due By Period | ||||||||||||||||||||||
Maturity Date(1) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||
Ambler Credit Facility(2) | November 22, 2024 | $ | 140 | — | — | $ | 140 | — | ||||||||||||||
Burholme Prime Brokerage Facility(3) | March 28, 2022 | — | — | — | — | — | ||||||||||||||||
CCT Tokyo Funding Credit Facility(4) | June 2, 2024 | $ | 240 | — | $ | 240 | — | — | ||||||||||||||
Darby Creek Credit Facility(5) | February 26, 2024 | $ | 250 | — | $ | 250 | — | — | ||||||||||||||
Dunlap Credit Facility(6) | February 26, 2024 | $ | 470 | — | $ | 470 | — | — | ||||||||||||||
Juniata River Credit Facility(7) | July 15, 2022 — April 11, 2023 | $ | 640 | $ | 640 | — | — | — | ||||||||||||||
Meadowbrook Run Credit Facility(8) | November 22, 2024 | $ | 300 | — | — | $ | 300 | — | ||||||||||||||
Senior Secured Revolving Credit Facility(9) | December 23, 2025 | $ | 2,429 | — | — | $ | 2,429 | — | ||||||||||||||
4.750% Notes due 2022 | May 15, 2022 | $ | 450 | $ | 450 | — | — | — | ||||||||||||||
5.000% Notes due 2022 | June 28, 2022 | $ | 245 | $ | 245 | — | — | — | ||||||||||||||
4.625% Notes due 2024 | July 15, 2024 | $ | 400 | — | $ | 400 | — | — | ||||||||||||||
4.125% Notes due 2025 | February 1, 2025 | $ | 470 | — | — | $ | 470 | — | ||||||||||||||
4.250% Notes due 2025 | February 14, 2025 | $ | 475 | — | — | $ | 475 | — | ||||||||||||||
8.625% Notes due 2025 | May 15, 2025 | $ | 250 | — | — | $ | 250 | — | ||||||||||||||
3.400% Notes due 2026 | January 15, 2026 | $ | 1,000 | — | — | $ | 1,000 | — | ||||||||||||||
2.625% Notes due 2027 | January 15, 2027 | $ | 400 | — | — | — | $ | 400 | ||||||||||||||
CLO-1 Notes | January 15, 2031 | $ | 352 | — | — | — | $ | 352 |
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prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the subordinated incentive fee on income, and may result in a substantial increase in our net investment income and to the amount of incentive fees payable to the Advisor with respect to our increased pre-incentive fee net investment income. In 2020, the U.S. Federal Reserve and other central banks have reduced certain interest rates in response to the COVID-19 pandemic and market conditions. A prolonged reduction in interest rates may reduce our net investment income.
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 13 basis points | $ | (1 | ) | $ | (6 | ) | $ | 5 | 0.5 | % | ||||||
No change | — | — | — | — | ||||||||||||
Up 100 basis points | 30 | 48 | (18 | ) | (1.8 | )% | ||||||||||
Up 300 basis points | 251 | 145 | 106 | 10.5 | % | |||||||||||
Up 500 basis points | 472 | 242 | 230 | 22.7 | % |
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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 100 basis points | $ | (116) | $ | (44) | $ | (72) | (6.8) | % | ||||||||||||||||||
Down 50 basis points | (58) | (22) | (36) | (3.4) | % | |||||||||||||||||||||
Up 50 basis points | 58 | 22 | 36 | 3.4 | % | |||||||||||||||||||||
Up 100 basis points | 116 | 44 | 72 | 6.8 | % | |||||||||||||||||||||
Up 150 basis points | 174 | 66 | 108 | 10.2 | % | |||||||||||||||||||||
Up 200 basis points | 232 | 88 | 144 | 13.6 | % | |||||||||||||||||||||
Up 250 basis points | 290 | 110 | 180 | 17.0 | % |
Investments Denominated in Foreign Currencies As of September 30, 2021 | Economic Hedging As of September 30, 2021 | |||||||||||||||||||||||
Cost in Local Currency | Cost in US$ | Fair Value | Reduction in Fair Value as of September 30, 2021 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$ | 118.7 | $ | 85.8 | $ | 87.8 | $ | 8.8 | A$ | 3.0 | $ | 2.2 | ||||||||||||
British Pound Sterling | £ | 94.9 | 127.8 | 135.0 | 13.5 | £ | 19.6 | 26.4 | ||||||||||||||||
Canadian Dollars | $ | 11.5 | 9.1 | 10.0 | 1.0 | $ | 8.7 | 6.8 | ||||||||||||||||
Euros | € | 440.7 | 510.2 | 359.9 | 36.0 | € | 19.9 | 23.3 | ||||||||||||||||
Icelandic Krona | ISK | 1,292.1 | 9.9 | 10.3 | 1.0 | ISK | — | — | ||||||||||||||||
Norwegian Krone | NOK | 383.8 | 43.9 | 52.4 | 5.2 | NOK | 59.1 | 6.7 | ||||||||||||||||
Swedish Krona | SEK | 725.3 | 82.8 | 72.1 | 7.2 | SEK | 1,203.4 | 137.3 | ||||||||||||||||
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Total | $ | 869.5 | $ | 727.5 | $ | 72.7 | $ | 202.7 | ||||||||||||||||
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Investments Denominated in Foreign Currencies As of September 30, 2022 | Economic Hedging As of September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Cost in Local Currency | Cost in US$ | Fair Value | Reduction in Fair Value as of September 30, 2022 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$ | 104.3 | $ | 67.1 | $ | 60.3 | $ | 6.0 | A$ | 5.2 | $ | 3.3 | ||||||||||||||||||||||||||
British Pound Sterling | £ | 122.8 | 136.7 | 115.6 | 11.6 | £ | 19.6 | 21.9 | ||||||||||||||||||||||||||||||
Canadian Dollars | $ | 45.2 | 32.9 | 31.9 | 3.2 | $ | 10.3 | 7.5 | ||||||||||||||||||||||||||||||
Euros | € | 474.5 | 464.1 | 207.9 | 20.8 | € | 65.2 | 64.0 | ||||||||||||||||||||||||||||||
Icelandic Krona | ISK | 1,458.5 | 10.1 | 9.1 | 0.9 | — | — | |||||||||||||||||||||||||||||||
Norwegian Krone | NOK | 485.2 | 44.6 | 37.7 | 3.8 | NOK | 45.9 | 4.2 | ||||||||||||||||||||||||||||||
Swedish Krona | SEK | 1,346.8 | 121.0 | 81.2 | 8.1 | SEK | 1,024.3 | 91.9 | ||||||||||||||||||||||||||||||
Total | $ | 876.5 | $ | 543.7 | $ | 54.4 | $ | 192.8 |
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2022.
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Ukraine could lead to disruption, instability and volatility in global markets, economies and industries that could negatively impact our business, results of operations and financial condition. The conflict has already resulted in significant volatility in certain equity, debt and currency markets, material increases in certain commodity prices, and economic uncertainty. The conflict may escalate and its resolution is unclear. The U.S. government and other governments have imposed severe sanctions against Russia and Russian interests and threatened additional sanctions and controls. Sanctions and export control laws and regulations are complex, frequently changing, and increasing in number, and they may impose additional legal compliance costs or business risks associated with our operations.
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(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
July 1, 2021 through July 31, 2021 | — | $ | — | — | $ | — | ||||||||||
August 1, 2021 through August 31, 2021 | — | — | — | — | ||||||||||||
September 1, 2021 through September 30, 2021 | 589,074 | 22.32 | 589,074 | $ | 187 | |||||||||||
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589,074 | $ | 22.32 | 589,074 | |||||||||||||
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Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1, 2022 through July 31, 2022 | 241,847 | $ | 20.61 | 241,847 | $ | 60 | ||||||||||||||||||||
August 1, 2022 through August 31, 2022 | 132,479 | 21.97 | 132,479 | 57 | ||||||||||||||||||||||
September 1, 2022 through September 30, 2022 | 118,494 | 21.06 | 118,494 | 54 | ||||||||||||||||||||||
492,820 | $ | 21.09 | 492,820 |
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Not applicable.
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Not applicable.
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Not applicable.
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4.12 | |||||||||||
4.13 | |||||||||||
4.14 | |||||||||||
4.15 |
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*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
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