þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) | ||||||||||
OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | |||||||||||
OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or jurisdiction of incorporation or organization) | 26-1219283 (I.R.S. Employer Identification No.) | |||||||
333 South Grand Avenue, 28th Floor Los Angeles, CA (Address of principal executive office) | 90071 (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, par value $0.01 per share | OCSL | The Nasdaq Stock Market LLC |
Large accelerated filer þ | Accelerated filer ¨ | Non-accelerated filer ¨ | Smaller reporting company ¨ | |||||||||||||||||
Emerging growth company ¨ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨ |
June 30, 2023 (unaudited) | September 30, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Investments at fair value: | ||||||||||||||
Control investments (cost June 30, 2023: $285,236; cost September 30, 2022: $260,305) | $ | 238,196 | $ | 214,165 | ||||||||||
Affiliate investments (cost June 30, 2023: $25,370; cost September 30, 2022: $27,353) | 23,911 | 26,196 | ||||||||||||
Non-control/Non-affiliate investments (cost June 30, 2023: $2,985,679; cost September 30, 2022: $2,330,096) | 2,873,512 | 2,253,750 | ||||||||||||
Total investments at fair value (cost June 30, 2023: $3,296,285; cost September 30, 2022: $2,617,754) | 3,135,619 | 2,494,111 | ||||||||||||
Cash and cash equivalents | 59,704 | 23,528 | ||||||||||||
Restricted cash | 12,956 | 2,836 | ||||||||||||
Interest, dividends and fees receivable | 29,457 | 35,598 | ||||||||||||
Due from portfolio companies | 2,080 | 22,495 | ||||||||||||
Receivables from unsettled transactions | 39,261 | 4,692 | ||||||||||||
Due from broker | 39,990 | 45,530 | ||||||||||||
Deferred financing costs | 13,284 | 7,350 | ||||||||||||
Deferred offering costs | 186 | 32 | ||||||||||||
Deferred tax asset, net | 2,695 | 1,687 | ||||||||||||
Derivative assets at fair value | 49 | 6,789 | ||||||||||||
Other assets | 693 | 1,665 | ||||||||||||
Total assets | $ | 3,335,974 | $ | 2,646,313 | ||||||||||
LIABILITIES AND NET ASSETS | ||||||||||||||
Liabilities: | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 3,412 | $ | 3,701 | ||||||||||
Base management fee and incentive fee payable | 20,072 | 15,940 | ||||||||||||
Due to affiliate | 7,724 | 3,180 | ||||||||||||
Interest payable | 12,907 | 7,936 | ||||||||||||
Payables from unsettled transactions | 2,785 | 26,981 | ||||||||||||
Derivative liability at fair value | 39,567 | 41,969 | ||||||||||||
Credit facilities payable | 1,135,000 | 700,000 | ||||||||||||
Unsecured notes payable (net of $3,909 and $5,020 of unamortized financing costs as of June 30, 2023 and September 30, 2022, respectively) | 605,066 | 601,043 | ||||||||||||
Total liabilities | 1,826,533 | 1,400,750 | ||||||||||||
Commitments and contingencies (Note 13) | ||||||||||||||
Net assets: | ||||||||||||||
Common stock, $0.01 par value per share, 250,000 shares authorized; 77,080 and 61,125 shares issued and outstanding as of June 30, 2023 and September 30, 2022, respectively (1) | 771 | 611 | ||||||||||||
Additional paid-in-capital | 2,163,528 | 1,827,721 | ||||||||||||
Accumulated overdistributed earnings | (654,858) | (582,769) | ||||||||||||
Total net assets (equivalent to $19.58 and $20.38 per common share as of June 30, 2023 and September 30, 2022, respectively) (Note 11) (1) | 1,509,441 | 1,245,563 | ||||||||||||
Total liabilities and net assets | $ | 3,335,974 | $ | 2,646,313 |
December 31, 2017 (unaudited) | September 30, 2017 | |||||||
ASSETS | ||||||||
Investments at fair value: | ||||||||
Control investments (cost December 31, 2017: $438,415; cost September 30, 2017: $444,826) | $ | 297,534 | $ | 305,271 | ||||
Affiliate investments (cost December 31, 2017: $33,397; cost September 30, 2017: $33,743) | 36,469 | 36,983 | ||||||
Non-control/Non-affiliate investments (cost December 31, 2017: $1,204,629; cost September 30, 2017: $1,279,096) | 1,081,401 | 1,199,501 | ||||||
Total investments at fair value (cost December 31, 2017: $1,676,441; cost September 30, 2017: $1,757,665) | 1,415,404 | 1,541,755 | ||||||
Cash and cash equivalents | 45,435 | 53,018 | ||||||
Restricted cash | 319 | 6,895 | ||||||
Interest, dividends and fees receivable | 9,082 | 6,892 | ||||||
Due from portfolio companies | 5,368 | 5,670 | ||||||
Receivables from unsettled transactions | 8,869 | — | ||||||
Deferred financing costs | 6,443 | 1,304 | ||||||
Other assets | 3,260 | 514 | ||||||
Total assets | $ | 1,494,180 | $ | 1,616,048 | ||||
LIABILITIES AND NET ASSETS | ||||||||
Liabilities: | ||||||||
Accounts payable, accrued expenses and other liabilities | $ | 3,490 | $ | 2,417 | ||||
Base management fee and Part I incentive fee payable | 6,286 | 6,750 | ||||||
Due to affiliate | 1,534 | 1,815 | ||||||
Interest payable | 6,547 | 3,167 | ||||||
Amounts payable to syndication partners | — | 1 | ||||||
Director fees payable | 176 | 184 | ||||||
Payables from unsettled transactions | 33,465 | 58,691 | ||||||
Credit facilities payable | 205,000 | 255,995 | ||||||
Unsecured notes payable (net of $4,432 and $4,737 of unamortized financing costs as of December 31, 2017 and September 30, 2017, respectively) | 406,486 | 406,115 | ||||||
Secured borrowings at fair value (proceeds of $13,489 as of December 31, 2017 and September 30, 2017) | 11,601 | 13,256 | ||||||
Total liabilities | 674,585 | 748,391 | ||||||
Commitments and contingencies (Note 15) | ||||||||
Net assets: | ||||||||
Common stock, $0.01 par value, 250,000 shares authorized; 140,961 shares issued and outstanding as of December 31, 2017 and September 30, 2017 | 1,409 | 1,409 | ||||||
Additional paid-in-capital | 1,579,278 | 1,579,278 | ||||||
Net unrealized depreciation on investments and secured borrowings | (259,149 | ) | (215,677 | ) | ||||
Net realized loss on investments and secured borrowings | (478,301 | ) | (478,010 | ) | ||||
Accumulated overdistributed net investment income | (23,642 | ) | (19,343 | ) | ||||
Total net assets (equivalent to $5.81 and $6.16 per common share as of December 31, 2017 and September 30, 2017, respectively) (Note 12) | 819,595 | 867,657 | ||||||
Total liabilities and net assets | $ | 1,494,180 | $ | 1,616,048 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | Three months ended June 30, 2023 | Three months ended June 30, 2022 | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | |||||||||||||||||||||||||||||
Interest income: | Interest income: | |||||||||||||||||||||||||||||||||
Control investments | $ | 3,203 | $ | 4,445 | Control investments | $ | 5,568 | $ | 3,400 | $ | 15,326 | $ | 10,214 | |||||||||||||||||||||
Affiliate investments | 949 | 1,008 | Affiliate investments | 681 | 470 | 1,970 | 1,170 | |||||||||||||||||||||||||||
Non-control/Non-affiliate investments | 25,565 | 38,301 | Non-control/Non-affiliate investments | 88,069 | 50,707 | 234,516 | 155,656 | |||||||||||||||||||||||||||
Interest on cash and cash equivalents | 221 | 119 | Interest on cash and cash equivalents | 992 | 151 | 2,221 | 157 | |||||||||||||||||||||||||||
Total interest income | 29,938 | 43,873 | Total interest income | 95,310 | 54,728 | 254,033 | 167,197 | |||||||||||||||||||||||||||
PIK interest income: | PIK interest income: | |||||||||||||||||||||||||||||||||
Control investments | 1,191 | 1,560 | ||||||||||||||||||||||||||||||||
Affiliate investments | 176 | 201 | ||||||||||||||||||||||||||||||||
Non-control/Non-affiliate investments | 500 | 1,076 | Non-control/Non-affiliate investments | 3,967 | 5,178 | 14,220 | 14,515 | |||||||||||||||||||||||||||
Total PIK interest income | 1,867 | 2,837 | Total PIK interest income | 3,967 | 5,178 | 14,220 | 14,515 | |||||||||||||||||||||||||||
Fee income: | Fee income: | |||||||||||||||||||||||||||||||||
Control investments | 120 | 309 | Control investments | 13 | 12 | 38 | 38 | |||||||||||||||||||||||||||
Affiliate investments | 4 | 482 | Affiliate investments | 5 | 5 | 15 | 15 | |||||||||||||||||||||||||||
Non-control/Non-affiliate investments | 907 | 2,777 | Non-control/Non-affiliate investments | 1,555 | 2,258 | 5,921 | 5,039 | |||||||||||||||||||||||||||
Total fee income | 1,031 | 3,568 | Total fee income | 1,573 | 2,275 | 5,974 | 5,092 | |||||||||||||||||||||||||||
Dividend and other income: | ||||||||||||||||||||||||||||||||||
Dividend income: | Dividend income: | |||||||||||||||||||||||||||||||||
Control investments | 1,040 | 1,462 | Control investments | 1,050 | 875 | 3,150 | 5,491 | |||||||||||||||||||||||||||
Non-control/Non-affiliate investments | — | 20 | Non-control/Non-affiliate investments | — | 81 | 4 | 81 | |||||||||||||||||||||||||||
Total dividend and other income | 1,040 | 1,482 | ||||||||||||||||||||||||||||||||
Total dividend income | Total dividend income | 1,050 | 956 | 3,154 | 5,572 | |||||||||||||||||||||||||||||
Total investment income | 33,876 | 51,760 | Total investment income | 101,900 | 63,137 | 277,381 | 192,376 | |||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||
Base management fee | 5,590 | 8,614 | Base management fee | 11,983 | 9,819 | 33,383 | 29,853 | |||||||||||||||||||||||||||
Part I incentive fee | 830 | 4,063 | Part I incentive fee | 9,590 | 6,497 | 26,300 | 19,658 | |||||||||||||||||||||||||||
Part II incentive fee | Part II incentive fee | — | (6,796) | — | (8,791) | |||||||||||||||||||||||||||||
Professional fees | 2,898 | 1,064 | Professional fees | 1,387 | 885 | 4,962 | 3,029 | |||||||||||||||||||||||||||
Board of Directors fees | 176 | 197 | ||||||||||||||||||||||||||||||||
Directors fees | Directors fees | 160 | 160 | 480 | 443 | |||||||||||||||||||||||||||||
Interest expense | 9,584 | 13,189 | Interest expense | 30,793 | 11,870 | 79,316 | 31,178 | |||||||||||||||||||||||||||
Administrator expense | 494 | 531 | Administrator expense | 322 | 271 | 935 | 968 | |||||||||||||||||||||||||||
General and administrative expenses | 1,116 | 1,468 | General and administrative expenses | 752 | 811 | 2,753 | 2,217 | |||||||||||||||||||||||||||
Loss on legal settlements | — | 3 | ||||||||||||||||||||||||||||||||
Total expenses | 20,688 | 29,129 | Total expenses | 54,987 | 23,517 | 148,129 | 78,555 | |||||||||||||||||||||||||||
Fees waived | (134 | ) | (61 | ) | Fees waived | (1,500) | (750) | (4,025) | (2,250) | |||||||||||||||||||||||||
Insurance recoveries | — | (602 | ) | |||||||||||||||||||||||||||||||
Net expenses | 20,554 | 28,466 | Net expenses | 53,487 | 22,767 | 144,104 | 76,305 | |||||||||||||||||||||||||||
Net investment income before taxes | Net investment income before taxes | 48,413 | 40,370 | 133,277 | 116,071 | |||||||||||||||||||||||||||||
(Provision) benefit for taxes on net investment income | (Provision) benefit for taxes on net investment income | — | — | — | (3,308) | |||||||||||||||||||||||||||||
Excise tax | Excise tax | — | — | (78) | — | |||||||||||||||||||||||||||||
Net investment income | 13,322 | 23,294 | Net investment income | 48,413 | 40,370 | 133,199 | 112,763 | |||||||||||||||||||||||||||
Unrealized appreciation (depreciation) on investments: | ||||||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation): | Unrealized appreciation (depreciation): | |||||||||||||||||||||||||||||||||
Control investments | (1,326 | ) | 1,339 | Control investments | 734 | (16,991) | (900) | (26,552) | ||||||||||||||||||||||||||
Affiliate investments | (168 | ) | 26 | Affiliate investments | 149 | (328) | (302) | (716) | ||||||||||||||||||||||||||
Non-control/Non-affiliate investments | (43,633 | ) | (75,721 | ) | Non-control/Non-affiliate investments | (6,497) | (67,806) | (36,296) | (90,333) | |||||||||||||||||||||||||
Net unrealized depreciation on investments | (45,127 | ) | (74,356 | ) | ||||||||||||||||||||||||||||||
Net unrealized (appreciation) depreciation on secured borrowings | 1,655 | (84 | ) | |||||||||||||||||||||||||||||||
Realized gain (loss) on investments and secured borrowings: | ||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Foreign currency forward contracts | 4,575 | (1,630) | (4,802) | (778) | |||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | (1,039) | (86,755) | (42,300) | (118,379) | |||||||||||||||||||||||||||||
Realized gains (losses): | Realized gains (losses): | |||||||||||||||||||||||||||||||||
Control investments | — | (23,624 | ) | Control investments | — | — | — | 1,868 | ||||||||||||||||||||||||||
Non-control/Non-affiliate investments | (291 | ) | 528 | Non-control/Non-affiliate investments | (4,294) | 416 | (14,404) | 5,888 | ||||||||||||||||||||||||||
Net realized loss on investments and secured borrowings | (291 | ) | (23,096 | ) | ||||||||||||||||||||||||||||||
Net decrease in net assets resulting from operations | $ | (30,441 | ) | $ | (74,242 | ) | ||||||||||||||||||||||||||||
Net investment income per common share — basic | $ | 0.09 | $ | 0.16 | ||||||||||||||||||||||||||||||
Loss per common share — basic | $ | (0.22 | ) | $ | (0.52 | ) | ||||||||||||||||||||||||||||
Weighted average common shares outstanding — basic | 140,961 | 142,853 | ||||||||||||||||||||||||||||||||
Net investment income per common share — diluted | $ | 0.09 | $ | 0.16 | ||||||||||||||||||||||||||||||
Loss per common share — diluted (Note 5) | $ | (0.22 | ) | $ | (0.52 | ) | ||||||||||||||||||||||||||||
Weighted average common shares outstanding — diluted | 140,961 | 142,853 | ||||||||||||||||||||||||||||||||
Distributions per common share | $ | 0.125 | $ | 0.18 | ||||||||||||||||||||||||||||||
Foreign currency forward contracts | Foreign currency forward contracts | (6,309) | 8,796 | (5,513) | 12,179 | |||||||||||||||||||||||||||||
Net realized gains (losses) | Net realized gains (losses) | (10,603) | 9,212 | (19,917) | 19,935 | |||||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | (Provision) benefit for taxes on realized and unrealized gains (losses) | (86) | (661) | 397 | 1,696 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses), net of taxes | Net realized and unrealized gains (losses), net of taxes | (11,728) | (78,204) | (61,820) | (96,748) | |||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $ | 36,685 | $ | (37,834) | $ | 71,379 | $ | 16,015 | |||||||||||||||||||||||||
Net investment income per common share — basic and diluted (1) | Net investment income per common share — basic and diluted (1) | $ | 0.63 | $ | 0.66 | $ | 1.89 | $ | 1.86 | |||||||||||||||||||||||||
Earnings (loss) per common share — basic and diluted (Note 5) (1) | Earnings (loss) per common share — basic and diluted (Note 5) (1) | $ | 0.48 | $ | (0.62) | $ | 1.01 | $ | 0.26 | |||||||||||||||||||||||||
Weighted average common shares outstanding — basic and diluted (1) | Weighted average common shares outstanding — basic and diluted (1) | 77,080 | 61,123 | 70,431 | 60,593 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | Three months ended June 30, 2023 | Three months ended June 30, 2022 | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | ||||||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||
Net investment income | $ | 13,322 | $ | 23,294 | Net investment income | $ | 48,413 | $ | 40,370 | $ | 133,199 | $ | 112,763 | ||||||||||||||||||||||
Net unrealized depreciation on investments | (45,127 | ) | (74,356 | ) | |||||||||||||||||||||||||||||||
Net unrealized (appreciation) depreciation on secured borrowings | 1,655 | (84 | ) | ||||||||||||||||||||||||||||||||
Net realized loss on investments and secured borrowings | (291 | ) | (23,096 | ) | |||||||||||||||||||||||||||||||
Net decrease in net assets resulting from operations | (30,441 | ) | (74,242 | ) | |||||||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | (1,039) | (86,755) | (42,300) | (118,379) | ||||||||||||||||||||||||||||||
Net realized gains (losses) | Net realized gains (losses) | (10,603) | 9,212 | (19,917) | 19,935 | ||||||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | (Provision) benefit for taxes on realized and unrealized gains (losses) | (86) | (661) | 397 | 1,696 | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | 36,685 | (37,834) | 71,379 | 16,015 | ||||||||||||||||||||||||||||||
Stockholder transactions: | Stockholder transactions: | ||||||||||||||||||||||||||||||||||
Distributions to stockholders | (17,621 | ) | (25,274 | ) | Distributions to stockholders | (42,394) | (30,256) | (143,468) | (87,483) | ||||||||||||||||||||||||||
Net decrease in net assets from stockholder transactions | (17,621 | ) | (25,274 | ) | |||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from stockholder transactions | Net increase (decrease) in net assets from stockholder transactions | (42,394) | (30,256) | (143,468) | (87,483) | ||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with the OSI2 Merger | Issuance of common stock in connection with the OSI2 Merger | — | — | 334,034 | — | ||||||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 294 | 1,250 | Issuance of common stock under dividend reinvestment plan | 1,123 | 874 | 4,351 | 2,426 | ||||||||||||||||||||||||||||
Repurchases of common stock under stock repurchase program | — | (12,500 | ) | ||||||||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment program | (294 | ) | (1,250 | ) | |||||||||||||||||||||||||||||||
Net decrease in net assets from capital share transactions | — | (12,500 | ) | ||||||||||||||||||||||||||||||||
Total decrease in net assets | (48,062 | ) | (112,016 | ) | |||||||||||||||||||||||||||||||
Repurchase of common stock under dividend reinvestment plan | Repurchase of common stock under dividend reinvestment plan | (1,123) | (874) | (2,418) | (874) | ||||||||||||||||||||||||||||||
Issuance of common stock in connection with the "at the market" offering | Issuance of common stock in connection with the "at the market" offering | — | 1,243 | — | 20,622 | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets from capital share transactions | Net increase (decrease) in net assets from capital share transactions | — | 1,243 | 335,967 | 22,174 | ||||||||||||||||||||||||||||||
Total increase (decrease) in net assets | Total increase (decrease) in net assets | (5,709) | (66,847) | 263,878 | (49,294) | ||||||||||||||||||||||||||||||
Net assets at beginning of period | 867,657 | 1,142,288 | Net assets at beginning of period | 1,515,150 | 1,330,376 | 1,245,563 | 1,312,823 | ||||||||||||||||||||||||||||
Net assets at end of period | $ | 819,595 | $ | 1,030,272 | Net assets at end of period | $ | 1,509,441 | $ | 1,263,529 | $ | 1,509,441 | $ | 1,263,529 | ||||||||||||||||||||||
Net asset value per common share | $ | 5.81 | $ | 7.31 | $ | 19.58 | $ | 20.67 | $ | 19.58 | $ | 20.67 | |||||||||||||||||||||||
Common shares outstanding at end of period | 140,961 | 140,961 | 77,080 | 61,125 | 77,080 | 61,125 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | ||||||||
Operating activities: | |||||||||
Net decrease in net assets resulting from operations | $ | (30,441 | ) | $ | (74,242 | ) | |||
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: | |||||||||
Net unrealized depreciation on investments | 45,127 | 74,356 | |||||||
Net unrealized appreciation (depreciation) on secured borrowings | (1,655 | ) | 84 | ||||||
Net realized loss on investments and secured borrowings | 291 | 23,096 | |||||||
PIK interest income | (1,867 | ) | (2,837 | ) | |||||
Recognition of fee income | (1,031 | ) | (3,568 | ) | |||||
Accretion of original issue discount on investments | (2,997 | ) | (2,201 | ) | |||||
Accretion of original issue discount on unsecured notes payable | 66 | 66 | |||||||
Amortization of deferred financing costs | 1,341 | 999 | |||||||
Changes in operating assets and liabilities: | |||||||||
Fee income received | 1,031 | 3,583 | |||||||
Decrease in restricted cash | 6,576 | 11,315 | |||||||
(Increase) decrease in interest, dividends and fees receivable | (2,190 | ) | 3,285 | ||||||
Decrease in due from portfolio companies | 302 | 958 | |||||||
(Increase) decrease in receivables from unsettled transactions | (8,869 | ) | 5,346 | ||||||
Decrease in insurance recoveries receivable | — | 759 | |||||||
(Increase) decrease in other assets | (2,746 | ) | 372 | ||||||
Increase in accounts payable, accrued expenses and other liabilities | 1,073 | 1,534 | |||||||
Decrease in base management fee and Part I incentive fee payable | (464 | ) | (3,557 | ) | |||||
Decrease in due to affiliate | (281 | ) | (145 | ) | |||||
Increase in interest payable | 3,380 | 5,148 | |||||||
Increase (decrease) in payables from unsettled transactions | (25,226 | ) | 13,269 | ||||||
Decrease in director fees payable | (8 | ) | (369 | ) | |||||
Decrease in legal settlements payable | — | (530 | ) | ||||||
Increase (decrease) in amounts payable to syndication partners | (1 | ) | 1,030 | ||||||
Purchases of investments and net revolver activity | (200,166 | ) | (104,153 | ) | |||||
Principal payments received on investments (scheduled payments) | 14,149 | 6,371 | |||||||
Principal payments received on investments (payoffs) | 196,415 | 209,241 | |||||||
PIK interest income received in cash | 1,103 | 3,434 | |||||||
Proceeds from the sale of investments | 74,296 | 6,427 | |||||||
Net cash provided by operating activities | 67,208 | 179,071 | |||||||
Financing activities: | |||||||||
Distributions paid in cash | (17,327 | ) | (24,024 | ) | |||||
Borrowings under credit facilities | 35,000 | 84,000 | |||||||
Repayments of borrowings under credit facilities | (85,995 | ) | (158,882 | ) | |||||
Repayments of secured borrowings | — | (4,503 | ) | ||||||
Repurchases of common stock under stock repurchase program | — | (12,500 | ) | ||||||
Repurchases of common stock under dividend reinvestment plan | (294 | ) | (1,250 | ) | |||||
Deferred financing costs paid | (6,175 | ) | — | ||||||
Net cash used by financing activities | (74,791 | ) | (117,159 | ) | |||||
Net increase (decrease) in cash and cash equivalents | (7,583 | ) | 61,912 | ||||||
Cash and cash equivalents, beginning of period | 53,018 | 117,923 | |||||||
Cash and cash equivalents, end of period | $ | 45,435 | $ | 179,835 | |||||
Supplemental information: | |||||||||
Cash paid for interest | $ | 4,797 | $ | 6,976 | |||||
Non-cash operating activities: | |||||||||
Purchases of investments from restructurings | $ | — | $ | (125,693 | ) | ||||
Proceeds from investment restructurings | $ | — | $ | 125,693 | |||||
Non-cash financing activities: | |||||||||
Issuance of shares of common stock under dividend reinvestment plan | $ | 294 | $ | 1,250 |
Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | |||||||||||||
Operating activities: | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 71,379 | $ | 16,015 | ||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||
Net unrealized (appreciation) depreciation | 42,300 | 118,379 | ||||||||||||
Net realized (gains) losses | 19,917 | (19,935) | ||||||||||||
PIK interest income | (14,220) | (14,515) | ||||||||||||
Accretion of original issue discount on investments | (15,554) | (22,707) | ||||||||||||
Accretion of original issue discount on unsecured notes payable | 509 | 509 | ||||||||||||
Amortization of deferred financing costs | 3,407 | 2,801 | ||||||||||||
Deferred taxes | (1,030) | (984) | ||||||||||||
Purchases of investments | (597,662) | (620,843) | ||||||||||||
Proceeds from the sales and repayments of investments | 521,163 | 554,933 | ||||||||||||
Cash received in the OSI2 Merger | 22,317 | — | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
(Increase) decrease in interest, dividends and fees receivable | 12,866 | (9,456) | ||||||||||||
(Increase) decrease in due from portfolio companies | 20,520 | (4,891) | ||||||||||||
(Increase) decrease in receivables from unsettled transactions | (34,562) | 4,876 | ||||||||||||
(Increase) decrease in due from broker | 5,540 | (34,700) | ||||||||||||
(Increase) decrease in other assets | (548) | 1,017 | ||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (52,290) | (700) | ||||||||||||
Increase (decrease) in base management fee and incentive fee payable | 37 | (17,086) | ||||||||||||
Increase (decrease) in due to affiliate | 3,823 | (817) | ||||||||||||
Increase (decrease) in interest payable | 1,278 | 3,759 | ||||||||||||
Increase (decrease) in payables from unsettled transactions | (24,196) | 470 | ||||||||||||
Increase (decrease) in director fees payable | (9) | 38 | ||||||||||||
Net cash provided by (used in) operating activities | (15,015) | (43,837) | ||||||||||||
Financing activities: | ||||||||||||||
Distributions paid in cash | (139,117) | (85,057) | ||||||||||||
Borrowings under credit facilities | 572,000 | 290,000 | ||||||||||||
Repayments of borrowings under credit facilities | (362,000) | (175,000) | ||||||||||||
Shares issued under the "at the market" offering | — | 20,839 | ||||||||||||
Repurchases of common stock under dividend reinvestment plan | (2,418) | (874) | ||||||||||||
Deferred financing costs paid | (7,314) | (334) | ||||||||||||
Offering costs paid | (186) | (215) | ||||||||||||
Net cash provided by (used in) financing activities | 60,965 | 49,359 | ||||||||||||
Effect of exchange rate changes on foreign currency | 346 | (842) | ||||||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 46,296 | 4,680 | ||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | 26,364 | 31,635 | ||||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | 72,660 | $ | 36,315 | ||||||||||
Supplemental information: | ||||||||||||||
Cash paid for interest | $ | 70,429 | $ | 24,109 | ||||||||||
Non-cash financing activities: | ||||||||||||||
Issuance of shares of common stock under dividend reinvestment plan | 1,933 | $ | 2,426 | |||||||||||
Deferred Financing costs | 125 | — | ||||||||||||
Issuance of shares in connection with the OSI2 Merger | 334,034 | — | ||||||||||||
Reconciliation to the Consolidated Statements of Assets and Liabilities | June 30, 2023 | September 30, 2022 | ||||||||||||
Cash and cash equivalents | $ | 59,704 | $ | 23,528�� | ||||||||||
Restricted cash | 12,956 | 2,836 | ||||||||||||
Total cash and cash equivalents and restricted cash | $ | 72,660 | $ | 26,364 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Control Investments | (8)(9) | |||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Common Stock | 829 | $ | — | $ | — | (15) | ||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Preferred Equity | 34,984,460 | 34,984 | 27,638 | (15) | ||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.39% | 8/28/2025 | $ | 14,102 | 14,102 | 14,102 | (6)(15) | |||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 8/28/2025 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Revolver | SOFR+ | 5.00% | 10.24% | 8/28/2025 | 3,484 | 3,484 | 3,484 | (6)(15)(19) | ||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | Common Stock | 30,031 | 15,222 | 2,711 | (15) | ||||||||||||||||||||||||||||||||
OCSI Glick JV LLC | Multi-Sector Holdings | Subordinated Debt | L+ | 4.50% | 9.36% | 10/20/2028 | 58,349 | 49,997 | 49,632 | (6)(11)(14)(15)(19) | ||||||||||||||||||||||||||||
OCSI Glick JV LLC | Multi-Sector Holdings | Membership Interest | 87.5 | % | — | — | (11)(14)(16)(19) | |||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | Subordinated Debt | L+ | 7.00% | 11.86% | 12/29/2028 | 112,656 | 112,656 | 112,656 | (6)(11)(14)(15)(19) | ||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | Membership Interest | 87.5 | % | 54,791 | 27,973 | (11)(12)(14)(16)(19) | |||||||||||||||||||||||||||||||
Total Control Investments (15.8% of net assets) | $ | 285,236 | $ | 238,196 | ||||||||||||||||||||||||||||||||||
Affiliate Investments | (17) | |||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | First Lien Revolver | L+ | 6.75% | 12.29% | 10/17/2023 | $ | 22,304 | $ | 22,327 | $ | 22,186 | (6)(15)(19) | |||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Common Stock | 1,783,332 | 804 | — | (15) | ||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Preferred Equity | 1,129,453 | 1,159 | 1,412 | (15) | ||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Warrants | 78,045 | — | — | (15) | ||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | Preferred Equity | 1,080,399 | 1,080 | 313 | (15) | ||||||||||||||||||||||||||||||||
Total Affiliate Investments (1.6% of net assets) | $ | 25,370 | $ | 23,911 | ||||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments | (18) | |||||||||||||||||||||||||||||||||||||
107-109 Beech OAK22 LLC | Real Estate Development | First Lien Revolver | 11.00% | 2/27/2026 | $ | 14,916 | $ | 14,770 | $ | 14,489 | (15)(19) | |||||||||||||||||||||||||||
107 Fair Street LLC | Real Estate Development | First Lien Term Loan | 12.50% | 5/31/2024 | 1,174 | 1,133 | 1,112 | (10)(15)(19) | ||||||||||||||||||||||||||||||
112-126 Van Houten Real22 LLC | Real Estate Development | First Lien Term Loan | 12.00% | 5/4/2024 | 3,710 | 3,664 | 3,645 | (10)(15)(19) | ||||||||||||||||||||||||||||||
A.T. Holdings II Ltd. | Biotechnology | First Lien Term Loan | 14.25% | 9/13/2029 | 21,434 | 21,620 | 21,434 | (11)(15)(22) | ||||||||||||||||||||||||||||||
A.T. Holdings II SÀRL | Biotechnology | First Lien Term Loan | 20.00% | 2/6/2024 | 5,576 | 5,561 | 5,464 | (11)(15) | ||||||||||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | Second Lien Term Loan | L+ | 7.75% | 12.94% | 2/27/2026 | 20,000 | 19,943 | 18,883 | (6)(15) | ||||||||||||||||||||||||||||
Accupac, Inc. | Personal Care Products | First Lien Term Loan | SOFR+ | 5.50% | 10.86% | 1/16/2026 | 20,286 | 20,193 | 20,246 | (6)(15) | ||||||||||||||||||||||||||||
Accupac, Inc. | Personal Care Products | First Lien Term Loan | SOFR+ | 5.50% | 1/16/2026 | — | (2) | (8) | (6)(15)(19) | |||||||||||||||||||||||||||||
Accupac, Inc. | Personal Care Products | First Lien Revolver | SOFR+ | 5.50% | 10.86% | 1/16/2026 | 2,033 | 2,011 | 2,027 | (6)(15)(19) | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | First Lien Term Loan | L+ | 7.00% | 12.34% | 10/31/2025 | 6,400 | 6,327 | 6,374 | (6)(15) | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | First Lien Term Loan | L+ | 7.00% | 12.34% | 10/31/2025 | 25,332 | 25,283 | 25,230 | (6)(15) | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | First Lien Revolver | L+ | 7.00% | 12.05% | 10/31/2025 | 2,113 | 2,101 | 2,102 | (6)(15)(19) | ||||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 12.00% | 12/18/2025 | 3,520 | 3,480 | 3,455 | (6)(15) | ||||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 12.00% | 12/18/2025 | 18,271 | 18,091 | 17,935 | (6)(15) | ||||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 11.66% | 12/18/2025 | 1,000 | 983 | 982 | (6)(15) | ||||||||||||||||||||||||||||
ADC Therapeutics SA | Biotechnology | First Lien Term Loan | SOFR+ | 7.50% | 12.89% | 8/15/2029 | 6,589 | 6,292 | 6,267 | (6)(11)(15) | ||||||||||||||||||||||||||||
ADC Therapeutics SA | Biotechnology | First Lien Term Loan | SOFR+ | 7.50% | 8/15/2029 | — | (38) | (38) | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
ADC Therapeutics SA | Biotechnology | Warrants | 28,948 | 174 | 18 | (11)(15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Control Investments (3)(15) | |||||||||||||||||
Traffic Solutions Holdings, Inc. | Construction and engineering | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 (13) | 8.70 | % | $ | 36,661 | $ | 36,637 | $ | 36,662 | |||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021 (13) | 7.70 | % | 2,000 | 1,997 | 2,000 | ||||||||||||
LC Facility, 6% cash due 4/1/2021 | 4,752 | 4,748 | 4,752 | ||||||||||||||
746,114 Series A Preferred Units, 10% | 20,029 | 7,700 | |||||||||||||||
746,114 Shares of Common Stock | 5,316 | — | |||||||||||||||
68,727 | 51,114 | ||||||||||||||||
TransTrade Operators, Inc. | Air freight & logistics | ||||||||||||||||
First Lien Term Loan, 5% cash due 12/31/2017 (22)(24) | 15,973 | 15,574 | 1,810 | ||||||||||||||
First Lien Revolver, 8% cash due 12/31/2017 (22)(24) | 7,757 | 7,757 | — | ||||||||||||||
596.67 Series A Common Units | — | — | |||||||||||||||
4,000 Series A Preferred Units in TransTrade Holdings LLC | 4,000 | — | |||||||||||||||
5,200,000 Series B Preferred Units in TransTrade Holdings LLC | 5,200 | — | |||||||||||||||
32,531 | 1,810 | ||||||||||||||||
First Star Speir Aviation Limited (11)(16) | Airlines | ||||||||||||||||
First Lien Term Loan, 9% cash due 12/15/2020 | 32,510 | 25,194 | 32,511 | ||||||||||||||
100% equity interest (6) | 8,500 | 6,937 | |||||||||||||||
33,694 | 39,448 | ||||||||||||||||
First Star Bermuda Aviation Limited (11)(16) | Airlines | ||||||||||||||||
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018 | 11,868 | 11,868 | 11,868 | ||||||||||||||
100% equity interest (6) | 5,192 | 7,316 | |||||||||||||||
17,060 | 19,184 | ||||||||||||||||
Eagle Hospital Physicians, LLC | Healthcare services | ||||||||||||||||
Earn-out (19) | 7,851 | 5,083 | |||||||||||||||
7,851 | 5,083 | ||||||||||||||||
Senior Loan Fund JV I, LLC (11)(17)(18) | Multi-sector holdings | ||||||||||||||||
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC (13) | 6.52 | % | 100,804 | 100,804 | 100,804 | ||||||||||||
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC | 27,463 | 27,463 | 27,463 | ||||||||||||||
87.5% LLC equity interest (25) | 16,172 | 4,880 | |||||||||||||||
144,439 | 133,147 | ||||||||||||||||
Ameritox Ltd. | Healthcare services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)(22) | 6.69 | % | 39,438 | 37,533 | 4,800 | ||||||||||||
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC | 14,090 | — | |||||||||||||||
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC | 1,602 | — | |||||||||||||||
4,930.03 Class A Units in Ameritox Holdings II, LLC | 29,049 | — | |||||||||||||||
82,274 | 4,800 | ||||||||||||||||
New IPT, Inc. | Oil & gas equipment services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (13) | 6.69 | % | 4,107 | 4,107 | 4,107 | ||||||||||||
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (13) | 6.79 | % | 2,504 | 2,504 | 2,504 | ||||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (13) | 6.69 | % | 1,009 | 1,009 | 1,009 | ||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | 963 | |||||||||||||||
7,620 | 8,583 | ||||||||||||||||
AdVenture Interactive, Corp. | Advertising | ||||||||||||||||
9,073 shares of common stock | 13,611 | 6,421 | |||||||||||||||
13,611 | 6,421 | ||||||||||||||||
Keypath Education, Inc. | Advertising | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 (13) | 8.69 | % | 19,960 | 19,960 | 19,960 | ||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022 (13) | 8.69 | % | — | — | — | ||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | 10,648 | 7,984 | |||||||||||||||
30,608 | 27,944 | ||||||||||||||||
Total Control Investments (36.3% of net assets) | $ | 438,415 | $ | 297,534 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. | Pharmaceuticals | Second Lien Term Loan | E+ | 7.25% | 10.67% | 9/28/2026 | € | 29,985 | $ | 33,119 | $ | 32,128 | (6)(11)(15) | |||||||||||||||||||||||||
AIP RD Buyer Corp. | Distributors | Second Lien Term Loan | SOFR+ | 7.75% | 12.95% | 12/21/2029 | $ | 17,873 | 17,646 | 17,533 | (6)(15) | |||||||||||||||||||||||||||
AIP RD Buyer Corp. | Distributors | Common Stock | 17,870 | 1,733 | 2,578 | (15) | ||||||||||||||||||||||||||||||||
AirStrip Technologies, Inc. | Application Software | Warrants | 5,715 | 90 | — | (15) | ||||||||||||||||||||||||||||||||
All Web Leads, Inc. | Advertising | First Lien Term Loan | SOFR+ | 8.50% | 12/29/2023 | 23,562 | 22,795 | 16,880 | (6)(15)(20) | |||||||||||||||||||||||||||||
Altice France S.A. | Integrated Telecommunication Services | Fixed Rate Bond | 5.50% | 10/15/2029 | 4,050 | 3,561 | 2,900 | (11) | ||||||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 8.00% | 13.34% | 3.50% | 10/14/2027 | 8,794 | 8,132 | 8,011 | (6)(15) | |||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. | Health Care Technology | Warrants | 166,414 | 642 | 518 | (15) | ||||||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 12.89% | 6/30/2025 | 17,280 | 17,197 | 16,503 | (6)(15) | ||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Fixed Rate Bond | 8.50% | 3.50% | 11/16/2026 | 28,464 | 28,363 | 27,682 | (11)(15) | |||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Fixed Rate Bond | 8.50% | 3.50% | 11/16/2026 | 2,121 | 1,945 | 2,063 | (11)(15) | |||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Fixed Rate Bond | 8.50% | 3.50% | 11/16/2026 | 27,692 | 27,612 | 26,930 | (11)(15) | |||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Fixed Rate Bond | 8.50% | 3.50% | 11/16/2026 | 2,064 | 1,891 | 2,007 | (11)(15) | |||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Common Stock | 824,197 | 2,426 | 6,379 | (11) | ||||||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Common Stock | 141,640 | 566 | 339 | (11)(13)(15) | ||||||||||||||||||||||||||||||||
American Auto Auction Group, LLC | Consumer Finance | Second Lien Term Loan | SOFR+ | 8.75% | 13.99% | 1/2/2029 | 17,048 | 16,411 | 12,616 | (6)(15) | ||||||||||||||||||||||||||||
American Tire Distributors, Inc. | Distributors | First Lien Term Loan | SOFR+ | 6.25% | 11.49% | 10/20/2028 | 19,163 | 18,289 | 16,718 | (6) | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | Second Lien Term Loan | SOFR+ | 8.00% | 13.39% | 11/26/2027 | 12,500 | 12,188 | 11,865 | (6)(11)(15) | ||||||||||||||||||||||||||||
Anastasia Parent, LLC | Personal Care Products | First Lien Term Loan | SOFR+ | 3.75% | 9.25% | 8/11/2025 | 3,710 | 3,075 | 2,863 | (6) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Term Loan | L+ | 5.00% | 10.20% | 1/10/2025 | 9,280 | 9,189 | 9,280 | (6)(15) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Term Loan | L+ | 5.00% | 10.20% | 1/10/2025 | 32,308 | 31,999 | 32,308 | (6)(15) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Revolver | L+ | 5.00% | 10.20% | 1/10/2025 | 808 | 792 | 808 | (6)(15)(19) | ||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | E+ | 7.25% | 10.07% | 7/14/2026 | € | 3,017 | 3,341 | 3,321 | (6)(11)(15) | |||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | SOFR+ | 6.00% | 11.25% | 7/14/2026 | $ | 10,519 | 10,389 | 10,614 | (6)(11)(15) | |||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | SONIA+ | 7.25% | 12.18% | 7/14/2026 | £ | 4,949 | 6,364 | 6,348 | (6)(11)(15) | |||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | SONIA+ | 7.25% | 12.45% | 7/14/2026 | £ | 23,675 | 28,939 | 30,370 | (6)(11)(15) | |||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | SONIA+ | 5.75% | 8.57% | 7/14/2026 | £ | 3,649 | 3,927 | 4,027 | (6)(11)(15) | |||||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 11.31% | 12/29/2027 | $ | 3,284 | 3,276 | 3,120 | (6)(11)(15) | |||||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 12/29/2027 | — | (14) | (20) | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
Astra Acquisition Corp. | Application Software | First Lien Term Loan | L+ | 5.25% | 10.44% | 10/25/2028 | 8,490 | 8,153 | 5,983 | (6) | ||||||||||||||||||||||||||||
athenahealth Group Inc. | Health Care Technology | Preferred Equity | 21,523 | 20,789 | 18,821 | (15) | ||||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | First Lien Term Loan | 11.00% | 6/19/2026 | 1,338 | 1,257 | 1,257 | (11)(15)(20) | ||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | First Lien Term Loan | 11.00% | 6/19/2026 | 1,338 | 1,241 | 1,257 | (11)(15)(20) | ||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | First Lien Term Loan | 11.00% | 6/19/2026 | 5,350 | 4,951 | 5,029 | (11)(15)(20) | ||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | Warrants | 10,634 | — | 488 | — | (11)(15) | |||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | Warrants | 10,634 | 488 | — | (11)(15) | ||||||||||||||||||||||||||||||||
ATNX SPV, LLC | Pharmaceuticals | First Lien Term Loan | 5/31/2031 | 11,683 | 11,723 | 11,274 | (11)(15)(22) | |||||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | L+ | 6.00% | 11.27% | 12/24/2026 | 29,509 | 29,137 | 28,299 | (6)(11)(15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Affiliate Investments (4) | |||||||||||||||||
Caregiver Services, Inc. | Healthcare services | ||||||||||||||||
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019 | $ | 9,752 | $ | 9,751 | $ | 9,708 | |||||||||||
1,080,399 Shares of Series A Preferred Stock, 10% | 1,080 | 2,161 | |||||||||||||||
10,831 | 11,869 | ||||||||||||||||
AmBath/ReBath Holdings, Inc. | Home improvement retail | ||||||||||||||||
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018 | 22,552 | 22,566 | 22,552 | ||||||||||||||
4,668,788 Shares of Preferred Stock | — | 2,048 | |||||||||||||||
22,566 | 24,600 | ||||||||||||||||
Total Affiliate Investments (4.4% of net assets) | $ | 33,397 | $ | 36,469 | |||||||||||||
Non-Control/Non-Affiliate Investments (7) | |||||||||||||||||
Cenegenics, LLC | Healthcare services | ||||||||||||||||
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 (22) | 28,746 | $ | 27,738 | $ | 15,812 | ||||||||||||
First Lien Revolver, 15% cash due 9/30/2019 (22) | 2,203 | 2,203 | 1,085 | ||||||||||||||
452,914.87 Common Units in Cenegenics, LLC | 598 | — | |||||||||||||||
345,380.141 Preferred Units in Cenegenics, LLC | 300 | — | |||||||||||||||
30,839 | 16,897 | ||||||||||||||||
Riverlake Equity Partners II, LP | Multi-sector holdings | ||||||||||||||||
1.92% limited partnership interest (11)(25) | 871 | 588 | |||||||||||||||
871 | 588 | ||||||||||||||||
Riverside Fund IV, LP | Multi-sector holdings | ||||||||||||||||
0.34% limited partnership interest (11)(25) | 153 | 356 | |||||||||||||||
153 | 356 | ||||||||||||||||
Bunker Hill Capital II (QP), L.P. | Multi-sector holdings | ||||||||||||||||
0.51% limited partnership interest (11)(25) | 638 | 808 | |||||||||||||||
638 | 808 | ||||||||||||||||
Maverick Healthcare Group, LLC (20) | Healthcare equipment | ||||||||||||||||
First Lien Term Loan A, LIBOR+7.5% cash (1.75% floor) cash due 1/15/2018 (13)(22) | 9.25 | % | 16,558 | 16,204 | 12,415 | ||||||||||||
First Lien Term Loan B, LIBOR+11% cash (1.75% floor) cash due 1/15/2018 (13)(22) | 12.75 | % | 46,030 | 39,110 | — | ||||||||||||
CapEx Line, LIBOR+7.75% (1.75% floor) cash due 1/15/2018 (13)(22) | 10.25 | % | 1,272 | 1,261 | 1,121 | ||||||||||||
First Lien Revolver, PRIME+6.5% cash due 1/15/2018 (13)(22) | 10.75 | % | 56 | 41 | 50 | ||||||||||||
56,616 | 13,586 | ||||||||||||||||
Refac Optical Group | Specialty stores | ||||||||||||||||
First Lien Term Loan A, LIBOR+8% cash due 9/30/2018 (13) | 9.56 | % | 3,581 | 3,552 | 3,581 | ||||||||||||
First Lien Term Loan B, LIBOR+9% cash, 1.75% PIK due 9/30/2018 (13) | 10.56 | % | 34,701 | 34,617 | 34,665 | ||||||||||||
First Lien Term Loan C, 12.5% cash due 9/30/2018 | 3,416 | 3,416 | 3,346 | ||||||||||||||
First Lien Revolver, LIBOR+8% cash due 9/30/2018 (13) | 9.56 | % | 3,520 | 3,516 | 3,520 | ||||||||||||
1,550.9435 Shares of Common Stock in Refac Holdings, Inc. | 1 | — | |||||||||||||||
550.9435 Shares of Series A-2 Preferred Stock in Refac Holdings, Inc., 10% | 305 | — | |||||||||||||||
1,000 Shares of Series A Preferred Stock Units in Refac Holdings, Inc., 10% | 999 | 397 | |||||||||||||||
46,406 | 45,509 | ||||||||||||||||
Baird Capital Partners V, LP | Multi-sector holdings | ||||||||||||||||
0.4% limited partnership interest (11)(25) | 994 | 634 | |||||||||||||||
994 | 634 | ||||||||||||||||
Milestone Partners IV, L.P. | Multi-sector holdings | ||||||||||||||||
0.82% limited partnership interest (11)(25) | 1,030 | 1,716 | |||||||||||||||
1,030 | 1,716 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Avalara, Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.25% | 12.49% | 10/19/2028 | $ | 50,470 | $ | 49,639 | $ | 49,461 | (6)(15) | |||||||||||||||||||||||||
Avalara, Inc. | Application Software | First Lien Revolver | SOFR+ | 7.25% | 10/19/2028 | — | (113) | (101) | (6)(15)(19) | |||||||||||||||||||||||||||||
The Avery | Real Estate Operating Companies | First Lien Term Loan | L+ | 7.30% | 2/17/2023 | 19,163 | 19,163 | 18,286 | (6)(15)(20) | |||||||||||||||||||||||||||||
The Avery | Real Estate Operating Companies | Subordinated Debt Term Loan | L+ | 12.50% | 2/17/2023 | 4,641 | 4,641 | 4,164 | (6)(15)(20) | |||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 6/11/2027 | 3,258 | 3,227 | 3,173 | (6)(15) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 6/11/2027 | 1,264 | 1,273 | 1,232 | (6)(15) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | Second Lien Term Loan | SOFR+ | 8.50% | 14.00% | 6/11/2028 | 8,920 | 8,819 | 8,661 | (6)(15) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | Second Lien Term Loan | SOFR+ | 8.50% | 14.00% | 6/11/2028 | 2,091 | 2,067 | 2,030 | (6)(15) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | Second Lien Term Loan | SOFR+ | 8.50% | 14.00% | 6/11/2028 | 4,361 | 4,296 | 4,235 | (6)(15) | ||||||||||||||||||||||||||||
Berner Food & Beverage, LLC | Soft Drinks & Non-alcoholic Beverages | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 7/30/2027 | 40,764 | 40,529 | 40,316 | (6)(15) | ||||||||||||||||||||||||||||
Berner Food & Beverage, LLC | Soft Drinks & Non-alcoholic Beverages | First Lien Revolver | PRIME+ | 4.50% | 12.50% | 7/30/2026 | 2,528 | 2,492 | 2,482 | (6)(15)(19) | ||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 8.00% | 2.25% | 4/19/2027 | 6,719 | 6,508 | 6,282 | (11)(15) | |||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 9/30/2032 | 3,210 | 3,230 | 3,130 | (11)(15)(22) | |||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 8.00% | 2.25% | 4/19/2027 | — | — | — | (11)(15)(19) | |||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 8.00% | 2.25% | 4/19/2027 | — | — | — | (11)(15)(19) | |||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 9/30/2032 | — | — | — | (11)(15)(19)(22) | |||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 9/30/2032 | — | — | — | (11)(15)(19)(22) | |||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | Warrants | 26,131 | 225 | 34 | (11)(15) | ||||||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | Second Lien Term Loan | L+ | 7.00% | 12.25% | 6/15/2026 | 30,625 | 30,346 | 29,385 | (6) | ||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | First Lien Term Loan | 9.00% | 9/24/2023 | 4,994 | 5,006 | 4,969 | (15) | ||||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | Preferred Equity | 1,708,618 | 1,711 | 2,085 | (15) | ||||||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | Preferred Equity | 394,297 | 395 | 481 | (15) | ||||||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | Common Stock | 394,297 | 424 | 355 | (15) | ||||||||||||||||||||||||||||||||
Cadence Aerospace, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 6.50% | 11.91% | 2.00% | 11/14/2024 | 13 | 13 | 13 | (6)(15) | |||||||||||||||||||||||||||
Cadence Aerospace, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 6.50% | 11.91% | 2.00% | 11/14/2024 | 3,031 | 2,971 | 3,031 | (6)(15) | |||||||||||||||||||||||||||
Cadence Aerospace, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 6.50% | 11.91% | 2.00% | 11/14/2024 | 1,557 | 1,526 | 1,557 | (6)(15) | |||||||||||||||||||||||||||
Cadence Aerospace, LLC | Aerospace & Defense | First Lien Term Loan | SOFR+ | 6.50% | 11.91% | 2.00% | 11/14/2024 | 1,024 | 1,002 | 1,024 | (6)(15) | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 7/14/2023 | 130 | 130 | 130 | (6)(15) | ||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 7/14/2023 | 129 | 129 | 129 | (6)(15) | ||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 1/16/2024 | 1,084 | 1,103 | 1,084 | (6)(15) | ||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 1/16/2024 | 9,002 | 9,003 | 9,002 | (6)(15) | ||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | Advertising | Fixed Rate Bond | 7.50% | 6/1/2029 | 2,632 | 2,632 | 1,951 | (11) | ||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | Advertising | Fixed Rate Bond | 7.75% | 4/15/2028 | 176 | 170 | 138 | (11) | ||||||||||||||||||||||||||||||
Condor Merger Sub Inc. | Systems Software | Fixed Rate Bond | 7.38% | 2/15/2030 | 8,420 | 8,257 | 7,330 | |||||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | First Lien Term Loan | L+ | 8.50% | 13.69% | 1/28/2025 | 24,350 | 23,525 | 21,506 | (6)(15) | ||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | Warrants | 706 | 154 | (15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
RCPDirect, L.P. | Multi-sector holdings | ||||||||||||||||
0.9% limited partnership interest (11)(25) | $ | 295 | $ | 575 | |||||||||||||
295 | 575 | ||||||||||||||||
Riverside Fund V, L.P. | Multi-sector holdings | ||||||||||||||||
0.48% limited partnership interest (11)(25) | 1,452 | 1,481 | |||||||||||||||
1,452 | 1,481 | ||||||||||||||||
ACON Equity Partners III, LP | Multi-sector holdings | ||||||||||||||||
0.13% limited partnership interest (11)(25) | 785 | 837 | |||||||||||||||
785 | 837 | ||||||||||||||||
BMC Acquisition, Inc. | Other diversified financial services | ||||||||||||||||
500 Series A Preferred Shares, 8% | 500 | 774 | |||||||||||||||
50,000 Common Shares (6) | 1 | 59 | |||||||||||||||
501 | 833 | ||||||||||||||||
Edmentum, Inc. | Education services | ||||||||||||||||
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020 (23) | $ | 2,487 | 2,434 | — | |||||||||||||
Unsecured Junior PIK Note, 10% PIK due 6/9/2020 (23) | 11,593 | 10,227 | — | ||||||||||||||
Unsecured Revolver, 5% cash due 6/9/2020 (10)(22) | 1,731 | 1,720 | (400 | ) | |||||||||||||
126,127.80 Class A Common Units | 126 | — | |||||||||||||||
14,507 | (400 | ) | |||||||||||||||
I Drive Safely, LLC | Education services | ||||||||||||||||
125,079 Class A Common Units of IDS Investments, LLC | 1,000 | — | |||||||||||||||
1,000 | — | ||||||||||||||||
Yeti Acquisition, LLC | Leisure products | ||||||||||||||||
3,000,000 Common Stock Units of Yeti Holdings, Inc. | — | 5,900 | |||||||||||||||
— | 5,900 | ||||||||||||||||
Vitalyst Holdings, Inc. | IT consulting & other services | ||||||||||||||||
675 Series A Preferred Units of PCH Support Holdings, Inc., 10% | 675 | 521 | |||||||||||||||
7,500 Class A Common Stock Units of PCH Support Holdings, Inc. | 75 | — | |||||||||||||||
750 | 521 | ||||||||||||||||
Beecken Petty O'Keefe Fund IV, L.P. | Multi-sector holdings | ||||||||||||||||
0.5% limited partnership interest (11)(25) | 973 | 1,398 | |||||||||||||||
973 | 1,398 | ||||||||||||||||
Comprehensive Pharmacy Services LLC | Pharmaceuticals | ||||||||||||||||
20,000 Common Shares in MCP CPS Group Holdings, Inc. | 2,000 | 2,815 | |||||||||||||||
2,000 | 2,815 | ||||||||||||||||
Garretson Firm Resolution Group, Inc. | Diversified support services | ||||||||||||||||
First Lien Revolver, PRIME+5.5% cash due 5/22/2020 (13) | 9.75 | % | 711 | 711 | 666 | ||||||||||||
4,950,000 Preferred Units in GRG Holdings, LP, 8% | 495 | 196 | |||||||||||||||
50,000 Common Units in GRG Holdings, LP | 5 | — | |||||||||||||||
1,211 | 862 | ||||||||||||||||
Teaching Strategies, LLC | Education services | ||||||||||||||||
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 8/27/2023 (13) | 11.19 | % | 33,500 | 33,500 | 34,119 | ||||||||||||
33,500 | 34,119 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | First Lien Term Loan | L+ | 5.00% | 10.37% | 1/4/2026 | $ | 17,506 | $ | 15,434 | $ | 11,176 | (6) | |||||||||||||||||||||||||
Conviva Inc. | Application Software | Preferred Equity | 417,851 | 605 | 894 | (15) | ||||||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 6.13% | 11.33% | 12/13/2025 | 13,671 | 13,633 | 13,408 | (6)(15) | ||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 6.13% | 11.33% | 12/13/2025 | 4,903 | 4,853 | 4,809 | (6)(15) | ||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Technology | First Lien Revolver | PRIME+ | 5.75% | 14.00% | 12/13/2025 | 1,250 | 1,226 | 1,202 | (6)(15)(19) | ||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Technology | Common Stock | 1,500 | 1,574 | 3,299 | (15) | ||||||||||||||||||||||||||||||||
Coupa Holdings, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% | 12.60% | 2/27/2030 | 13,157 | 12,843 | 12,852 | (6)(15) | ||||||||||||||||||||||||||||
Coupa Holdings, LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% | 2/27/2030 | — | (15) | (14) | (6)(15)(19) | |||||||||||||||||||||||||||||
Coupa Holdings, LLC | Application Software | First Lien Revolver | SOFR+ | 7.50% | 2/27/2029 | — | (21) | (21) | (6)(15)(19) | |||||||||||||||||||||||||||||
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 10.24% | 10/13/2029 | 14,787 | 14,186 | 13,807 | (6) | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | First Lien Term Loan | L+ | 6.00% | 11.10% | 2/6/2026 | 18,060 | 17,715 | 17,706 | (6)(15) | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | First Lien Revolver | SOFR+ | 6.00% | 11.20% | 2/6/2025 | 533 | 520 | 507 | (6)(15)(19) | ||||||||||||||||||||||||||||
CPC Acquisition Corp. | Specialty Chemicals | Second Lien Term Loan | SOFR+ | 7.75% | 12/29/2028 | 727 | 462 | 325 | (6)(15)(20) | |||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Subordinated Debt Term Loan | 3.00% | 7.00% | 8/31/2029 | 13,043 | 13,043 | 13,043 | (11)(15)(19) | |||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Preferred Equity | 419 | 419 | 419 | (11)(15) | ||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Common Stock | 2 | 2 | 2 | (11)(15) | ||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Warrants | 31 | — | — | (11)(15) | ||||||||||||||||||||||||||||||||
Dialyze Holdings, LLC | Health Care Equipment | First Lien Term Loan | SOFR+ | 9.00% | 14.42% | 8/4/2026 | 20,757 | 20,092 | 20,705 | (6)(15) | ||||||||||||||||||||||||||||
Dialyze Holdings, LLC | Health Care Equipment | Subordinated Debt Term Loan | 8.00% | 9/30/2027 | 641 | 640 | 611 | (15) | ||||||||||||||||||||||||||||||
Dialyze Holdings, LLC | Health Care Equipment | Warrants | 6,397,254 | 1,642 | 1,215 | (15) | ||||||||||||||||||||||||||||||||
Digital.AI Software Holdings, Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.00% | 12.34% | 2/10/2027 | 12,418 | 12,226 | 12,120 | (6)(15) | ||||||||||||||||||||||||||||
Digital.AI Software Holdings, Inc. | Application Software | First Lien Revolver | SOFR+ | 6.75% | 12.09% | 2/10/2027 | 204 | 184 | 172 | (6)(15)(19) | ||||||||||||||||||||||||||||
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.00% | 10.22% | 8/2/2027 | 4,769 | 4,687 | 4,672 | (6) | ||||||||||||||||||||||||||||
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 9.80% | 4/26/2029 | 4,963 | 4,879 | 4,632 | (6) | ||||||||||||||||||||||||||||
Eagleview Technology Corporation | Application Software | Second Lien Term Loan | L+ | 7.50% | 13.04% | 8/14/2026 | 8,974 | 8,884 | 7,359 | (6)(15) | ||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | Preferred Equity | 488 | 488 | 1,160 | (15) | ||||||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | Common Stock | 12,500 | — | — | (15) | ||||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan | 3.00% | 6.00% | 4/21/2027 | 10,899 | 10,779 | 10,463 | (11)(15) | |||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan | 3.00% | 6.00% | 4/21/2027 | 1,746 | 1,720 | 1,676 | (11)(15) | |||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan | 3.00% | 6.00% | 4/21/2027 | — | 1 | — | (11)(15)(19) | |||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan | 3.00% | 6.00% | 4/21/2027 | — | 1 | — | (11)(15)(19) | |||||||||||||||||||||||||||||
Fairbridge Strategic Capital Funding LLC | Real Estate Operating Companies | First Lien Term Loan | 9.00% | 12/24/2028 | 52,658 | 52,658 | 52,658 | (15)(19) | ||||||||||||||||||||||||||||||
Fairbridge Strategic Capital Funding LLC | Real Estate Operating Companies | Warrants | 2,500 | — | 3 | (11)(15) | ||||||||||||||||||||||||||||||||
FINThrive Software Intermediate Holdings, Inc. | Health Care Technology | Second Lien Term Loan | L+ | 6.75% | 11.94% | 12/17/2029 | 31,074 | 29,063 | 18,664 | (6) | ||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | First Lien Term Loan | 11.00% | 8/27/2025 | 11,918 | 11,572 | 11,173 | (11)(15) | ||||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | Warrants | 417,011 | 427 | 113 | (11)(15) | ||||||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC | Integrated Telecommunication Services | Fixed Rate Bond | 6.00% | 1/15/2030 | 4,881 | 4,456 | 3,595 | (11) | ||||||||||||||||||||||||||||||
Galileo Parent, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.25% | 12.34% | 5/3/2029 | 23,774 | 23,080 | 23,094 | (6)(15) | ||||||||||||||||||||||||||||
Galileo Parent, Inc. | Aerospace & Defense | First Lien Revolver | SOFR+ | 7.25% | 12.34% | 5/3/2029 | 1,638 | 1,530 | 1,532 | (6)(15)(19) | ||||||||||||||||||||||||||||
Gibson Brands, Inc. | Leisure Products | First Lien Term Loan | SOFR+ | 5.00% | 10.25% | 8/11/2028 | 2,463 | 2,039 | 1,995 | (6)(15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Dominion Diagnostics, LLC | Healthcare services | ||||||||||||||||
Subordinated Term Loan, 11% cash 1% PIK due 10/8/2019 (22) | $ | 19,900 | $ | 17,262 | $ | 1,035 | |||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 (13) | �� | 6.35 | % | 48,669 | 36,830 | 36,877 | |||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019 (10)(13) | 6.35 | % | — | (1,013 | ) | ||||||||||||
54,092 | 36,899 | ||||||||||||||||
Sterling Capital Partners IV, L.P. | Multi-sector holdings | ||||||||||||||||
0.2% limited partnership interest (11)(25) | 1,640 | 1,188 | |||||||||||||||
1,640 | 1,188 | ||||||||||||||||
Advanced Pain Management | Healthcare services | ||||||||||||||||
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 2/26/2018 (13)(22) | 10.07 | % | 24,000 | 22,994 | — | ||||||||||||
22,994 | — | ||||||||||||||||
TravelClick, Inc. | Internet software & services | ||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13)(21) | 9.32 | % | 2,697 | 2,482 | 2,710 | ||||||||||||
2,482 | 2,710 | ||||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrift & mortgage finance | ||||||||||||||||
1.86% limited partnership interest (11)(25) | 6,905 | 5,629 | |||||||||||||||
6,905 | 5,629 | ||||||||||||||||
Credit Infonet, Inc. | Data processing & outsourced services | ||||||||||||||||
Subordinated Term Loan, 12.25% cash 0.75% PIK due 10/26/2020 | 13,940 | 13,940 | 14,024 | ||||||||||||||
13,940 | 14,024 | ||||||||||||||||
HealthEdge Software, Inc. | Application software | ||||||||||||||||
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023 | 213 | 772 | |||||||||||||||
213 | 772 | ||||||||||||||||
InMotion Entertainment Group, LLC | Consumer electronics | ||||||||||||||||
First Lien Term Loan A, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13) | 8.95 | % | 12,086 | 12,042 | 12,086 | ||||||||||||
First Lien Term Loan B, LIBOR+7.25% (1.25% floor) cash due 10/1/2021 (13) | 8.95 | % | 5,268 | 5,170 | 5,268 | ||||||||||||
First Lien Revolver, LIBOR+6.75% (1.25% floor) cash due 10/1/2018 (13) | 8.45 | % | 5,904 | 5,897 | 5,904 | ||||||||||||
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13) | 9.45 | % | 787 | 779 | 787 | ||||||||||||
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC | 1,000 | 1,855 | |||||||||||||||
24,888 | 25,900 | ||||||||||||||||
Thing5, LLC | Data processing & outsourced services | ||||||||||||||||
First Lien Term Loan, LIBOR+7.5% (1% floor) cash 2% PIK due 10/11/2020 (12)(13) | 9.19 | % | 47,575 | 47,575 | 40,561 | ||||||||||||
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 (13) | 9.19 | % | 4,000 | 4,000 | 4,000 | ||||||||||||
2,000,000 Units in T5 Investment Vehicle, LLC | 2,000 | — | |||||||||||||||
53,575 | 44,561 | ||||||||||||||||
Kason Corporation | Industrial machinery | ||||||||||||||||
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019 | 6,032 | 6,032 | 5,877 | ||||||||||||||
498.6 Class A Preferred Units in Kason Investment, LLC, 8% | 499 | 588 | |||||||||||||||
5,540 Class A Common Units in Kason Investment, LLC | 55 | — | |||||||||||||||
6,586 | 6,465 | ||||||||||||||||
SPC Partners V, L.P. | Multi-sector holdings | ||||||||||||||||
0.571% limited partnership interest (11)(25) | 1,772 | 1,929 | |||||||||||||||
1,772 | 1,929 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
GoldenTree Loan Management EUR CLO 2 DAC | Multi-Sector Holdings | CLO Notes | E+ | 2.85% | 6.05% | 1/20/2032 | € | 1,000 | $ | 872 | $ | 970 | (6)(11) | |||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 13.39% | 6/21/2027 | $ | 17,488 | 17,308 | 17,314 | (6)(15) | |||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 6/21/2027 | — | (58) | (35) | (6)(15)(19) | |||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Revolver | SOFR+ | 8.00% | 6/21/2027 | — | (29) | (18) | (6)(15)(19) | |||||||||||||||||||||||||||||
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 10.45% | 4/9/2029 | 14,383 | 13,885 | 12,352 | (6) | ||||||||||||||||||||||||||||
Harrow Health, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 11.74% | 1/19/2026 | 7,448 | 7,279 | 7,295 | (6)(11)(15) | ||||||||||||||||||||||||||||
Harrow Health, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50% | 1/19/2026 | — | (91) | (83) | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
Horizon Aircraft Finance I Ltd. | Specialized Finance | CLO Notes | 4.46% | 12/15/2038 | 6,932 | 5,577 | 6,001 | (11) | ||||||||||||||||||||||||||||||
IAMGOLD Corporation | Gold | Second Lien Term Loan | SOFR+ | 8.25% | 13.30% | 5/16/2028 | 23,975 | 23,274 | 23,292 | (6)(11)(15) | ||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.25% | 8.50% | 3.88% | 8/18/2028 | 24,188 | 23,876 | 23,235 | (6)(15) | |||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.25% | 12.38% | 8/18/2028 | 3,636 | 3,600 | 3,563 | (6)(15) | ||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 7.25% | 8/18/2028 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | First Lien Revolver | SOFR+ | 6.75% | 11.99% | 8/18/2028 | 377 | 331 | 288 | (6)(15)(19) | ||||||||||||||||||||||||||||
Impel Neuropharma, Inc. | Health Care Technology | First Lien Term Loan | 2/15/2031 | 15,302 | 15,341 | 14,269 | (15)(22) | |||||||||||||||||||||||||||||||
Impel Neuropharma, Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 8.75% | 14.14% | 3/17/2027 | 13,109 | 12,939 | 12,617 | (6)(15) | ||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited | Health Care Technology | First Lien Term Loan | 11.00% | 1/26/2027 | 8,452 | 8,185 | 7,730 | (11)(15) | ||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited | Health Care Technology | First Lien Term Loan | 11.00% | 1/26/2027 | — | — | — | (11)(15)(19) | ||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited | Health Care Technology | First Lien Term Loan | 11.00% | 1/26/2027 | — | — | — | (11)(15)(19) | ||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited | Health Care Technology | Warrants | 112,990 | 300 | 172 | (11)(15) | ||||||||||||||||||||||||||||||||
Integral Development Corporation | Diversified Financial Services | Warrants | 1,078,284 | 113 | — | (15) | ||||||||||||||||||||||||||||||||
Inventus Power, Inc. | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 7.50% | 12.72% | 6/30/2025 | 33,498 | 32,494 | 32,493 | (6)(15) | ||||||||||||||||||||||||||||
Inventus Power, Inc. | Electrical Components & Equipment | First Lien Revolver | SOFR+ | 7.50% | 6/30/2025 | — | (114) | (114) | (6)(15)(19) | |||||||||||||||||||||||||||||
INW Manufacturing, LLC | Personal Care Products | First Lien Term Loan | L+ | 5.75% | 11.29% | 3/25/2027 | 45,169 | 43,394 | 35,834 | (6)(15) | ||||||||||||||||||||||||||||
IPC Corp. | Application Software | First Lien Term Loan | SOFR+ | 6.50% | 11.57% | 10/1/2026 | 40,484 | 39,779 | 38,662 | (6)(15) | ||||||||||||||||||||||||||||
Ivanti Software, Inc. | Application Software | Second Lien Term Loan | L+ | 7.25% | 12.42% | 12/1/2028 | 13,939 | 12,601 | 9,252 | (6) | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.50% | 12.70% | 1/29/2027 | 17,069 | 17,053 | 16,966 | (6)(15) | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.50% | 12.70% | 1/29/2027 | 27,360 | 26,872 | 27,488 | (6)(15) | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 5.50% | 10.60% | 1/29/2027 | 15,150 | 14,331 | 14,924 | (6)(15) | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | Second Lien Term Loan | SOFR+ | 8.00% | 13.20% | 6/18/2027 | 666 | 616 | 652 | (6) | ||||||||||||||||||||||||||||
Kings Buyer, LLC | Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50% | 11.84% | 10/29/2027 | 16,765 | 16,636 | 16,511 | (6)(15) | ||||||||||||||||||||||||||||
Kings Buyer, LLC | Environmental & Facilities Services | First Lien Revolver | SOFR+ | 6.50% | 11.84% | 10/29/2027 | 545 | 517 | 510 | (6)(15)(19) | ||||||||||||||||||||||||||||
Latam Airlines Group S.A. | Passenger Airlines | First Lien Term Loan | SOFR+ | 9.50% | 14.61% | 10/12/2027 | 26,489 | 24,888 | 26,985 | (6)(11) | ||||||||||||||||||||||||||||
Lift Brands Holdings, Inc. | Leisure Facilities | Common Stock | 2,000,000 | 1,399 | — | (15) | ||||||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 5/9/2026 | 45,361 | 44,783 | 44,227 | (6)(15) | ||||||||||||||||||||||||||||
Liquid Environmental Solutions Corporation | Environmental & Facilities Services | Second Lien Term Loan | SOFR+ | 8.50% | 13.84% | 11/30/2026 | 5,403 | 5,344 | 5,173 | (6)(15) | ||||||||||||||||||||||||||||
Liquid Environmental Solutions Corporation | Environmental & Facilities Services | Second Lien Term Loan | SOFR+ | 8.50% | 13.84% | 11/30/2026 | 2,939 | 2,883 | 2,755 | (6)(15)(19) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
P2 Upstream Acquisition Co. | Application software | ||||||||||||||||
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 (10)(13)(21) | 5.69 | % | $ | — | $ | (200 | ) | ||||||||||
— | (200 | ) | |||||||||||||||
OmniSYS Acquisition Corporation | Diversified support services | ||||||||||||||||
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13) | 9.19 | % | $ | 5,500 | 5,498 | 5,488 | |||||||||||
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(13) | 9.19 | % | — | (5 | ) | ||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 898 | |||||||||||||||
6,498 | 6,381 | ||||||||||||||||
Moelis Capital Partners Opportunity Fund I-B, LP | Multi-sector holdings | ||||||||||||||||
1.0% limited partnership interest (11)(25) | 1,045 | 1,420 | |||||||||||||||
1,045 | 1,420 | ||||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, accessories & luxury goods | ||||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | 5,165 | — | |||||||||||||||
5,165 | — | ||||||||||||||||
Lift Brands, Inc. | Leisure facilities | ||||||||||||||||
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13) | 9.19 | % | 21,222 | 21,211 | 21,222 | ||||||||||||
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (10)(13) | 9.19 | % | (3 | ) | — | ||||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | 2,004 | 2,878 | |||||||||||||||
23,212 | 24,100 | ||||||||||||||||
Tailwind Capital Partners II, L.P. | Multi-sector holdings | ||||||||||||||||
0.3% limited partnership interest (11)(25) | 1,588 | 1,894 | |||||||||||||||
1,588 | 1,894 | ||||||||||||||||
Long's Drugs Incorporated | Pharmaceuticals | ||||||||||||||||
Second Lien Term Loan, LIBOR+11.25% cash due 2/19/2022 (13) | 12.63 | % | 26,909 | 26,909 | 27,447 | ||||||||||||
50 Series A Preferred Shares in Long's Drugs Incorporated | 500 | 799 | |||||||||||||||
25 Series B Preferred Shares in Long's Drugs Incorporated | 313 | 472 | |||||||||||||||
27,722 | 28,718 | ||||||||||||||||
Conviva Inc. | Application software | ||||||||||||||||
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021 | 105 | 223 | |||||||||||||||
105 | 223 | ||||||||||||||||
OnCourse Learning Corporation | Education services | ||||||||||||||||
264,312 Class A Units in CIP OCL Investments, LLC | 2,726 | 1,878 | |||||||||||||||
2,726 | 1,878 | ||||||||||||||||
ShareThis, Inc. | Internet software & services | ||||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | 3 | |||||||||||||||
367 | 3 | ||||||||||||||||
ExamSoft Worldwide, Inc. | Internet software & services | ||||||||||||||||
180,707 Class C Units in ExamSoft Investor LLC | 181 | 129 | |||||||||||||||
181 | 129 | ||||||||||||||||
RCPDirect II, LP | Multi-sector holdings | ||||||||||||||||
0.4% limited partnership interest (11)(25) | 617 | 777 | |||||||||||||||
617 | 777 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Liquid Environmental Solutions Corporation | Environmental & Facilities Services | Common Stock | 559 | $ | 563 | $ | 487 | (15) | ||||||||||||||||||||||||||||||
LSL Holdco, LLC | Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00% | 11.20% | 1/31/2028 | $ | 2,742 | 2,594 | 2,592 | (6)(15) | |||||||||||||||||||||||||||
LSL Holdco, LLC | Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00% | 11.20% | 1/31/2028 | 23,554 | 23,166 | 22,258 | (6)(15) | ||||||||||||||||||||||||||||
LSL Holdco, LLC | Health Care Distributors | First Lien Revolver | SOFR+ | 6.00% | 1/31/2028 | — | (44) | (146) | (6)(15)(19) | |||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | Second Lien Term Loan | SOFR+ | 6.75% | 11.97% | 9/6/2026 | 2,140 | 2,101 | 1,834 | (6) | ||||||||||||||||||||||||||||
Marinus Pharmaceuticals, Inc. | Pharmaceuticals | First Lien Term Loan | 11.50% | 5/11/2026 | 8,568 | 8,488 | 8,225 | (11)(15) | ||||||||||||||||||||||||||||||
Marinus Pharmaceuticals, Inc. | Pharmaceuticals | First Lien Term Loan | 11.50% | 5/11/2026 | 4,284 | 4,244 | 4,112 | (11)(15) | ||||||||||||||||||||||||||||||
Marinus Pharmaceuticals, Inc. | Pharmaceuticals | First Lien Term Loan | 11.50% | 5/11/2026 | 8,568 | 8,488 | 8,225 | (11)(15) | ||||||||||||||||||||||||||||||
Marinus Pharmaceuticals, Inc. | Pharmaceuticals | First Lien Term Loan | 11.50% | 5/11/2026 | — | — | — | (11)(15)(19) | ||||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | First Lien Term Loan | 8.00% | 1.75% | 11/19/2026 | 9,066 | 8,496 | 8,114 | (11)(15) | |||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | First Lien Term Loan | 8.00% | 1.75% | 11/19/2026 | — | 1 | — | (11)(15)(19) | |||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | First Lien Term Loan | 8.00% | 1.75% | 11/19/2026 | — | — | — | (11)(15)(19) | |||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | Warrants | 259,877 | 545 | 437 | (11)(15) | ||||||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | Warrants | 66,817 | 23 | 153 | (11)(15) | ||||||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 6.00% | 11.20% | 7/21/2027 | 20,176 | 19,949 | 19,648 | (6)(15) | ||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 6.00% | 11.20% | 7/21/2027 | 2,637 | 2,594 | 2,568 | (6)(15) | ||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Revolver | SOFR+ | 6.00% | 11.25% | 7/21/2027 | 250 | 220 | 203 | (6)(15)(19) | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Term Loan | L+ | 7.00% | 12.19% | 2/14/2025 | 7,464 | 7,416 | 7,352 | (6)(15) | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Term Loan | L+ | 7.00% | 12.19% | 2/14/2025 | 46,687 | 46,157 | 45,987 | (6)(15) | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Revolver | L+ | 7.00% | 2/14/2025 | — | (51) | (71) | (6)(15)(19) | |||||||||||||||||||||||||||||
MND Holdings III Corp | Other Specialty Retail | First Lien Term Loan | SOFR+ | 7.50% | 12.74% | 5/9/2028 | 40,640 | 39,937 | 39,937 | (6)(15) | ||||||||||||||||||||||||||||
MND Holdings III Corp | Other Specialty Retail | First Lien Revolver | SOFR+ | 7.50% | 12.58% | 5/9/2028 | 2,118 | 1,853 | 1,853 | (6)(15)(19) | ||||||||||||||||||||||||||||
Mosaic Companies, LLC | Home Improvement Retail | First Lien Term Loan | L+ | 6.75% | 11.97% | 7/2/2026 | 55,297 | 54,939 | 54,235 | (6)(15) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.84% | 2/10/2026 | 12,397 | 12,357 | 12,056 | (6)(15) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.84% | 2/10/2026 | 21,383 | 21,055 | 20,795 | (6)(15) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.83% | 2/10/2026 | 570 | 559 | 526 | (6)(15)(19) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Revolver | SOFR+ | 5.50% | 2/10/2026 | — | (29) | (62) | (6)(15)(19) | |||||||||||||||||||||||||||||
Navisite, LLC | Data Processing & Outsourced Services | Second Lien Term Loan | L+ | 8.50% | 14.04% | 12/30/2026 | 30,339 | 30,002 | 29,125 | (6)(15) | ||||||||||||||||||||||||||||
NeuAG, LLC | Fertilizers & Agricultural Chemicals | First Lien Term Loan | L+ | 10.50% | 16.04% | 9/11/2024 | 64,606 | 64,750 | 63,185 | (6)(15) | ||||||||||||||||||||||||||||
NFP Corp. | Diversified Financial Services | Fixed Rate Bond | 6.88% | 8/15/2028 | 10,191 | 9,816 | 8,860 | |||||||||||||||||||||||||||||||
NN, Inc. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 6.88% | 12.08% | 2.00% | 9/19/2026 | 73,178 | 72,195 | 69,885 | (6)(11)(15) | |||||||||||||||||||||||||||
NN, Inc. | Industrial Machinery & Supplies & Components | Warrants | 487,870 | — | — | 1,161 | (11)(15) | |||||||||||||||||||||||||||||||
NN, Inc. | Industrial Machinery & Supplies & Components | Warrants | 487,870 | — | — | 1,161 | (11)(15) | |||||||||||||||||||||||||||||||
OEConnection LLC | Application Software | Second Lien Term Loan | SOFR+ | 7.00% | 12.34% | 9/25/2027 | 9,323 | 9,203 | 9,090 | (6)(15) | ||||||||||||||||||||||||||||
Oranje Holdco, Inc. | Systems Software | First Lien Term Loan | SOFR+ | 7.75% | 12.79% | 2/1/2029 | 15,231 | $ | 14,876 | $ | 14,882 | (6)(15) | ||||||||||||||||||||||||||
Oranje Holdco, Inc. | Systems Software | First Lien Revolver | SOFR+ | 7.75% | 2/1/2029 | — | (44) | (44) | (6)(15)(19) | |||||||||||||||||||||||||||||
OTG Management, LLC | Airport Services | First Lien Term Loan | L+ | 10.00% | 15.50% | 9/2/2025 | 25,712 | 25,603 | 25,712 | (6)(15) | ||||||||||||||||||||||||||||
OTG Management, LLC | Airport Services | First Lien Term Loan | L+ | 10.00% | 9/2/2025 | — | (13) | — | (6)(15)(19) | |||||||||||||||||||||||||||||
OTG Management, LLC | Airport Services | First Lien Term Loan | L+ | 10.00% | 15.39% | 9/2/2025 | 1,210 | 1,192 | 1,210 | (6)(15)(19) | ||||||||||||||||||||||||||||
P & L Development, LLC | Pharmaceuticals | Fixed Rate Bond | 7.75% | 11/15/2025 | 7,480 | 7,514 | 6,090 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Integral Development Corporation | Other diversified financial services | ||||||||||||||||
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (13) | 10.84 | % | $ | 10,750 | $ | 10,720 | $ | 10,118 | |||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | 113 | — | |||||||||||||||
10,833 | 10,118 | ||||||||||||||||
Loftware, Inc. | Internet software & services | ||||||||||||||||
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020 | 6,214 | 6,214 | 6,216 | ||||||||||||||
300,000 Class A Common Units in RPLF Holdings, LLC | 300 | 223 | |||||||||||||||
6,514 | 6,439 | ||||||||||||||||
Webster Capital III, L.P. | Multi-sector holdings | ||||||||||||||||
0.754% limited partnership interest (11)(25) | 1,274 | 1,578 | |||||||||||||||
1,274 | 1,578 | ||||||||||||||||
L Squared Capital Partners LLC | Multi-sector holdings | ||||||||||||||||
2% limited partnership interest (11)(25) | 2,660 | 2,677 | |||||||||||||||
2,660 | 2,677 | ||||||||||||||||
BeyondTrust Software, Inc. | Application software | ||||||||||||||||
4,500,000 Class A membership interests in BeyondTrust Holdings LLC | 4,500 | 5,779 | |||||||||||||||
4,500 | 5,779 | ||||||||||||||||
GOBP Holdings Inc. | Food retail | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13)(21) | 9.94 | % | 4,214 | 4,177 | 4,231 | ||||||||||||
4,177 | 4,231 | ||||||||||||||||
Kellermeyer Bergensons Services, LLC | Diversified support services | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13) | 9.88 | % | 6,105 | 5,911 | 5,914 | ||||||||||||
5,911 | 5,914 | ||||||||||||||||
Dodge Data & Analytics LLC | Data processing & outsourced services | ||||||||||||||||
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 10/31/2019 (13) | 10.13 | % | 7,238 | 7,238 | 7,173 | ||||||||||||
500,000 Class A Common Units in Skyline Data, News and Analytics LLC | 500 | 242 | |||||||||||||||
7,738 | 7,415 | ||||||||||||||||
Metamorph US 3, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+5.5% (1% floor) cash 2% PIK due 12/1/2020 (13)(22) | 7.07 | % | 9,942 | 9,306 | 3,804 | ||||||||||||
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 12/1/2020 (10)(13)(22) | 8.07 | % | 2,205 | 2,156 | (75 | ) | |||||||||||
11,462 | 3,729 | ||||||||||||||||
Janrain, Inc. | Internet software & services | ||||||||||||||||
218,008 Common Stock Warrants (exercise price $1.3761) expiration date 12/5/2024 | 45 | — | |||||||||||||||
45 | — | ||||||||||||||||
TigerText, Inc. | Internet software & services | ||||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 426 | |||||||||||||||
60 | 426 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Park Place Technologies, LLC | Internet Services & Infrastructure | First Lien Term Loan | SOFR+ | 5.00% | 10.20% | 11/10/2027 | $ | 9,701 | $ | 9,535 | $ | 9,458 | (6) | |||||||||||||||||||||||||
Performance Health Holdings, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00% | 10.96% | 7/12/2027 | 22,375 | 22,177 | 21,829 | (6)(15) | ||||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | Second Lien Term Loan | SOFR+ | 7.25% | 12.59% | 12/18/2028 | 36,499 | 35,427 | 32,606 | (6)(15) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 8.00% | 13.04% | 4/6/2027 | 67,244 | 66,290 | 64,756 | (6)(15) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Revolver | SOFR+ | 8.00% | 13.04% | 4/6/2027 | 2,395 | 2,312 | 2,218 | (6)(15)(19) | ||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.00% | 12.10% | 2/15/2029 | 10,923 | 10,513 | 10,497 | (6)(15) | ||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. | Aerospace & Defense | First Lien Revolver | SOFR+ | 7.00% | 2/15/2029 | — | (55) | (57) | (6)(15)(19) | |||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | First Lien Term Loan | L+ | 6.50% | 11.73% | 3/3/2026 | 38,521 | 38,018 | 38,205 | (6)(15) | ||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | First Lien Revolver | L+ | 6.50% | 3/3/2026 | — | (37) | (26) | (6)(15)(19) | |||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | Common Stock | 100,000 | 109 | 221 | (15) | ||||||||||||||||||||||||||||||||
Profrac Holdings II, LLC | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 7.25% | 12.42% | 3/4/2025 | 24,537 | 24,245 | 24,047 | (6)(15) | ||||||||||||||||||||||||||||
Profrac Holdings II, LLC | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 7.25% | 12.42% | 3/4/2025 | 2,823 | 2,797 | 2,767 | (6)(15) | ||||||||||||||||||||||||||||
Project Boost Purchaser, LLC | Application Software | Second Lien Term Loan | SOFR+ | 8.00% | 13.22% | 5/31/2027 | 6,750 | 6,652 | 6,235 | (6)(15) | ||||||||||||||||||||||||||||
Quantum Bidco Limited | Food Distributors | First Lien Term Loan | SONIA+ | 5.68% | 10.88% | 1/31/2028 | £ | 4,626 | 5,900 | 5,296 | (6)(11)(15) | |||||||||||||||||||||||||||
QuorumLabs, Inc. | Application Software | Preferred Equity | 64,887,669 | 375 | — | (15) | ||||||||||||||||||||||||||||||||
Relativity ODA LLC | Application Software | First Lien Term Loan | SOFR+ | 7.50% | 11.70% | 5/12/2027 | $ | 32,329 | 32,052 | 31,715 | (6)(15) | |||||||||||||||||||||||||||
Relativity ODA LLC | Application Software | First Lien Revolver | SOFR+ | 6.50% | 5/12/2027 | — | (46) | (52) | (6)(15)(19) | |||||||||||||||||||||||||||||
Renaissance Holding Corp. | Education Services | Second Lien Term Loan | L+ | 7.00% | 12.19% | 5/29/2026 | 1,789 | 1,775 | 1,764 | (6) | ||||||||||||||||||||||||||||
RumbleOn, Inc. | Automotive Retail | First Lien Term Loan | SOFR+ | 8.25% | 13.75% | 8/31/2026 | 44,602 | 43,077 | 41,815 | (6)(11)(15) | ||||||||||||||||||||||||||||
RumbleOn, Inc. | Automotive Retail | First Lien Term Loan | SOFR+ | 8.25% | 13.75% | 8/31/2026 | 13,495 | 13,010 | 12,651 | (6)(11)(15) | ||||||||||||||||||||||||||||
RumbleOn, Inc. | Automotive Retail | Warrants | 204,454 | 1,202 | — | (11)(15) | ||||||||||||||||||||||||||||||||
Salus Workers' Compensation, LLC | Diversified Financial Services | First Lien Term Loan | SOFR+ | 10.00% | 15.24% | 10/7/2026 | 25,558 | 24,711 | 24,791 | (6)(15) | ||||||||||||||||||||||||||||
Salus Workers' Compensation, LLC | Diversified Financial Services | First Lien Revolver | SOFR+ | 10.00% | 10/7/2026 | — | (103) | (93) | (6)(15)(19) | |||||||||||||||||||||||||||||
Salus Workers' Compensation, LLC | Diversified Financial Services | Warrants | 991,019 | 327 | 1,883 | (15) | ||||||||||||||||||||||||||||||||
Scilex Holding Co | Biotechnology | Common Stock | 9,307 | 78 | 52 | (11) | ||||||||||||||||||||||||||||||||
SCP Eye Care Services, LLC | Health Care Services | Second Lien Term Loan | SOFR+ | 8.75% | 14.00% | 10/7/2030 | 8,010 | 7,792 | 7,770 | (6)(15) | ||||||||||||||||||||||||||||
SCP Eye Care Services, LLC | Health Care Services | Second Lien Term Loan | SOFR+ | 8.75% | 10/7/2030 | — | (35) | (71) | (6)(15)(19) | |||||||||||||||||||||||||||||
SCP Eye Care Services, LLC | Health Care Services | Common Stock | 1,037 | 1,037 | 1,024 | (15) | ||||||||||||||||||||||||||||||||
scPharmaceuticals Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 8.75% | 11.75% | 10/13/2027 | 5,212 | 4,973 | 5,034 | (6)(15) | ||||||||||||||||||||||||||||
scPharmaceuticals Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 8.75% | 10/13/2027 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||||||
scPharmaceuticals Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 8.75% | 10/13/2027 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||||||
scPharmaceuticals Inc. | Pharmaceuticals | Warrants | 53,700 | 175 | 407 | (15) | ||||||||||||||||||||||||||||||||
Seres Therapeutics, Inc. | Biotechnology | First Lien Term Loan | SOFR+ | 7.88% | 12.95% | 4/27/2029 | 7,191 | 6,923 | 6,931 | (6)(11)(15) | ||||||||||||||||||||||||||||
Seres Therapeutics, Inc. | Biotechnology | First Lien Term Loan | SOFR+ | 7.88% | 12.88% | 4/27/2029 | 2,697 | 2,596 | 2,599 | (6)(11)(15) | ||||||||||||||||||||||||||||
Seres Therapeutics, Inc. | Biotechnology | First Lien Term Loan | SOFR+ | 7.88% | 4/27/2029 | — | — | — | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. | Biotechnology | First Lien Term Loan | SOFR+ | 7.88% | 4/27/2029 | — | — | — | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. | Biotechnology | Warrants | 58,210 | 182 | 202 | (11)(15) | ||||||||||||||||||||||||||||||||
ShareThis, Inc. | Application Software | Warrants | 345,452 | 367 | — | (15) | ||||||||||||||||||||||||||||||||
SiO2 Medical Products, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | 14.00% | 12/21/2026 | 54,730 | 41,705 | 25,997 | (15)(20) | ||||||||||||||||||||||||||||||
SiO2 Medical Products, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | 14.00% | 7/27/2023 | 14,993 | 11,582 | 13,923 | (15)(20) | ||||||||||||||||||||||||||||||
SiO2 Medical Products, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | 14.00% | 7/27/2023 | 4,813 | 3,935 | 4,034 | (15)(19)(20) | ||||||||||||||||||||||||||||||
SIO2 Medical Products, Inc. | Metal, Glass & Plastic Containers | Warrants | 491 | 727 | — | (15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure facilities | ||||||||||||||||
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13) | 10.12 | % | $ | 3,650 | $ | 3,650 | $ | 3,687 | |||||||||
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13) | 10.12 | % | — | 50 | |||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 695 | |||||||||||||||
12,500 Class B Common Units | 13 | 567 | |||||||||||||||
4,151 | 4,999 | ||||||||||||||||
Motion Recruitment Partners LLC | Human resources & employment services | ||||||||||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(13) | 7.69 | % | (6 | ) | 3 | ||||||||||||
(6 | ) | 3 | |||||||||||||||
WeddingWire, Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13) | 10.20 | % | 25,438 | 25,438 | 25,565 | ||||||||||||
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13) | 10.20 | % | — | 15 | |||||||||||||
483,645 Common Shares of WeddingWire, Inc. | 1,200 | 1,655 | |||||||||||||||
26,638 | 27,235 | ||||||||||||||||
xMatters, Inc. | Internet software & services | ||||||||||||||||
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 | 709 | 372 | |||||||||||||||
709 | 372 | ||||||||||||||||
Edge Fitness, LLC | Leisure facilities | ||||||||||||||||
Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 6/30/2020 (13) | 9.09 | % | 5,535 | 5,535 | 5,535 | ||||||||||||
5,535 | 5,535 | ||||||||||||||||
Golden State Medical Supply, Inc. | Pharmaceuticals | ||||||||||||||||
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021 | 15,001 | 15,001 | 14,932 | ||||||||||||||
15,001 | 14,932 | ||||||||||||||||
AirStrip Technologies, Inc. | Internet software & services | ||||||||||||||||
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757) expiration date 5/11/2025 | 90 | — | |||||||||||||||
90 | — | ||||||||||||||||
Access Medical Acquisition, Inc. | Healthcare services | ||||||||||||||||
450,000 Shares of Class A Common Stock in CMG Holding Company, LLC (6) | 151 | 970 | |||||||||||||||
151 | 970 | ||||||||||||||||
QuorumLabs, Inc. | Internet software & services | ||||||||||||||||
2,727,939 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025 | 375 | — | |||||||||||||||
375 | — | ||||||||||||||||
Valet Merger Sub, Inc. | Environmental & facilities services | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13) | 8.57 | % | 50,532 | 49,935 | 50,531 | ||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (10)(13) | 8.57 | % | (115 | ) | — | ||||||||||||
49,820 | 50,531 | ||||||||||||||||
Argon Medical Devices, Inc. | Healthcare equipment | ||||||||||||||||
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 6/23/2022 (13) | 11.07 | % | 43,000 | 43,000 | 43,000 | ||||||||||||
43,000 | 43,000 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
SM Wellness Holdings, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 4.75% | 9.97% | 4/17/2028 | $ | 4,463 | $ | 3,780 | $ | 4,139 | (6)(15) | |||||||||||||||||||||||||
SM Wellness Holdings, Inc. | Health Care Services | Second Lien Term Loan | SOFR+ | 8.00% | 13.22% | 4/16/2029 | 12,034 | 11,220 | 9,387 | (6)(15) | ||||||||||||||||||||||||||||
SonicWall US Holdings Inc. | Technology Distributors | Second Lien Term Loan | L+ | 7.50% | 12.69% | 5/18/2026 | 1,095 | 1,084 | 1,024 | (6)(15) | ||||||||||||||||||||||||||||
Sorenson Communications, LLC | Communications Equipment | First Lien Term Loan | L+ | 5.50% | 10.69% | 3/17/2026 | 1,054 | 1,053 | 980 | (6) | ||||||||||||||||||||||||||||
Sorrento Therapeutics, Inc. | Biotechnology | Common Stock | 66,000 | 139 | 24 | (11) | ||||||||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 11/20/2028 | 4,500 | 4,431 | 4,393 | (6)(15) | ||||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Revolver | L+ | 5.25% | 10.35% | 11/18/2027 | 907 | 862 | 837 | (6)(15)(19) | ||||||||||||||||||||||||||||
SumUp Holdings Luxembourg S.À.R.L. | Diversified Financial Services | First Lien Term Loan | E+ | 8.50% | 11.97% | 3/10/2026 | € | 23,731 | 26,829 | 25,632 | (6)(11)(15) | |||||||||||||||||||||||||||
Superior Industries International, Inc. | Auto Parts & Equipment | First Lien Term Loan | SOFR+ | 7.75% | 12.85% | 12/16/2028 | $ | 49,645 | 48,611 | 49,128 | (6)(15) | |||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00% | 12.18% | 12/31/2026 | 32,185 | 31,923 | 30,495 | (6)(15)(21) | ||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00% | 12.18% | 12/31/2026 | 2,756 | 2,728 | 2,593 | (6)(15)(19)(21) | ||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00% | 12.18% | 12/31/2026 | 1,099 | 1,059 | 926 | (6)(15)(19)(21) | ||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC | Leisure Facilities | First Lien Revolver | SOFR+ | 7.00% | 12.18% | 12/31/2026 | 1,552 | 1,539 | 1,471 | (6)(15)(21) | ||||||||||||||||||||||||||||
SVP-Singer Holdings Inc. | Home Furnishings | First Lien Term Loan | L+ | 6.75% | 12.29% | 7/28/2028 | 25,592 | 23,832 | 19,514 | (6)(15) | ||||||||||||||||||||||||||||
Swordfish Merger Sub LLC | Auto Parts & Equipment | Second Lien Term Loan | L+ | 6.75% | 11.94% | 2/2/2026 | 12,500 | 12,480 | 11,681 | (6)(15) | ||||||||||||||||||||||||||||
Tacala, LLC | Restaurants | Second Lien Term Loan | L+ | 7.50% | 12.69% | 2/4/2028 | 12,843 | 12,589 | 12,168 | (6) | ||||||||||||||||||||||||||||
Tahoe Bidco B.V. | Application Software | First Lien Term Loan | L+ | 6.00% | 11.15% | 9/29/2028 | 28,826 | 28,583 | 28,537 | (6)(11)(15) | ||||||||||||||||||||||||||||
Tahoe Bidco B.V. | Application Software | First Lien Revolver | L+ | 6.00% | 10/1/2027 | — | (31) | (24) | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
Tecta America Corp. | Construction & Engineering | Second Lien Term Loan | SOFR+ | 8.50% | 13.72% | 4/9/2029 | 4,755 | 4,677 | 4,529 | (6)(15) | ||||||||||||||||||||||||||||
Telestream Holdings Corporation | Application Software | First Lien Term Loan | SOFR+ | 9.75% | 14.99% | 10/15/2025 | 23,483 | 23,239 | 22,919 | (6)(15) | ||||||||||||||||||||||||||||
Telestream Holdings Corporation | Application Software | First Lien Revolver | SOFR+ | 9.75% | 14.93% | 10/15/2025 | 1,590 | 1,572 | 1,535 | (6)(15)(19) | ||||||||||||||||||||||||||||
Ten-X LLC | Interactive Media & Services | First Lien Term Loan | SOFR+ | 6.00% | 11.09% | 5/26/2028 | 19,947 | 18,963 | 19,000 | (6)(15) | ||||||||||||||||||||||||||||
TGNR HoldCo LLC | Integrated Oil & Gas | Subordinated Debt | 11.50% | 5/14/2026 | 4,984 | 4,887 | 4,810 | (10)(11)(15) | ||||||||||||||||||||||||||||||
THL Zinc Ventures Ltd | Diversified Metals & Mining | First Lien Term Loan | 13.00% | 5/23/2026 | 50,419 | 49,787 | 49,809 | (11)(15) | ||||||||||||||||||||||||||||||
Thrasio, LLC | Broadline Retail | First Lien Term Loan | SOFR+ | 7.00% | 12.50% | 12/18/2026 | 46,832 | 45,609 | 41,919 | (6)(15) | ||||||||||||||||||||||||||||
Thrasio, LLC | Broadline Retail | Preferred Equity | 10,616 | 120 | 55 | (15) | ||||||||||||||||||||||||||||||||
Thrasio, LLC | Broadline Retail | Preferred Equity | 358,299 | 2,912 | 1,526 | (15) | ||||||||||||||||||||||||||||||||
Thrasio, LLC | Broadline Retail | Preferred Equity | 60,862 | 1,207 | 795 | (15) | ||||||||||||||||||||||||||||||||
Thrasio, LLC | Broadline Retail | Preferred Equity | 32,447 | 33,353 | 36,587 | (15) | ||||||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 9.84% | 3/30/2029 | 17,213 | 15,952 | 16,141 | (6) | ||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 6.00% | 11.20% | 12/29/2028 | 11,701 | 11,675 | 11,408 | (6)(15) | ||||||||||||||||||||||||||||
Trinitas CLO XV DAC | Multi-Sector Holdings | CLO Notes | L+ | 7.45% | 12.72% | 4/22/2034 | 1,000 | 814 | 929 | (6)(11) | ||||||||||||||||||||||||||||
Uniti Group LP | Other Specialized REITs | Fixed Rate Bond | 6.50% | 2/15/2029 | 4,500 | 4,101 | 3,189 | (11) | ||||||||||||||||||||||||||||||
Uniti Group LP | Other Specialized REITs | Fixed Rate Bond | 4.75% | 4/15/2028 | 300 | 263 | 249 | (11) | ||||||||||||||||||||||||||||||
Virgin Pulse, Inc. | Application Software | Second Lien Term Loan | SOFR+ | 7.25% | 12.47% | 4/6/2029 | 1,540 | 1,239 | 1,279 | (6)(15) | ||||||||||||||||||||||||||||
Win Brands Group LLC | Housewares & Specialties | First Lien Term Loan | L+ | 15.00% | 21.22% | 1/23/2026 | 1,565 | 1,551 | 1,475 | (6)(15) | ||||||||||||||||||||||||||||
WIN Brands Group LLC | Housewares & Specialties | First Lien Term Loan | L+ | 15.00% | 21.22% | 1/23/2026 | 1,323 | 1,311 | 1,247 | (6)(15) | ||||||||||||||||||||||||||||
Win Brands Group LLC | Housewares & Specialties | Warrants | 4,871 | 46 | 136 | (15) | ||||||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 6.25% | 11.45% | 9/21/2027 | 24,419 | 23,589 | 22,862 | (6) | ||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | Common Stock | 127,452 | 2,057 | 1,565 | (15) | ||||||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | L+ | 3.75% | 9.03% | 4/30/2025 | 11,822 | 11,228 | 10,743 | (6) | ||||||||||||||||||||||||||||
WPEngine, Inc. | Application Software | First Lien Term Loan | L+ | 6.50% | 11.38% | 3/27/2026 | 35,853 | 35,764 | 35,495 | (6)(15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Lytx, Inc. | Research & consulting services | ||||||||||||||||
3,500 Class A Units in Lytx Holdings, LLC | $ | 2,478 | $ | 2,509 | |||||||||||||
3,500 Class B Units in Lytx Holdings, LLC | — | 1,596 | |||||||||||||||
2,478 | 4,105 | ||||||||||||||||
Onvoy, LLC | Integrated telecommunication services | ||||||||||||||||
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 (13) | 12.19 | % | $ | 16,750 | 16,750 | 12,939 | |||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | 166 | |||||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | |||||||||||||||
18,717 | 13,105 | ||||||||||||||||
4 Over International, LLC | Commercial printing | ||||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13) | 7.57 | % | 6,045 | 5,985 | 6,045 | ||||||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13) | 7.57 | % | (17 | ) | — | ||||||||||||
5,968 | 6,045 | ||||||||||||||||
Ping Identity Corporation | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13) | 10.82 | % | 42,500 | 41,605 | 42,929 | ||||||||||||
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13) | 10.82 | % | (55 | ) | 25 | ||||||||||||
41,550 | 42,954 | ||||||||||||||||
Ancile Solutions, Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13) | 8.69 | % | 10,198 | 9,990 | 10,106 | ||||||||||||
9,990 | 10,106 | ||||||||||||||||
Ministry Brands, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13) | 6.38 | % | 3,891 | 3,859 | 3,925 | ||||||||||||
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13) | 6.38 | % | 1,685 | 1,669 | 1,705 | ||||||||||||
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13) | 10.63 | % | 7,056 | 6,968 | 7,090 | ||||||||||||
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13) | 10.63 | % | 1,944 | 1,919 | 1,953 | ||||||||||||
First Lien Revolver LIBOR+5% (1% floor) cash due 12/2/2022 (13) | 6.57 | % | 1,000 | 991 | 1,009 | ||||||||||||
15,406 | 15,682 | ||||||||||||||||
California Pizza Kitchen, Inc. | Restaurants | ||||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13)(21) | 7.57 | % | 4,938 | 4,898 | 4,851 | ||||||||||||
4,898 | 4,851 | ||||||||||||||||
Aptos, Inc. | Data processing & outsourced services | ||||||||||||||||
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13) | 8.44 | % | 5,411 | 5,325 | 5,357 | ||||||||||||
5,325 | 5,357 | ||||||||||||||||
SPC Partners VI, L.P. | Multi-sector holdings | ||||||||||||||||
0.39% limited partnership interest (11)(25) | 139 | 139 | |||||||||||||||
139 | 139 | ||||||||||||||||
Impact Sales, LLC | Advertising | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13) | 8.33 | % | 11,138 | 10,942 | 11,104 | ||||||||||||
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13) | 8.33 | % | 512 | 436 | 501 | ||||||||||||
11,378 | 11,605 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
WPEngine, Inc. | Application Software | First Lien Term Loan | L+ | 6.50% | 12.00% | 3/27/2026 | $ | 19,306 | $ | 19,258 | $ | 19,113 | (6)(15) | |||||||||||||||||||||||||
WWEX Uni Topco Holdings, LLC | Air Freight & Logistics | Second Lien Term Loan | SOFR+ | 7.00% | 12.50% | 7/26/2029 | 5,000 | 4,925 | 4,025 | (6)(15) | ||||||||||||||||||||||||||||
Zep Inc. | Specialty Chemicals | Second Lien Term Loan | L+ | 8.25% | 13.79% | 8/11/2025 | 19,578 | 19,551 | 13,693 | (6)(15) | ||||||||||||||||||||||||||||
Zephyr Bidco Limited | Specialized Finance | Second Lien Term Loan | SONIA+ | 7.50% | 12.46% | 7/23/2026 | £ | 20,000 | 25,857 | 23,270 | (6)(11)(15) | |||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (190.4% of net assets) | $ | 2,985,679 | $ | 2,873,512 | ||||||||||||||||||||||||||||||||||
Total Portfolio Investments (207.7% of net assets) | $ | 3,296,285 | $ | 3,135,619 | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares | $ | 5,193 | $ | 5,193 | ||||||||||||||||||||||||||||||||||
Other cash accounts | 67,467 | 67,467 | ||||||||||||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Restricted Cash (4.8% of net assets) | $ | 72,660 | $ | 72,660 | ||||||||||||||||||||||||||||||||||
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (212.5% of net assets) | $ | 3,368,945 | $ | 3,208,279 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
DFT Intermediate LLC | Specialized finance | ||||||||||||||||
First Lien Term Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (13) | 7.07 | % | $ | 3,300 | $ | 3,224 | $ | 3,276 | |||||||||
3,224 | 3,276 | ||||||||||||||||
TerSera Therapeutics, LLC | Pharmaceuticals | ||||||||||||||||
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (13) | 10.94 | % | 15,000 | 14,603 | 14,676 | ||||||||||||
668,879 Common Units of TerSera Holdings LLC | 1,500 | 1,816 | |||||||||||||||
16,103 | 16,492 | ||||||||||||||||
Cablevision Systems Corp. | Integrated telecommunication services | ||||||||||||||||
Fixed Rate Bond 10.875% cash due 10/15/2025 (11)(21) | 5,897 | 7,046 | 7,017 | ||||||||||||||
7,046 | 7,017 | ||||||||||||||||
HC2 Holdings Inc. | Multi-sector holdings | ||||||||||||||||
Fixed Rate Bond 11% cash due 12/1/2019 (11)(21) | 10,500 | 10,641 | 10,723 | ||||||||||||||
10,641 | 10,723 | ||||||||||||||||
Natural Resource Partners LP | Precious metals & minerals | ||||||||||||||||
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)(21) | 7,000 | 7,426 | 7,490 | ||||||||||||||
7,426 | 7,490 | ||||||||||||||||
Virgin Media | Integrated telecommunication services | ||||||||||||||||
Fixed Rate Bond 5.5% cash due 8/15/2026 (11)(21) | 2,000 | 2,036 | 2,055 | ||||||||||||||
Fixed Rate Bond 5.25% cash due 1/15/2026 (11)(21) | 3,000 | 3,006 | 3,041 | ||||||||||||||
5,042 | 5,096 | ||||||||||||||||
Scientific Games International, Inc. | Casinos & gaming | ||||||||||||||||
First Lien Term Loan B4, LIBOR+3.25% cash due 8/14/2024 (13)(21) | 4.67 | % | 11,340 | 11,277 | 11,446 | ||||||||||||
11,277 | 11,446 | ||||||||||||||||
Salient CRGT Inc. | IT consulting & other services | ||||||||||||||||
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (13)(21) | 7.32 | % | 3,368 | 3,310 | 3,397 | ||||||||||||
3,310 | 3,397 | ||||||||||||||||
Allied Universal Holdco LLC | Security & alarm services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (13)(21) | 5.44 | % | 11,939 | 12,014 | 11,863 | ||||||||||||
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/27/2023 (13)(21) | 9.88 | % | 1,149 | 1,170 | 1,148 | ||||||||||||
13,184 | 13,011 | ||||||||||||||||
Truck Hero, Inc. | Auto parts & equipment | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 (13) | 9.89 | % | 21,500 | 21,191 | 21,661 | ||||||||||||
21,191 | 21,661 | ||||||||||||||||
BMC Software Finance, Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 9/10/2022 (13)(21) | 4.82 | % | 16,834 | 16,946 | 16,875 | ||||||||||||
16,946 | 16,875 | ||||||||||||||||
Internet Pipeline, Inc. | Internet software & services | ||||||||||||||||
Incremental First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 8/1/2022 (13) | 7.74 | % | 5,578 | 5,516 | 5,689 | ||||||||||||
5,516 | 5,689 | ||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified support services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/11/2024 (13) | 6.69 | % | 2,985 | 2,958 | 2,985 | ||||||||||||
2,958 | 2,985 |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||||||||||||||||||
Foreign currency forward contract | $ | 78,866 | € | 71,658 | 8/10/2023 | JPMorgan Chase Bank, N.A. | $ | 531 | ||||||||||||||||||||||||
Foreign currency forward contract | $ | 71,438 | £ | 56,556 | 8/10/2023 | JPMorgan Chase Bank, N.A. | (482) | |||||||||||||||||||||||||
$ | 49 |
Derivative Instrument | Company Receives | Company Pays | Counterparty | Maturity Date | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||
Interest rate swap | Fixed 2.7% | Floating 3-month LIBOR +1.658% | Royal Bank of Canada | 1/15/2027 | $350,000 | $(39,567) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
PowerPlan Holdings, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 2/23/2022 (13) | 6.82 | % | $ | 4,975 | $ | 4,932 | $ | 4,975 | |||||||||
4,932 | 4,975 | ||||||||||||||||
UOS, LLC | Trucking | ||||||||||||||||
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/18/2023 (13)(21) | 7.07 | % | 6,898 | 7,055 | 7,062 | ||||||||||||
7,055 | 7,062 | ||||||||||||||||
Veritas US Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 1/27/2023 (13)(21) | 6.19 | % | 34,821 | 35,233 | 34,949 | ||||||||||||
35,233 | 34,949 | ||||||||||||||||
Staples, Inc. | Distributors | ||||||||||||||||
First Lien Term Loan, LIBOR+4% (1% floor) cash due 8/12/2024 (13)(21) | 5.49 | % | 6,633 | 6,617 | 6,516 | ||||||||||||
6,617 | 6,516 | ||||||||||||||||
Zep Inc. | Housewares & Specialties | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 (13) | 9.63 | % | 30,000 | 29,856 | 29,925 | ||||||||||||
29,856 | 29,925 | ||||||||||||||||
DTZ U.S. Borrower, LLC | Real estate services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 11/4/2021 (13)(21) | 4.94 | % | 12,934 | 12,974 | 12,786 | ||||||||||||
12,974 | 12,786 | ||||||||||||||||
Micro Holding Corp. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 9/13/2024 (13)(21) | 5.34 | % | 5,985 | 5,957 | 6,012 | ||||||||||||
5,957 | 6,012 | ||||||||||||||||
Accudyne Industries, LLC | Oil & gas equipment services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 8/18/2024 (13)(21) | 5.32 | % | 19,865 | 19,924 | 20,035 | ||||||||||||
19,924 | 20,035 | ||||||||||||||||
McAfee, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 (13)(21) | 6.07 | % | 7,980 | 7,904 | 7,966 | ||||||||||||
Second Lien Term Loan LIBOR+8.5% (1% floor) cash due 9/29/2025 (13)(21) | 10.07 | % | 8,000 | 8,050 | 8,040 | ||||||||||||
15,954 | 16,006 | ||||||||||||||||
99 Cents Only Stores LLC | General merchandise stores | ||||||||||||||||
First Lien Term Loan LIBOR+5% 1.50% PIK due 1/13/2022 (13)(21) | 6.57 | % | 4,605 | 4,206 | 4,484 | ||||||||||||
4,206 | 4,484 | ||||||||||||||||
Navicure, Inc. | Health care technology | ||||||||||||||||
Second Lien Term Loan, LIBOR+7.5% (1% floor) cash due 10/31/2025 (13)(21) | 8.86 | % | 14,500 | 14,357 | 14,609 | ||||||||||||
14,357 | 14,609 | ||||||||||||||||
Strategic Materials Holdings Corp. | Health care distributors | ||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 10/27/2025 (13)(21) | 9.13 | % | 9,000 | 8,911 | 9,053 | ||||||||||||
8,911 | 9,053 | ||||||||||||||||
Lanai Holdings III, Inc. | Environmental & facilities services | ||||||||||||||||
First Lien Term Loan B, LIBOR+4.75% (1% floor) cash due 8/29/2022 (13)(21) | 6.23 | % | 20,254 | 19,754 | 19,444 | ||||||||||||
19,754 | 19,444 | ||||||||||||||||
Vine Oil & Gas LP | Oil & gas exploration & production | ||||||||||||||||
First Lien Term Loan B, LIBOR+6.875% (1% floor) cash due 11/25/2021 (13)(21) | 8.44 | % | 18,000 | 17,913 | 17,865 | ||||||||||||
17,913 | 17,865 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Sprint Capital Corp | Wireless telecommunication services | ||||||||||||||||
Fixed Rate Bond 6.875% cash due 11/15/2028 (11)(21) | $ | 5,000 | $ | 5,000 | $ | 5,044 | |||||||||||
5,000 | 5,044 | ||||||||||||||||
Avantor Inc. | Commodity chemicals | ||||||||||||||||
Fixed Rate Bond 6% cash due 10/1/2024 (11)(21) | 8,000 | 7,980 | 7,990 | ||||||||||||||
Fixed Rate Bond 9% cash due 10/1/2025 (11)(21) | 3,000 | 2,969 | 2,963 | ||||||||||||||
10,949 | 10,953 | ||||||||||||||||
Datto Inc. | Technology distributors | ||||||||||||||||
First Lien Term Loan LIBOR+8% (1% floor) cash due 12/7/2022 (13) | 9.41 | % | 35,000 | 34,310 | 34,300 | ||||||||||||
First Lien Revolver LIBOR+8% (1% floor) cash due 12/7/2022 (13) | 9.41 | % | (46 | ) | (47 | ) | |||||||||||
34,264 | 34,253 | ||||||||||||||||
Altice Finco SA | Integrated telecommunication services | ||||||||||||||||
Fixed Rate Bond 8.125% cash due 1/15/2024 (11)(21) | 3,000 | 3,060 | 3,150 | ||||||||||||||
Fixed Rate Bond 7.625% cash due 2/15/2025 (11)(21) | 2,000 | 2,015 | 2,043 | ||||||||||||||
5,075 | 5,193 | ||||||||||||||||
Numericable SFR SA | Integrated telecommunication services | ||||||||||||||||
Fixed Rate Bond 7.375% cash due 5/1/2026 (11)(21) | 5,000 | 5,125 | 5,169 | ||||||||||||||
5,125 | 5,169 | ||||||||||||||||
CITGO Petroleum Corp | Oil & gas refining & marketing | ||||||||||||||||
First Lien Term Loan LIBOR+3.5% (1% floor) cash due 7/29/2021 (11)(13)(21) | 4.84 | % | 3,000 | 2,948 | 2,957 | ||||||||||||
2,948 | 2,957 | ||||||||||||||||
CITGO Holding Inc. | Oil & gas refining & marketing | ||||||||||||||||
First Lien Term Loan LIBOR+8.5% (1% floor) cash due 5/12/2018 (11)(13)(21) | 9.84 | % | 29,658 | 29,783 | 30,029 | ||||||||||||
29,783 | 30,029 | ||||||||||||||||
Asset International, Inc. | Research & consulting services | ||||||||||||||||
Second Lien Term Loan LIBOR+9.25% (1% floor) cash due 6/29/2025 (13) | 10.94 | % | 15,000 | 14,657 | 14,657 | ||||||||||||
14,657 | 14,657 | ||||||||||||||||
Total Non-Control/Non-Affiliate Investments (131.9% of net assets) | $ | 1,204,629 | $ | 1,081,401 | |||||||||||||
Total Portfolio Investments (172.7% of net assets) | $ | 1,676,441 | $ | 1,415,404 | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
JP Morgan Prime Money Market Fund | $ | 30,074 | $ | 30,074 | |||||||||||||
Other cash accounts | 15,361 | 15,361 | |||||||||||||||
Total Cash and Cash Equivalents (5.5% of net assets) | $ | 45,435 | $ | 45,435 | |||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents (178.2% of net assets) | $ | 1,721,876 | $ | 1,460,839 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Control Investments | (8)(9) | |||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Common Stock | 829 | $ | — | $ | — | (15) | ||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Preferred Equity | 34,984,460 | 34,984 | 27,638 | (15) | ||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Term Loan | L+ | 5.00% | 8.68% | 2/28/2024 | $ | 14,333 | 14,333 | 14,333 | (6)(15) | |||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Revolver | L+ | 5.00% | 2/28/2024 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | Common Stock | 30,031 | 15,222 | 4,946 | (15) | ||||||||||||||||||||||||||||||||
OCSI Glick JV LLC | Multi-Sector Holdings | Subordinated Debt | L+ | 4.50% | 6.30% | 10/20/2028 | 59,662 | 50,194 | 50,283 | (6)(11)(14)(15)(19) | ||||||||||||||||||||||||||||
OCSI Glick JV LLC | Multi-Sector Holdings | Membership Interest | 87.5 | % | — | — | (11)(14)(16)(19) | |||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | Subordinated Debt | L+ | 7.00% | 8.80% | 12/29/2028 | 96,250 | 96,250 | 96,250 | (6)(11)(14)(15)(19) | ||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC | Multi-Sector Holdings | Membership Interest | 87.5 | % | 49,322 | 20,715 | (11)(12)(14)(16)(19) | |||||||||||||||||||||||||||||||
Total Control Investments (17.2% of net assets) | $ | 260,305 | $ | 214,165 | ||||||||||||||||||||||||||||||||||
Affiliate Investments | (17) | |||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | First Lien Revolver | L+ | 6.75% | 10.42% | 10/17/2023 | $ | 24,490 | $ | 24,490 | $ | 24,225 | (6)(15)(19) | |||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Common Stock | 1,609,201 | 764 | 370 | (15) | ||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Preferred Equity | 1,019,169 | 1,019 | 1,223 | (15) | ||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Warrants | 70,425 | — | — | (15) | ||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | Preferred Equity | 1,080,399 | 1,080 | 378 | (15) | ||||||||||||||||||||||||||||||||
Total Affiliate Investments (2.1% of net assets) | $ | 27,353 | $ | 26,196 | ||||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments | (18) | |||||||||||||||||||||||||||||||||||||
109 Montgomery Owner LLC | Real Estate Operating Companies | First Lien Term Loan | L+ | 7.00% | 9.80% | 2/2/2023 | $ | 389 | $ | 387 | $ | 727 | (6)(15) | |||||||||||||||||||||||||
109 Montgomery Owner LLC | Real Estate Operating Companies | First Lien Term Loan | L+ | 7.00% | 2/2/2023 | — | (31) | — | (6)(15)(19) | |||||||||||||||||||||||||||||
A.T. Holdings II SÀRL | Biotechnology | First Lien Term Loan | 10.50% | 12/22/2022 | 33,997 | 33,960 | 34,891 | (11)(15) | ||||||||||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | Second Lien Term Loan | L+ | 7.75% | 10.82% | 2/27/2026 | 20,000 | 19,927 | 19,075 | (6) | ||||||||||||||||||||||||||||
Accupac, Inc. | Personal Products | First Lien Term Loan | SOFR+ | 5.50% | 9.12% | 1/16/2026 | 15,976 | 15,686 | 15,944 | (6)(15) | ||||||||||||||||||||||||||||
Accupac, Inc. | Personal Products | First Lien Term Loan | SOFR+ | 5.50% | 1/16/2026 | — | — | (6) | (6)(15)(19) | |||||||||||||||||||||||||||||
Accupac, Inc. | Personal Products | First Lien Revolver | SOFR+ | 5.50% | 9.14% | 1/16/2026 | 500 | 462 | 495 | (6)(15)(19) | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | First Lien Term Loan | L+ | 7.00% | 9.63% | 10/31/2025 | 27,349 | 27,038 | 27,158 | (6)(15) | ||||||||||||||||||||||||||||
Acquia Inc. | Application Software | First Lien Revolver | L+ | 7.00% | 10.64% | 10/31/2025 | 914 | 890 | 898 | (6)(15)(19) | ||||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.25% | 9.80% | 12/18/2025 | 14,685 | 14,217 | 14,431 | (6)(15) | ||||||||||||||||||||||||||||
ADC Therapeutics SA | Biotechnology | First Lien Term Loan | SOFR+ | 7.50% | 11.20% | 8/15/2029 | 6,589 | 6,256 | 6,262 | (6)(11)(15) | ||||||||||||||||||||||||||||
ADC Therapeutics SA | Biotechnology | First Lien Term Loan | SOFR+ | 7.50% | 8/15/2029 | — | (38) | (37) | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
ADC Therapeutics SA | Biotechnology | Warrants | 28,948 | 174 | 73 | (11)(15) | ||||||||||||||||||||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, Accessories & Luxury Goods | Common Stock | 51,645 | 5,165 | — | (15) | ||||||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. | Pharmaceuticals | Second Lien Term Loan | E+ | 7.25% | 7.94% | 9/28/2026 | € | 24,838 | 27,752 | 22,143 | (6)(11)(15) | |||||||||||||||||||||||||||
AIP RD Buyer Corp. | Distributors | Second Lien Term Loan | SOFR+ | 7.75% | 10.88% | 12/21/2029 | $ | 14,414 | 14,154 | 13,910 | (6)(15) | |||||||||||||||||||||||||||
AIP RD Buyer Corp. | Distributors | Common Stock | 14,410 | 1,352 | 1,291 | (15) | ||||||||||||||||||||||||||||||||
AirStrip Technologies, Inc. | Application Software | Warrants | 5,715 | 90 | — | (15) | ||||||||||||||||||||||||||||||||
All Web Leads, Inc. | Advertising | First Lien Term Loan | L+ | 8.50% | 11.64% | 12/29/2023 | 23,338 | 22,057 | 22,141 | (6)(15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Control Investments (3)(15) | |||||||||||||||||
Traffic Solutions Holdings, Inc. | Construction and engineering | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 (13) | 8.34 | % | $ | 36,567 | $ | 36,539 | $ | 36,568 | |||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021 (13) | 7.34 | % | 1,250 | 1,247 | 1,250 | ||||||||||||
LC Facility, 6% cash due 4/1/2021 | 4,752 | 4,748 | 4,752 | ||||||||||||||
746,114 Series A Preferred Units, 10% | 20,029 | 7,700 | |||||||||||||||
746,114 Shares of Common Stock | 5,316 | — | |||||||||||||||
67,879 | 50,270 | ||||||||||||||||
TransTrade Operators, Inc. | Air freight & logistics | ||||||||||||||||
First Lien Term Loan, 5% cash due 12/31/2017 (23) | 15,973 | 15,574 | 1,810 | ||||||||||||||
First Lien Revolver, 8% cash due 12/31/2017 (23) | 7,757 | 7,757 | — | ||||||||||||||
596.67 Series A Common Units | — | — | |||||||||||||||
4,000 Series A Preferred Units in TransTrade Holdings LLC | 4,000 | — | |||||||||||||||
5,200,000 Series B Preferred Units in TransTrade Holdings LLC | 5,200 | — | |||||||||||||||
32,531 | 1,810 | ||||||||||||||||
First Star Speir Aviation Limited (11)(16) | Airlines | ||||||||||||||||
First Lien Term Loan, 9% cash due 12/15/2020 | 41,395 | 34,542 | 41,395 | ||||||||||||||
100% equity interest (6) | 8,500 | 3,926 | |||||||||||||||
43,042 | 45,321 | ||||||||||||||||
First Star Bermuda Aviation Limited (11)(16) | Airlines | ||||||||||||||||
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018 | 11,868 | 11,868 | 11,868 | ||||||||||||||
100% equity interest (6) | 2,693 | 2,323 | |||||||||||||||
14,561 | 14,191 | ||||||||||||||||
Eagle Hospital Physicians, LLC | Healthcare services | ||||||||||||||||
Earn-out (19) | 7,851 | 4,986 | |||||||||||||||
7,851 | 4,986 | ||||||||||||||||
Senior Loan Fund JV I, LLC (11)(17)(18) | Multi-sector holdings | ||||||||||||||||
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC (13) | 6.88 | % | 101,030 | 101,030 | 101,030 | ||||||||||||
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC | 27,641 | 27,641 | 27,641 | ||||||||||||||
87.5% LLC equity interest (6)(25) | 16,172 | 5,525 | |||||||||||||||
144,843 | 134,196 | ||||||||||||||||
Ameritox Ltd. | Healthcare services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 (13)(23) | 6.33 | % | 38,338 | 37,539 | 4,445 | ||||||||||||
14,090,126.4 Class A Preferred Units in Ameritox Holdings II, LLC | 14,090 | — | |||||||||||||||
1,602,260.83 Class B Preferred Units in Ameritox Holdings II, LLC | 1,602 | — | |||||||||||||||
4,930.03 Class A Units in Ameritox Holdings II, LLC | 29,049 | — | |||||||||||||||
82,280 | 4,445 | ||||||||||||||||
New IPT, Inc. | Oil & gas equipment services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 (13) | 6.33 | % | 4,107 | 4,107 | 4,107 | ||||||||||||
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 (13) | 6.43 | % | 2,504 | 2,504 | 2,504 | ||||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 (13) | 6.33 | % | 1,009 | 1,009 | 1,009 | ||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | 736 | |||||||||||||||
7,620 | 8,356 | ||||||||||||||||
AdVenture Interactive, Corp. | Advertising | ||||||||||||||||
9,073 shares of common stock | 13,611 | 13,818 | |||||||||||||||
13,611 | 13,818 | ||||||||||||||||
Keypath Education, Inc. (20) | Advertising | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 (13) | 8.33 | % | 19,960 | 19,960 | 19,960 | ||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022 (13) | 8.33 | % | — | — | — | ||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | 10,648 | 7,918 | |||||||||||||||
30,608 | 27,878 | ||||||||||||||||
Total Control Investments (35.2% of net assets) | $ | 444,826 | $ | 305,271 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Altice France S.A. | Integrated Telecommunication Services | Fixed Rate Bond | 5.50% | 10/15/2029 | $ | 4,050 | $ | 3,518 | $ | 3,057 | (11) | |||||||||||||||||||||||||||
Alvogen Pharma US, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 11.20% | 6/30/2025 | 13,134 | 12,847 | 13,068 | (6)(15) | ||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Fixed Rate Bond | 10.00% | 6/24/2025 | 24,043 | 23,747 | 23,923 | (11)(15) | ||||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Fixed Rate Bond | 10.00% | 6/24/2025 | 23,522 | 23,264 | 23,404 | (11)(15) | ||||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Common Stock | 587,930 | 5,308 | 3,974 | (11) | ||||||||||||||||||||||||||||||||
Alvotech Holdings S.A. | Biotechnology | Common Stock | 124,780 | 485 | 212 | (11)(13)(15) | ||||||||||||||||||||||||||||||||
American Auto Auction Group, LLC | Consumer Finance | Second Lien Term Loan | SOFR+ | 8.75% | 12.30% | 1/2/2029 | 14,760 | 14,492 | 13,284 | (6)(15) | ||||||||||||||||||||||||||||
American Tire Distributors, Inc. | Distributors | First Lien Term Loan | L+ | 6.25% | 9.03% | 10/20/2028 | 9,895 | 9,772 | 9,293 | (6) | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | First Lien Term Loan | L+ | 4.25% | 7.92% | 11/26/2026 | 15,220 | 13,973 | 14,687 | (6)(11)(15) | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | Second Lien Term Loan | L+ | 8.00% | 11.67% | 11/26/2027 | 12,500 | 12,188 | 11,958 | (6)(11)(15) | ||||||||||||||||||||||||||||
Anastasia Parent, LLC | Personal Products | First Lien Term Loan | L+ | 3.75% | 7.42% | 8/11/2025 | 2,736 | 2,260 | 2,189 | (6) | ||||||||||||||||||||||||||||
Ankura Consulting Group LLC | Research & Consulting Services | Second Lien Term Loan | L+ | 8.00% | 10.78% | 3/19/2029 | 4,346 | 4,281 | 3,813 | (6)(15) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Term Loan | L+ | 6.00% | 8.46% | 1/10/2025 | 34,458 | 33,737 | 33,738 | (6)(15) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Revolver | L+ | 6.00% | 8.46% | 1/10/2025 | 892 | 863 | 846 | (6)(15)(19) | ||||||||||||||||||||||||||||
APX Group Inc. | Electrical Components & Equipment | Fixed Rate Bond | 5.75% | 7/15/2029 | 2,075 | 1,733 | 1,645 | (11) | ||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | E+ | 7.00% | 8.00% | 7/14/2026 | € | 1,964 | 2,176 | 1,927 | (6)(11)(15) | |||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | SONIA+ | 7.00% | 9.19% | 7/14/2026 | £ | 18,636 | 23,139 | 20,826 | (6)(11)(15) | |||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | L+ | 5.75% | 8.81% | 7/14/2026 | $ | 10,519 | 10,357 | 10,328 | (6)(11)(15) | |||||||||||||||||||||||||||
Ardonagh Midco 3 PLC | Insurance Brokers | First Lien Term Loan | SONIA+ | 5.75% | 7/14/2026 | £ | — | (44) | — | (6)(11)(15)(19) | ||||||||||||||||||||||||||||
ASP Unifrax Holdings, Inc. | Trading Companies & Distributors | Fixed Rate Bond | 7.50% | 9/30/2029 | $ | 5,500 | 5,408 | 3,641 | ||||||||||||||||||||||||||||||
ASP Unifrax Holdings, Inc. | Trading Companies & Distributors | Fixed Rate Bond | 5.25% | 9/30/2028 | 2,500 | 2,220 | 1,926 | |||||||||||||||||||||||||||||||
Associated Asphalt Partners, LLC | Construction Materials | First Lien Term Loan | L+ | 5.25% | 8.06% | 4/5/2024 | 2,501 | 2,331 | 1,934 | (6) | ||||||||||||||||||||||||||||
Astra Acquisition Corp. | Application Software | First Lien Term Loan | L+ | 5.25% | 8.37% | 10/25/2028 | 5,640 | 5,482 | 4,822 | (6) | ||||||||||||||||||||||||||||
athenahealth Group Inc. | Health Care Technology | Preferred Equity | 18,635 | 18,264 | 16,575 | (15) | ||||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | First Lien Term Loan | 11.00% | 6/19/2026 | 13,346 | 12,929 | 12,812 | (11)(15) | ||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | First Lien Term Loan | 5/31/2031 | 8,309 | 8,264 | 8,309 | (11)(15)(21) | |||||||||||||||||||||||||||||||
Athenex, Inc. | Pharmaceuticals | Warrants | 328,149 | 973 | 16 | (11)(15) | ||||||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | L+ | 6.00% | 8.78% | 12/24/2026 | 22,425 | 22,086 | 21,326 | (6)(11)(15) | ||||||||||||||||||||||||||||
The Avery | Real Estate Operating Companies | First Lien Term Loan | L+ | 7.30% | 10.44% | 2/17/2023 | 15,674 | 15,605 | 15,682 | (6)(15) | ||||||||||||||||||||||||||||
The Avery | Real Estate Operating Companies | Subordinated Debt Term Loan | L+ | 12.50% | 16.17% | 2/17/2023 | 3,789 | 3,774 | 3,800 | (6)(15) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | L+ | 5.00% | 8.12% | 6/11/2027 | 2,546 | 2,503 | 2,395 | (6)(15)(19) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | Second Lien Term Loan | L+ | 8.50% | 11.62% | 6/11/2028 | 7,166 | 7,059 | 6,915 | (6)(15) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | Second Lien Term Loan | L+ | 8.50% | 11.62% | 6/11/2028 | 4,227 | 4,070 | 3,839 | (6)(15)(19) | ||||||||||||||||||||||||||||
Berner Food & Beverage, LLC | Soft Drinks | First Lien Term Loan | L+ | 5.50% | 8.31% | 7/30/2027 | 33,078 | 32,612 | 32,053 | (6)(15) | ||||||||||||||||||||||||||||
Berner Food & Beverage, LLC | Soft Drinks | First Lien Revolver | PRIME+ | 4.50% | 10.75% | 7/30/2026 | 1,702 | 1,660 | 1,617 | (6)(15)(19) | ||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 10.25% | 4/19/2027 | 5,322 | 5,111 | 5,114 | (11)(15) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 10.25% | 4/19/2027 | — | — | — | (11)(15)(19) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 9/30/2032 | 2,353 | 2,353 | 2,353 | (11)(15)(21) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Affiliate Investments (4) | |||||||||||||||||
Caregiver Services, Inc. | Healthcare services | ||||||||||||||||
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019 | $ | 9,719 | $ | 9,719 | $ | 9,665 | |||||||||||
1,080,399 Shares of Series A Preferred Stock, 10% | 1,080 | 2,534 | |||||||||||||||
10,799 | 12,199 | ||||||||||||||||
AmBath/ReBath Holdings, Inc. | Home improvement retail | ||||||||||||||||
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018 | 22,955 | 22,944 | 22,957 | ||||||||||||||
4,668,788 Shares of Preferred Stock | — | 1,827 | |||||||||||||||
22,944 | 24,784 | ||||||||||||||||
Total Affiliate Investments (4.3% of net assets) | $ | 33,743 | $ | 36,983 | |||||||||||||
Non-Control/Non-Affiliate Investments (7) | |||||||||||||||||
Cenegenics, LLC | Healthcare services | ||||||||||||||||
First Lien Term Loan, 9.75% cash 2% PIK due 9/30/2019 (23) | 28,600 | $ | 27,737 | $ | 15,811 | ||||||||||||
First Lien Revolver, 15% cash due 9/30/2019 (23) | 2,203 | 2,203 | 1,218 | ||||||||||||||
452,914.87 Common Units in Cenegenics, LLC | 598 | — | |||||||||||||||
345,380.141 Preferred Units in Cenegenics, LLC | 300 | — | |||||||||||||||
30,838 | 17,029 | ||||||||||||||||
Riverlake Equity Partners II, LP | Multi-sector holdings | ||||||||||||||||
1.92% limited partnership interest (11)(25) | 870 | 625 | |||||||||||||||
870 | 625 | ||||||||||||||||
Riverside Fund IV, LP | Multi-sector holdings | ||||||||||||||||
0.34% limited partnership interest (11)(25) | 219 | 397 | |||||||||||||||
219 | 397 | ||||||||||||||||
Bunker Hill Capital II (QP), L.P. | Multi-sector holdings | ||||||||||||||||
0.51% limited partnership interest (11)(25) | 826 | 1,056 | |||||||||||||||
826 | 1,056 | ||||||||||||||||
Maverick Healthcare Group, LLC (21) | Healthcare equipment | ||||||||||||||||
First Lien Term Loan A, LIBOR+7.5% cash (1.75% floor) cash due 4/30/2017 (13)(23) | 9.25 | % | 16,309 | 16,204 | 14,209 | ||||||||||||
First Lien Term Loan B, LIBOR+11% cash (1.75% floor) cash due 4/30/2017 (13)(23) | 12.75 | % | 41,739 | 39,110 | 14,531 | ||||||||||||
CapEx Line, LIBOR+7.75% (1.75% floor) cash due 4/30/2017 (13)(23) | 9.50 | % | 1,272 | 1,261 | 1,124 | ||||||||||||
First Lien Revolver, PRIME+6.5% cash due 4/30/2017 (13)(23) | 10.75 | % | 55 | 40 | 55 | ||||||||||||
56,615 | 29,919 | ||||||||||||||||
Refac Optical Group | Specialty stores | ||||||||||||||||
First Lien Term Loan A, LIBOR+8% cash due 9/30/2018 (13) | 9.23 | % | 4,027 | 3,997 | 4,027 | ||||||||||||
First Lien Term Loan B, LIBOR+9% cash, 1.75% PIK due 9/30/2018 (13) | 10.23 | % | 34,621 | 34,533 | 34,275 | ||||||||||||
First Lien Term Loan C, 12.5% cash due 9/30/2018 | 3,416 | 3,416 | 3,314 | ||||||||||||||
First Lien Revolver, LIBOR+8% cash due 9/30/2018 (13) | 9.23 | % | 3,520 | 3,516 | 3,520 | ||||||||||||
1,550.9435 Shares of Common Stock in Refac Holdings, Inc. | 1 | — | |||||||||||||||
550.9435 Shares of Series A-2 Preferred Stock in Refac Holdings, Inc., 10% | 305 | — | |||||||||||||||
1,000 Shares of Series A Preferred Stock Units in Refac Holdings, Inc., 10% | 999 | 397 | |||||||||||||||
46,767 | 45,533 | ||||||||||||||||
Baird Capital Partners V, LP | Multi-sector holdings | ||||||||||||||||
0.4% limited partnership interest (11)(25) | 994 | 601 | |||||||||||||||
994 | 601 | ||||||||||||||||
Milestone Partners IV, L.P. | Multi-sector holdings | ||||||||||||||||
0.82% limited partnership interest (11)(25) | 948 | 1,527 | |||||||||||||||
948 | 1,527 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | First Lien Term Loan | 9/30/2032 | $ | — | $ | — | $ | — | (11)(15)(19)(21) | ||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. | Pharmaceuticals | Warrants | 21,177 | 125 | 98 | (11)(15) | ||||||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | Second Lien Term Loan | L+ | 7.00% | 9.50% | 6/15/2026 | 30,625 | 30,276 | 29,017 | (6) | ||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | First Lien Term Loan | 9.00% | 9/24/2023 | 3,979 | 3,980 | 3,960 | (15) | ||||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | Preferred Equity | 1,293,324 | 1,293 | 1,280 | (15) | ||||||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | Preferred Equity | 298,460 | 298 | 295 | (15) | ||||||||||||||||||||||||||||||||
Blumenthal Temecula, LLC | Automotive Retail | Common Stock | 298,460 | 298 | 349 | (15) | ||||||||||||||||||||||||||||||||
Cadence Aerospace, LLC | Aerospace & Defense | First Lien Term Loan | L+ | 6.50% | 9.31% | 2.00% | 11/14/2023 | 14,294 | 13,471 | 13,143 | (6)(15) | |||||||||||||||||||||||||||
Carvana Co. | Automotive Retail | Fixed Rate Bond | 5.63% | 10/1/2025 | 6,700 | 5,825 | 4,724 | (11) | ||||||||||||||||||||||||||||||
CCO Holdings LLC | Cable & Satellite | Fixed Rate Bond | 4.50% | 5/1/2032 | 2,097 | 1,746 | 1,603 | (11) | ||||||||||||||||||||||||||||||
CircusTrix Holdings, LLC | Leisure Facilities | First Lien Term Loan | L+ | 5.50% | 8.62% | 7/16/2023 | 10,692 | 10,004 | 10,209 | (6)(15) | ||||||||||||||||||||||||||||
CITGO Holding, Inc. | Oil & Gas Refining & Marketing | Fixed Rate Bond | 9.25% | 8/1/2024 | 7,857 | 7,857 | 7,807 | |||||||||||||||||||||||||||||||
CITGO Petroleum Corp. | Oil & Gas Refining & Marketing | First Lien Term Loan | L+ | 6.25% | 9.37% | 3/28/2024 | 795 | 770 | 797 | (6) | ||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | Advertising | Fixed Rate Bond | 7.50% | 6/1/2029 | 4,311 | 4,311 | 3,132 | (11) | ||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | Advertising | Fixed Rate Bond | 5.13% | 8/15/2027 | 1,374 | 1,229 | 1,163 | (11) | ||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | Advertising | Fixed Rate Bond | 7.75% | 4/15/2028 | 676 | 648 | 512 | (11) | ||||||||||||||||||||||||||||||
Condor Merger Sub Inc. | Systems Software | Fixed Rate Bond | 7.38% | 2/15/2030 | 8,420 | 8,243 | 6,900 | |||||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | First Lien Term Loan | L+ | 8.50% | 11.62% | 1/28/2025 | 22,537 | 21,642 | 20,396 | (6)(15) | ||||||||||||||||||||||||||||
Continental Intermodal Group LP | Oil & Gas Storage & Transportation | Warrants | 648 | 457 | (15) | |||||||||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | First Lien Term Loan | L+ | 5.00% | 8.12% | 1/4/2026 | 11,913 | 11,697 | 8,596 | (6) | ||||||||||||||||||||||||||||
Conviva Inc. | Application Software | Preferred Equity | 417,851 | 605 | 894 | (15) | ||||||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Technology | First Lien Term Loan | SOFR+ | 5.75% | 8.88% | 12/13/2025 | 13,712 | 13,554 | 13,583 | (6)(15) | ||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Technology | First Lien Revolver | PRIME+ | 4.75% | 11.00% | 12/13/2025 | 916 | 898 | 898 | (6)(15)(19) | ||||||||||||||||||||||||||||
CorEvitas, LLC | Health Care Technology | Common Stock | 1,099 | 690 | 2,340 | (15) | ||||||||||||||||||||||||||||||||
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 7.65% | 10/13/2029 | 10,336 | 9,716 | 9,681 | (6) | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | First Lien Term Loan | L+ | 6.00% | 8.81% | 2/6/2026 | 18,200 | 17,790 | 17,843 | (6)(15) | ||||||||||||||||||||||||||||
Coyote Buyer, LLC | Specialty Chemicals | First Lien Revolver | L+ | 6.00% | 2/6/2025 | — | (13) | (26) | (6)(15)(19) | |||||||||||||||||||||||||||||
Delivery Hero FinCo LLC | Internet & Direct Marketing Retail | First Lien Term Loan | SOFR+ | 5.75% | 8.49% | 8/12/2027 | 4,988 | 4,882 | 4,757 | (6)(11) | ||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Subordinated Debt Term Loan | 10.00% | 8/31/2029 | 4,183 | 4,183 | 4,183 | (11)(15)(19) | ||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Preferred Equity | 419 | 419 | 419 | (11)(15) | ||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Common Stock | 2 | 2 | 2 | (11)(15) | ||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC | Specialized Finance | Warrants | 31 | — | — | (11)(15) | ||||||||||||||||||||||||||||||||
Delta Topco, Inc. | Systems Software | Second Lien Term Loan | L+ | 7.25% | 9.34% | 12/1/2028 | 6,680 | 6,647 | 5,934 | (6) | ||||||||||||||||||||||||||||
Dialyze Holdings, LLC | Health Care Equipment | First Lien Term Loan | L+ | 9.00% | 12.67% | 2.00% | 8/4/2026 | 24,396 | 23,083 | 22,993 | (6)(15) | |||||||||||||||||||||||||||
Dialyze Holdings, LLC | Health Care Equipment | First Lien Term Loan | L+ | 9.00% | 8/4/2026 | — | (135) | (129) | (6)(15)(19) | |||||||||||||||||||||||||||||
Dialyze Holdings, LLC | Health Care Equipment | Warrants | 5,403,823 | 1,405 | 1,297 | (15) | ||||||||||||||||||||||||||||||||
Digital.AI Software Holdings, Inc. | Application Software | First Lien Term Loan | L+ | 7.00% | 9.91% | 2/10/2027 | 9,902 | 9,599 | 9,793 | (6)(15) | ||||||||||||||||||||||||||||
Digital.AI Software Holdings, Inc. | Application Software | First Lien Revolver | L+ | 6.50% | 9.41% | 2/10/2027 | 251 | 228 | 239 | (6)(15)(19) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
RCPDirect, L.P. | Multi-sector holdings | ||||||||||||||||
0.9% limited partnership interest (11)(25) | $ | 354 | $ | 559 | |||||||||||||
354 | 559 | ||||||||||||||||
Riverside Fund V, L.P. | Multi-sector holdings | ||||||||||||||||
0.48% limited partnership interest (11)(25) | 1,452 | 1,405 | |||||||||||||||
1,452 | 1,405 | ||||||||||||||||
ACON Equity Partners III, LP | Multi-sector holdings | ||||||||||||||||
0.13% limited partnership interest (11)(25) | 785 | 962 | |||||||||||||||
785 | 962 | ||||||||||||||||
BMC Acquisition, Inc. | Other diversified financial services | ||||||||||||||||
500 Series A Preferred Shares | 500 | 763 | |||||||||||||||
50,000 Common Shares (6) | 1 | 67 | |||||||||||||||
501 | 830 | ||||||||||||||||
Edmentum, Inc. | Education services | ||||||||||||||||
Unsecured Senior PIK Note, 8.5% PIK due 6/9/2020 | $ | 2,434 | 2,434 | 1,922 | |||||||||||||
Unsecured Junior PIK Note, 10% PIK due 6/9/2020 (24) | 11,304 | 10,227 | 379 | ||||||||||||||
Unsecured Revolver, 5% cash due 6/9/2020 | — | — | |||||||||||||||
126,127.80 Class A Common Units | 126 | — | |||||||||||||||
12,787 | 2,301 | ||||||||||||||||
I Drive Safely, LLC | Education services | ||||||||||||||||
125,079 Class A Common Units of IDS Investments, LLC | 1,000 | — | |||||||||||||||
1,000 | — | ||||||||||||||||
Yeti Acquisition, LLC | Leisure products | ||||||||||||||||
3,000,000 Common Stock Units of Yeti Holdings, Inc. | — | 5,900 | |||||||||||||||
— | 5,900 | ||||||||||||||||
Vitalyst Holdings, Inc. | IT consulting & other services | ||||||||||||||||
675 Series A Preferred Units of PCH Support Holdings, Inc., 10% | 675 | 511 | |||||||||||||||
7,500 Class A Common Stock Units of PCH Support Holdings, Inc. | 75 | — | |||||||||||||||
750 | 511 | ||||||||||||||||
Beecken Petty O'Keefe Fund IV, L.P. | Multi-sector holdings | ||||||||||||||||
0.5% limited partnership interest (11)(25) | 1,014 | 1,310 | |||||||||||||||
1,014 | 1,310 | ||||||||||||||||
Comprehensive Pharmacy Services LLC | Pharmaceuticals | ||||||||||||||||
20,000 Common Shares in MCP CPS Group Holdings, Inc. | 2,000 | 2,776 | |||||||||||||||
2,000 | 2,776 | ||||||||||||||||
Garretson Firm Resolution Group, Inc. | Diversified support services | ||||||||||||||||
First Lien Revolver, PRIME+5.5% cash due 5/22/2020 (13) | 9.75 | % | 25 | 25 | 25 | ||||||||||||
4,950,000 Preferred Units in GRG Holdings, LP, 8% | 495 | 198 | |||||||||||||||
50,000 Common Units in GRG Holdings, LP | 5 | — | |||||||||||||||
525 | 223 | ||||||||||||||||
Teaching Strategies, LLC | Education services | ||||||||||||||||
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 8/27/2023 (13) | 10.83 | % | 33,500 | 33,500 | 33,964 | ||||||||||||
33,500 | 33,964 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | L+ | 5.00% | 8.12% | 8/2/2027 | $ | 19,242 | $ | 18,970 | $ | 17,973 | (6) | |||||||||||||||||||||||||
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 7.33% | 4/26/2029 | 5,000 | 4,906 | 4,760 | (6) | ||||||||||||||||||||||||||||
Eagleview Technology Corporation | Application Software | Second Lien Term Loan | L+ | 7.50% | 11.17% | 8/14/2026 | 8,974 | 8,884 | 8,503 | (6)(15) | ||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | Preferred Equity | 488 | 488 | 966 | (15) | ||||||||||||||||||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure Facilities | Common Stock | 12,500 | — | — | (15) | ||||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan | 3.00% | 6.00% | 4/21/2027 | 10,418 | 10,275 | 10,231 | (11)(15) | |||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. | Health Care Technology | First Lien Term Loan | 3.00% | 4/21/2027 | — | 3 | — | (11)(15)(19) | ||||||||||||||||||||||||||||||
Fairbridge Strategic Capital Funding LLC | Real Estate Operating Companies | First Lien Term Loan | 9.00% | 12/24/2028 | 27,850 | 27,850 | 27,850 | (15)(19)(20) | ||||||||||||||||||||||||||||||
Fairbridge Strategic Capital Funding LLC | Real Estate Operating Companies | Warrants | 2,500 | — | 3 | (11)(15)(20) | ||||||||||||||||||||||||||||||||
FINThrive Software Intermediate Holdings, Inc. | Health Care Technology | Second Lien Term Loan | L+ | 6.75% | 9.87% | 12/17/2029 | 25,061 | 24,685 | 21,646 | (6) | ||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | First Lien Term Loan | 11.00% | 8/27/2025 | 9,466 | 9,071 | 9,008 | (11)(15) | ||||||||||||||||||||||||||||||
Fortress Biotech, Inc. | Biotechnology | Warrants | 331,200 | 405 | 66 | (11)(15) | ||||||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC | Integrated Telecommunication Services | Fixed Rate Bond | 6.00% | 1/15/2030 | 4,881 | 4,420 | 3,845 | (11) | ||||||||||||||||||||||||||||||
GKD Index Partners, LLC | Specialized Finance | First Lien Term Loan | L+ | 7.00% | 10.67% | 6/29/2023 | 25,128 | 24,915 | 24,851 | (6)(15) | ||||||||||||||||||||||||||||
GKD Index Partners, LLC | Specialized Finance | First Lien Revolver | L+ | 7.00% | 10.60% | 6/29/2023 | 1,280 | 1,268 | 1,262 | (6)(15)(19) | ||||||||||||||||||||||||||||
Global Medical Response, Inc. | Health Care Services | First Lien Term Loan | L+ | 4.25% | 7.37% | 3/14/2025 | 5,572 | 5,435 | 4,848 | (6) | ||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 11.04% | 6/21/2027 | 14,311 | 14,041 | 14,060 | (6)(15) | ||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00% | 6/21/2027 | — | (54) | (50) | (6)(15)(19) | |||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC | Hotels, Resorts & Cruise Lines | First Lien Revolver | SOFR+ | 8.00% | 6/21/2027 | — | (27) | (25) | (6)(15)(19) | |||||||||||||||||||||||||||||
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 8.38% | 4/9/2029 | 9,392 | 9,080 | 8,582 | (6) | ||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.75% | 9.49% | 8/18/2028 | 19,203 | 18,874 | 18,867 | (6)(15) | ||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | First Lien Term Loan | SOFR+ | 6.75% | 8/18/2028 | — | — | — | (6)(15)(19) | |||||||||||||||||||||||||||||
iCIMs, Inc. | Application Software | First Lien Revolver | SOFR+ | 6.75% | 8/18/2028 | — | (31) | (32) | (6)(15)(19) | |||||||||||||||||||||||||||||
Immucor, Inc. | Health Care Supplies | First Lien Term Loan | L+ | 5.75% | 9.42% | 7/2/2025 | 8,569 | 8,401 | 8,407 | (6)(15) | ||||||||||||||||||||||||||||
Immucor, Inc. | Health Care Supplies | Second Lien Term Loan | L+ | 8.00% | 11.67% | 3.50% | 10/2/2025 | 22,619 | 22,162 | 22,275 | (6)(15) | |||||||||||||||||||||||||||
Impel Neuropharma, Inc. | Health Care Technology | First Lien Term Loan | 2/15/2031 | 13,083 | 13,083 | 13,083 | (15)(21) | |||||||||||||||||||||||||||||||
Impel Neuropharma, Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 8.75% | 12.45% | 3/17/2027 | 12,161 | 11,944 | 11,942 | (6)(15) | ||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited | Health Care Technology | First Lien Term Loan | 11.00% | 1/26/2027 | 6,817 | 6,553 | 6,408 | (11)(15) | ||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited | Health Care Technology | First Lien Term Loan | 11.00% | 1/26/2027 | — | — | — | (11)(15)(19) | ||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited | Health Care Technology | Warrants | 56,999 | 135 | 609 | (11)(15) | ||||||||||||||||||||||||||||||||
Integral Development Corporation | Other Diversified Financial Services | Warrants | 1,078,284 | 113 | — | (15) | ||||||||||||||||||||||||||||||||
Inventus Power, Inc. | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 5.00% | 8.55% | 3/29/2024 | 18,660 | 18,567 | 18,134 | (6)(15) | ||||||||||||||||||||||||||||
Inventus Power, Inc. | Electrical Components & Equipment | Second Lien Term Loan | L+ | 8.50% | 12.17% | 9/29/2024 | 13,674 | 13,514 | 13,154 | (6)(15) | ||||||||||||||||||||||||||||
INW Manufacturing, LLC | Personal Products | First Lien Term Loan | L+ | 5.75% | 9.42% | 3/25/2027 | 35,625 | 34,806 | 31,528 | (6)(15) | ||||||||||||||||||||||||||||
IPC Corp. | Application Software | First Lien Term Loan | L+ | 6.50% | 9.44% | 10/1/2026 | 34,357 | 33,612 | 32,639 | (6)(15) | ||||||||||||||||||||||||||||
Ivanti Software, Inc. | Application Software | Second Lien Term Loan | L+ | 7.25% | 10.33% | 12/1/2028 | 10,247 | 10,196 | 7,702 | (6) | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | First Lien Term Loan | L+ | 7.50% | 10.62% | 1/29/2027 | 36,234 | 35,170 | 36,392 | (6)(15) | ||||||||||||||||||||||||||||
Jazz Acquisition, Inc. | Aerospace & Defense | Second Lien Term Loan | L+ | 8.00% | 11.12% | 6/18/2027 | 528 | 478 | 481 | (6) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Dominion Diagnostics, LLC | Healthcare services | ||||||||||||||||
Subordinated Term Loan, 11% cash 1% PIK due 10/8/2019 (23) | $ | 19,866 | $ | 17,625 | $ | 8,534 | |||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 4/8/2019 (13) | 6.30 | % | 49,414 | 37,574 | 44,592 | ||||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 4/8/2019 (13) | 6.30 | % | — | — | |||||||||||||
55,199 | 53,126 | ||||||||||||||||
Sterling Capital Partners IV, L.P. | Multi-sector holdings | ||||||||||||||||
0.2% limited partnership interest (11)(25) | 1,770 | 1,297 | |||||||||||||||
1,770 | 1,297 | ||||||||||||||||
Advanced Pain Management | Healthcare services | ||||||||||||||||
First Lien Term Loan, LIBOR+8.5% (1.25% floor) cash due 2/26/2018 (13)(23) | 9.75 | % | 24,000 | 23,409 | 1,157 | ||||||||||||
23,409 | 1,157 | ||||||||||||||||
TravelClick, Inc. | Internet software & services | ||||||||||||||||
Second Lien Term Loan, LIBOR+7.75% (1% floor) cash due 11/6/2021 (13) | 8.99 | % | 2,697 | 2,475 | 2,710 | ||||||||||||
2,475 | 2,710 | ||||||||||||||||
Pingora MSR Opportunity Fund I-A, LP | Thrift & mortgage finance | ||||||||||||||||
1.86% limited partnership interest (11)(25) | 7,240 | 6,129 | |||||||||||||||
7,240 | 6,129 | ||||||||||||||||
Credit Infonet, Inc. | Data processing & outsourced services | ||||||||||||||||
Subordinated Term Loan, 12.25% cash 0.75% PIK due 10/26/2020 | 13,940 | 13,940 | 13,941 | ||||||||||||||
13,940 | 13,941 | ||||||||||||||||
HealthEdge Software, Inc. | Application software | ||||||||||||||||
482,453 Series A-3 Preferred Stock Warrants (exercise price $1.450918) expiration date 9/30/2023 | 213 | 768 | |||||||||||||||
213 | 768 | ||||||||||||||||
InMotion Entertainment Group, LLC | Consumer electronics | ||||||||||||||||
First Lien Term Loan A, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13) | 9.09 | % | 12,259 | 12,223 | 12,259 | ||||||||||||
First Lien Term Loan B, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13) | 9.09 | % | 5,344 | 5,265 | 5,344 | ||||||||||||
First Lien Revolver, LIBOR+6.25% cash due 10/1/2018 (13) | 6.25 | % | 3,904 | 3,897 | 3,904 | ||||||||||||
CapEx Line, LIBOR+7.75% (1.25% floor) cash due 10/1/2018 (13) | 9.09 | % | 797 | 789 | 797 | ||||||||||||
1,000,000 Class A Units in InMotion Entertainment Holdings, LLC | 1,000 | 1,761 | |||||||||||||||
23,174 | 24,065 | ||||||||||||||||
Thing5, LLC | Data processing & outsourced services | ||||||||||||||||
First Lien Term Loan, LIBOR+7.5% (1% floor) cash 2% PIK due 10/11/2020 (12)(13) | 8.83 | % | 47,530 | 47,530 | 40,900 | ||||||||||||
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 10/11/2020 (13) | 8.83 | % | 1,000 | 1,000 | 1,000 | ||||||||||||
2,000,000 Units in T5 Investment Vehicle, LLC | 2,000 | — | |||||||||||||||
50,530 | 41,900 | ||||||||||||||||
Kason Corporation | Industrial machinery | ||||||||||||||||
Mezzanine Term Loan, 11.5% cash 1.75% PIK due 10/28/2019 | 6,006 | 6,006 | 5,850 | ||||||||||||||
498.6 Class A Preferred Units in Kason Investment, LLC, 8% | 499 | 569 | |||||||||||||||
5,540 Class A Common Units in Kason Investment, LLC | 55 | — | |||||||||||||||
6,560 | 6,419 | ||||||||||||||||
SPC Partners V, L.P. | Multi-sector holdings | ||||||||||||||||
0.571% limited partnership interest (11)(25) | 1,762 | 1,857 | |||||||||||||||
1,762 | 1,857 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Kings Buyer, LLC | Environmental & Facilities Services | First Lien Term Loan | L+ | 6.50% | 10.17% | 10/29/2027 | $ | 13,623 | $ | 13,487 | $ | 13,351 | (6)(15) | |||||||||||||||||||||||||
Kings Buyer, LLC | Environmental & Facilities Services | First Lien Revolver | L+ | 6.50% | 10.17% | 10/29/2027 | 329 | 311 | 292 | (6)(15)(19) | ||||||||||||||||||||||||||||
LaserShip, Inc. | Air Freight & Logistics | Second Lien Term Loan | L+ | 7.50% | 10.38% | 5/7/2029 | 2,394 | 2,370 | 1,867 | (6)(15) | ||||||||||||||||||||||||||||
Lift Brands Holdings, Inc. | Leisure Facilities | Common Stock | 2,000,000 | 1,399 | — | (15) | ||||||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | First Lien Term Loan | L+ | 5.00% | 8.67% | 5/9/2026 | 41,008 | 40,243 | 39,573 | (6)(15) | ||||||||||||||||||||||||||||
Liquid Environmental Solutions Corporation | Environmental & Facilities Services | Second Lien Term Loan | L+ | 8.50% | 11.38% | 11/30/2026 | 4,357 | 4,285 | 4,226 | (6)(15) | ||||||||||||||||||||||||||||
Liquid Environmental Solutions Corporation | Environmental & Facilities Services | Second Lien Term Loan | L+ | 8.50% | 11.38% | 11/30/2026 | 2,370 | 2,323 | 2,265 | (6)(15)(19) | ||||||||||||||||||||||||||||
Liquid Environmental Solutions Corporation | Environmental & Facilities Services | Common Stock | 451 | 451 | 451 | (15) | ||||||||||||||||||||||||||||||||
LSL Holdco, LLC | Health Care Distributors | First Lien Term Loan | L+ | 6.00% | 9.12% | 1/31/2028 | 19,236 | 18,894 | 18,707 | (6)(15) | ||||||||||||||||||||||||||||
LSL Holdco, LLC | Health Care Distributors | First Lien Revolver | L+ | 6.00% | 9.12% | 1/31/2028 | 1,710 | 1,672 | 1,651 | (6)(15)(19) | ||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | Second Lien Term Loan | L+ | 6.75% | 9.87% | 9/6/2026 | 2,140 | 2,092 | 1,890 | (6) | ||||||||||||||||||||||||||||
Marinus Pharmaceuticals, Inc. | Pharmaceuticals | First Lien Term Loan | 11.50% | 5/11/2026 | 17,203 | 16,954 | 16,644 | (11)(15) | ||||||||||||||||||||||||||||||
Marinus Pharmaceuticals, Inc. | Pharmaceuticals | First Lien Term Loan | 11.50% | 5/11/2026 | — | — | — | (11)(15)(19) | ||||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | First Lien Term Loan | 8.00% | 1.75% | 11/19/2026 | 7,215 | 6,650 | 6,440 | (11)(15) | |||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | First Lien Term Loan | 8.00% | 1.75% | 11/19/2026 | — | 1 | — | (11)(15)(19) | |||||||||||||||||||||||||||||
Mesoblast, Inc. | Biotechnology | Warrants | 209,588 | 480 | 170 | (11)(15) | ||||||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Term Loan | SOFR+ | 6.00% | 9.50% | 7/21/2027 | 18,390 | 18,088 | 17,691 | (6)(15) | ||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified Support Services | First Lien Revolver | SOFR+ | 6.00% | 7/21/2027 | — | (23) | (54) | (6)(15)(19) | |||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Term Loan | L+ | 7.00% | 10.64% | 1.50% | 2/14/2025 | 45,665 | 44,689 | 44,523 | (6)(15) | |||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Revolver | L+ | 8.00% | 2/14/2025 | — | (54) | (100) | (6)(15)(19) | |||||||||||||||||||||||||||||
Mosaic Companies, LLC | Home Improvement Retail | First Lien Term Loan | L+ | 6.75% | 9.89% | 7/2/2026 | 46,499 | 45,802 | 45,421 | (6)(15) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | L+ | 5.50% | 9.17% | 2/10/2026 | 29,565 | 29,128 | 28,734 | (6)(15) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | L+ | 5.50% | 2/10/2026 | — | (12) | (96) | (6)(15)(19) | |||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Revolver | L+ | 5.50% | 2/10/2026 | — | (13) | (51) | (6)(15)(19) | |||||||||||||||||||||||||||||
Navisite, LLC | Data Processing & Outsourced Services | Second Lien Term Loan | L+ | 8.50% | 12.17% | 12/30/2026 | 22,560 | 22,241 | 21,524 | (6)(15) | ||||||||||||||||||||||||||||
NeuAG, LLC | Fertilizers & Agricultural Chemicals | First Lien Term Loan | L+ | 10.50% | 14.17% | 9/11/2024 | 50,459 | 49,301 | 51,972 | (6)(15) | ||||||||||||||||||||||||||||
NFP Corp. | Other Diversified Financial Services | Fixed Rate Bond | 6.88% | 8/15/2028 | 10,191 | 9,773 | 7,966 | |||||||||||||||||||||||||||||||
NN, Inc. | Industrial Machinery | First Lien Term Loan | L+ | 6.88% | 9.99% | 9/19/2026 | 58,713 | 57,655 | 56,805 | (6)(11)(15) | ||||||||||||||||||||||||||||
OEConnection LLC | Application Software | First Lien Term Loan | L+ | 4.00% | 7.12% | 9/25/2026 | 3,323 | 3,162 | 3,207 | (6) | ||||||||||||||||||||||||||||
OEConnection LLC | Application Software | Second Lien Term Loan | L+ | 7.00% | 10.05% | 9/25/2027 | 7,519 | 7,389 | 7,237 | (6)(15) | ||||||||||||||||||||||||||||
OTG Management, LLC | Airport Services | First Lien Term Loan | L+ | 2.00% | 5.08% | 8.00% | 9/2/2025 | 21,557 | 21,267 | 21,557 | (6)(15) | |||||||||||||||||||||||||||
OTG Management, LLC | Airport Services | First Lien Term Loan | L+ | 2.00% | 9/2/2025 | — | (31) | — | (6)(15)(19) | |||||||||||||||||||||||||||||
P & L Development, LLC | Pharmaceuticals | Fixed Rate Bond | 7.75% | 11/15/2025 | 7,776 | 7,820 | 5,846 | |||||||||||||||||||||||||||||||
Park Place Technologies, LLC | Internet Services & Infrastructure | First Lien Term Loan | SOFR+ | 5.00% | 8.13% | 11/10/2027 | 9,850 | 9,460 | 9,374 | (6) | ||||||||||||||||||||||||||||
Performance Health Holdings, Inc. | Health Care Distributors | First Lien Term Loan | L+ | 6.00% | 8.88% | 7/12/2027 | 17,976 | 17,690 | 17,537 | (6)(15) | ||||||||||||||||||||||||||||
PFNY Holdings, LLC | Leisure Facilities | First Lien Term Loan | L+ | 7.00% | 9.28% | 12/31/2026 | 26,154 | 25,712 | 25,893 | (6)(15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
P2 Upstream Acquisition Co. | Application software | ||||||||||||||||
First Lien Revolver, LIBOR+4% (1% floor) cash due 11/1/2018 (10)(13) | 5.33 | % | $ | — | $ | (238 | ) | ||||||||||
— | (238 | ) | |||||||||||||||
OmniSYS Acquisition Corporation | Diversified support services | ||||||||||||||||
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 11/21/2018 (13) | 8.83 | % | $ | 5,500 | 5,495 | 5,468 | |||||||||||
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 11/21/2018 (10)(13) | 8.83 | % | — | (15 | ) | ||||||||||||
100,000 Common Units in OSYS Holdings, LLC | 1,000 | 903 | |||||||||||||||
6,495 | 6,356 | ||||||||||||||||
Moelis Capital Partners Opportunity Fund I-B, LP | Multi-sector holdings | ||||||||||||||||
1.0% limited partnership interest (11)(25) | 1,045 | 1,457 | |||||||||||||||
1,045 | 1,457 | ||||||||||||||||
Aden & Anais Merger Sub, Inc. | Apparel, accessories & luxury goods | ||||||||||||||||
51,645 Common Units in Aden & Anais Holdings, Inc. | 5,165 | 1,241 | |||||||||||||||
5,165 | 1,241 | ||||||||||||||||
Lift Brands, Inc. | Leisure facilities | ||||||||||||||||
First Lien Term Loan, LIBOR+7.5% (1% floor) cash due 12/23/2019 (13) | 8.83 | % | 21,371 | 21,358 | 21,370 | ||||||||||||
First Lien Revolver, LIBOR+7.5% (1% floor) cash due 12/23/2019 (10)(13) | 8.83 | % | (3 | ) | (1 | ) | |||||||||||
2,000,000 Class A Common Units in Snap Investments, LLC | 2,004 | 2,922 | |||||||||||||||
23,359 | 24,291 | ||||||||||||||||
Tailwind Capital Partners II, L.P. | Multi-sector holdings | ||||||||||||||||
0.3% limited partnership interest (11)(25) | 1,583 | 1,956 | |||||||||||||||
1,583 | 1,956 | ||||||||||||||||
Long's Drugs Incorporated | Pharmaceuticals | ||||||||||||||||
Second Lien Term Loan, LIBOR+11.25% cash due 2/19/2022 (13) | 12.49 | % | 26,909 | 26,909 | 27,447 | ||||||||||||
50 Series A Preferred Shares in Long's Drugs Incorporated | 813 | 1,267 | |||||||||||||||
27,722 | 28,714 | ||||||||||||||||
Conviva Inc. | Application software | ||||||||||||||||
417,851 Series D Preferred Stock Warrants (exercise price $1.1966) expiration date 2/28/2021 | 105 | 169 | |||||||||||||||
105 | 169 | ||||||||||||||||
OnCourse Learning Corporation | Education services | ||||||||||||||||
264,312 Class A Units in CIP OCL Investments, LLC | 2,726 | 1,988 | |||||||||||||||
2,726 | 1,988 | ||||||||||||||||
ShareThis, Inc. | Internet software & services | ||||||||||||||||
345,452 Series C Preferred Stock Warrants (exercise price $3.0395) expiration date 3/4/2024 | 367 | 8 | |||||||||||||||
367 | 8 | ||||||||||||||||
Aptean, Inc. | Internet software & services | ||||||||||||||||
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 12/20/2023 (13) | 10.84 | % | 5,900 | 5,821 | 5,952 | ||||||||||||
5,821 | 5,952 | ||||||||||||||||
ExamSoft Worldwide, Inc. | Internet software & services | ||||||||||||||||
180,707 Class C Units in ExamSoft Investor LLC | 181 | 135 | |||||||||||||||
181 | 135 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
PFNY Holdings, LLC | Leisure Facilities | First Lien Term Loan | L+ | 7.00% | 9.25% | 12/31/2026 | $ | 2,228 | $ | 2,186 | $ | 2,203 | (6)(15)(19) | |||||||||||||||||||||||||
PFNY Holdings, LLC | Leisure Facilities | First Lien Revolver | L+ | 7.00% | 12/31/2026 | — | (21) | (13) | (6)(15)(19) | |||||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | Second Lien Term Loan | L+ | 7.25% | 10.92% | 12/18/2028 | 28,627 | 28,198 | 27,482 | (6)(15) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Term Loan | L+ | 8.00% | 10.68% | 4/6/2027 | 48,689 | 47,951 | 47,155 | (6)(15) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Revolver | L+ | 8.00% | 4/6/2027 | — | (53) | (111) | (6)(15)(19) | |||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | First Lien Term Loan | L+ | 6.75% | 10.42% | 3/3/2026 | 33,775 | 32,931 | 33,116 | (6)(15) | ||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | First Lien Revolver | L+ | 6.75% | 3/3/2026 | — | (34) | (49) | (6)(15)(19) | |||||||||||||||||||||||||||||
PRGX Global, Inc. | Data Processing & Outsourced Services | Common Stock | 80,515 | 79 | 89 | (15) | ||||||||||||||||||||||||||||||||
Profrac Holdings II, LLC | Industrial Machinery | First Lien Term Loan | SOFR+ | 8.50% | 10.01% | 3/4/2025 | 23,275 | 22,722 | 22,810 | (6)(15) | ||||||||||||||||||||||||||||
Project Boost Purchaser, LLC | Application Software | Second Lien Term Loan | L+ | 8.00% | 11.12% | 5/31/2027 | 5,250 | 5,168 | 5,047 | (6)(15) | ||||||||||||||||||||||||||||
Quantum Bidco Limited | Food Distributors | First Lien Term Loan | SONIA+ | 6.00% | 8.39% | 1/31/2028 | £ | 3,501 | 4,646 | 3,367 | (6)(11)(15) | |||||||||||||||||||||||||||
QuorumLabs, Inc. | Application Software | Preferred Equity | 64,887,669 | 375 | — | (15) | ||||||||||||||||||||||||||||||||
Radiology Partners, Inc. | Health Care Distributors | First Lien Term Loan | L+ | 4.25% | 7.33% | 7/9/2025 | $ | 3,400 | 3,202 | 2,880 | (6) | |||||||||||||||||||||||||||
Radiology Partners, Inc. | Health Care Distributors | Fixed Rate Bond | 9.25% | 2/1/2028 | 4,755 | 4,720 | 3,109 | |||||||||||||||||||||||||||||||
Relativity ODA LLC | Application Software | First Lien Term Loan | L+ | 7.50% | 10.59% | 5/12/2027 | 24,692 | 24,265 | 24,101 | (6)(15) | ||||||||||||||||||||||||||||
Relativity ODA LLC | Application Software | First Lien Revolver | L+ | 6.50% | 5/12/2027 | — | (43) | (64) | (6)(15)(19) | |||||||||||||||||||||||||||||
Renaissance Holding Corp. | Diversified Banks | Second Lien Term Loan | L+ | 7.00% | 10.12% | 5/29/2026 | 3,542 | 3,515 | 3,402 | (6) | ||||||||||||||||||||||||||||
RP Escrow Issuer LLC | Health Care Distributors | Fixed Rate Bond | 5.25% | 12/15/2025 | 1,325 | 1,218 | 1,097 | |||||||||||||||||||||||||||||||
RumbleOn, Inc. | Automotive Retail | First Lien Term Loan | L+ | 8.25% | 11.92% | 8/31/2026 | 37,656 | 35,775 | 36,187 | (6)(11)(15) | ||||||||||||||||||||||||||||
RumbleOn, Inc. | Automotive Retail | First Lien Term Loan | L+ | 8.25% | 11.92% | 8/31/2026 | 11,393 | 10,583 | 10,760 | (6)(11)(15)(19) | ||||||||||||||||||||||||||||
RumbleOn, Inc. | Automotive Retail | Warrants | 164,660 | 1,202 | 74 | (11)(15) | ||||||||||||||||||||||||||||||||
Sabert Corporation | Metal & Glass Containers | First Lien Term Loan | L+ | 4.50% | 7.63% | 12/10/2026 | 1,691 | 1,610 | 1,623 | (6) | ||||||||||||||||||||||||||||
ShareThis, Inc. | Application Software | Warrants | 345,452 | 367 | — | (15) | ||||||||||||||||||||||||||||||||
SiO2 Medical Products, Inc. | Metal & Glass Containers | First Lien Term Loan | 5.50% | 8.50% | 12/21/2026 | 46,121 | 45,413 | 45,295 | (15) | |||||||||||||||||||||||||||||
SIO2 Medical Products, Inc. | Metal & Glass Containers | Warrants | 415 | 681 | 681 | (15) | ||||||||||||||||||||||||||||||||
SM Wellness Holdings, Inc. | Health Care Services | Second Lien Term Loan | L+ | 8.00% | 10.74% | 4/16/2029 | 9,109 | 8,972 | 8,289 | (6)(15) | ||||||||||||||||||||||||||||
SonicWall US Holdings Inc. | Technology Distributors | Second Lien Term Loan | L+ | 7.50% | 10.48% | 5/18/2026 | 3,195 | 3,163 | 2,997 | (6)(15) | ||||||||||||||||||||||||||||
Sorrento Therapeutics, Inc. | Biotechnology | Common Stock | 50,000 | 197 | 79 | (11) | ||||||||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Term Loan | L+ | 5.25% | 8.30% | 11/20/2028 | 4,534 | 4,455 | 4,427 | (6)(15) | ||||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Revolver | L+ | 5.25% | 8.03% | 11/18/2027 | 866 | 813 | 796 | (6)(15)(19) | ||||||||||||||||||||||||||||
SPX Flow, Inc. | Industrial Machinery | First Lien Term Loan | SOFR+ | 4.50% | 7.63% | 4/5/2029 | 1,500 | 1,410 | 1,393 | (6) | ||||||||||||||||||||||||||||
SumUp Holdings Luxembourg S.À.R.L. | Other Diversified Financial Services | First Lien Term Loan | E+ | 8.50% | 10.00% | 3/10/2026 | £ | 16,911 | 19,414 | 16,360 | (6)(11)(15) | |||||||||||||||||||||||||||
Sunland Asphalt & Construction, LLC | Construction & Engineering | First Lien Term Loan | L+ | 6.00% | 8.88% | 1/13/2026 | $ | 42,618 | 41,654 | 41,723 | (6)(15) | |||||||||||||||||||||||||||
Supermoose Borrower, LLC | Application Software | First Lien Term Loan | L+ | 3.75% | 7.42% | 8/29/2025 | 3,466 | 3,141 | 3,056 | (6) | ||||||||||||||||||||||||||||
SVP-Singer Holdings Inc. | Home Furnishings | First Lien Term Loan | L+ | 6.75% | 10.42% | 7/28/2028 | 20,766 | 19,550 | 18,188 | (6)(15) | ||||||||||||||||||||||||||||
Swordfish Merger Sub LLC | Auto Parts & Equipment | Second Lien Term Loan | L+ | 6.75% | 9.81% | 2/2/2026 | 12,500 | 12,474 | 11,469 | (6)(15) | ||||||||||||||||||||||||||||
Tacala, LLC | Restaurants | Second Lien Term Loan | L+ | 7.50% | 10.62% | 2/4/2028 | 9,448 | 9,338 | 8,692 | (6) | ||||||||||||||||||||||||||||
Tahoe Bidco B.V. | Application Software | First Lien Term Loan | L+ | 6.00% | 8.68% | 9/29/2028 | 23,215 | 22,815 | 22,843 | (6)(11)(15) | ||||||||||||||||||||||||||||
Tahoe Bidco B.V. | Application Software | First Lien Revolver | L+ | 6.00% | 10/1/2027 | — | (29) | (28) | (6)(11)(15)(19) | |||||||||||||||||||||||||||||
Tecta America Corp. | Construction & Engineering | Second Lien Term Loan | L+ | 8.50% | 11.62% | 4/9/2029 | 5,203 | 5,125 | 5,034 | (6)(15) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
DigiCert, Inc. | Internet software & services | ||||||||||||||||
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 10/21/2022 (13) | 10.24 | % | $ | 61,500 | $ | 60,980 | $ | 61,500 | |||||||||
60,980 | 61,500 | ||||||||||||||||
RCPDirect II, LP | Multi-sector holdings | ||||||||||||||||
0.4% limited partnership interest (11)(25) | 617 | 719 | |||||||||||||||
617 | 719 | ||||||||||||||||
Integral Development Corporation | Other diversified financial services | ||||||||||||||||
First Lien Term Loan, LIBOR+9.5% (1% floor) cash due 7/10/2019 (13) | 10.80 | % | 11,500 | 11,466 | 10,815 | ||||||||||||
1,078,284 Common Stock Warrants (exercise price $0.9274) expiration date 7/10/2024 | 113 | — | |||||||||||||||
11,579 | 10,815 | ||||||||||||||||
Loftware, Inc. | Internet software & services | ||||||||||||||||
Mezzanine Term Loan, 11% cash 1% PIK due 7/18/2020 | 6,198 | 6,198 | 6,198 | ||||||||||||||
300,000 Class A Common Units in RPLF Holdings, LLC | 300 | 220 | |||||||||||||||
6,498 | 6,418 | ||||||||||||||||
Webster Capital III, L.P. | Multi-sector holdings | ||||||||||||||||
0.754% limited partnership interest (11)(25) | 1,020 | 1,296 | |||||||||||||||
1,020 | 1,296 | ||||||||||||||||
L Squared Capital Partners LLC | Multi-sector holdings | ||||||||||||||||
2% limited partnership interest (11)(25) | 2,660 | 2,660 | |||||||||||||||
2,660 | 2,660 | ||||||||||||||||
BeyondTrust Software, Inc. | Application software | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/25/2019 (13) | 8.33 | % | 26,677 | 26,174 | 26,676 | ||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/25/2019 (10)(13) | 8.33 | % | (54 | ) | — | ||||||||||||
4,500,000 Class A membership interests in BeyondTrust Holdings LLC | 4,500 | 5,660 | |||||||||||||||
30,620 | 32,336 | ||||||||||||||||
GOBP Holdings Inc. | Food retail | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 10/21/2022 (13) | 9.58 | % | 4,214 | 4,176 | 4,251 | ||||||||||||
4,176 | 4,251 | ||||||||||||||||
Kellermeyer Bergensons Services, LLC | Diversified support services | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.50% (1% floor) cash due 4/29/2022 (13) | 9.81 | % | 6,105 | 5,907 | 5,983 | ||||||||||||
5,907 | 5,983 | ||||||||||||||||
Dodge Data & Analytics LLC | Data processing & outsourced services | ||||||||||||||||
First Lien Term Loan, LIBOR+8.75% (1% floor) cash due 10/31/2019 (13) | 10.13 | % | 7,348 | 7,348 | 6,881 | ||||||||||||
500,000 Class A Common Units in Skyline Data, News and Analytics LLC | 500 | 202 | |||||||||||||||
7,848 | 7,083 | ||||||||||||||||
Metamorph US 3, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+5.5% (1% floor) cash 2% PIK due 12/1/2020 (13)(23) | 6.74 | % | 9,969 | 9,550 | 3,816 | ||||||||||||
First Lien Revolver, LIBOR+6.5% (1% floor) cash due 12/1/2020 (10)(13)(23) | 7.74 | % | 2,205 | 2,203 | (74 | ) | |||||||||||
11,753 | 3,742 |
Portfolio Company | Industry | Type of Investment (1)(2)(3)(4) | Index | Spread | Cash Interest Rate (5)(6) | PIK | Maturity Date | Shares | Principal (7) | Cost | Fair Value | Notes | ||||||||||||||||||||||||||
Telestream Holdings Corporation | Application Software | First Lien Term Loan | SOFR+ | 9.25% | 12.11% | 10/15/2025 | $ | 18,323 | $ | 17,956 | $ | 17,865 | (6)(15) | |||||||||||||||||||||||||
Telestream Holdings Corporation | Application Software | First Lien Revolver | SOFR+ | 9.25% | 12.20% | 10/15/2025 | 1,231 | 1,210 | 1,187 | (6)(15)(19) | ||||||||||||||||||||||||||||
TerSera Therapeutics LLC | Pharmaceuticals | Second Lien Term Loan | L+ | 9.50% | 13.17% | 3/30/2026 | 29,663 | 29,352 | 29,031 | (6)(15) | ||||||||||||||||||||||||||||
TerSera Therapeutics LLC | Pharmaceuticals | Common Stock | 668,879 | 2,028 | 4,077 | (15) | ||||||||||||||||||||||||||||||||
TGNR HoldCo LLC | Integrated Oil & Gas | Subordinated Debt | 11.50% | 5/14/2026 | 4,984 | 4,866 | 4,872 | (10)(11)(15) | ||||||||||||||||||||||||||||||
Thrasio, LLC | Internet & Direct Marketing Retail | First Lien Term Loan | L+ | 7.00% | 11.17% | 12/18/2026 | 37,494 | 36,569 | 35,807 | (6)(15) | ||||||||||||||||||||||||||||
Thrasio, LLC | Internet & Direct Marketing Retail | Preferred Equity | 8,434 | 101 | 69 | (15) | ||||||||||||||||||||||||||||||||
Thrasio, LLC | Internet & Direct Marketing Retail | Preferred Equity | 284,650 | 2,409 | 2,320 | (15) | ||||||||||||||||||||||||||||||||
Thrasio, LLC | Internet & Direct Marketing Retail | Preferred Equity | 48,352 | 979 | 979 | (15) | ||||||||||||||||||||||||||||||||
Thrasio, LLC | Internet & Direct Marketing Retail | Preferred Equity | 23,201 | 22,986 | 26,487 | (15)(19) | ||||||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.15% | 3/30/2029 | 12,032 | 10,949 | 10,827 | (6) | ||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | L+ | 6.00% | 9.12% | 12/29/2028 | 6,016 | 5,908 | 5,895 | (6)(15) | ||||||||||||||||||||||||||||
Uniti Group LP | Specialized REITs | Fixed Rate Bond | 6.50% | 2/15/2029 | 4,500 | 4,060 | 3,026 | (11) | ||||||||||||||||||||||||||||||
Uniti Group LP | Specialized REITs | Fixed Rate Bond | 4.75% | 4/15/2028 | 300 | 258 | 238 | (11) | ||||||||||||||||||||||||||||||
Win Brands Group LLC | Housewares & Specialties | First Lien Term Loan | L+ | 15.00% | 19.64% | 1/23/2026 | 2,316 | 2,293 | 2,264 | (6)(15) | ||||||||||||||||||||||||||||
Win Brands Group LLC | Housewares & Specialties | Warrants | 3,621 | — | 192 | (15) | ||||||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | First Lien Term Loan | L+ | 6.25% | 9.37% | 9/21/2027 | 25,499 | 24,632 | 23,204 | (6) | ||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | Common Stock | 18,032 | 216 | 296 | (15) | ||||||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | Warrants | 109,420 | 1,842 | 1,799 | (15) | ||||||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | L+ | 3.75% | 6.56% | 4/30/2025 | 7,564 | 6,989 | 6,795 | (6) | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | Second Lien Term Loan | L+ | 7.75% | 10.56% | 4/30/2026 | 6,000 | 5,855 | 5,070 | (6)(15) | ||||||||||||||||||||||||||||
WPEngine, Inc. | Application Software | First Lien Term Loan | L+ | 6.00% | 10.19% | 3/27/2026 | 40,536 | 39,947 | 40,131 | (6)(15) | ||||||||||||||||||||||||||||
WWEX Uni Topco Holdings, LLC | Air Freight & Logistics | Second Lien Term Loan | L+ | 7.00% | 10.67% | 7/26/2029 | 5,000 | 4,925 | 4,538 | (6)(15) | ||||||||||||||||||||||||||||
Zayo Group Holdings, Inc. | Alternative Carriers | Fixed Rate Bond | 4.00% | 3/1/2027 | 250 | 212 | 201 | |||||||||||||||||||||||||||||||
Zep Inc. | Specialty Chemicals | Second Lien Term Loan | L+ | 8.25% | 11.92% | 8/11/2025 | 19,578 | 19,542 | 16,152 | (6)(15) | ||||||||||||||||||||||||||||
Zephyr Bidco Limited | Specialized Finance | Second Lien Term Loan | SONIA+ | 7.50% | 9.72% | 7/23/2026 | £ | 18,000 | 23,804 | 16,552 | (6)(11)(15) | |||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate Investments (180.9% of net assets) | $ | 2,330,096 | $ | 2,253,750 | ||||||||||||||||||||||||||||||||||
Total Portfolio Investments (200.2% of net assets) | $ | 2,617,754 | $ | 2,494,111 | ||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | ||||||||||||||||||||||||||||||||||||||
JP Morgan Prime Money Market Fund, Institutional Shares | $ | 5,261 | $ | 5,261 | ||||||||||||||||||||||||||||||||||
Other cash accounts | 21,103 | 21,103 | ||||||||||||||||||||||||||||||||||||
Total Cash and Cash Equivalents and Restricted Cash (2.1% of net assets) | $ | 26,364 | $ | 26,364 | ||||||||||||||||||||||||||||||||||
Total Portfolio Investments and Cash and Cash Equivalents and Restricted Cash (202.4% of net assets) | $ | 2,644,118 | $ | 2,520,475 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Schulman Associates Institutional Board Review, Inc. | Research & consulting services | ||||||||||||||||
Second Lien Term Loan, LIBOR+8% (1% floor) cash due 6/3/2021 (13) | 9.30 | % | $ | 17,000 | $ | 17,000 | $ | 17,000 | |||||||||
17,000 | 17,000 | ||||||||||||||||
Janrain, Inc. | Internet software & services | ||||||||||||||||
218,008 Common Stock Warrants (exercise price $1.3761) expiration date 12/5/2024 | 45 | — | |||||||||||||||
45 | — | ||||||||||||||||
TigerText, Inc. | Internet software & services | ||||||||||||||||
299,110 Series B Preferred Stock Warrants (exercise price $1.3373) expiration date 12/8/2024 | 60 | 409 | |||||||||||||||
60 | 409 | ||||||||||||||||
Survey Sampling International, LLC | Research & consulting services | ||||||||||||||||
Second Lien Term Loan, LIBOR+9% (1% floor) cash due 12/16/2021 (13) | 10.27 | % | 18,700 | 18,475 | 18,513 | ||||||||||||
18,475 | 18,513 | ||||||||||||||||
PSC Industrial Holdings Corp. | Diversified support services | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 12/3/2021 (13) | 9.49 | % | 7,000 | 6,839 | 7,000 | ||||||||||||
6,839 | 7,000 | ||||||||||||||||
EOS Fitness Opco Holdings, LLC | Leisure facilities | ||||||||||||||||
First Lien Term Loan, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13) | 9.99 | % | 3,675 | 3,675 | 3,711 | ||||||||||||
First Lien Revolver, LIBOR+8.75% (0.75% floor) cash due 12/30/2019 (13) | 9.99 | % | — | 50 | |||||||||||||
487.5 Class A Preferred Units, 12% | 488 | 678 | |||||||||||||||
12,500 Class B Common Units | 13 | 463 | |||||||||||||||
4,176 | 4,902 | ||||||||||||||||
Motion Recruitment Partners LLC | Human resources & employment services | ||||||||||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 2/13/2020 (10)(13) | 7.24 | % | (6 | ) | — | ||||||||||||
(6 | ) | — | |||||||||||||||
WeddingWire, Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13) | 9.84 | % | 25,781 | 25,781 | 25,911 | ||||||||||||
First Lien Revolver, LIBOR+8.5% (1% floor) cash due 2/20/2020 (13) | 9.84 | % | — | 15 | |||||||||||||
483,645 Common Shares of WeddingWire, Inc. | 1,200 | 1,607 | |||||||||||||||
26,981 | 27,533 | ||||||||||||||||
xMatters, Inc. | Internet software & services | ||||||||||||||||
600,000 Common Stock Warrants (exercise price $0.593333) expiration date 2/26/2025 | 709 | 368 | |||||||||||||||
709 | 368 | ||||||||||||||||
Edge Fitness, LLC | Leisure facilities | ||||||||||||||||
Delayed Draw Term Loan, LIBOR+7.75% (1% floor) cash due 6/30/2020 (13) | 9.05 | % | 3,398 | 3,398 | 3,397 | ||||||||||||
3,398 | 3,397 | ||||||||||||||||
Golden State Medical Supply, Inc. | Pharmaceuticals | ||||||||||||||||
Mezzanine Term Loan, 10% cash 2.5% PIK due 4/24/2021 | 15,001 | 15,001 | 14,835 | ||||||||||||||
15,001 | 14,835 | ||||||||||||||||
AirStrip Technologies, Inc. | Internet software & services | ||||||||||||||||
22,858.71 Series C-1 Preferred Stock Warrants (exercise price $34.99757) expiration date 5/11/2025 | 90 | — | |||||||||||||||
90 | — |
Derivative Instrument | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Counterparty | Cumulative Unrealized Appreciation /(Depreciation) | |||||||||||||||||||||||||||
Foreign currency forward contract | $ | 43,179 | € | 41,444 | 11/10/2022 | JPMorgan Chase Bank, N.A. | $ | 2,466 | ||||||||||||||||||||||||
Foreign currency forward contract | $ | 45,692 | £ | 37,033 | 11/10/2022 | JPMorgan Chase Bank, N.A. | 4,323 | |||||||||||||||||||||||||
$ | 6,789 |
Derivative Instrument | Company Receives | Company Pays | Counterparty | Maturity Date | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||
Interest rate swap | Fixed 2.7% | Floating 3-month LIBOR +1.658% | Royal Bank of Canada | 1/15/2027 | $350,000 | $(41,969) |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Access Medical Acquisition, Inc. | Healthcare services | ||||||||||||||||
450,000 Shares of Class A Common Stock in CMG Holding Company, LLC (6) | $ | 151 | $ | 970 | |||||||||||||
151 | 970 | ||||||||||||||||
QuorumLabs, Inc. | Internet software & services | ||||||||||||||||
2,727,939 Common Stock Warrants (exercise price $0.0001) expiration date 7/8/2025 | 375 | — | |||||||||||||||
375 | — | ||||||||||||||||
Poseidon Merger Sub, Inc. | Advertising | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 8/15/2023 (13) | 9.81 | % | $ | 30,000 | 29,101 | 30,300 | |||||||||||
29,101 | 30,300 | ||||||||||||||||
Valet Merger Sub, Inc. | Environmental & facilities services | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 9/24/2021 (13) | 8.24 | % | 50,661 | 50,016 | 50,660 | ||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 9/24/2021 (10)(13) | 8.24 | % | — | (115 | ) | — | |||||||||||
49,901 | 50,660 | ||||||||||||||||
Argon Medical Devices, Inc. | Healthcare equipment | ||||||||||||||||
Second Lien Term Loan, LIBOR+9.5% (1% floor) cash due 6/23/2022 (13) | 10.74 | % | 43,000 | 43,000 | 43,002 | ||||||||||||
43,000 | 43,002 | ||||||||||||||||
Lytx, Inc. | Research & consulting services | ||||||||||||||||
3,500 Class A Units in Lytx Holdings, LLC | 2,478 | 2,459 | |||||||||||||||
3,500 Class B Units in Lytx Holdings, LLC | — | 559 | |||||||||||||||
2,478 | 3,018 | ||||||||||||||||
Onvoy, LLC | Integrated telecommunication services | ||||||||||||||||
Second Lien Term Loan, LIBOR+10.5% (1% floor) cash due 2/10/2025 (13) | 11.83 | % | 16,750 | 16,750 | 16,704 | ||||||||||||
19,666.67 Class A Units in GTCR Onvoy Holdings, LLC | 1,967 | 2,088 | |||||||||||||||
13,664.73 Series 3 Class B Units in GTCR Onvoy Holdings, LLC | — | — | |||||||||||||||
18,717 | 18,792 | ||||||||||||||||
4 Over International, LLC | Commercial printing | ||||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 6/7/2022 (13) | 7.24 | % | 6,045 | 6,001 | 6,045 | ||||||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 6/7/2021 (10)(13) | 7.24 | % | (17 | ) | — | ||||||||||||
5,984 | 6,045 | ||||||||||||||||
Ping Identity Corporation | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/30/2021 (13) | 10.49 | % | 42,500 | 41,557 | 43,176 | ||||||||||||
First Lien Revolver, LIBOR+9.25% (1% floor) cash due 6/30/2021 (10)(13) | 10.49 | % | (55 | ) | 40 | ||||||||||||
41,502 | 43,216 | ||||||||||||||||
Ancile Solutions, Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 6/30/2021 (13) | 8.33 | % | 10,330 | 10,104 | 10,248 | ||||||||||||
10,104 | 10,248 |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Ministry Brands, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13) | 6.24 | % | $ | 3,891 | $ | 3,857 | $ | 3,891 | |||||||||
First Lien Delayed Draw Term Loan, LIBOR+5% (1% floor) cash due 12/2/2022 (13) | 6.24 | % | 1,352 | 1,336 | 1,352 | ||||||||||||
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13) | 10.49 | % | 7,056 | 6,964 | 7,056 | ||||||||||||
Second Lien Delayed Draw Term Loan, LIBOR+9.25% (1% floor) cash due 6/2/2023 (13) | 10.49 | % | 1,944 | 1,918 | 1,944 | ||||||||||||
First Lien Revolver LIBOR+5% (1% floor) cash due 12/2/2022 (10)(13) | 6.24 | % | — | (9 | ) | — | |||||||||||
14,066 | 14,243 | ||||||||||||||||
Sailpoint Technologies, Inc. | Application software | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 8/16/2021 (13) | 8.33 | % | 20,870 | 20,529 | 20,870 | ||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 8/16/2021 (10)(13) | 8.33 | % | (22 | ) | — | ||||||||||||
20,507 | 20,870 | ||||||||||||||||
California Pizza Kitchen, Inc. | Restaurants | ||||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 8/23/2022 (13) | 7.24 | % | 4,950 | 4,910 | 4,917 | ||||||||||||
4,910 | 4,917 | ||||||||||||||||
Aptos, Inc. | Data processing & outsourced services | ||||||||||||||||
First Lien Term Loan B, LIBOR+6.75% (1% floor) cash due 9/1/2022 (13) | 8.08 | % | 5,445 | 5,354 | 5,391 | ||||||||||||
5,354 | 5,391 | ||||||||||||||||
SPC Partners VI, L.P. | Multi-sector holdings | ||||||||||||||||
0.39% limited partnership interest (11)(25) | — | — | |||||||||||||||
— | — | ||||||||||||||||
Impact Sales, LLC | Advertising | ||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13) | 8.30 | % | 11,166 | 10,955 | 11,145 | ||||||||||||
Delayed Draw Term Loan, LIBOR+7% (1% floor) cash due 12/30/2021 (13) | 8.30 | % | 513 | 443 | 506 | ||||||||||||
11,398 | 11,651 | ||||||||||||||||
DFT Intermediate LLC | Specialized finance | ||||||||||||||||
First Lien Term Revolver, LIBOR+5.5% (1% floor) cash due 3/1/2022 (13) | 6.74 | % | 3,300 | 3,224 | 3,278 | ||||||||||||
3,224 | 3,278 | ||||||||||||||||
Systems, Inc. | Industrial machinery | ||||||||||||||||
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 3/3/2022 (13) | 6.57 | % | 8,668 | 8,553 | 8,625 | ||||||||||||
First Lien Revolver, LIBOR+5.25% (1% floor) cash due 3/3/2022 (10)(13) | 6.57 | % | (40 | ) | (40 | ) | |||||||||||
8,513 | 8,585 | ||||||||||||||||
TerSera Therapeutics, LLC | Pharmaceuticals | ||||||||||||||||
Second Lien Term Loan, LIBOR+9.25% (1% floor) cash due 3/30/2024 (13) | 10.58 | % | 15,000 | 14,586 | 14,629 | ||||||||||||
668,879 Common Units of TerSera Holdings LLC | 1,500 | 1,816 | |||||||||||||||
16,086 | 16,445 | ||||||||||||||||
Cablevision Systems Corp. | Integrated telecommunication services | ||||||||||||||||
Fixed Rate Bond 10.875% cash due 10/15/2025 (22) | 5,897 | 7,077 | 7,298 | ||||||||||||||
7,077 | 7,298 | ||||||||||||||||
See notes to Consolidated Financial Statements. |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Terraform Power Operating | Multi-utilities | ||||||||||||||||
Fixed Rate Bond 6.375% cash due 2/1/2023 (11)(22) | $ | 6,000 | $ | 6,201 | $ | 6,255 | |||||||||||
6,201 | 6,255 | ||||||||||||||||
HC2 Holdings Inc. | Multi-sector holdings | ||||||||||||||||
Fixed Rate Bond 11% cash due 12/1/2019 (11)(22) | 10,500 | 10,666 | 10,631 | ||||||||||||||
10,666 | 10,631 | ||||||||||||||||
Natural Resource Partners LP | Precious metals & minerals | ||||||||||||||||
Fixed Rate Bond 10.5% cash due 3/15/2022 (11)(22) | 7,000 | 7,459 | 7,464 | ||||||||||||||
7,459 | 7,464 | ||||||||||||||||
Virgin Media | Integrated telecommunication services | ||||||||||||||||
Fixed Rate Bond 5.5% cash due 8/15/2026 (11)(22) | 2,000 | 2,038 | 2,108 | ||||||||||||||
Fixed Rate Bond 5.25% cash due 1/15/2026 (11)(22) | 3,000 | 3,009 | 3,161 | ||||||||||||||
5,047 | 5,269 | ||||||||||||||||
Scientific Games International, Inc. | Casinos & gaming | ||||||||||||||||
First Lien Term Loan B4, LIBOR+3.25% cash due 8/14/2024 (13)(22) | 4.58 | % | 11,368 | 11,313 | 11,402 | ||||||||||||
11,313 | 11,402 | ||||||||||||||||
ASHCO, LLC | Specialty stores | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 12/15/2023 (13) | 6.24 | % | 12,000 | 11,762 | 11,335 | ||||||||||||
11,762 | 11,335 | ||||||||||||||||
Salient CRGT Inc. | IT consulting & other services | ||||||||||||||||
First Lien Term Loan, LIBOR+5.75% (1% floor) cash due 2/28/2022 (13) | 6.99 | % | 3,440 | 3,377 | 3,416 | ||||||||||||
3,377 | 3,416 | ||||||||||||||||
BJ's Wholesale Club, Inc. | Hypermarkets & super centers | ||||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 1/26/2024 (13)(22) | 4.99 | % | 11,970 | 11,979 | 11,504 | ||||||||||||
11,979 | 11,504 | ||||||||||||||||
Everi Payments Inc. | Casinos & gaming | ||||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 5/9/2024 (13)(22) | 5.74 | % | 11,970 | 11,996 | 12,093 | ||||||||||||
11,996 | 12,093 | ||||||||||||||||
LSF9 Atlantis Holdings, LLC | Computer & electronics retail | ||||||||||||||||
First Lien Term Loan, LIBOR+6% (1% floor) cash due 5/1/2023 (13) | 7.24 | % | 6,459 | 6,399 | 6,498 | ||||||||||||
6,399 | 6,498 | ||||||||||||||||
Allied Universal Holdco LLC | Security & alarm services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 7/28/2022 (13)(22) | 5.08 | % | 11,970 | 12,043 | 11,958 | ||||||||||||
Second Lien Term Loan, LIBOR+8.5% (1% floor) cash due 7/27/2023 (13)(22) | 9.81 | % | 1,149 | 1,171 | 1,145 | ||||||||||||
13,214 | 13,103 | ||||||||||||||||
Truck Hero, Inc. | Auto parts & equipment | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 4/21/2025 (13) | 9.58 | % | 21,500 | 21,191 | 21,715 | ||||||||||||
21,191 | 21,715 | ||||||||||||||||
BMC Software Finance, Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+4% (1% floor) cash due 9/10/2022 (13)(22) | 5.24 | % | 16,881 | 16,999 | 16,993 | ||||||||||||
16,999 | 16,993 | ||||||||||||||||
See notes to Consolidated Financial Statements. |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
Internet Pipeline, Inc. | Internet software & services | ||||||||||||||||
Incremental First Lien Term Loan, LIBOR+6.25% (1% floor) cash due 8/1/2022 (13) | 7.48 | % | $ | 5,565 | $ | 5,513 | $ | 5,677 | |||||||||
5,513 | 5,677 | ||||||||||||||||
CCC Information Services Inc. | Internet software & services | ||||||||||||||||
Second Lien Term Loan, LIBOR+6.75% (1% floor) cash due 3/13/2025 (13) | 7.99 | % | 2,500 | 2,559 | 2,581 | ||||||||||||
2,559 | 2,581 | ||||||||||||||||
Hyland Software Inc. | Internet software & services | ||||||||||||||||
Second Lien Term Loan, LIBOR+7% (1% floor) cash due 7/7/2025 (13) | 8.24 | % | 2,000 | 1,991 | 1,980 | ||||||||||||
1,991 | 1,980 | ||||||||||||||||
Idera, Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan B, LIBOR+5% (1% floor) cash due 6/27/2024 (13) | 6.24 | % | 6,926 | 6,910 | 6,978 | ||||||||||||
6,910 | 6,978 | ||||||||||||||||
MHE Intermediate Holdings, LLC | Diversified support services | ||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/11/2024 (13) | 6.33 | % | 2,993 | 2,964 | 2,993 | ||||||||||||
2,964 | 2,993 | ||||||||||||||||
PowerPlan Holdings, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+5.25% (1% floor) cash due 2/23/2022 (13) | 6.49 | % | 4,988 | 4,941 | 4,987 | ||||||||||||
4,941 | 4,987 | ||||||||||||||||
UOS, LLC | Trucking | ||||||||||||||||
First Lien Term Loan, LIBOR+5.5% (1% floor) cash due 4/18/2023 (13) | 6.74 | % | 6,916 | 7,081 | 7,106 | ||||||||||||
7,081 | 7,106 | ||||||||||||||||
Veritas US Inc. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 1/27/2023 (13)(22) | 5.83 | % | 34,947 | 35,379 | 35,336 | ||||||||||||
35,379 | 35,336 | ||||||||||||||||
Staples, Inc. | Distributors | ||||||||||||||||
First Lien Term Loan, LIBOR+4% (1% floor) cash due 8/12/2024 (13)(22) | 5.31 | % | 10,000 | 9,976 | 9,967 | ||||||||||||
Fixed Rate Bond 8.5% cash due 9/15/2025 (22) | 5,000 | 4,988 | 4,863 | ||||||||||||||
14,964 | 14,830 | ||||||||||||||||
Zep Inc. | Housewares & Specialties | ||||||||||||||||
Second Lien Term Loan, LIBOR+8.25% (1% floor) cash due 8/11/2025 (13) | 9.48 | % | 30,000 | 29,852 | 29,775 | ||||||||||||
29,852 | 29,775 | ||||||||||||||||
DTZ U.S. Borrower, LLC | Real estate services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.25% (1% floor) cash due 11/4/2021 (13)(22) | 4.57 | % | 12,967 | 13,011 | 13,014 | ||||||||||||
13,011 | 13,014 | ||||||||||||||||
Micro Holding Corp. | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.5% (1% floor) cash due 9/15/2024 (13) | 4.82 | % | 6,000 | 5,970 | 5,978 | ||||||||||||
5,970 | 5,978 | ||||||||||||||||
Accudyne Industries, LLC | Oil & gas equipment services | ||||||||||||||||
First Lien Term Loan, LIBOR+3.75% (1% floor) cash due 8/18/2024 (13)(22) | 5.01 | % | 19,915 | 19,977 | 19,990 | ||||||||||||
19,977 | 19,990 | ||||||||||||||||
See notes to Consolidated Financial Statements. |
Portfolio Company/Type of Investment (1)(2)(5)(9)(14) | Cash Interest Rate (13) | Industry | Principal (8) | Cost | Fair Value | ||||||||||||
McAfee, LLC | Internet software & services | ||||||||||||||||
First Lien Term Loan, LIBOR+4.5% (1% floor) cash due 9/30/2024 (13) | 5.83 | % | $ | 8,000 | $ | 7,921 | $ | 8,083 | |||||||||
7,921 | 8,083 | ||||||||||||||||
Total Non-Control/Non-Affiliate Investments (138.2% of net assets) | $ | 1,279,096 | $ | 1,199,501 | |||||||||||||
Total Portfolio Investments (177.7% of net assets) | $ | 1,757,665 | $ | 1,541,755 | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
JP Morgan Prime Money Market Fund | $ | 48,808 | $ | 48,808 | |||||||||||||
Other cash accounts | 4,210 | 4,210 | |||||||||||||||
Total Cash and Cash Equivalents (6.1% of net assets) | $ | 53,018 | $ | 53,018 | |||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents (183.8% of net assets) | $ | 1,810,683 | $ | 1,594,773 |
December 31, 2017 | September 30, 2017 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||
Investments in debt securities | $ | 1,343,309 | $ | 1,171,848 | $ | 1,426,301 | $ | 1,296,138 | ||||||||
Investments in equity securities | 188,693 | 110,409 | 186,521 | 111,421 | ||||||||||||
Debt investments in SLF JV I | 128,267 | 128,267 | 128,671 | 128,671 | ||||||||||||
Equity investment in SLF JV I | 16,172 | 4,880 | 16,172 | 5,525 | ||||||||||||
Total | $ | 1,676,441 | $ | 1,415,404 | $ | 1,757,665 | $ | 1,541,755 |
December 31, 2017 | September 30, 2017 | |||||||||||||
Fair Value | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||
Fixed rate debt securities, including debt investments in SLF JV I | $ | 229,274 | 17.63 | % | $ | 233,869 | 16.41 | % | ||||||
Floating rate debt securities, including debt investments in SLF JV I | 1,070,841 | 82.37 | 1,190,940 | 83.59 | ||||||||||
Total | $ | 1,300,115 | 100.00 | % | $ | 1,424,809 | 100.00 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
Investments in debt securities | $ | 2,942,222 | $ | 2,826,369 | $ | 2,294,392 | $ | 2,223,329 | ||||||||||||||||||
Investments in equity securities | 136,619 | 118,989 | 127,596 | 103,534 | ||||||||||||||||||||||
Debt investments in the JVs | 162,653 | 162,288 | 146,444 | 146,533 | ||||||||||||||||||||||
Equity investments in the JVs | 54,791 | 27,973 | 49,322 | 20,715 | ||||||||||||||||||||||
Total | $ | 3,296,285 | $ | 3,135,619 | $ | 2,617,754 | $ | 2,494,111 |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | ||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 258,128 | $ | 815,352 | $ | — | $ | 1,073,480 | ||||||||||
Investments in debt securities (subordinated, including debt investments in SLF JV I) | — | 56,684 | 169,951 | — | 226,635 | |||||||||||||||
Investments in equity securities (preferred) | — | — | 16,350 | — | 16,350 | |||||||||||||||
Investments in equity securities (common, including LLC equity interests of SLF JV I) | — | — | 68,434 | 30,505 | 98,939 | |||||||||||||||
Total investments at fair value | — | 314,812 | 1,070,087 | 30,505 | 1,415,404 | |||||||||||||||
Cash and cash equivalents | 45,435 | — | — | — | 45,435 | |||||||||||||||
Total assets at fair value | $ | 45,435 | $ | 314,812 | $ | 1,070,087 | $ | 30,505 | $ | 1,460,839 | ||||||||||
Secured borrowings relating to senior secured debt investments | — | — | 11,601 | — | 11,601 | |||||||||||||||
Total liabilities at fair value | $ | — | $ | — | $ | 11,601 | $ | — | $ | 11,601 |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Fair Value | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||||||||||||||
Floating rate debt securities, including the debt investments in the JVs | $ | 2,571,458 | 86.04 | % | $ | 2,049,644 | 86.49 | % | ||||||||||||||||||
Fixed rate debt securities | 417,199 | 13.96 | 320,218 | 13.51 | ||||||||||||||||||||||
Total | $ | 2,988,657 | 100.00 | % | $ | 2,369,862 | 100.00 | % |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | |||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 142,257 | $ | 1,060,442 | $ | — | $ | 1,202,699 | Investments in debt securities (senior secured) | $ | — | $ | 245,925 | $ | 2,528,448 | $ | — | $ | 2,774,373 | |||||||||||||||||||||||||||||||
Investments in debt securities (subordinated, including debt investments in SLF JV I) | — | 41,778 | 180,331 | — | 222,109 | |||||||||||||||||||||||||||||||||||||||||||||||
Investments in debt securities (subordinated, including the debt investments in the JVs) | Investments in debt securities (subordinated, including the debt investments in the JVs) | — | 29,368 | 184,916 | — | 214,284 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity securities (preferred) | — | — | 16,445 | — | 16,445 | Investments in equity securities (preferred) | — | — | 92,186 | — | 92,186 | |||||||||||||||||||||||||||||||||||||||||
Investments in equity securities (common, including LLC equity interests of SLF JV I) | — | — | 69,164 | 31,338 | 100,502 | |||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of the JVs) | Investments in equity securities (common and warrants, including LLC equity interests of the JVs) | 6,455 | — | 20,348 | 27,973 | 54,776 | ||||||||||||||||||||||||||||||||||||||||||||||
Total investments at fair value | — | 184,035 | 1,326,382 | 31,338 | 1,541,755 | Total investments at fair value | 6,455 | 275,293 | 2,825,898 | 27,973 | 3,135,619 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 53,018 | — | — | — | 53,018 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | 5,193 | — | — | — | 5,193 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative asset | Derivative asset | — | 49 | — | — | 49 | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 53,018 | $ | 184,035 | $ | 1,326,382 | $ | 31,338 | $ | 1,594,773 | Total assets at fair value | $ | 11,648 | $ | 275,342 | $ | 2,825,898 | $ | 27,973 | $ | 3,140,861 | |||||||||||||||||||||||||||||||
Secured borrowings relating to senior secured debt investments | — | — | 13,256 | — | 13,256 | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liability | Derivative liability | $ | — | $ | 39,567 | $ | — | $ | — | $ | 39,567 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | — | $ | 13,256 | $ | — | $ | 13,256 | Total liabilities at fair value | $ | — | $ | 39,567 | $ | — | $ | — | $ | 39,567 |
Level 1 | Level 2 | Level 3 | Measured at Net Asset Value (a) | Total | ||||||||||||||||||||||||||||
Investments in debt securities (senior secured) | $ | — | $ | 255,803 | $ | 1,910,606 | $ | — | $ | 2,166,409 | ||||||||||||||||||||||
Investments in debt securities (subordinated, including the debt investments in the JVs) | — | 44,065 | 159,388 | — | 203,453 | |||||||||||||||||||||||||||
Investments in equity securities (preferred) | — | — | 79,523 | — | 79,523 | |||||||||||||||||||||||||||
Investments in equity securities (common and warrants, including LLC equity interests of the JVs) | 4,053 | — | 19,958 | 20,715 | 44,726 | |||||||||||||||||||||||||||
Total investments at fair value | 4,053 | 299,868 | 2,169,475 | 20,715 | 2,494,111 | |||||||||||||||||||||||||||
Cash equivalents | 5,261 | — | — | — | 5,261 | |||||||||||||||||||||||||||
Derivative assets | — | 6,789 | — | — | 6,789 | |||||||||||||||||||||||||||
Total assets at fair value | $ | 9,314 | $ | 306,657 | $ | 2,169,475 | $ | 20,715 | $ | 2,506,161 | ||||||||||||||||||||||
Derivative liability | $ | — | $ | 41,969 | $ | — | $ | — | $ | 41,969 | ||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 41,969 | $ | — | $ | — | $ | 41,969 |
Investments | Liabilities | |||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in SLF JV I) | Preferred Equity | Common Equity | Total | Secured Borrowings | |||||||||||||||||||
Fair value as of September 30, 2017 | $ | 1,060,442 | $ | 180,331 | $ | 16,445 | $ | 69,164 | $ | 1,326,382 | $ | 13,256 | ||||||||||||
New investments & net revolver activity | 58,869 | 1,730 | — | 2,500 | 63,099 | — | ||||||||||||||||||
Redemptions/repayments/sales | (239,894 | ) | (812 | ) | — | 9 | (240,697 | ) | — | |||||||||||||||
Transfers out (a) | (37,368 | ) | — | — | — | (37,368 | ) | — | ||||||||||||||||
Net accrual of PIK interest income | 683 | 75 | — | — | 758 | — | ||||||||||||||||||
Accretion of OID | 186 | — | — | — | 186 | — | ||||||||||||||||||
Net unrealized depreciation on investments | (27,566 | ) | (11,372 | ) | (95 | ) | (3,230 | ) | (42,263 | ) | — | |||||||||||||
Net unrealized depreciation on secured borrowings | — | — | — | — | — | (1,655 | ) | |||||||||||||||||
Realized loss on investments | — | (1 | ) | — | (9 | ) | (10 | ) | — | |||||||||||||||
Fair value as of December 31, 2017 | $ | 815,352 | $ | 169,951 | $ | 16,350 | $ | 68,434 | $ | 1,070,087 | $ | 11,601 | ||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of December 31, 2017 and reported within net unrealized depreciation on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2017 | $ | (27,539 | ) | $ | (11,441 | ) | $ | (94 | ) | $ | (4,243 | ) | $ | (43,317 | ) | $ | (1,655 | ) |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in the JVs) | Preferred Equity | Common Equity and Warrants | Total | ||||||||||||||||||||||||||||
Fair value as of March 31, 2023 | $ | 2,493,622 | $ | 183,756 | $ | 91,447 | $ | 25,509 | $ | 2,794,334 | ||||||||||||||||||||||
Purchases | 228,375 | 4,183 | — | 182 | 232,740 | |||||||||||||||||||||||||||
Sales and repayments | (191,409) | (350) | — | (7,320) | (199,079) | |||||||||||||||||||||||||||
Transfers out (a) | — | (2,708) | — | — | (2,708) | |||||||||||||||||||||||||||
Capitalized PIK interest income | 3,610 | 358 | — | — | 3,968 | |||||||||||||||||||||||||||
Accretion of OID | 4,086 | 381 | — | — | 4,467 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | (8,027) | (704) | 739 | 1,893 | (6,099) | |||||||||||||||||||||||||||
Net realized gains (losses) | (1,809) | — | — | 84 | (1,725) | |||||||||||||||||||||||||||
Fair value as of June 30, 2023 | $ | 2,528,448 | $ | 184,916 | $ | 92,186 | $ | 20,348 | $ | 2,825,898 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2023 | $ | (10,360) | $ | (704) | $ | 739 | $ | 1,095 | $ | (9,230) |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in the JVs) | Preferred Equity | Common Equity and Warrants | Total | ||||||||||||||||||||||||||||
Fair value as of March 31, 2022 | $ | 1,955,858 | $ | 160,727 | $ | 84,372 | $ | 33,588 | $ | 2,234,545 | ||||||||||||||||||||||
Purchases | 60,692 | 29 | — | 125 | 60,846 | |||||||||||||||||||||||||||
Sales and repayments | (91,730) | (733) | — | (3,890) | (96,353) | |||||||||||||||||||||||||||
Transfers in (a) | 28,475 | — | — | — | 28,475 | |||||||||||||||||||||||||||
Transfers out (b) | — | — | — | (5,838) | (5,838) | |||||||||||||||||||||||||||
Capitalized PIK interest income | 5,537 | — | — | — | 5,537 | |||||||||||||||||||||||||||
Accretion of OID | 5,100 | 430 | — | — | 5,530 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | (33,208) | (4,873) | (2,756) | (873) | (41,710) | |||||||||||||||||||||||||||
Net realized gains (losses) | (10) | — | — | 393 | 383 | |||||||||||||||||||||||||||
Fair value as of June 30, 2022 | $ | 1,930,714 | $ | 155,580 | $ | 81,616 | $ | 23,505 | $ | 2,191,415 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2022 | $ | (33,199) | $ | (4,873) | $ | (2,756) | $ | (917) | $ | (41,745) |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in the JVs) | Preferred Equity | Common Equity and Warrants | Total | ||||||||||||||||||||||||||||
Fair value as of September 30, 2022 | $ | 1,910,606 | $ | 159,388 | $ | 79,523 | $ | 19,958 | $ | 2,169,475 | ||||||||||||||||||||||
Purchases (a) | 980,595 | 26,508 | 14,296 | 5,610 | 1,027,009 | |||||||||||||||||||||||||||
Sales and repayments | (357,903) | (1,396) | — | (8,295) | (367,594) | |||||||||||||||||||||||||||
Transfers in (b) | 19,075 | — | — | — | 19,075 | |||||||||||||||||||||||||||
Capitalized PIK interest income | 12,549 | 376 | — | — | 12,925 | |||||||||||||||||||||||||||
Accretion of OID | 11,684 | 1,109 | — | — | 12,793 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | (45,019) | (1,069) | (1,633) | 2,804 | (44,917) | |||||||||||||||||||||||||||
Net realized gains (losses) | (3,139) | — | — | 271 | (2,868) | |||||||||||||||||||||||||||
Fair value as of June 30, 2023 | $ | 2,528,448 | $ | 184,916 | $ | 92,186 | $ | 20,348 | $ | 2,825,898 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2023 | $ | (46,680) | $ | (1,069) | $ | (1,633) | $ | (355) | $ | (49,737) |
Investments | Liabilities | |||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in SLF JV I) | Preferred Equity | Common Equity | Total | Secured Borrowings | |||||||||||||||||||
Fair value as of September 30, 2016 | $ | 1,689,535 | $ | 285,277 | $ | 47,749 | $ | 106,540 | $ | 2,129,101 | $ | 18,400 | ||||||||||||
New investments & net revolver activity | 99,858 | 126,402 | — | 1,586 | 227,846 | — | ||||||||||||||||||
Redemptions/repayments | (194,616 | ) | (150,043 | ) | (652 | ) | (1,786 | ) | (347,097 | ) | (4,503 | ) | ||||||||||||
Net accrual (receipt) of PIK interest income | (1,026 | ) | (247 | ) | 676 | — | (597 | ) | — | |||||||||||||||
Accretion of OID | 2,201 | — | — | — | 2,201 | — | ||||||||||||||||||
Net change in unearned income | (26 | ) | 11 | — | — | (15 | ) | — | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (81,425 | ) | 14,877 | 1,372 | (9,720 | ) | (74,896 | ) | — | |||||||||||||||
Net unrealized appreciation on secured borrowings | — | — | — | — | — | 84 | ||||||||||||||||||
Realized gain (loss) on investments | (140 | ) | (19,857 | ) | 443 | (3,600 | ) | (23,154 | ) | — | ||||||||||||||
Fair value as of December 31, 2016 | $ | 1,514,361 | $ | 256,420 | $ | 49,588 | $ | 93,020 | $ | 1,913,389 | $ | 13,981 | ||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 assets & liabilities still held as of December 31, 2016 and reported within net unrealized depreciation on investments and net unrealized (appreciation) depreciation on secured borrowings in the Consolidated Statement of Operations for the three months ended December 31, 2016 | $ | (80,481 | ) | $ | (793 | ) | $ | 1,697 | $ | (11,786 | ) | $ | (91,363 | ) | $ | 84 |
Investments | ||||||||||||||||||||||||||||||||
Senior Secured Debt | Subordinated Debt (including debt investments in the JVs) | Preferred Equity | Common Equity and Warrants | Total | ||||||||||||||||||||||||||||
Fair value as of September 30, 2021 | $ | 1,878,536 | $ | 176,317 | $ | 63,565 | $ | 43,163 | $ | 2,161,581 | ||||||||||||||||||||||
Purchases | 437,922 | 3,777 | 19,243 | 2,180 | 463,122 | |||||||||||||||||||||||||||
Sales and repayments | (391,959) | (21,868) | (163) | (12,836) | (426,826) | |||||||||||||||||||||||||||
Transfers in (a) | 37,042 | — | — | — | 37,042 | |||||||||||||||||||||||||||
Transfers out (a)(b) | (17,070) | — | — | (5,838) | (22,908) | |||||||||||||||||||||||||||
Capitalized PIK interest income | 16,653 | 313 | — | — | 16,966 | |||||||||||||||||||||||||||
Accretion of OID | 19,048 | 1,628 | — | — | 20,676 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | (57,909) | (4,587) | (517) | (2,520) | (65,533) | |||||||||||||||||||||||||||
Net realized gains (losses) | 8,451 | — | (512) | (644) | 7,295 | |||||||||||||||||||||||||||
Fair value as of June 30, 2022 | $ | 1,930,714 | $ | 155,580 | $ | 81,616 | $ | 23,505 | $ | 2,191,415 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 investments still held as of June 30, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2022 | $ | (45,187) | $ | (4,734) | $ | (752) | $ | (7,629) | $ | (58,302) |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (a) | ||||||||||||||||||||||||||||||||||||
Senior Secured Debt | $ | 2,058,831 | Market Yield | Market Yield | (b) | 9.0% | - | 38.0% | 14.1% | ||||||||||||||||||||||||||||||||
43,954 | Enterprise Value | Revenue Multiple | (c) | 5.0x | - | 7.0x | 6.0x | ||||||||||||||||||||||||||||||||||
34,466 | Enterprise Value | EBITDA Multiple | (c) | 3.4x | - | 5.4x | 5.2x | ||||||||||||||||||||||||||||||||||
32,379 | Transaction Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
358,818 | Broker quotations | Broker Quoted Price | (e) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Subordinated Debt | 18,464 | Market Yield | Market Yield | (b) | 10.0% | - | 22.0% | 11.4% | |||||||||||||||||||||||||||||||||
4,164 | Broker Quotations | Broker Quoted Price | (e) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Debt Investments in the JVs | 162,288 | Enterprise Value | N/A | (f) | N/A | - | N/A | N/A | |||||||||||||||||||||||||||||||||
Preferred & Common Equity | 70,852 | Enterprise Value | Revenue Multiple | (c) | 0.4x | - | 6.0x | 1.4x | |||||||||||||||||||||||||||||||||
37,322 | Enterprise Value | EBITDA Multiple | (c) | 1.7x | - | 17.5x | 11.1x | ||||||||||||||||||||||||||||||||||
1,415 | Enterprise Value | Asset Multiple | (c) | 1.0x | - | 1.4x | 1.4x | ||||||||||||||||||||||||||||||||||
2,945 | Transaction Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 2,825,898 |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (c) | ||||||||||
Senior secured debt | $ | 579,327 | Market yield technique | Market yield | (a) | 6.4% | - | 20.2% | 12.2% | ||||||
10,340 | Enterprise value technique | Revenue multiple | (b) | 0.1x | - | 0.6x | 0.3x | ||||||||
103,793 | Enterprise value technique | EBITDA multiple | (b) | 3.2x | - | 7.6x | 4.7x | ||||||||
44,378 | Enterprise value technique | Asset multiple | (b) | 0.9x | - | 1.1x | 1.0x | ||||||||
14,657 | Transactions precedent technique | Transaction price | (d) | N/A | - | N/A | N/A | ||||||||
62,857 | Market quotations | Broker quoted price | (e) | N/A | - | N/A | N/A | ||||||||
Subordinated debt | 42,084 | Market yield technique | Market yield | (a) | 12.9% | - | 25.0% | 14.0% | |||||||
(400 | ) | Enterprise value technique | EBITDA multiple | (a) | 6.8x | - | 7.8x | 7.3x | |||||||
SLF JV I debt investments | 128,267 | Enterprise value technique | N/A | (f) | N/A | - | N/A | N/A | |||||||
Preferred & common equity | 15,651 | Enterprise value technique | Revenue multiple | (b) | 0.1x | - | 10.9x | 2.4x | |||||||
49,797 | Enterprise value technique | EBITDA multiple | (b) | 3.2x | - | 15.5x | 7.7x | ||||||||
19,336 | Enterprise value technique | Asset multiple | (b) | 0.9x | - | 1.1x | 1.0x | ||||||||
Total | $ | 1,070,087 | |||||||||||||
Secured borrowings | 11,601 | Market yield technique | Market yield | (a) | 16.5% | - | 18.5% | 17.5% | |||||||
Total | $ | 11,601 |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (a) | ||||||||||||||||||||||||||||||||||||
Senior Secured Debt | $ | 1,599,148 | Market Yield | Market Yield | (b) | 9.0% | - | 30.0% | 13.7% | ||||||||||||||||||||||||||||||||
14,333 | Enterprise Value | EBITDA Multiple | (c) | 5.0x | - | 7.0x | 6.0x | ||||||||||||||||||||||||||||||||||
297,125 | Broker Quotations | Broker Quoted Price | (e) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Subordinated Debt | 12,855 | Market Yield | Market Yield | (b) | 10.0% | - | 19.0% | 13.8% | |||||||||||||||||||||||||||||||||
Debt Investments in the JVs | 146,533 | Enterprise Value | N/A | (f) | N/A | - | N/A | N/A | |||||||||||||||||||||||||||||||||
Preferred & Common Equity | 61,693 | Enterprise Value | Revenue Multiple | (c) | 0.4x | - | 10.1x | 4.3x | |||||||||||||||||||||||||||||||||
36,913 | Enterprise Value | EBITDA Multiple | (c) | 3.0x | - | 20.0x | 11.4x | ||||||||||||||||||||||||||||||||||
3 | Enterprise Value | Asset Multiple | (c) | 0.9x | - | 1.1x | 1.0x | ||||||||||||||||||||||||||||||||||
872 | Transaction Precedent | Transaction Price | (d) | N/A | - | N/A | N/A | ||||||||||||||||||||||||||||||||||
Total | $ | 2,169,475 |
Asset | Fair Value | Valuation Technique | Unobservable Input | Range | Weighted Average (c) | ||||||||||
Senior secured debt | $ | 632,835 | Market yield technique | Capital structure premium | (a) | 0.0% | - | 2.0% | 0.7% | ||||||
Tranche specific risk premium/(discount) | (a) | (2.5)% | - | 10.5% | 2.9% | ||||||||||
Size premium | (a) | 0.5% | - | 2.0% | 1.0% | ||||||||||
Industry premium/(discount) | (a) | (1.2)% | - | 2.6% | 0.4% | ||||||||||
58,815 | Enterprise value technique | Revenue multiple | (b) | 0.2x | - | 0.6x | 0.5x | ||||||||
107,313 | Enterprise value technique | EBITDA multiple | (b) | 0.1x | - | 7.2x | 4.6x | ||||||||
98,800 | Transactions precedent technique | Transaction price | (d) | N/A | - | N/A | N/A | ||||||||
162,679 | Market quotations | Broker quoted price | (e) | N/A | - | N/A | N/A | ||||||||
Subordinated debt | 40,825 | Market yield technique | Capital structure premium | (a) | 2.0% | - | 2.0% | 2.0% | |||||||
Tranche specific risk premium | (a) | 1.8% | - | 5.9% | 3.4% | ||||||||||
Size premium | (a) | 2.0% | - | 2.0% | 2.0% | ||||||||||
Industry premium/(discount) | (a) | (0.5)% | - | 2.6% | 0.6% | ||||||||||
10,835 | Enterprise value technique | EBITDA multiple | (b) | 6.3x | - | 7.0x | 6.4x | ||||||||
SLF JV I debt investments | 128,671 | Enterprise value technique | N/A | (f) | N/A | - | N/A | N/A | |||||||
Preferred & common equity | 85,609 | Enterprise value technique | EBITDA multiple | (b) | 0.1x | - | 15.6x | 6.8x | |||||||
Revenue multiple | (b) | 0.9x | 10.9x | 2.7x | |||||||||||
Total | $ | 1,326,382 | |||||||||||||
Secured borrowings | 13,256 | Market yield technique | Tranche specific risk premium (discount) | (a) | (2.0)% | - | 6.5% | 5.7% | |||||||
Size premium | (a) | 2.0% | - | 2.0% | 2.0% | ||||||||||
Industry premium | (a) | 0.2% | - | 0.2% | 0.2% | ||||||||||
Total | $ | 13,256 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Syndicated Facility payable | $ | 800,000 | $ | 800,000 | $ | — | $ | — | $ | 800,000 | ||||||||||||||||||||||
OSI2 Citibank Facility payable | 335,000 | 335,000 | — | — | 335,000 | |||||||||||||||||||||||||||
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount) | 297,928 | 285,717 | — | 285,717 | — | |||||||||||||||||||||||||||
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) | 307,138 | 302,260 | — | 302,260 | — | |||||||||||||||||||||||||||
Total | $ | 1,740,066 | $ | 1,722,977 | $ | — | $ | 587,977 | $ | 1,135,000 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Credit facility payable | $ | 205,000 | $ | 205,000 | $ | — | $ | — | $ | 205,000 | ||||||||||
Unsecured notes payable (net of unamortized financing costs) | 406,486 | 413,245 | — | 162,570 | 250,675 | |||||||||||||||
Total | $ | 611,486 | $ | 618,245 | $ | — | $ | 162,570 | $ | 455,675 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Syndicated Facility payable | $ | 540,000 | $ | 540,000 | $ | — | $ | — | $ | 540,000 | ||||||||||||||||||||||
Citibank Facility payable | 160,000 | 160,000 | — | — | 160,000 | |||||||||||||||||||||||||||
2025 Notes payable (carrying value is net of unamortized financing costs and unaccreted discount) | 296,991 | 283,077 | — | 283,077 | — | |||||||||||||||||||||||||||
2027 Notes payable (carrying value is net of unamortized financing costs, unaccreted discount and interest rate swap fair value adjustment) | 304,052 | 294,028 | — | 294,028 | — | |||||||||||||||||||||||||||
Total | $ | 1,301,043 | $ | 1,277,105 | $ | — | $ | 577,105 | $ | 700,000 |
Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Credit facilities payable | $ | 255,995 | $ | 255,995 | $ | — | $ | — | $ | 255,995 | ||||||||||
Unsecured notes payable (net of unamortized financing costs) | 406,115 | 414,067 | — | 163,517 | 250,550 | |||||||||||||||
Total | $ | 662,110 | $ | 670,062 | $ | — | $ | 163,517 | $ | 506,545 |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Senior secured debt | $ | 2,886,772 | 87.59 | % | $ | 2,227,245 | 85.08 | % | ||||||||||||||||||
Debt investments in the JVs | 162,653 | 4.93 | % | 146,444 | 5.59 | % | ||||||||||||||||||||
Preferred equity | 99,597 | 3.02 | % | 85,300 | 3.26 | % | ||||||||||||||||||||
Subordinated debt | 55,450 | 1.68 | % | 67,147 | 2.57 | % | ||||||||||||||||||||
LLC equity interests of the JVs | 54,791 | 1.66 | % | 49,322 | 1.88 | % | ||||||||||||||||||||
Common equity and warrants | 37,022 | 1.12 | % | 42,296 | 1.62 | % | ||||||||||||||||||||
Total | $ | 3,296,285 | 100.00 | % | $ | 2,617,754 | 100.00 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Senior secured debt | $ | 2,774,373 | 88.48 | % | 183.80 | % | $ | 2,166,409 | 86.86 | % | 173.93 | % | ||||||||||||||||||||||||||
Debt investments in the JVs | 162,288 | 5.18 | % | 10.75 | % | 146,533 | 5.88 | % | 11.77 | % | ||||||||||||||||||||||||||||
Preferred equity | 92,186 | 2.94 | % | 6.11 | % | 79,523 | 3.19 | % | 6.38 | % | ||||||||||||||||||||||||||||
Subordinated debt | 51,996 | 1.66 | % | 3.44 | % | 56,920 | 2.28 | % | 4.57 | % | ||||||||||||||||||||||||||||
LLC equity interests of the JVs | 27,973 | 0.89 | % | 1.85 | % | 20,715 | 0.83 | % | 1.66 | % | ||||||||||||||||||||||||||||
Common equity and warrants | 26,803 | 0.85 | % | 1.78 | % | 24,011 | 0.96 | % | 1.93 | % | ||||||||||||||||||||||||||||
Total | $ | 3,135,619 | 100.00 | % | 207.73 | % | $ | 2,494,111 | 100.00 | % | 200.24 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||
Senior secured debt | $ | 1,214,175 | 72.44 | % | $ | 1,313,432 | 74.73 | % | ||||||
Subordinated debt | 129,134 | 7.70 | 112,869 | 6.42 | ||||||||||
Debt investments in SLF JV I | 128,267 | 7.65 | 128,671 | 7.32 | ||||||||||
LLC equity interests of SLF JV I | 16,172 | 0.96 | 16,172 | 0.92 | ||||||||||
Purchased equity | 115,057 | 6.86 | 112,558 | 6.40 | ||||||||||
Equity grants | 48,805 | 2.91 | 48,805 | 2.78 | ||||||||||
Limited partnership interests | 24,831 | 1.48 | 25,158 | 1.43 | ||||||||||
Total | $ | 1,676,441 | 100.00 | % | $ | 1,757,665 | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||
Fair Value: | % of Total Investments | % of Total Net Assets | % of Total Investments | % of Total Net Assets | ||||||||||||||||
Senior secured debt | $ | 1,073,480 | 75.84 | % | 130.97 | % | $ | 1,202,699 | 78.01 | % | 138.61 | % | ||||||||
Subordinated debt | 98,368 | 6.95 | % | 12.00 | % | 93,438 | 6.06 | % | 10.77 | % | ||||||||||
Debt investments in SLF JV I | 128,267 | 9.06 | % | 15.65 | % | 128,671 | 8.35 | % | 14.83 | % | ||||||||||
LLC equity interests of SLF JV I | 4,880 | 0.34 | % | 0.60 | % | 5,525 | 0.36 | % | 0.64 | % | ||||||||||
Purchased equity | 77,688 | 5.49 | % | 9.48 | % | 78,655 | 5.10 | % | 9.07 | % | ||||||||||
Equity grants | 7,097 | 0.50 | % | 0.87 | % | 6,954 | 0.45 | % | 0.80 | % | ||||||||||
Limited partnership interests | 25,624 | 1.82 | % | 3.13 | % | 25,813 | 1.67 | % | 2.97 | % | ||||||||||
Total | $ | 1,415,404 | 100.00 | % | 172.70 | % | $ | 1,541,755 | 100.00 | % | 177.69 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Northeast | $ | 994,695 | 30.17 | % | $ | 747,420 | 28.55 | % | ||||||||||||||||||
Midwest | 448,981 | 13.62 | % | 373,236 | 14.26 | % | ||||||||||||||||||||
Southeast | 446,546 | 13.55 | % | 356,041 | 13.60 | % | ||||||||||||||||||||
West | 440,634 | 13.37 | % | 358,306 | 13.69 | % | ||||||||||||||||||||
International | 434,844 | 13.19 | % | 301,242 | 11.51 | % | ||||||||||||||||||||
South | 197,754 | 6.00 | % | 168,819 | 6.45 | % | ||||||||||||||||||||
Northwest | 168,992 | 5.13 | % | 91,382 | 3.49 | % | ||||||||||||||||||||
Southwest | 163,839 | 4.97 | % | 221,308 | 8.45 | % | ||||||||||||||||||||
Total | $ | 3,296,285 | 100.00 | % | $ | 2,617,754 | 100.00 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Northeast | $ | 936,888 | 29.87 | % | 62.07 | % | $ | 696,368 | 27.93 | % | 55.90 | % | ||||||||||||||||||||||||||
International | 432,986 | 13.81 | % | 28.69 | % | 279,646 | 11.21 | % | 22.45 | % | ||||||||||||||||||||||||||||
Midwest | 429,317 | 13.69 | % | 28.44 | % | 356,934 | 14.31 | % | 28.66 | % | ||||||||||||||||||||||||||||
West | 428,232 | 13.66 | % | 28.37 | % | 345,251 | 13.84 | % | 27.72 | % | ||||||||||||||||||||||||||||
Southeast | 406,523 | 12.96 | % | 26.93 | % | 344,567 | 13.82 | % | 27.66 | % | ||||||||||||||||||||||||||||
South | 186,792 | 5.96 | % | 12.37 | % | 166,230 | 6.66 | % | 13.35 | % | ||||||||||||||||||||||||||||
Northwest | 166,089 | 5.30 | % | 11.00 | % | 90,131 | 3.61 | % | 7.24 | % | ||||||||||||||||||||||||||||
Southwest | 148,792 | 4.75 | % | 9.86 | % | 214,984 | 8.62 | % | 17.26 | % | ||||||||||||||||||||||||||||
Total | $ | 3,135,619 | 100.00 | % | 207.73 | % | $ | 2,494,111 | 100.00 | % | 200.24 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||
Northeast U.S. | $ | 636,226 | 37.95 | % | $ | 648,105 | 36.87 | % | ||||||
Southwest U.S. | 270,151 | 16.11 | % | 271,484 | 15.45 | % | ||||||||
West U.S. | 267,702 | 15.97 | % | 328,673 | 18.70 | % | ||||||||
Midwest U.S. | 236,992 | 14.14 | % | 258,895 | 14.73 | % | ||||||||
Southeast U.S. | 187,996 | 11.21 | % | 176,460 | 10.04 | % | ||||||||
International | 65,997 | 3.94 | % | 62,649 | 3.56 | % | ||||||||
Northwest U.S. | 11,377 | 0.68 | % | 11,399 | 0.65 | % | ||||||||
Total | $ | 1,676,441 | 100.00 | % | $ | 1,757,665 | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||
Fair Value: | % of Total Investments | % of Total Net Assets | % of Total Investments | % of Total Net Assets | ||||||||||||||||
Northeast U.S. | $ | 511,200 | 36.12 | % | 62.37 | % | $ | 539,803 | 35.01 | % | 62.22 | % | ||||||||
Southwest U.S. | 206,194 | 14.57 | % | 25.16 | % | 224,233 | 14.54 | % | 25.84 | % | ||||||||||
West U.S. | 237,214 | 16.76 | % | 28.94 | % | 297,716 | 19.31 | % | 34.31 | % | ||||||||||
Midwest U.S. | 183,896 | 12.99 | % | 22.44 | % | 224,111 | 14.54 | % | 25.83 | % | ||||||||||
Southeast U.S. | 191,206 | 13.51 | % | 23.33 | % | 179,460 | 11.64 | % | 20.68 | % | ||||||||||
International | 74,089 | 5.23 | % | 9.04 | % | 64,780 | 4.20 | % | 7.47 | % | ||||||||||
Northwest U.S. | 11,605 | 0.82 | % | 1.42 | % | 11,652 | 0.76 | % | 1.34 | % | ||||||||||
Total | $ | 1,415,404 | 100.00 | % | 172.70 | % | $ | 1,541,755 | 100.00 | % | 177.69 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||||||||||||||
Application Software | $ | 560,503 | 16.98 | % | $ | 391,938 | 14.98 | % | ||||||||||||||||||
Multi-Sector Holdings (1) | 219,130 | 6.65 | 195,766 | 7.48 | ||||||||||||||||||||||
Data Processing & Outsourced Services | 133,422 | 4.05 | 120,477 | 4.60 | ||||||||||||||||||||||
Health Care Technology | 129,178 | 3.92 | 100,084 | 3.82 | ||||||||||||||||||||||
Biotechnology | 127,394 | 3.86 | 109,960 | 4.20 | ||||||||||||||||||||||
Pharmaceuticals | 121,497 | 3.69 | 126,508 | 4.83 | ||||||||||||||||||||||
Aerospace & Defense | 110,680 | 3.36 | 61,963 | 2.37 | ||||||||||||||||||||||
Industrial Machinery & Supplies & Components | 99,237 | 3.01 | — | — | ||||||||||||||||||||||
Broadline Retail | 83,201 | 2.52 | — | — | ||||||||||||||||||||||
Health Care Services | 77,364 | 2.35 | 58,674 | 2.24 | ||||||||||||||||||||||
Real Estate Operating Companies | 76,462 | 2.32 | 47,585 | 1.82 | ||||||||||||||||||||||
Specialized Finance | 69,188 | 2.10 | 80,864 | 3.09 | ||||||||||||||||||||||
Personal Care Products | 68,671 | 2.08 | — | — | ||||||||||||||||||||||
Automotive Retail | 64,825 | 1.97 | 59,254 | 2.26 | ||||||||||||||||||||||
Fertilizers & Agricultural Chemicals | 64,750 | 1.96 | 49,301 | 1.88 | ||||||||||||||||||||||
Internet Services & Infrastructure | 63,057 | 1.91 | 54,095 | 2.07 | ||||||||||||||||||||||
Health Care Distributors | 62,079 | 1.88 | 57,112 | 2.18 | ||||||||||||||||||||||
Diversified Financial Services | 61,693 | 1.87 | — | — | ||||||||||||||||||||||
Auto Parts & Equipment | 61,091 | 1.85 | 12,474 | 0.48 | ||||||||||||||||||||||
Metal, Glass & Plastic Containers | 57,949 | 1.76 | — | — | ||||||||||||||||||||||
Airport Services | 55,919 | 1.70 | 43,322 | 1.65 | ||||||||||||||||||||||
Home Improvement Retail | 54,939 | 1.67 | 45,802 | 1.75 | ||||||||||||||||||||||
Insurance Brokers | 52,960 | 1.61 | 35,628 | 1.36 | ||||||||||||||||||||||
Diversified Metals & Mining | 49,787 | 1.51 | — | — | ||||||||||||||||||||||
Leisure Facilities | 49,501 | 1.50 | 39,768 | 1.52 | ||||||||||||||||||||||
Real Estate Services | 44,783 | 1.36 | 40,243 | 1.54 | ||||||||||||||||||||||
Soft Drinks & Non-alcoholic Beverages | 43,021 | 1.31 | — | — | ||||||||||||||||||||||
Diversified Support Services | 42,706 | 1.30 | 37,992 | 1.45 | ||||||||||||||||||||||
Other Specialty Retail | 41,790 | 1.27 | — | — | ||||||||||||||||||||||
Specialty Chemicals | 38,248 | 1.16 | 37,319 | 1.43 | ||||||||||||||||||||||
Distributors | 37,668 | 1.14 | 25,278 | 0.97 | ||||||||||||||||||||||
Integrated Telecommunication Services | 33,663 | 1.02 | 34,628 | 1.32 | ||||||||||||||||||||||
Electrical Components & Equipment | 32,380 | 0.98 | 33,814 | 1.29 | ||||||||||||||||||||||
Construction & Engineering | 27,231 | 0.83 | 60,996 | 2.33 | ||||||||||||||||||||||
Environmental & Facilities Services | 25,943 | 0.79 | 20,857 | 0.80 | ||||||||||||||||||||||
Advertising | 25,597 | 0.78 | 28,245 | 1.08 | ||||||||||||||||||||||
Passenger Airlines | 24,888 | 0.76 | — | — | ||||||||||||||||||||||
Oil & Gas Storage & Transportation | 24,231 | 0.74 | 22,290 | 0.85 | ||||||||||||||||||||||
Home Furnishings | 23,832 | 0.72 | 19,550 | 0.75 | ||||||||||||||||||||||
Gold | 23,274 | 0.71 | — | — | ||||||||||||||||||||||
Systems Software | 23,089 | 0.70 | 14,890 | 0.57 | ||||||||||||||||||||||
Health Care Equipment | 22,374 | 0.68 | 24,353 | 0.93 | ||||||||||||||||||||||
Real Estate Development | 19,567 | 0.59 | — | — | ||||||||||||||||||||||
Interactive Media & Services | 18,963 | 0.58 | — | — | ||||||||||||||||||||||
Hotels, Resorts & Cruise Lines | 17,221 | 0.52 | 13,960 | 0.53 | ||||||||||||||||||||||
Consumer Finance | 16,411 | 0.50 | 14,492 | 0.55 | ||||||||||||||||||||||
Education Services | 15,660 | 0.48 | 9,080 | 0.35 | ||||||||||||||||||||||
IT Consulting & Other Services | 15,434 | 0.47 | 11,697 | 0.45 | ||||||||||||||||||||||
Restaurants | 12,589 | 0.38 | 9,338 | 0.36 | ||||||||||||||||||||||
Movies & Entertainment | 12,188 | 0.37 | 26,161 | 1.00 | ||||||||||||||||||||||
Health Care Supplies | 11,675 | 0.35 | 36,471 | 1.39 | ||||||||||||||||||||||
Food Distributors | 5,900 | 0.18 | 4,646 | 0.18 | ||||||||||||||||||||||
Apparel Retail | 5,293 | 0.16 | 5,268 | 0.20 | ||||||||||||||||||||||
Air Freight & Logistics | 4,925 | 0.15 | 7,295 | 0.28 | ||||||||||||||||||||||
Integrated Oil & Gas | 4,887 | 0.15 | 4,866 | 0.19 | ||||||||||||||||||||||
Research & Consulting Services | 4,879 | 0.15 | 9,187 | 0.35 | ||||||||||||||||||||||
Cable & Satellite | 4,687 | 0.14 | 20,716 | 0.79 | ||||||||||||||||||||||
Other Specialized REITs | 4,364 | 0.13 | — | — | ||||||||||||||||||||||
Paper & Plastic Packaging Products & Materials | 3,262 | 0.10 | — | — | ||||||||||||||||||||||
Housewares & Specialties | 2,908 | 0.09 | 2,293 | 0.09 | ||||||||||||||||||||||
Electronic Components | 2,101 | 0.06 | 2,092 | 0.08 | ||||||||||||||||||||||
Leisure Products | 2,039 | 0.06 | — | — | ||||||||||||||||||||||
Technology Distributors | 1,084 | 0.03 | 3,163 | 0.12 | ||||||||||||||||||||||
Communications Equipment | 1,053 | 0.03 | — | — | ||||||||||||||||||||||
Industrial Machinery | — | — | 81,787 | 3.12 | ||||||||||||||||||||||
Internet & Direct Marketing Retail | — | — | 67,926 | 2.59 | ||||||||||||||||||||||
Personal Products | — | — | 53,214 | 2.03 | ||||||||||||||||||||||
Metal & Glass Containers | — | — | 47,704 | 1.82 | ||||||||||||||||||||||
Soft Drinks | — | — | 34,272 | 1.31 | ||||||||||||||||||||||
Other Diversified Financial Services | — | — | 29,300 | 1.12 | ||||||||||||||||||||||
Oil & Gas Refining & Marketing | — | — | 8,627 | 0.33 | ||||||||||||||||||||||
Trading Companies & Distributors | — | — | 7,628 | 0.29 | ||||||||||||||||||||||
Apparel, Accessories & Luxury Goods | — | — | 5,165 | 0.20 | ||||||||||||||||||||||
Specialized REITs | — | — | 4,318 | 0.16 | ||||||||||||||||||||||
Diversified Banks | — | — | 3,515 | 0.13 | ||||||||||||||||||||||
Construction Materials | — | — | 2,331 | 0.09 | ||||||||||||||||||||||
Alternative Carriers | — | — | 212 | 0.01 | ||||||||||||||||||||||
$ | 3,296,285 | 100.00 | % | $ | 2,617,754 | 100.00 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Application Software | $ | 544,685 | 17.38 | % | 36.03 | % | $ | 384,589 | 15.43 | % | 30.87 | % | ||||||||||||||||||||||||||
Multi-Sector Holdings (1) | 192,160 | 6.13 | 12.73 | 167,248 | 6.71 | 13.43 | ||||||||||||||||||||||||||||||||
Biotechnology | 128,343 | 4.09 | 8.50 | 108,465 | 4.35 | 8.71 | ||||||||||||||||||||||||||||||||
Data Processing & Outsourced Services | 124,548 | 3.97 | 8.25 | 111,335 | 4.46 | 8.94 | ||||||||||||||||||||||||||||||||
Pharmaceuticals | 116,199 | 3.71 | 7.70 | 119,511 | 4.79 | 9.59 | ||||||||||||||||||||||||||||||||
Health Care Technology | 115,659 | 3.69 | 7.66 | 97,315 | 3.90 | 7.81 | ||||||||||||||||||||||||||||||||
Aerospace & Defense | 111,464 | 3.55 | 7.38 | 61,881 | 2.48 | 4.97 | ||||||||||||||||||||||||||||||||
Industrial Machinery & Supplies & Components | 99,021 | 3.16 | 6.56 | — | — | — | ||||||||||||||||||||||||||||||||
Broadline Retail | 80,882 | 2.58 | 5.36 | — | — | — | ||||||||||||||||||||||||||||||||
Real Estate Operating Companies | 75,111 | 2.40 | 4.98 | 48,062 | 1.93 | 3.86 | ||||||||||||||||||||||||||||||||
Specialized Finance | 66,333 | 2.12 | 4.39 | 73,087 | 2.93 | 5.87 | ||||||||||||||||||||||||||||||||
Fertilizers & Agricultural Chemicals | 63,185 | 2.02 | 4.19 | 51,972 | 2.08 | 4.17 | ||||||||||||||||||||||||||||||||
Internet Services & Infrastructure | 62,726 | 2.00 | 4.16 | 53,797 | 2.16 | 4.32 | ||||||||||||||||||||||||||||||||
Automotive Retail | 62,356 | 1.99 | 4.13 | 57,629 | 2.31 | 4.63 | ||||||||||||||||||||||||||||||||
Health Care Services | 62,190 | 1.98 | 4.12 | 45,943 | 1.84 | 3.69 | ||||||||||||||||||||||||||||||||
Diversified Financial Services | 61,073 | 1.95 | 4.05 | — | — | — | ||||||||||||||||||||||||||||||||
Personal Care Products | 60,962 | 1.94 | 4.04 | — | — | — | ||||||||||||||||||||||||||||||||
Auto Parts & Equipment | 60,809 | 1.94 | 4.03 | 11,469 | 0.46 | 0.92 | ||||||||||||||||||||||||||||||||
Health Care Distributors | 60,340 | 1.92 | 4.00 | 54,662 | 2.19 | 4.39 | ||||||||||||||||||||||||||||||||
Airport Services | 55,221 | 1.76 | 3.66 | 42,883 | 1.72 | 3.44 | ||||||||||||||||||||||||||||||||
Insurance Brokers | 54,680 | 1.74 | 3.62 | 33,081 | 1.33 | 2.66 | ||||||||||||||||||||||||||||||||
Home Improvement Retail | 54,235 | 1.73 | 3.59 | 45,421 | 1.82 | 3.65 | ||||||||||||||||||||||||||||||||
Diversified Metals & Mining | 49,809 | 1.59 | 3.30 | — | — | — | ||||||||||||||||||||||||||||||||
Leisure Facilities | 46,990 | 1.50 | 3.11 | 39,258 | 1.57 | 3.15 | ||||||||||||||||||||||||||||||||
Real Estate Services | 44,227 | 1.41 | 2.93 | 39,573 | 1.59 | 3.18 | ||||||||||||||||||||||||||||||||
Metal, Glass & Plastic Containers | 43,954 | 1.40 | 2.91 | — | — | — | ||||||||||||||||||||||||||||||||
Soft Drinks & Non-alcoholic Beverages | 42,798 | 1.36 | 2.84 | — | — | — | ||||||||||||||||||||||||||||||||
Other Specialty Retail | 41,790 | 1.33 | 2.77 | — | — | — | ||||||||||||||||||||||||||||||||
Diversified Support Services | 41,302 | 1.32 | 2.74 | 36,712 | 1.47 | 2.95 | ||||||||||||||||||||||||||||||||
Distributors | 36,829 | 1.17 | 2.44 | 24,494 | 0.98 | 1.97 | ||||||||||||||||||||||||||||||||
Electrical Components & Equipment | 32,379 | 1.03 | 2.15 | 32,933 | 1.32 | 2.64 | ||||||||||||||||||||||||||||||||
Specialty Chemicals | 32,231 | 1.03 | 2.14 | 33,969 | 1.36 | 2.73 | ||||||||||||||||||||||||||||||||
Integrated Telecommunication Services | 30,922 | 0.99 | 2.05 | 32,201 | 1.29 | 2.59 | ||||||||||||||||||||||||||||||||
Passenger Airlines | 26,985 | 0.86 | 1.79 | — | — | — | ||||||||||||||||||||||||||||||||
Construction & Engineering | 26,901 | 0.86 | 1.78 | 61,188 | 2.45 | 4.91 | ||||||||||||||||||||||||||||||||
Environmental & Facilities Services | 25,436 | 0.81 | 1.69 | 20,585 | 0.83 | 1.65 | ||||||||||||||||||||||||||||||||
Gold | 23,292 | 0.74 | 1.54 | — | — | — | ||||||||||||||||||||||||||||||||
Health Care Equipment | 22,531 | 0.72 | 1.49 | 24,161 | 0.97 | 1.94 | ||||||||||||||||||||||||||||||||
Systems Software | 22,168 | 0.71 | 1.47 | 12,834 | 0.51 | 1.03 | ||||||||||||||||||||||||||||||||
Oil & Gas Storage & Transportation | 21,660 | 0.69 | 1.43 | 20,853 | 0.84 | 1.67 | ||||||||||||||||||||||||||||||||
Home Furnishings | 19,514 | 0.62 | 1.29 | 18,188 | 0.73 | 1.46 | ||||||||||||||||||||||||||||||||
Real Estate Development | 19,246 | 0.61 | 1.28 | — | — | — | ||||||||||||||||||||||||||||||||
Interactive Media & Services | 19,000 | 0.61 | 1.26 | — | — | — | ||||||||||||||||||||||||||||||||
Advertising | 18,969 | 0.60 | 1.26 | 26,948 | 1.08 | 2.16 | ||||||||||||||||||||||||||||||||
Hotels, Resorts & Cruise Lines | 17,261 | 0.55 | 1.14 | 13,985 | 0.56 | 1.12 | ||||||||||||||||||||||||||||||||
Education Services | 14,116 | 0.45 | 0.94 | 8,582 | 0.34 | 0.69 | ||||||||||||||||||||||||||||||||
Consumer Finance | 12,616 | 0.40 | 0.84 | 13,284 | 0.53 | 1.07 | ||||||||||||||||||||||||||||||||
Restaurants | 12,168 | 0.39 | 0.81 | 8,692 | 0.35 | 0.70 | ||||||||||||||||||||||||||||||||
Movies & Entertainment | 11,865 | 0.38 | 0.79 | 26,645 | 1.07 | 2.14 | ||||||||||||||||||||||||||||||||
Health Care Supplies | 11,408 | 0.36 | 0.76 | 36,577 | 1.47 | 2.94 | ||||||||||||||||||||||||||||||||
IT Consulting & Other Services | 11,176 | 0.36 | 0.74 | 8,596 | 0.34 | 0.69 | ||||||||||||||||||||||||||||||||
Food Distributors | 5,296 | 0.17 | 0.35 | 3,367 | 0.13 | 0.27 | ||||||||||||||||||||||||||||||||
Apparel Retail | 5,230 | 0.17 | 0.35 | 5,223 | 0.21 | 0.42 | ||||||||||||||||||||||||||||||||
Integrated Oil & Gas | 4,810 | 0.15 | 0.32 | 4,872 | 0.20 | 0.39 | ||||||||||||||||||||||||||||||||
Cable & Satellite | 4,672 | 0.15 | 0.31 | 19,576 | 0.78 | 1.57 | ||||||||||||||||||||||||||||||||
Research & Consulting Services | 4,632 | 0.15 | 0.31 | 8,573 | 0.34 | 0.69 | ||||||||||||||||||||||||||||||||
Air Freight & Logistics | 4,025 | 0.13 | 0.27 | 6,405 | 0.26 | 0.51 | ||||||||||||||||||||||||||||||||
Other Specialized REITs | 3,438 | 0.11 | 0.23 | — | — | — | ||||||||||||||||||||||||||||||||
Paper & Plastic Packaging Products & Materials | 3,100 | 0.10 | 0.21 | — | — | — | ||||||||||||||||||||||||||||||||
Housewares & Specialties | 2,858 | 0.09 | 0.19 | 2,456 | 0.10 | 0.20 | ||||||||||||||||||||||||||||||||
Leisure Products | 1,995 | 0.06 | 0.13 | — | — | — | ||||||||||||||||||||||||||||||||
Electronic Components | 1,834 | 0.06 | 0.12 | 1,890 | 0.08 | 0.15 | ||||||||||||||||||||||||||||||||
Technology Distributors | 1,024 | 0.03 | 0.07 | 2,997 | 0.12 | 0.24 | ||||||||||||||||||||||||||||||||
Communications Equipment | 980 | 0.03 | 0.06 | — | — | — | ||||||||||||||||||||||||||||||||
Industrial Machinery | — | — | — | 81,008 | 3.25 | 6.50 | ||||||||||||||||||||||||||||||||
Internet & Direct Marketing Retail | — | — | — | 70,419 | 2.82 | 5.65 | ||||||||||||||||||||||||||||||||
Personal Products | — | — | — | 50,150 | 2.01 | 4.03 | ||||||||||||||||||||||||||||||||
Metal & Glass Containers | — | — | — | 47,599 | 1.91 | 3.82 | ||||||||||||||||||||||||||||||||
Soft Drinks | — | — | — | 33,670 | 1.35 | 2.70 | ||||||||||||||||||||||||||||||||
Other Diversified Financial Services | — | — | — | 24,326 | 0.98 | 1.95 |
December 31, 2017 | September 30, 2017 | |||||||||||||
Cost: | % of Total Investments | % of Total Investments | ||||||||||||
Healthcare services | $ | 209,030 | 12.48 | % | $ | 210,527 | 11.98 | % | ||||||
Internet software & services | 200,405 | 11.95 | 270,192 | 15.37 | ||||||||||
Multi-sector holdings (1) | 173,005 | 10.32 | 173,427 | 9.87 | ||||||||||
Healthcare equipment | 99,614 | 5.94 | 99,614 | 5.67 | ||||||||||
Data processing & outsourced services | 80,579 | 4.81 | 77,673 | 4.42 | ||||||||||
Environmental & facilities services | 69,576 | 4.15 | 49,902 | 2.84 | ||||||||||
Construction & engineering | 68,726 | 4.10 | 67,879 | 3.86 | ||||||||||
Pharmaceuticals | 60,826 | 3.63 | 60,810 | 3.46 | ||||||||||
Advertising | 55,596 | 3.32 | 84,720 | 4.82 | ||||||||||
Education services | 51,733 | 3.09 | 50,013 | 2.85 | ||||||||||
Airlines | 50,755 | 3.03 | 57,602 | 3.28 | ||||||||||
Specialty stores | 46,407 | 2.77 | 58,530 | 3.33 | ||||||||||
Integrated telecommunication services | 41,005 | 2.45 | 30,840 | 1.75 | ||||||||||
Technology distributors | 34,264 | 2.04 | — | — | ||||||||||
Leisure facilities | 32,898 | 1.96 | 30,931 | 1.76 | ||||||||||
Oil & gas refining & marketing | 32,732 | 1.95 | — | — | ||||||||||
Air freight and logistics | 32,530 | 1.94 | 32,530 | 1.85 | ||||||||||
Housewares & specialties | 29,856 | 1.78 | 29,852 | 1.70 | ||||||||||
Oil & gas equipment services | 27,546 | 1.64 | 27,598 | 1.57 | ||||||||||
Consumer electronics | 24,889 | 1.48 | 23,176 | 1.32 | ||||||||||
Home improvement retail | 22,566 | 1.35 | 22,944 | 1.31 | ||||||||||
Auto parts & equipment | 21,191 | 1.26 | 21,191 | 1.21 | ||||||||||
Oil & gas exploration & production | 17,913 | 1.07 | — | — | ||||||||||
Research & consulting services | 17,135 | 1.02 | 37,952 | 2.16 | ||||||||||
Diversified support services | 16,578 | 0.99 | 22,724 | 1.29 | ||||||||||
Healthcare technology | 14,357 | 0.86 | — | — | ||||||||||
Security & alarm services | 13,183 | 0.79 | 13,214 | 0.75 | ||||||||||
Real estate services | 12,974 | 0.77 | 13,011 | 0.74 | ||||||||||
Other diversified financial services | 11,334 | 0.68 | 12,079 | 0.69 | ||||||||||
Casinos & gaming | 11,277 | 0.67 | 23,309 | 1.33 | ||||||||||
Commodity chemicals | 10,950 | 0.65 | — | — | ||||||||||
Healthcare distributors | 8,911 | 0.53 | — | — | ||||||||||
Precious metals & minerals | 7,426 | 0.44 | 7,459 | 0.42 | ||||||||||
Trucking | 7,055 | 0.42 | 7,081 | 0.40 | ||||||||||
Thrift & mortgage finance | 6,905 | 0.41 | 7,240 | 0.41 | ||||||||||
Distributors | 6,617 | 0.39 | 14,963 | 0.85 | ||||||||||
Industrial machinery | 6,586 | 0.39 | 15,074 | 0.86 | ||||||||||
Commercial printing | 5,968 | 0.36 | 5,983 | 0.34 | ||||||||||
Apparel, accessories & luxury goods | 5,165 | 0.31 | 5,165 | 0.29 | ||||||||||
Wireless telecommunication services | 5,000 | 0.30 | — | — | ||||||||||
Restaurants | 4,898 | 0.29 | 4,910 | 0.28 | ||||||||||
Application software | 4,818 | 0.29 | 51,444 | 2.93 | ||||||||||
General merchandise stores | 4,206 | 0.25 | — | — | ||||||||||
Food retail | 4,178 | 0.25 | 4,176 | 0.24 | ||||||||||
IT consulting & other services | 4,060 | 0.24 | 4,127 | 0.23 | ||||||||||
Specialized finance | 3,224 | 0.19 | 3,224 | 0.18 | ||||||||||
Human resources & employment services | (6 | ) | — | — | — | |||||||||
Hypermarkets & super centers | — | — | 11,979 | 0.68 | ||||||||||
Computer & electronics retail | — | — | 6,399 | 0.36 | ||||||||||
Multi-utilities | — | — | 6,201 | 0.35 | ||||||||||
Total | $ | 1,676,441 | 100.00 | % | $ | 1,757,665 | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||
Fair Value: | % of Total Investments | % of Total Net Assets | % of Total Investments | % of Total Net Assets | ||||||||||||||||
Internet software & services | $ | 194,291 | 13.71 | % | 23.70 | % | $ | 265,076 | 17.20 | % | 30.56 | % | ||||||||
Multi-sector holdings (1) | 163,865 | 11.58 | 19.99 | 164,511 | 10.67 | 18.96 | ||||||||||||||
Healthcare services | 76,517 | 5.41 | 9.34 | 93,912 | 6.09 | 10.82 | ||||||||||||||
Data processing & outsourced services | 71,357 | 5.04 | 8.71 | 68,314 | 4.43 | 7.87 | ||||||||||||||
Environmental & facilities services | 69,975 | 4.94 | 8.54 | 50,659 | 3.29 | 5.84 | ||||||||||||||
Pharmaceuticals | 62,958 | 4.45 | 7.68 | 62,770 | 4.07 | 7.23 | ||||||||||||||
Airlines | 58,631 | 4.14 | 7.15 | 59,511 | 3.86 | 6.86 | ||||||||||||||
Healthcare equipment | 56,586 | 4.00 | 6.90 | 72,922 | 4.73 | 8.40 | ||||||||||||||
Construction & engineering | 51,113 | 3.61 | 6.24 | 50,269 | 3.26 | 5.79 | ||||||||||||||
Advertising | 45,970 | 3.25 | 5.61 | 83,648 | 5.43 | 9.64 | ||||||||||||||
Specialty stores | 45,508 | 3.22 | 5.55 | 56,867 | 3.69 | 6.55 | ||||||||||||||
Education services | 35,598 | 2.52 | 4.34 | 38,254 | 2.48 | 4.41 | ||||||||||||||
Integrated telecommunication services | 35,580 | 2.51 | 4.34 | 31,358 | 2.03 | 3.61 | ||||||||||||||
Leisure facilities | 34,634 | 2.45 | 4.23 | 32,591 | 2.11 | 3.76 | ||||||||||||||
Technology distributors | 34,253 | 2.42 | 4.18 | — | — | — | ||||||||||||||
Oil & gas refining & marketing | 32,986 | 2.33 | 4.02 | — | — | — | ||||||||||||||
Housewares & specialties | 29,925 | 2.11 | 3.65 | 29,775 | 1.93 | 3.43 | ||||||||||||||
Oil & gas equipment services | 28,620 | 2.02 | 3.49 | 28,347 | 1.84 | 3.27 | ||||||||||||||
Consumer electronics | 25,901 | 1.83 | 3.16 | 24,066 | 1.56 | 2.77 | ||||||||||||||
Home improvement retail | 24,600 | 1.74 | 3.00 | 24,784 | 1.61 | 2.86 | ||||||||||||||
Auto parts & equipment | 21,661 | 1.53 | 2.64 | 21,715 | 1.41 | 2.50 | ||||||||||||||
Research & consulting services | 18,761 | 1.33 | 2.29 | 38,531 | 2.50 | 4.44 | ||||||||||||||
Oil & gas exploration & production | 17,865 | 1.26 | 2.18 | — | — | — | ||||||||||||||
Diversified support services | 16,143 | 1.14 | 1.97 | 22,554 | 1.46 | 2.60 | ||||||||||||||
Healthcare technology | 14,609 | 1.03 | 1.78 | — | — | — | ||||||||||||||
Security & alarm services | 13,011 | 0.92 | 1.59 | 13,103 | 0.85 | 1.51 | ||||||||||||||
Real estate services | 12,786 | 0.90 | 1.56 | 13,014 | 0.84 | 1.50 | ||||||||||||||
Casinos & gaming | 11,446 | 0.81 | 1.40 | 23,495 | 1.52 | 2.71 | ||||||||||||||
Commodity chemicals | 10,953 | 0.77 | 1.34 | — | — | — | ||||||||||||||
Other diversified financial services | 10,951 | 0.77 | 1.34 | 11,646 | 0.76 | 1.34 | ||||||||||||||
Healthcare distributors | 9,053 | 0.64 | 1.10 | — | — | — | ||||||||||||||
Precious metals & minerals | 7,490 | 0.53 | 0.91 | 7,464 | 0.48 | 0.86 | ||||||||||||||
Trucking | 7,062 | 0.50 | 0.86 | 7,106 | 0.46 | 0.82 | ||||||||||||||
Application software | 6,574 | 0.46 | 0.80 | 53,905 | 3.50 | 6.21 | ||||||||||||||
Distributors | 6,516 | 0.46 | 0.80 | 14,829 | 0.96 | 1.71 | ||||||||||||||
Industrial machinery | 6,465 | 0.46 | 0.79 | 15,004 | 0.97 | 1.73 | ||||||||||||||
Commercial printing | 6,045 | 0.43 | 0.74 | 6,045 | 0.39 | 0.70 | ||||||||||||||
Leisure products | 5,900 | 0.42 | 0.72 | 5,900 | 0.38 | 0.68 | ||||||||||||||
Thrift & mortgage finance | 5,629 | 0.40 | 0.69 | 6,129 | 0.40 | 0.71 | ||||||||||||||
Wireless telecommunication services | 5,044 | 0.36 | 0.62 | — | — | — | ||||||||||||||
Restaurants | 4,851 | 0.34 | 0.59 | 4,917 | 0.32 | 0.57 | ||||||||||||||
General Merchandise Stores | 4,484 | 0.32 | 0.55 | — | — | — | ||||||||||||||
Food retail | 4,231 | 0.30 | 0.52 | 4,251 | 0.28 | 0.49 | ||||||||||||||
IT consulting & other services | 3,918 | 0.28 | 0.48 | 3,927 | 0.25 | 0.45 | ||||||||||||||
Specialized finance | 3,276 | 0.23 | 0.40 | 3,278 | 0.21 | 0.38 | ||||||||||||||
Air freight and logistics | 1,810 | 0.13 | 0.22 | 1,810 | 0.12 | 0.21 | ||||||||||||||
Human resources & employment services | 2 | — | — | — | — | — | ||||||||||||||
Hypermarkets & super centers | — | — | — | 11,504 | 0.75 | 1.33 | ||||||||||||||
Computer & electronics retail | — | — | — | 6,498 | 0.42 | 0.75 | ||||||||||||||
Multi-utilities | — | — | — | 6,255 | 0.41 | 0.72 | ||||||||||||||
Apparel, accessories & luxury goods | — | — | — | 1,241 | 0.08 | 0.14 | ||||||||||||||
Total | $ | 1,415,404 | 100.00 | % | 172.70 | % | $ | 1,541,755 | 100.00 | % | 177.69 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Fair Value: | % of Total Investments | % of Net Assets | % of Total Investments | % of Net Assets | ||||||||||||||||||||||||||||||||||
Oil & Gas Refining & Marketing | $ | — | — | — | $ | 8,604 | 0.34 | 0.69 | ||||||||||||||||||||||||||||||
Trading Companies & Distributors | — | — | — | 5,567 | 0.22 | 0.45 | ||||||||||||||||||||||||||||||||
Diversified Banks | — | — | — | 3,402 | 0.14 | 0.27 | ||||||||||||||||||||||||||||||||
Specialized REITs | — | — | — | 3,264 | 0.13 | 0.26 | ||||||||||||||||||||||||||||||||
Construction Materials | — | — | — | 1,934 | 0.08 | 0.16 | ||||||||||||||||||||||||||||||||
Alternative Carriers | — | — | — | 201 | 0.01 | 0.02 | ||||||||||||||||||||||||||||||||
Total | $ | 3,135,619 | 100.00 | % | 207.73 | % | $ | 2,494,111 | 100.00 | % | 200.24 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||
Senior secured loans (1) | $350,214 | $383,194 | ||||||||||||
Weighted average interest rate on senior secured loans (2) | 10.40% | 8.33% | ||||||||||||
Number of borrowers in SLF JV I | 52 | 60 | ||||||||||||
Largest exposure to a single borrower (1) | $11,304 | $10,093 | ||||||||||||
Total of five largest loan exposures to borrowers (1) | $54,003 | $48,139 |
December 31, 2017 | September 30, 2017 | |||
Senior secured loans (1) | $249,967 | $245,063 | ||
Weighted average interest rate on senior secured loans (2) | 7.81% | 7.70% | ||
Number of borrowers in SLF JV I | 34 | 32 | ||
Largest exposure to a single borrower (1) | $18,251 | $18,374 | ||
Total of five largest loan exposures to borrowers (1) | $77,991 | $82,728 |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
AdVenture Interactive, Corp. (3) | Advertising | 927 Common Stock Shares | $ | 1,088 | $ | 656 | |||||||||||||||||
Allied Universal Holdco LLC (3) | Security & alarm services | First Lien | 7/28/2022 | LIBOR+3.75% (1% floor) | 5.44 | % | $ | 6,965 | 7,019 | 6,920 | |||||||||||||
Ameritox Ltd. (3)(5) | Healthcare services | First Lien | 4/11/2021 | LIBOR+5% (1% floor) 3% PIK | 6.69 | % | 5,926 | 5,638 | 721 | ||||||||||||||
301,913.06 Class B Preferred Units | 302 | — | |||||||||||||||||||||
928.96 Class A Common Units | 5,474 | — | |||||||||||||||||||||
Total Ameritox Ltd. | 5,926 | 11,414 | 721 | ||||||||||||||||||||
Asset International, Inc. | Research & Consulting Services | First Lien | 12/29/2024 | LIBOR+4.5% (1% floor) | 6.19 | % | 7,000 | 6,860 | 6,860 | ||||||||||||||
BJ's Wholesale Club, Inc. | Hypermarkets & super centers | First Lien | 1/26/2024 | LIBOR+3.75% (1% floor) | 4.95 | % | 4,975 | 4,981 | 4,902 | ||||||||||||||
Chloe Ox Parent LLC | Healthcare services | First Lien | 12/14/2024 | LIBOR+5% (1% floor) | 6.64 | % | 10,000 | 9,900 | 10,037 | ||||||||||||||
Compuware Corporation | Internet software & services | First Lien B3 | 12/15/2021 | LIBOR+4.25% (1% floor) | 5.63 | % | 11,126 | 11,019 | 11,213 | ||||||||||||||
DFT Intermediate LLC | Specialized finance | First Lien | 3/1/2023 | LIBOR+5.5% (1% floor) | 6.85 | % | 10,669 | 10,433 | 10,592 | ||||||||||||||
Digital River, Inc. | Internet software & services | First Lien | 2/12/2021 | LIBOR+6.5% (1% floor) | 8.08 | % | 2,775 | 2,786 | 2,782 | ||||||||||||||
Dodge Data & Analytics LLC (3) | Data processing & outsourced services | First Lien | 10/31/2019 | LIBOR+8.75% (1% floor) | 10.13 | % | 9,199 | 9,228 | 9,116 | ||||||||||||||
DTZ U.S. Borrower, LLC (3) | Real estate services | First Lien | 11/4/2021 | LIBOR+3.25% (1% floor) | 4.94 | % | 6,946 | 6,978 | 6,867 | ||||||||||||||
Edge Fitness, LLC | Leisure facilities | First Lien | 12/31/2019 | LIBOR+7.75% (1% floor) | 9.05 | % | 10,600 | 10,601 | 10,600 | ||||||||||||||
EOS Fitness Opco Holdings, LLC (3) | Leisure facilities | First Lien | 12/30/2019 | LIBOR+8.75% (0.75% floor) | 10.12 | % | 18,251 | 18,078 | 18,433 | ||||||||||||||
Everi Payments Inc. | Casinos & gaming | First Lien | 5/9/2024 | LIBOR+4.5% (1% floor) | 4.98 | % | 4,975 | 4,952 | 5,032 | ||||||||||||||
Falmouth Group Holdings Corp. | Specialty chemicals | First Lien | 12/13/2021 | LIBOR+6.75% (1% floor) | 8.44 | % | 4,528 | 4,497 | 4,528 |
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | First Lien Term Loan | L+ | 3.75% | 8.94% | 2/27/2025 | $ | 5,596 | $ | 5,559 | $ | 5,545 | ||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 12.00% | 12/18/2025 | 6,911 | 6,832 | 6,784 | (4) | ||||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 12.00% | 12/18/2025 | 1,173 | 1,158 | 1,152 | (4) | ||||||||||||||||||||||||||||
Altice France S.A. | Integrated Telecommunication Services | First Lien Term Loan | L+ | 4.00% | 9.32% | 8/14/2026 | 2,977 | 2,850 | 2,808 | |||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 12.89% | 6/30/2025 | 8,916 | 8,845 | 8,514 | (4) | ||||||||||||||||||||||||||||
American Rock Salt Company LLC | Diversified Metals & Mining | First Lien Term Loan | SOFR+ | 4.00% | 9.22% | 6/9/2028 | 4,970 | 4,734 | 4,692 | |||||||||||||||||||||||||||||
American Tire Distributors, Inc. | Distributors | First Lien Term Loan | SOFR+ | 6.25% | 11.49% | 10/20/2028 | 4,836 | 4,775 | 4,219 | (4) | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | First Lien Term Loan | SOFR+ | 4.00% | 9.39% | 11/26/2026 | 7,740 | 7,663 | 7,721 | |||||||||||||||||||||||||||||
Anastasia Parent, LLC | Personal Care Products | First Lien Term Loan | SOFR+ | 3.75% | 9.25% | 8/11/2025 | 1,527 | 1,194 | 1,179 | (4) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Term Loan | L+ | 5.00% | 10.20% | 1/10/2025 | 4,615 | 4,592 | 4,615 | (4) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Revolver | L+ | 5.00% | 10.20% | 1/10/2025 | 115 | 113 | 115 | (4)(5) | ||||||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 11.31% | 12/29/2027 | 4,145 | 4,083 | 3,938 | (4) | ||||||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 12/29/2027 | — | (7) | (25) | (4)(5) | |||||||||||||||||||||||||||||
Astra Acquisition Corp. | Application Software | First Lien Term Loan | L+ | 5.25% | 10.44% | 10/25/2028 | 5,052 | 4,880 | 3,560 | (4) | ||||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 9.20% | 8/19/2028 | 4,963 | 4,749 | 4,710 | |||||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 9.47% | 8/19/2028 | 1,995 | 1,883 | 1,902 | |||||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | Second Lien Term Loan | SOFR+ | 5.25% | 10.47% | 1/20/2029 | 4,346 | 4,022 | 3,657 | |||||||||||||||||||||||||||||
athenahealth Group Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 3.50% | 8.59% | 2/15/2029 | 4,331 | 4,079 | 4,179 | |||||||||||||||||||||||||||||
athenahealth Group Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 3.50% | 2/15/2029 | — | (32) | (19) | (5) | |||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | L+ | 6.00% | 11.27% | 12/24/2026 | 6,289 | 6,211 | 6,031 | (4) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 6/11/2027 | 6,322 | 6,263 | 6,158 | (4) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 6/11/2027 | 1,759 | 1,748 | 1,713 | (4) | ||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Common Stock | 171 | — | — | (4) | ||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Preferred Equity | 7,193,540 | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||||||||||
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% | 11.44% | 8/10/2027 | 1,965 | 1,938 | 1,930 | |||||||||||||||||||||||||||||
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% | 11.44% | 8/10/2027 | 2,366 | 2,332 | 2,324 | |||||||||||||||||||||||||||||
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 6.00% | 11.44% | 8/10/2027 | 1,988 | 1,957 | 1,952 | |||||||||||||||||||||||||||||
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Revolver | SOFR+ | 6.00% | 11.38% | 8/10/2027 | 200 | 192 | 189 | (5) | ||||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | First Lien Term Loan | L+ | 5.00% | 10.37% | 1/4/2026 | 7,315 | 7,188 | 4,670 | (4) | ||||||||||||||||||||||||||||
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 10.24% | 10/13/2029 | 6,359 | 5,983 | 5,937 | (4) | ||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. | Biotechnology | First Lien Term Loan | L+ | 4.00% | 9.54% | 7/9/2026 | 7,760 | 7,689 | 7,730 | |||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. | Biotechnology | First Lien Term Loan | L+ | 4.25% | 9.79% | 12/2/2027 | 992 | 974 | 987 | |||||||||||||||||||||||||||||
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.00% | 10.22% | 8/2/2027 | 5,958 | 5,869 | 5,838 | (4) | ||||||||||||||||||||||||||||
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 9.80% | 4/26/2029 | 7,940 | 7,807 | 7,411 | (4) | ||||||||||||||||||||||||||||
Gibson Brands, Inc. | Leisure Products | First Lien Term Loan | SOFR+ | 5.00% | 10.25% | 8/11/2028 | 7,388 | 7,314 | 5,984 | (4) | ||||||||||||||||||||||||||||
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 10.45% | 4/9/2029 | 7,940 | 7,742 | 6,818 | (4) |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
Garretson Resolution Group, Inc. | Diversified support services | First Lien | 5/22/2021 | LIBOR+6.5% (1% floor) | 8.19 | % | $ | 5,797 | $ | 5,780 | $ | 5,432 | |||||||||||
Gigamon Inc. | Systems software | First Lien | 12/18/2024 | LIBOR+4.5% (1% floor) | 6.03 | % | 8,000 | 7,920 | 7,960 | ||||||||||||||
InMotion Entertainment Group, LLC (3) | Consumer electronics | First Lien | 10/1/2021 | LIBOR+7.25% (1.25% floor) | 8.95 | % | 8,750 | 8,769 | 8,750 | ||||||||||||||
First Lien B | 10/1/2021 | LIBOR+7.25% (1.25% floor) | 8.95 | % | 8,750 | 8,660 | 8,750 | ||||||||||||||||
Total InMotion Entertainment Group, LLC | 17,500 | 17,429 | 17,500 | ||||||||||||||||||||
Keypath Education, Inc. (3) | Advertising | First Lien | 4/3/2022 | LIBOR+7% (1.00% floor) | 8.69 | % | 2,040 | 2,039 | 2,040 | ||||||||||||||
927 shares Common Stock | 1,391 | 815 | |||||||||||||||||||||
2,040 | 3,430 | 2,855 | |||||||||||||||||||||
Lift Brands, Inc. (3) | Leisure facilities | First Lien | 12/23/2019 | LIBOR+7.5% (1% floor) | 9.19 | % | 18,149 | 18,132 | 18,149 | ||||||||||||||
Metamorph US 3, LLC (3)(5) | Internet software & services | First Lien | 12/1/2020 | LIBOR+5.5% (1% floor) 2% PIK | 7.07 | % | 9,942 | 9,232 | 3,775 | ||||||||||||||
Motion Recruitment Partners LLC | Human resources & employment services | First Lien | 2/13/2020 | LIBOR+6% (1% floor) | 7.57 | % | 4,298 | 4,255 | 4,303 | ||||||||||||||
NAVEX Global, Inc. | Internet software & services | First Lien | 11/19/2021 | LIBOR+4.75% (1% floor) | 5.82 | % | 5,944 | 5,911 | 5,974 | ||||||||||||||
New IPT, Inc. (3) | Oil & gas equipment & services | First Lien | 3/17/2021 | LIBOR+5% (1% floor) | 6.69 | % | 1,794 | 1,794 | 1,794 | ||||||||||||||
Second Lien | 9/17/2021 | LIBOR+5.1% (1% floor) | 6.79 | % | 1,094 | 1,094 | 1,094 | ||||||||||||||||
21.876 Class A Common Units | — | 420 | |||||||||||||||||||||
Total New IPT, Inc. | 2,888 | 2,888 | 3,308 | ||||||||||||||||||||
Novetta Solutions, LLC | Internet software & services | First Lien | 9/30/2022 | LIBOR+5% (1% floor) | 6.70 | % | 6,102 | 6,053 | 5,937 | ||||||||||||||
OmniSYS Acquisition Corporation (3) | Diversified support services | First Lien | 11/21/2018 | LIBOR+7.5% (1% floor) | 9.19 | % | 10,896 | 10,899 | 10,873 | ||||||||||||||
Refac Optical Group (3) | Specialty stores | First Lien A | 9/30/2018 | LIBOR+8% | 9.56 | % | 4,111 | 4,098 | 4,111 | ||||||||||||||
Salient CRGT, Inc. (3) | IT consulting & other services | First Lien | 2/28/2022 | LIBOR+5.75% (1% floor) | 7.32 | % | 2,405 | 2,364 | 2,426 | ||||||||||||||
Scientific Games International, Inc. (3) | Casinos & gaming | First Lien | 8/14/2024 | LIBOR+3.25% | 4.67 | % | 6,615 | 6,583 | 6,677 | ||||||||||||||
SHO Holding I Corporation | Footwear | First Lien | 10/27/2022 | LIBOR+5% (1% floor) | 6.42 | % | 8,573 | 8,545 | 8,273 | ||||||||||||||
TravelClick, Inc. (3) | Internet software & services | Second Lien | 11/6/2021 | LIBOR+7.75% (1% floor) | 9.32 | % | 5,127 | 5,127 | 5,153 | ||||||||||||||
TV Borrower US, LLC | Integrated telecommunications services | First Lien | 2/22/2024 | LIBOR+4.75% (1% floor) | 6.44 | % | 2,034 | 2,025 | 2,045 | ||||||||||||||
Valet Merger Sub, Inc. (3) | Environmental & facilities services | First Lien | 9/24/2021 | LIBOR+7% (1% floor) | 8.57 | % | 12,965 | 12,838 | 12,965 | ||||||||||||||
Vubiquity, Inc. | Application software | First Lien | 8/12/2021 | LIBOR+5.5% (1% floor) | 7.19 | % | 2,646 | 2,630 | 2,626 | ||||||||||||||
$ | 249,967 | $ | 255,973 | $ | 239,601 |
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||||
Indivior Finance S.À.R.L. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 5.25% | 10.75% | 6/30/2026 | $ | 7,350 | $ | 7,260 | $ | 7,359 | ||||||||||||||||||||||||||
INW Manufacturing, LLC | Personal Care Products | First Lien Term Loan | L+ | 5.75% | 11.29% | 3/25/2027 | 9,125 | 8,950 | 7,239 | (4) | ||||||||||||||||||||||||||||
Iris Holding, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 4.75% | 9.90% | 6/28/2028 | 4,963 | 4,638 | 4,226 | |||||||||||||||||||||||||||||
LABL, Inc. | Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00% | 10.20% | 10/29/2028 | 3,972 | 3,817 | 3,940 | |||||||||||||||||||||||||||||
LaserAway Intermediate Holdings II, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.75% | 11.08% | 10/14/2027 | 7,388 | 7,281 | 7,267 | |||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 5/9/2026 | 11,279 | 11,121 | 10,997 | (4) | ||||||||||||||||||||||||||||
LogMeIn, Inc. | Application Software | First Lien Term Loan | L+ | 4.75% | 9.94% | 8/31/2027 | 7,800 | 7,705 | 4,918 | |||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | SOFR+ | 3.50% | 8.72% | 9/6/2025 | 7,308 | 7,246 | 7,037 | |||||||||||||||||||||||||||||
McAfee Corp. | Systems Software | First Lien Term Loan | SOFR+ | 3.75% | 9.01% | 3/1/2029 | 5,955 | 5,655 | 5,713 | |||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Term Loan | L+ | 7.00% | 12.19% | 2/14/2025 | 4,669 | 4,644 | 4,599 | (4) | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Revolver | L+ | 8.00% | 2/14/2025 | — | (3) | (7) | (4)(5) | |||||||||||||||||||||||||||||
Mitchell International Inc | Application Software | First Lien Term Loan | L+ | 3.75% | 8.94% | 10/15/2028 | 2,991 | 2,845 | 2,931 | |||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.84% | 2/10/2026 | 8,340 | 8,172 | 8,111 | (4) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Revolver | SOFR+ | 5.50% | 2/10/2026 | — | (3) | (9) | (4)(5) | |||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.84% | 2/10/2026 | 2,217 | 2,216 | 2,156 | (4) | ||||||||||||||||||||||||||||
Northern Star Industries Inc. | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 4.50% | 10.00% | 3/31/2025 | 6,633 | 6,624 | 6,583 | |||||||||||||||||||||||||||||
OEConnection LLC | Application Software | First Lien Term Loan | L+ | 4.00% | 9.25% | 9/25/2026 | 11,015 | 10,845 | 10,852 | |||||||||||||||||||||||||||||
Park Place Technologies, LLC | Internet Services & Infrastructure | First Lien Term Loan | SOFR+ | 5.00% | 10.20% | 11/10/2027 | 9,849 | 9,495 | 9,603 | (4) | ||||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.00% | 9.50% | 12/17/2027 | 2,422 | 2,297 | 2,305 | |||||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | Second Lien Term Loan | SOFR+ | 7.25% | 12.59% | 12/18/2028 | 4,503 | 4,435 | 4,023 | (4) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 8.00% | 13.04% | 4/6/2027 | 8,116 | 7,831 | 7,815 | (4) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Revolver | SOFR+ | 8.00% | 13.04% | 4/6/2027 | 254 | 236 | 235 | (4)(5) | ||||||||||||||||||||||||||||
Renaissance Holding Corp. | Education Services | First Lien Term Loan | SOFR+ | 4.75% | 9.99% | 4/5/2030 | 5,000 | 4,855 | 4,948 | |||||||||||||||||||||||||||||
RevSpring, Inc. | Commercial Printing | First Lien Term Loan | L+ | 4.00% | 9.50% | 10/11/2025 | 9,550 | 9,536 | 9,208 | |||||||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.25% | 10.52% | 4/27/2024 | 8,135 | 8,132 | 5,749 | |||||||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.23% | 10.50% | 4/27/2024 | 138 | 138 | 100 | |||||||||||||||||||||||||||||
SM Wellness Holdings, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 4.75% | 9.97% | 4/17/2028 | 2,985 | 2,564 | 2,768 | (4) | ||||||||||||||||||||||||||||
Sorenson Communications, LLC | Communications Equipment | First Lien Term Loan | L+ | 5.50% | 10.69% | 3/17/2026 | 2,328 | 2,305 | 2,166 | (4) | ||||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 11/20/2028 | 8,865 | 8,729 | 8,655 | (4) | ||||||||||||||||||||||||||||
SPX Flow, Inc. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 4.50% | 9.70% | 4/5/2029 | 8,801 | 8,426 | 8,710 | |||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 9.84% | 3/30/2029 | 8,235 | 7,548 | 7,722 | (4) | ||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 6.00% | 11.20% | 12/29/2028 | 7,230 | 7,116 | 7,050 | (4) | ||||||||||||||||||||||||||||
Veritas US Inc. | Application Software | First Lien Term Loan | L+ | 5.00% | 10.22% | 9/1/2025 | 6,322 | 6,266 | 5,185 | |||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 6.25% | 11.45% | 9/21/2027 | 7,757 | 7,570 | 7,263 | (4) | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | L+ | 3.75% | 9.03% | 4/30/2025 | 1,970 | 1,917 | 1,791 | (4) | ||||||||||||||||||||||||||||
Total Portfolio Investments | $ | 350,214 | $ | 348,782 | $ | 329,809 |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
AdVenture Interactive, Corp. (3) | Advertising | 927 Common Stock Shares | $ | 1,088 | $ | 1,412 | |||||||||||||||||
Allied Universal Holdco LLC (3) | Security & alarm services | First Lien | 7/28/2022 | LIBOR+3.75% (1% floor) | 5.08 | % | $ | 6,982 | 7,040 | 6,976 | |||||||||||||
Ameritox Ltd. (3)(5) | Healthcare services | First Lien | 4/11/2021 | LIBOR+5% (1% floor) 3% PIK | 6.33 | % | 5,759 | 5,638 | 668 | ||||||||||||||
301,913.06 Class B Preferred Units | 302 | — | |||||||||||||||||||||
928.96 Class A Common Units | 5,474 | — | |||||||||||||||||||||
Total Ameritox Ltd. | 5,759 | 11,414 | 668 | ||||||||||||||||||||
BeyondTrust Software, Inc. (3) | Application software | First Lien | 9/25/2019 | LIBOR+7% (1% floor) | 8.33 | % | 15,330 | 15,231 | 15,329 | ||||||||||||||
BJ's Wholesale Club, Inc. (3) | Hypermarkets & super centers | First Lien | 1/26/2024 | LIBOR+3.75% (1% floor) | 4.99 | % | 4,988 | 4,993 | 4,793 | ||||||||||||||
Compuware Corporation | Internet software & services | First Lien B3 | 12/15/2021 | LIBOR+4.25% (1% floor) | 5.49 | % | 11,154 | 11,041 | 11,293 | ||||||||||||||
DFT Intermediate LLC (3) | Specialized finance | First Lien | 3/1/2023 | LIBOR+5.5% (1% floor) | 6.74 | % | 10,723 | 10,474 | 10,652 | ||||||||||||||
Digital River, Inc. | Internet software & services | First Lien | 2/12/2021 | LIBOR+6.5% (1% floor) | 7.82 | % | 4,524 | 4,541 | 4,546 | ||||||||||||||
Dodge Data & Analytics LLC (3) | Data processing & outsourced services | First Lien | 10/31/2019 | LIBOR+8.75% (1% floor) | 10.13 | % | 9,339 | 9,372 | 8,744 | ||||||||||||||
DTZ U.S. Borrower, LLC (3) | Real estate services | First Lien | 11/4/2021 | LIBOR+3.25% (1% floor) | 4.57 | % | 6,964 | 6,998 | 6,990 | ||||||||||||||
Edge Fitness, LLC | Leisure facilities | First Lien | 12/31/2019 | LIBOR+7.75% (1% floor) | 9.05 | % | 10,600 | 10,602 | 10,600 | ||||||||||||||
EOS Fitness Opco Holdings, LLC (3) | Leisure facilities | First Lien | 12/30/2019 | LIBOR+8.75% (0.75% floor) | 9.99 | % | 18,374 | 18,182 | 18,557 | ||||||||||||||
Everi Payments Inc.(3) | Casinos & gaming | First Lien | 5/9/2024 | LIBOR+4.5% (1% floor) | 5.74 | % | 4,988 | 4,964 | 5,039 | ||||||||||||||
Falmouth Group Holdings Corp. | Specialty chemicals | First Lien | 12/13/2021 | LIBOR+6.75% (1% floor) | 8.08 | % | 4,610 | 4,578 | 4,610 | ||||||||||||||
Garretson Resolution Group, Inc. | Diversified support services | First Lien | 5/22/2021 | LIBOR+6.5% (1% floor) | 7.83 | % | 5,836 | 5,818 | 5,766 | ||||||||||||||
InMotion Entertainment Group, LLC (3) | Consumer electronics | First Lien | 10/1/2018 | LIBOR+7.75% (1.25% floor) | 9.09 | % | 8,875 | 8,884 | 8,875 | ||||||||||||||
First Lien B | 10/1/2018 | LIBOR+7.75% (1.25% floor) | 9.09 | % | 8,875 | 8,828 | 8,871 | ||||||||||||||||
Total InMotion Entertainment Group, LLC | 17,750 | 17,712 | 17,746 | ||||||||||||||||||||
Keypath Education, Inc. (3) | Advertising | First Lien | 4/3/2022 | LIBOR+7% (1.00% floor) | 8.33 | % | 2,040 | 2,040 | 2,039 | ||||||||||||||
927 shares Common Stock | 1,391 | 809 | |||||||||||||||||||||
2,040 | 3,431 | 2,848 | |||||||||||||||||||||
Lift Brands, Inc. (3) | Leisure facilities | First Lien | 12/23/2019 | LIBOR+7.5% (1% floor) | 8.83 | % | 18,276 | 18,257 | 18,275 | ||||||||||||||
Metamorph US 3, LLC (3)(5) | Internet software & services | First Lien | 12/1/2020 | LIBOR+5.5% (1% floor) 2% PIK | 6.74 | % | 9,969 | 9,481 | 3,786 | ||||||||||||||
Motion Recruitment Partners LLC | Human resources & employment services | First Lien | 2/13/2020 | LIBOR+6% (1% floor) | 7.24 | % | 4,330 | 4,281 | 4,330 | ||||||||||||||
NAVEX Global, Inc. | Internet software & services | First Lien | 11/19/2021 | LIBOR+4.75% (1% floor) | 5.49 | % | 5,959 | 5,925 | 5,982 | ||||||||||||||
New IPT, Inc. (3) | Oil & gas equipment & services | First Lien | 3/17/2021 | LIBOR+5% (1% floor) | 6.33 | % | 1,794 | 1,794 | 1,794 | ||||||||||||||
Second Lien | 9/17/2021 | LIBOR+5.1% (1% floor) | 6.43 | % | 1,094 | 1,094 | 1,094 | ||||||||||||||||
21.876 Class A Common Units | — | 321 | |||||||||||||||||||||
Total New IPT, Inc. | 2,888 | 2,888 | 3,209 |
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||||
Access CIG, LLC | Diversified Support Services | First Lien Term Loan | L+ | 3.75% | 6.82% | 2/27/2025 | $ | 10,093 | $ | 10,028 | $ | 9,692 | ||||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.25% | 9.80% | 12/18/2025 | 8,518 | 8,389 | 8,371 | (4) | ||||||||||||||||||||||||||||
Altice France S.A. | Integrated Telecommunication Services | First Lien Term Loan | L+ | 4.00% | 6.91% | 8/14/2026 | 3,000 | 2,841 | 2,730 | |||||||||||||||||||||||||||||
Alvogen Pharma US, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 11.20% | 6/30/2025 | 9,267 | 9,166 | 9,221 | (4) | ||||||||||||||||||||||||||||
American Tire Distributors, Inc. | Distributors | First Lien Term Loan | L+ | 6.25% | 9.03% | 10/20/2028 | 4,873 | 4,812 | 4,576 | (4) | ||||||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | First Lien Term Loan | L+ | 4.25% | 7.92% | 11/26/2026 | 7,800 | 7,722 | 7,527 | (4) | ||||||||||||||||||||||||||||
Anastasia Parent, LLC | Personal Products | First Lien Term Loan | L+ | 3.75% | 7.42% | 8/11/2025 | 1,539 | 1,203 | 1,232 | (4) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Term Loan | L+ | 6.00% | 8.46% | 1/10/2025 | 4,615 | 4,580 | 4,519 | (4) | ||||||||||||||||||||||||||||
Apptio, Inc. | Application Software | First Lien Revolver | L+ | 6.00% | 8.46% | 1/10/2025 | 154 | 151 | 146 | (4)(5) | ||||||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper Packaging | First Lien Term Loan | L+ | 6.00% | 9.67% | 12/29/2027 | 4,176 | 4,103 | 4,080 | |||||||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper Packaging | First Lien Revolver | L+ | 6.00% | 12/29/2027 | (9) | (11) | (5) | ||||||||||||||||||||||||||||||
Astra Acquisition Corp. | Application Software | First Lien Term Loan | L+ | 5.25% | 8.37% | 10/25/2028 | 5,052 | 4,858 | 4,319 | (4) | ||||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 7.70% | 8/19/2028 | 5,000 | 4,753 | 4,276 | |||||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | Second Lien Term Loan | L+ | 5.25% | 8.37% | 1/20/2029 | 4,346 | 3,981 | 3,347 | |||||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | L+ | 6.00% | 8.78% | 12/24/2026 | 6,338 | 6,242 | 6,027 | (4) | ||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | L+ | 5.00% | 8.12% | 6/11/2027 | 6,371 | 6,311 | 6,148 | |||||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | L+ | 5.00% | 8.12% | 6/11/2027 | 1,771 | 1,751 | 1,664 | (4)(5) | ||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. | Data Processing & Outsourced Services | First Lien Term Loan | L+ | 3.00% | 6.03% | 6/15/2025 | 9,575 | 9,566 | 8,977 | |||||||||||||||||||||||||||||
BYJU's Alpha, Inc. | Application Software | First Lien Term Loan | L+ | 6.00% | 8.98% | 11/24/2026 | 7,444 | 7,347 | 5,455 | |||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Common Stock | 171 | — | — | (4) | ||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Preferred Equity | 7,193,540 | 7,194 | 5,683 | (4) | ||||||||||||||||||||||||||||||||
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 5.50% | 9.12% | 8/10/2027 | 4,358 | 4,286 | 4,280 | |||||||||||||||||||||||||||||
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Term Loan | SOFR+ | 5.50% | 9.12% | 8/10/2027 | 449 | 432 | 413 | |||||||||||||||||||||||||||||
Centerline Communications, LLC | Wireless Telecommunication Services | First Lien Revolver | SOFR+ | 5.50% | 8/10/2027 | — | (10) | (11) | (5) | |||||||||||||||||||||||||||||
CITGO Petroleum Corp. | Oil & Gas Refining & Marketing | First Lien Term Loan | L+ | 6.25% | 9.37% | 3/28/2024 | 7,038 | 6,967 | 7,057 | (4) | ||||||||||||||||||||||||||||
City Football Group Limited | Movies & Entertainment | First Lien Term Loan | L+ | 3.50% | 6.48% | 7/21/2028 | 6,451 | 6,419 | 6,166 | |||||||||||||||||||||||||||||
Convergeone Holdings, Inc. | IT Consulting & Other Services | First Lien Term Loan | L+ | 5.00% | 8.12% | 1/4/2026 | 7,373 | 7,206 | 5,320 | (4) | ||||||||||||||||||||||||||||
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 7.65% | 9/20/2029 | 5,375 | 5,053 | 5,035 | (4) | ||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. | Biotechnology | First Lien Term Loan | L+ | 4.00% | 7.67% | 7/9/2026 | 5,820 | 5,776 | 5,587 | |||||||||||||||||||||||||||||
Dealer Tire, LLC | Distributors | First Lien Term Loan | L+ | 4.25% | 7.37% | 12/12/2025 | 2,992 | 2,935 | 2,924 | |||||||||||||||||||||||||||||
Delivery Hero FinCo LLC | Internet & Direct Marketing Retail | First Lien Term Loan | SOFR+ | 5.75% | 8.49% | 8/12/2027 | 6,035 | 5,876 | 5,756 | (4) | ||||||||||||||||||||||||||||
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | L+ | 5.00% | 8.12% | 8/2/2027 | 6,436 | 6,332 | 6,012 | (4) | ||||||||||||||||||||||||||||
Domtar Corporation | Paper Products | First Lien Term Loan | L+ | 5.50% | 8.26% | 11/30/2028 | 4,100 | 4,065 | 3,921 | |||||||||||||||||||||||||||||
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 7.33% | 4/26/2029 | 8,000 | 7,849 | 7,616 | (4) | ||||||||||||||||||||||||||||
Eagle Parent Corp. | Industrial Machinery | First Lien Term Loan | SOFR+ | 4.25% | 7.80% | 4/2/2029 | 4,478 | 4,373 | 4,367 | |||||||||||||||||||||||||||||
eResearch Technology, Inc. | Application Software | First Lien Term Loan | L+ | 4.50% | 7.62% | 2/4/2027 | 7,331 | 7,258 | 6,859 |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
Novetta Solutions, LLC | Internet software & services | First Lien | 9/30/2022 | LIBOR+5% (1% floor) | 6.34 | % | $ | 6,118 | $ | 6,066 | $ | 5,950 | |||||||||||
OmniSYS Acquisition Corporation (3) | Diversified support services | First Lien | 11/21/2018 | LIBOR+7.5% (1% floor) | 8.83 | % | 10,896 | 10,900 | 10,833 | ||||||||||||||
Refac Optical Group (3) | Specialty stores | First Lien A | 9/30/2018 | LIBOR+8% | 9.23 | % | 4,623 | 4,605 | 4,623 | ||||||||||||||
Salient CRGT, Inc. (3) | IT consulting & other services | First Lien | 2/28/2022 | LIBOR+5.75% (1% floor) | 6.99 | % | 2,457 | 2,412 | 2,440 | ||||||||||||||
Scientific Games International, Inc. (3) | Casinos & gaming | First Lien | 8/14/2024 | LIBOR+3.25% (1% floor) | 4.58 | % | 6,632 | 6,598 | 6,651 | ||||||||||||||
SHO Holding I Corporation | Footwear | First Lien | 10/27/2022 | LIBOR+5% (1% floor) | 6.24 | % | 8,594 | 8,566 | 8,487 | ||||||||||||||
TravelClick, Inc. (3) | Internet software & services | Second Lien | 11/6/2021 | LIBOR+7.75% (1% floor) | 8.99 | % | 5,127 | 5,127 | 5,153 | ||||||||||||||
TV Borrower US, LLC | Integrated telecommunications services | First Lien | 2/22/2024 | LIBOR+4.75% (1% floor) | 6.08 | % | 3,582 | 3,565 | 3,607 | ||||||||||||||
Valet Merger Sub, Inc. (3) | Environmental & facilities services | First Lien | 9/24/2021 | LIBOR+7% (1% floor) | 8.24 | % | 12,998 | 12,862 | 12,998 | ||||||||||||||
Vubiquity, Inc. | Application software | First Lien | 8/12/2021 | LIBOR+5.5% (1% floor) | 6.83 | % | 2,653 | 2,636 | 2,633 | ||||||||||||||
$ | 245,063 | $ | 251,648 | $ | 235,526 |
Portfolio Company | Industry | Type of Investment | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Shares | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||||
Gibson Brands, Inc. | Leisure Products | First Lien Term Loan | L+ | 5.00% | 7.94% | 8/11/2028 | $ | 7,444 | $ | 7,369 | $ | 6,029 | ||||||||||||||||||||||||||
Global Medical Response, Inc. | Health Care Services | First Lien Term Loan | L+ | 4.25% | 7.37% | 3/14/2025 | 1,979 | 1,979 | 1,722 | (4) | ||||||||||||||||||||||||||||
Global Medical Response, Inc. | Health Care Services | First Lien Term Loan | L+ | 4.25% | 6.81% | 10/2/2025 | 2,192 | 2,165 | 1,912 | |||||||||||||||||||||||||||||
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 8.38% | 4/9/2029 | 8,000 | 7,774 | 7,310 | (4) | ||||||||||||||||||||||||||||
Indivior Finance S.À.R.L. | Pharmaceuticals | First Lien Term Loan | L+ | 5.25% | 8.80% | 6/30/2026 | 7,406 | 7,293 | 7,286 | |||||||||||||||||||||||||||||
INW Manufacturing, LLC | Personal Products | First Lien Term Loan | L+ | 5.75% | 9.42% | 3/25/2027 | 9,500 | 9,282 | 8,408 | (4) | ||||||||||||||||||||||||||||
Iris Holding, Inc. | Metal & Glass Containers | First Lien Term Loan | SOFR+ | 4.75% | 7.89% | 6/28/2028 | 5,000 | 4,624 | 4,610 | |||||||||||||||||||||||||||||
LaserAway Intermediate Holdings II, LLC | Health Care Services | First Lien Term Loan | L+ | 5.75% | 8.23% | 10/14/2027 | 7,444 | 7,318 | 7,323 | |||||||||||||||||||||||||||||
Lightbox Intermediate, L.P. | Real Estate Services | First Lien Term Loan | L+ | 5.00% | 8.67% | 5/9/2026 | 7,367 | 7,315 | 7,109 | (4) | ||||||||||||||||||||||||||||
LogMeIn, Inc. | Application Software | First Lien Term Loan | L+ | 4.75% | 7.80% | 8/31/2027 | 7,860 | 7,751 | 5,494 | |||||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | L+ | 3.25% | 6.37% | 9/6/2025 | 7,366 | 7,282 | 6,835 | |||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Term Loan | L+ | 7.00% | 10.64% | 2/14/2025 | 4,687 | 4,651 | 4,570 | (4) | ||||||||||||||||||||||||||||
Mindbody, Inc. | Internet Services & Infrastructure | First Lien Revolver | L+ | 8.00% | 2/14/2025 | — | (4) | (12) | (4)(5) | |||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | L+ | 5.50% | 9.17% | 2/10/2026 | 6,139 | 6,104 | 5,966 | (4) | ||||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Revolver | L+ | 5.50% | 2/10/2026 | (3) | (10) | (4)(5) | ||||||||||||||||||||||||||||||
Northern Star Industries Inc. | Electrical Components & Equipment | First Lien Term Loan | L+ | 4.75% | 7.87% | 3/31/2025 | 6,685 | 6,673 | 6,484 | |||||||||||||||||||||||||||||
OEConnection LLC | Application Software | First Lien Term Loan | L+ | 4.00% | 7.12% | 9/25/2026 | 7,777 | 7,741 | 7,505 | (4) | ||||||||||||||||||||||||||||
Park Place Technologies, LLC | Internet Services & Infrastructure | First Lien Term Loan | SOFR+ | 5.00% | 8.13% | 11/10/2027 | 4,925 | 4,781 | 4,687 | (4) | ||||||||||||||||||||||||||||
Peloton Interactive, Inc. | Leisure Products | First Lien Term Loan | SOFR+ | 6.50% | 8.35% | 5/25/2027 | 5,486 | 5,251 | 5,371 | |||||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | Second Lien Term Loan | L+ | 7.25% | 10.92% | 12/18/2028 | 4,503 | 4,435 | 4,323 | (4) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Term Loan | L+ | 8.00% | 10.68% | 4/6/2027 | 6,796 | 6,694 | 6,582 | (4) | ||||||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Revolver | L+ | 8.00% | 4/6/2027 | — | (6) | (13) | (4)(5) | |||||||||||||||||||||||||||||
RevSpring, Inc. | Commercial Printing | First Lien Term Loan | L+ | 4.00% | 7.67% | 10/11/2025 | 9,625 | 9,607 | 9,304 | |||||||||||||||||||||||||||||
Sabert Corporation | Metal & Glass Containers | First Lien Term Loan | L+ | 4.50% | 7.63% | 12/10/2026 | 2,536 | 2,511 | 2,435 | (4) | ||||||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.25% | 8.06% | 4/27/2024 | 8,201 | 8,194 | 7,176 | |||||||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.23% | 8.04% | 4/27/2024 | 138 | 138 | 121 | |||||||||||||||||||||||||||||
Sorenson Communications, LLC | Communications Equipment | First Lien Term Loan | L+ | 5.50% | 9.17% | 3/17/2026 | 2,553 | 2,528 | 2,454 | |||||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Term Loan | L+ | 5.25% | 8.30% | 11/20/2028 | 8,933 | 8,776 | 8,721 | (4) | ||||||||||||||||||||||||||||
SPX Flow, Inc. | Industrial Machinery | First Lien Term Loan | SOFR+ | 4.50% | 7.63% | 4/5/2029 | 7,500 | 7,184 | 6,966 | (4) | ||||||||||||||||||||||||||||
Supermoose Borrower, LLC | Application Software | First Lien Term Loan | L+ | 3.75% | 7.42% | 8/29/2025 | 7,743 | 7,479 | 6,827 | (4) | ||||||||||||||||||||||||||||
Surgery Center Holdings, Inc. | Health Care Facilities | First Lien Term Loan | L+ | 3.75% | 6.51% | 8/31/2026 | 3,377 | 3,365 | 3,213 | |||||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.15% | 3/30/2029 | 6,256 | 5,693 | 5,629 | (4) | ||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | L+ | 6.00% | 9.12% | 12/29/2028 | 7,285 | 7,155 | 7,140 | (4) | ||||||||||||||||||||||||||||
Veritas US Inc. | Application Software | First Lien Term Loan | L+ | 5.00% | 8.67% | 9/1/2025 | 6,365 | 6,290 | 5,087 | |||||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | First Lien Term Loan | L+ | 6.25% | 9.37% | 9/21/2027 | 7,818 | 7,596 | 7,115 | (4) | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | Second Lien Term Loan | L+ | 7.75% | 10.56% | 4/30/2026 | 6,000 | 5,972 | 5,070 | (4) | ||||||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | L+ | 3.75% | 6.56% | 4/30/2025 | 1,985 | 1,910 | 1,783 | (4) | ||||||||||||||||||||||||||||
Zayo Group Holdings, Inc. | Alternative Carriers | First Lien Term Loan | L+ | 3.00% | 6.12% | 3/9/2027 | 2,155 | 2,000 | 1,812 | |||||||||||||||||||||||||||||
Total Portfolio Investments | $ | 383,194 | $ | 382,673 | $ | 359,625 |
June 30, 2023 | September 30, 2022 | |||||||||||||
Selected Balance Sheet Information: | ||||||||||||||
Investments at fair value (cost June 30, 2023:$348,782; cost September 30, 2022: $382,673) | $ | 329,809 | $ | 359,625 | ||||||||||
Cash and cash equivalents | 21,906 | 14,274 | ||||||||||||
Restricted cash | 8,715 | 5,642 | ||||||||||||
Other assets | 9,798 | 5,686 | ||||||||||||
Total assets | $ | 370,228 | $ | 385,227 | ||||||||||
Senior credit facility payable | $ | 200,000 | $ | 230,000 | ||||||||||
SLF JV I Notes payable at fair value (proceeds June 30, 2023: $128,750; proceeds September 30, 2022: $110,000) | 128,750 | 110,000 | ||||||||||||
Other liabilities | 9,509 | 21,539 | ||||||||||||
Total liabilities | $ | 338,259 | $ | 361,539 | ||||||||||
Members' equity | 31,969 | 23,688 | ||||||||||||
Total liabilities and members' equity | $ | 370,228 | $ | 385,227 |
Three months ended June 30, 2023 | Three months ended June 30, 2022 | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | |||||||||||||||||||||||
Selected Statements of Operations Information: | ||||||||||||||||||||||||||
Interest income | $ | 10,312 | $ | 5,796 | $ | 29,106 | $ | 16,664 | ||||||||||||||||||
Other income | — | 32 | 62 | 105 | ||||||||||||||||||||||
Total investment income | 10,312 | 5,828 | 29,168 | 16,769 | ||||||||||||||||||||||
Senior credit facility interest expense | 4,190 | 1,929 | 12,004 | 4,995 | ||||||||||||||||||||||
SLF JV I Notes interest expense | 3,859 | 2,224 | 10,511 | 6,673 | ||||||||||||||||||||||
Other expenses | 73 | 77 | 249 | 198 | ||||||||||||||||||||||
Total expenses (1) | 8,122 | 4,230 | 22,764 | 11,866 | ||||||||||||||||||||||
Net investment income | 2,190 | 1,598 | 6,404 | 4,903 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 2,652 | (16,411) | 4,075 | (19,856) | ||||||||||||||||||||||
Net realized gains (losses) | (2,137) | 165 | (4,850) | 568 | ||||||||||||||||||||||
Net income (loss) | $ | 2,705 | $ | (14,648) | $ | 5,629 | $ | (14,385) |
June 30, 2023 | September 30, 2022 | ||||||||||
Senior secured loans (1) | $123,126 | $143,225 | |||||||||
Weighted average current interest rate on senior secured loans (2) | 10.66% | 8.52% | |||||||||
Number of borrowers in the Glick JV | 37 | 43 | |||||||||
Largest loan exposure to a single borrower (1) | $6,313 | $6,562 | |||||||||
Total of five largest loan exposures to borrowers (1) | $28,457 | $28,973 |
Portfolio Company | Industry | Investment Type | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 12.00% | 12/18/2025 | $ | 587 | $ | 579 | $ | 576 | (4) | ||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | SOFR+ | 6.50% | 12.00% | 12/18/2025 | 3,824 | 3,782 | 3,753 | (4) | |||||||||||||||||||||||||
Alvogen Pharma US, Inc. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 12.89% | 6/30/2025 | 6,313 | 6,261 | 6,029 | (4) | |||||||||||||||||||||||||
American Rock Salt Company LLC | Diversified Metals & Mining | First Lien Term Loan | SOFR+ | 4.00% | 9.22% | 6/9/2028 | 2,485 | 2,367 | 2,346 | ||||||||||||||||||||||||||
American Tire Distributors, Inc. | Distributors | First Lien Term Loan | SOFR+ | 6.25% | 11.49% | 10/20/2028 | 2,868 | 2,832 | 2,502 | (4) | |||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | First Lien Term Loan | SOFR+ | 4.00% | 9.39% | 11/26/2026 | 2,903 | 2,873 | 2,895 | ||||||||||||||||||||||||||
Amynta Agency Borrower Inc. | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 5.00% | 10.20% | 2/28/2028 | 3,000 | 2,915 | 2,925 | ||||||||||||||||||||||||||
Anastasia Parent, LLC | Personal Care Products | First Lien Term Loan | SOFR+ | 3.75% | 9.25% | 8/11/2025 | 910 | 707 | 702 | (4) | |||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00% | 11.31% | 12/29/2027 | 1,721 | 1,695 | 1,635 | (4) | |||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00% | 12/29/2027 | — | (3) | (10) | (4)(5) | ||||||||||||||||||||||||||
Astra Acquisition Corp. | Application Software | First Lien Term Loan | L+ | 5.25% | 10.44% | 10/25/2028 | 2,078 | 2,037 | 1,464 | (4) | |||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 9.20% | 8/19/2028 | 1,985 | 1,900 | 1,884 | ||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25% | 9.47% | 8/19/2028 | 998 | 941 | 951 | ||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | Second Lien Term Loan | SOFR+ | 5.25% | 10.47% | 1/20/2029 | 2,423 | 2,236 | 2,039 | ||||||||||||||||||||||||||
athenahealth Group Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 3.50% | 8.59% | 2/15/2029 | 1,777 | 1,674 | 1,715 | ||||||||||||||||||||||||||
athenahealth Group Inc. | Health Care Technology | First Lien Term Loan | SOFR+ | 3.50% | 2/15/2029 | — | (13) | (8) | (5) | ||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | L+ | 6.00% | 11.27% | 12/24/2026 | 3,628 | 3,583 | 3,479 | (4) | |||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 6/11/2027 | 3,372 | 3,340 | 3,284 | (4) | |||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | SOFR+ | 5.00% | 10.50% | 6/11/2027 | 802 | 798 | 782 | (4) | |||||||||||||||||||||||||
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 10.24% | 10/13/2029 | 2,773 | 2,607 | 2,589 | (4) | |||||||||||||||||||||||||
Curium Bidco S.à.r.l. | Biotechnology | First Lien Term Loan | L+ | 4.00% | 9.54% | 7/9/2026 | 2,848 | 2,827 | 2,838 | ||||||||||||||||||||||||||
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | SOFR+ | 5.00% | 10.22% | 8/2/2027 | 2,528 | 2,502 | 2,477 | (4) |
Portfolio Company | Industry | Investment Type | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 9.80% | 4/26/2029 | $ | 2,978 | $ | 2,928 | $ | 2,779 | (4) | ||||||||||||||||||||||
Gibson Brands, Inc. | Leisure Products | First Lien Term Loan | SOFR+ | 5.00% | 10.25% | 8/11/2028 | 3,940 | 3,901 | 3,191 | (4) | |||||||||||||||||||||||||
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 10.45% | 4/9/2029 | 3,970 | 3,871 | 3,409 | (4) | |||||||||||||||||||||||||
Indivior Finance S.À.R.L. | Pharmaceuticals | First Lien Term Loan | SOFR+ | 5.25% | 10.75% | 6/30/2026 | 3,920 | 3,872 | 3,925 | ||||||||||||||||||||||||||
INW Manufacturing, LLC | Personal Care Products | First Lien Term Loan | L+ | 5.75% | 11.29% | 3/25/2027 | 2,281 | 2,238 | 1,810 | (4) | |||||||||||||||||||||||||
Iris Holding, Inc. | Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 4.75% | 9.90% | 6/28/2028 | 1,985 | 1,852 | 1,690 | ||||||||||||||||||||||||||
LaserAway Intermediate Holdings II, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.75% | 11.08% | 10/14/2027 | 3,940 | 3,883 | 3,876 | ||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | SOFR+ | 3.50% | 8.72% | 9/6/2025 | 1,347 | 1,224 | 1,297 | ||||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | SOFR+ | 5.50% | 10.84% | 2/10/2026 | 1,634 | 1,621 | 1,589 | (4) | |||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Revolver | SOFR+ | 5.50% | 2/10/2026 | — | (1) | (4) | (4)(5) | ||||||||||||||||||||||||||
Northern Star Industries Inc. | Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 4.50% | 10.00% | 3/31/2025 | 5,211 | 5,205 | 5,172 | ||||||||||||||||||||||||||
OEConnection LLC | Application Software | First Lien Term Loan | L+ | 4.00% | 9.25% | 9/25/2026 | 3,858 | 3,841 | 3,802 | ||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.00% | 9.50% | 12/17/2027 | 685 | 649 | 652 | ||||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | Second Lien Term Loan | SOFR+ | 7.25% | 12.59% | 12/18/2028 | 2,842 | 2,799 | 2,539 | (4) | |||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Term Loan | SOFR+ | 8.00% | 13.04% | 4/6/2027 | 5,182 | 5,018 | 4,990 | (4) | |||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Revolver | SOFR+ | 8.00% | 13.04% | 4/6/2027 | 180 | 169 | 167 | (4)(5) | |||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.25% | 10.52% | 4/27/2024 | 6,045 | 6,039 | 4,272 | ||||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.23% | 10.50% | 4/27/2024 | 102 | 102 | 74 | ||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Term Loan | SOFR+ | 5.50% | 10.70% | 11/20/2028 | 4,925 | 4,849 | 4,808 | (4) | |||||||||||||||||||||||||
SPX Flow, Inc. | Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 4.50% | 9.70% | 4/5/2029 | 5,227 | 5,023 | 5,174 | ||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 9.84% | 3/30/2029 | 2,647 | 2,435 | 2,483 | (4) | |||||||||||||||||||||||||
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | SOFR+ | 6.00% | 11.20% | 12/29/2028 | 3,001 | 2,954 | 2,926 | (4) | |||||||||||||||||||||||||
Tribe Buyer LLC | Human Resource & Employment Services | First Lien Term Loan | L+ | 4.50% | 9.69% | 2/16/2024 | 1,570 | 1,570 | 931 | ||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 6.25% | 11.45% | 9/21/2027 | 4,848 | 4,731 | 4,539 | (4) | |||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | L+ | 3.75% | 9.03% | 4/30/2025 | 985 | 959 | 895 | (4) | |||||||||||||||||||||||||
Total Portfolio Investments | $ | 123,126 | $ | 120,172 | $ | 113,833 | |||||||||||||||||||||||||||||
Portfolio Company | Industry | Investment Type | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||
ADB Companies, LLC | Construction & Engineering | First Lien Term Loan | L+ | 6.25% | 9.80% | 12/18/2025 | $ | 4,647 | $ | 4,579 | $ | 4,567 | (4) | ||||||||||||||||||||||
Alvogen Pharma Inc | Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.50% | 11.20% | 6/30/2025 | 6,562 | 6,489 | 6,529 | (4) | |||||||||||||||||||||||||
American Tire Distributors, Inc. | Distributors | First Lien Term Loan | L+ | 6.25% | 9.03% | 10/20/2028 | 2,889 | 2,853 | 2,714 | (4) | |||||||||||||||||||||||||
Amplify Finco Pty Ltd. | Movies & Entertainment | First Lien Term Loan | L+ | 4.25% | 7.92% | 11/26/2026 | 2,925 | 2,896 | 2,823 | (4) | |||||||||||||||||||||||||
Anastasia Parent, LLC | Personal Products | First Lien Term Loan | L+ | 3.75% | 7.42% | 8/11/2025 | 917 | 712 | 734 | (4) | |||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper Packaging | First Lien Term Loan | L+ | 6.00% | 9.67% | 12/29/2027 | 1,734 | 1,704 | 1,694 | ||||||||||||||||||||||||||
ASP-R-PAC Acquisition Co LLC | Paper Packaging | First Lien Revolver | L+ | 6.00% | 12/29/2027 | — | (4) | (5) | (5) | ||||||||||||||||||||||||||
Astra Acquisition Corp. | Application Software | First Lien Term Loan | L+ | 5.25% | 8.37% | 10/25/2028 | 2,078 | 2,033 | 1,777 | (4) | |||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00% | 7.70% | 8/19/2028 | 2,000 | 1,901 | 1,711 | ||||||||||||||||||||||||||
Asurion, LLC | Property & Casualty Insurance | Second Lien Term Loan | L+ | 5.25% | 8.37% | 1/20/2029 | 2,423 | 2,212 | 1,866 | ||||||||||||||||||||||||||
Aurora Lux Finco S.À.R.L. | Airport Services | First Lien Term Loan | L+ | 6.00% | 8.78% | 12/24/2026 | 3,656 | 3,601 | 3,476 | (4) | |||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | L+ | 5.00% | 8.12% | 6/11/2027 | 3,398 | 3,366 | 3,279 | ||||||||||||||||||||||||||
BAART Programs, Inc. | Health Care Services | First Lien Term Loan | L+ | 5.00% | 8.12% | 6/11/2027 | 808 | 800 | 760 | (4)(5) | |||||||||||||||||||||||||
BYJU's Alpha, Inc. | Application Software | First Lien Term Loan | L+ | 6.00% | 8.98% | 11/24/2026 | 3,970 | 3,919 | 2,909 | ||||||||||||||||||||||||||
CITGO Petroleum Corp. | Oil & Gas Refining & Marketing | First Lien Term Loan | L+ | 6.25% | 9.37% | 3/28/2024 | 3,519 | 3,484 | 3,529 | (4) | |||||||||||||||||||||||||
City Football Group Limited | Movies & Entertainment | First Lien Term Loan | L+ | 3.50% | 6.48% | 7/21/2028 | 2,481 | 2,469 | 2,372 | ||||||||||||||||||||||||||
Covetrus, Inc. | Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00% | 7.65% | 9/20/2029 | 2,280 | 2,143 | 2,136 | (4) | |||||||||||||||||||||||||
Curium Bidco S.à.r.l. | Biotechnology | First Lien Term Loan | L+ | 4.00% | 7.67% | 7/9/2026 | 2,870 | 2,849 | 2,756 | ||||||||||||||||||||||||||
DirecTV Financing, LLC | Cable & Satellite | First Lien Term Loan | L+ | 5.00% | 8.12% | 8/2/2027 | 2,730 | 2,703 | 2,549 | (4) | |||||||||||||||||||||||||
Domtar Corporation | Paper Products | First Lien Term Loan | L+ | 5.50% | 8.26% | 11/30/2028 | 2,503 | 2,478 | 2,394 | ||||||||||||||||||||||||||
DTI Holdco, Inc. | Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75% | 7.33% | 4/26/2029 | 3,000 | 2,943 | 2,856 | (4) | |||||||||||||||||||||||||
Eagle Parent Corp. | Industrial Machinery | First Lien Term Loan | SOFR+ | 4.25% | 7.80% | 4/2/2029 | 2,488 | 2,429 | 2,426 | ||||||||||||||||||||||||||
eResearch Technology, Inc. | Application Software | First Lien Term Loan | L+ | 4.50% | 7.62% | 2/4/2027 | 2,444 | 2,419 | 2,286 | ||||||||||||||||||||||||||
Gibson Brands, Inc. | Leisure Products | First Lien Term Loan | L+ | 5.00% | 7.94% | 8/11/2028 | 3,970 | 3,930 | 3,216 | ||||||||||||||||||||||||||
Harbor Purchaser Inc. | Education Services | First Lien Term Loan | SOFR+ | 5.25% | 8.38% | 4/9/2029 | 4,000 | 3,887 | 3,655 | (4) | |||||||||||||||||||||||||
Indivior Finance S.À.R.L. | Pharmaceuticals | First Lien Term Loan | L+ | 5.25% | 8.80% | 6/30/2026 | 3,950 | 3,890 | 3,886 | ||||||||||||||||||||||||||
INW Manufacturing, LLC | Personal Products | First Lien Term Loan | L+ | 5.75% | 9.42% | 3/25/2027 | 2,375 | 2,320 | 2,102 | (4) | |||||||||||||||||||||||||
Iris Holding, Inc. | Metal & Glass Containers | First Lien Term Loan | SOFR+ | 4.75% | 7.89% | 6/28/2028 | 2,000 | 1,846 | 1,844 | ||||||||||||||||||||||||||
LaserAway Intermediate Holdings II, LLC | Health Care Services | First Lien Term Loan | L+ | 5.75% | 8.23% | 10/14/2027 | 3,970 | 3,903 | 3,905 | ||||||||||||||||||||||||||
LTI Holdings, Inc. | Electronic Components | First Lien Term Loan | L+ | 3.25% | 6.37% | 9/6/2025 | 1,358 | 1,192 | 1,260 |
December 31, 2017 | September 30, 2017 | |||||||
Selected Balance Sheet Information: | ||||||||
Investments in loans at fair value (cost December 31, 2017: $255,973; cost September 30, 2017: $251,648) | $ | 239,601 | $ | 235,526 | ||||
Receivables from secured financing arrangements at fair value (cost December 31, 2017: $9,787; cost September 30, 2017: $9,783) | 8,334 | 8,305 | ||||||
Cash and cash equivalents | 28,386 | 24,389 | ||||||
Restricted cash | 4,100 | 5,097 | ||||||
Other assets | 4,117 | 3,485 | ||||||
Total assets | $ | 284,538 | $ | 276,802 | ||||
Senior credit facilities payable | $ | 105,053 | $ | 113,053 | ||||
Debt securities payable at fair value (proceeds December 31, 2017: $146,572; proceeds September 30, 2017: $147,052) | 146,572 | 147,052 | ||||||
Other liabilities | 27,407 | 10,383 | ||||||
Total liabilities | $ | 279,032 | $ | 270,488 | ||||
Members' equity | 5,506 | 6,314 | ||||||
Total liabilities and members' equity | $ | 284,538 | $ | 276,802 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | |||||||
Selected Statements of Operations Information: | ||||||||
Interest income | $ | 4,728 | $ | 6,759 | ||||
Other income | — | 308 | ||||||
Total investment income | 4,728 | 7,067 | ||||||
Interest expense | 5,145 | 6,014 | ||||||
Other expenses | 161 | 408 | ||||||
Total expenses (1) | 5,306 | 6,422 | ||||||
Net unrealized depreciation | (226 | ) | (22,473 | ) | ||||
Net realized gain (loss) | (4 | ) | 22,708 | |||||
Net income (loss) | $ | (808 | ) | $ | 880 |
Portfolio Company | Industry | Investment Type | Index | Spread | Cash Interest Rate (1)(2) | PIK | Maturity Date | Principal | Cost | Fair Value (3) | Notes | ||||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Term Loan | L+ | 5.50% | 9.17% | 2/10/2026 | $ | 1,647 | $ | 1,632 | $ | 1,600 | (4) | ||||||||||||||||||||||
MRI Software LLC | Application Software | First Lien Revolver | L+ | 5.50% | 2/10/2026 | — | (1) | (4) | (4)(5) | ||||||||||||||||||||||||||
Northern Star Industries Inc. | Electrical Components & Equipment | First Lien Term Loan | L+ | 4.75% | 7.87% | 3/31/2025 | 5,252 | 5,243 | 5,095 | ||||||||||||||||||||||||||
OEConnection LLC | Application Software | First Lien Term Loan | L+ | 4.00% | 7.12% | 9/25/2026 | 3,888 | 3,871 | 3,752 | (4) | |||||||||||||||||||||||||
Planview Parent, Inc. | Application Software | Second Lien Term Loan | L+ | 7.25% | 10.92% | 12/18/2028 | 2,842 | 2,799 | 2,728 | (4) | |||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Term Loan | L+ | 8.00% | 10.68% | 4/6/2027 | 4,465 | 4,398 | 4,325 | (4) | |||||||||||||||||||||||||
Pluralsight, LLC | Application Software | First Lien Revolver | L+ | 8.00% | 4/6/2027 | — | (5) | (10) | (4)(5) | ||||||||||||||||||||||||||
Sabert Corporation | Metal & Glass Containers | First Lien Term Loan | L+ | 4.50% | 7.63% | 12/10/2026 | 1,691 | 1,674 | 1,623 | (4) | |||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.25% | 8.06% | 4/27/2024 | 6,094 | 6,082 | 5,332 | ||||||||||||||||||||||||||
SHO Holding I Corporation | Footwear | First Lien Term Loan | L+ | 5.23% | 8.04% | 4/27/2024 | 102 | 102 | 90 | ||||||||||||||||||||||||||
Spanx, LLC | Apparel Retail | First Lien Term Loan | L+ | 5.25% | 8.30% | 11/20/2028 | 4,962 | 4,876 | 4,845 | (4) | |||||||||||||||||||||||||
SPX Flow, Inc. | Industrial Machinery | First Lien Term Loan | SOFR+ | 4.50% | 7.63% | 4/5/2029 | 6,000 | 5,734 | 5,572 | (4) | |||||||||||||||||||||||||
Supermoose Borrower, LLC | Application Software | First Lien Term Loan | L+ | 3.75% | 7.42% | 8/29/2025 | 2,820 | 2,712 | 2,487 | (4) | |||||||||||||||||||||||||
Surgery Center Holdings, Inc. | Health Care Facilities | First Lien Term Loan | L+ | 3.75% | 6.51% | 8/31/2026 | 3,377 | 3,365 | 3,213 | ||||||||||||||||||||||||||
TIBCO Software Inc. | Application Software | First Lien Term Loan | SOFR+ | 4.50% | 8.15% | 3/30/2029 | 2,654 | 2,415 | 2,388 | (4) | |||||||||||||||||||||||||
Touchstone Acquisition, Inc. | Health Care Supplies | First Lien Term Loan | L+ | 6.00% | 9.12% | 12/29/2028 | 3,024 | 2,970 | 2,963 | (4) | |||||||||||||||||||||||||
Tribe Buyer LLC | Human Resource & Employment Services | First Lien Term Loan | L+ | 4.50% | 7.62% | 2/16/2024 | 1,583 | 1,582 | 1,266 | ||||||||||||||||||||||||||
Windstream Services II, LLC | Integrated Telecommunication Services | First Lien Term Loan | L+ | 6.25% | 9.37% | 9/21/2027 | 4,886 | 4,747 | 4,447 | (4) | |||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | First Lien Term Loan | L+ | 3.75% | 6.56% | 4/30/2025 | 993 | 955 | 892 | (4) | |||||||||||||||||||||||||
WP CPP Holdings, LLC | Aerospace & Defense | Second Lien Term Loan | L+ | 7.75% | 10.56% | 4/30/2026 | 3,000 | 2,986 | 2,534 | (4) | |||||||||||||||||||||||||
Total Portfolio Investments | $ | 143,225 | $ | 140,083 | $ | 133,144 | |||||||||||||||||||||||||||||
June 30, 2023 | September 30, 2022 | ||||||||||
Selected Balance Sheet Information: | |||||||||||
Investments at fair value (cost June 30, 2023: $120,172; September 30, 2022: $140,083) | $ | 113,833 | $ | 133,144 | |||||||
Cash and cash equivalents | 8,895 | 7,021 | |||||||||
Restricted cash | 1,812 | 1,788 | |||||||||
Other assets | 2,284 | 4,855 | |||||||||
Total assets | $ | 126,824 | $ | 146,808 | |||||||
Senior credit facility payable | $ | 66,082 | $ | 82,082 | |||||||
Glick JV Notes payable at fair value (proceeds June 30, 2023: $66,684; September 30, 2022: $68,185) | 56,723 | 57,463 | |||||||||
Other liabilities | 4,019 | 7,263 | |||||||||
Total liabilities | $ | 126,824 | $ | 146,808 | |||||||
Members' equity | — | — | |||||||||
Total liabilities and members' equity | $ | 126,824 | $ | 146,808 |
For the three months ended June 30, 2023 | For the three months ended June 30, 2022 | For the nine months ended June 30, 2023 | For the nine months ended June 30, 2022 | ||||||||||||||||||||
Selected Statements of Operations Information: | |||||||||||||||||||||||
Interest income | $ | 3,576 | $ | 2,416 | $ | 10,488 | $ | 6,796 | |||||||||||||||
Fee income | — | 47 | 35 | 82 | |||||||||||||||||||
Total investment income | 3,576 | 2,463 | 10,523 | 6,878 | |||||||||||||||||||
Senior credit facility interest expense | 1,400 | 694 | 4,002 | 1,742 | |||||||||||||||||||
Glick JV Notes interest expense | 1,577 | 860 | 4,394 | 2,479 | |||||||||||||||||||
Other expenses | 70 | 59 | 148 | 127 | |||||||||||||||||||
Total expenses (1) | 3,047 | 1,613 | 8,544 | 4,348 | |||||||||||||||||||
Net investment income | 529 | 850 | 1,979 | 2,530 | |||||||||||||||||||
Net unrealized appreciation (depreciation) | 431 | (753) | (159) | (2,549) | |||||||||||||||||||
Realized gain (loss) | (960) | (97) | (1,820) | 19 | |||||||||||||||||||
Net income (loss) | $ | — | $ | — | $ | — | $ | — |
(Share amounts in thousands) | Three months ended June 30, 2023 | Three months ended June 30, 2022 | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | ||||||||||||||||||||||
Earnings (loss) per common share — basic and diluted: | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 36,685 | $ | (37,834) | $ | 71,379 | $ | 16,015 | ||||||||||||||||||
Weighted average common shares outstanding — basic and diluted | 77,080 | 61,123 | 70,431 | 60,593 | ||||||||||||||||||||||
Earnings (loss) per common share — basic and diluted | $ | 0.48 | $ | (0.62) | $ | 1.01 | $ | 0.26 |
(Share amounts in thousands) | Three months ended December 31, 2017 | Three months ended December 31, 2016 | ||||||
Earnings (loss) per common share — basic: | ||||||||
Net decrease in net assets resulting from operations | $ | (30,441 | ) | $ | (74,242 | ) | ||
Weighted average common shares outstanding — basic | 140,961 | 142,853 | ||||||
Loss per common share — basic | $ | (0.22 | ) | $ | (0.52 | ) | ||
Earnings (loss) per common share — diluted: | ||||||||
Net decrease in net assets resulting from operations | $ | (30,441 | ) | $ | (74,242 | ) | ||
Weighted average common shares outstanding — diluted | 140,961 | 142,853 | ||||||
Loss per common share — diluted | $ | (0.22 | ) | $ | (0.52 | ) |
Common Stock | ||||||||||||||||||||||||||||||||
(Share amounts in thousands) | Shares | Par Value | Additional paid-in-capital | Accumulated Overdistributed Earnings | Total Net Assets | |||||||||||||||||||||||||||
Balance as of September 30, 2022 | 61,125 | $ | 611 | $ | 1,827,721 | $ | (582,769) | $ | 1,245,563 | |||||||||||||||||||||||
Net investment income | — | — | — | 38,808 | 38,808 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (22,982) | (22,982) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | (3,203) | (3,203) | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | 549 | 549 | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (58,679) | (58,679) | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 95 | 1 | 1,932 | — | 1,933 | |||||||||||||||||||||||||||
Balance as of December 31, 2022 | 61,220 | $ | 612 | $ | 1,829,653 | $ | (628,276) | $ | 1,201,989 | |||||||||||||||||||||||
Net investment income | — | — | — | 45,978 | 45,978 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (18,279) | (18,279) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | (6,111) | (6,111) | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | (66) | (66) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (42,395) | (42,395) | |||||||||||||||||||||||||||
Issuance of common stock in connection with the OSI2 Merger | 15,860 | 159 | 333,875 | — | 334,034 | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 68 | 1 | 1,294 | — | 1,295 | |||||||||||||||||||||||||||
Repurchase of common stock under dividend reinvestment plan | (68) | (1) | (1,294) | — | (1,295) | |||||||||||||||||||||||||||
Balance as of March 31, 2023 | 77,080 | $ | 771 | $ | 2,163,528 | $ | (649,149) | $ | 1,515,150 | |||||||||||||||||||||||
Net investment income | — | — | — | 48,413 | 48,413 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (1,039) | (1,039) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | (10,603) | (10,603) | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | (86) | (86) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (42,394) | (42,394) | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 57 | 1 | 1,122 | — | 1,123 | |||||||||||||||||||||||||||
Repurchase of common stock under dividend reinvestment plan | (57) | (1) | (1,122) | — | (1,123) | |||||||||||||||||||||||||||
Balance as of June 30, 2023 | 77,080 | $ | 771 | $ | 2,163,528 | $ | (654,858) | $ | 1,509,441 |
Common Stock | ||||||||||||||||||||||||||||||||
Shares | Par Value | Additional paid-in-capital | Accumulated Overdistributed Earnings | Total Net Assets | ||||||||||||||||||||||||||||
Balance as of September 30, 2021 | 60,120 | $ | 601 | $ | 1,805,557 | $ | (493,335) | $ | 1,312,823 | |||||||||||||||||||||||
Net investment income | — | — | — | 32,295 | 32,295 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (4,586) | (4,586) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 9,321 | 9,321 | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | 2,378 | 2,378 | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (27,956) | (27,956) | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 36 | 1 | 785 | — | 786 | |||||||||||||||||||||||||||
Balance as of December 31, 2021 | 60,156 | $ | 602 | $ | 1,806,342 | $ | (481,883) | $ | 1,325,061 | |||||||||||||||||||||||
Net investment income | — | — | — | 40,098 | 40,098 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (27,038) | (27,038) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 1,402 | 1,402 | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | (21) | (21) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (29,271) | (29,271) | |||||||||||||||||||||||||||
Issuance of common stock in connection with the "at the market" offering | 877 | 9 | 19,370 | — | 19,379 | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 35 | — | 766 | — | 766 | |||||||||||||||||||||||||||
Balance as of March 31, 2022 | 61,068 | $ | 611 | $ | 1,826,478 | $ | (496,713) | $ | 1,330,376 | |||||||||||||||||||||||
Net investment income | — | — | — | 40,370 | 40,370 | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) | — | — | — | (86,755) | (86,755) | |||||||||||||||||||||||||||
Net realized gains (losses) | — | — | — | 9,212 | 9,212 | |||||||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) | — | — | — | (661) | (661) | |||||||||||||||||||||||||||
Distributions to stockholders | — | — | — | (30,256) | (30,256) | |||||||||||||||||||||||||||
Issuance of common stock in connection with the "at the market" offering | 57 | — | 1,243 | — | 1,243 | |||||||||||||||||||||||||||
Issuance of common stock under dividend reinvestment plan | 44 | 1 | 873 | — | 874 | |||||||||||||||||||||||||||
Repurchases of common stock under dividend reinvestment plan | (44) | (1) | (873) | — | (874) | |||||||||||||||||||||||||||
Balance as of June 30, 2022 | 61,125 | $ | 611 | $ | 1,827,721 | $ | (564,803) | $ | 1,263,529 |
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued | DRIP Shares Value | |||||||||||
August 7, 2017 | December 15, 2017 | December 29, 2017 | $ | 0.125 | $ 17.3 million | 58,456 | (1) | $ 0.3 million | |||||||||
Total for the three months ended December 31, 2017 | $ | 0.125 | $ 17.3million | 58,456 | $ 0.3 million | ||||||||||||
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution (2) | DRIP Shares Issued | DRIP Shares Value (2) | |||||||||||
August 3, 2016 | October 14, 2016 | October 31, 2016 | $ | 0.06 | $ 8.2 million | 81,391 | (1) | $ 0.4 million | |||||||||
August 3, 2016 | November 15, 2016 | November 30, 2016 | 0.06 | 8.2 million | 80,962 | (1) | 0.4 million | ||||||||||
October 18, 2016 | December 15, 2016 | December 30, 2016 | 0.06 | 7.7 million | 70,316 | (1) | 0.4 million | ||||||||||
Total for the three months ended December 31, 2016 | $ | 0.18 | $ 24.0 million | 232,669 | $ 1.3 million |
Distribution | Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution (3) | DRIP Shares Issued | DRIP Shares Value (3) | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | November 10, 2022 | December 15, 2022 | December 30, 2022 | $ | 0.54 | $ | 32.0 | million | 53,369 | (1) | $ | 1.1 | million | |||||||||||||||||||||||||||||||||||||
Special | November 10, 2022 | December 15, 2022 | December 30, 2022 | 0.42 | 24.8 | million | 41,510 | (1) | 0.8 | million | ||||||||||||||||||||||||||||||||||||||||
Quarterly | January 27, 2023 | March 15, 2023 | March 31, 2023 | 0.55 | 41.1 | million | 68,412 | (2) | 1.3 | million | ||||||||||||||||||||||||||||||||||||||||
Quarterly | April 28, 2023 | June 15, 2023 | June 30, 2023 | 0.55 | 41.3 | million | 57,279 | (2) | 1.1 | million | ||||||||||||||||||||||||||||||||||||||||
Total for the nine months ended June 30, 2023 | $ | 2.06 | $ | 139.1 | million | 220,570 | $ | 4.4 | million | |||||||||||||||||||||||||||||||||||||||||
Distribution | Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued | DRIP Shares Value (3) | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | October 13, 2021 | December 15, 2021 | December 31, 2021 | $ | 0.465 | $ | 27.2 | million | 35,990 | (1) | $ | 0.8 | million | |||||||||||||||||||||||||||||||||||||
Quarterly | January 28, 2022 | March 15, 2022 | March 31, 2022 | 0.48 | 28.5 million | 34,804 | (1) | 0.8 million | ||||||||||||||||||||||||||||||||||||||||||
Quarterly | April 29, 2022 | June 15, 2022 | June 30, 2022 | 0.495 | 29.4 million | 43,676 | (2) | 0.9 million | ||||||||||||||||||||||||||||||||||||||||||
Total for the nine months ended June 30, 2022 | $ | 1.44 | $ | 85.1 | million | 114,470 | $ | 2.4 | million |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | |||||||
PIK balance at beginning of period | $ | 69,417 | $ | 62,631 | ||||
Gross PIK interest accrued | 8,046 | 5,046 | ||||||
PIK income reserves (1) | (6,179 | ) | (2,209 | ) | ||||
PIK interest received in cash | (1,103 | ) | (3,434 | ) | ||||
PIK balance at end of period | $ | 70,181 | $ | 62,034 |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||||||||||
Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||||||||||||
Accrual | $ | 1,258,056 | 85.49 | % | $ | 1,258,658 | 96.81 | % | $ | 1,344,535 | 86.46 | % | $ | 1,357,794 | 95.29 | % | ||||||||||||
PIK non-accrual (1) | 12,661 | 0.86 | — | — | 10,227 | 0.66 | 379 | 0.03 | ||||||||||||||||||||
Cash non-accrual (2) | 200,859 | 13.65 | 41,457 | 3.19 | 200,210 | 12.88 | 66,636 | 4.68 | ||||||||||||||||||||
Total | $ | 1,471,576 | 100.00 | % | $ | 1,300,115 | 100.00 | % | $ | 1,554,972 | 100.00 | % | $ | 1,424,809 | 100.00 | % |
As of June 30, 2023 | As of September 30, 2022 | |||||||||||||||||||||||||
($ in millions) | 2025 Notes | 2027 Notes | 2025 Notes | 2027 Notes | ||||||||||||||||||||||
Principal | $ | 300.0 | $ | 350.0 | $ | 300.0 | $ | 350.0 | ||||||||||||||||||
Unamortized financing costs | (1.2) | (2.7) | (1.8) | (3.2) | ||||||||||||||||||||||
Unaccreted discount | (0.8) | (0.6) | (1.2) | (0.7) | ||||||||||||||||||||||
Interest rate swap fair value adjustment | — | (39.6) | — | (42.0) | ||||||||||||||||||||||
Net carrying value | $ | 298.0 | $ | 307.1 | $ | 297.0 | $ | 304.1 | ||||||||||||||||||
Fair Value | $ | 285.7 | $ | 302.3 | $ | 283.1 | $ | 294.0 |
($ in millions) | 2025 Notes | 2027 Notes | |||||||||||||||||||||
Three months ended June 30, 2023 | Nine months ended June 30, 2023 | Three months ended June 30, 2023 | Nine months ended June 30, 2023 | ||||||||||||||||||||
Coupon interest | $ | 2.6 | $ | 7.9 | $ | 2.4 | $ | 7.1 | |||||||||||||||
Amortization of financing costs and discount | 0.3 | 0.9 | 0.2 | 0.7 | |||||||||||||||||||
Effect of interest rate swap | — | — | 3.7 | 9.4 | |||||||||||||||||||
Total interest expense | $ | 2.9 | $ | 8.8 | $ | 6.3 | $ | 17.2 | |||||||||||||||
Coupon interest rate (net of effect of interest rate swap for 2027 Notes) | 3.500 | % | 3.500 | % | 6.912 | % | 6.274 | % |
($ in millions) | 2025 Notes | 2027 Notes | |||||||||||||||||||||
Three months ended June 30, 2022 | Nine months ended June 30, 2022 | Three months ended June 30, 2022 | Nine months ended June 30, 2022 | ||||||||||||||||||||
Coupon interest | $ | 2.6 | $ | 7.9 | $ | 2.4 | $ | 7.1 | |||||||||||||||
Amortization of financing costs and discount | 0.3 | 0.9 | 0.2 | 0.7 | |||||||||||||||||||
Effect of interest rate swap | — | — | (0.1) | (1.6) | |||||||||||||||||||
Total interest expense | $ | 2.9 | $ | 8.8 | $ | 2.5 | $ | 6.2 | |||||||||||||||
Coupon interest rate (net of effect of interest rate swap for 2027 Notes) | 3.500 | % | 3.500 | % | 2.572 | % | 2.069 | % |
Three months ended June 30, 2023 | Three months ended June 30, 2022 | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 36,685 | $ | (37,834) | $ | 71,379 | $ | 16,015 | ||||||||||||||||||
Net unrealized (appreciation) depreciation | 1,039 | 86,755 | 42,300 | 118,379 | ||||||||||||||||||||||
Book/tax difference due to organizational costs | — | (21) | — | (65) | ||||||||||||||||||||||
Book/tax difference due to capital losses utilized | 12,118 | (3,736) | 20,380 | (19,183) | ||||||||||||||||||||||
Other book/tax differences | (3,825) | (8,819) | (14,912) | (18,597) | ||||||||||||||||||||||
Taxable/Distributable Income (1) | $ | 46,017 | $ | 36,345 | $ | 119,147 | $ | 96,549 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | |||||||
Net decrease in net assets resulting from operations | $ | (30,441 | ) | $ | (74,242 | ) | ||
Net unrealized depreciation on investments and secured borrowings | 43,472 | 74,440 | ||||||
Book/tax difference due to loan fees | 264 | 16 | ||||||
Book/tax difference due to exit fees | — | 1,081 | ||||||
Book/tax difference due to organizational and deferred offering costs | (22 | ) | (22 | ) | ||||
Book/tax difference due to interest income on certain loans | — | (168 | ) | |||||
Book/tax difference due to capital losses not recognized | 591 | 24,206 | ||||||
Other book/tax differences | (1,206 | ) | (1,871 | ) | ||||
Taxable/Distributable Income(1) | $ | 12,658 | $ | 23,440 |
Undistributed ordinary income, net | $ | 24,409 | |
Net realized capital losses | 465,077 | ||
Unrealized losses, net | 97,839 |
Undistributed ordinary income, net | $ | (43,624) | |||
Net realized capital losses | 473,274 | ||||
Unrealized losses, net | 153,119 | ||||
Accumulated overdistributed earnings | $ | 582,769 |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
Foreign currency forward contracts | $ | (6.3) | |||
Aden & Anais Merger Sub Inc. | (5.2) | ||||
Radiology Partners Inc. | (3.8) | ||||
WP CPP Holdings LLC | (1.3) | ||||
Tersera Therapeutics LLC | 5.2 | ||||
Other, net | 0.8 | ||||
Total, net | $ | (10.6) |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
Foreign currency forward contracts | $ | 8.8 | |||
Other, net | 0.4 | ||||
Total, net | $ | 9.2 |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
Foreign currency forward contracts | $ | (5.5) | |||
Aden & Anais Merger Sub Inc. | (5.2) | ||||
Radiology Partners Inc. | (4.2) | ||||
Carvana Co. | (2.8) | ||||
ASP Unifrax Holdings Inc. | (2.1) | ||||
WP CPP Holdings LLC | (1.3) | ||||
Global Medical Response Inc. | (1.0) | ||||
Tersera Therapeutics LLC | 5.2 | ||||
Other, net | (3.0) | ||||
Total, net | $ | (19.9) |
($ in millions) | |||
Portfolio Company | Net Realized Gain (Loss) | ||
First Star Aviation, LLC | $ | (3.8 | ) |
Ansira Partners, Inc. | 0.4 | ||
Senior Loan Fund JV I, LLC | (19.9 | ) | |
Other, net | 0.2 | ||
Total, net | $ | (23.1 | ) |
($ in millions) | |||||
Portfolio Company | Net Realized Gain (Loss) | ||||
Foreign currency forward contracts | $ | 12.2 | |||
OmniSYS Acquisition Corporation | 2.2 | ||||
First Star Speir Aviation Limited | 1.9 | ||||
TigerConnect Inc. | 1.8 | ||||
Other, net | 1.8 | ||||
Total, net | $ | 19.9 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | |||
Net asset value at beginning of period | $6.16 | $7.97 | ||
Net investment income (4) | 0.09 | 0.16 | ||
Net unrealized depreciation on investments and secured borrowings (4) | (0.31) | (0.52) | ||
Net realized loss on investments and secured borrowings (4) | — | (0.16) | ||
Distributions to stockholders (4) | (0.13) | (0.18) | ||
Net issuance/repurchases of common stock (4) | — | 0.04 | ||
Net asset value at end of period | $5.81 | $7.31 | ||
Per share market value at beginning of period | $5.47 | $5.81 | ||
Per share market value at end of period | $4.89 | $5.37 | ||
Total return (1) | (8.37)% | (4.44)% | ||
Common shares outstanding at beginning of period | 140,960,651 | 143,258,785 | ||
Common shares outstanding at end of period | 140,960,651 | 140,960,651 | ||
Net assets at beginning of period | $867,657 | $1,142,288 | ||
Net assets at end of period | $819,595 | $1,030,272 | ||
Average net assets (2) | $849,181 | $1,090,244 | ||
Ratio of net investment income to average net assets (5) | 6.22% | 8.48% | ||
Ratio of total expenses to average net assets (excluding fee waiver and insurance recovery) (5) | 9.67% | 10.60% | ||
Effect of fee waivers (5) | (0.06)% | (0.02)% | ||
Effect of insurance recoveries (5) | —% | (0.22)% | ||
Ratio of net expenses to average net assets (5) | 9.61% | 10.36% | ||
Ratio of portfolio turnover to average investments at fair value | 12.76% | 8.75% | ||
Weighted average outstanding debt (3) | $651,826 | $1,168,790 | ||
Average debt per share (4) | $4.62 | $8.18 | ||
Asset coverage ratio | 230.61% | 217.39% |
(Share amounts in thousands) | Three months ended June 30, 2023 | Three months ended June 30, 2022 (7) | Nine months ended June 30, 2023 | Nine months ended June 30, 2022 (7) | ||||||||||||||||||||||
Net asset value per share at beginning of period | $19.66 | $21.79 | $20.38 | $21.84 | ||||||||||||||||||||||
Net investment income (1) | 0.63 | 0.66 | 1.89 | 1.86 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) (1)(8) | (0.02) | (1.42) | (0.36) | (1.95) | ||||||||||||||||||||||
Net realized gains (losses) (1) | (0.14) | 0.15 | (0.28) | 0.33 | ||||||||||||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) (1) | — | (0.01) | 0.01 | 0.03 | ||||||||||||||||||||||
Distributions of net investment income to stockholders | (0.55) | (0.50) | (2.06) | (1.44) | ||||||||||||||||||||||
Net asset value per share at end of period | $19.58 | $20.67 | $19.58 | $20.67 | ||||||||||||||||||||||
Per share market value at beginning of period | $18.77 | $22.11 | $18.00 | $21.18 | ||||||||||||||||||||||
Per share market value at end of period | $19.43 | $19.65 | $19.43 | 19.65 | ||||||||||||||||||||||
Total return (2) | 6.42% | (8.93)% | 19.58% | (0.79)% | ||||||||||||||||||||||
Common shares outstanding at beginning of period | 77,080 | 61,068 | 61,125 | 60,120 | ||||||||||||||||||||||
Common shares outstanding at end of period | 77,080 | 61,125 | 77,080 | 61,125 | ||||||||||||||||||||||
Net assets at beginning of period | $1,515,150 | $1,330,376 | $1,245,563 | $1,312,823 | ||||||||||||||||||||||
Net assets at end of period | $1,509,441 | $1,263,529 | $1,509,441 | $1,263,529 | ||||||||||||||||||||||
Average net assets (3) | $1,526,644 | $1,306,727 | $1,407,814 | $1,323,232 | ||||||||||||||||||||||
Ratio of net investment income to average net assets (4) | 12.72% | 12.39% | 12.65% | 11.39% | ||||||||||||||||||||||
Ratio of total expenses to average net assets (4) | 14.45% | 7.22% | 14.07% | 7.94% | ||||||||||||||||||||||
Ratio of net expenses to average net assets (4) | 14.05% | 6.99% | 13.69% | 7.71% | ||||||||||||||||||||||
Ratio of portfolio turnover to average investments at fair value | 7.48% | 4.73% | 18.43% | 21.44% | ||||||||||||||||||||||
Weighted average outstanding debt (5) | $1,756,758 | $1,369,615 | $1,640,062 | $1,358,150 | ||||||||||||||||||||||
Average debt per share (1) | $22.79 | $22.41 | $23.29 | $22.41 | ||||||||||||||||||||||
Asset coverage ratio at end of period (6) | 182.05% | 187.82% | 182.05% | 187.82% |
(1) | Calculated based upon weighted average shares outstanding for the period. | ||||
(2) | Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load. | ||||
Calculated based upon the weighted average net assets for the period. | |||||
Interim periods are annualized. | |||||
(5) | Calculated based upon the weighted average of | ||||
(7) | The share and per share information disclosed in this table has been retrospectively adjusted to reflect the Company's 1-for-3 reverse stock split completed on January 20, 2023 and effective as of the commencement of trading on January 23, 2023. | ||||
(8) | For the nine months ended June 30, 2023, the amount shown for net unrealized appreciation (depreciation) includes the effect of the timing of common stock issuances in connection with the OSI2 Merger. |
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | ||||||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 78,866 | € | 71,658 | 8/10/2023 | $ | 531 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 71,438 | £ | 56,556 | 8/10/2023 | $ | — | $ | 482 | Derivative asset | ||||||||||||||||||||||||||||
$ | 531 | $ | 482 |
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | ||||||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 43,179 | € | 41,444 | 11/10/2022 | $ | 2,466 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
Foreign currency forward contract | $ | 45,692 | £ | 37,033 | 11/10/2022 | $ | 4,323 | $ | — | Derivative asset | ||||||||||||||||||||||||||||
$ | 6,789 | $ | — |
Description | Notional Amount | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||
Interest rate swap | $ | 350,000 | 1/15/2027 | $ | — | $ | 39,567 | Derivative liability | ||||||||||||||||||||||||
$ | — | $ | 39,567 |
Description | Notional Amount | Maturity Date | Gross Amount of Recognized Assets | Gross Amount of Recognized Liabilities | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||
Interest rate swap | $ | 350,000 | 1/15/2027 | $ | — | $ | 41,969 | Derivative liability | ||||||||||||||||||||||||
$ | — | $ | 41,969 |
June 30, 2023 | September 30, 2022 | |||||||||||||
107-109 Beech OAK22 LLC | $ | 30,922 | $ | — | ||||||||||
Fairbridge Strategic Capital Funding LLC | 20,382 | 22,150 | ||||||||||||
Delta Leasing SPV II LLC | 18,822 | 27,187 | ||||||||||||
BioXcel Therapeutics, Inc. | 14,543 | 11,785 | ||||||||||||
OCSI Glick JV LLC | 13,998 | 13,998 | ||||||||||||
Senior Loan Fund JV I, LLC | 13,125 | 35,000 | ||||||||||||
SiO2 Medical Products, Inc. | 10,765 | — | ||||||||||||
MND Holdings III Corp | 8,470 | — | ||||||||||||
Seres Therapeutics, Inc. | 8,090 | — | ||||||||||||
iCIMs, Inc. | 7,704 | 6,930 | ||||||||||||
Dominion Diagnostics, LLC | 7,664 | 11,148 | ||||||||||||
Marinus Pharmaceuticals, Inc. | 7,139 | 5,734 | ||||||||||||
Assembled Brands Capital LLC | 7,062 | 2,008 | ||||||||||||
Grove Hotel Parcel Owner, LLC | 5,286 | 4,293 | ||||||||||||
scPharmaceuticals Inc. | 5,212 | — | ||||||||||||
Innocoll Pharmaceuticals Limited | 5,200 | 4,195 | ||||||||||||
Avalara, Inc. | 5,047 | — | ||||||||||||
Mindbody, Inc. | 4,762 | 4,000 | ||||||||||||
Accupac, Inc. | 4,500 | 4,605 | ||||||||||||
Mesoblast, Inc. | 4,405 | 3,553 | ||||||||||||
107 Fair Street LLC | 4,322 | — | ||||||||||||
Harrow Health, Inc. | 4,011 | — | ||||||||||||
Inventus Power, Inc. | 3,792 | — | ||||||||||||
Establishment Labs Holdings Inc. | 3,384 | 5,075 | ||||||||||||
MRI Software LLC | 3,302 | 5,196 | ||||||||||||
OTG Management, LLC | 3,190 | 3,789 | ||||||||||||
PRGX Global, Inc. | 3,127 | 2,518 | ||||||||||||
Salus Workers' Compensation, LLC | 3,102 | — | ||||||||||||
ADC Therapeutics SA | 3,020 | 3,020 | ||||||||||||
Relativity ODA LLC | 2,762 | 2,218 | ||||||||||||
112-126 Van Houten Real22 LLC | 2,703 | — | ||||||||||||
LSL Holdco, LLC | 2,650 | 427 | ||||||||||||
Supreme Fitness Group NY Holdings, LLC | 2,540 | 1,527 | ||||||||||||
Pluralsight, LLC | 2,395 | 3,532 | ||||||||||||
SCP Eye Care Services, LLC | 2,356 | — | ||||||||||||
Spanx, LLC | 2,185 | 2,226 | ||||||||||||
Tahoe Bidco B.V. | 2,162 | 1,741 | ||||||||||||
Coupa Holdings, LLC | 2,075 | — | ||||||||||||
Galileo Parent, Inc. | 2,061 | — | ||||||||||||
Oranje Holdco, Inc. | 1,904 | — | ||||||||||||
Apptio, Inc. | 1,885 | 1,338 | ||||||||||||
Kings Buyer, LLC | 1,771 | 1,537 | ||||||||||||
MHE Intermediate Holdings, LLC | 1,536 | 1,429 | ||||||||||||
PPW Aero Buyer, Inc. | 1,466 | — | ||||||||||||
Liquid Environmental Solutions Corporation | 1,383 | 1,115 | ||||||||||||
Berner Food & Beverage, LLC | 1,314 | 1,392 | ||||||||||||
CorEvitas, LLC | 1,251 | 915 | ||||||||||||
Digital.AI Software Holdings, Inc. | 1,156 | 826 | ||||||||||||
Coyote Buyer, LLC | 800 | 1,333 | ||||||||||||
Telestream Holdings Corporation | 678 | 528 | ||||||||||||
Acquia Inc. | 596 | 1,326 | ||||||||||||
ASP-R-PAC Acquisition Co LLC | 396 | — | ||||||||||||
BAART Programs, Inc. | — | 8,645 | ||||||||||||
RumbleOn, Inc. | — | 4,822 | ||||||||||||
Ardonagh Midco 3 PLC | — | 4,372 | ||||||||||||
Dialyze Holdings, LLC | — | 3,431 | ||||||||||||
Thrasio, LLC | — | 2,578 | ||||||||||||
109 Montgomery Owner LLC | — | 477 | ||||||||||||
GKD Index Partners, LLC | — | 320 | ||||||||||||
Total | $ | 274,373 | $ | 224,239 |
December 31, 2017 | September 30, 2017 | |||||||
Lift Brands Holdings, Inc. | $ | 15,000 | $ | 15,000 | ||||
P2 Upstream Acquisition Co. | 10,000 | 10,000 | ||||||
Valet Merger Sub, Inc. | 9,326 | 9,326 | ||||||
Edge Fitness, LLC | 6,215 | 8,353 | ||||||
InMotion Entertainment Group, LLC | 5,545 | 7,544 | ||||||
EOS Fitness Opco Holdings, LLC | 5,000 | 5,000 | ||||||
Dominion Diagnostics, LLC (1) | 4,180 | 4,180 | ||||||
Impact Sales, LLC | 3,236 | 3,234 | ||||||
Pingora MSR Opportunity Fund I, LP (limited partnership interest) | 3,095 | 2,760 | ||||||
WeddingWire, Inc. | 3,000 | 3,000 | ||||||
Keypath Education, Inc. | 3,000 | 3,000 | ||||||
Motion Recruitment Partners LLC | 2,900 | 2,900 | ||||||
OmniSYS Acquisition Corporation | 2,500 | 2,500 | ||||||
Ping Identity Corporation | 2,500 | 2,500 | ||||||
Datto Inc. | 2,356 | — | ||||||
Traffic Solutions Holdings, Inc. | 2,248 | 2,998 | ||||||
4 Over International, LLC | 2,232 | 2,232 | ||||||
New IPT, Inc. | 2,229 | 2,229 | ||||||
Refac Optical Group | 2,080 | 2,080 | ||||||
SPC Partners VI, L.P. (limited partnership interest) | 1,862 | 2,000 | ||||||
Metamorph US 3, LLC (1) | 1,470 | 1,470 | ||||||
TransTrade Operators, Inc. (1)(2) | 1,393 | 1,052 | ||||||
Senior Loan Fund JV 1, LLC | 1,328 | 1,328 | ||||||
Edmentum, Inc. (1) | 932 | 2,664 | ||||||
Riverside Fund V, LP (limited partnership interest) | 539 | 539 | ||||||
Webster Capital III, L.P. (limited partnership interest) | 482 | 736 | ||||||
Sterling Capital Partners IV, L.P. (limited partnership interest) | 474 | 490 | ||||||
Tailwind Capital Partners II, L.P. (limited partnership interest) | 469 | 391 | ||||||
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest) | 468 | 472 | ||||||
Ministry Brands, LLC | 375 | 1,708 | ||||||
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest) | 365 | 365 | ||||||
RCP Direct II, LP (limited partnership interest) | 364 | 364 | ||||||
Cenegenics, LLC (1) | 297 | 297 | ||||||
Riverside Fund IV, LP (limited partnership interest) | 254 | 254 | ||||||
ACON Equity Partners III, LP (limited partnership interest) | 231 | 239 | ||||||
Bunker Hill Capital II (QP), LP (limited partnership interest) | 183 | 183 | ||||||
RCP Direct, LP (limited partnership interest) | 178 | 184 | ||||||
SPC Partners V, L.P. (limited partnership interest) | 148 | 159 | ||||||
Riverlake Equity Partners II, LP (limited partnership interest) | 129 | 129 | ||||||
Milestone Partners IV, LP (limited partnership interest) | 84 | 180 | ||||||
Baird Capital Partners V, LP (limited partnership interest) | 54 | — | ||||||
BeyondTrust Software, Inc. | — | 5,995 | ||||||
Thing5, LLC | — | 3,000 | ||||||
Garretson Firm Resolution Group, Inc. | — | 508 | ||||||
Sailpoint Technologies, Inc. | — | 1,500 | ||||||
Systems, Inc. | — | 3,030 | ||||||
Total | $ | 98,721 | $ | 118,073 |
Common stock issued by the Company (1) | $ | 334,034 | |||
Transaction costs | 1,932 | ||||
Consideration paid | $ | 335,966 | |||
Investments | $ | 592,809 | |||
Cash and cash equivalents | 22,317 | ||||
Other assets | 6,679 | ||||
Total assets acquired | 621,805 | ||||
Debt | 225,000 | ||||
Other liabilities | 60,839 | ||||
Total liabilities acquired | 285,839 | ||||
Total net assets acquired | $ | 335,966 |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2017 | Gross Additions (3) | Gross Reductions (4) | Fair Value at December 31, 2017 | % of Total Net Assets | ||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||
Traffic Solutions Holdings, Inc. | Construction & engineering | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 | 8.70 | % | $ | 36,661 | $ | — | $ | 1,088 | $ | 36,568 | $ | 186 | $ | (92 | ) | $ | 36,662 | 4.5 | % | |||||||||||||||||
First Lien Revolver, LIBOR+6% (1% floor) cash due 4/1/2021 | 7.70 | % | 2,000 | — | 37 | 1,250 | 750 | — | 2,000 | 0.2 | % | |||||||||||||||||||||||||
LC Facility, 6% cash due 4/1/2021 | 4,752 | — | 64 | 4,752 | — | — | 4,752 | 0.6 | % | |||||||||||||||||||||||||||
746,114 Series A Preferred Units, 10% | — | — | — | 7,700 | — | — | 7,700 | 0.9 | % | |||||||||||||||||||||||||||
746,114 Common Stock Units | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
TransTrade Operators, Inc. (7) | Air freight and logistics | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 5% cash due 12/31/2017 | 15,973 | — | — | 1,810 | — | — | 1,810 | 0.2 | % | |||||||||||||||||||||||||||
First Lien Revolver, 8% cash due 12/31/2017 | 7,757 | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
596.67 Series A Common Units | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
4,000 Series A Preferred Units in TransTrade Holdings LLC | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
5,200,000 Series B Preferred Units in TransTrade Holdings LLC | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
First Star Speir Aviation Limited (6) | Airlines | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9% cash due 12/15/2020 | 32,510 | — | 634 | 41,395 | 464 | (9,348 | ) | 32,511 | 4.0 | % | ||||||||||||||||||||||||||
100% equity interest | — | — | — | 3,926 | 3,011 | — | 6,937 | 0.8 | % | |||||||||||||||||||||||||||
First Star Bermuda Aviation Limited (6) | Airlines | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018 | 11,868 | — | 406 | 11,868 | — | — | 11,868 | 1.4 | % | |||||||||||||||||||||||||||
100% equity interest | — | — | — | 2,323 | 4,993 | — | 7,316 | 0.9 | % | |||||||||||||||||||||||||||
Eagle Hospital Physicians, LLC | Healthcare services | |||||||||||||||||||||||||||||||||||
Earn-out | — | — | — | 4,986 | 97 | — | 5,083 | 0.6 | % | |||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (5) | Multi-sector holdings | |||||||||||||||||||||||||||||||||||
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC | 6.52 | % | 100,804 | — | 1,754 | 101,030 | — | (226 | ) | 100,804 | 12.3 | % | ||||||||||||||||||||||||
Class B Mezzanine Secured Deferrable Fixed Rate Notes, 15% PIK due 2036 in SLF Repack Issuer 2016 LLC | 27,463 | — | 1,006 | 27,641 | — | (178 | ) | 27,463 | 3.4 | % | ||||||||||||||||||||||||||
87.5% LLC equity interest | — | — | — | 5,525 | — | (645 | ) | 4,880 | 0.6 | % | ||||||||||||||||||||||||||
Ameritox Ltd. (7) | Healthcare services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 | 6.69 | % | 39,438 | — | — | 4,445 | 361 | (6 | ) | 4,800 | 0.6 | % | ||||||||||||||||||||||||
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
4,930.03 Common Units in Ameritox Holdings II, LLC | — | — | — | — | — | — | — | — | % |
Portfolio Company | Industry | Investment Type | Index | Spread | Cash | PIK Rate | Maturity Date | Shares | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2022 | Gross Additions (3) | Gross Reductions (4) | Fair Value at June 30, 2023 | % of Total Net Assets | ||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Common Stock | 829 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Preferred Equity | 34,984,460 | — | — | — | 27,638 | — | — | 27,638 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.00 | % | 10.39 | % | 8/28/2025 | 14,102 | — | 1,070 | 14,333 | — | (231) | 14,102 | 0.9 | % | |||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Term Loan | SOFR+ | 5.00 | % | 8/28/2025 | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Revolver | SOFR+ | 5.00 | % | 10.24 | % | 8/28/2025 | 3,484 | — | 136 | — | 3,484 | — | 3,484 | 0.2 | % | |||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | Common Stock | 30,031 | — | — | — | 4,946 | — | (2,235) | 2,711 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
OCSI Glick JV LLC (5) | Multi-Sector Holdings | Subordinated Debt | L+ | 4.50 | % | 9.36 | % | 10/20/2028 | 58,349 | — | 4,961 | 50,283 | 1,116 | (1,767) | 49,632 | 3.3 | % | |||||||||||||||||||||||||||||||||
OCSI Glick JV LLC (5) | Multi-Sector Holdings | Membership Interest | 87.50 | % | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (6) | Multi-Sector Holdings | Subordinated Debt | L+ | 7.00 | % | 11.86 | % | 12/29/2028 | 112,656 | — | 9,197 | 96,250 | 16,406 | — | 112,656 | 7.5 | % | |||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (6) | Multi-Sector Holdings | Membership Interest | 87.50 | % | — | — | 3,150 | 20,715 | 7,258 | — | 27,973 | 1.9 | % | |||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 188,591 | $ | — | $ | 18,514 | $ | 214,165 | $ | 28,264 | $ | (4,233) | $ | 238,196 | 15.8 | % | ||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | First Lien Revolver | L+ | 6.75 | % | 12.29 | % | 10/17/2023 | 22,304 | — | 1,985 | 24,225 | 2,378 | (4,417) | 22,186 | 1.5 | % | |||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Common Stock | 1,783,332 | — | — | — | 370 | 40 | (410) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Preferred Equity | 1,129,453 | — | — | — | 1,223 | 189 | — | 1,412 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Warrants | 78,045 | — | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | Preferred Equity | 1,080,399 | — | — | — | 378 | — | (65) | 313 | — | % | ||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 22,304 | $ | — | $ | 1,985 | $ | 26,196 | $ | 2,607 | $ | (4,892) | $ | 23,911 | 1.6 | % | ||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 210,895 | $ | — | $ | 20,499 | $ | 240,361 | $ | 30,871 | $ | (9,125) | $ | 262,107 | 17.4 | % |
New IPT, Inc. | Oil & gas equipment services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash due 3/17/2021 | 6.69 | % | $ | 4,107 | $ | — | $ | 67 | $ | 4,107 | $ | — | $ | — | $ | 4,107 | 0.5 | % | ||||||||||||||||||
Second Lien Term Loan, LIBOR+5.1% (1% floor) cash due 9/17/2021 | 6.79 | % | 2,504 | — | 41 | 2,504 | — | — | 2,504 | 0.3 | % | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+5% (1% floor) cash due 3/17/2021 | 6.69 | % | 1,009 | — | 18 | 1,009 | — | — | 1,009 | 0.1 | % | |||||||||||||||||||||||||
50.087 Class A Common Units in New IPT Holdings, LLC | — | — | — | 736 | 227 | — | 963 | 0.1 | % | |||||||||||||||||||||||||||
AdVenture Interactive, Corp. | Advertising | |||||||||||||||||||||||||||||||||||
9,073 shares of common stock | — | — | — | 13,818 | — | (7,397 | ) | 6,421 | 0.8 | % | ||||||||||||||||||||||||||
Keypath Education, Inc. | Advertising | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash due 4/3/2022 | 8.69 | % | 19,960 | — | 435 | 19,960 | — | — | 19,960 | 2.4 | % | |||||||||||||||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/3/2022 | 8.69 | % | — | — | 4 | — | — | — | — | — | % | |||||||||||||||||||||||||
9,073 Class A Units in FS AVI Holdco, LLC | — | — | — | 7,918 | 66 | — | 7,984 | 1.0 | % | |||||||||||||||||||||||||||
Total Control Investments | $ | 306,806 | $ | — | $ | 5,554 | $ | 305,271 | $ | 10,155 | $ | (17,892 | ) | $ | 297,534 | 36.3 | % | |||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Healthcare services | |||||||||||||||||||||||||||||||||||
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019 | 9,752 | — | 265 | 9,665 | 43 | — | 9,708 | 1.2 | % | |||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 2,534 | — | (373 | ) | 2,161 | 0.3 | % | ||||||||||||||||||||||||||
AmBath/ReBath Holdings, Inc. | Home improvement retail | |||||||||||||||||||||||||||||||||||
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2018 | 22,552 | — | 864 | 22,957 | 169 | (574 | ) | 22,552 | 2.8 | % | ||||||||||||||||||||||||||
4,668,788 shares of Preferred Stock | — | — | — | 1,827 | 221 | — | 2,048 | 0.2 | % | |||||||||||||||||||||||||||
Total Affiliate Investments | $ | 32,304 | $ | — | $ | 1,129 | $ | 36,983 | $ | 433 | $ | (947 | ) | $ | 36,469 | 4.4 | % | |||||||||||||||||||
Total Control & Affiliate Investments | $ | 339,110 | $ | — | $ | 6,683 | $ | 342,254 | $ | 10,588 | $ | (18,839 | ) | $ | 334,003 | 40.8 | % |
Portfolio Company/Type of Investment (1) | Cash Interest Rate | Industry | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2015 | Gross Additions (3) | Gross Reductions (4) | Fair Value at December 31, 2016 | % of Total Net Assets | ||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||
Traffic Solutions Holdings, Inc. | Construction & engineering | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+7% (1% floor) cash 2% PIK due 4/1/2021 | 8.00 | % | $ | 36,278 | $ | — | $ | 1,050 | $ | 36,328 | $ | 310 | $ | (360 | ) | $ | 36,278 | 3.5 | % | |||||||||||||||||
First Lien Revolver, LIBOR+7% (1% floor) cash due 4/1/2021 | 8.00 | % | 1,800 | — | 53 | 2,800 | 2 | (1,002 | ) | 1,800 | 0.2 | % | ||||||||||||||||||||||||
LC Facility, 6% cash due 4/1/2021 | 3,518 | — | 58 | 3,518 | 2 | (2 | ) | 3,518 | 0.3 | % | ||||||||||||||||||||||||||
746,114 Series A Preferred Units - Granted | — | — | 676 | 20,094 | 1,919 | — | 22,013 | 2.1 | % | |||||||||||||||||||||||||||
746,114 Common Stock Units - Granted | — | — | — | — | 378 | — | 378 | — | % | |||||||||||||||||||||||||||
TransTrade Operators, Inc. (7) | Air freight and logistics | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 11% cash 3% PIK due 12/31/2017 | 15,973 | — | 6 | 7,046 | 642 | (6 | ) | 7,682 | 0.7 | % | ||||||||||||||||||||||||||
First Lien Revolver, 8% cash due 12/31/2017 | 8,220 | — | — | — | 1,335 | (1,335 | ) | — | — | % | ||||||||||||||||||||||||||
596.67 Series A Common Units - Granted | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
4,000,000 Series A Preferred Units in TransTrade Holdings LLC - Purchased | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
5,200,000 Series B Preferred Units in TransTrade Holding LLC - Purchased | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
First Star Aviation, LLC (6) | Airlines | |||||||||||||||||||||||||||||||||||
10,104,401 Common Units | — | (3,767 | ) | — | 2,413 | 87 | (2,500 | ) | — | — | % | |||||||||||||||||||||||||
First Star Speir Aviation Limited (6) | Airlines | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9% cash due 12/15/2020 | 41,395 | — | 647 | 54,214 | 1,846 | (14,665 | ) | 41,395 | 4.0 | % | ||||||||||||||||||||||||||
100% equity interest | — | — | — | 2,839 | — | (98 | ) | 2,741 | 0.3 | % | ||||||||||||||||||||||||||
First Star Bermuda Aviation Limited (6) | Airlines | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, 9% cash 3% PIK due 8/19/2018 | 11,868 | — | 267 | 11,851 | 58 | (41 | ) | 11,868 | 1.2 | % | ||||||||||||||||||||||||||
100% equity interest | — | — | — | 5,729 | (130 | ) | (605 | ) | 4,994 | 0.5 | % | |||||||||||||||||||||||||
Eagle Hospital Physicians, LLC | Healthcare services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan A, 8% PIK due 4/30/2017 | 14,175 | — | 286 | 13,875 | 300 | — | 14,175 | 1.4 | % | |||||||||||||||||||||||||||
First Lien Term Loan B, 8.1% PIK due 4/30/2017 | 3,970 | — | 81 | 3,887 | 83 | — | 3,970 | 0.4 | % | |||||||||||||||||||||||||||
First Lien Revolver, 8% cash due 4/30/2017 | 1,913 | — | 43 | 1,913 | 19 | (19 | ) | 1,913 | 0.2 | % | ||||||||||||||||||||||||||
4,100,000 Class A Common Units | — | — | — | 7,421 | — | (7,188 | ) | 233 | — | % | ||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (5) | Multi-sector holdings | |||||||||||||||||||||||||||||||||||
Subordinated Note, LIBOR+8% cash due 5/2/2021 | — | (19,857 | ) | 2,859 | 129,004 | 16,546 | (145,550 | ) | — | — | % | |||||||||||||||||||||||||
Class A Mezzanine Secured Deferrable Floating Rate Notes due 2036 in SLF Repack Issuer 2016 LLC | 6.76 | % | 101,030 | — | 171 | — | 101,030 | — | 101,030 | 9.8 | % | |||||||||||||||||||||||||
Class B Mezzanine Secured Deferrable Fixed Rate Notes due 2036 in SLF Repack Issuer 2016 LLC | 24,756 | — | 92 | — | 24,756 | — | 24,756 | 2.4 | % | |||||||||||||||||||||||||||
87.5% equity interest | — | — | 700 | 13,708 | 150 | — | 13,858 | 1.3 | % |
Portfolio Company | Industry | Investment Type | Index | Spread | Cash | PIK Rate | Maturity Date | Shares | Principal | Net Realized Gain (Loss) | Amount of Interest, Fees or Dividends Credited in Income (2) | Fair Value at October 1, 2021 | Gross Additions (3) | Gross Reductions (4) | Fair Value at June 30, 2022 | % of Total Net Assets | ||||||||||||||||||||||||||||||||||
Control Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Common Stock | 829 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | |||||||||||||||||||||||||||||||
C5 Technology Holdings, LLC | Data Processing & Outsourced Services | Preferred Equity | 34,984,460 | — | — | — | 27,638 | — | — | 27,638 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Term Loan | L+ | 5.00 | % | 7.26 | % | 2/28/2024 | 16,074 | — | 1,078 | 27,381 | — | (11,307) | 16,074 | 1.3 | % | |||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | First Lien Revolver | L+ | 5.00 | % | 2/28/2024 | — | — | 42 | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||
Dominion Diagnostics, LLC | Health Care Services | Common Stock | 30,031 | — | — | 3,308 | 18,065 | — | (8,798) | 9,267 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | First Lien Term Loan | 9.00 | % | 12/15/2025 | — | 7,500 | — | 7,500 | — | (7,500) | — | — | % | ||||||||||||||||||||||||||||||||||||
First Star Speir Aviation Limited (5) | Airlines | Membership Interest | 100.00 | % | — | (5,632) | 158 | 698 | — | (698) | — | — | % | |||||||||||||||||||||||||||||||||||||
OCSI Glick JV LLC (6) | Multi-Sector Holdings | Subordinated Debt | L+ | 4.50 | % | 4.94 | % | 10/20/2028 | 60,274 | — | 3,292 | 55,582 | 1,123 | (6,099) | 50,606 | 4.0 | % | |||||||||||||||||||||||||||||||||
OCSI Glick JV LLC (6) | Multi-Sector Holdings | Membership Interest | 87.50 | % | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (7) | Multi-Sector Holdings | Subordinated Debt | L+ | 7.00 | % | 8.00 | % | 12/29/2028 | 96,250 | — | 5,839 | 96,250 | — | — | 96,250 | 7.6 | % | |||||||||||||||||||||||||||||||||
Senior Loan Fund JV I, LLC (7) | Multi-Sector Holdings | Membership Interest | 87.50 | % | — | — | 2,026 | 37,651 | — | (14,628) | 23,023 | 1.8 | % | |||||||||||||||||||||||||||||||||||||
Total Control Investments | $ | 172,598 | $ | 1,868 | $ | 15,743 | $ | 270,765 | $ | 1,123 | $ | (49,030) | $ | 222,858 | 17.6 | % | ||||||||||||||||||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | First Lien Revolver | L+ | 6.75 | % | 9.00 | % | 10/17/2023 | 21,754 | — | 1,185 | 15,712 | 11,585 | (6,037) | 21,260 | 1.7 | % | |||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Common Stock | 1,609,201 | — | — | — | 587 | — | (24) | 563 | — | % | ||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Preferred Equity | 1,019,169 | — | — | — | 1,152 | 51 | — | 1,203 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Assembled Brands Capital LLC | Specialized Finance | Warrants | 70,425 | — | — | — | — | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Health Care Services | Preferred Equity | 1,080,399 | — | — | — | 838 | — | (437) | 401 | — | % | ||||||||||||||||||||||||||||||||||||||
Total Affiliate Investments | $ | 21,754 | $ | — | $ | 1,185 | $ | 18,289 | $ | 11,636 | $ | (6,498) | $ | 23,427 | 1.9 | % | ||||||||||||||||||||||||||||||||||
Total Control & Affiliate Investments | $ | 194,352 | $ | 1,868 | $ | 16,928 | $ | 289,054 | $ | 12,759 | $ | (55,528) | $ | 246,285 | 19.5 | % |
Express Group Holdings LLC (7) | Oil & gas equipment services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, PRIME+6% (1% floor) cash due 9/3/2019 | 10.75 | % | $ | 12,506 | $ | — | $ | — | $ | 1,193 | $ | — | $ | (1,193 | ) | $ | — | — | % | |||||||||||||||||
First Lien Revolver, PRIME+3.5% (3.5% floor) cash due 3/4/2019 | 7.00 | % | 6,090 | — | — | 6,090 | — | (5,211 | ) | 879 | 0.1 | % | ||||||||||||||||||||||||
Last-In Revolver, PRIME+3.5% (3.5% floor) cash due 10/7/2016 | 7.00 | % | 3,000 | — | 53 | 3,000 | — | — | 3,000 | 0.3 | % | |||||||||||||||||||||||||
14,033,391 Series B Preferred Units | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
280,668 Series A Preferred Units | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
1,456,344 Common Units | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||||||||
Ameritox Ltd. | Healthcare services | |||||||||||||||||||||||||||||||||||
First Lien Term Loan, LIBOR+5% (1% floor) cash 3% PIK due 4/11/2021 | 6.00 | % | 31,498 | — | 734 | 31,039 | 459 | — | 31,498 | 3.1 | % | |||||||||||||||||||||||||
14,090,126.4 Class A Preferred A Units in Ameritox Holdings II, LLC | — | — | — | 15,437 | 720 | — | 16,157 | 1.6 | % | |||||||||||||||||||||||||||
1,602,260.83 Class B Preferred A Units in Ameritox Holdings II, LLC | — | — | — | 1,755 | 82 | — | 1,837 | 0.2 | % | |||||||||||||||||||||||||||
4,930.03 Common Units in Ameritox Holdings II, LLC | — | — | — | 13,113 | — | (6,925 | ) | 6,188 | 0.6 | % | ||||||||||||||||||||||||||
Total Control Investments | $ | 317,990 | $ | (23,624 | ) | $ | 7,776 | $ | 388,267 | $ | 150,594 | $ | (186,700 | ) | $ | 352,161 | 34.2 | % | ||||||||||||||||||
Affiliate Investments | ||||||||||||||||||||||||||||||||||||
Caregiver Services, Inc. | Healthcare services | |||||||||||||||||||||||||||||||||||
Second Lien Term Loan, 10% cash 2% PIK due 6/30/2019 | 9,573 | — | 293 | 9,549 | 49 | (26 | ) | 9,572 | 0.9 | % | ||||||||||||||||||||||||||
1,080,399 shares of Series A Preferred Stock, 10% | — | — | — | 4,079 | — | (117 | ) | 3,962 | 0.4 | % | ||||||||||||||||||||||||||
AmBath/ReBath Holdings, Inc. | Home improvement retail | |||||||||||||||||||||||||||||||||||
First Lien Term Loan B, 12.5% cash 2.5% PIK due 8/31/2017 | 24,015 | — | 1,398 | 24,268 | 416 | (548 | ) | 24,136 | 2.3 | % | ||||||||||||||||||||||||||
4,668,788 shares of Preferred Stock | — | — | — | 1,873 | — | (82 | ) | 1,791 | 0.2 | % | ||||||||||||||||||||||||||
Total Affiliate Investments | $ | 33,588 | $ | — | $ | 1,691 | $ | 39,769 | $ | 465 | $ | (773 | ) | $ | 39,461 | 3.8 | % | |||||||||||||||||||
Total Control & Affiliate Investments | $ | 351,578 | $ | (23,624 | ) | $ | 9,467 | $ | 428,036 | $ | 151,059 | $ | (187,473 | ) | $ | 391,622 | 38.0 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||
Cost: | ||||||||||||||
Senior secured debt | 87.59 | % | 85.08 | % | ||||||||||
Debt investments in the JVs | 4.93 | 5.59 | ||||||||||||
Preferred equity | 3.02 | 3.26 | ||||||||||||
Subordinated debt | 1.68 | 2.57 | ||||||||||||
LLC equity interests of the JVs | 1.66 | 1.88 | ||||||||||||
Common equity and warrants | 1.12 | 1.62 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||
Fair value: | ||||||||||||||
Senior secured debt | 88.48 | % | 86.86 | % | ||||||||||
Debt investments in the JVs | 5.18 | 5.88 | ||||||||||||
Preferred equity | 2.94 | 3.19 | ||||||||||||
Subordinated debt | 1.66 | 2.28 | ||||||||||||
LLC equity interests of the JVs | 0.89 | 0.83 | ||||||||||||
Common equity and warrants | 0.85 | 0.96 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||
Cost: | ||||||
Senior secured debt | 72.44 | % | 74.73 | % | ||
Subordinated debt | 7.70 | 6.42 | ||||
Debt investments in SLF JV I | 7.65 | 7.32 | ||||
LLC equity interests of SLF JV I | 0.96 | 0.92 | ||||
Purchased equity | 6.86 | 6.40 | ||||
Equity grants | 2.91 | 2.78 | ||||
Limited partnership interests | 1.48 | 1.43 | ||||
Total | 100.00 | % | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||
Fair value: | ||||||
Senior secured debt | 75.84 | % | 78.01 | % | ||
Subordinated debt | 6.95 | 6.06 | ||||
Debt investments in SLF JV I | 9.06 | 8.35 | ||||
LLC equity interests of SLF JV I | 0.34 | 0.36 | ||||
Purchased equity | 5.49 | 5.10 | ||||
Equity grants | 0.50 | 0.45 | ||||
Limited partnership interests | 1.82 | 1.67 | ||||
Total | 100.00 | % | 100.00 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||
Cost: | ||||||||||||||
Application Software | 16.98 | % | 14.98 | % | ||||||||||
Multi-Sector Holdings (1) | 6.65 | 7.48 | ||||||||||||
Data Processing & Outsourced Services | 4.05 | 4.60 | ||||||||||||
Health Care Technology | 3.92 | 3.82 | ||||||||||||
Biotechnology | 3.86 | 4.20 | ||||||||||||
Pharmaceuticals | 3.69 | 4.83 | ||||||||||||
Aerospace & Defense | 3.36 | 2.37 | ||||||||||||
Industrial Machinery & Supplies & Components | 3.01 | — | ||||||||||||
Broadline Retail | 2.52 | — | ||||||||||||
Health Care Services | 2.35 | 2.24 | ||||||||||||
Real Estate Operating Companies | 2.32 | 1.82 | ||||||||||||
Specialized Finance | 2.10 | 3.09 | ||||||||||||
Personal Care Products | 2.08 | — | ||||||||||||
Automotive Retail | 1.97 | 2.26 | ||||||||||||
Fertilizers & Agricultural Chemicals | 1.96 | 1.88 | ||||||||||||
Internet Services & Infrastructure | 1.91 | 2.07 | ||||||||||||
Health Care Distributors | 1.88 | 2.18 | ||||||||||||
Diversified Financial Services | 1.87 | — | ||||||||||||
Auto Parts & Equipment | 1.85 | 0.48 | ||||||||||||
Metal, Glass & Plastic Containers | 1.76 | — | ||||||||||||
Airport Services | 1.70 | 1.65 | ||||||||||||
Home Improvement Retail | 1.67 | 1.75 | ||||||||||||
Insurance Brokers | 1.61 | 1.36 | ||||||||||||
Diversified Metals & Mining | 1.51 | — | ||||||||||||
Leisure Facilities | 1.50 | 1.52 | ||||||||||||
Real Estate Services | 1.36 | 1.54 | ||||||||||||
Soft Drinks & Non-alcoholic Beverages | 1.31 | — | ||||||||||||
Diversified Support Services | 1.30 | 1.45 | ||||||||||||
Other Specialty Retail | 1.27 | — | ||||||||||||
Specialty Chemicals | 1.16 | 1.43 | ||||||||||||
Distributors | 1.14 | 0.97 | ||||||||||||
Integrated Telecommunication Services | 1.02 | 1.32 | ||||||||||||
Electrical Components & Equipment | 0.98 | 1.29 | ||||||||||||
Construction & Engineering | 0.83 | 2.33 | ||||||||||||
Environmental & Facilities Services | 0.79 | 0.80 | ||||||||||||
Advertising | 0.78 | 1.08 | ||||||||||||
Passenger Airlines | 0.76 | — | ||||||||||||
Oil & Gas Storage & Transportation | 0.74 | 0.85 | ||||||||||||
Home Furnishings | 0.72 | 0.75 | ||||||||||||
Gold | 0.71 | — | ||||||||||||
Systems Software | 0.70 | 0.57 | ||||||||||||
Health Care Equipment | 0.68 | 0.93 | ||||||||||||
Real Estate Development | 0.59 | — | ||||||||||||
Interactive Media & Services | 0.58 | — | ||||||||||||
Hotels, Resorts & Cruise Lines | 0.52 | 0.53 | ||||||||||||
Consumer Finance | 0.50 | 0.55 | ||||||||||||
Education Services | 0.48 | 0.35 | ||||||||||||
IT Consulting & Other Services | 0.47 | 0.45 | ||||||||||||
Restaurants | 0.38 | 0.36 | ||||||||||||
Movies & Entertainment | 0.37 | 1.00 | ||||||||||||
Health Care Supplies | 0.35 | 1.39 | ||||||||||||
Food Distributors | 0.18 | 0.18 | ||||||||||||
Apparel Retail | 0.16 | 0.20 | ||||||||||||
Air Freight & Logistics | 0.15 | 0.28 | ||||||||||||
Integrated Oil & Gas | 0.15 | 0.19 | ||||||||||||
Research & Consulting Services | 0.15 | 0.35 | ||||||||||||
Cable & Satellite | 0.14 | 0.79 | ||||||||||||
Other Specialized REITs | 0.13 | — | ||||||||||||
Paper & Plastic Packaging Products & Materials | 0.10 | — | ||||||||||||
Housewares & Specialties | 0.09 | 0.09 | ||||||||||||
Electronic Components | 0.06 | 0.08 | ||||||||||||
Leisure Products | 0.06 | — | ||||||||||||
Technology Distributors | 0.03 | 0.12 | ||||||||||||
Communications Equipment | 0.03 | — | ||||||||||||
Industrial Machinery | — | 3.12 | ||||||||||||
Internet & Direct Marketing Retail | — | 2.59 | ||||||||||||
Personal Products | — | 2.03 | ||||||||||||
Metal & Glass Containers | — | 1.82 | ||||||||||||
Soft Drinks | — | 1.31 | ||||||||||||
Other Diversified Financial Services | — | 1.12 | ||||||||||||
Oil & Gas Refining & Marketing | — | 0.33 | ||||||||||||
Trading Companies & Distributors | — | 0.29 | ||||||||||||
Apparel, Accessories & Luxury Goods | — | 0.20 | ||||||||||||
Specialized REITs | — | 0.16 | ||||||||||||
Diversified Banks | — | 0.13 | ||||||||||||
Construction Materials | — | 0.09 | ||||||||||||
Alternative Carriers | — | 0.01 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||
Cost: | ||||||
Healthcare services | 12.48 | % | 11.98 | % | ||
Internet software & services | 11.95 | 15.37 | ||||
Multi-sector holdings (1) | 10.32 | 9.87 | ||||
Healthcare equipment | 5.94 | 5.67 | ||||
Data processing & outsourced services | 4.81 | 4.42 | ||||
Environmental & facilities services | 4.15 | 2.84 | ||||
Construction & engineering | 4.10 | 3.86 | ||||
Pharmaceuticals | 3.63 | 3.46 | ||||
Advertising | 3.32 | 4.82 | ||||
Education services | 3.09 | 2.85 | ||||
Airlines | 3.03 | 3.28 | ||||
Specialty stores | 2.77 | 3.33 | ||||
Integrated telecommunication services | 2.45 | 1.75 | ||||
Technology distributors | 2.04 | — | ||||
Leisure facilities | 1.96 | 1.76 | ||||
Oil & gas refining & marketing | 1.95 | — | ||||
Air freight and logistics | 1.94 | 1.85 | ||||
Housewares & specialties | 1.78 | 1.70 | ||||
Oil & gas equipment services | 1.64 | 1.57 | ||||
Consumer electronics | 1.48 | 1.32 | ||||
Home improvement retail | 1.35 | 1.31 | ||||
Auto parts & equipment | 1.26 | 1.21 | ||||
Oil & gas exploration & production | 1.07 | — | ||||
Research & consulting services | 1.02 | 2.16 | ||||
Diversified support services | 0.99 | 1.29 | ||||
Healthcare technology | 0.86 | — | ||||
Security & alarm services | 0.79 | 0.75 | ||||
Real estate services | 0.77 | 0.74 | ||||
Other diversified financial services | 0.68 | 0.69 | ||||
Casinos & gaming | 0.67 | 1.33 | ||||
Commodity chemicals | 0.65 | — | ||||
Healthcare distributors | 0.53 | — | ||||
Precious metals & minerals | 0.44 | 0.42 | ||||
Trucking | 0.42 | 0.40 | ||||
Thrift & mortgage finance | 0.41 | 0.41 | ||||
Distributors | 0.39 | 0.85 | ||||
Industrial machinery | 0.39 | 0.86 | ||||
Commercial printing | 0.36 | 0.34 | ||||
Apparel, accessories & luxury goods | 0.31 | 0.29 | ||||
Wireless telecommunication services | 0.30 | — | ||||
Restaurants | 0.29 | 0.28 | ||||
Application software | 0.29 | 2.93 | ||||
General merchandise stores | 0.25 | — | ||||
Food retail | 0.25 | 0.24 | ||||
IT consulting & other services | 0.24 | 0.23 | ||||
Specialized finance | 0.19 | 0.18 | ||||
Human resources & employment services | — | — | ||||
Hypermarkets & super centers | — | 0.68 | ||||
Computer & electronics retail | — | 0.36 | ||||
Multi-utilities | — | 0.35 | ||||
Total | 100.00 | % | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||
Fair value: | ||||||
Internet software & services | 13.71 | % | 17.20 | % | ||
Multi-sector holdings (1) | 11.58 | 10.67 | ||||
Healthcare services | 5.41 | 6.09 | ||||
Data processing & outsourced services | 5.04 | 4.43 | ||||
Environmental & facilities services | 4.94 | 3.29 | ||||
Pharmaceuticals | 4.45 | 4.07 | ||||
Airlines | 4.14 | 3.86 | ||||
Healthcare equipment | 4.00 | 4.73 | ||||
Construction & engineering | 3.61 | 3.26 | ||||
Advertising | 3.25 | 5.43 | ||||
Specialty stores | 3.22 | 3.69 | ||||
Education services | 2.52 | 2.48 | ||||
Integrated telecommunication services | 2.51 | 2.03 | ||||
Leisure facilities | 2.45 | 2.11 | ||||
Technology distributors | 2.42 | — | ||||
Oil & gas refining & marketing | 2.33 | — | ||||
Housewares & specialties | 2.11 | 1.93 | ||||
Oil & gas equipment services | 2.02 | 1.84 | ||||
Consumer electronics | 1.83 | 1.56 | ||||
Home improvement retail | 1.74 | 1.61 | ||||
Auto parts & equipment | 1.53 | 1.41 | ||||
Research & consulting services | 1.33 | 2.50 | ||||
Oil & gas exploration & production | 1.26 | — | ||||
Diversified support services | 1.14 | 1.46 | ||||
Healthcare technology | 1.03 | — | ||||
Security & alarm services | 0.92 | 0.85 | ||||
Real estate services | 0.90 | 0.84 | ||||
Casinos & gaming | 0.81 | 1.52 | ||||
Commodity chemicals | 0.77 | — | ||||
Other diversified financial services | 0.77 | 0.76 | ||||
Healthcare distributors | 0.64 | — | ||||
Precious metals & minerals | 0.53 | 0.48 | ||||
Trucking | 0.50 | 0.46 | ||||
Application software | 0.46 | 3.50 | ||||
Distributors | 0.46 | 0.96 | ||||
Industrial machinery | 0.46 | 0.97 | ||||
Commercial printing | 0.43 | 0.39 | ||||
Leisure products | 0.42 | 0.38 | ||||
Thrift & mortgage finance | 0.40 | 0.40 | ||||
Wireless telecommunication services | 0.36 | — | ||||
Restaurants | 0.34 | 0.32 | ||||
General Merchandise Stores | 0.32 | — | ||||
Food retail | 0.30 | 0.28 | ||||
IT consulting & other services | 0.28 | 0.25 | ||||
Specialized finance | 0.23 | 0.21 | ||||
Air freight and logistics | 0.13 | 0.12 | ||||
Human resources & employment services | — | — | ||||
Hypermarkets & super centers | — | 0.75 | ||||
Computer & electronics retail | — | 0.42 | ||||
Multi-utilities | — | 0.41 | ||||
Apparel, accessories & luxury goods | — | 0.08 | ||||
Total | 100.00 | % | 100.00 | % |
June 30, 2023 | September 30, 2022 | |||||||||||||
Fair value: | ||||||||||||||
Application Software | 17.38 | % | 15.43 | % | ||||||||||
Multi-Sector Holdings (1) | 6.13 | 6.71 | ||||||||||||
Biotechnology | 4.09 | 4.35 | ||||||||||||
Data Processing & Outsourced Services | 3.97 | 4.46 | ||||||||||||
Pharmaceuticals | 3.71 | 4.79 | ||||||||||||
Health Care Technology | 3.69 | 3.90 | ||||||||||||
Aerospace & Defense | 3.55 | 2.48 | ||||||||||||
Industrial Machinery & Supplies & Components | 3.16 | — | ||||||||||||
Broadline Retail | 2.58 | — | ||||||||||||
Real Estate Operating Companies | 2.40 | 1.93 | ||||||||||||
Specialized Finance | 2.12 | 2.93 | ||||||||||||
Fertilizers & Agricultural Chemicals | 2.02 | 2.08 | ||||||||||||
Internet Services & Infrastructure | 2.00 | 2.16 | ||||||||||||
Automotive Retail | 1.99 | 2.31 | ||||||||||||
Health Care Services | 1.98 | 1.84 | ||||||||||||
Diversified Financial Services | 1.95 | — | ||||||||||||
Personal Care Products | 1.94 | — | ||||||||||||
Auto Parts & Equipment | 1.94 | 0.46 | ||||||||||||
Health Care Distributors | 1.92 | 2.19 | ||||||||||||
Airport Services | 1.76 | 1.72 | ||||||||||||
Insurance Brokers | 1.74 | 1.33 | ||||||||||||
Home Improvement Retail | 1.73 | 1.82 | ||||||||||||
Diversified Metals & Mining | 1.59 | — | ||||||||||||
Leisure Facilities | 1.50 | 1.57 | ||||||||||||
Real Estate Services | 1.41 | 1.59 | ||||||||||||
Metal, Glass & Plastic Containers | 1.40 | — | ||||||||||||
Soft Drinks & Non-alcoholic Beverages | 1.36 | — | ||||||||||||
Other Specialty Retail | 1.33 | — | ||||||||||||
Diversified Support Services | 1.32 | 1.47 | ||||||||||||
Distributors | 1.17 | 0.98 | ||||||||||||
Electrical Components & Equipment | 1.03 | 1.32 | ||||||||||||
Specialty Chemicals | 1.03 | 1.36 | ||||||||||||
Integrated Telecommunication Services | 0.99 | 1.29 | ||||||||||||
Passenger Airlines | 0.86 | — | ||||||||||||
Construction & Engineering | 0.86 | 2.45 | ||||||||||||
Environmental & Facilities Services | 0.81 | 0.83 | ||||||||||||
Gold | 0.74 | — | ||||||||||||
Health Care Equipment | 0.72 | 0.97 | ||||||||||||
Systems Software | 0.71 | 0.51 | ||||||||||||
Oil & Gas Storage & Transportation | 0.69 | 0.84 | ||||||||||||
Home Furnishings | 0.62 | 0.73 | ||||||||||||
Real Estate Development | 0.61 | — | ||||||||||||
Interactive Media & Services | 0.61 | — | ||||||||||||
Advertising | 0.60 | 1.08 | ||||||||||||
Hotels, Resorts & Cruise Lines | 0.55 | 0.56 | ||||||||||||
Education Services | 0.45 | 0.34 | ||||||||||||
Consumer Finance | 0.40 | 0.53 | ||||||||||||
Restaurants | 0.39 | 0.35 | ||||||||||||
Movies & Entertainment | 0.38 | 1.07 | ||||||||||||
Health Care Supplies | 0.36 | 1.47 | ||||||||||||
IT Consulting & Other Services | 0.36 | 0.34 | ||||||||||||
Food Distributors | 0.17 | 0.13 | ||||||||||||
Apparel Retail | 0.17 | 0.21 | ||||||||||||
Integrated Oil & Gas | 0.15 | 0.20 | ||||||||||||
Cable & Satellite | 0.15 | 0.78 | ||||||||||||
Research & Consulting Services | 0.15 | 0.34 | ||||||||||||
Air Freight & Logistics | 0.13 | 0.26 | ||||||||||||
Other Specialized REITs | 0.11 | — | ||||||||||||
Paper & Plastic Packaging Products & Materials | 0.10 | — | ||||||||||||
Housewares & Specialties | 0.09 | 0.10 | ||||||||||||
Leisure Products | 0.06 | — | ||||||||||||
Electronic Components | 0.06 | 0.08 | ||||||||||||
Technology Distributors | 0.03 | 0.12 | ||||||||||||
Communications Equipment | 0.03 | — | ||||||||||||
Industrial Machinery | — | 3.25 | ||||||||||||
Internet & Direct Marketing Retail | — | 2.82 | ||||||||||||
Personal Products | — | 2.01 | ||||||||||||
Metal & Glass Containers | — | 1.91 | ||||||||||||
Soft Drinks | — | 1.35 | ||||||||||||
Other Diversified Financial Services | — | 0.98 | ||||||||||||
Oil & Gas Refining & Marketing | — | 0.34 | ||||||||||||
Trading Companies & Distributors | — | 0.22 | ||||||||||||
Diversified Banks | — | 0.14 | ||||||||||||
Specialized REITs | — | 0.13 | ||||||||||||
Construction Materials | — | 0.08 | ||||||||||||
Alternative Carriers | — | 0.01 | ||||||||||||
Total | 100.00 | % | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||||||||||||||||
Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | Cost | % of Debt Portfolio | Fair Value | % of Debt Portfolio | |||||||||||||||||||||
Accrual | $ | 1,258,056 | 85.49 | % | $ | 1,258,658 | 96.81 | % | $ | 1,344,535 | 86.46 | % | $ | 1,357,794 | 95.29 | % | ||||||||||||
PIK non-accrual (1) | 12,661 | 0.86 | — | — | 10,227 | 0.66 | 379 | 0.03 | ||||||||||||||||||||
Cash non-accrual (2) | 200,859 | 13.65 | 41,457 | 3.19 | 200,210 | 12.88 | 66,636 | 4.68 | ||||||||||||||||||||
Total | $ | 1,471,576 | 100.00 | % | $ | 1,300,115 | 100.00 | % | $ | 1,554,972 | 100.00 | % | $ | 1,424,809 | 100.00 | % |
December 31, 2017 | September 30, 2017 | |||
Senior secured loans (1) | $249,967 | $245,063 | ||
Weighted average interest rate on senior secured loans (2) | 7.81% | 7.7% | ||
Number of borrowers in SLF JV I | 34 | 32 | ||
Largest exposure to a single borrower (1) | $18,251 | $18,374 | ||
Total of five largest loan exposures to borrowers (1) | $77,991 | $82,728 |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
AdVenture Interactive, Corp. (3) | Advertising | 927 Common Stock Shares | $ | 1,088 | $ | 656 | |||||||||||||||||
Allied Universal Holdco LLC (3) | Security & alarm services | First Lien | 7/28/2022 | LIBOR+3.75% (1% floor) | 5.44 | % | $ | 6,965 | 7,019 | 6,920 | |||||||||||||
Ameritox Ltd. (3)(5) | Healthcare services | First Lien | 4/11/2021 | LIBOR+5% (1% floor) 3% PIK | 6.69 | % | 5,926 | 5,638 | 721 | ||||||||||||||
301,913.06 Class B Preferred Units | 302 | — | |||||||||||||||||||||
928.96 Class A Common Units | 5,474 | — | |||||||||||||||||||||
Total Ameritox Ltd. | 5,926 | 11,414 | 721 | ||||||||||||||||||||
Asset International, Inc. | Research & Consulting Services | First Lien | 12/29/2024 | LIBOR+4.5% (1% floor) | 6.19 | % | 7,000 | 6,860 | 6,860 | ||||||||||||||
BJ's Wholesale Club, Inc. | Hypermarkets & super centers | First Lien | 1/26/2024 | LIBOR+3.75% (1% floor) | 4.95 | % | 4,975 | 4,981 | 4,902 | ||||||||||||||
Chloe Ox Parent LLC | Healthcare services | First Lien | 12/14/2024 | LIBOR+5% (1% floor) | 6.64 | % | 10,000 | 9,900 | 10,037 | ||||||||||||||
Compuware Corporation | Internet software & services | First Lien B3 | 12/15/2021 | LIBOR+4.25% (1% floor) | 5.63 | % | 11,126 | 11,019 | 11,213 | ||||||||||||||
DFT Intermediate LLC | Specialized finance | First Lien | 3/1/2023 | LIBOR+5.5% (1% floor) | 6.85 | % | 10,669 | 10,433 | 10,592 |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
Digital River, Inc. | Internet software & services | First Lien | 2/12/2021 | LIBOR+6.5% (1% floor) | 8.08 | % | $ | 2,775 | $ | 2,786 | $ | 2,782 | |||||||||||
Dodge Data & Analytics LLC (3) | Data processing & outsourced services | First Lien | 10/31/2019 | LIBOR+8.75% (1% floor) | 10.13 | % | 9,199 | 9,228 | 9,116 | ||||||||||||||
DTZ U.S. Borrower, LLC (3) | Real estate services | First Lien | 11/4/2021 | LIBOR+3.25% (1% floor) | 4.94 | % | 6,946 | 6,978 | 6,867 | ||||||||||||||
Edge Fitness, LLC | Leisure facilities | First Lien | 12/31/2019 | LIBOR+7.75% (1% floor) | 9.05 | % | 10,600 | 10,601 | 10,600 | ||||||||||||||
EOS Fitness Opco Holdings, LLC (3) | Leisure facilities | First Lien | 12/30/2019 | LIBOR+8.75% (0.75% floor) | 10.12 | % | 18,251 | 18,078 | 18,433 | ||||||||||||||
Everi Payments Inc. | Casinos & gaming | First Lien | 5/9/2024 | LIBOR+4.5% (1% floor) | 4.98 | % | 4,975 | 4,952 | 5,032 | ||||||||||||||
Falmouth Group Holdings Corp. | Specialty chemicals | First Lien | 12/13/2021 | LIBOR+6.75% (1% floor) | 8.44 | % | 4,528 | 4,497 | 4,528 | ||||||||||||||
Garretson Resolution Group, Inc. | Diversified support services | First Lien | 5/22/2021 | LIBOR+6.5% (1% floor) | 8.19 | % | 5,797 | 5,780 | 5,432 | ||||||||||||||
Gigamon Inc. | Systems software | First Lien | 12/18/2024 | LIBOR+4.5% (1% floor) | 6.03 | % | 8,000 | 7,920 | 7,960 | ||||||||||||||
InMotion Entertainment Group, LLC (3) | Consumer electronics | First Lien | 10/1/2021 | LIBOR+7.25% (1.25% floor) | 8.95 | % | 8,750 | 8,769 | 8,750 | ||||||||||||||
First Lien B | 10/1/2021 | LIBOR+7.25% (1.25% floor) | 8.95 | % | 8,750 | 8,660 | 8,750 | ||||||||||||||||
Total InMotion Entertainment Group, LLC | 17,500 | 17,429 | 17,500 | ||||||||||||||||||||
Keypath Education, Inc. (3) | Advertising | First Lien | 4/3/2022 | LIBOR+7% (1.00% floor) | 8.69 | % | 2,040 | 2,039 | 2,040 | ||||||||||||||
927 shares Common Stock | 1,391 | 815 | |||||||||||||||||||||
2,040 | 3,430 | 2,855 | |||||||||||||||||||||
Lift Brands, Inc. (3) | Leisure facilities | First Lien | 12/23/2019 | LIBOR+7.5% (1% floor) | 9.19 | % | 18,149 | 18,132 | 18,149 | ||||||||||||||
Metamorph US 3, LLC (3)(5) | Internet software & services | First Lien | 12/1/2020 | LIBOR+5.5% (1% floor) 2% PIK | 7.07 | % | 9,942 | 9,232 | 3,775 | ||||||||||||||
Motion Recruitment Partners LLC | Human resources & employment services | First Lien | 2/13/2020 | LIBOR+6% (1% floor) | 7.57 | % | 4,298 | 4,255 | 4,303 | ||||||||||||||
NAVEX Global, Inc. | Internet software & services | First Lien | 11/19/2021 | LIBOR+4.75% (1% floor) | 5.82 | % | 5,944 | 5,911 | 5,974 | ||||||||||||||
New IPT, Inc. (3) | Oil & gas equipment & services | First Lien | 3/17/2021 | LIBOR+5% (1% floor) | 6.69 | % | 1,794 | 1,794 | 1,794 | ||||||||||||||
Second Lien | 9/17/2021 | LIBOR+5.1% (1% floor) | 6.79 | % | 1,094 | 1,094 | 1,094 | ||||||||||||||||
21.876 Class A Common Units | — | 420 | |||||||||||||||||||||
Total New IPT, Inc. | 2,888 | 2,888 | 3,308 | ||||||||||||||||||||
Novetta Solutions, LLC | Internet software & services | First Lien | 9/30/2022 | LIBOR+5% (1% floor) | 6.70 | % | 6,102 | 6,053 | 5,937 | ||||||||||||||
OmniSYS Acquisition Corporation (3) | Diversified support services | First Lien | 11/21/2018 | LIBOR+7.5% (1% floor) | 9.19 | % | 10,896 | 10,899 | 10,873 | ||||||||||||||
Refac Optical Group (3) | Specialty stores | First Lien A | 9/30/2018 | LIBOR+8% | 9.56 | % | 4,111 | 4,098 | 4,111 | ||||||||||||||
Salient CRGT, Inc. (3) | IT consulting & other services | First Lien | 2/28/2022 | LIBOR+5.75% (1% floor) | 7.32 | % | 2,405 | 2,364 | 2,426 | ||||||||||||||
Scientific Games International, Inc. (3) | Casinos & gaming | First Lien | 8/14/2024 | LIBOR+3.25% | 4.67 | % | 6,615 | 6,583 | 6,677 | ||||||||||||||
SHO Holding I Corporation | Footwear | First Lien | 10/27/2022 | LIBOR+5% (1% floor) | 6.42 | % | 8,573 | 8,545 | 8,273 | ||||||||||||||
TravelClick, Inc. (3) | Internet software & services | Second Lien | 11/6/2021 | LIBOR+7.75% (1% floor) | 9.32 | % | 5,127 | 5,127 | 5,153 | ||||||||||||||
TV Borrower US, LLC | Integrated telecommunications services | First Lien | 2/22/2024 | LIBOR+4.75% (1% floor) | 6.44 | % | 2,034 | 2,025 | 2,045 | ||||||||||||||
Valet Merger Sub, Inc. (3) | Environmental & facilities services | First Lien | 9/24/2021 | LIBOR+7% (1% floor) | 8.57 | % | 12,965 | 12,838 | 12,965 | ||||||||||||||
Vubiquity, Inc. | Application software | First Lien | 8/12/2021 | LIBOR+5.5% (1% floor) | 7.19 | % | 2,646 | 2,630 | 2,626 | ||||||||||||||
$ | 249,967 | $ | 255,973 | $ | 239,601 |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
AdVenture Interactive, Corp. (3) | Advertising | 927 Common Stock Shares | $ | 1,088 | $ | 1,412 | |||||||||||||||||
Allied Universal Holdco LLC (3) | Security & alarm services | First Lien | 7/28/2022 | LIBOR+3.75% (1% floor) | 5.08 | % | $ | 6,982 | 7,040 | 6,976 | |||||||||||||
Ameritox Ltd. (3)(5) | Healthcare services | First Lien | 4/11/2021 | LIBOR+5% (1% floor) 3% PIK | 6.33 | % | 5,759 | 5,638 | 668 | ||||||||||||||
301,913.06 Class B Preferred Units | 302 | — | |||||||||||||||||||||
928.96 Class A Common Units | 5,474 | — | |||||||||||||||||||||
Total Ameritox, Ltd. | 5,759 | 11,414 | 668 | ||||||||||||||||||||
BeyondTrust Software, Inc. (3) | Application software | First Lien | 9/25/2019 | LIBOR+7% (1% floor) | 8.33 | % | 15,330 | 15,231 | 15,329 | ||||||||||||||
BJ's Wholesale Club, Inc. (3) | Hypermarkets & super centers | First Lien | 1/26/2024 | LIBOR+3.75% (1% floor) | 4.99 | % | 4,988 | 4,993 | 4,793 | ||||||||||||||
Compuware Corporation | Internet software & services | First Lien B3 | 12/15/2021 | LIBOR+4.25% (1% floor) | 5.49 | % | 11,154 | 11,041 | 11,293 | ||||||||||||||
DFT Intermediate LLC (3) | Specialized finance | First Lien | 3/1/2023 | LIBOR+5.5% (1% floor) | 6.74 | % | 10,723 | 10,474 | 10,652 | ||||||||||||||
Digital River, Inc. | Internet software & services | First Lien | 2/12/2021 | LIBOR+6.5% (1% floor) | 7.82 | % | 4,524 | 4,541 | 4,546 | ||||||||||||||
Dodge Data & Analytics LLC (3) | Data processing & outsourced services | First Lien | 10/31/2019 | LIBOR+8.75% (1% floor) | 10.13 | % | 9,339 | 9,372 | 8,744 | ||||||||||||||
DTZ U.S. Borrower, LLC (3) | Real estate services | First Lien | 11/4/2021 | LIBOR+3.25% (1% floor) | 4.57 | % | 6,964 | 6,998 | 6,990 | ||||||||||||||
Edge Fitness, LLC | Leisure facilities | First Lien | 12/31/2019 | LIBOR+7.75% (1% floor) | 9.05 | % | 10,600 | 10,602 | 10,600 | ||||||||||||||
EOS Fitness Opco Holdings, LLC (3) | Leisure facilities | First Lien | 12/30/2019 | LIBOR+8.75% (0.75% floor) | 9.99 | % | 18,374 | 18,182 | 18,557 | ||||||||||||||
Everi Payments Inc.(3) | Casinos & gaming | First Lien | 5/9/2024 | LIBOR+4.5% (1% floor) | 5.74 | % | 4,988 | 4,964 | 5,039 | ||||||||||||||
Falmouth Group Holdings Corp. | Specialty chemicals | First Lien | 12/13/2021 | LIBOR+6.75% (1% floor) | 8.08 | % | 4,610 | 4,578 | 4,610 | ||||||||||||||
Garretson Resolution Group, Inc. | Diversified support services | First Lien | 5/22/2021 | LIBOR+6.5% (1% floor) | 7.83 | % | 5,836 | 5,818 | 5,766 | ||||||||||||||
InMotion Entertainment Group, LLC (3) | Consumer electronics | First Lien | 10/1/2018 | LIBOR+7.75% (1.25% floor) | 9.09 | % | 8,875 | 8,884 | 8,875 | ||||||||||||||
First Lien B | 10/1/2018 | LIBOR+7.75% (1.25% floor) | 9.09 | % | 8,875 | 8,828 | 8,871 | ||||||||||||||||
Total InMotion Entertainment Group, LLC | 17,750 | 17,712 | 17,746 | ||||||||||||||||||||
Keypath Education, Inc. (3) | Advertising | First Lien | 4/3/2022 | LIBOR+7% (1.00% floor) | 8.33 | % | 2,040 | 2,040 | 2,039 | ||||||||||||||
927 shares Common Stock | 1,391 | 809 | |||||||||||||||||||||
2,040 | 3,431 | 2,848 | |||||||||||||||||||||
Lift Brands, Inc. (3) | Leisure facilities | First Lien | 12/23/2019 | LIBOR+7.5% (1% floor) | 8.83 | % | 18,276 | 18,257 | 18,275 | ||||||||||||||
Metamorph US 3, LLC (3)(5) | Internet software & services | First Lien | 12/1/2020 | LIBOR+5.5% (1% floor) 2% PIK | 6.74 | % | 9,969 | 9,481 | 3,786 | ||||||||||||||
Motion Recruitment Partners LLC | Human resources & employment services | First Lien | 2/13/2020 | LIBOR+6% (1% floor) | 7.24 | % | 4,330 | 4,281 | 4,330 | ||||||||||||||
NAVEX Global, Inc. | Internet software & services | First Lien | 11/19/2021 | LIBOR+4.75% (1% floor) | 5.49 | % | 5,959 | 5,925 | 5,982 | ||||||||||||||
New IPT, Inc. (3) | Oil & gas equipment & services | First Lien | 3/17/2021 | LIBOR+5% (1% floor) | 6.33 | % | 1,794 | 1,794 | 1,794 | ||||||||||||||
Second Lien | 9/17/2021 | LIBOR+5.1% (1% floor) | 6.43 | % | 1,094 | 1,094 | 1,094 | ||||||||||||||||
21.876 Class A Common Units | — | 321 | |||||||||||||||||||||
Total New IPT, Inc. | 2,888 | 2,888 | 3,209 |
Portfolio Company | Industry | Investment Type | Maturity Date | Current Interest Rate(1)(4) | Cash Interest Rate | Principal | Cost | Fair Value (2) | |||||||||||||||
Novetta Solutions, LLC | Internet software & services | First Lien | 9/30/2022 | LIBOR+5% (1% floor) | 6.34 | % | $ | 6,118 | $ | 6,066 | $ | 5,950 | |||||||||||
OmniSYS Acquisition Corporation (3) | Diversified support services | First Lien | 11/21/2018 | LIBOR+7.5% (1% floor) | 8.83 | % | 10,896 | 10,900 | 10,833 | ||||||||||||||
Refac Optical Group (3) | Specialty stores | First Lien A | 9/30/2018 | LIBOR+8% | 9.23 | % | 4,623 | 4,605 | 4,623 | ||||||||||||||
Salient CRGT, Inc. (3) | IT consulting & other services | First Lien | 2/28/2022 | LIBOR+5.75% (1% floor) | 6.99 | % | 2,457 | 2,412 | 2,440 | ||||||||||||||
Scientific Games International, Inc. (3) | Casinos & gaming | First Lien | 8/14/2024 | LIBOR+3.25% (1% floor) | 4.58 | % | 6,632 | 6,598 | 6,651 | ||||||||||||||
SHO Holding I Corporation | Footwear | First Lien | 10/27/2022 | LIBOR+5% (1% floor) | 6.24 | % | 8,594 | 8,566 | 8,487 | ||||||||||||||
TravelClick, Inc. (3) | Internet software & services | Second Lien | 11/6/2021 | LIBOR+7.75% (1% floor) | 8.99 | % | 5,127 | 5,127 | 5,153 | ||||||||||||||
TV Borrower US, LLC | Integrated telecommunications services | First Lien | 2/22/2024 | LIBOR+4.75% (1% floor) | 6.08 | % | 3,582 | 3,565 | 3,607 | ||||||||||||||
Valet Merger Sub, Inc. (3) | Environmental & facilities services | First Lien | 9/24/2021 | LIBOR+7% (1% floor) | 8.24 | % | 12,998 | 12,862 | 12,998 | ||||||||||||||
Vubiquity, Inc. | Application software | First Lien | 8/12/2021 | LIBOR+5.5% (1% floor) | 6.83 | % | 2,653 | 2,636 | 2,633 | ||||||||||||||
$ | 245,063 | $ | 251,648 | $ | 235,526 |
June 30, 2023 | September 30, 2022 | |||||||
Senior secured loans (1) | $350 | $383,194 | ||||||
Weighted average interest rate on senior secured loans (2) | 10.40% | 8.33% | ||||||
Number of borrowers in SLF JV I | 52 | 60 | ||||||
Largest exposure to a single borrower (1) | $11,304 | $10,093 | ||||||
Total of five largest loan exposures to borrowers (1) | $54,003 | $48,139 |
June 30, 2023 | September 30, 2022 | ||||||||||
Senior secured loans (1) | $123,126 | $143,225 | |||||||||
Weighted average current interest rate on senior secured loans (2) | 10.66% | 8.52% | |||||||||
Number of borrowers in the Glick JV | 37 | 43 | |||||||||
Largest loan exposure to a single borrower (1) | $6,313 | $6,562 | |||||||||
Total of five largest loan exposures to borrowers (1) | $28,457 | $28,973 |
December 31, 2017 | September 30, 2017 | |||||||
Selected Balance Sheet Information: | ||||||||
Investments in loans at fair value (cost December 31, 2017: $255,973; cost September 30, 2017: $251,648) | $ | 239,601 | $ | 235,526 | ||||
Receivables from secured financing arrangements at fair value (cost December 31, 2017: $9,787; cost September 30, 2017: $9,783) | 8,334 | 8,305 | ||||||
Cash and cash equivalents | 28,386 | 24,389 | ||||||
Restricted cash | 4,100 | 5,097 | ||||||
Other assets | 4,117 | 3,485 | ||||||
Total assets | $ | 284,538 | $ | 276,802 | ||||
Senior credit facilities payable | $ | 105,053 | $ | 113,053 | ||||
Debt securities payable at fair value (proceeds December 31, 2017: $146,572; proceeds September 30, 2017: $147,052) | 146,572 | 147,052 | ||||||
Other liabilities | 27,407 | 10,383 | ||||||
Total liabilities | 279,032 | 270,488 | ||||||
Members' equity | 5,506 | 6,314 | ||||||
Total liabilities and members' equity | $ | 284,538 | $ | 276,802 |
Three months ended December 31, 2017 | Three months ended December 31, 2016 | |||||||
Selected Statements of Operations Information: | ||||||||
Interest income | $ | 4,728 | $ | 6,759 | ||||
Other income | — | 308 | ||||||
Total investment income | 4,728 | 7,067 | ||||||
Interest expense | 5,145 | 6,014 | ||||||
Other expenses | 161 | 408 | ||||||
Total expenses (1) | 5,306 | 6,422 | ||||||
Net unrealized depreciation | (226 | ) | (22,473 | ) | ||||
Net realized gain (loss) | (4 | ) | 22,708 | |||||
Net income (loss) | $ | (808 | ) | $ | 880 |
Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | |||||||||
August 3, 2016 | October 14, 2016 | October 31, 2016 | $ | 0.06 | $ 8.2 million | 81,391 | $ 0.4 million | ||||||||
August 3, 2016 | November 15, 2016 | November 30, 2016 | 0.06 | 8.2 million | 80,962 | 0.4 million | |||||||||
October 18, 2016 | December 15, 2016 | December 30, 2016 | 0.06 | 7.7 million | 70,316 | 0.4 million | |||||||||
October 18, 2016 | January 13, 2017 | January 31, 2017 | 0.06 | 8.0 million | 73,940 | 0.4 million | |||||||||
October 18, 2016 | February 15, 2017 | February 28, 2017 | 0.06 | 8.0 million | 86,120 | 0.4 million | |||||||||
February 6, 2017 | March 15, 2017 | March 31, 2017 | 0.02 | 2.7 million | 27,891 | 0.1 million | |||||||||
February 6, 2017 | June 15, 2017 | June 30, 2017 | 0.02 | 2.7 million | 20,502 | 0.1 million | |||||||||
February 6, 2017 | September 15, 2017 | September 29, 2017 | 0.125 | 17.0 million | 118,992 | 0.7 million | |||||||||
August 7, 2017 | December 15, 2017 | December 29, 2017 | 0.125 | 17.3 million | 58,456 | 0.3 million |
December 31, 2017 | September 30, 2017 | |||||||
Lift Brands Holdings, Inc. | $ | 15,000 | $ | 15,000 | ||||
P2 Upstream Acquisition Co. | 10,000 | 10,000 | ||||||
Valet Merger Sub, Inc. | 9,326 | 9,326 | ||||||
Edge Fitness, LLC | 6,215 | 8,353 | ||||||
InMotion Entertainment Group, LLC | 5,545 | 7,544 | ||||||
EOS Fitness Opco Holdings, LLC | 5,000 | 5,000 | ||||||
Dominion Diagnostics, LLC (1) | 4,180 | 4,180 | ||||||
Impact Sales, LLC | 3,236 | 3,234 | ||||||
Pingora MSR Opportunity Fund I, LP (limited partnership interest) | 3,095 | 2,760 | ||||||
WeddingWire, Inc. | 3,000 | 3,000 | ||||||
Keypath Education, Inc. | 3,000 | 3,000 | ||||||
Motion Recruitment Partners LLC | 2,900 | 2,900 | ||||||
OmniSYS Acquisition Corporation | 2,500 | 2,500 | ||||||
Ping Identity Corporation | 2,500 | 2,500 | ||||||
Datto Inc. | 2,356 | — | ||||||
Traffic Solutions Holdings, Inc. | 2,248 | 2,998 | ||||||
4 Over International, LLC | 2,232 | 2,232 | ||||||
New IPT, Inc. | 2,229 | 2,229 | ||||||
Refac Optical Group | 2,080 | 2,080 | ||||||
SPC Partners VI, L.P. (limited partnership interest) | 1,862 | 2,000 | ||||||
Metamorph US 3, LLC (1) | 1,470 | 1,470 | ||||||
TransTrade Operators, Inc. (1)(2) | 1,393 | 1,052 | ||||||
Senior Loan Fund JV 1, LLC | 1,328 | 1,328 | ||||||
Edmentum, Inc. (1) | 932 | 2,664 | ||||||
Riverside Fund V, LP (limited partnership interest) | 539 | 539 | ||||||
Webster Capital III, L.P. (limited partnership interest) | 482 | 736 | ||||||
Sterling Capital Partners IV, L.P. (limited partnership interest) | 474 | 490 | ||||||
Tailwind Capital Partners II, L.P. (limited partnership interest) | 469 | 391 | ||||||
Beecken Petty O'Keefe Fund IV, L.P. (limited partnership interest) | 468 | 472 | ||||||
Ministry Brands, LLC | 375 | 1,708 | ||||||
Moelis Capital Partners Opportunity Fund I-B, L.P. (limited partnership interest) | 365 | 365 | ||||||
RCP Direct II, LP (limited partnership interest) | 364 | 364 | ||||||
Cenegenics, LLC (1) | 297 | 297 | ||||||
Riverside Fund IV, LP (limited partnership interest) | 254 | 254 | ||||||
ACON Equity Partners III, LP (limited partnership interest) | 231 | 239 | ||||||
Bunker Hill Capital II (QP), LP (limited partnership interest) | 183 | 183 | ||||||
RCP Direct, LP (limited partnership interest) | 178 | 184 | ||||||
SPC Partners V, L.P. (limited partnership interest) | 148 | 159 | ||||||
Riverlake Equity Partners II, LP (limited partnership interest) | 129 | 129 | ||||||
Milestone Partners IV, LP (limited partnership interest) | 84 | 180 | ||||||
Baird Capital Partners V, LP (limited partnership interest) | 54 | — | ||||||
BeyondTrust Software, Inc. | — | 5,995 | ||||||
Thing5, LLC | — | 3,000 | ||||||
Garretson Firm Resolution Group, Inc. | — | 508 | ||||||
Sailpoint Technologies, Inc. | — | 1,500 | ||||||
Systems, Inc. | — | 3,030 | ||||||
Total | $ | 98,721 | $ | 118,073 |
Debt Outstanding as of September 30, 2017 | Debt Outstanding as of December 31, 2017 | Weighted average debt outstanding for the three months ended December 31, 2017 | Maximum debt outstanding for the three months ended December 31, 2017 | |||||||||||||
ING facility (1) | $ | 226,495 | $ | 205,000 | $ | 209,449 | $ | 226,495 | ||||||||
Sumitomo facility | 29,500 | — | 17,636 | 29,500 | ||||||||||||
2019 Notes | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||||
2024 Notes | 75,000 | 75,000 | 75,000 | 75,000 | ||||||||||||
2028 Notes | 86,250 | 86,250 | 86,250 | 86,250 | ||||||||||||
Secured borrowings | 13,489 | 13,489 | 13,489 | 13,489 | ||||||||||||
Total debt | $ | 680,734 | $ | 629,739 | $ | 651,824 |
Debt Outstanding as of September 30, 2022 | Debt Outstanding as of June 30, 2023 | Weighted average debt outstanding for the nine months ended June 30, 2023 | Maximum debt outstanding for the nine months ended June 30, 2023 | |||||||||||||||||||||||
Syndicated Facility | $ | 540,000 | $ | 800,000 | $ | 710,018 | $ | 840,000 | ||||||||||||||||||
Citibank Facility | 160,000 | — | 138,689 | 175,000 | ||||||||||||||||||||||
OSI2 Citibank Facility | — | 335,000 | 141,355 | 355,000 | ||||||||||||||||||||||
2025 Notes | 300,000 | 300,000 | 300,000 | 300,000 | ||||||||||||||||||||||
2027 Notes | 350,000 | 350,000 | 350,000 | 350,000 | ||||||||||||||||||||||
Total debt | $ | 1,350,000 | $ | 1,785,000 | $ | 1,640,062 |
Payments due by period as of June 30, 2023 | ||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | ||||||||||||||||||||||
Syndicated Facility | $ | 800,000 | $ | — | $ | — | $ | 800,000 | ||||||||||||||||||
Interest due on Syndicated Facility | 287,144 | 57,587 | 115,174 | 114,383 | ||||||||||||||||||||||
OSI2 Citibank Facility | 335,000 | — | — | 335,000 | ||||||||||||||||||||||
Interest due on OSI2 Citibank Facility | 88,801 | 24,818 | 49,636 | 14,347 | ||||||||||||||||||||||
2025 Notes | 300,000 | — | 300,000 | — | ||||||||||||||||||||||
Interest due on 2025 Notes | 17,433 | 10,500 | 6,933 | — | ||||||||||||||||||||||
2027 Notes | 350,000 | — | — | 350,000 | ||||||||||||||||||||||
Interest due on 2027 Notes (a) | 85,910 | 24,214 | 48,428 | 13,268 | ||||||||||||||||||||||
Total | $ | 2,264,288 | $ | 117,119 | $ | 520,171 | $ | 1,626,998 |
Payments due by period as of December 31, 2017 | ||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
ING facility | $ | 205,000 | $ | — | $ | — | $ | 205,000 | $ | — | ||||||||||
Interest due on ING facility | 30,048 | 7,675 | 15,350 | 7,023 | — | |||||||||||||||
Secured borrowings | 13,489 | — | 13,489 | — | — | |||||||||||||||
Interest due on secured borrowings | 1,688 | 607 | 1,081 | — | — | |||||||||||||||
2019 Notes | 250,000 | — | 250,000 | — | — | |||||||||||||||
Interest due on 2019 Notes | 14,191 | 12,188 | 2,003 | — | — | |||||||||||||||
2024 Notes | 75,000 | — | — | — | 75,000 | |||||||||||||||
Interest due on 2024 Notes | 30,119 | 4,406 | 8,813 | 8,813 | 8,087 | |||||||||||||||
2028 Notes | 86,250 | — | — | — | 86,250 | |||||||||||||||
Interest due on 2028 Notes | 54,608 | 5,283 | 10,566 | 10,566 | 28,193 | |||||||||||||||
Total | $ | 760,393 | $ | 30,159 | $ | 301,302 | $ | 231,402 | $ | 197,530 |
Distribution | Date Declared | Record Date | Payment Date | Amount per Share | Cash Distribution | DRIP Shares Issued (1) | DRIP Shares Value | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | November 13, 2020 | December 15, 2020 | December 31, 2020 | $ | 0.33 | $ 15.0 million | 31,321 | $ 0.5 million | ||||||||||||||||||||||||||||||||||||||||||
Quarterly | January 29, 2021 | March 15, 2021 | March 31, 2021 | 0.36 | 16.4 million | 27,234 | 0.5 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | April 30, 2021 | June 15, 2021 | June 30, 2021 | 0.39 | 22.9 million | 25,660 | 0.5 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | July 30, 2021 | September 15, 2021 | September 30, 2021 | 0.435 | 25.5 million | 28,358 | 0.6 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | October 13, 2021 | December 15, 2021 | December 31, 2021 | 0.465 | 27.2 million | 35,990 | 0.8 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | January 28, 2022 | March 15, 2022 | March 31, 2022 | 0.48 | 28.5 million | 34,804 | 0.8 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | April 29, 2022 | June 15, 2022 | June 30, 2022 | 0.495 | 29.4 million | 43,676 | 0.9 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | July 29, 2022 | September 15, 2022 | September 30, 2022 | 0.51 | 30.2 million | 51,181 | 1.0 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | November 10, 2022 | December 15, 2022 | December 30, 2022 | 0.54 | 32.0 million | 53,369 | 1.1 million | |||||||||||||||||||||||||||||||||||||||||||
Special | November 10, 2022 | December 15, 2022 | December 30, 2022 | 0.42 | 24.8 million | 41,510 | 0.8 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | January 27, 2023 | March 15, 2023 | March 31, 2023 | 0.55 | 41.1 million | 68,412 | 1.3 million | |||||||||||||||||||||||||||||||||||||||||||
Quarterly | April 28, 2023 | June 15, 2023 | June 30, 2023 | 0.55 | 41.3 million | 57,279 | 1.1 million |
Financial Covenant | Description | Target Value | March 31, 2023 Reported Value (1) | |||||||||||||||||
Minimum shareholders' equity | Net assets shall not be less than the sum of (x) $600 million, plus (y) 50% of the aggregate net proceeds of all sales of equity interests after May 6, 2020 | $768 million | $1,515 million | |||||||||||||||||
Asset coverage ratio | Asset coverage ratio shall not be less than the greater of 1.50:1 and the statutory test applicable to us | 1.50:1 | 1.83:1 | |||||||||||||||||
Interest coverage ratio | Interest coverage ratio shall not be less than 2.25:1 | 2.25:1 | 2.95:1 | |||||||||||||||||
Minimum net worth | Net worth shall not be less than $550 million | $550 million | $1,130 million |
As of June 30, 2023 | As of September 30, 2022 | |||||||||||||||||||||||||
($ in millions) | 2025 Notes | 2027 Notes | 2025 Notes | 2027 Notes | ||||||||||||||||||||||
Principal | $ | 300.0 | $ | 350.0 | $ | 300.0 | $ | 350.0 | ||||||||||||||||||
Unamortized financing costs | (1.2) | (2.7) | (1.8) | (3.2) | ||||||||||||||||||||||
Unaccreted discount | (0.8) | (0.6) | (1.2) | (0.7) | ||||||||||||||||||||||
Interest rate swap fair value adjustment | — | (39.6) | — | (42.0) | ||||||||||||||||||||||
Net carrying value | $ | 298.0 | $ | 307.1 | $ | 297.0 | $ | 304.1 | ||||||||||||||||||
Fair Value | $ | 285.7 | $ | 302.3 | $ | 283.1 | $ | 294.0 |
($ in millions) | 2025 Notes | 2027 Notes | |||||||||||||||||||||
Three months ended June 30, 2023 | Nine months ended June 30, 2023 | Three months ended June 30, 2023 | Nine months ended June 30, 2023 | ||||||||||||||||||||
Coupon interest | $ | 2.6 | $ | 7.9 | $ | 2.4 | $ | 7.1 | |||||||||||||||
Amortization of financing costs and discount | 0.3 | 0.9 | 0.2 | 0.7 | |||||||||||||||||||
Effect of interest rate swap | — | — | 3.7 | 9.4 | |||||||||||||||||||
Total interest expense | $ | 2.9 | $ | 8.8 | $ | 6.3 | $ | 17.2 | |||||||||||||||
Coupon interest rate (net of effect of interest rate swap for 2027 Notes) | 3.500 | % | 3.500 | % | 6.912 | % | 6.274 | % |
($ in millions) | 2025 Notes | 2027 Notes | |||||||||||||||||||||
Three months ended June 30, 2022 | Nine months ended June 30, 2022 | Three months ended June 30, 2022 | Nine months ended June 30, 2022 | ||||||||||||||||||||
Coupon interest | $ | 2.6 | $ | 7.9 | $ | 2.4 | $ | 7.1 | |||||||||||||||
Amortization of financing costs and discount | 0.3 | 0.9 | 0.2 | 0.7 | |||||||||||||||||||
Effect of interest rate swap | — | — | (0.1) | (1.6) | |||||||||||||||||||
Total interest expense | $ | 2.9 | $ | 8.8 | $ | 2.5 | $ | 6.2 | |||||||||||||||
Coupon interest rate (net of effect of interest rate swap for 2027 Notes) | 3.500 | % | 3.500 | % | 2.572 | % | 2.069 | % |
Year Ended | Qualified Net Interest Income | Qualified Short-Term Capital Gains | |||||||||
September 30, | % | — |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | % of Floating Rate Portfolio | Fair Value | % of Floating Rate Portfolio | ||||||||||||||||||||||||||||||||||
0% | $ | 230,265 | 9.0 | % | $ | 228,186 | 11.1 | % | ||||||||||||||||||||||||||||||
>0% and <1% | 341,280 | 13.3 | % | 388,458 | 19.0 | % | ||||||||||||||||||||||||||||||||
1% | 1,525,626 | 59.3 | % | 1,364,668 | 66.6 | % | ||||||||||||||||||||||||||||||||
>1% | 474,287 | 18.4 | % | 68,332 | 3.3 | % | ||||||||||||||||||||||||||||||||
Total Floating Rate Investments | $ | 2,571,458 | 100.0 | % | $ | 2,049,644 | 100.0 | % |
December 31, 2017 | September 30, 2017 | |||||||||||||
($ in thousands) | Fair Value | % of Floating Rate Portfolio | Fair Value | % of Floating Rate Portfolio | ||||||||||
Under 1% | $ | 189,683 | 17.71 | % | $ | 201,365 | 16.91 | % | ||||||
1% to under 2% | 881,158 | 82.29 | 989,575 | 83.09 | ||||||||||
2% to under 3% | — | — | — | — | ||||||||||
3% and over | — | — | — | — | ||||||||||
Total | $ | 1,070,841 | 100.00 | % | $ | 1,190,940 | 100.00 | % |
($ in thousands) Basis point increase | Increase in Interest Income | (Increase) in Interest Expense | Net increase in net assets resulting from operations | |||||||||||||||||
250 | $ | 66,346 | $ | (37,125) | $ | 29,221 | ||||||||||||||
200 | 53,072 | (29,700) | 23,372 | |||||||||||||||||
150 | 39,798 | (22,275) | 17,523 | |||||||||||||||||
100 | 26,523 | (14,850) | 11,673 | |||||||||||||||||
50 | 13,262 | (7,425) | 5,837 |
($ in thousands) | |||||||||
Basis point increase(1) | Interest income | Interest expense | Net increase (decrease) | ||||||
300 | 31,300 | (6,100 | ) | 25,200 | |||||
200 | 20,800 | (3,900 | ) | 16,900 | |||||
100 | 10,200 | (1,800 | ) | 8,400 |
($ in thousands) Basis point decrease | (Decrease) in Interest Income | Decrease in Interest Expense | Net (decrease) in net assets resulting from operations | |||||||||||||||||
50 | $ | (13,262) | $ | 7,425 | $ | (5,837) | ||||||||||||||
100 | (26,523) | 14,850 | (11,673) | |||||||||||||||||
150 | (39,785) | 22,275 | (17,510) | |||||||||||||||||
200 | (53,033) | 29,700 | (23,333) | |||||||||||||||||
250 | (66,142) | 37,125 | (29,017) |
Basis point decrease (1) | Interest Income | Interest Expense | Net increase (decrease) | ||||||
100 | (7,800 | ) | 2,200 | (5,600 | ) |
June 30, 2023 | September 30, 2022 | |||||||||||||||||||||||||
($ in thousands) | Interest Bearing Cash and Investments | Borrowings | Interest Bearing Cash and Investments | Borrowings | ||||||||||||||||||||||
Money market rate | $ | 5,193 | $ | — | $ | 5,262 | $ | — | ||||||||||||||||||
Prime rate | 3,778 | — | 2,618 | — | ||||||||||||||||||||||
LIBOR | ||||||||||||||||||||||||||
30 day | 431,019 | — | 669,273 | 540,000 | ||||||||||||||||||||||
90 day (a) | 535,860 | 350,000 | 928,978 | 510,000 | ||||||||||||||||||||||
180 day | 18,060 | — | 199,301 | — | ||||||||||||||||||||||
EURIBOR | ||||||||||||||||||||||||||
30 day | € | 29,985 | — | € | 24,838 | — | ||||||||||||||||||||
90 day | 25,731 | — | 16,911 | — | ||||||||||||||||||||||
180 day | 6,666 | — | 1,964 | — | ||||||||||||||||||||||
SOFR | ||||||||||||||||||||||||||
30 day | $ | 479,666 | 800,000 | $ | 50,099 | — | ||||||||||||||||||||
90 day | 1,108,422 | 335,000 | 190,799 | — | ||||||||||||||||||||||
180 day | 10,519 | — | 18,390 | — | ||||||||||||||||||||||
SONIA | £ | 53,250 | — | £ | 40,137 | — | ||||||||||||||||||||
Fixed rate | $ | 466,429 | 300,000 | $ | 341,749 | 300,000 |
December 31, 2017 | September 30, 2017 | |||||||||||||||
($ in thousands) | Interest Bearing Cash and Investments | Borrowings | Interest Bearing Cash and Investments | Borrowings | ||||||||||||
Money market rate | $ | 45,754 | $ | — | $ | 59,913 | $ | — | ||||||||
Prime rate | 2,756 | — | 1,061 | — | ||||||||||||
LIBOR | ||||||||||||||||
30 day | 41,802 | 205,000 | 42,165 | 255,993 | ||||||||||||
90 day | 1,168,248 | 13,489 | 1,254,246 | 13,491 | ||||||||||||
Fixed rate | 298,287 | 411,250 | 290,427 | 411,250 | ||||||||||||
Total | $ | 1,556,847 | $ | 629,739 | $ | 1,647,812 | $ | 680,734 |
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||||
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||||
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). | |||||||||||
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350). |
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | ||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
OAKTREE SPECIALTY LENDING CORPORATION | ||||||||||
By: | /s/ | |||||||||
Chief Executive Officer | ||||||||||
By: | /s/ | |||||||||
Chief Financial Officer and Treasurer |