[x] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CĪON Investment Corporation | ||||||||
(Exact name of registrant as specified in its charter) |
Maryland | 45-3058280 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
3 Park Avenue, 36th Floor New York, New York | 10016 | |||||||
(Address of principal executive offices) | (Zip Code) |
(212) 418-4700 | ||||||||
(Registrant’s telephone number, including area code) | ||||||||
Not applicable | ||||||||
(Former name, former address and former fiscal year, if changed since last report) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
None | Not applicable | Not applicable |
Large accelerated filer [ ] | Accelerated filer [ ] | |||||||
Non-accelerated filer [x] | Smaller reporting company [ ] | |||||||
Emerging growth company [ ] |
Page | ||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Investments, at fair value: | ||||||||||||||
Non-controlled, non-affiliated investments (amortized cost of $1,607,939 and $1,501,529, respectively) | $ | 1,571,606 | $ | 1,440,004 | ||||||||||
Non-controlled, affiliated investments (amortized cost of $152,896 and $134,184, respectively) | 152,432 | 116,895 | ||||||||||||
Controlled investments (amortized cost of $0 and $15,539, respectively) | — | 12,472 | ||||||||||||
Total investments, at fair value (amortized cost of $1,760,835 and $1,651,252, respectively) | 1,724,038 | 1,569,371 | ||||||||||||
Cash | 1,496 | 19,914 | ||||||||||||
Interest receivable on investments | 20,279 | 17,484 | ||||||||||||
Receivable due on investments sold and repaid | 8,888 | 6,193 | ||||||||||||
Dividends receivable on investments | 187 | 45 | ||||||||||||
Prepaid expenses and other assets | 426 | 1,788 | ||||||||||||
Total assets | $ | 1,755,314 | $ | 1,614,795 |
September 30, 2017 | December 31, 2016 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Investments, at fair value (amortized cost of $1,688,414 and $1,096,948, respectively) | $ | 1,691,855 | $ | 1,089,478 | ||||
Derivative asset (cost of $0 and $229, respectively) | — | 46 | ||||||
Cash | 21,915 | 15,046 | ||||||
Restricted cash | — | 2,000 | ||||||
Due from counterparty(1) | 3,620 | 143,335 | ||||||
Interest receivable on investments | 8,886 | 6,689 | ||||||
Receivable due on investments sold | 12,147 | — | ||||||
Receivable due on total return swap(1) | — | 4,187 | ||||||
Prepaid expenses and other assets | 1,030 | 282 | ||||||
Total assets | $ | 1,739,453 | $ | 1,261,063 |
Liabilities and Shareholders' Equity | ||||||||
Liabilities | ||||||||
Payable for investments purchased | $ | 55,706 | $ | 15,837 | ||||
Financing arrangements (net of unamortized debt issuance costs of $5,736 and $3,212, respectively) | 625,385 | 221,211 | ||||||
Accounts payable and accrued expenses | 1,267 | 1,476 | ||||||
Interest payable | 1,977 | 864 | ||||||
Commissions payable for common stock purchased | — | 2 | ||||||
Accrued management fees | 7,821 | 5,781 | ||||||
Accrued administrative services expense | 83 | 682 | ||||||
Due to CIG - offering costs | 27 | 45 | ||||||
Unrealized depreciation on total return swap(1) | — | 15,402 | ||||||
Total liabilities | 692,266 | 261,300 | ||||||
Commitments and contingencies (Note 4 and Note 11) | ||||||||
Shareholders' Equity | ||||||||
Common stock, $0.001 par value; 500,000,000 shares authorized; | ||||||||
114,440,741 and 109,787,557 shares issued and outstanding, respectively | 114 | 110 | ||||||
Capital in excess of par value | 1,064,037 | 1,021,280 | ||||||
Undistributed net investment income | 4,314 | 1,428 | ||||||
Accumulated net realized loss from investments | (4,983 | ) | — | |||||
Accumulated net unrealized appreciation (depreciation) on investments | 3,441 | (7,653 | ) | |||||
Accumulated net realized loss from total return swap(1) | (19,736 | ) | — | |||||
Accumulated net unrealized depreciation on total return swap(1) | — | (15,402 | ) | |||||
Total shareholders' equity | 1,047,187 | 999,763 | ||||||
Total liabilities and shareholders' equity | $ | 1,739,453 | $ | 1,261,063 | ||||
Net asset value per share of common stock at end of period | $ | 9.15 | $ | 9.11 |
Liabilities and Shareholders' Equity | ||||||||||||||
Liabilities | ||||||||||||||
Financing arrangements (net of unamortized debt issuance costs of $8,997 and $5,044, respectively) | $ | 796,003 | $ | 719,956 | ||||||||||
Payable for investments purchased | 17,938 | 133 | ||||||||||||
Accounts payable and accrued expenses | 2,160 | 694 | ||||||||||||
Interest payable | 4,185 | 2,500 | ||||||||||||
Accrued management fees | 8,243 | 7,668 | ||||||||||||
Accrued subordinated incentive fee on income | — | 4,323 | ||||||||||||
Accrued administrative services expense | 905 | 1,265 | ||||||||||||
Total liabilities | 829,434 | 736,539 | ||||||||||||
Commitments and contingencies (Note 4 and Note 11) | ||||||||||||||
Shareholders' Equity | ||||||||||||||
Common stock, $0.001 par value; 500,000,000 shares authorized; | ||||||||||||||
113,297,189 and 113,293,723 shares issued and outstanding, respectively | 113 | 113 | ||||||||||||
Capital in excess of par value | 1,054,881 | 1,054,911 | ||||||||||||
Accumulated distributable losses | (129,114) | (176,768) | ||||||||||||
Total shareholders' equity | 925,880 | 878,256 | ||||||||||||
Total liabilities and shareholders' equity | $ | 1,755,314 | $ | 1,614,795 | ||||||||||
Net asset value per share of common stock at end of period | $ | 8.17 | $ | 7.75 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
Investment income | ||||||||||||||||
Interest income | $ | 37,212 | $ | 18,579 | $ | 99,117 | $ | 53,385 | ||||||||
Fee and other income | 1,166 | 154 | 2,651 | 449 | ||||||||||||
Total investment income | 38,378 | 18,733 | 101,768 | 53,834 | ||||||||||||
Operating expenses | ||||||||||||||||
Management fees | 7,820 | 5,187 | 21,724 | 14,311 | ||||||||||||
Administrative services expense | 433 | 425 | 1,204 | 1,151 | ||||||||||||
General and administrative(1) | 1,803 | 1,892 | 5,220 | 4,944 | ||||||||||||
Interest expense | 6,920 | 534 | 15,543 | 761 | ||||||||||||
Total operating expenses | 16,976 | 8,038 | 43,691 | 21,167 | ||||||||||||
Recoupment of expense support from CIG(2) | — | — | — | 667 | ||||||||||||
Net operating expenses | 16,976 | 8,038 | 43,691 | 21,834 | ||||||||||||
Net investment income | 21,402 | 10,695 | 58,077 | 32,000 | ||||||||||||
Realized and unrealized (losses) gains | ||||||||||||||||
Net realized (loss) gain on investments | (2,800 | ) | 379 | (5,142 | ) | 1,078 | ||||||||||
Net realized gain on foreign currency | 12 | — | 159 | — | ||||||||||||
Net change in unrealized appreciation on investments | 1,700 | 14,948 | 11,094 | 16,587 | ||||||||||||
Net realized gain (loss) on total return swap(3) | 67 | 8,188 | (13,789 | ) | 23,799 | |||||||||||
Net change in unrealized appreciation on total return swap(3) | — | 9,527 | 15,402 | 16,826 | ||||||||||||
Total net realized and unrealized (losses) gains | (1,021 | ) | 33,042 | 7,724 | 58,290 | |||||||||||
Net increase in net assets resulting from operations | $ | 20,381 | $ | 43,737 | $ | 65,801 | $ | 90,290 | ||||||||
Per share information—basic and diluted | ||||||||||||||||
Net increase in net assets per share resulting from operations | $ | 0.18 | $ | 0.41 | $ | 0.59 | $ | 0.86 | ||||||||
Weighted average shares of common stock outstanding | 112,954,234 | 106,581,390 | 111,504,552 | 105,130,208 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | ||||||||||||||||||||||||||||||||
Interest income | $ | 30,167 | $ | 28,157 | $ | 56,269 | $ | 67,578 | $ | 125,395 | ||||||||||||||||||||||
Paid-in-kind interest income | 3,853 | 3,076 | 9,988 | 4,952 | 17,078 | |||||||||||||||||||||||||||
Fee income | 880 | 737 | 1,813 | 1,341 | 4,393 | |||||||||||||||||||||||||||
Dividend income | 91 | 173 | 173 | 309 | 331 | |||||||||||||||||||||||||||
Non-controlled, affiliated investments | ||||||||||||||||||||||||||||||||
Interest income | 1,041 | 1,471 | 2,442 | 2,269 | 7,883 | |||||||||||||||||||||||||||
Dividend income | 933 | 473 | 1,760 | 948 | 3,012 | |||||||||||||||||||||||||||
Paid-in-kind interest income | 1,056 | 429 | 1,879 | 1,212 | 2,082 | |||||||||||||||||||||||||||
Fee income | — | — | — | — | 150 | |||||||||||||||||||||||||||
Controlled investments | ||||||||||||||||||||||||||||||||
Dividend income | — | 1,292 | — | 2,947 | 3,518 | |||||||||||||||||||||||||||
Total investment income | 38,021 | 35,808 | 74,324 | 81,556 | 163,842 | |||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Management fees | 8,243 | 7,929 | 16,026 | 16,380 | 31,828 | |||||||||||||||||||||||||||
Administrative services expense | 697 | 806 | 1,381 | 1,200 | 2,465 | |||||||||||||||||||||||||||
Subordinated incentive fee on income | — | — | — | 3,308 | 7,631 | |||||||||||||||||||||||||||
General and administrative | 2,567 | 1,715 | 5,256 | 3,185 | 6,353 | |||||||||||||||||||||||||||
Interest expense | 7,828 | 11,442 | 15,376 | 21,906 | 36,837 | |||||||||||||||||||||||||||
Total operating expenses | 19,335 | 21,892 | 38,039 | 45,979 | 85,114 | |||||||||||||||||||||||||||
Net investment income | 18,686 | 13,916 | 36,285 | 35,577 | 78,728 | |||||||||||||||||||||||||||
Realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||
Net realized gains (losses) on: | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | 445 | (10,980) | 471 | (14,963) | (69,687) | |||||||||||||||||||||||||||
Non-controlled, affiliated investments | — | — | (1,080) | (211) | (211) | |||||||||||||||||||||||||||
Controlled investments | — | — | (3,067) | — | — | |||||||||||||||||||||||||||
Foreign currency | (4) | (6) | (11) | (8) | 26 | |||||||||||||||||||||||||||
Net realized gains (losses) | 441 | (10,986) | (3,687) | (15,182) | (69,872) | |||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | 5,957 | 13,543 | 25,195 | (97,183) | 1,110 | |||||||||||||||||||||||||||
Non-controlled, affiliated investments | 2,885 | (709) | 16,823 | (8,546) | (17,945) | |||||||||||||||||||||||||||
Controlled investments | — | 823 | 3,067 | (3,991) | (3,043) | |||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 8,842 | 13,657 | 45,085 | (109,720) | (19,878) | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | 9,283 | 2,671 | 41,398 | (124,902) | (89,750) | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 27,969 | $ | 16,587 | $ | 77,683 | $ | (89,325) | $ | (11,022) | ||||||||||||||||||||||
Per share information—basic and diluted | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets per share resulting from operations | $ | 0.25 | $ | 0.15 | $ | 0.68 | $ | (0.79) | $ | (0.10) | ||||||||||||||||||||||
Weighted average shares of common stock outstanding | 113,495,366 | 113,311,656 | 113,501,166 | 113,505,901 | 113,635,682 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||
Changes in net assets from operations: | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 18,686 | $ | 13,916 | $ | 36,285 | $ | 35,577 | $ | 78,728 | |||||||||||||||||||||||||
Net realized gain (loss) on investments | 445 | (10,980) | (3,676) | (15,174) | (69,898) | ||||||||||||||||||||||||||||||
Net realized (loss) gain on foreign currency | (4) | (6) | (11) | (8) | 26 | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 8,842 | 13,657 | 45,085 | (109,720) | (19,878) | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 27,969 | 16,587 | 77,683 | (89,325) | (11,022) | ||||||||||||||||||||||||||||||
Changes in net assets from shareholders' distributions: | |||||||||||||||||||||||||||||||||||
Distributions to shareholders | (15,000) | — | (30,029) | (20,793) | (63,283) | ||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholders' distributions | (15,000) | — | (30,029) | (20,793) | (63,283) | ||||||||||||||||||||||||||||||
Changes in net assets from capital share transactions: | |||||||||||||||||||||||||||||||||||
Reinvestment of shareholders' distributions | 5,132 | (1) | 10,424 | 8,070 | 23,298 | ||||||||||||||||||||||||||||||
Repurchase of common stock | (5,163) | (14) | (10,454) | (8,085) | (23,300) | ||||||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | (31) | (15) | (30) | (15) | (2) | ||||||||||||||||||||||||||||||
Total increase (decrease) in net assets | 12,938 | 16,572 | 47,624 | (110,133) | (74,307) | ||||||||||||||||||||||||||||||
Net assets at beginning of period | 912,942 | 825,858 | 878,256 | 952,563 | 952,563 | ||||||||||||||||||||||||||||||
Net assets at end of period | $ | 925,880 | $ | 842,430 | $ | 925,880 | $ | 842,430 | $ | 878,256 | |||||||||||||||||||||||||
Net asset value per share of common stock at end of period | $ | 8.17 | $ | 7.43 | $ | 8.17 | $ | 7.43 | $ | 7.75 | |||||||||||||||||||||||||
Shares of common stock outstanding at end of period | 113,297,189 | 113,311,355 | 113,297,189 | 113,311,355 | 113,293,723 | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||
2017 | 2016 | ||||||||
(unaudited) | (unaudited) | ||||||||
Changes in net assets from operations: | |||||||||
Net investment income | $ | 58,077 | $ | 32,000 | |||||
Net realized (loss) gain on investments | (5,142 | ) | 1,078 | ||||||
Net realized gain on foreign currency | 159 | — | |||||||
Net change in unrealized appreciation on investments | 11,094 | 16,587 | |||||||
Net realized (loss) gain on total return swap(1) | (13,789 | ) | 23,799 | ||||||
Net change in unrealized appreciation on total return swap(1) | 15,402 | 16,826 | |||||||
Net increase in net assets resulting from operations | 65,801 | 90,290 | |||||||
Changes in net assets from shareholders' distributions:(2) | |||||||||
Net investment income | (55,191 | ) | (31,744 | ) | |||||
Net realized gain on total return swap | |||||||||
Net interest and other income from TRS portfolio | (3,661 | ) | (22,386 | ) | |||||
Net gain on TRS loan sales(3) | (2,286 | ) | (2,443 | ) | |||||
Net realized gain on investments and foreign currency | — | (1,078 | ) | ||||||
Net decrease in net assets from shareholders' distributions | (61,138 | ) | (57,651 | ) | |||||
Changes in net assets from capital share transactions: | |||||||||
Issuance of common stock, net of issuance costs of $1,713 and $1,739, respectively | 43,227 | 19,278 | |||||||
Reinvestment of shareholders' distributions | 29,701 | 29,179 | |||||||
Repurchase of common stock | (30,167 | ) | (12,231 | ) | |||||
Net increase in net assets resulting from capital share transactions | 42,761 | 36,226 | |||||||
Total increase in net assets | 47,424 | 68,865 | |||||||
Net assets at beginning of period | 999,763 | 904,326 | |||||||
Net assets at end of period | $ | 1,047,187 | $ | 973,191 | |||||
Net asset value per share of common stock at end of period | $ | 9.15 | $ | 9.02 | |||||
Shares of common stock outstanding at end of period | 114,440,741 | 107,920,075 | |||||||
Undistributed net investment income at end of period | $ | 4,314 | $ | 256 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 27,969 | $ | 16,587 | $ | 77,683 | $ | (89,325) | $ | (11,022) | ||||||||||||||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||
Net accretion of discount on investments | (2,733) | (1,836) | (5,905) | (7,017) | (13,214) | |||||||||||||||||||||||||||
Proceeds from principal repayment of investments | 91,697 | 57,924 | 265,971 | 240,738 | 465,547 | |||||||||||||||||||||||||||
Purchase of investments | (222,098) | (25,872) | (405,732) | (201,503) | (359,633) | |||||||||||||||||||||||||||
Paid-in-kind interest and dividends capitalized | (5,303) | (4,083) | (12,818) | (7,353) | (21,420) | |||||||||||||||||||||||||||
Decrease (increase) in short term investments, net | 39,110 | 24,989 | 25,114 | (2,141) | (44,071) | |||||||||||||||||||||||||||
Proceeds from sale of investments | 5,131 | 16,844 | 20,131 | 44,428 | 77,630 | |||||||||||||||||||||||||||
Net realized (gain) loss on investments | (445) | 10,980 | 3,676 | 15,174 | 69,898 | |||||||||||||||||||||||||||
Net change in unrealized (appreciation) depreciation on investments | (8,842) | (13,657) | (45,085) | 109,720 | 19,878 | |||||||||||||||||||||||||||
Amortization of debt issuance costs | 682 | 3,277 | 1,431 | 3,964 | 5,037 | |||||||||||||||||||||||||||
(Increase) decrease in due from counterparty | — | 5,146 | — | 3,281 | 3,281 | |||||||||||||||||||||||||||
(Increase) decrease in interest receivable on investments | (2,092) | (3,463) | (2,814) | (4,291) | (1,137) | |||||||||||||||||||||||||||
(Increase) decrease in dividends receivable on investments | 128 | (1,104) | (142) | (1,410) | 1,061 | |||||||||||||||||||||||||||
(Increase) decrease in receivable due on investments sold and repaid | 31,027 | (1,015) | (2,695) | 16,646 | 12,359 | |||||||||||||||||||||||||||
(Increase) decrease in prepaid expenses and other assets | 241 | 71 | 1,362 | 433 | (803) | |||||||||||||||||||||||||||
Increase (decrease) in payable for investments purchased | (22,279) | (19,761) | 17,805 | — | (1,435) | |||||||||||||||||||||||||||
Increase (decrease) in accounts payable and accrued expenses | 1,239 | (202) | 1,466 | 60 | (121) | |||||||||||||||||||||||||||
Increase (decrease) in interest payable | 1,468 | (290) | 1,685 | (684) | (663) | |||||||||||||||||||||||||||
Increase (decrease) in accrued management fees | 460 | (522) | 575 | (940) | (1,201) | |||||||||||||||||||||||||||
Increase (decrease) in accrued administrative services expense | 516 | 412 | (360) | (484) | 48 | |||||||||||||||||||||||||||
Increase (decrease) in subordinated incentive fee on income payable | — | — | (4,323) | (2,304) | (1,289) | |||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (64,124) | 64,425 | (62,975) | 116,992 | 198,730 | |||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Repurchase of common stock | (5,163) | (14) | (10,454) | (8,085) | (23,300) | |||||||||||||||||||||||||||
Shareholders' distributions paid | (9,868) | (1) | (19,605) | (12,723) | (39,985) | |||||||||||||||||||||||||||
Repayments under financing arrangements | — | (505,859) | (125,000) | (581,159) | 486,153 | |||||||||||||||||||||||||||
Borrowings under financing arrangements | 80,000 | 445,035 | 205,000 | 486,153 | (602,194) | |||||||||||||||||||||||||||
Debt issuance costs paid | (990) | (5,625) | (5,384) | (5,625) | (5,625) | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 63,979 | (66,464) | 44,557 | (121,439) | (184,951) | |||||||||||||||||||||||||||
Net (decrease) increase in cash | (145) | (2,039) | (18,418) | (4,447) | 13,779 | |||||||||||||||||||||||||||
Cash, beginning of period | 1,641 | 3,727 | 19,914 | 6,135 | 6,135 | |||||||||||||||||||||||||||
Cash, end of period | $ | 1,496 | $ | 1,688 | $ | 1,496 | $ | 1,688 | $ | 19,914 | ||||||||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||||||||
Cash paid for interest | $ | 5,676 | $ | 8,484 | $ | 12,258 | $ | 18,645 | $ | 32,403 | ||||||||||||||||||||||
Supplemental non-cash financing activities: | ||||||||||||||||||||||||||||||||
Reinvestment of shareholders' distributions | $ | 5,132 | $ | (1) | $ | 10,424 | $ | 8,070 | $ | 23,298 | ||||||||||||||||||||||
Restructuring of portfolio investment | $ | 2,286 | $ | 38,763 | $ | 2,286 | $ | 38,763 | $ | 91,326 | ||||||||||||||||||||||
Cash interest receivable exchanged for additional securities | $ | — | $ | — | $ | 1,304 | $ | — | $ | — | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
(unaudited) | (unaudited) | |||||||
Operating activities: | ||||||||
Net increase in net assets resulting from operations | $ | 65,801 | $ | 90,290 | ||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in | ||||||||
operating activities: | ||||||||
Net accretion of discount on investments | (6,799 | ) | (1,442 | ) | ||||
Proceeds from principal repayment of investments | 403,098 | 126,908 | ||||||
Purchase of investments | (1,139,000 | ) | (450,390 | ) | ||||
Paid-in-kind interest | (1,704 | ) | (596 | ) | ||||
Increase in short term investments, net | (70,312 | ) | (37,879 | ) | ||||
Proceeds from sale of investments | 218,395 | 14,462 | ||||||
Net realized loss (gain) on investments | 5,142 | (1,078 | ) | |||||
Net unrealized appreciation on investments | (11,094 | ) | (16,587 | ) | ||||
Net unrealized appreciation on total return swap(1) | (15,402 | ) | (16,826 | ) | ||||
Amortization of deferred financing costs | 1,272 | 258 | ||||||
(Increase) decrease in due from counterparty(1) | 139,715 | 82,981 | ||||||
(Increase) decrease in interest receivable on investments | (2,254 | ) | (170 | ) | ||||
(Increase) decrease in receivable due on investments sold | (12,147 | ) | (16 | ) | ||||
(Increase) decrease in receivable due on total return swap(1) | 4,187 | 881 | ||||||
(Increase) decrease in prepaid expenses and other assets | (812 | ) | (197 | ) | ||||
Increase (decrease) in payable for investments purchased | 39,869 | (9,800 | ) | |||||
Increase (decrease) in accounts payable and accrued expenses | (209 | ) | 949 | |||||
Increase (decrease) in interest payable | 1,113 | 272 | ||||||
Increase (decrease) in accrued management fees | 2,040 | 756 | ||||||
Increase (decrease) in accrued administrative services expense | (599 | ) | (192 | ) | ||||
Increase (decrease) in accrued recoupment of expense support from CIG(2) | — | (480 | ) | |||||
Increase (decrease) in due to CIG - offering costs | (18 | ) | (16 | ) | ||||
Net cash used in operating activities | (379,718 | ) | (217,912 | ) | ||||
Financing activities: | ||||||||
Gross proceeds from issuance of common stock | 44,940 | 26,476 | ||||||
Commissions and dealer manager fees paid | (1,715 | ) | (2,213 | ) | ||||
Repurchase of common stock | (30,167 | ) | (12,231 | ) | ||||
Shareholders' distributions paid(3) | (31,437 | ) | (28,472 | ) | ||||
Borrowings under financing arrangements(4) | 406,698 | 242,423 | ||||||
Repayment of financing arrangements | — | (18,000 | ) | |||||
Debt issuance costs paid | (3,732 | ) | (3,322 | ) | ||||
Net cash provided by financing activities | 384,587 | 204,661 | ||||||
Net increase (decrease) in cash and restricted cash | 4,869 | (13,251 | ) | |||||
Cash and restricted cash, beginning of period | 17,046 | 41,741 | ||||||
Cash and restricted cash, end of period | $ | 21,915 | $ | 28,490 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | 13,075 | $ | 232 | ||||
Supplemental non-cash financing activities: | ||||||||
Reinvestment of shareholders' distributions(3) | $ | 29,701 | $ | 29,179 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(m) | Fair Value(c) | |||||||||||
Senior Secured First Lien Debt - 103.1% | ||||||||||||||||
AbelConn, LLC / Atrenne Computing Solutions, LLC / Airco Industries, LLC, L+875, 1.00% LIBOR Floor, 7/17/2019 (j)(n)(p) | 3 Month LIBOR | Aerospace & Defense | $ | 19,291 | $ | 19,031 | $ | 19,243 | ||||||||
Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022 (o) | Various | Retail | 14,611 | 11,619 | 9,950 | |||||||||||
Access CIG, LLC, L+500, 1.00% LIBOR Floor, 10/18/2021 (o) | 1 Month LIBOR | Services: Business | 6,746 | 6,788 | 6,791 | |||||||||||
Accruent, LLC, L+475, 1.00% LIBOR Floor, 7/28/2023 | 3 Month LIBOR | High Tech Industries | 3,887 | 3,822 | 3,829 | |||||||||||
Accruent, LLC, 0.75% Unfunded, 7/28/2018 | None | High Tech Industries | 2,866 | — | (15 | ) | ||||||||||
Adams Publishing Group, LLC, L+700, 1.00% LIBOR Floor, 11/3/2020 (n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 4,396 | 4,344 | 4,352 | |||||||||||
Adams Publishing Group, LLC, 0.50% Unfunded, 6/2/2018 | None | Media: Advertising, Printing & Publishing | 1,136 | — | (11 | ) | ||||||||||
Advanced Integration Technology LP, L+475, 1.00% LIBOR Floor, 4/3/2023 (o) | 1 Month LIBOR | Aerospace & Defense | 3,980 | 4,014 | 3,970 | |||||||||||
ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020 (o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 7,580 | 7,278 | 6,936 | |||||||||||
Alvogen Pharma US, Inc., L+500, 1.00% LIBOR Floor, 4/1/2022 (o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 8,313 | 8,275 | 8,296 | |||||||||||
American Clinical Solutions LLC, L+950, 1.00% LIBOR Floor, 6/11/2020 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 8,834 | 8,733 | 8,547 | |||||||||||
American Dental Partners, Inc., L+475, 1.00% LIBOR Floor, 8/29/2021 (o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 10,694 | 10,241 | 10,641 | |||||||||||
American Energy - Marcellus, LLC, L+425, 1.00% LIBOR Floor, 8/4/2020 (r) | 1 Month LIBOR | Energy: Oil & Gas | 4,033 | 2,963 | 3,014 | |||||||||||
American Media, Inc., L+900, 1.00% LIBOR Floor, 8/24/2020 (n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 16,148 | 15,809 | 16,552 | |||||||||||
American Media, Inc., 9.00% Unfunded, 8/24/2020 (e) | None | Media: Advertising, Printing & Publishing | 154 | — | 4 | |||||||||||
American Media, Inc., 0.50% Unfunded, 8/24/2020 | None | Media: Advertising, Printing & Publishing | 143 | — | 4 | |||||||||||
American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021 (n)(o)(p) | 1 Month LIBOR | Telecommunications | 21,617 | 19,866 | 20,968 | |||||||||||
AMPORTS, Inc., L+500, 1.00% LIBOR Floor, 5/19/2020 (j)(n)(p) | 3 Month LIBOR | Automotive | 18,943 | 18,661 | 18,753 | |||||||||||
AMZ Holding Corp., L+500, 1.00% LIBOR Floor, 6/27/2022 | 1 Month LIBOR | Chemicals, Plastics & Rubber | 6,740 | 6,644 | 6,639 | |||||||||||
AP Exhaust Acquisition, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024 (o) | 3 Month LIBOR | Automotive | 5,627 | 5,431 | 5,514 | |||||||||||
ASG Technologies Group, Inc., L+475, 1.00% LIBOR Floor, 7/31/2024 (o) | 1 Month LIBOR | High Tech Industries | 5,000 | 4,975 | 5,063 | |||||||||||
Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024 (o) | 1 Month LIBOR | Construction & Building | 1,259 | 1,254 | 1,241 | |||||||||||
Avaya Inc., L+750, 1.00% LIBOR Floor, 1/24/2018 | 1 Month LIBOR | Telecommunications | 3,509 | 3,497 | 3,544 | |||||||||||
Avaya Inc., L+525, 1.00% LIBOR Floor, 5/29/2020 (o) | 3 Month LIBOR | Telecommunications | 14,689 | 11,941 | 12,480 | |||||||||||
Azure Midstream Energy, LLC, L+650, 1.00% LIBOR Floor, 11/15/2018 (o) | 1 Month LIBOR | Energy: Oil & Gas | 2,188 | 2,117 | 1,958 | |||||||||||
Bakemark Holdings, Inc., L+525, 1.00% LIBOR Floor, 8/14/2023 | 3 Month LIBOR | Beverage, Food & Tobacco | 2,314 | 2,246 | 2,245 | |||||||||||
Caraustar Industries, Inc., L+550, 1.00% LIBOR Floor, 3/14/2022 (o) | 3 Month LIBOR | Forest Products & Paper | 5,591 | 5,655 | 5,598 | |||||||||||
Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021 (o) | 1 Month LIBOR | Services: Consumer | 17,945 | 17,978 | 18,034 | |||||||||||
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 (n)(p) | 6 Month LIBOR | Media: Diversified & Production | 50,000 | 49,070 | 49,625 | |||||||||||
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 | 6 Month LIBOR | Media: Diversified & Production | 15,000 | 14,721 | 14,963 | |||||||||||
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 | 6 Month LIBOR | Media: Diversified & Production | 7,500 | 7,500 | 7,463 | |||||||||||
CF Entertainment Inc., L+850, 1.00% LIBOR Floor, 1/27/2023 | 6 Month LIBOR | Media: Diversified & Production | 5,000 | 4,813 | 4,963 | |||||||||||
CF Entertainment Inc., 2.00% Unfunded, 1/28/2019 | None | Media: Diversified & Production | 5,000 | — | (38 | ) | ||||||||||
Charming Charlie, LLC, L+800, 1.00% LIBOR Floor, 12/24/2019 (r)(s) | 3 Month LIBOR | Retail | 7,791 | 4,388 | 3,701 | |||||||||||
Command Alkon Inc., L+500, 1.00% LIBOR Floor, 9/1/2023 | 1 Month LIBOR | High Tech Industries | 7,560 | 7,470 | 7,408 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Senior Secured First Lien Debt - 152.0% | ||||||||||||||||||||||||||||||||
1244311 B.C. LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s) | 3 Month LIBOR | Chemicals, Plastics & Rubber | $ | 2,410 | $ | 2,291 | $ | 2,286 | ||||||||||||||||||||||||
1244311 B.C. LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s)(v) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 832 | 785 | 783 | |||||||||||||||||||||||||||
ABB/CON-CISE Optical Group LLC, L+500, 1.00% LIBOR Floor, 6/15/2023(o) | 6 Month LIBOR | Consumer Goods: Non-Durable | 3,505 | 3,409 | 3,404 | |||||||||||||||||||||||||||
Adams Publishing Group, LLC, L+700, 1.75% LIBOR Floor, 7/2/2023(n)(o) | 1 Month LIBOR | Media: Advertising, Printing & Publishing | 10,797 | 10,745 | 10,797 | |||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc., L+1200, 1.00% LIBOR Floor, 12/31/2023(n)(v) | 3 Month LIBOR | Capital Equipment | 11,247 | 11,247 | 9,237 | |||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc., L+1000, 1.00% LIBOR Floor, 12/31/2023 | 3 Month LIBOR | Capital Equipment | 2,000 | 2,000 | 1,643 | |||||||||||||||||||||||||||
Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 8,440 | 8,334 | 8,219 | |||||||||||||||||||||||||||
AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(n) | 3 Month LIBOR | Banking, Finance, Insurance & Real Estate | 1,995 | 1,979 | 1,960 | |||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC, L+550, 10/10/2025(n) | 1 Month LIBOR | Construction & Building | 11,287 | 11,184 | 11,223 | |||||||||||||||||||||||||||
Alert 360 Opco, Inc., L+600, 1.00% LIBOR Floor, 10/16/2025(n)(s) | 1 Month LIBOR | Services: Consumer | 12,178 | 12,178 | 12,194 | |||||||||||||||||||||||||||
Allen Media, LLC, L+550, 0.00% LIBOR Floor, 2/10/2027(n)(o) | 3 Month LIBOR | Media: Diversified & Production | 9,759 | 9,759 | 9,759 | |||||||||||||||||||||||||||
Alliance Healthcare Services, Inc., L+450, 1.00% LIBOR Floor, 10/24/2023(v) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 4,114 | 3,951 | 4,093 | |||||||||||||||||||||||||||
ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(n)(o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 18,447 | 18,186 | 17,709 | |||||||||||||||||||||||||||
AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025(n) | 3 Month LIBOR | Services: Business | 12,143 | 12,100 | 11,960 | |||||||||||||||||||||||||||
AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025 | 1 Month LIBOR | Services: Business | 457 | 457 | 450 | |||||||||||||||||||||||||||
AMCP Staffing Intermediate Holdings III, LLC, 0.50% Unfunded, 9/24/2025 | None | Services: Business | 1,142 | — | (17) | |||||||||||||||||||||||||||
American Clinical Solutions LLC, 7.00%, 12/31/2022(n)(s) | None | Healthcare & Pharmaceuticals | 3,500 | 3,445 | 3,334 | |||||||||||||||||||||||||||
American Clinical Solutions LLC, 7.00%, 12/31/2021(n)(s) | None | Healthcare & Pharmaceuticals | 250 | 250 | 246 | |||||||||||||||||||||||||||
American Consolidated Natural Resources, Inc., L+1300, 1.00% LIBOR Floor, 9/16/2025(n)(v) | 3 Month LIBOR | Metals & Mining | 580 | 421 | 584 | |||||||||||||||||||||||||||
American Media, LLC, L+775, 1.50% LIBOR Floor, 12/31/2023(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 10,452 | 10,309 | 10,347 | |||||||||||||||||||||||||||
American Media, LLC, L+775, 1.50% LIBOR Floor, 12/31/2023(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 1,617 | 1,596 | 1,601 | |||||||||||||||||||||||||||
American Media, LLC, 0.50% Unfunded, 12/31/2023(n) | None | Media: Advertising, Printing & Publishing | 85 | — | (1) | |||||||||||||||||||||||||||
American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(n) | 3 Month LIBOR | Telecommunications | 19,505 | 18,920 | 13,678 | |||||||||||||||||||||||||||
Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 4,925 | 4,870 | 4,802 | |||||||||||||||||||||||||||
Ancile Solutions, Inc., L+1000, 1.00% LIBOR Floor, 6/11/2026(v) | 3 Month LIBOR | High Tech Industries | 12,500 | 12,127 | 12,125 | |||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024(n)(v) | 3 Month LIBOR | Media: Diversified & Production | 15,586 | 15,135 | 15,430 | |||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024 | 3 Month LIBOR | Media: Diversified & Production | 417 | 417 | 415 | |||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc., 0.50% Unfunded, 9/9/2024 | None | Media: Diversified & Production | 1,750 | — | (9) | |||||||||||||||||||||||||||
APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(n) | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 8,305 | 8,252 | 8,305 | |||||||||||||||||||||||||||
Appalachian Resource Company, LLC, L+500, 1.00% LIBOR Floor, 9/10/2023 | 1 Month LIBOR | Metals & Mining | 11,137 | 9,842 | 10,357 | |||||||||||||||||||||||||||
Appalachian Resource Company, LLC, 0.00% Unfunded, 9/10/2023(p) | None | Metals & Mining | 2,500 | — | — | |||||||||||||||||||||||||||
Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(n)(o) | 1 Month LIBOR | Construction & Building | 14,436 | 14,082 | 13,624 | |||||||||||||||||||||||||||
Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(n) | 3 Month LIBOR | Banking, Finance, Insurance & Real Estate | 14,737 | 14,552 | 14,590 | |||||||||||||||||||||||||||
BK Medical Holding Company, Inc., L+525, 1.00% LIBOR Floor, 6/22/2024(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 4,938 | 4,908 | 4,814 | |||||||||||||||||||||||||||
Blackboard Inc., L+600, 1.00% LIBOR Floor, 6/30/2024 | 3 Month LIBOR | Services: Consumer | 4,975 | 4,975 | 5,001 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(m) | Fair Value(c) | ||||||||
Confie Seguros Holding II Co., L+550, 1.00% LIBOR Floor, 4/16/2022 (o) | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 14,942 | 14,832 | 14,634 | ||||||||
Covenant Surgical Partners, Inc., L+475, 0.00% LIBOR Floor, 10/4/2024 (i) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 1,874 | 1,869 | 1,888 | ||||||||
Covenant Surgical Partners, Inc., 0.00% Unfunded, 10/4/2018 (e) | None | Healthcare & Pharmaceuticals | 562 | (1 | ) | 4 | |||||||
CSP Technologies North America, LLC, L+525, 1.00% LIBOR Floor, 1/29/2022 (p) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 13,553 | 13,307 | 13,587 | ||||||||
David's Bridal, Inc., L+400, 1.25% LIBOR Floor, 10/11/2019 (o) | 3 Month LIBOR | Retail | 3,477 | 2,990 | 2,738 | ||||||||
DBRS, Inc., L+525, 1.00% LIBOR Floor, 3/4/2022 (h)(o) | 3 Month LIBOR | Services: Business | 5,922 | 5,724 | 5,878 | ||||||||
Deluxe Entertainment Services Group Inc., L+550, 1.00% LIBOR Floor, 2/28/2020 (o) | 3 Month LIBOR | Media: Diversified & Production | 9,865 | 9,826 | 9,933 | ||||||||
DFC Global Facility Borrower II LLC, L+1075, 1.00% LIBOR Floor, 9/27/2022 | 1 Month LIBOR | Services: Consumer | 37,200 | 36,901 | 37,014 | ||||||||
DFC Global Facility Borrower II LLC, 0.50% Unfunded, 9/27/2019 (e) | None | Services: Consumer | 22,800 | — | (114 | ) | |||||||
Dodge Data & Analytics, LLC / Skyline Data News and Analytics, LLC, L+875, 1.00% LIBOR Floor, 10/31/2019 (n) | 3 Month LIBOR | Construction & Building | 10,012 | 9,907 | 9,849 | ||||||||
DXP Enterprises, Inc., L+550, 1.00% LIBOR Floor, 8/29/2023 (h)(o) | 1 Month LIBOR | Energy: Oil & Gas | 10,000 | 9,901 | 9,963 | ||||||||
EagleTree-Carbide Acquisition Corp., L+475, 1.00% LIBOR Floor, 9/27/2024 (i) | 3 Month LIBOR | Consumer Goods: Durable | 10,000 | 9,900 | 10,006 | ||||||||
Eastman Kodak Company, L+625, 1.00% LIBOR Floor, 9/3/2019 (h)(o) | 3 Month LIBOR | Consumer Goods: Durable | 1,996 | 1,991 | 1,972 | ||||||||
Elemica, Inc., L+800, 1.00% LIBOR Floor, 7/7/2021 (n)(p) | 1 Month LIBOR | High Tech Industries | 17,281 | 16,928 | 17,065 | ||||||||
Elemica, Inc., 0.50% Unfunded, 7/7/2021 (e) | None | High Tech Industries | 2,500 | (47 | ) | (31 | ) | ||||||
Emmis Operating Company, L+700, 1.00% LIBOR Floor, 4/18/2019 (o) | 1 Month LIBOR | Media: Broadcasting & Subscription | 3,627 | 3,439 | 3,522 | ||||||||
Entertainment Studios P&A LLC, 5.00%, 5/18/2037 | None | Media: Diversified & Production | 15,000 | 14,704 | 21,216 | ||||||||
Entertainment Studios P&A LLC, 15.00%, 9/1/2037 | None | Media: Diversified & Production | 7,500 | 7,352 | 4,613 | ||||||||
EnTrans International, LLC, L+750, 1.00% LIBOR Floor, 6/4/2020 | 3 Month LIBOR | Capital Equipment | 13,312 | 10,366 | 11,449 | ||||||||
Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021 (h)(o) | 1 Month LIBOR | High Tech Industries | 10,236 | 9,566 | 9,705 | ||||||||
Everi Payments Inc., L+450, 1.00% LIBOR Floor, 5/9/2024 (o) | 1 Month LIBOR | Hotel, Gaming & Leisure | 4,183 | 4,163 | 4,223 | ||||||||
F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022 (n)(r)(s) | 1 Month LIBOR | Media: Diversified & Production | 2,661 | 2,665 | 2,113 | ||||||||
F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022 | 1 Month LIBOR | Media: Diversified & Production | 1,106 | 1,106 | 1,162 | ||||||||
Forbes Media LLC, L+675, 1.00% LIBOR Floor, 9/12/2019 (j)(p) | 1 Month LIBOR | Media: Advertising, Printing & Publishing | 15,000 | 14,717 | 14,888 | ||||||||
Frontline Technologies Group Holding LLC, L+650, 1.00% LIBOR Floor, 9/18/2023 | 3 Month LIBOR | High Tech Industries | 2,755 | 2,722 | 2,722 | ||||||||
Frontline Technologies Group Holding LLC, 1.00% Unfunded, 9/18/2019 (e) | None | High Tech Industries | 540 | — | (6 | ) | |||||||
FWR Holding Corp., L+600, 1.00% LIBOR Floor, 8/21/2023 | 1 Month LIBOR | Hotel, Gaming & Leisure | 1,062 | 1,036 | 1,035 | ||||||||
Global Franchise Group, LLC, L+575, 1.00% LIBOR Floor, 12/18/2019 | 3 Month LIBOR | Beverage, Food & Tobacco | 2,166 | 2,145 | 2,145 | ||||||||
GTCR-Ultra Acquisition, Inc., L+600, 1.00% LIBOR Floor, 8/1/2024 (e) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 5,432 | 5,300 | 5,323 | ||||||||
Harland Clarke Holdings Corp., L+550, 1.00% LIBOR Floor, 2/9/2022 (o) | 3 Month LIBOR | Services: Business | 14,724 | 14,835 | 14,830 | ||||||||
Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021 (o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 4,862 | 4,583 | 4,011 | ||||||||
Heartland Dental, LLC, L+475, 1.00% LIBOR Floor, 7/31/2023 (o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 4,000 | 3,981 | 4,030 | ||||||||
Help/Systems Holdings, Inc., L+450, 1.00% LIBOR Floor, 10/8/2021 (o) | 3 Month LIBOR | Services: Business | 11,939 | 11,926 | 12,018 | ||||||||
Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/21/2018 (n) | 1 Month LIBOR | Services: Business | 7,806 | 7,402 | 7,201 | ||||||||
Infogroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023 (o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 9,453 | 9,487 | 9,216 | ||||||||
International Seaways, Inc., L+550, 1.00% LIBOR Floor, 6/22/2022 (h)(o) | 1 Month LIBOR | Transportation: Cargo | 10,000 | 9,807 | 9,844 | ||||||||
Intertain Group Ltd., L+650, 1.00% LIBOR Floor, 4/8/2022 (h)(n) | 3 Month LIBOR | Hotel, Gaming & Leisure | 1,610 | 1,586 | 1,630 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(n)(o)(v) | 3 Month LIBOR | Aerospace & Defense | 38,752 | 38,348 | 37,444 | |||||||||||||||||||||||||||
Cardenas Markets LLC, L+625, 1.00% LIBOR Floor, 6/3/2027 | 6 Month LIBOR | Retail | 11,000 | 10,891 | 11,041 | |||||||||||||||||||||||||||
CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(n) | 6 Month LIBOR | Transportation: Cargo | 15,618 | 15,566 | 14,036 | |||||||||||||||||||||||||||
Celerity Acquisition Holdings, LLC, L+850, 1.00% LIBOR Floor, 5/28/2026 | 3 Month LIBOR | Services: Business | 15,000 | 15,000 | 15,000 | |||||||||||||||||||||||||||
Charming Charlie LLC, 20.00%, 4/24/2023(r)(s) | None | Retail | 777 | 657 | 350 | |||||||||||||||||||||||||||
CHC Solutions Inc., 12.00%, 7/20/2023(o)(v) | None | Healthcare & Pharmaceuticals | 7,806 | 7,806 | 7,738 | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(n)(o)(v) | 1 Month LIBOR | Hotel, Gaming & Leisure | 26,536 | 26,330 | 24,048 | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(n)(v) | 1 Month LIBOR | Hotel, Gaming & Leisure | 2,701 | 2,701 | 2,448 | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 7/16/2023(n)(v) | 1 Month LIBOR | Hotel, Gaming & Leisure | 1,757 | 1,607 | 2,047 | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC, 1.00% Unfunded, 12/31/2021 | None | Hotel, Gaming & Leisure | 180 | — | 30 | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(r) | 3 Month LIBOR | Beverage, Food & Tobacco | 1,020 | 1,000 | 170 | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(n)(r) | 3 Month LIBOR | Beverage, Food & Tobacco | 414 | 414 | 69 | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, 12.00%, 6/1/2022(v) | None | Beverage, Food & Tobacco | 31 | 30 | 31 | |||||||||||||||||||||||||||
Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(n)(o) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 34,563 | 34,313 | 34,563 | |||||||||||||||||||||||||||
Coyote Buyer, LLC, L+800, 1.00% LIBOR Floor, 8/6/2026(o) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 6,219 | 6,108 | 6,219 | |||||||||||||||||||||||||||
Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025 | None | Chemicals, Plastics & Rubber | 2,500 | — | — | |||||||||||||||||||||||||||
David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(v) | 3 Month LIBOR | Retail | 5,477 | 4,700 | 5,477 | |||||||||||||||||||||||||||
David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 5/23/2024(v) | 3 Month LIBOR | Retail | 5,000 | 5,000 | 5,000 | |||||||||||||||||||||||||||
David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(v) | 3 Month LIBOR | Retail | 767 | 682 | 767 | |||||||||||||||||||||||||||
Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(n)(s)(v) | 3 Month LIBOR | Media: Diversified & Production | 3,354 | 3,453 | 3,354 | |||||||||||||||||||||||||||
DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(n) | (w) | Services: Business | 16,990 | 16,712 | 16,905 | |||||||||||||||||||||||||||
Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024 | 3 Month LIBOR | Beverage, Food & Tobacco | 14,025 | 13,853 | 14,025 | |||||||||||||||||||||||||||
East Valley Tourist Development Authority, L+800, 1.00% LIBOR Floor, 3/7/2022(i) | 6 Month LIBOR | Hotel, Gaming & Leisure | 5,000 | 4,950 | 4,950 | |||||||||||||||||||||||||||
Entertainment Studios P&A LLC, 6.30%, 5/18/2037(k)(n) | None | Media: Diversified & Production | 11,971 | 11,872 | 10,085 | |||||||||||||||||||||||||||
Entertainment Studios P&A LLC, 5.00%, 5/18/2037(k) | None | Media: Diversified & Production | — | — | 2,339 | |||||||||||||||||||||||||||
EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(n) | 1 Month LIBOR | Capital Equipment | 25,500 | 25,346 | 24,161 | |||||||||||||||||||||||||||
Extreme Reach, Inc., L+750, 1.50% LIBOR Floor, 3/29/2024(n)(o) | 1 Month LIBOR | Media: Diversified & Production | 19,588 | 19,452 | 19,490 | |||||||||||||||||||||||||||
Extreme Reach, Inc., 0.50% Unfunded, 3/29/2024(n)(o) | None | Media: Diversified & Production | 1,744 | — | (9) | |||||||||||||||||||||||||||
F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022(r)(s) | 1 Month LIBOR | Media: Diversified & Production | 1,139 | — | — | |||||||||||||||||||||||||||
Foundation Consumer Healthcare, LLC, L+575, 1.00% LIBOR Floor, 11/2/2023(n)(o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 33,395 | 33,092 | 33,646 | |||||||||||||||||||||||||||
Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023 | None | Healthcare & Pharmaceuticals | 2,094 | — | 16 | |||||||||||||||||||||||||||
Genesis Healthcare, Inc., 0.50% Unfunded, 3/6/2023(h) | None | Healthcare & Pharmaceuticals | 35,000 | — | — | |||||||||||||||||||||||||||
Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(n) | 1 Month LIBOR | Services: Business | 14,663 | 14,560 | 14,663 | |||||||||||||||||||||||||||
Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024(n)(o) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 20,616 | 20,361 | 20,616 | |||||||||||||||||||||||||||
Geon Performance Solutions, LLC, 0.50% Unfunded, 10/25/2024 | None | Chemicals, Plastics & Rubber | 2,586 | — | — | |||||||||||||||||||||||||||
Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(n) | 3 Month LIBOR | Services: Business | 11,915 | 11,893 | 10,754 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(m) | Fair Value(c) | |||||||||
iPipeline, Inc., L+625, 1.00% LIBOR Floor, 8/4/2022 | 1 Month LIBOR | High Tech Industries | 8,874 | 8,684 | 8,697 | |||||||||
Ipsen, Inc., L+700, 1.00% LIBOR Floor, 9/30/2019 (j)(p) | 1 Month LIBOR | Capital Equipment | 8,095 | 8,021 | 8,075 | |||||||||
Ipsen International GmbH, L+800, 1.00% LIBOR Floor, 9/30/2019 (h)(j) | 1 Month LIBOR | Capital Equipment | 1,295 | 1,299 | 1,295 | |||||||||
Island Medical Management Holdings, LLC, L+550, 1.00% LIBOR Floor, 9/1/2022 (p) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 13,743 | 13,569 | 13,568 | |||||||||
Island Medical Management Holdings, LLC, 1.00% Unfunded, 9/1/2022 (e) | None | Healthcare & Pharmaceuticals | 1,188 | — | (15 | ) | ||||||||
ITC Service Group Acquisition LLC, L+950, 0.50% LIBOR Floor, 5/26/2021 (j)(p) | 1 Month LIBOR | High Tech Industries | 11,250 | 11,065 | 11,109 | |||||||||
Kingpin Intermediate Holdings LLC, L+425, 1.00% LIBOR Floor, 6/29/2024 (o) | 3 Month LIBOR | Hotel, Gaming & Leisure | 9,975 | 9,925 | 10,044 | |||||||||
KLO Intermediate Holdings, LLC, L+775, 1.25% LIBOR Floor, 4/7/2022 (p) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 4,412 | 4,361 | 4,357 | |||||||||
KLO Intermediate Holdings, LLC, L+775, 1.25% LIBOR Floor, 4/7/2022 (p) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 7,621 | 7,532 | 7,526 | |||||||||
KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024 (o) | 3 Month LIBOR | Consumer Goods: Durable | 16,000 | 15,691 | 15,920 | |||||||||
Labvantage Solutions Inc., L+800, 1.00% LIBOR Floor, 12/29/2020 (p) | 1 Month LIBOR | High Tech Industries | 4,688 | 4,651 | 4,734 | |||||||||
Labvantage Solutions Ltd., E+800, 1.00% EURIBOR Floor, 12/29/2020 (h) | 1 Month EURIBOR | High Tech Industries | € | 4,294 | 4,790 | 5,124 | ||||||||
Lift Brands, Inc., L+800, 1.00% LIBOR Floor, 12/23/2019 (n) | 3 Month LIBOR | Services: Consumer | 9,226 | 9,143 | 9,203 | |||||||||
Logix Communications, LP, L+575, 1.00% LIBOR Floor, 8/9/2024 (i)(o) | (u) | Telecommunications | 5,250 | 5,198 | 5,198 | |||||||||
Lonestar Prospects, Ltd., 0.00% Unfunded, 12/31/2017 (e) | None | Energy: Oil & Gas | 18,985 | (363 | ) | (380 | ) | |||||||
LTCG Holdings Corp., L+500, 1.00% LIBOR Floor, 6/6/2020 (o) | 1 Month LIBOR | Services: Business | 5,911 | 5,582 | 5,793 | |||||||||
MB2 Dental Solutions, LLC, L+475, 1.00% LIBOR Floor, 9/29/2023 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 2,191 | 2,163 | 2,163 | |||||||||
Ministry Brands, LLC, L+500, 1.00% LIBOR Floor, 12/2/2022 (n) | 1 Month LIBOR | Services: Business | 4,960 | 4,777 | 4,960 | |||||||||
Ministry Brands, LLC, L+500, 1.00% LIBOR Floor, 12/2/2022 | 1 Month LIBOR | Services: Business | 1,097 | 1,097 | 1,097 | |||||||||
Ministry Brands, LLC, L+100, 1.00% LIBOR Floor, Unfunded, 2/22/2019 (e) | 1 Month LIBOR | Services: Business | 2,795 | — | — | |||||||||
Moss Holding Company, L+675, 1.00% LIBOR Floor, 4/17/2023 (n)(p) | 3 Month LIBOR | Services: Business | 18,924 | 18,607 | 18,640 | |||||||||
Moss Holding Company, 0.75% Unfunded, 5/7/2018 (e) | None | Services: Business | 1,046 | — | (16 | ) | ||||||||
Moss Holding Company, 0.50% Unfunded, 4/17/2023 (e) | None | Services: Business | 2,232 | — | (33 | ) | ||||||||
MSHC, Inc., L+425, 1.00% LIBOR Floor, 7/31/2023 | 3 Month LIBOR | Services: Business | 2,853 | 2,839 | 2,839 | |||||||||
Murray Energy Corp., L+725, 1.00% LIBOR Floor, 4/16/2020 (o) | 3 Month LIBOR | Metals & Mining | 3,639 | 3,548 | 3,341 | |||||||||
Nathan's Famous Inc., 10.00%, 3/15/2020 (h)(n) | None | Beverage, Food & Tobacco | 6,000 | 6,000 | 6,311 | |||||||||
Navex Global, Inc., L+425, 1.00% LIBOR Floor, 11/19/2021 (o) | 1 Month LIBOR | High Tech Industries | 17,957 | 18,010 | 17,979 | |||||||||
Nextech Systems, LLC, L+725, 1.00% LIBOR Floor, 6/22/2021 (j)(n) | 1 Month LIBOR | High Tech Industries | 15,242 | 14,747 | 14,938 | |||||||||
Opal Acquisition, Inc., L+400, 1.00% LIBOR Floor, 11/27/2020 (o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 10,235 | 9,680 | 9,682 | |||||||||
Orbcomm Inc., 8.00%, 4/1/2024 (n) | None | Telecommunications | 9,237 | 9,237 | 9,912 | |||||||||
P.F. Chang's China Bistro, Inc., L+500, 1.00% LIBOR Floor, 9/1/2022 (i)(o) | 1 Month LIBOR | Beverage, Food & Tobacco | 10,000 | 9,700 | 9,600 | |||||||||
Paris Presents Inc., L+500, 1.00% LIBOR Floor, 12/31/2020 (p) | 1 Month LIBOR | Consumer Goods: Durable | 8,954 | 8,874 | 8,954 | |||||||||
PDI TA Holdings, Inc., L+475, 1.00% LIBOR Floor, 8/25/2023 (n) | 3 Month LIBOR | High Tech Industries | 5,667 | 5,554 | 5,552 | |||||||||
PDI TA Holdings, Inc., 0.50% Unfunded, 8/24/2018 (e) | None | High Tech Industries | 1,283 | — | (20 | ) | ||||||||
Petroflow Energy Corp., L+800, 1.00% LIBOR Floor, 6/29/2019 (n)(r)(s) | 1 Month LIBOR | Energy: Oil & Gas | 4,028 | 3,863 | 3,705 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
HDT Holdco, Inc., L+575, 0.75% LIBOR Floor, 7/8/2027(i) | 3 Month LIBOR | Aerospace & Defense | 5,000 | 4,850 | 4,887 | |||||||||||||||||||||||||||
Heritage Power, LLC, L+600, 1.00% LIBOR Floor, 7/30/2026 | 6 Month LIBOR | Energy: Oil & Gas | 4,975 | 4,795 | 4,442 | |||||||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(n)(v) | 1 Month LIBOR | Services: Consumer | 22,982 | 22,858 | 22,659 | |||||||||||||||||||||||||||
Homer City Generation, L.P., 15.00%, 4/5/2023(n)(v) | None | Energy: Oil & Gas | 9,445 | 9,818 | 7,485 | |||||||||||||||||||||||||||
Hoover Group, Inc., L+850, 1.25% LIBOR Floor, 10/1/2024(o) | 3 Month LIBOR | Services: Business | 5,182 | 5,165 | 5,169 | |||||||||||||||||||||||||||
HUMC Holdco, LLC, 9.00%, 9/9/2021(n) | None | Healthcare & Pharmaceuticals | 9,667 | 9,667 | 9,630 | |||||||||||||||||||||||||||
Hummel Station LLC, L+600, 1.00% LIBOR Floor, 10/27/2022(n)(o) | 1 Month LIBOR | Energy: Oil & Gas | 14,083 | 10,381 | 10,102 | |||||||||||||||||||||||||||
Hummel Station LLC, L+600, 1.00% LIBOR Floor, 10/27/2022(n) | 1 Month LIBOR | Energy: Oil & Gas | 872 | 4,270 | 4,213 | |||||||||||||||||||||||||||
Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(n) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 9,850 | 9,696 | 9,856 | |||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, 6.00%, 11/20/2023(n)(v) | None | Retail | 9,986 | 9,911 | 8,538 | |||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Prime+500, 12/22/2022(n)(v) | Prime | Retail | 2,043 | 2,043 | 2,043 | |||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, L+600, 0.00% LIBOR Floor, 12/22/2022(n)(v) | 3 Month LIBOR | Retail | 260 | 260 | 260 | |||||||||||||||||||||||||||
InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(n)(o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 15,513 | 15,507 | 14,776 | |||||||||||||||||||||||||||
Instant Web, LLC, L+650, 1.00% LIBOR Floor, 12/15/2022(n)(o) | 1 Month LIBOR | Media: Advertising, Printing & Publishing | 36,908 | 36,876 | 34,740 | |||||||||||||||||||||||||||
Instant Web, LLC, 0.50% Unfunded, 12/15/2022(n) | None | Media: Advertising, Printing & Publishing | 2,704 | — | — | |||||||||||||||||||||||||||
Invincible Boat Company, L+650, 1.50% LIBOR Floor, 8/28/2025 | 3 Month LIBOR | Consumer Goods: Durable | 14,906 | 14,760 | 14,757 | |||||||||||||||||||||||||||
Invincible Boat Company, 0.50% Unfunded, 8/28/2025 | None | Consumer Goods: Durable | 798 | — | (8) | |||||||||||||||||||||||||||
INW Manufacturing, LLC, L+575, 0.75% LIBOR Floor, 3/25/2027(o) | 3 Month LIBOR | Services: Business | 15,358 | 14,905 | 15,051 | |||||||||||||||||||||||||||
INW Manufacturing, LLC, L+575, 0.75% LIBOR Floor, 3/25/2027 | 3 Month LIBOR | Services: Business | 4,545 | 4,411 | 4,455 | |||||||||||||||||||||||||||
Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 17,332 | 15,609 | 15,621 | |||||||||||||||||||||||||||
Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(n)(o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 11,118 | 11,079 | 10,896 | |||||||||||||||||||||||||||
Jenny C Acquisition, Inc., L+1050, 1.75% LIBOR Floor, 10/1/2024(n)(v) | 3 Month LIBOR | Services: Consumer | 11,373 | 11,309 | 10,645 | |||||||||||||||||||||||||||
JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 14,814 | 14,593 | 14,394 | |||||||||||||||||||||||||||
K&N Parent, Inc., L+475, 1.00% LIBOR Floor, 10/20/2023 | 3 Month LIBOR | Consumer Goods: Durable | 4,987 | 4,805 | 4,837 | |||||||||||||||||||||||||||
KITV, Inc., L+750, 1.00% LIBOR Floor, 3/4/2026(n) | 3 Month LIBOR | Media: Diversified & Production | 20,500 | 20,500 | 21,013 | |||||||||||||||||||||||||||
KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(n) | 6 Month LIBOR | Consumer Goods: Durable | 7,964 | 7,870 | 7,234 | |||||||||||||||||||||||||||
Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 9/30/2021(h) | 1 Month EURIBOR | High Tech Industries | € | 1,921 | 2,159 | 2,278 | ||||||||||||||||||||||||||
Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 9/30/2021(n)(o) | 1 Month LIBOR | High Tech Industries | 1,055 | 1,055 | 1,055 | |||||||||||||||||||||||||||
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(n)(o)(v) | 3 Month LIBOR | Services: Business | 26,004 | 25,659 | 24,736 | |||||||||||||||||||||||||||
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(n)(o)(v) | 3 Month LIBOR | Services: Business | 4,485 | 4,444 | 4,267 | |||||||||||||||||||||||||||
LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(n) | 1 Month LIBOR | Capital Equipment | 9,700 | 9,458 | 9,421 | |||||||||||||||||||||||||||
LH Intermediate Corp., L+750, 1.00% LIBOR Floor, 6/2/2026 | 3 Month LIBOR | Consumer Goods: Durable | 14,813 | 14,578 | 14,627 | |||||||||||||||||||||||||||
Lift Brands, Inc., L+750, 1.00% LIBOR Floor, 6/29/2025(n)(o)(s) | 1 Month LIBOR | Services: Consumer | 23,642 | 23,641 | 23,642 | |||||||||||||||||||||||||||
Lift Brands, Inc., 9.50%, 6/29/2025(n)(o)(s)(v) | None | Services: Consumer | 5,094 | 4,998 | 4,954 | |||||||||||||||||||||||||||
Lift Brands, Inc., 6/29/2025(n)(o)(q)(s) | None | Services: Consumer | 5,296 | 4,749 | 4,700 | |||||||||||||||||||||||||||
Longview Power, LLC, L+1000, 1.50% LIBOR Floor, 7/30/2025(s) | 3 Month LIBOR | Energy: Oil & Gas | 4,211 | 2,577 | 4,421 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(m) | Fair Value(c) | ||||||||
Photonis Technologies SAS, L+750, 1.00% LIBOR Floor, 9/18/2019 (h)(o) | 3 Month LIBOR | Aerospace & Defense | 6,397 | 5,552 | 5,598 | ||||||||
Plano Molding Company, LLC, L+750, 1.00% LIBOR Floor, 5/12/2021 (n) | 1 Month LIBOR | Consumer Goods: Non-Durable | 8,774 | 8,687 | 8,160 | ||||||||
Practice Insight, LLC, L+500, 1.00% LIBOR Floor, 8/23/2022 (n) | 1 Month LIBOR | High Tech Industries | 6,567 | 6,405 | 6,402 | ||||||||
Project Leopard Holdings, Inc., L+550, 1.00% LIBOR Floor, 7/7/2023 (o) | 3 Month LIBOR | High Tech Industries | 4,000 | 3,991 | 4,050 | ||||||||
PSC Industrial Holdings Corp., L+475, 1.00% LIBOR Floor, 12/5/2020 (o) | 3 Month LIBOR | Services: Business | 4,863 | 4,649 | 4,863 | ||||||||
Radio One, Inc., L+400, 1.00% LIBOR Floor, 4/18/2023 (o) | 3 Month LIBOR | Media: Broadcasting & Subscription | 2,973 | 2,945 | 2,928 | ||||||||
Rimini Street, Inc., 15.00%, 6/24/2020 (s) | None | High Tech Industries | 13,773 | 13,539 | 16,073 | ||||||||
Robertshaw US Holding Corp., L+450, 0.00% LIBOR Floor, 8/10/2024 (o) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 3,155 | 3,131 | 3,186 | ||||||||
Russell Investments US Institutional Holdco, Inc., L+425, 1.00% LIBOR Floor, 6/1/2023 (o) | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 3,970 | 4,022 | 4,032 | ||||||||
Sequoia Healthcare Management, LLC, 16.00%, 7/17/2019 (n)(s) | None | Healthcare & Pharmaceuticals | 5,935 | 5,885 | 5,935 | ||||||||
SFE Intermediate Holdco LLC, L+500, 1.00% LIBOR Floor, 7/31/2023 (n) | 3 Month LIBOR | Beverage, Food & Tobacco | 4,782 | 4,687 | 4,686 | ||||||||
SG Acquisition, Inc., L+500, 1.00% LIBOR Floor, 3/29/2024 (o) | 3 Month LIBOR | Banking, Finance, Insurance & Real Estate | 4,159 | 4,121 | 4,133 | ||||||||
Shift PPC LLC, L+600, 1.00% LIBOR Floor, 12/22/2021 (p) | 3 Month LIBOR | High Tech Industries | 4,878 | 4,775 | 4,878 | ||||||||
SI Organization, Inc., L+475, 1.00% LIBOR Floor, 11/23/2019 (o) | 3 Month LIBOR | Services: Business | 7,693 | 7,785 | 7,810 | ||||||||
Southcross Holdings Borrower LP, 9.00%, 4/13/2023 (s) | None | Energy: Oil & Gas | 179 | 158 | 156 | ||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 1/21/2020 (n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 12,758 | 12,692 | 12,662 | ||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 7/21/2020 (s) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 252 | 250 | 249 | ||||||||
Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019 (n) | 3 Month LIBOR | Energy: Oil & Gas | 8,045 | 7,656 | 7,361 | ||||||||
STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022 (o) | 3 Month LIBOR | Services: Business | 3,929 | 3,821 | 3,826 | ||||||||
Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/30/2020 (e)(n) | 3 Month LIBOR | Hotel, Gaming & Leisure | 16,925 | 16,811 | 16,925 | ||||||||
Survey Sampling International, LLC, L+500, 1.00% LIBOR Floor, 12/16/2020 (o) | 3 Month LIBOR | Services: Business | 7,820 | 7,854 | 7,703 | ||||||||
Teladoc, Inc., L+725, 1.00% LIBOR Floor, 7/14/2022 (h) | 1 Month LIBOR | High Tech Industries | 15,000 | 14,855 | 15,300 | ||||||||
Teladoc, Inc., 0.50% Unfunded, 7/14/2020 (e)(h) | None | High Tech Industries | 1,250 | (47 | ) | 25 | |||||||
Telestream Holdings Corp., L+677, 1.00% LIBOR Floor, 1/15/2020 (j)(n) | 3 Month LIBOR | High Tech Industries | 8,662 | 8,472 | 8,402 | ||||||||
Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021 (n)(p) | 3 Month LIBOR | Capital Equipment | 31,840 | 31,671 | 31,044 | ||||||||
Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021 (o) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 13,236 | 12,429 | 12,475 | ||||||||
Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021 (h) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 15,000 | 14,935 | 15,713 | ||||||||
U.S. Renal Care, Inc., L+425, 1.00% LIBOR Floor, 12/30/2022 (o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 7,967 | 7,780 | 7,740 | ||||||||
Vero Parent, Inc., L+500, 1.00% LIBOR Floor, 8/16/2024 (o) | 3 Month LIBOR | High Tech Industries | 15,000 | 14,851 | 14,906 | ||||||||
Vince, LLC, L+700, 1.00% LIBOR Floor, 11/27/2019 (h)(o) | 3 Month LIBOR | Retail | 901 | 864 | 789 | ||||||||
Visual Edge Technology, Inc., L+575, 1.00% LIBOR Floor, 8/31/2022 | 3 Month LIBOR | Services: Business | 12,469 | 12,222 | 12,220 | ||||||||
Visual Edge Technology, Inc., L+575, 1.00% LIBOR Floor, 8/31/2022 | 3 Month LIBOR | Services: Business | 1,918 | 1,871 | 1,899 | ||||||||
Visual Edge Technology, Inc., 0.75% Unfunded, 2/28/2019 (e) | None | Services: Business | 2,878 | — | (29 | ) | |||||||
WD Wolverine Holdings, LLC, L+550, 1.00% LIBOR Floor, 8/16/2022 (o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 14,319 | 14,016 | 13,961 | ||||||||
Western Dental Services, Inc., L+525, 1.00% LIBOR Floor, 6/30/2023 (o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 2,191 | 2,170 | 2,210 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
MacNeill Pride Group Corp., L+650, 1.00% LIBOR Floor, 4/20/2026(n) | 3 Month LIBOR | Services: Consumer | 15,000 | 14,855 | 14,850 | |||||||||||||||||||||||||||
MacNeill Pride Group Corp., 0.50% Unfunded, 7/20/2023(n) | None | Services: Consumer | 5,000 | (48) | (50) | |||||||||||||||||||||||||||
Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(q) | 3 Month LIBOR | Services: Business | 23,737 | 23,737 | 23,143 | |||||||||||||||||||||||||||
Mimeo.com, Inc., L+1700, 1.00% LIBOR Floor, 12/21/2023(v) | 3 Month LIBOR | Services: Business | 2,006 | 2,006 | 2,058 | |||||||||||||||||||||||||||
Mimeo.com, Inc., 1.00% Unfunded, 12/21/2023 | None | Services: Business | 1,250 | — | 33 | |||||||||||||||||||||||||||
Moss Holding Company, L+700, 1.00% LIBOR Floor, 4/17/2024(n)(o)(v) | 3 Month LIBOR | Services: Business | 19,590 | 19,430 | 17,631 | |||||||||||||||||||||||||||
Moss Holding Company, 0.50% Unfunded, 4/17/2023 | None | Services: Business | 2,232 | — | — | |||||||||||||||||||||||||||
Napa Management Services Corp., L+500, 1.00% LIBOR Floor, 4/19/2023 | 1 Month LIBOR | Healthcare & Pharmaceuticals | 5,346 | 5,277 | 5,343 | |||||||||||||||||||||||||||
NASCO Healthcare Inc., L+450, 1.00% LIBOR Floor, 6/30/2023(n) | 3 Month LIBOR | Services: Business | 17,556 | 17,556 | 17,314 | |||||||||||||||||||||||||||
NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(n)(o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 12,125 | 12,059 | 12,004 | |||||||||||||||||||||||||||
NWN Parent Holdings LLC, L+650, 1.00% LIBOR Floor, 5/7/2026 | 3 Month LIBOR | High Tech Industries | 13,167 | 13,037 | 13,183 | |||||||||||||||||||||||||||
NWN Parent Holdings LLC, 0.50% Unfunded, 5/7/2026 | None | High Tech Industries | 1,800 | (18) | 2 | |||||||||||||||||||||||||||
Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 23,625 | 23,522 | 23,182 | |||||||||||||||||||||||||||
Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 2,515 | 2,495 | 2,666 | |||||||||||||||||||||||||||
Patterson Medical Supply, Inc., L+475, 1.00% LIBOR Floor, 8/28/2022 | 1 Month LIBOR | Healthcare & Pharmaceuticals | 5,968 | 5,893 | 5,968 | |||||||||||||||||||||||||||
PetroChoice Holdings, Inc., L+500, 1.00% LIBOR Floor, 8/20/2022 | 3 Month LIBOR | Chemicals, Plastics & Rubber | 3,916 | 3,812 | 3,760 | |||||||||||||||||||||||||||
PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(n) | 3 Month LIBOR | Consumer Goods: Non-Durable | 9,725 | 9,161 | 9,530 | |||||||||||||||||||||||||||
Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024(n) | 1 Month LIBOR | Forest Products & Paper | 21,686 | 21,406 | 21,699 | |||||||||||||||||||||||||||
Playboy Enterprises, Inc., L+575, 0.50% LIBOR Floor, 5/25/2027(h)(o) | 3 Month LIBOR | Consumer Goods: Non-Durable | 20,000 | 19,600 | 19,600 | |||||||||||||||||||||||||||
Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(n) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 19,500 | 19,247 | 18,769 | |||||||||||||||||||||||||||
RA Outdoors, LLC, L+675, 0.00% LIBOR Floor, 4/8/2026(n) | 3 Month LIBOR | Media: Diversified & Production | 15,951 | 15,951 | 15,811 | |||||||||||||||||||||||||||
RA Outdoors, LLC, 0.50% Unfunded, 4/8/2026 | None | Media: Diversified & Production | 1,049 | (170) | (9) | |||||||||||||||||||||||||||
Rapid Fire Protection, Inc., L+650, 1.75% LIBOR Floor, 11/22/2024(i) | 1 Month LIBOR | Construction & Building | 7,000 | 6,974 | 7,000 | |||||||||||||||||||||||||||
Retail Services WIS Corp., L+775, 1.00% LIBOR Floor, 5/20/2025(n) | 3 Month LIBOR | Services: Business | 10,000 | 9,803 | 9,850 | |||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC, L+650, 1.00% LIBOR Floor, 9/9/2025(n) | 1 Month LIBOR | Services: Business | 17,692 | 17,692 | 17,692 | |||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC, 0.75% Unfunded, 9/9/2025 | None | Services: Business | 2,885 | — | — | |||||||||||||||||||||||||||
Rogers Mechanical Contractors, LLC, 1.00% Unfunded, 4/28/2023 | None | Services: Business | 1,923 | — | — | |||||||||||||||||||||||||||
Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(n) | 6 Month LIBOR | Telecommunications | 3,929 | 3,118 | 3,929 | |||||||||||||||||||||||||||
Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(n)(o)(r) | None | Healthcare & Pharmaceuticals | 8,525 | 8,457 | 6,394 | |||||||||||||||||||||||||||
SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(n)(s)(v) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 18,779 | 18,625 | 15,470 | |||||||||||||||||||||||||||
Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(n) | 1 Month LIBOR | Retail | 7,705 | 7,178 | 7,739 | |||||||||||||||||||||||||||
Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 4/27/2025(h)(o) | 3 Month LIBOR | High Tech Industries | 3,004 | 2,909 | 3,004 | |||||||||||||||||||||||||||
Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 12/27/2024(h)(o) | 3 Month LIBOR | High Tech Industries | 805 | 784 | 805 | |||||||||||||||||||||||||||
Sorenson Communications, LLC, L+550, 0.75% LIBOR Floor, 3/17/2026(n) | 3 Month LIBOR | Telecommunications | 9,750 | 9,656 | 9,847 | |||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2021(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 12,556 | 12,535 | 12,117 | |||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2021(n)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 1,176 | 1,116 | 1,178 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(m) | Fair Value(c) | |||||||||
Woodstream Corp., L+625, 1.00% LIBOR Floor, 5/29/2022 | 3 Month LIBOR | Consumer Goods: Non-Durable | 7,896 | 7,862 | 7,896 | |||||||||
Woodstream Corp., 0.75% Unfunded, 5/29/2021 (e) | None | Consumer Goods: Non-Durable | 1,553 | — | — | |||||||||
Total Senior Secured First Lien Debt | 1,069,271 | 1,079,520 | ||||||||||||
Senior Secured Second Lien Debt - 38.4% | ||||||||||||||
ABG Intermediate Holdings 2 LLC, L+775, 1.00% LIBOR Floor, 9/29/2025 (i)(n) | 3 Month LIBOR | Retail | 6,475 | 6,427 | 6,556 | |||||||||
Access CIG, LLC, L+875, 1.00% LIBOR Floor, 10/17/2022 (p) | 1 Month LIBOR | Services: Business | 16,030 | 15,512 | 15,709 | |||||||||
Accruent, LLC, L+875, 1.00% LIBOR Floor, 7/28/2024 | 3 Month LIBOR | High Tech Industries | 749 | 717 | 738 | |||||||||
Accruent, LLC, 0.75% Unfunded, 7/28/2018 (e) | None | High Tech Industries | 1,414 | — | (7 | ) | ||||||||
ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021 (n)(p) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 10,344 | 10,231 | 9,206 | |||||||||
American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022 (n) | 1 Month LIBOR | Construction & Building | 4,933 | 4,894 | 4,958 | |||||||||
American Seafoods Group LLC, L+813, 1.00% LIBOR Floor, 2/21/2024 | 3 Month LIBOR | Beverage, Food & Tobacco | 18,233 | 17,874 | 17,869 | |||||||||
Avalign Technologies, Inc., L+825, 1.00% LIBOR Floor, 7/15/2022 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 5,500 | 5,447 | 5,445 | |||||||||
Command Alkon Inc., L+900, 1.00% LIBOR Floor, 3/1/2024 | 1 Month LIBOR | High Tech Industries | 2,440 | 2,404 | 2,404 | |||||||||
Confie Seguros Holding II Co., L+975, 1.25% LIBOR Floor, 5/8/2019 | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 4,577 | 4,471 | 4,497 | |||||||||
Conisus, LLC, L+875, 1.00% LIBOR Floor, 6/23/2021 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 11,750 | 9,868 | 9,400 | |||||||||
Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021 (h)(n) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 9,500 | 9,462 | 9,500 | |||||||||
EagleTree-Carbide Acquisition Corp., L+825, 1.00% LIBOR Floor, 8/28/2025 (i) | 3 Month LIBOR | Consumer Goods: Durable | 20,000 | 19,700 | 19,800 | |||||||||
Elements Behavioral Health, Inc., L+1200, 1.00% LIBOR Floor, 2/11/2020 (r)(s) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 6,287 | 6,054 | 4,841 | |||||||||
Emerald 3 Ltd., L+700, 1.00% LIBOR Floor, 5/16/2022 (h)(n) | 3 Month LIBOR | Environmental Industries | 3,000 | 2,981 | 2,813 | |||||||||
Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022 (h)(n) | 1 Month LIBOR | High Tech Industries | 9,999 | 7,158 | 8,249 | |||||||||
Flexera Software LLC, L+700, 1.00% LIBOR Floor, 4/2/2021 (p) | 3 Month LIBOR | High Tech Industries | 9,385 | 9,166 | 9,421 | |||||||||
Genex Holdings, Inc., L+775, 1.00% LIBOR Floor, 5/30/2022 (n)(p) | 1 Month LIBOR | Services: Business | 11,410 | 11,331 | 11,324 | |||||||||
GHX Ultimate Parent Corp., L+800, 1.00% LIBOR Floor, 6/30/2025 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 13,926 | 13,517 | 13,508 | |||||||||
Global Tel*Link Corp., L+775, 1.25% LIBOR Floor, 11/23/2020 (p) | 3 Month LIBOR | Telecommunications | 9,500 | 9,492 | 9,488 | |||||||||
GOBP Holdings, Inc., L+825, 1.00% LIBOR Floor, 10/21/2022 (o) | 3 Month LIBOR | Retail | 4,000 | 4,020 | 4,045 | |||||||||
Institutional Shareholder Services Inc., L+850, 1.00% LIBOR Floor, 4/30/2022 (n) | 1 Month LIBOR | Services: Business | 10,648 | 10,543 | 10,648 | |||||||||
Medical Solutions Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/16/2025 (n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 10,000 | 9,856 | 9,950 | |||||||||
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023 (n) | 1 Month LIBOR | Services: Business | 7,000 | 6,902 | 7,000 | |||||||||
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023 | 1 Month LIBOR | Services: Business | 292 | 292 | 292 | |||||||||
Ministry Brands, LLC, L+100, 1.00% LIBOR Floor, Unfunded, 2/22/2019 (e) | 1 Month LIBOR | Services: Business | 742 | — | — | |||||||||
Mitchell International, Inc., L+750, 1.00% LIBOR Floor, 10/11/2021 (n)(o) | 3 Month LIBOR | High Tech Industries | 14,909 | 14,533 | 15,105 | |||||||||
MSHC, Inc., L+825, 1.00% LIBOR Floor, 7/31/2024 | 2 Month LIBOR | Services: Business | 2,081 | 2,015 | 2,013 | |||||||||
Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024 (h) | 3 Month EURIBOR | Chemicals, Plastics & Rubber | € | 7,489 | 7,938 | 8,671 | ||||||||
Onex Carestream Finance LP, L+850, 1.00% LIBOR Floor, 12/7/2019 (o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 12,030 | 11,014 | 11,767 | |||||||||
Onex TSG Holdings II Corp., L+850, 1.00% LIBOR Floor, 7/31/2023 (n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 12,249 | 12,143 | 12,180 | |||||||||
Paris Presents Inc., L+875, 1.00% LIBOR Floor, 12/31/2021 (n) | 1 Month LIBOR | Consumer Goods: Durable | 3,500 | 3,435 | 3,465 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., L+1050, 10/1/2021(i)(n)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 1,030 | 1,030 | 999 | |||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2021(n)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 634 | 493 | 610 | |||||||||||||||||||||||||||
Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(n) | 3 Month LIBOR | High Tech Industries | 9,850 | 9,687 | 9,887 | |||||||||||||||||||||||||||
STV Group, Inc., L+525, 0.00% LIBOR Floor, 12/13/2026(o) | 1 Month LIBOR | Services: Business | 1,995 | 1,975 | 1,985 | |||||||||||||||||||||||||||
Tenere Inc., L+850, 1.00% LIBOR Floor, 5/5/2025(n)(o) | 3 Month LIBOR | Capital Equipment | 18,080 | 18,051 | 18,103 | |||||||||||||||||||||||||||
Tensar Corp., L+675, 1.00% LIBOR Floor, 10/20/2025(n) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 4,975 | 4,865 | 5,003 | |||||||||||||||||||||||||||
The Pasha Group, L+800, 1.00% LIBOR Floor, 1/26/2023(n)(o) | 2 Month LIBOR | Transportation: Cargo | 3,885 | 3,843 | 3,924 | |||||||||||||||||||||||||||
The Pay-O-Matic Corp., L+900, 1.00% LIBOR Floor, 10/29/2021(j)(n) | 3 Month LIBOR | Services: Consumer | 6,162 | 6,126 | 6,162 | |||||||||||||||||||||||||||
Vesta Holdings, LLC, L+1000, 1.00% LIBOR Floor, 2/25/2024(n)(v) | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 25,268 | 25,268 | 25,268 | |||||||||||||||||||||||||||
Volta Charging, LLC, 12.00%, 6/19/2024(n) | None | Media: Diversified & Production | 15,000 | 15,000 | 16,219 | |||||||||||||||||||||||||||
Volta Charging, LLC, 12.00%, 6/19/2024(n) | None | Media: Diversified & Production | 12,000 | 11,983 | 12,975 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, L+675, 1.00% LIBOR Floor, 2/11/2025(n)(o)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 9,455 | 9,400 | 9,183 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, L+675, 1.00% LIBOR Floor, 2/11/2025(n)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 1,657 | 1,645 | 1,607 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, L+750, 1.00% LIBOR Floor, 2/11/2025 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 1,182 | 1,182 | 1,196 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022 | None | Healthcare & Pharmaceuticals | 472 | — | 5 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022 | None | Healthcare & Pharmaceuticals | 7,182 | (20) | (206) | |||||||||||||||||||||||||||
Williams Industrial Services Group, Inc, L+900, 1.00% LIBOR Floor, 12/16/2025(o) | 1 Month LIBOR | Services: Business | 9,925 | 9,925 | 10,024 | |||||||||||||||||||||||||||
Williams Industrial Services Group, Inc, 0.50% Unfunded, 6/16/2022 | None | Services: Business | 5,000 | — | 50 | |||||||||||||||||||||||||||
Wind River Systems, Inc., L+675, 1.00% LIBOR Floor, 6/24/2024 | 3 Month LIBOR | High Tech Industries | 24,342 | 24,139 | 24,190 | |||||||||||||||||||||||||||
Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(n) | 1 Month LIBOR | Beverage, Food & Tobacco | 20,444 | 19,940 | 20,316 | |||||||||||||||||||||||||||
Total Senior Secured First Lien Debt | 1,430,846 | 1,407,224 | ||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 15.3% | ||||||||||||||||||||||||||||||||
Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(n)(o) | 1 Month LIBOR | Services: Business | 17,250 | 17,146 | 17,164 | |||||||||||||||||||||||||||
Carestream Health, Inc., L+1250, 1.00% LIBOR Floor, 8/8/2023(n)(o)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 11,966 | 11,966 | 11,764 | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(n)(r)(v) | 3 Month LIBOR | Beverage, Food & Tobacco | 2,364 | 2,297 | — | |||||||||||||||||||||||||||
Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024(n) | 3 Month LIBOR | Construction & Building | 1,485 | 1,485 | 1,483 | |||||||||||||||||||||||||||
Deluxe Entertainment Services, Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(n)(r)(s)(v) | 3 Month LIBOR | Media: Diversified & Production | 10,400 | 10,017 | — | |||||||||||||||||||||||||||
Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(o) | 1 Month LIBOR | Telecommunications | 11,500 | 11,345 | 11,471 | |||||||||||||||||||||||||||
LSCS Holdings, Inc., L+825, 0.00% LIBOR Floor, 3/16/2026(n) | 6 Month LIBOR | Services: Business | 11,891 | 11,701 | 11,653 | |||||||||||||||||||||||||||
Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(n) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 10,000 | 9,907 | 9,750 | |||||||||||||||||||||||||||
MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(n) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 6,750 | 6,702 | 6,202 | |||||||||||||||||||||||||||
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(n)(o) | 1 Month LIBOR | Services: Business | 7,000 | 7,000 | 6,982 | |||||||||||||||||||||||||||
Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(h) | 1 Month EURIBOR | Chemicals, Plastics & Rubber | € | 6,263 | 6,721 | 7,426 | ||||||||||||||||||||||||||
Patterson Medical Supply, Inc., L+1050, 1.00% LIBOR Floor, 8/28/2023(n)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 15,563 | 15,510 | 15,563 | |||||||||||||||||||||||||||
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 | 3 Month LIBOR | Chemicals, Plastics & Rubber | 15,000 | 14,399 | 14,550 | |||||||||||||||||||||||||||
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(r)(v) | 3 Month LIBOR | Telecommunications | 3,590 | 3,435 | 108 | |||||||||||||||||||||||||||
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(m) | Fair Value(c) | ||||||||
Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023 (n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 13,500 | 13,379 | 13,163 | ||||||||
PDI TA Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/25/2024 | 1 Month LIBOR | High Tech Industries | 2,500 | 2,447 | 2,447 | ||||||||
PDI TA Holdings, Inc., 0.50% Unfunded, 8/24/2018 (e) | None | High Tech Industries | 550 | — | (12 | ) | |||||||
Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021 (o) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 3,469 | 3,458 | 3,469 | ||||||||
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 (n) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 15,000 | 14,719 | 14,738 | ||||||||
PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022 (o) | 1 Month LIBOR | Retail | 4,998 | 4,680 | 4,273 | ||||||||
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022 (n) | 1 Month LIBOR | Telecommunications | 3,000 | 2,892 | 2,895 | ||||||||
PSC Industrial Holdings Corp., L+825, 1.00% LIBOR Floor, 12/5/2021 (n) | 1 Month LIBOR | Services: Business | 10,000 | 9,862 | 10,000 | ||||||||
Robertshaw US Holding Corp., L+900, 0.00% LIBOR Floor, 2/10/2025 | 1 Month LIBOR | Chemicals, Plastics & Rubber | 5,000 | 4,855 | 4,994 | ||||||||
Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021 (o)(p) | 3 Month LIBOR | Telecommunications | 5,500 | 5,478 | 5,514 | ||||||||
Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/20/2025 (i)(p) | 1 Month LIBOR | Telecommunications | 2,942 | 2,913 | 2,968 | ||||||||
SMG, L+825, 1.00% LIBOR Floor, 2/27/2021 (n) | 1 Month LIBOR | Hotel, Gaming & Leisure | 6,142 | 6,142 | 6,126 | ||||||||
STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023 (n)(o) | 3 Month LIBOR | Services: Business | 10,000 | 9,879 | 9,000 | ||||||||
Survey Sampling International, LLC, L+900, 1.00% LIBOR Floor, 12/16/2021 (n) | 3 Month LIBOR | Services: Business | 5,000 | 4,931 | 4,950 | ||||||||
TexOak Petro Holdings LLC, 8.00%, 12/29/2019 (r)(s) | None | Energy: Oil & Gas | 7,137 | 2,360 | — | ||||||||
TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025 (n) | 3 Month LIBOR | Services: Business | 13,393 | 13,061 | 13,058 | ||||||||
TouchTunes Interactive Networks, Inc., L+825, 1.00% LIBOR Floor, 5/29/2022 (p) | 3 Month LIBOR | Hotel, Gaming & Leisure | 6,000 | 5,949 | 6,007 | ||||||||
U.S. Anesthesia Partners, Inc., L+725, 1.00% LIBOR Floor, 6/23/2025 | 1 Month LIBOR | Healthcare & Pharmaceuticals | 10,235 | 10,085 | 10,081 | ||||||||
U.S. Renal Care, Inc., L+800, 1.00% LIBOR Floor, 12/29/2023 (n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 5,000 | 4,917 | 4,875 | ||||||||
Wand Intermediate I LP, L+725, 1.00% LIBOR Floor, 9/19/2022 (n) | 3 Month LIBOR | Automotive | 16,000 | 15,875 | 16,080 | ||||||||
Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022 (n) | 1 Month LIBOR | Beverage, Food & Tobacco | 12,823 | 12,577 | 11,990 | ||||||||
Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023 (n) | 3 Month LIBOR | High Tech Industries | 5,000 | 4,932 | 4,988 | ||||||||
Total Senior Secured Second Lien Debt | 404,788 | 402,459 | |||||||||||
Collateralized Securities and Structured Products - Debt - 2.7% | |||||||||||||
Deutsche Bank AG Frankfurt CRAFT 2014-1 Class Credit Linked Note, L+965, 5/15/2019 (h) | 3 Month LIBOR | Diversified Financials | 4,304 | 4,304 | 4,200 | ||||||||
Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022 (h) | 3 Month LIBOR | Diversified Financials | 15,500 | 15,500 | 14,993 | ||||||||
Ivy Hill Middle Market Credit Fund VII, Ltd. Class E Notes, L+565, 10/20/2025 (g)(h) | 3 Month LIBOR | Diversified Financials | 2,000 | 1,887 | 1,931 | ||||||||
NXT Capital CLO 2014-1, LLC Class E Notes, L+550, 4/23/2026 (g)(h) | 3 Month LIBOR | Diversified Financials | 7,500 | 7,127 | 7,160 | ||||||||
Total Collateralized Securities and Structured Products - Debt | 28,818 | 28,284 | |||||||||||
Collateralized Securities and Structured Products - Equity - 2.8% | |||||||||||||
Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 2.82% Estimated Yield, 1/13/2025 (h) | (f) | Diversified Financials | 4,000 | 2,621 | 2,244 | ||||||||
APIDOS CLO XVI Subordinated Notes, 11.84% Estimated Yield, 1/19/2025 (h) | (f) | Diversified Financials | 9,000 | 4,140 | 3,569 | ||||||||
CENT CLO 19 Ltd. Subordinated Notes, 6.47% Estimated Yield, 10/29/2025 (h) | (f) | Diversified Financials | 2,000 | 1,305 | 1,087 | ||||||||
Galaxy XV CLO Ltd. Class A Subordinated Notes, 4.60% Estimated Yield, 4/15/2025 (h) | (f) | Diversified Financials | 4,000 | 2,356 | 2,189 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025 | 3 Month LIBOR | Telecommunications | 2,942 | 2,922 | 2,942 | |||||||||||||||||||||||||||
TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(n) | 1 Month LIBOR | Services: Business | 13,393 | 13,180 | 9,877 | |||||||||||||||||||||||||||
Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 15,000 | 14,898 | 14,775 | |||||||||||||||||||||||||||
Total Senior Secured Second Lien Debt | 160,631 | 141,710 | ||||||||||||||||||||||||||||||
Collateralized Securities and Structured Products - Equity - 1.5% | ||||||||||||||||||||||||||||||||
APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h) | (g) | Diversified Financials | 9,000 | 2,402 | 1,725 | |||||||||||||||||||||||||||
CENT CLO 19 Ltd. Subordinated Notes, 0.00% Estimated Yield, 10/29/2025(h) | (g) | Diversified Financials | 2,000 | 1,161 | 498 | |||||||||||||||||||||||||||
Galaxy XV CLO Ltd. Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h) | (g) | Diversified Financials | 4,000 | 1,877 | 1,987 | |||||||||||||||||||||||||||
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) | (g) | Diversified Financials | 10,000 | 9,047 | 9,885 | |||||||||||||||||||||||||||
Total Collateralized Securities and Structured Products - Equity | 14,487 | 14,095 | ||||||||||||||||||||||||||||||
Unsecured Debt - 0.6% | ||||||||||||||||||||||||||||||||
WPLM Acquisition Corp., 15.00%, 11/24/2025(v) | None | Media: Advertising, Printing & Publishing | 5,752 | 5,675 | 5,508 | |||||||||||||||||||||||||||
Total Unsecured Debt | 5,675 | 5,508 | ||||||||||||||||||||||||||||||
Equity - 11.6% | ||||||||||||||||||||||||||||||||
1244301 B.C. LTD., Common Shares(p)(s) | Chemicals, Plastics & Rubber | 807,268 Units | — | 186 | ||||||||||||||||||||||||||||
ACNR Holdings, Inc., Common Stock(p) | Metals & Mining | 6,018 Units | 90 | 137 | ||||||||||||||||||||||||||||
ACNR Holdings, Inc., Preferred Stock(p) | Metals & Mining | 1,890 Units | 26 | 203 | ||||||||||||||||||||||||||||
Alert 360 Topco, Inc., Common Stock(p)(s) | Services: Consumer | 584,498 Units | 3,624 | 3,731 | ||||||||||||||||||||||||||||
American Clinical Solutions LLC, Class A Membership Interests(p)(s) | Healthcare & Pharmaceuticals | 6,030,384 Units | 1,658 | 4,704 | ||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(p) | Media: Diversified & Production | 907 Units | 205 | 242 | ||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(p) | Media: Diversified & Production | 160 Units | — | — | ||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Common Stock Warrants(p) | Media: Diversified & Production | 2,960 Units | — | — | ||||||||||||||||||||||||||||
ARC Financial Partners, LLC, Membership Interests (25% ownership)(p)(s) | Metals & Mining | N/A | — | 16 | ||||||||||||||||||||||||||||
Ascent Resources - Marcellus, LLC, Membership Units(p) | Energy: Oil & Gas | 511,255 Units | 1,642 | 456 | ||||||||||||||||||||||||||||
Ascent Resources - Marcellus, LLC, Warrants(p) | Energy: Oil & Gas | 132,367 Units | 13 | 2 | ||||||||||||||||||||||||||||
BCP Great Lakes Fund LP, Partnership Interests (11.4% ownership)(h)(s) | Diversified Financials | N/A | 11,594 | 11,615 | ||||||||||||||||||||||||||||
Carestream Health Holdings, Inc., Warrants(p) | Healthcare & Pharmaceuticals | 233 Units | 565 | 1,040 | ||||||||||||||||||||||||||||
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(u) | Healthcare & Pharmaceuticals | 2,727,273 Units | 5,634 | 7,555 | ||||||||||||||||||||||||||||
CION SOF Funding, LLC, Membership Interests (87.5% ownership)(p)(t) | Diversified Financials | N/A | — | — | ||||||||||||||||||||||||||||
Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(s)(u) | Healthcare & Pharmaceuticals | 12,677,833 Units | 16,094 | 19,571 | ||||||||||||||||||||||||||||
Conisus Holdings, Inc., Common Stock(p)(s) | Healthcare & Pharmaceuticals | 4,914,556 Units | 200 | 19,056 | ||||||||||||||||||||||||||||
Country Fresh Holdings, LLC, Membership Units(p) | Beverage, Food & Tobacco | 2,985 Units | 5,249 | — | ||||||||||||||||||||||||||||
Dayton HoldCo, LLC, Membership Units(p) | Construction & Building | 37,264 Units | 4,136 | 7,734 | ||||||||||||||||||||||||||||
DBI Investors, Inc., Series A1 Preferred Stock(p) | Retail | 20,000 Units | 802 | — | ||||||||||||||||||||||||||||
DBI Investors, Inc., Series A2 Preferred Stock(p) | Retail | 1,733 Units | — | — | ||||||||||||||||||||||||||||
DBI Investors, Inc., Series A Preferred Stock(p) | Retail | 1,396 Units | 140 | — |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(m) | Fair Value(c) | ||||||||||
Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 10.40% Estimated Yield, 10/20/2025 (h) | (f) | Diversified Financials | 2,000 | 1,581 | 1,479 | ||||||||||
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 10.35% Estimated Yield, 2/2/2026 (e)(h) | (f) | Diversified Financials | 10,000 | 9,857 | 9,662 | ||||||||||
Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 14.21% Estimated Yield, 10/18/2025 (h) | (f) | Diversified Financials | 8,146 | 5,933 | 5,885 | ||||||||||
Ivy Hill Middle Market Credit Fund X, Ltd., 10.06% Estimated Yield, 7/24/2027 (h) | (f) | Diversified Financials | 4,760 | 3,744 | 3,473 | ||||||||||
Total Collateralized Securities and Structured Products - Equity | 31,537 | 29,588 | |||||||||||||
Unsecured Debt - 0.7% | |||||||||||||||
Visual Edge Technology, Inc., 12.50%, 8/31/2024 | None | Services: Business | 7,519 | 7,333 | 7,331 | ||||||||||
Total Unsecured Debt | 7,333 | 7,331 | |||||||||||||
Equity - 0.4% | |||||||||||||||
Commerce Topco, LLC (q) | Healthcare & Pharmaceuticals | 87 Units | 85 | 85 | |||||||||||
Commerce Parent, Inc. (q) | Healthcare & Pharmaceuticals | 87 Units | 87 | 87 | |||||||||||
F+W Media, Inc. (q) | Media: Diversified & Production | 31,211 Units | — | — | |||||||||||
Mooregate ITC Acquisition, LLC, Class A Units (q) | High Tech Industries | 500 Units | 563 | 450 | |||||||||||
NS NWN Acquisition, LLC (q) | High Tech Industries | 404 Units | 393 | 450 | |||||||||||
NSG Co-Invest (Bermuda) LP (h)(q) | Consumer Goods: Durable | 1,575 Units | 1,000 | 875 | |||||||||||
Spinal USA, Inc. / Precision Medical Inc., Warrants (q) | Healthcare & Pharmaceuticals | 1,551,569 Units | 853 | 853 | |||||||||||
Southcross Holdings LP, Class A-II Units (q) | Energy: Oil & Gas | 188 Units | 75 | 127 | |||||||||||
Southcross Holdings GP, LLC, Units (q) | Energy: Oil & Gas | 188 Units | — | — | |||||||||||
Speed Commerce Investment Part, LLC (q) | High Tech Industries | 629 Units | 2,640 | 900 | |||||||||||
Tenere Inc. Warrant (q) | Capital Equipment | N/A | 161 | 36 | |||||||||||
TexOak Petro Holdings LLC (q) | Energy: Oil & Gas | 60,000 Units | — | — | |||||||||||
Total Equity | 5,857 | 3,863 | |||||||||||||
Short Term Investments - 13.5%(k) | |||||||||||||||
First American Treasury Obligations Fund, Class Z Shares, 0.89% (l) | 140,810 | 140,810 | |||||||||||||
Total Short Term Investments | 140,810 | 140,810 | |||||||||||||
TOTAL INVESTMENTS - 161.6% | $ | 1,688,414 | 1,691,855 | ||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (61.6%) | (644,668 | ) | |||||||||||||
NET ASSETS - 100% | $ | 1,047,187 |
Portfolio Company(a) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||
DBI Investors, Inc., Series B Preferred Stock(p) | Retail | 4,183 Units | 410 | — | ||||||||||||||||||||||||||||
DBI Investors, Inc., Common Stock(p) | Retail | 39,423 Units | — | — | ||||||||||||||||||||||||||||
DBI Investors, Inc., Reallocation Rights(p) | Retail | 7,500 Units | — | — | ||||||||||||||||||||||||||||
DESG Holdings, Inc., Common Stock(i)(p)(s) | Media: Diversified & Production | 1,268,143 Units | 13,675 | — | ||||||||||||||||||||||||||||
HDNet Holdco LLC, Preferred Unit Call Option(p) | Media: Diversified & Production | 1 Unit | — | — | ||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(p) | Retail | 1,000,000 Units | 1,000 | — | ||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(p) | Retail | 2,632,771 Units | 2,133 | 1,590 | ||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(p) | Retail | 2,632,771 Units | 2,633 | 2,721 | ||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Warrants(p) | Retail | 155,880 Units | — | — | ||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC, Membership Units(p)(s) | Energy: Oil & Gas | 589,487 Units | 2,524 | 10,422 | ||||||||||||||||||||||||||||
Mooregate ITC Acquisition, LLC, Class A Units(p)(s) | High Tech Industries | 500 Units | 563 | 115 | ||||||||||||||||||||||||||||
Mount Logan Capital Inc., Common Stock(f)(h)(s) | Banking, Finance, Insurance & Real Estate | 1,075,557 Units | 3,534 | 3,045 | ||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Voting Units(p) | High Tech Industries | 346 Units | 393 | 1,730 | ||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Class A Preferred Units(p) | High Tech Industries | 111 Units | 110 | 331 | ||||||||||||||||||||||||||||
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) | Consumer Goods: Durable | 1,575 Units | 1,000 | 772 | ||||||||||||||||||||||||||||
Palmetto Clean Technology, Inc., Warrants(p) | High Tech Industries | 724,112 Units | 472 | 2,274 | ||||||||||||||||||||||||||||
Phillips Pet Holding Corp., Common Stock(p) | Retail | 235 Units | 13 | 17 | ||||||||||||||||||||||||||||
SIMR Parent, LLC, Class B Common Units(p)(s) | Healthcare & Pharmaceuticals | 12,283,163 Units | 8,002 | — | ||||||||||||||||||||||||||||
SIMR Parent, LLC, Class W Units(p)(s) | Healthcare & Pharmaceuticals | 1,778,219 Units | — | — | ||||||||||||||||||||||||||||
Skillsoft Corp., Class A Common Stock(h)(p) | High Tech Industries | 243,425 Units | 2,286 | 2,286 | ||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Class A Common Stock(p)(s) | Services: Consumer | 9,858 Units | 3,078 | 3,097 | ||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Warrants(p)(s) | Services: Consumer | 3,996 Units | 1,247 | 1,255 | ||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., Warrants(p) | Healthcare & Pharmaceuticals | 20,667,324 Units | 5,806 | — | ||||||||||||||||||||||||||||
Tenere Inc., Warrants(p) | Capital Equipment | N/A | 161 | 1,114 | ||||||||||||||||||||||||||||
Total Equity | 100,712 | 107,017 | ||||||||||||||||||||||||||||||
Short Term Investments - 5.2%(l) | ||||||||||||||||||||||||||||||||
First American Treasury Obligations Fund, Class Z Shares, 0.01%(m) | 48,484 | 48,484 | ||||||||||||||||||||||||||||||
Total Short Term Investments | 48,484 | 48,484 | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 186.2% | $ | 1,760,835 | 1,724,038 | |||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (86.2%) | (798,158) | |||||||||||||||||||||||||||||||
NET ASSETS - 100% | $ | 925,880 |
Interest Rate | Interest Amount | |||||||||||||||||||
Portfolio Company | Investment Type | Cash | PIK | All-in-Rate | Cash | PIK | Total | |||||||||||||
Charming Charlie, LLC(t) | Senior Secured First Lien Debt | 7.50% | 1.50% | 9.00% | $ | 369 | $ | — | $ | 369 | ||||||||||
Elements Behavioral Health, Inc.(t) | Senior Secured Second Lien Debt | — | 13.00% | 13.00% | $ | — | $ | 365 | $ | 365 | ||||||||||
F+W Media, Inc.(t) | Senior Secured First Lien Debt | 1.50% | 10.00% | 11.50% | $ | 19 | $ | 93 | $ | 112 | ||||||||||
Petroflow Energy Corp.(t) | Senior Secured First Lien Debt | 3.00% | 6.00% | 9.00% | $ | 99 | $ | 187 | $ | 286 | ||||||||||
Rimini Street, Inc. | Senior Secured First Lien Debt | 12.00% | 3.00% | 15.00% | $ | 1,469 | $ | 403 | $ | 1,872 | ||||||||||
Sequoia Healthcare Management, LLC | Senior Secured First Lien Debt | 12.00% | 4.00% | 16.00% | $ | 531 | $ | 211 | $ | 742 | ||||||||||
Southcross Holdings Borrower LP | Senior Secured First Lien Debt | 3.50% | 5.50% | 9.00% | $ | 6 | $ | 7 | $ | 13 | ||||||||||
Spinal USA, Inc. / Precision Medical Inc. | Senior Secured First Lien Debt | — | 10.50% | 10.50% | $ | — | $ | 124 | $ | 124 | ||||||||||
TexOak Petro Holdings LLC(t) | Senior Secured Second Lien Debt | — | 8.00% | 8.00% | $ | — | $ | 314 | $ | 314 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled, Affiliated Investments | Fair Value at December 31, 2020 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at June 30, 2021 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
1244301 B.C. LTD. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan A | $ | 2,289 | $ | 9 | $ | (11) | $ | (1) | $ | 2,286 | $ | — | $ | 83 | $ | — | ||||||||||||||||||||||||||||||||||
First Lien Term Loan B | 755 | 29 | — | (1) | 783 | — | 29 | — | ||||||||||||||||||||||||||||||||||||||||||
Common Shares | — | — | — | 186 | 186 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Alert 360 Opco, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | — | 12,239 | (61) | 16 | 12,194 | — | 417 | — | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | — | 3,624 | — | 107 | 3,731 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
American Clinical Solutions LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tranche I Term Loan | 3,124 | 18 | — | 192 | 3,334 | — | 141 | — | ||||||||||||||||||||||||||||||||||||||||||
First Amendment Tranche I Term Loan | 242 | — | — | 4 | 246 | — | 8 | — | ||||||||||||||||||||||||||||||||||||||||||
Class A Membership Interests | 663 | — | — | 4,041 | 4,704 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
��ARC Financial, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | — | — | — | 16 | 16 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
BCP Great Lakes Fund LP | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | 12,611 | 1,641 | (2,911) | 274 | 11,615 | — | — | 780 | ||||||||||||||||||||||||||||||||||||||||||
Charming Charlie, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Vendor Payment Financing Facility | 350 | — | — | — | 350 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Conisus Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | 16,481 | 951 | — | 2,139 | 19,571 | — | — | 951 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | 12,401 | — | — | 6,655 | 19,056 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
DESG Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 3,978 | 63 | (667) | (20) | 3,354 | — | 158 | — | ||||||||||||||||||||||||||||||||||||||||||
Second Lien Term Loan | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
F+W Media, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan B-1 | — | — | (1,115) | 1,115 | — | (1,080) | — | — | ||||||||||||||||||||||||||||||||||||||||||
Lift Brands, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan A | 23,642 | — | — | — | 23,642 | — | 1,010 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan B | 4,751 | 245 | — | (42) | 4,954 | — | 245 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan C | 4,687 | 64 | — | (51) | 4,700 | — | 64 | — | ||||||||||||||||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Units | 7,988 | — | — | 2,434 | 10,422 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Longview Power, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 2,414 | 1,959 | (13) | 61 | 4,421 | — | 257 | — | ||||||||||||||||||||||||||||||||||||||||||
Mount Logan Capital Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | 2,409 | — | — | 636 | 3,045 | — | — | 29 | ||||||||||||||||||||||||||||||||||||||||||
SIMR, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 13,347 | 2,650 | — | (527) | 15,470 | — | 1,909 | — | ||||||||||||||||||||||||||||||||||||||||||
SIMR Parent, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Units | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Class W Units | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Stock | 3,389 | — | — | (292) | 3,097 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Warrants | 1,374 | — | — | (119) | 1,255 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 116,895 | $ | 23,492 | $ | (4,778) | $ | 16,823 | $ | 152,432 | $ | (1,080) | $ | 4,321 | $ | 1,760 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Controlled Investments | Fair Value at December 31, 2020 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at June 30, 2021 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
CION SOF Funding, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | $ | 12,472 | $ | — | $ | (15,539) | $ | 3,067 | $ | — | $ | (3,067) | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Totals | $ | 12,472 | $ | — | $ | (15,539) | $ | 3,067 | $ | — | $ | (3,067) | $ | — | $ | — |
Interest Rate | ||||||||||||||||||||||||||
Portfolio Company | Investment Type | Cash | PIK | All-in-Rate | ||||||||||||||||||||||
1244311 B.C. LTD. | Senior Secured First Lien Debt | — | 6.00% | 6.00% | ||||||||||||||||||||||
Adapt Laser Acquisition, Inc. | Senior Secured First Lien Debt | 11.00% | 2.00% | 13.00% | ||||||||||||||||||||||
Alliance Healthcare Services, Inc. | Senior Secured First Lien Debt | 4.50% | 1.00% | 5.50% | ||||||||||||||||||||||
American Consolidated Natural Resources, Inc. | Senior Secured First Lien Debt | 11.00% | 3.00% | 14.00% | ||||||||||||||||||||||
Ancile Solutions, Inc. | Senior Secured First Lien Debt | 8.00% | 3.00% | 11.00% | ||||||||||||||||||||||
Anthem Sports & Entertainment Inc. | Senior Secured First Lien Debt | 7.75% | 2.75% | 10.50% | ||||||||||||||||||||||
Cadence Aerospace, LLC | Senior Secured First Lien Debt | 4.25% | 5.25% | 9.50% | ||||||||||||||||||||||
Carestream Health, Inc. | Senior Secured Second Lien Debt | 5.50% | 8.00% | 13.50% | ||||||||||||||||||||||
CHC Solutions Inc. | Senior Secured First Lien Debt | 8.00% | 4.00% | 12.00% | ||||||||||||||||||||||
CircusTrix Holdings, LLC | Senior Secured First Lien Debt | 6.50% | 2.50% | 9.00% | ||||||||||||||||||||||
Country Fresh Holdings, LLC | Senior Secured First Lien Debt | 8.00% | 4.00% | 12.00% | ||||||||||||||||||||||
Country Fresh Holdings, LLC | Senior Secured Second Lien Debt | — | 9.50% | 9.50% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 6.00% | 1.00% | 7.00% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 6.00% | 5.00% | 11.00% | ||||||||||||||||||||||
Deluxe Entertainment Services, Inc. | Senior Secured First Lien Debt | 6.00% | 1.50% | 7.50% | ||||||||||||||||||||||
Deluxe Entertainment Services, Inc. | Senior Secured Second Lien Debt | 7.00% | 2.50% | 9.50% | ||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP | Senior Secured First Lien Debt | — | 20.00% | 20.00% | ||||||||||||||||||||||
Homer City Generation, L.P. | Senior Secured First Lien Debt | — | 15.00% | 15.00% | ||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | Senior Secured First Lien Debt | — | 6.00% | 6.00% | ||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | Senior Secured First Lien Debt | — | 8.25% | 8.25% | ||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | Senior Secured First Lien Debt | 0.19% | 6.00% | 6.19% | ||||||||||||||||||||||
Jenny C Acquisition, Inc. | Senior Secured First Lien Debt | — | 12.25% | 12.25% | ||||||||||||||||||||||
LAV Gear Holdings, Inc. | Senior Secured First Lien Debt | 3.50% | 5.00% | 8.50% | ||||||||||||||||||||||
Lift Brands, Inc. | Senior Secured First Lien Debt | — | 9.50% | 9.50% | ||||||||||||||||||||||
Mimeo.com, Inc. | Revolving Term Loan | 8.00% | 10.00% | 18.00% | ||||||||||||||||||||||
Moss Holding Company | Senior Secured First Lien Debt | 7.50% | 0.50% | 8.00% | ||||||||||||||||||||||
Patterson Medical Supply, Inc. | Senior Secured Second Lien Debt | 1.00% | 10.50% | 11.50% | ||||||||||||||||||||||
Premiere Global Services, Inc. | Senior Secured Second Lien Debt | 0.50% | 10.00% | 10.50% | ||||||||||||||||||||||
SIMR, LLC | Senior Secured First Lien Debt | — | 19.00% | 19.00% | ||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc. | Senior Secured First Lien Debt | — | 9.70% | 9.70% | ||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc. | Senior Secured First Lien Debt | 9.65% | 1.00% | 10.65% | ||||||||||||||||||||||
Vesta Holdings, LLC | Senior Secured First Lien Debt | 7.00% | 4.00% | 11.00% | ||||||||||||||||||||||
West Dermatology Management Holdings, LLC | Senior Secured First Lien Debt | 7.00% | 0.75% | 7.75% | ||||||||||||||||||||||
WPLM Acquisition Corp. | Unsecured Note | — | 15.00% | 15.00% |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(p) | Fair Value(c) | |||||||||||
Senior Secured First Lien Debt - 49.0% | ||||||||||||||||
AbelConn, LLC / Atrenne Computing Solutions, LLC / Airco Industries, LLC, L+850, 1.00% LIBOR Floor, 7/17/2019(j) | 3 Month LIBOR | Aerospace & Defense | $ | 22,112 | $ | 21,702 | $ | 21,780 | ||||||||
Adams Publishing Group, LLC, L+700, 1.00% LIBOR Floor, 11/3/2020(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 3,892 | 3,818 | 3,833 | |||||||||||
American Clinical Solutions LLC, L+950, 1.00% LIBOR Floor, 6/11/2020 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 9,034 | 8,908 | 8,492 | |||||||||||
American Media, Inc., L+750, 1.00% LIBOR Floor, 8/24/2020(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 11,467 | 11,150 | 11,123 | |||||||||||
American Media, Inc., 0.50% Unfunded, 8/24/2020(e) | None | Media: Advertising, Printing & Publishing | 505 | (15 | ) | (15 | ) | |||||||||
American Media, Inc., 7.50%, 8/24/2020(e) | None | Media: Advertising, Printing & Publishing | 206 | (6 | ) | (6 | ) | |||||||||
American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(n) | 3 Month LIBOR | Telecommunications | 19,248 | 17,475 | 18,863 | |||||||||||
AMPORTS, Inc., L+500, 1.00% LIBOR Floor, 5/19/2020(j) | 3 Month LIBOR | Automotive | 19,100 | 18,743 | 18,718 | |||||||||||
Blue Ribbon, LLC, L+400, 1.00% LIBOR Floor, 11/15/2021(i) | 3 Month LIBOR | Beverage, Food & Tobacco | 9,975 | 9,975 | 9,972 | |||||||||||
CF Entertainment Inc., L+1100, 1.00% LIBOR Floor, 6/26/2020(n) | 3 Month LIBOR | Media: Diversified & Production | 17,094 | 17,057 | 17,094 | |||||||||||
Dodge Data & Analytics, LLC / Skyline Data News and Analytics, LLC, L+875, 1.00% LIBOR Floor, 10/31/2019(n) | 3 Month LIBOR | Construction & Building | 10,387 | 10,241 | 10,218 | |||||||||||
ECI Acquisition Holdings, Inc., L+625, 1.00% LIBOR Floor, 3/11/2019(n) | 3 Month LIBOR | High Tech Industries | 8,517 | 8,493 | 8,517 | |||||||||||
Elemica, Inc., L+800, 1.00% LIBOR Floor, 7/7/2021(n) | 1 Month LIBOR | High Tech Industries | 17,413 | 17,005 | 16,977 | |||||||||||
Elemica, Inc., 0.50% Unfunded, 7/7/2021(e) | None | High Tech Industries | 2,500 | (57 | ) | (62 | ) | |||||||||
EnTrans International, LLC, L+750, 1.00% LIBOR Floor, 6/4/2020 | 3 Month LIBOR | Capital Equipment | 13,594 | 9,977 | 10,331 | |||||||||||
F+W Media, Inc., L+950, 1.25% LIBOR Floor, 6/30/2019(n) | 3 Month LIBOR | Media: Diversified & Production | 7,280 | 7,092 | 6,006 | |||||||||||
Forbes Media LLC, L+675, 1.00% LIBOR Floor, 9/12/2019(j) | 1 Month LIBOR | Media: Advertising, Printing & Publishing | 15,000 | 14,621 | 14,400 | |||||||||||
Ignite Restaurant Group, Inc., L+700, 1.00% LIBOR Floor, 2/13/2019(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 10,482 | 10,400 | 10,167 | |||||||||||
Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/21/2018(n) | 1 Month LIBOR | Services: Business | 8,214 | 7,550 | 7,372 | |||||||||||
Infogroup Inc., L+550, 1.50% LIBOR Floor, 5/26/2018(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 15,578 | 15,277 | 15,451 | |||||||||||
InterGen N.V., L+450, 1.00% LIBOR Floor, 6/12/2020(h)(i) | 3 Month LIBOR | Energy: Electricity | 1,182 | 1,156 | 1,153 | |||||||||||
Intertain Group Ltd., L+650, 1.00% LIBOR Floor, 4/8/2022(h)(n) | 3 Month LIBOR | Hotel, Gaming & Leisure | 1,765 | 1,736 | 1,780 | |||||||||||
Ipsen International GmbH, L+800, 1.00% LIBOR Floor, 9/30/2019(h)(j) | 1 Month LIBOR | Capital Equipment | 1,422 | 1,429 | 1,429 | |||||||||||
Ipsen, Inc., L+700, 1.00% LIBOR Floor, 9/30/2019(j) | 1 Month LIBOR | Capital Equipment | 8,095 | 8,002 | 8,035 | |||||||||||
ITC Service Group Acquisition LLC, L+950, 0.50% LIBOR Floor, 5/26/2021(j) | 1 Month LIBOR | High Tech Industries | 11,250 | 11,035 | 11,081 | |||||||||||
KPC Health Care, Inc., L+925, 1.00% LIBOR Floor, 8/28/2020(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 7,544 | 7,401 | 7,809 | |||||||||||
Labvantage Solutions Inc., L+800, 1.00% LIBOR Floor, 12/29/2020(n) | 3 Month LIBOR | High Tech Industries | 4,875 | 4,829 | 4,863 | |||||||||||
Labvantage Solutions Ltd., E+800, 1.00% EURIBOR Floor, 12/29/2020(h) | 3 Month EURIBOR | High Tech Industries | € | 4,495 | 5,005 | 4,728 | ||||||||||
Lift Brands, Inc., L+800, 1.00% LIBOR Floor, 12/23/2019(n) | 3 Month LIBOR | Services: Consumer | 9,548 | 9,438 | 9,477 | |||||||||||
Ministry Brands, LLC, L+500, 1.00% LIBOR Floor, 12/2/2022(e) | 3 Month LIBOR | Services: Business | 9,994 | 9,587 | 9,894 | |||||||||||
Nathan's Famous Inc., 10.00%, 3/15/2020(h)(n) | None | Beverage, Food & Tobacco | 6,000 | 6,000 | 6,540 | |||||||||||
Nextech Systems, LLC, L+725, 1.00% LIBOR Floor, 6/22/2021(j)(n) | 1 Month LIBOR | High Tech Industries | 15,642 | 15,062 | 15,330 | |||||||||||
NWN Acquisition Holding Company LLC, L+1000, 1.00% LIBOR Floor, 10/16/2020(j) | 3 Month LIBOR | High Tech Industries | 13,717 | 13,357 | 13,271 | |||||||||||
Pacific Coast Holding Investment LLC, L+970, 2.00% LIBOR Floor, 2/14/2017 | 1 Month LIBOR | Healthcare & Pharmaceuticals | 5,250 | 5,242 | 5,250 | |||||||||||
Petroflow Energy Corporation, L+800, 1.00% LIBOR Floor, 6/29/2019(q) | 3 Month LIBOR | Energy: Oil & Gas | 4,895 | 4,618 | 4,601 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Senior Secured First Lien Debt - 139.3% | ||||||||||||||||||||||||||||||||
1244311 B.C. LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s) | 3 Month LIBOR | Chemicals, Plastics & Rubber | $ | 2,422 | $ | 2,293 | $ | 2,289 | ||||||||||||||||||||||||
1244311 B.C. LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s)(v) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 807 | 756 | 755 | |||||||||||||||||||||||||||
Adams Publishing Group, LLC, L+700, 1.75% LIBOR Floor, 7/2/2023(n)(o) | 1 Month LIBOR | Media: Advertising, Printing & Publishing | 12,318 | 12,243 | 12,041 | |||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(n) | 3 Month LIBOR | Capital Equipment | 11,280 | 11,280 | 9,715 | |||||||||||||||||||||||||||
Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023 | 3 Month LIBOR | Capital Equipment | 2,000 | 2,000 | 1,722 | |||||||||||||||||||||||||||
Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 9,774 | 9,635 | 8,577 | |||||||||||||||||||||||||||
AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(n) | 3 Month LIBOR | Banking, Finance, Insurance & Real Estate | 5,243 | 5,194 | 4,955 | |||||||||||||||||||||||||||
Alchemy US Holdco 1, LLC, L+550, 10/10/2025(n) | 1 Month LIBOR | Construction & Building | 12,959 | 12,826 | 12,505 | |||||||||||||||||||||||||||
Alert 360 Opco, Inc., L+600, 1.00% LIBOR Floor, 10/16/2025(n) | 1 Month LIBOR | Services: Consumer | 9,738 | 9,738 | 9,738 | |||||||||||||||||||||||||||
Allen Media, LLC, L+550, 0.00% LIBOR Floor, 2/10/2027(n)(o) | 3 Month LIBOR | Media: Diversified & Production | 24,809 | 24,809 | 24,747 | |||||||||||||||||||||||||||
ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(n)(o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 19,000 | 18,690 | 18,050 | |||||||||||||||||||||||||||
AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025(n) | 3 Month LIBOR | Services: Business | 10,813 | 10,765 | 10,273 | |||||||||||||||||||||||||||
AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025 | 3 Month LIBOR | Services: Business | 228 | 228 | 217 | |||||||||||||||||||||||||||
AMCP Staffing Intermediate Holdings III, LLC, 0.50% Unfunded, 9/24/2025 | None | Services: Business | 1,370 | — | (68) | |||||||||||||||||||||||||||
American Clinical Solutions LLC, 7.00%, 12/31/2022(n)(s) | None | Healthcare & Pharmaceuticals | 3,500 | 3,427 | 3,124 | |||||||||||||||||||||||||||
American Clinical Solutions LLC, 7.00%, 6/30/2021(n)(s) | None | Healthcare & Pharmaceuticals | 250 | 250 | 242 | |||||||||||||||||||||||||||
American Consolidated Natural Resources, Inc., L+1300, 1.00% LIBOR Floor, 9/16/2025(n)(v) | 1 Month LIBOR | Metals & Mining | 780 | 551 | 754 | |||||||||||||||||||||||||||
American Media, LLC, L+775, 1.50% LIBOR Floor, 12/31/2023(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 11,077 | 10,894 | 10,952 | |||||||||||||||||||||||||||
American Media, LLC, L+775, 1.50% LIBOR Floor, 12/31/2023(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 1,702 | 1,677 | 1,683 | |||||||||||||||||||||||||||
American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(n) | 6 Month LIBOR | Telecommunications | 19,514 | 18,792 | 15,904 | |||||||||||||||||||||||||||
Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 4,950 | 4,885 | 4,851 | |||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024(n)(v) | 3 Month LIBOR | Media: Diversified & Production | 13,815 | 13,647 | 13,642 | |||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024(n) | 3 Month LIBOR | Media: Diversified & Production | 833 | 833 | 825 | |||||||||||||||||||||||||||
Anthem Sports & Entertainment Inc., 0.50% Unfunded, 9/9/2024 | None | Media: Diversified & Production | 1,333 | — | (13) | |||||||||||||||||||||||||||
APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(n) | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 9,436 | 9,368 | 8,935 | |||||||||||||||||||||||||||
Appalachian Resource Company, LLC, L+500, 1.00% LIBOR Floor, 9/10/2023 | 1 Month LIBOR | Metals & Mining | 11,137 | 9,717 | 9,230 | |||||||||||||||||||||||||||
Appalachian Resource Company, LLC, 0.00% Unfunded, 9/10/2023(p) | None | Metals & Mining | 2,500 | — | — | |||||||||||||||||||||||||||
Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(n)(o) | 1 Month LIBOR | Construction & Building | 14,522 | 14,107 | 13,306 | |||||||||||||||||||||||||||
Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(n) | 3 Month LIBOR | Banking, Finance, Insurance & Real Estate | 9,800 | 9,647 | 9,322 | |||||||||||||||||||||||||||
BK Medical Holding Company, Inc., L+525, 1.00% LIBOR Floor, 6/22/2024(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 4,963 | 4,926 | 4,690 | |||||||||||||||||||||||||||
Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(n)(o)(v) | 3 Month LIBOR | Aerospace & Defense | 37,832 | 37,343 | 35,751 | |||||||||||||||||||||||||||
Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(n) | 3 Month LIBOR | Services: Business | 8,224 | 7,933 | 7,597 | |||||||||||||||||||||||||||
CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(n) | 6 Month LIBOR | Transportation: Cargo | 15,882 | 15,818 | 14,631 | |||||||||||||||||||||||||||
Charming Charlie LLC, 20.00%, 4/24/2023(r)(s) | None | Retail | 662 | 657 | 350 | |||||||||||||||||||||||||||
CHC Solutions Inc., 12.00%, 7/20/2023(o)(v) | None | Healthcare & Pharmaceuticals | 7,651 | 7,651 | 7,498 | |||||||||||||||||||||||||||
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(p) | Fair Value(c) | ||||||||
Plano Molding Company, LLC, L+700, 1.00% LIBOR Floor, 5/12/2021(n) | 2 Month LIBOR | Consumer Goods: Non-Durable | 8,840 | 8,772 | 8,611 | ||||||||
Rimini Street, Inc., 15.00%, 6/24/2020(m)(q) | None | High Tech Industries | 19,822 | 19,556 | 19,426 | ||||||||
Sequoia Healthcare Management, LLC, 16.00%, 7/17/2019(n)(q) | None | Healthcare & Pharmaceuticals | 6,511 | 6,405 | 6,397 | ||||||||
Shift PPC LLC, L+600, 1.00% LIBOR Floor, 12/22/2021 | 3 Month LIBOR | High Tech Industries | 9,500 | 9,266 | 9,265 | ||||||||
SmartBear Software Inc., L+750, 1.00% LIBOR Floor, 12/30/2020(n) | 3 Month LIBOR | High Tech Industries | 18,588 | 18,271 | 18,727 | ||||||||
Southcross Holdings Borrower LP, 9.00%, 4/13/2023(q) | None | Energy: Oil & Gas | 172 | 151 | 135 | ||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 1/21/2020(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 12,281 | 12,194 | 12,158 | ||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 1.00% LIBOR Floor, 7/21/2020(q) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 128 | 126 | 127 | ||||||||
Sprint Industrial Holdings, LLC, L+575, 1.25% LIBOR Floor, 5/14/2019(n) | 3 Month LIBOR | Energy: Oil & Gas | 7,306 | 6,849 | 5,406 | ||||||||
Studio Movie Grill Holdings, LLC, L+725, 1.00% LIBOR Floor, 9/30/2020(e)(n) | 1 Month LIBOR | Hotel, Gaming & Leisure | 15,143 | 15,004 | 15,143 | ||||||||
Telestream Holdings Corp., L+677, 1.00% LIBOR Floor, 1/15/2020(j)(n) | 3 Month LIBOR | High Tech Industries | 7,154 | 7,027 | 7,011 | ||||||||
Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021 | 3 Month LIBOR | Capital Equipment | 32,000 | 31,219 | 31,199 | ||||||||
Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 15,000 | 14,925 | 14,925 | ||||||||
WD Wolverine Holdings, LLC, L+550, 1.00% LIBOR Floor, 10/17/2023(i) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 2,000 | 1,960 | 1,946 | ||||||||
Worley Claims Services, LLC, L+800, 1.00% LIBOR Floor, 10/31/2020(n) | 1 Month LIBOR | Services: Business | 20,115 | 19,925 | 20,015 | ||||||||
Zywave Inc., L+500, 1.00% LIBOR Floor, 11/17/2022 | 3 Month LIBOR | High Tech Industries | 5,000 | 4,951 | 4,950 | ||||||||
Total Senior Secured First Lien Debt | 489,904 | 489,913 | |||||||||||
Senior Secured Second Lien Debt - 43.4% | |||||||||||||
ABG Intermediate Holdings 2 LLC, L+850, 1.00% LIBOR Floor, 5/27/2022(e)(m)(n) | 3 Month LIBOR | Retail | 18,666 | 18,365 | 18,852 | ||||||||
Access CIG, LLC, L+875, 1.00% LIBOR Floor, 10/17/2022(m) | 3 Month LIBOR | Services: Business | 16,030 | 15,460 | 15,549 | ||||||||
ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021(n) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 10,344 | 10,205 | 9,568 | ||||||||
American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2021(n) | 3 Month LIBOR | Construction & Building | 4,933 | 4,889 | 4,983 | ||||||||
AmWINS Group, LLC, L+850, 1.00% LIBOR Floor, 9/4/2020(n) | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 3,825 | 3,852 | 3,878 | ||||||||
Confie Seguros Holding II Co., L+900, 1.25% LIBOR Floor, 5/8/2019 | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 13,827 | 13,365 | 13,758 | ||||||||
Conisus, LLC, L+875, 1.00% LIBOR Floor, 6/23/2021 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 11,750 | 9,604 | 9,517 | ||||||||
Drew Marine Group, Inc., L+700, 1.00% LIBOR Floor, 5/19/2021(h) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 9,500 | 9,460 | 9,120 | ||||||||
EISI LLC, L+850, 1.00% LIBOR Floor, 9/23/2020(m)(n) | 3 Month LIBOR | High Tech Industries | 20,000 | 19,761 | 19,400 | ||||||||
Elements Behavioral Health, Inc., L+1200, 1.00% LIBOR Floor, 2/11/2020(q) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 5,701 | 5,668 | 4,561 | ||||||||
Emerald 3 Ltd., L+700, 1.00% LIBOR Floor, 5/16/2022(h)(n) | 3 Month LIBOR | Environmental Industries | 3,000 | 2,978 | 2,595 | ||||||||
Flexera Software LLC, L+700, 1.00% LIBOR Floor, 4/2/2021 | 1 Month LIBOR | High Tech Industries | 9,385 | 9,128 | 9,291 | ||||||||
Genex Holdings, Inc., L+775, 1.00% LIBOR Floor, 5/30/2022(n) | 1 Month LIBOR | Services: Business | 11,410 | 11,331 | 11,011 | ||||||||
Global Tel*Link Corp., L+775, 1.25% LIBOR Floor, 11/23/2020 | 3 Month LIBOR | Telecommunications | 9,500 | 9,488 | 9,254 | ||||||||
Infiltrator Water Technologies, LLC, L+875, 1.00% LIBOR Floor, 5/26/2023(n) | 3 Month LIBOR | Construction & Building | 13,917 | 13,732 | 13,986 | ||||||||
Institutional Shareholder Services Inc., L+850, 1.00% LIBOR Floor, 4/30/2022(i)(n) | 2 Month LIBOR | Services: Business | 10,648 | 10,534 | 10,542 | ||||||||
Mergermarket USA, Inc., L+650, 1.00% LIBOR Floor, 2/4/2022(n) | 3 Month LIBOR | Services: Business | 3,380 | 3,328 | 3,304 | ||||||||
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(e) | 3 Month LIBOR | Services: Business | 5,488 | 5,385 | 5,406 | ||||||||
Mississippi Sand, LLC, L+1000, 1.00% LIBOR Floor, 11/21/2019 | 3 Month LIBOR | Metals & Mining | 13,196 | 10,899 | 11,349 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(n)(o)(v) | 1 Month LIBOR | Hotel, Gaming & Leisure | 25,472 | 25,117 | 19,900 | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(n)(v) | 1 Month LIBOR | Hotel, Gaming & Leisure | 2,585 | 2,585 | 2,020 | |||||||||||||||||||||||||||
CircusTrix Holdings, LLC, 1.00% Unfunded, 12/16/2021 | None | Hotel, Gaming & Leisure | 2,898 | — | — | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023 | 3 Month LIBOR | Beverage, Food & Tobacco | 1,020 | 980 | 858 | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, 12.00%, 6/1/2022(v) | None | Beverage, Food & Tobacco | 738 | 713 | 722 | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 414 | 414 | 348 | |||||||||||||||||||||||||||
Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(n)(o) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 34,738 | 34,453 | 34,564 | |||||||||||||||||||||||||||
Coyote Buyer, LLC, L+800, 1.00% LIBOR Floor, 8/6/2026(o) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 6,250 | 6,128 | 6,250 | |||||||||||||||||||||||||||
Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025 | None | Chemicals, Plastics & Rubber | 2,500 | — | (13) | |||||||||||||||||||||||||||
David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(v) | 3 Month LIBOR | Retail | 5,341 | 4,412 | 5,341 | |||||||||||||||||||||||||||
David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(v) | 3 Month LIBOR | Retail | 745 | 648 | 745 | |||||||||||||||||||||||||||
Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(n)(s)(v) | 3 Month LIBOR | Media: Diversified & Production | 3,978 | 4,057 | 3,978 | |||||||||||||||||||||||||||
DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(n) | 3 Month LIBOR | Services: Business | 17,500 | 17,167 | 16,844 | |||||||||||||||||||||||||||
Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 14,375 | 14,171 | 14,159 | |||||||||||||||||||||||||||
Entertainment Studios P&A LLC, 6.30%, 5/18/2037(k)(n) | None | Media: Diversified & Production | 13,990 | 13,889 | 12,871 | |||||||||||||||||||||||||||
Entertainment Studios P&A LLC, 5.00%, 5/18/2037(k) | None | Media: Diversified & Production | — | — | 2,073 | |||||||||||||||||||||||||||
EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(n) | 1 Month LIBOR | Capital Equipment | 26,250 | 26,065 | 25,233 | |||||||||||||||||||||||||||
ES Chappaquiddick LLC, 10.00%, 5/18/2022(n) | None | Media: Diversified & Production | 915 | 915 | 924 | |||||||||||||||||||||||||||
Extreme Reach, Inc., L+750, 1.50% LIBOR Floor, 3/29/2024(n)(o) | 1 Month LIBOR | Media: Diversified & Production | 20,402 | 20,233 | 20,096 | |||||||||||||||||||||||||||
Extreme Reach, Inc., 0.50% Unfunded, 3/29/2024(n) | None | Media: Diversified & Production | 1,744 | — | (26) | |||||||||||||||||||||||||||
F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022(r)(s)(v) | 1 Month LIBOR | Media: Diversified & Production | 1,174 | 1,115 | — | |||||||||||||||||||||||||||
Foundation Consumer Healthcare, LLC, L+575, 1.00% LIBOR Floor, 11/2/2023(n)(o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 43,350 | 43,127 | 43,350 | |||||||||||||||||||||||||||
Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023 | None | Healthcare & Pharmaceuticals | 4,211 | (15) | — | |||||||||||||||||||||||||||
Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(h)(n) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 35,000 | 34,709 | 34,344 | |||||||||||||||||||||||||||
Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(n) | 1 Month LIBOR | Services: Business | 14,738 | 14,622 | 14,701 | |||||||||||||||||||||||||||
Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024(n)(o) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 22,190 | 21,893 | 21,524 | |||||||||||||||||||||||||||
Geon Performance Solutions, LLC, 0.50% Unfunded, 10/25/2024 | None | Chemicals, Plastics & Rubber | 2,586 | — | (78) | |||||||||||||||||||||||||||
Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(n) | 3 Month LIBOR | Services: Business | 12,337 | 12,305 | 11,021 | |||||||||||||||||||||||||||
Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 4,699 | 4,659 | 4,359 | |||||||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(n)(v) | 1 Month LIBOR | Services: Consumer | 17,248 | 17,137 | 17,485 | |||||||||||||||||||||||||||
Homer City Generation, L.P., 15.00%, 4/5/2023(n)(v) | None | Energy: Oil & Gas | 10,606 | 11,028 | 8,246 | |||||||||||||||||||||||||||
Hoover Group, Inc., L+850, 1.25% LIBOR Floor, 10/1/2024(o) | 3 Month LIBOR | Services: Business | 5,660 | 5,637 | 5,668 | |||||||||||||||||||||||||||
HUMC Holdco, LLC, 9.00%, 1/11/2021(n) | None | Healthcare & Pharmaceuticals | 10,000 | 9,985 | 9,925 | |||||||||||||||||||||||||||
Hummel Station LLC, L+600, 1.00% LIBOR Floor, 10/27/2022(n) | 1 Month LIBOR | Energy: Oil & Gas | 9,432 | 9,237 | 9,066 | |||||||||||||||||||||||||||
Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(n) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 9,900 | 9,729 | 9,269 | |||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, 6.00%, 11/20/2023(n)(v) | None | Retail | 9,680 | 9,587 | 7,974 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(p) | Fair Value(c) | ||||||||
Mitchell International, Inc., L+750, 1.00% LIBOR Floor, 10/11/2021(m)(n) | 1 Month LIBOR | High Tech Industries | 14,909 | 14,476 | 14,825 | ||||||||
MSC.Software Corp., L+750, 1.00% LIBOR Floor, 6/1/2021(m) | 3 Month LIBOR | High Tech Industries | 15,000 | 14,832 | 15,019 | ||||||||
MWI Holdings, Inc., L+925, 1.00% LIBOR Floor, 12/28/2020(n) | 3 Month LIBOR | Construction & Building | 10,000 | 9,773 | 9,950 | ||||||||
Navex Global, Inc., L+875, 1.00% LIBOR Floor, 11/18/2022(m)(n) | 12 Month LIBOR | High Tech Industries | 16,245 | 16,031 | 15,920 | ||||||||
Onex TSG Holdings II Corp., L+850, 1.00% LIBOR Floor, 7/31/2023(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 12,249 | 12,136 | 12,065 | ||||||||
Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(n) | 2 Month LIBOR | Healthcare & Pharmaceuticals | 13,500 | 13,378 | 13,095 | ||||||||
Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021(m) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 3,469 | 3,478 | 3,396 | ||||||||
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(n) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 15,000 | 14,729 | 14,737 | ||||||||
PetVet Care Centers, LLC, L+850, 1.00% LIBOR Floor, 6/17/2021 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 13,500 | 13,097 | 13,095 | ||||||||
Pike Corp., L+850, 1.00% LIBOR Floor, 6/22/2022(n) | 1 Month LIBOR | Energy: Electricity | 12,500 | 12,354 | 12,562 | ||||||||
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022 | 3 Month LIBOR | Telecommunications | 3,000 | 2,882 | 2,895 | ||||||||
PSC Industrial Holdings Corp., L+825, 1.00% LIBOR Floor, 12/5/2021(n) | 3 Month LIBOR | Services: Business | 10,000 | 9,842 | 9,450 | ||||||||
Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021 | 3 Month LIBOR | Telecommunications | 4,500 | 4,479 | 4,399 | ||||||||
SMG, L+825, 1.00% LIBOR Floor, 2/27/2021(n) | 3 Month LIBOR | Hotel, Gaming & Leisure | 6,142 | 6,142 | 6,126 | ||||||||
Sterling Midco Holdings, Inc., L+775, 1.00% LIBOR Floor, 6/19/2023(n) | 3 Month LIBOR | Services: Business | 10,462 | 10,432 | 10,226 | ||||||||
STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023(n) | 3 Month LIBOR | Services: Business | 10,000 | 9,869 | 9,400 | ||||||||
Survey Sampling International, LLC, L+900, 1.00% LIBOR Floor, 12/16/2021(m) | 3 Month LIBOR | Services: Business | 15,000 | 14,763 | 14,700 | ||||||||
Telecommunications Management, LLC, L+800, 1.00% LIBOR Floor, 10/30/2020(n) | 3 Month LIBOR | Media: Broadcasting & Subscription | 1,606 | 1,573 | 1,564 | ||||||||
TexOak Petro Holdings LLC, 8.00%, 12/29/2019(q) | None | Energy: Oil & Gas | 6,728 | 1,549 | 2,590 | ||||||||
TMK Hawk Parent, Corp., L+750, 1.00% LIBOR Floor, 10/1/2022(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 15,000 | 14,880 | 14,925 | ||||||||
TouchTunes Interactive Networks, Inc., L+825, 1.00% LIBOR Floor, 5/29/2022 | 3 Month LIBOR | Hotel, Gaming & Leisure | 6,000 | 5,943 | 5,925 | ||||||||
U.S. Renal Care, Inc., L+800, 1.00% LIBOR Floor, 12/29/2023(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 10,000 | 9,819 | 8,900 | ||||||||
Wand Intermediate I LP, L+725, 1.00% LIBOR Floor, 9/19/2022(n) | 3 Month LIBOR | Automotive | 16,000 | 15,881 | 15,680 | ||||||||
Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(n) | 1 Month LIBOR | Beverage, Food & Tobacco | 12,823 | 12,544 | 12,054 | ||||||||
Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023 | 3 Month LIBOR | High Tech Industries | 5,000 | 4,926 | 4,925 | ||||||||
Total Senior Secured Second Lien Debt | 437,240 | 434,347 | |||||||||||
Collateralized Securities and Structured Products - Debt - 3.8% | |||||||||||||
Deutsche Bank AG Frankfurt CRAFT 2013-1A Class Credit Linked Note, L+925, 4/17/2020(h) | 3 Month LIBOR | Diversified Financials | 2,000 | 2,022 | 1,980 | ||||||||
Deutsche Bank AG Frankfurt CRAFT 2013-1X Class Credit Linked Note, L+925, 4/17/2020(h) | 3 Month LIBOR | Diversified Financials | 610 | 616 | 604 | ||||||||
Deutsche Bank AG Frankfurt CRAFT 2014-1 Class Credit Linked Note, L+965, 5/15/2019(h) | 3 Month LIBOR | Diversified Financials | 5,400 | 5,400 | 5,292 | ||||||||
Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(h) | 3 Month LIBOR | Diversified Financials | 15,500 | 15,500 | 14,880 | ||||||||
Great Lakes CLO 2014-1, Ltd. Class E Notes, L+525, 4/15/2025(g)(h) | 3 Month LIBOR | Diversified Financials | 5,000 | 4,615 | 4,484 | ||||||||
Ivy Hill Middle Market Credit Fund VII, Ltd. Class E Notes, L+565, 10/20/2025(g)(h) | 3 Month LIBOR | Diversified Financials | 2,000 | 1,879 | 1,799 | ||||||||
JFIN CLO 2014, Ltd. Class E Notes, L+500, 4/20/2025(g)(h) | 3 Month LIBOR | Diversified Financials | 2,500 | 2,345 | 2,303 | ||||||||
NXT Capital CLO 2014-1, LLC Class E Notes, L+550, 4/23/2026(g)(h) | 3 Month LIBOR | Diversified Financials | 7,500 | 7,094 | 6,772 | ||||||||
Total Collateralized Securities and Structured Products - Debt | 39,471 | 38,114 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, PRIME+500, 12/22/2022(n) | Prime | Retail | 1,970 | 1,970 | 1,967 | |||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, L+600, 0.00% LIBOR Floor, 12/22/2022(n) | 3 Month LIBOR | Retail | 252 | 252 | 252 | |||||||||||||||||||||||||||
Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/23/2022(n) | 1 Month LIBOR | Services: Business | 6,820 | 6,736 | 6,820 | |||||||||||||||||||||||||||
InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(n)(o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 15,594 | 15,586 | 14,678 | |||||||||||||||||||||||||||
Instant Web, LLC, L+650, 1.00% LIBOR Floor, 12/15/2022(n)(o) | 1 Month LIBOR | Media: Advertising, Printing & Publishing | 37,379 | 37,326 | 35,136 | |||||||||||||||||||||||||||
Instant Web, LLC, 0.50% Unfunded, 12/15/2022 | None | Media: Advertising, Printing & Publishing | 2,704 | — | — | |||||||||||||||||||||||||||
Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 13,002 | 12,910 | 9,361 | |||||||||||||||||||||||||||
Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(n)(o) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 11,188 | 11,132 | 10,488 | |||||||||||||||||||||||||||
Jenny C Acquisition, Inc., L+1050, 1.75% LIBOR Floor, 10/1/2024(n)(v) | 6 Month LIBOR | Services: Consumer | 11,089 | 11,018 | 9,993 | |||||||||||||||||||||||||||
JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(n) | 3 Month LIBOR | Beverage, Food & Tobacco | 15,273 | 15,019 | 13,669 | |||||||||||||||||||||||||||
KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(n) | 6 Month LIBOR | Consumer Goods: Durable | 8,073 | 7,966 | 6,741 | |||||||||||||||||||||||||||
Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 3/31/2021(n)(o) | 1 Month LIBOR | High Tech Industries | 2,646 | 2,646 | 2,646 | |||||||||||||||||||||||||||
Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 3/31/2021(h) | 1 Month EURIBOR | High Tech Industries | € | 2,912 | 3,273 | 3,557 | ||||||||||||||||||||||||||
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(n)(o)(v) | 3 Month LIBOR | Services: Business | 25,338 | 24,940 | 24,072 | |||||||||||||||||||||||||||
LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(n)(o)(v) | 3 Month LIBOR | Services: Business | 4,375 | 4,326 | 4,156 | |||||||||||||||||||||||||||
LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(n) | 3 Month LIBOR | High Tech Industries | 11,030 | 10,869 | 10,981 | |||||||||||||||||||||||||||
LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(n) | 1 Month LIBOR | Capital Equipment | 9,800 | 9,537 | 9,396 | |||||||||||||||||||||||||||
Lift Brands, Inc., L+375, 0.50% LIBOR Floor, 6/29/2025(n)(o)(s) | 1 Month LIBOR | Services: Consumer | 23,642 | 23,642 | 23,642 | |||||||||||||||||||||||||||
Lift Brands, Inc., 9.50%, 6/29/2025(n)(o)(s)(v) | None | Services: Consumer | 4,861 | 4,753 | 4,751 | |||||||||||||||||||||||||||
Lift Brands, Inc., 6/29/2025(n)(o)(q)(s) | None | Services: Consumer | 5,296 | 4,685 | 4,687 | |||||||||||||||||||||||||||
Longview Power, LLC, L+1000, 1.50% LIBOR Floor, 7/30/2025(s) | 3 Month LIBOR | Energy: Oil & Gas | 2,355 | 631 | 2,414 | |||||||||||||||||||||||||||
Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(n)(q) | 3 Month LIBOR | Services: Business | 23,373 | 23,373 | 22,584 | |||||||||||||||||||||||||||
Mimeo.com, Inc., L+1700, 1.00% LIBOR Floor, 12/21/2023(n)(v) | 3 Month LIBOR | Services: Business | 2,130 | 2,130 | 2,180 | |||||||||||||||||||||||||||
Mimeo.com, Inc., 1.00% Unfunded, 12/21/2023 | None | Services: Business | 1,000 | — | 24 | |||||||||||||||||||||||||||
Moss Holding Company, L+700, 1.00% LIBOR Floor, 4/17/2024(n)(o)(v) | 3 Month LIBOR | Services: Business | 19,535 | 19,349 | 17,630 | |||||||||||||||||||||||||||
Moss Holding Company, 7.00% Unfunded, 4/17/2024 | None | Services: Business | 106 | — | — | |||||||||||||||||||||||||||
Moss Holding Company, 0.50% Unfunded, 4/17/2024 | None | Services: Business | 2,126 | — | — | |||||||||||||||||||||||||||
NASCO Healthcare Inc., L+450, 1.00% LIBOR Floor, 6/30/2023(n) | 3 Month LIBOR | Services: Business | 13,189 | 13,189 | 13,189 | |||||||||||||||||||||||||||
NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(n)(o) | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 12,186 | 12,098 | 12,079 | |||||||||||||||||||||||||||
One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(n) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 3,858 | 3,747 | 3,732 | |||||||||||||||||||||||||||
Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 24,250 | 24,130 | 23,704 | |||||||||||||||||||||||||||
Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 2,515 | 2,492 | 2,685 | |||||||||||||||||||||||||||
Palmetto Solar, LLC, 12.00%, 12/12/2024(n) | None | High Tech Industries | 16,738 | 16,320 | 16,696 | |||||||||||||||||||||||||||
Palmetto Solar, LLC, 0.75% Unfunded, 12/12/2021 | None | High Tech Industries | 3,262 | — | (8) | |||||||||||||||||||||||||||
PH Beauty Holdings III. Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(n) | 3 Month LIBOR | Consumer Goods: Non-Durable | 9,775 | 9,152 | 9,189 | |||||||||||||||||||||||||||
Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024(n) | 1 Month LIBOR | Forest Products & Paper | 21,686 | 21,368 | 21,686 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(d) | Cost(p) | Fair Value(c) | |||||||||
Collateralized Securities and Structured Products - Equity - 3.5% | ||||||||||||||
Anchorage Capital CLO 2012-1, Ltd. Subordinated Notes, 4.57% Estimated Yield, 1/13/2025(h) | (f) | Diversified Financials | 4,000 | 2,882 | 2,622 | |||||||||
APIDOS CLO XVI Subordinated Notes, 3.28% Estimated Yield, 1/19/2025(h) | (f) | Diversified Financials | 9,000 | 4,704 | 3,099 | |||||||||
CENT CLO 19 Ltd. Subordinated Notes, 8.68% Estimated Yield, 10/29/2025(h) | (f) | Diversified Financials | 2,000 | 1,330 | 1,182 | |||||||||
Dryden XXIII Senior Loan Fund Subordinated Notes, 1.40% Estimated Yield, 7/17/2023(h) | (f) | Diversified Financials | 9,250 | 4,726 | 4,135 | |||||||||
Galaxy XV CLO Ltd. Class A Subordinated Notes, 8.72% Estimated Yield, 4/15/2025(h) | (f) | Diversified Financials | 4,000 | 2,424 | 2,323 | |||||||||
Ivy Hill Middle Market Credit Fund VII, Ltd. Subordinated Notes, 8.80% Estimated Yield, 10/20/2025(h) | (f) | Diversified Financials | 2,000 | 1,654 | 1,478 | |||||||||
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 10.35% Estimated Yield, 2/2/2026(e)(h) | (f) | Diversified Financials | 10,000 | 9,940 | 9,773 | |||||||||
Ivy Hill Middle Market Credit Fund IX, Ltd. Subordinated Notes, 14.59% Estimated Yield, 10/18/2025(h) | (f) | Diversified Financials | 8,146 | 6,106 | 6,239 | |||||||||
Ivy Hill Middle Market Credit Fund X, Ltd. Subordinated Notes, 11.50% Estimated Yield, 7/24/2027(h) | (f) | Diversified Financials | 4,760 | 3,947 | 3,797 | |||||||||
Total Collateralized Securities and Structured Products - Equity | 37,713 | 34,648 | ||||||||||||
Unsecured Debt - 1.7% | ||||||||||||||
American Tire Distributors, Inc., 10.25%, 3/1/2022 | None | Automotive | 5,000 | 4,871 | 4,794 | |||||||||
Flex Acquisition Company, Inc., L+700, 1.00% LIBOR Floor, 12/29/2017 | 1 Month LIBOR | Containers, Packaging & Glass | 3,833 | 3,814 | 3,845 | |||||||||
Radio One, Inc., 9.25%, 2/15/2020 | None | Media: Broadcasting & Subscription | 9,000 | 8,605 | 8,212 | |||||||||
Total Unsecured Debt | 17,290 | 16,851 | ||||||||||||
Equity - 0.5% | ||||||||||||||
Mooregate ITC Acquisition, LLC, Class A Units(o) | High Tech Industries | 500 Units | 563 | 538 | ||||||||||
NS NWN Acquisition, LLC(o) | High Tech Industries | 346 Units | 393 | 337 | ||||||||||
NSG Co-Invest (Bermuda), LP(h)(o) | Consumer Goods: Durable | 1,575 Units | 1,000 | 1,000 | ||||||||||
Southcross Holdings GP, LLC, Units(o) | Energy: Oil & Gas | 188 Units | — | — | ||||||||||
Southcross Holdings LP, Class A-II Units(o) | Energy: Oil & Gas | 188 Units | 75 | 71 | ||||||||||
Speed Commerce Investment Part, LLC(o) | High Tech Industries | 629 Units | 2,640 | 3,000 | ||||||||||
Tenere Inc. Warrant(o) | Capital Equipment | N/A | 161 | 161 | ||||||||||
TexOak Petro Holdings, LLC(o) | Energy: Oil & Gas | 60,000 Units | — | — | ||||||||||
Total Equity | 4,832 | 5,107 | ||||||||||||
Short Term Investments - 7.1%(k) | ||||||||||||||
First American Treasury Obligations Fund, Class Z Shares, 0.39%(l) | 70,498 | 70,498 | ||||||||||||
Total Short Term Investments | 70,498 | 70,498 | ||||||||||||
TOTAL INVESTMENTS - 109.0% | $ | 1,096,948 | 1,089,478 | |||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (9.0%) | (89,715 | ) | ||||||||||||
NET ASSETS - 100% | $ | 999,763 |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Plano Molding Company, LLC, L+900, 1.00% LIBOR Floor, 5/12/2022(n)(v) | 3 Month LIBOR | Consumer Goods: Non-Durable | 5,986 | 5,975 | 5,836 | |||||||||||||||||||||||||||
Plano Molding Company, LLC, L+900, 1.00% LIBOR Floor, 5/11/2022(n)(v) | 3 Month LIBOR | Consumer Goods: Non-Durable | 731 | 725 | 732 | |||||||||||||||||||||||||||
Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(n) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 19,600 | 19,313 | 16,497 | |||||||||||||||||||||||||||
Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(n) | 1 Month LIBOR | Chemicals, Plastics & Rubber | 24,625 | 24,271 | 24,471 | |||||||||||||||||||||||||||
Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(n) | 6 Month LIBOR | Telecommunications | 3,949 | 3,039 | 3,949 | |||||||||||||||||||||||||||
SEK Holding Co LLC, L+1200, 1.00% LIBOR Floor, 3/14/2022(n)(v) | 1 Month LIBOR | Banking, Finance, Insurance & Real Estate | 16,227 | 16,068 | 15,590 | |||||||||||||||||||||||||||
Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(n)(o)(r) | None | Healthcare & Pharmaceuticals | 8,525 | 8,457 | 6,905 | |||||||||||||||||||||||||||
SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(n)(s)(v) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 16,154 | 15,975 | 13,347 | |||||||||||||||||||||||||||
Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(n) | 1 Month LIBOR | Retail | 7,805 | 7,227 | 7,888 | |||||||||||||||||||||||||||
Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 4/27/2025(h)(o) | 3 Month LIBOR | High Tech Industries | 3,011 | 2,905 | 3,015 | |||||||||||||||||||||||||||
Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 12/27/2024(h)(o) | 1 Month LIBOR | High Tech Industries | 807 | 783 | 815 | |||||||||||||||||||||||||||
Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(n) | 3 Month LIBOR | Telecommunications | 10,322 | 10,066 | 10,348 | |||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2021(n) | 12 Month LIBOR | Healthcare & Pharmaceuticals | 12,562 | 12,486 | 11,965 | |||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2021(n)(v) | 12 Month LIBOR | Healthcare & Pharmaceuticals | 1,116 | 1,104 | 1,109 | |||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., L+950, 10/1/2021(n)(v) | 12 Month LIBOR | Healthcare & Pharmaceuticals | 603 | 493 | 574 | |||||||||||||||||||||||||||
Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(n) | 3 Month LIBOR | High Tech Industries | 9,900 | 9,719 | 9,850 | |||||||||||||||||||||||||||
Tenere Inc., L+850, 1.00% LIBOR Floor, 5/5/2025(n)(o) | 3 Month LIBOR | Capital Equipment | 18,080 | 18,020 | 18,080 | |||||||||||||||||||||||||||
Tensar Corp., L+675, 1.00% LIBOR Floor, 11/20/2025(n) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 5,000 | 4,878 | 4,975 | |||||||||||||||||||||||||||
The Pasha Group, L+800, 1.00% LIBOR Floor, 1/26/2023(n)(o) | 2 Month LIBOR | Transportation: Cargo | 4,511 | 4,447 | 4,370 | |||||||||||||||||||||||||||
The Pay-O-Matic Corp., L+900, 1.00% LIBOR Floor, 10/29/2021(j)(n) | 3 Month LIBOR | Services: Consumer | 7,312 | 7,304 | 7,312 | |||||||||||||||||||||||||||
Volta Charging, LLC, 12.00%, 6/19/2024(n) | None | Media: Diversified & Production | 15,000 | 15,000 | 16,013 | |||||||||||||||||||||||||||
Volta Charging, LLC, 12.00%, 6/19/2024(n) | None | Media: Diversified & Production | 12,000 | 11,978 | 12,810 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(n)(o)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 9,455 | 9,384 | 9,006 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(n) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 1,657 | 1,645 | 1,579 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, L+750, 1.00% LIBOR Floor, 2/11/2025 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 1,185 | 1,182 | 1,170 | |||||||||||||||||||||||||||
West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022 | None | Healthcare & Pharmaceuticals | 7,655 | (26) | (54) | |||||||||||||||||||||||||||
Williams Industrial Services Group, Inc, L+900, 1.00% LIBOR Floor, 12/16/2025(o) | 1 Month LIBOR | Services: Business | 10,000 | 10,000 | 10,000 | |||||||||||||||||||||||||||
Williams Industrial Services Group, Inc, 0.50% Unfunded, 6/16/2022 | None | Services: Business | 5,000 | — | — | |||||||||||||||||||||||||||
Winebow Holdings, Inc., L+375, 1.00% LIBOR Floor, 7/1/2021(n)(o) | 1 Month LIBOR | Beverage, Food & Tobacco | 5,864 | 5,669 | 5,483 | |||||||||||||||||||||||||||
Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(n) | 1 Month LIBOR | Beverage, Food & Tobacco | 12,773 | 12,630 | 12,325 | |||||||||||||||||||||||||||
Total Senior Secured First Lien Debt | 1,266,564 | 1,223,268 | ||||||||||||||||||||||||||||||
Senior Secured Second Lien Debt - 17.2% | ||||||||||||||||||||||||||||||||
Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(n)(o) | 3 Month LIBOR | Services: Business | 17,250 | 17,139 | 16,840 | |||||||||||||||||||||||||||
Carestream Health, Inc., L+1250, 1.00% LIBOR Floor, 8/8/2023(n)(o)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 11,499 | 11,499 | 11,068 | |||||||||||||||||||||||||||
Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(n)(v) | 3 Month LIBOR | Beverage, Food & Tobacco | 2,239 | 2,239 | 1,573 | |||||||||||||||||||||||||||
Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024(n) | 3 Month LIBOR | Construction & Building | 1,492 | 1,492 | 1,492 |
Counterparty | Instrument | Maturity Date | Notional Amount (d) | Cost(p) | Fair Value(c) | |||||||||||
Derivative Asset - 0.0% | ||||||||||||||||
Credit Default Swap | ||||||||||||||||
JPMorgan Chase Bank, N.A. | Deutsche Bank AG Credit Default Swap | 3/20/2017 | € | 22,000 | $ | 229 | $ | 46 | ||||||||
Derivative Liability - (1.5%) | ||||||||||||||||
Total Return Swap | ||||||||||||||||
Citibank, N.A. | See Note 7 | 2/18/2017 | $ | 407,847 | N/A | $ | (15,402 | ) |
Portfolio Company(a) | Index Rate(b) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||
Deluxe Entertainment Services, Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(n)(r)(s)(v) | 3 Month LIBOR | Media: Diversified & Production | 10,271 | 10,017 | — | |||||||||||||||||||||||||||
Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(n)(o) | 1 Month LIBOR | Telecommunications | 11,500 | 11,333 | 11,385 | |||||||||||||||||||||||||||
LSCS Holdings, Inc., L+825, 0.00% LIBOR Floor, 3/16/2026(n) | 6 Month LIBOR | Services: Business | 11,891 | 11,684 | 10,999 | |||||||||||||||||||||||||||
Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(n) | 6 Month LIBOR | Healthcare & Pharmaceuticals | 10,000 | 9,895 | 9,250 | |||||||||||||||||||||||||||
MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(n) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 6,750 | 6,697 | 6,134 | |||||||||||||||||||||||||||
Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(n)(o) | 2 Month LIBOR | Services: Business | 7,000 | 6,973 | 6,965 | |||||||||||||||||||||||||||
Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(h) | 1 Month EURIBOR | Chemicals, Plastics & Rubber | € | 6,263 | 6,708 | 7,651 | ||||||||||||||||||||||||||
Patterson Medical Supply, Inc., L+1050, 1.00% LIBOR Floor, 8/28/2023(n)(v) | 3 Month LIBOR | Healthcare & Pharmaceuticals | 14,536 | 14,472 | 13,972 | |||||||||||||||||||||||||||
PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(n) | 3 Month LIBOR | Chemicals, Plastics & Rubber | 15,000 | 14,282 | 13,500 | |||||||||||||||||||||||||||
Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(n)(v) | 3 Month LIBOR | Telecommunications | 3,415 | 3,339 | 2,305 | |||||||||||||||||||||||||||
Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(n) | 6 Month LIBOR | Telecommunications | 2,942 | 2,920 | 2,747 | |||||||||||||||||||||||||||
TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(n) | 1 Month LIBOR | Services: Business | 13,393 | 13,158 | 9,860 | |||||||||||||||||||||||||||
Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(n) | 1 Month LIBOR | Beverage, Food & Tobacco | 12,823 | 12,747 | 11,477 | |||||||||||||||||||||||||||
Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(n)(o) | 1 Month LIBOR | Healthcare & Pharmaceuticals | 15,000 | 14,886 | 14,288 | |||||||||||||||||||||||||||
Total Senior Secured Second Lien Debt | 171,480 | 151,506 | ||||||||||||||||||||||||||||||
Collateralized Securities and Structured Products - Equity - 1.4% | ||||||||||||||||||||||||||||||||
APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h) | (g) | Diversified Financials | 9,000 | 3,019 | 1,372 | |||||||||||||||||||||||||||
CENT CLO 19 Ltd. Subordinated Notes, 0.00% Estimated Yield, 10/29/2025(h) | (g) | Diversified Financials | 2,000 | 1,161 | 214 | |||||||||||||||||||||||||||
Galaxy XV CLO Ltd. Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h) | (g) | Diversified Financials | 4,000 | 2,007 | 1,617 | |||||||||||||||||||||||||||
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) | (g) | Diversified Financials | 10,000 | 9,118 | 8,928 | |||||||||||||||||||||||||||
Total Collateralized Securities and Structured Products - Equity | 15,305 | 12,131 | ||||||||||||||||||||||||||||||
Unsecured Debt - 0.6% | ||||||||||||||||||||||||||||||||
WPLM Acquisition Corp., 15.00%, 11/24/2025(v) | None | Media: Advertising, Printing & Publishing | 5,752 | 5,668 | 5,464 | |||||||||||||||||||||||||||
Total Unsecured Debt | 5,668 | 5,464 | ||||||||||||||||||||||||||||||
Equity - 11.8% | ||||||||||||||||||||||||||||||||
1244301 B.C. LTD., Common Shares(p)(s) | Chemicals, Plastics & Rubber | 807,268 Units | — | — | ||||||||||||||||||||||||||||
ACNR Holdings, Inc., Common Stock(p) | Metals & Mining | 6,018 Units | 90 | 45 | ||||||||||||||||||||||||||||
ACNR Holdings, Inc., Preferred Stock(p) | Metals & Mining | 1,890 Units | 26 | 118 | ||||||||||||||||||||||||||||
Alert 360 Topco, Inc., Common Stock(p) | Services: Consumer | 465,053 Units | 2,883 | 2,883 | ||||||||||||||||||||||||||||
American Clinical Solutions LLC, Class A Membership Interests(p)(s) | Healthcare & Pharmaceuticals | 6,030,384 Units | 1,658 | 663 | ||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(p) | Media: Diversified & Production | 769 Units | 205 | 138 | ||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(p) | Media: Diversified & Production | 135 Units | — | — | ||||||||||||||||||||||||||||
Anthem Sports and Entertainment Inc., Common Stock Warrants(p) | Media: Diversified & Production | 2,508 Units | — | — | ||||||||||||||||||||||||||||
ARC Financial, LLC, Membership Interests (25% ownership)(p)(s) | Metals & Mining | N/A | — | — | ||||||||||||||||||||||||||||
Ascent Resources - Marcellus, LLC, Membership Units(p) | Energy: Oil & Gas | 511,255 Units | 1,642 | 419 | ||||||||||||||||||||||||||||
Ascent Resources - Marcellus, LLC, Warrants(p) | Energy: Oil & Gas | 132,367 Units | 13 | 3 | ||||||||||||||||||||||||||||
Interest Rate | Interest Amount | |||||||||||||||||||
Portfolio Company | Investment Type | Cash | PIK | All-in-Rate | Cash | PIK | Total | |||||||||||||
Elements Behavioral Health, Inc. | Senior Secured Second Lien Debt | — | 13.00% | 13.00% | $ | — | $ | 700 | $ | 700 | ||||||||||
Petroflow Energy Corp. | Senior Secured First Lien Debt | 3.00% | 6.00% | 9.00% | $ | 14 | $ | 99 | $ | 113 | ||||||||||
Rimini Street, Inc. | Senior Secured First Lien Debt | 12.00% | 3.00% | 15.00% | $ | 1,286 | $ | 164 | $ | 1,450 | ||||||||||
Sequoia Healthcare Management, LLC | Senior Secured First Lien Debt | 12.00% | 4.00% | 16.00% | $ | 206 | $ | 68 | $ | 274 | ||||||||||
Smile Brands Group, Inc.(r) | Senior Secured First Lien Debt | 7.50% | 1.50% | 9.00% | $ | 187 | $ | 34 | $ | 221 | ||||||||||
Southcross Holdings Borrower LP(s) | Senior Secured First Lien Debt | 3.50% | 5.50% | 9.00% | $ | 2 | $ | 6 | $ | 8 | ||||||||||
Spinal USA, Inc. / Precision Medical Inc. | Senior Secured First Lien Debt | — | 10.50% | 10.50% | $ | — | $ | 3 | $ | 3 | ||||||||||
TexOak Petro Holdings LLC | Senior Secured Second Lien Debt | — | 8.00% | 8.00% | $ | — | $ | 181 | $ | 181 |
Portfolio Company(a) | Industry | Principal/ Par Amount/ Units(e) | Cost(d) | Fair Value(c) | ||||||||||||||||||||||||||||||||||
BCP Great Lakes Fund LP, Partnership Interests (11.4% ownership)(h)(s) | Diversified Financials | N/A | 12,865 | 12,611 | ||||||||||||||||||||||||||||||||||
Carestream Health Holdings, Inc., Warrants(p) | Healthcare & Pharmaceuticals | 233 Units | 565 | 590 | ||||||||||||||||||||||||||||||||||
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(u) | Healthcare & Pharmaceuticals | 2,727,273 Units | 5,471 | 6,927 | ||||||||||||||||||||||||||||||||||
CION SOF Funding, LLC, Membership Interests (87.5% ownership)(h)(t) | Diversified Financials | N/A | 15,539 | 12,472 | ||||||||||||||||||||||||||||||||||
Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(s)(u) | Healthcare & Pharmaceuticals | 12,677,833 Units | 15,143 | 16,481 | ||||||||||||||||||||||||||||||||||
Conisus Holdings, Inc., Common Stock(p)(s) | Healthcare & Pharmaceuticals | 4,914,556 Units | 200 | 12,401 | ||||||||||||||||||||||||||||||||||
Country Fresh Holdings, LLC, Membership Units(p) | Beverage, Food & Tobacco | 2,985 Units | 5,249 | — | ||||||||||||||||||||||||||||||||||
Dayton HoldCo, LLC, Membership Units(p) | Construction & Building | 37,264 Units | 4,136 | 7,350 | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A1 Preferred Stock(p) | Retail | 20,000 Units | 802 | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series A Preferred Stock(p) | Retail | 1,396 Units | 140 | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Series B Preferred Stock(p) | Retail | 4,183 Units | 410 | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Common Stock(p) | Retail | 39,423 Units | — | — | ||||||||||||||||||||||||||||||||||
DBI Investors, Inc., Reallocation Rights(p) | Retail | 7,500 Units | — | — | ||||||||||||||||||||||||||||||||||
DESG Holdings, Inc., Common Stock(i)(p)(s) | Media: Diversified & Production | 1,268,143 Units | 13,675 | — | ||||||||||||||||||||||||||||||||||
HDNet Holdco LLC, Preferred Unit Call Option(p) | Media: Diversified & Production | 1 Unit | — | — | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(p) | Retail | 1,000,000 Units | 1,000 | — | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(p) | Retail | 2,632,771 Units | 2,133 | 2,145 | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(p) | Retail | 2,632,771 Units | 2,633 | 2,633 | ||||||||||||||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC, Warrants(p) | Retail | 155,880 Units | — | — | ||||||||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC, Membership Units(p)(s) | Energy: Oil & Gas | 589,487 Units | 2,524 | 7,988 | ||||||||||||||||||||||||||||||||||
Mooregate ITC Acquisition, LLC, Class A Units(p) | High Tech Industries | 500 Units | 563 | 96 | ||||||||||||||||||||||||||||||||||
Mount Logan Capital Inc., Common Stock(h)(s) | Banking, Finance, Insurance & Real Estate | 1,075,557 Units | 3,534 | 2,409 | ||||||||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Voting Units(p) | High Tech Industries | 346 Units | 393 | 929 | ||||||||||||||||||||||||||||||||||
NS NWN Acquisition, LLC, Class A Preferred Units(p) | High Tech Industries | 111 Units | 110 | 332 | ||||||||||||||||||||||||||||||||||
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) | Consumer Goods: Durable | 1,575 Units | 1,000 | 676 | ||||||||||||||||||||||||||||||||||
Palmetto Clean Technology, Inc., Warrants(p) | High Tech Industries | 693,387 Units | 472 | 506 | ||||||||||||||||||||||||||||||||||
Phillips Pet Holding Corp., Common Stock(p) | Retail | 235 Units | 13 | 17 | ||||||||||||||||||||||||||||||||||
SIMR Parent, LLC, Class B Common Units(p)(s) | Healthcare & Pharmaceuticals | 12,283,163 Units | 8,002 | — | ||||||||||||||||||||||||||||||||||
Software Luxembourg Holding S.A., Class A Common Stock(h)(p) | High Tech Industries | 28,202 Units | 4,536 | 5,516 | ||||||||||||||||||||||||||||||||||
Software Luxembourg Holding S.A., Class B Common Stock(h)(p) | High Tech Industries | 2,388 Units | 384 | 688 | ||||||||||||||||||||||||||||||||||
Software Luxembourg Holding S.A., Class A Warrants(h)(p) | High Tech Industries | 3,512 Units | 117 | — | ||||||||||||||||||||||||||||||||||
Software Luxembourg Holding S.A., Class B Warrants(h)(p) | High Tech Industries | 7,023 Units | 220 | — | ||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Class A Stock(p)(s) | Services: Consumer | 9,858 Units | 3,078 | 3,389 | ||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc., Warrants(p)(s) | Services: Consumer | 3,996 Units | 1,247 | 1,374 | ||||||||||||||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc., Warrants(p) | Healthcare & Pharmaceuticals | 14,181,915 Units | 5,806 | — | ||||||||||||||||||||||||||||||||||
Tenere Inc., Warrants(p) | Capital Equipment | N/A | 161 | 1,606 | ||||||||||||||||||||||||||||||||||
Total Equity | 118,638 | 103,405 | ||||||||||||||||||||||||||||||||||||
Short Term Investments - 8.4%(l) | ||||||||||||||||||||||||||||||||||||||
First American Treasury Obligations Fund, Class Z Shares, 0.03% (m) | 73,597 | 73,597 | ||||||||||||||||||||||||||||||||||||
Total Short Term Investments | 73,597 | 73,597 |
Cost(d) | Fair Value(c) | |||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 178.7% | $ | 1,651,252 | 1,569,371 | |||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (78.7%) | (691,115) | |||||||||||||||||||||||||||||||||||||
NET ASSETS - 100% | $ | 878,256 |
Year Ended December 31, 2020 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Controlled, Affiliated Investments | Fair Value at December 31, 2019 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at December 31, 2020 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
1244301 B.C. LTD. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan A | $ | — | $ | 2,293 | $ | — | $ | (4) | $ | 2,289 | $ | — | $ | 42 | $ | — | ||||||||||||||||||||||||||||||||||
First Lien Term Loan B | — | 757 | — | (2) | 755 | — | 15 | — | ||||||||||||||||||||||||||||||||||||||||||
Common Shares | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
American Clinical Solutions LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tranche I Term Loan | 3,395 | 32 | — | (303) | 3,124 | — | 282 | — | ||||||||||||||||||||||||||||||||||||||||||
First Amendment Tranche I Term Loan | — | 250 | — | (8) | 242 | — | 13 | — | ||||||||||||||||||||||||||||||||||||||||||
Class A Membership Interests | — | 1,658 | — | (995) | 663 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
ARC Financial, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
BCP Great Lakes Fund LP | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | 14,238 | 2,195 | (3,538) | (284) | 12,611 | — | — | 1,039 | ||||||||||||||||||||||||||||||||||||||||||
Charming Charlie, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan B1 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan B2 | — | — | — | — | — | — | (1) | — | ||||||||||||||||||||||||||||||||||||||||||
Vendor Payment Financing Facility | 472 | — | (97) | (25) | 350 | — | 7 | — | ||||||||||||||||||||||||||||||||||||||||||
Conisus Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Series B Preferred Stock | 13,270 | 1,928 | — | 1,283 | 16,481 | — | — | 1,928 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | 1,426 | — | — | 10,975 | 12,401 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
DESG Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Bridge Loan | — | 4,256 | (4,256) | — | — | — | 600 | — | ||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 28,978 | 844 | (20,443) | (5,401) | 3,978 | — | 4,278 | — | ||||||||||||||||||||||||||||||||||||||||||
Second Lien Term Loan | 9,717 | 342 | — | (10,059) | — | — | 784 | — | ||||||||||||||||||||||||||||||||||||||||||
Common Stock | 14,763 | 13 | — | (14,776) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
F+W Media, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan B-1 | — | — | (11) | 11 | — | — | 1 | — | ||||||||||||||||||||||||||||||||||||||||||
Lift Brands, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan A | — | 23,642 | — | — | 23,642 | — | 519 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan B | — | 4,753 | — | (2) | 4,751 | — | 236 | — | ||||||||||||||||||||||||||||||||||||||||||
Term Loan C | — | 4,685 | — | 2 | 4,687 | — | 64 | — | ||||||||||||||||||||||||||||||||||||||||||
Longview Power, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | — | 634 | (2) | 1,782 | 2,414 | — | 169 | — | ||||||||||||||||||||||||||||||||||||||||||
Longview Intermediate Holdings C, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Units | — | 2,524 | — | 5,464 | 7,988 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Mount Logan Capital Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | 2,505 | 199 | — | (295) | 2,409 | — | — | 45 | ||||||||||||||||||||||||||||||||||||||||||
Petroflow Energy Corp. | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 10 | — | (223) | 213 | — | (211) | — | — | ||||||||||||||||||||||||||||||||||||||||||
SIMR, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Term Loan | 14,205 | 1,121 | — | (1,979) | 13,347 | — | 2,956 | — | ||||||||||||||||||||||||||||||||||||||||||
SIMR Parent, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Membership Units | 3,980 | — | — | (3,980) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Snap Fitness Holdings, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A Stock | — | 3,078 | — | 311 | 3,389 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Warrants | — | 1,247 | — | 127 | 1,374 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 106,959 | $ | 56,451 | $ | (28,570) | $ | (17,945) | $ | 116,895 | $ | (211) | $ | 9,965 | $ | 3,012 |
Year Ended December 31, 2020 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
Controlled Investments | Fair Value at December 31, 2019 | Gross Additions (Cost)(1) | Gross Reductions (Cost)(2) | Net Unrealized Gain (Loss) | Fair Value at December 31, 2020 | Net Realized Gain (Loss) | Interest Income(3) | Dividend Income | ||||||||||||||||||||||||||||||||||||||||||
CION SOF Funding, LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||
Membership Interests | $ | 31,265 | $ | — | $ | (15,750) | $ | (3,043) | $ | 12,472 | $ | — | $ | — | $ | 3,518 | ||||||||||||||||||||||||||||||||||
Totals | $ | 31,265 | $ | — | $ | (15,750) | $ | (3,043) | $ | 12,472 | $ | — | $ | — | $ | 3,518 |
Interest Rate | ||||||||||||||||||||||||||
Portfolio Company | Investment Type | Cash | PIK | All-in-Rate | ||||||||||||||||||||||
1244311 B.C. LTD. | Senior Secured First Lien Debt | — | 6.00% | 6.00% | ||||||||||||||||||||||
American Consolidated Natural Resources, Inc. | Senior Secured First Lien Debt | 11.00% | 3.00% | 14.00% | ||||||||||||||||||||||
Anthem Sports & Entertainment Inc. | Senior Secured First Lien Debt | 7.75% | 2.75% | 10.50% | ||||||||||||||||||||||
Cadence Aerospace, LLC | Senior Secured First Lien Debt | 4.25% | 5.25% | 9.50% | ||||||||||||||||||||||
Carestream Health, Inc. | Senior Secured Second Lien Debt | 5.50% | 8.00% | 13.50% | ||||||||||||||||||||||
CHC Solutions Inc. | Senior Secured First Lien Debt | 8.00% | 4.00% | 12.00% | ||||||||||||||||||||||
CircusTrix Holdings, LLC | Senior Secured First Lien Debt | — | 6.50% | 6.50% | ||||||||||||||||||||||
Country Fresh Holdings, LLC | Senior Secured First Lien Debt | 8.00% | 4.00% | 12.00% | ||||||||||||||||||||||
Country Fresh Holdings, LLC | Senior Secured Second Lien Debt | — | 9.50% | 9.50% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 6.00% | 5.00% | 11.00% | ||||||||||||||||||||||
David's Bridal, LLC | Senior Secured First Lien Debt | 6.00% | 1.00% | 7.00% | ||||||||||||||||||||||
Deluxe Entertainment Services, Inc. | Senior Secured First Lien Debt | 6.00% | 1.50% | 7.50% | ||||||||||||||||||||||
Deluxe Entertainment Services, Inc. | Senior Secured Second Lien Debt | 7.00% | 2.50% | 9.50% | ||||||||||||||||||||||
F+W Media, Inc. | Senior Secured First Lien Debt | — | 11.50% | 11.50% | ||||||||||||||||||||||
Hilliard, Martinez & Gonzales, LLP | Senior Secured First Lien Debt | — | 20.00% | 20.00% | ||||||||||||||||||||||
Homer City Generation, L.P. | Senior Secured First Lien Debt | — | 15.00% | 15.00% | ||||||||||||||||||||||
Independent Pet Partners Intermediate Holdings, LLC | Senior Secured First Lien Debt | — | 6.00% | 6.00% | ||||||||||||||||||||||
Jenny C Acquisition, Inc. | Senior Secured First Lien Debt | — | 12.25% | 12.25% | ||||||||||||||||||||||
LAV Gear Holdings, Inc. | Senior Secured First Lien Debt | 3.50% | 5.00% | 8.50% | ||||||||||||||||||||||
Lift Brands, Inc. | Senior Secured First Lien Debt | — | 9.50% | 9.50% | ||||||||||||||||||||||
Mimeo.com, Inc. | Revolving Term Loan | 8.00% | 10.00% | 18.00% | ||||||||||||||||||||||
Moss Holding Company | Senior Secured First Lien Debt | 7.50% | 0.50% | 8.00% | ||||||||||||||||||||||
Patterson Medical Supply, Inc. | Senior Secured Second Lien Debt | 1.00% | 10.50% | 11.50% | ||||||||||||||||||||||
Plano Molding Company, LLC | Senior Secured First Lien Debt | 8.50% | 1.50% | 10.00% | ||||||||||||||||||||||
Premiere Global Services, Inc. | Senior Secured Second Lien Debt | 0.50% | 10.00% | 10.50% | ||||||||||||||||||||||
SEK Holding Co LLC | Senior Secured First Lien Debt | 9.00% | 4.00% | 13.00% | ||||||||||||||||||||||
SIMR, LLC | Senior Secured First Lien Debt | 12.00% | 7.00% | 19.00% | ||||||||||||||||||||||
Spinal USA, Inc. / Precision Medical Inc. | Senior Secured First Lien Debt | — | 10.47% | 10.47% | ||||||||||||||||||||||
West Dermatology Management Holdings, LLC | Senior Secured First Lien Debt | 6.25% | 0.75% | 7.00% | ||||||||||||||||||||||
WPLM Acquisition Corp. | Unsecured Note | — | 15.00% | 15.00% | ||||||||||||||||||||||
Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2020 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
Gross shares/proceeds from the offering | — | $ | — | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Reinvestment of distributions | 1,319,183 | 10,424 | 1,008,204 | 8,070 | 2,992,532 | 23,298 | |||||||||||||||||||||||||||||
Total gross shares/proceeds | 1,319,183 | 10,424 | 1,008,204 | 8,070 | 2,992,532 | 23,298 | |||||||||||||||||||||||||||||
Sales commissions and dealer manager fees | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net shares/proceeds | 1,319,183 | 10,424 | 1,008,204 | 8,070 | 2,992,532 | 23,298 | |||||||||||||||||||||||||||||
Share repurchase program | (1,315,717) | (10,454) | (1,077,994) | (8,085) | (3,079,954) | (23,300) | |||||||||||||||||||||||||||||
Net shares/proceeds from (for) share transactions | 3,466 | $ | (30) | (69,790) | $ | (15) | (87,422) | $ | (2) |
Nine Months Ended September 30, | |||||||||||||
2017 | 2016 | ||||||||||||
Shares | Amount | Shares | Amount | ||||||||||
Gross shares/proceeds from the offering | 4,718,559 | $ | 44,940 | 2,173,945 | $ | 21,017 | |||||||
Reinvestment of distributions | 3,251,250 | 29,701 | 3,328,161 | 29,179 | |||||||||
Total gross shares/proceeds | 7,969,809 | 74,641 | 5,502,106 | 50,196 | |||||||||
Sales commissions and dealer manager fees | — | (1,713 | ) | — | (1,739 | ) | |||||||
Net shares/proceeds | 7,969,809 | 72,928 | 5,502,106 | 48,457 | |||||||||
Share repurchase program | (3,316,625 | ) | (30,167 | ) | (1,396,392 | ) | (12,231 | ) | |||||
Net shares/proceeds from share transactions | 4,653,184 | $ | 42,761 | 4,105,714 | $ | 36,226 |
Three Months Ended | Repurchase Date | Shares Repurchased | Percentage of Shares Tendered That Were Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares | |||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
March 31, 2020 | March 30, 2020 | 1,076,229 | 13% | $ | 7.50 | $ | 8,071 | |||||||||||||||||||||||||
June 30, 2020(1) | N/A | 1,765 | N/A | 7.50 | 14 | |||||||||||||||||||||||||||
September 30, 2020 | N/A | — | N/A | N/A | — | |||||||||||||||||||||||||||
December 31, 2020 | December 30, 2020 | 2,001,960 | 20% | 7.60 | 15,215 | |||||||||||||||||||||||||||
Total for the year ended December 31, 2020 | 3,079,954 | $ | 23,300 | |||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
March 31, 2021 | March 24, 2021 | 675,440 | 6% | $ | 7.83 | $ | 5,291 | |||||||||||||||||||||||||
June 30, 2021 | June 23, 2021 | 640,277 | 7% | 8.07 | 5,163 | |||||||||||||||||||||||||||
Total for the six months ended June 30, 2021 | 1,315,717 | $ | 10,454 |
Three Months Ended | Repurchase Date | Shares Repurchased | Percentage of Shares Tendered That Were Repurchased | Repurchase Price Per Share | Aggregate Consideration for Repurchased Shares | ||||||||||
March 31, 2017 | January 4, 2017 | 814,223 | 100 | % | 9.05 | $ | 7,370 | ||||||||
June 30, 2017 | April 5, 2017 | 1,137,234 | 100 | % | 9.12 | 10,372 | |||||||||
September 30, 2017 | July 5, 2017 | 1,365,168 | 100 | % | 9.10 | 12,425 | |||||||||
Total | 3,316,625 | $ | 30,167 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Entity | Capacity | Description | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
CION Securities, LLC | Dealer manager | Dealer manager fees(1) | $ | 290 | $ | 331 | $ | 782 | $ | 588 | ||||||||||
CIM | Investment adviser | Management fees(2) | 7,820 | 5,187 | 21,724 | 14,311 | ||||||||||||||
ICON Capital, LLC | Administrative services provider | Administrative services expense(2) | 433 | 425 | 1,204 | 1,151 | ||||||||||||||
CIG | Sponsor | Recoupment of expense support(2) | — | — | — | 667 | ||||||||||||||
$ | 8,543 | $ | 5,943 | $ | 23,710 | $ | 16,717 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
Entity | Capacity | Description | 2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||
CIM | Investment adviser | Management fees(1) | $ | 8,243 | $ | 7,929 | 16,026 | 16,380 | $ | 31,828 | |||||||||||||||||||||||||||||||||||||
CIM | Investment adviser | Incentive fees(1) | — | — | — | 3,308 | 7,631 | ||||||||||||||||||||||||||||||||||||||||
CIM | Administrative services provider | Administrative services expense(1) | 697 | 806 | 1,381 | 1,200 | 2,465 | ||||||||||||||||||||||||||||||||||||||||
Apollo Investment Administration, L.P. | Administrative services provider | Transaction costs(1) | 38 | (12) | 85 | (5) | 56 | ||||||||||||||||||||||||||||||||||||||||
$ | 8,978 | $ | 8,723 | $ | 17,492 | $ | 20,883 | $ | 41,980 |
Distributions | ||||||||||||||
Three Months Ended | Per Share | Amount | ||||||||||||
2020 | ||||||||||||||
March 31, 2020 (thirteen record dates) | $ | 0.1829 | $ | 20,793 | ||||||||||
June 30, 2020 (no record dates) | — | — | ||||||||||||
September 30, 2020 (two record dates) | 0.0883 | 10,011 | ||||||||||||
December 31, 2020 (four record dates) | 0.2842 | 32,479 | ||||||||||||
Total distributions for the year ended December 31, 2020 | $ | 0.5554 | $ | 63,283 | ||||||||||
2021 | ||||||||||||||
March 31, 2021 (three record dates) | $ | 0.1324 | $ | 15,029 | ||||||||||
June 30, 2021 (three record dates) | 0.1324 | 15,000 | ||||||||||||
Total distributions for the six months ended June 30, 2021 | $ | 0.2648 | $ | 30,029 |
Distributions | ||||||||
Three Months Ended | Per Share | Amount | ||||||
2016 | ||||||||
March 31, 2016 (thirteen record dates) | $ | 0.1829 | $ | 19,004 | ||||
June 30, 2016 (thirteen record dates) | 0.1829 | 19,167 | ||||||
September 30, 2016 (thirteen record dates) | 0.1829 | 19,480 | ||||||
December 31, 2016 (thirteen record dates) | 0.1829 | 19,808 | ||||||
Total distributions for the year ended December 31, 2016 | $ | 0.7316 | $ | 77,459 | ||||
2017 | ||||||||
March 31, 2017 (thirteen record dates) | $ | 0.1829 | $ | 20,123 | ||||
June 30, 2017 (thirteen record dates) | 0.1829 | 20,371 | ||||||
September 30, 2017 (thirteen record dates) | 0.1829 | 20,644 | ||||||
Total distributions for the nine months ended September 30, 2017 | $ | 0.5487 | $ | 61,138 |
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source of Distribution | Per Share | Amount | Percentage | Per Share | Amount | Percentage | Per Share | Amount | Percentage | |||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 0.2648 | $ | 30,029 | 100.0 | % | $ | 0.1829 | $ | 20,793 | 100.0 | % | $ | 0.5554 | $ | 63,283 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
Total distributions | $ | 0.2648 | $ | 30,029 | 100.0 | % | $ | 0.1829 | $ | 20,793 | 100.0 | % | $ | 0.5554 | $ | 63,283 | 100.0 | % |
Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Source of Distribution | Per Share | Amount | Percentage | Per Share | Amount | Percentage | ||||||||||||||||
Net investment income | $ | 0.4953 | $ | 55,191 | 90.3 | % | $ | 0.3021 | $ | 31,744 | 55.1 | % | ||||||||||
Net realized gain on total return swap | ||||||||||||||||||||||
Net interest and other income from TRS portfolio | 0.0329 | 3,661 | 6.0 | % | 0.2131 | 22,386 | 38.8 | % | ||||||||||||||
Net gain on TRS loan sales(1) | 0.0205 | 2,286 | 3.7 | % | 0.0232 | 2,443 | 4.2 | % | ||||||||||||||
Net realized gain on investments and foreign currency | — | — | — | 0.0103 | 1,078 | 1.9 | % | |||||||||||||||
Total distributions | $ | 0.5487 | $ | 61,138 | 100.0 | % | $ | 0.5487 | $ | 57,651 | 100.0 | % |
December 31, 2016 | |||
Undistributed ordinary income | $ | 3,847 | |
Undistributed long term capital gains | 924 | ||
Net unrealized depreciation on investments and total return swap | (26,398 | ) | |
Total accumulated earnings | $ | (21,627 | ) |
December 31, 2020 | |||||
Undistributed ordinary income | $ | 5,950 | |||
Other accumulated losses | (1,793) | ||||
Net unrealized depreciation on investments | (161,664) | ||||
Total accumulated losses | $ | (157,507) |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Cost(1) | Fair Value | Percentage of Investment Portfolio | Cost(1) | Fair Value | Percentage of Investment Portfolio | |||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,430,846 | $ | 1,407,224 | 84.0 | % | $ | 1,266,564 | $ | 1,223,268 | 81.8 | % | ||||||||||||||||||||||||||
Senior secured second lien debt | 160,631 | 141,710 | 8.5 | % | 171,480 | 151,506 | 10.1 | % | ||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 14,487 | 14,095 | 0.8 | % | 15,305 | 12,131 | 0.8 | % | ||||||||||||||||||||||||||||||
Unsecured debt | 5,675 | 5,508 | 0.3 | % | 5,668 | 5,464 | 0.4 | % | ||||||||||||||||||||||||||||||
Equity | 100,712 | 107,017 | 6.4 | % | 118,638 | 103,405 | 6.9 | % | ||||||||||||||||||||||||||||||
Subtotal/total percentage | 1,712,351 | 1,675,554 | 100.0 | % | 1,577,655 | 1,495,774 | 100.0 | % | ||||||||||||||||||||||||||||||
Short term investments(2) | 48,484 | 48,484 | 73,597 | 73,597 | ||||||||||||||||||||||||||||||||||
Total investments | $ | 1,760,835 | $ | 1,724,038 | $ | 1,651,252 | $ | 1,569,371 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||
Cost(1) | Fair Value | Percentage of Investment Portfolio | Cost(1) | Fair Value | Percentage of Investment Portfolio | |||||||||||||||||
Senior secured first lien debt | $ | 1,069,271 | $ | 1,079,520 | 69.6 | % | $ | 489,904 | $ | 489,913 | 48.1 | % | ||||||||||
Senior secured second lien debt | 404,788 | 402,459 | 26.0 | % | 437,240 | 434,347 | 42.6 | % | ||||||||||||||
Collateralized securities and structured products - debt | 28,818 | 28,284 | 1.8 | % | 39,471 | 38,114 | 3.7 | % | ||||||||||||||
Collateralized securities and structured products - equity | 31,537 | 29,588 | 1.9 | % | 37,713 | 34,648 | 3.4 | % | ||||||||||||||
Unsecured debt | 7,333 | 7,331 | 0.5 | % | 17,290 | 16,851 | 1.7 | % | ||||||||||||||
Equity | 5,857 | 3,863 | 0.2 | % | 4,832 | 5,107 | 0.5 | % | ||||||||||||||
Subtotal/total percentage | 1,547,604 | 1,551,045 | 100.0 | % | 1,026,450 | 1,018,980 | 100.0 | % | ||||||||||||||
Short term investments(2) | 140,810 | 140,810 | 70,498 | 70,498 | ||||||||||||||||||
Total investments | $ | 1,688,414 | $ | 1,691,855 | $ | 1,096,948 | $ | 1,089,478 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Industry Classification | Investments at Fair Value | Percentage of Investment Portfolio | Investments at Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
Healthcare & Pharmaceuticals | $ | 283,126 | 16.9 | % | $ | 298,944 | 19.9 | % | ||||||||||||||||||
Services: Business | 268,849 | 16.0 | % | 211,572 | 14.0 | % | ||||||||||||||||||||
Media: Diversified & Production | 127,105 | 7.6 | % | 108,078 | 7.2 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | 124,017 | 7.4 | % | 141,654 | 9.5 | % | ||||||||||||||||||||
Services: Consumer | 112,840 | 6.7 | % | 85,254 | 5.7 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 107,481 | 6.4 | % | 110,083 | 7.4 | % | ||||||||||||||||||||
High Tech Industries | 73,265 | 4.4 | % | 55,619 | 3.7 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 64,626 | 3.9 | % | 69,975 | 4.7 | % | ||||||||||||||||||||
Capital Equipment | 63,679 | 3.8 | % | 65,752 | 4.4 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 53,168 | 3.2 | % | 41,211 | 2.8 | % | ||||||||||||||||||||
Retail | 45,543 | 2.7 | % | 29,312 | 2.0 | % | ||||||||||||||||||||
Aerospace & Defense | 42,331 | 2.5 | % | 35,751 | 2.4 | % | ||||||||||||||||||||
Consumer Goods: Durable | 42,219 | 2.5 | % | 7,417 | 0.5 | % | ||||||||||||||||||||
Telecommunications | 41,975 | 2.5 | % | 46,638 | 3.1 | % | ||||||||||||||||||||
Energy: Oil & Gas | 41,543 | 2.5 | % | 28,136 | 1.9 | % | ||||||||||||||||||||
Construction & Building | 41,064 | 2.5 | % | 34,653 | 2.3 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | 33,523 | 2.0 | % | 21,920 | 1.5 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | 32,534 | 1.9 | % | 15,757 | 1.1 | % | ||||||||||||||||||||
Diversified Financials | 25,710 | 1.5 | % | 37,214 | 2.5 | % | ||||||||||||||||||||
Forest Products & Paper | 21,699 | 1.3 | % | 21,686 | 1.4 | % | ||||||||||||||||||||
Transportation: Cargo | 17,960 | 1.1 | % | 19,001 | 1.3 | % | ||||||||||||||||||||
Metals & Mining | 11,297 | 0.7 | % | 10,147 | 0.7 | % | ||||||||||||||||||||
Subtotal/total percentage | 1,675,554 | 100.0 | % | 1,495,774 | 100.0 | % | ||||||||||||||||||||
Short term investments | 48,484 | 73,597 | ||||||||||||||||||||||||
Total investments | $ | 1,724,038 | $ | 1,569,371 |
September 30, 2017 | December 31, 2016 | |||||||||||||
Industry Classification | Investments at Fair Value | Percentage of Investment Portfolio | Investments at Fair Value | Percentage of Investment Portfolio | ||||||||||
High Tech Industries | $ | 229,022 | 14.8 | % | $ | 217,339 | 21.3 | % | ||||||
Healthcare & Pharmaceuticals | 222,843 | 14.4 | % | 118,337 | 11.6 | % | ||||||||
Services: Business | 209,615 | 13.5 | % | 126,869 | 12.5 | % | ||||||||
Media: Diversified & Production | 116,013 | 7.5 | % | 23,100 | 2.3 | % | ||||||||
Chemicals, Plastics & Rubber | 89,142 | 5.8 | % | 27,253 | 2.7 | % | ||||||||
Telecommunications | 72,967 | 4.7 | % | 35,411 | 3.5 | % | ||||||||
Services: Consumer | 64,137 | 4.1 | % | 9,477 | 0.9 | % | ||||||||
Media: Advertising, Printing & Publishing | 61,147 | 3.9 | % | 54,354 | 5.3 | % | ||||||||
Consumer Goods: Durable | 60,992 | 3.9 | % | 1,000 | 0.1 | % | ||||||||
Diversified Financials | 57,872 | 3.7 | % | 72,762 | 7.1 | % | ||||||||
Beverage, Food & Tobacco | 54,846 | 3.5 | % | 53,658 | 5.3 | % | ||||||||
Capital Equipment | 51,899 | 3.3 | % | 51,155 | 5.0 | % | ||||||||
Hotel, Gaming & Leisure | 45,990 | 3.0 | % | 28,974 | 2.8 | % | ||||||||
Automotive | 40,347 | 2.6 | % | 39,192 | 3.9 | % | ||||||||
Retail | 32,052 | 2.1 | % | 18,852 | 1.9 | % | ||||||||
Aerospace & Defense | 28,811 | 1.9 | % | 21,780 | 2.1 | % | ||||||||
Banking, Finance, Insurance & Real Estate | 27,296 | 1.8 | % | 17,636 | 1.7 | % | ||||||||
Energy: Oil & Gas | 25,904 | 1.7 | % | 12,803 | 1.3 | % | ||||||||
Consumer Goods: Non-Durable | 16,056 | 1.0 | % | 8,611 | 0.8 | % | ||||||||
Construction & Building | 16,048 | 1.0 | % | 39,137 | 3.8 | % | ||||||||
Transportation: Cargo | 9,844 | 0.6 | % | — | — | |||||||||
Media: Broadcasting & Subscription | 6,450 | 0.4 | % | 9,776 | 1.0 | % | ||||||||
Forest Products & Paper | 5,598 | 0.4 | % | — | — | |||||||||
Metals & Mining | 3,341 | 0.2 | % | 11,349 | 1.1 | % | ||||||||
Environmental Industries | 2,813 | 0.2 | % | 2,595 | 0.3 | % | ||||||||
Energy: Electricity | — | — | 13,715 | 1.3 | % | |||||||||
Containers, Packaging & Glass | — | — | 3,845 | 0.4 | % | |||||||||
Subtotal/total percentage | 1,551,045 | 100.0 | % | 1,018,980 | 100.0 | % | ||||||||
Short term investments | 140,810 | 70,498 | ||||||||||||
Total investments | $ | 1,691,855 | $ | 1,089,478 |
September 30, 2017 | December 31, 2016 | |||||||||||||
Geographic Dispersion(1) | Investments at Fair Value | Percentage of Investment Portfolio | Investments at Fair Value | Percentage of Investment Portfolio | ||||||||||
United States | $ | 1,407,912 | 90.8 | % | $ | 916,260 | 89.9 | % | ||||||
Cayman Islands | 31,519 | 2.0 | % | 43,234 | 4.2 | % | ||||||||
Canada | 30,747 | 2.0 | % | 16,705 | 1.6 | % | ||||||||
Germany | 20,488 | 1.3 | % | 24,185 | 2.4 | % | ||||||||
Netherlands | 18,171 | 1.2 | % | 10,273 | 1.0 | % | ||||||||
Luxembourg | 17,954 | 1.1 | % | — | — | |||||||||
Marshall Islands | 9,844 | 0.6 | % | — | — | |||||||||
France | 5,598 | 0.4 | % | — | — | |||||||||
Cyprus | 5,124 | 0.3 | % | 4,728 | 0.5 | % | ||||||||
United Kingdom | 2,813 | 0.2 | % | 2,595 | 0.3 | % | ||||||||
Bermuda | 875 | 0.1 | % | 1,000 | 0.1 | % | ||||||||
Subtotal/total percentage | 1,551,045 | 100.0 | % | 1,018,980 | 100.0 | % | ||||||||
Short term investments | 140,810 | 70,498 | ||||||||||||
Total investments | $ | 1,691,855 | $ | 1,089,478 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Geographic Dispersion(1) | Investments at Fair Value | Percentage of Investment Portfolio | Investments at Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
United States | $ | 1,626,284 | 97.1 | % | $ | 1,446,950 | 96.8 | % | ||||||||||||||||||
Canada | 20,890 | 1.3 | % | 14,775 | 1.0 | % | ||||||||||||||||||||
Cayman Islands | 14,095 | 0.8 | % | 12,131 | 0.8 | % | ||||||||||||||||||||
Netherlands | 7,426 | 0.4 | % | 7,651 | 0.5 | % | ||||||||||||||||||||
Luxembourg | 3,809 | 0.2 | % | 10,034 | 0.7 | % | ||||||||||||||||||||
Cyprus | 2,278 | 0.1 | % | 3,557 | 0.2 | % | ||||||||||||||||||||
Bermuda | 772 | 0.1 | % | 676 | — | |||||||||||||||||||||
Subtotal/total percentage | 1,675,554 | 100.0 | % | 1,495,774 | 100.0 | % | ||||||||||||||||||||
Short term investments | 48,484 | 73,597 | ||||||||||||||||||||||||
Total investments | $ | 1,724,038 | $ | 1,569,371 |
Portfolio Company | Index Rate(a) | Industry | Principal/ Par Amount/ Units | Cost(b) | Fair Value | |||||||||||||||||||||||||||
Senior Secured First Lien Debt | ||||||||||||||||||||||||||||||||
Alert 360 Opco, Inc., L+600, 1.00% LIBOR Floor, 10/16/2025 | 1 Month LIBOR | Services: Consumer | $ | 2,501 | $ | 2,501 | $ | 2,501 | ||||||||||||||||||||||||
Total Senior Secured First Lien Debt | 2,501 | 2,501 | ||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||
Alert 360 Topco, Inc., Common Stock | Services: Consumer | 119,445 Units | 741 | 741 | ||||||||||||||||||||||||||||
Total Equity | 741 | 741 | ||||||||||||||||||||||||||||||
Short Term Investments(c) | ||||||||||||||||||||||||||||||||
First American Treasury Obligations Fund, Class Z Shares, 0.03%(d) | 10,591 | 10,591 | ||||||||||||||||||||||||||||||
Total Short Term Investments | 10,591 | 10,591 | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | $ | 13,833 | $ | 13,833 |
December 31, 2016 | ||||
Interest and other income from TRS portfolio | $ | 5,620 | ||
Interest and other expense from TRS portfolio | (1,928 | ) | ||
Net gain on TRS loan sales | 495 | |||
Receivable on total return swap | $ | 4,187 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest and other income from TRS portfolio | $ | 67 | $ | 9,426 | $ | 6,610 | $ | 32,693 | ||||||||
Interest and other expense from TRS portfolio | — | (3,265 | ) | (2,949 | ) | (10,307 | ) | |||||||||
Net gain (loss) on TRS loan sales | — | 2,027 | (17,450 | ) | 1,413 | |||||||||||
Net realized gain (loss)(1) | $ | 67 | $ | 8,188 | $ | (13,789 | ) | $ | 23,799 |
December 31, 2020 | ||||||||||||||
Investments, at fair value (amortized cost of $13,833) | $ | 13,833 | ||||||||||||
Cash and other assets | 41 | |||||||||||||
Interest receivable on | 454 | |||||||||||||
Total assets | $ | 14,328 | ||||||||||||
Other liabilities | $ | 75 | ||||||||||||
Total liabilities | 75 | |||||||||||||
Members' capital | 14,253 | |||||||||||||
Total liabilities and members' capital | $ | 14,328 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
Selected Statement of Operations Information: | 2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||||
Total revenues | $ | — | $ | 2,001 | $ | 29 | $ | 4,590 | $ | 7,874 | |||||||||||||||||||||||||
Total expenses | — | 832 | 29 | 1,775 | 3,934 | ||||||||||||||||||||||||||||||
Net realized loss on investments | — | (337) | — | (337) | (3,427) | ||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | 542 | — | (3,564) | 28 | ||||||||||||||||||||||||||||||
Net increase (decrease) in net assets | $ | — | $ | 1,374 | $ | — | $ | (1,086) | $ | 541 | |||||||||||||||||||||||||
Underlying Loans(a) | Index Rate(b) | Industry | Notional Amount | Fair Value(c) | Unrealized Appreciation / (Depreciation) | |||||||||||
Senior Secured First Lien Debt | ||||||||||||||||
Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022 | Various | Retail | $ | 14,564 | $ | 13,653 | $ | (911 | ) | |||||||
Access CIG, LLC, L+500, 1.00% LIBOR Floor, 10/18/2021 | 3 Month LIBOR | Services: Business | 6,751 | 6,798 | 47 | |||||||||||
ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020 | 3 Month LIBOR | Media: Advertising, Printing & Publishing | 7,679 | 7,328 | (351 | ) | ||||||||||
Alvogen Pharma US, Inc., L+500, 1.00% LIBOR Floor, 4/1/2022 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 9,430 | 9,150 | (280 | ) | ||||||||||
American Dental Partners, Inc., L+475, 1.00% LIBOR Floor, 8/29/2021 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 12,158 | 12,219 | 61 | |||||||||||
American Energy - Marcellus, LLC, L+425, 1.00% LIBOR Floor, 8/4/2020 | 3 Month LIBOR | Energy: Oil & Gas | 4,254 | 2,370 | (1,884 | ) | ||||||||||
American Residential Services, LLC, L+450, 1.00% LIBOR Floor, 6/30/2021 | 3 Month LIBOR | Construction & Building | 14,067 | 14,269 | 202 | |||||||||||
Aquilex, LLC, L+400, 1.00% LIBOR Floor, 12/31/2020 | 3 Month LIBOR | Chemicals, Plastics & Rubber | 1,810 | 1,778 | (32 | ) | ||||||||||
Avaya Inc., L+525, 1.00% LIBOR Floor, 5/29/2020 | 3 Month LIBOR | Telecommunications | 14,542 | 12,798 | (1,744 | ) | ||||||||||
Azure Midstream Energy, LLC, L+650, 1.00% LIBOR Floor, 11/15/2018 | 1 Month LIBOR | Energy: Oil & Gas | 2,375 | 2,200 | (175 | ) | ||||||||||
Caraustar Industries, Inc., L+675, 1.25% LIBOR Floor, 5/1/2019 | 3 Month LIBOR | Forest Products & Paper | 11,954 | 12,521 | 567 | |||||||||||
Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2020 | 1 Month LIBOR | Services: Consumer | 12,915 | 13,058 | 143 | |||||||||||
Charming Charlie, LLC, L+800, 1.00% LIBOR Floor, 12/24/2019 | 3 Month LIBOR | Retail | 7,723 | 4,314 | (3,409 | ) | ||||||||||
CSP Technologies North America, LLC, L+600, 1.00% LIBOR Floor, 1/29/2022 | 3 Month LIBOR | Chemicals, Plastics & Rubber | 13,385 | 13,590 | 205 | |||||||||||
CT Technologies Intermediate Holdings, Inc., L+425, 1.00% LIBOR Floor, 12/1/2021 | 1 Month LIBOR | Healthcare & Pharmaceuticals | 14,681 | 14,160 | (521 | ) | ||||||||||
David's Bridal, Inc., L+400, 1.25% LIBOR Floor, 10/11/2019 | 3 Month LIBOR | Retail | 3,339 | 3,095 | (244 | ) | ||||||||||
DBRS, Inc., L+525, 1.00% LIBOR Floor, 3/4/2022(d) | 3 Month LIBOR | Services: Business | 12,874 | 12,094 | (780 | ) | ||||||||||
EIG Investors Corp., L+548, 1.00% LIBOR Floor, 11/9/2019(d) | 3 Month LIBOR | Services: Business | 1,773 | 1,772 | (1 | ) | ||||||||||
Emmis Operating Company, L+600, 1.00% LIBOR Floor, 6/10/2021 | 3 Month LIBOR | Media: Broadcasting & Subscription | 7,508 | 7,075 | (433 | ) | ||||||||||
Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(d) | 6 Month LIBOR | High Tech Industries | 7,174 | 6,821 | (353 | ) | ||||||||||
Global Cash Access, Inc., L+525, 1.00% LIBOR Floor, 12/18/2020 | 2 Month LIBOR | Hotel, Gaming & Leisure | 10,483 | 10,406 | (77 | ) | ||||||||||
Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 4,829 | 4,520 | (309 | ) | ||||||||||
IMG Worldwide Holdings, LLC, L+425, 1.00% LIBOR Floor, 5/6/2021 | 3 Month LIBOR | Media: Diversified & Production | 7,111 | 7,277 | 166 | |||||||||||
LTCG Holdings Corp., L+500, 1.00% LIBOR Floor, 6/6/2020 | 1 Month LIBOR | Services: Business | 5,882 | 5,409 | (473 | ) | ||||||||||
Murray Energy Corp., L+725, 1.00% LIBOR Floor, 4/16/2020 | 3 Month LIBOR | Metals & Mining | 3,588 | 3,528 | (60 | ) | ||||||||||
Navex Global, Inc, L+475, 1.00% LIBOR Floor, 11/19/2021 | 6 Month LIBOR | High Tech Industries | 13,597 | 13,617 | 20 | |||||||||||
Nielsen & Bainbridge, LLC, L+500, 1.00% LIBOR Floor, 8/15/2020 | 6 Month LIBOR | Consumer Goods: Durable | 15,843 | 15,942 | 99 | |||||||||||
Oasis Outsourcing Holdings, Inc., L+475, 1.00% LIBOR Floor, 12/26/2021 | 1 Month LIBOR | Services: Business | 9,319 | 9,472 | 153 | |||||||||||
Onex TSG Holdings II Corp., L+400, 1.00% LIBOR Floor, 7/29/2022 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 3,408 | 3,441 | 33 | |||||||||||
Opal Acquisition, Inc., L+400, 1.00% LIBOR Floor, 11/27/2020 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 10,236 | 9,802 | (434 | ) | ||||||||||
Pelican Products, Inc., L+425, 1.00% LIBOR Floor, 4/10/2020 | 3 Month LIBOR | Chemicals, Plastics & Rubber | 2,493 | 2,503 | 10 | |||||||||||
Photonis Technologies SAS, L+750, 1.00% LIBOR Floor, 9/18/2019(d) | 3 Month LIBOR | Aerospace & Defense | 6,337 | 5,564 | (773 | ) | ||||||||||
PSC Industrial Holdings Corp., L+475, 1.00% LIBOR Floor, 12/5/2020 | 3 Month LIBOR | Services: Business | 4,851 | 4,741 | (110 | ) | ||||||||||
Scientific Games International, Inc., L+500, 1.00% LIBOR Floor, 10/1/2021(d) | Various | Hotel, Gaming & Leisure | 10,400 | 10,665 | 265 | |||||||||||
SESAC Holdco II LLC, L+425, 1.00% LIBOR Floor, 2/7/2019 | 1 Month LIBOR | Media: Broadcasting & Subscription | 2,935 | 2,938 | 3 | |||||||||||
SG Acquisition, Inc., L+525, 1.00% LIBOR Floor, 8/19/2021 | 3 Month LIBOR | Banking, Finance, Insurance & Real Estate | 11,414 | 11,547 | 133 | |||||||||||
SI Organization, Inc., L+475, 1.00% LIBOR Floor, 11/23/2019 | 3 Month LIBOR | Services: Business | 7,746 | 7,866 | 120 | |||||||||||
STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022 | 3 Month LIBOR | Services: Business | 3,845 | 3,840 | (5 | ) | ||||||||||
Survey Sampling International, LLC, L+500, 1.00% LIBOR Floor, 12/16/2020 | 3 Month LIBOR | Services: Business | 7,781 | 7,899 | 118 | |||||||||||
TIBCO Software Inc., L+550, 1.00% LIBOR Floor, 12/4/2020 | 1 Month LIBOR | High Tech Industries | 16,827 | 17,319 | 492 | |||||||||||
Travel Leaders Group, LLC, L+600, 1.00% LIBOR Floor, 12/7/2020 | 1 Month LIBOR | Services: Consumer | 5,169 | 5,176 | 7 | |||||||||||
Vince, LLC, L+500, 1.00% LIBOR Floor, 11/27/2019(d) | 3 Month LIBOR | Retail | 1,124 | 1,093 | (31 | ) | ||||||||||
Western Dental Services, Inc., L+650, 1.00% LIBOR Floor, 11/1/2018 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 5,573 | 5,566 | (7 | ) | ||||||||||
Total Senior Secured First Lien Debt | 351,747 | 341,194 | (10,553 | ) |
Underlying Loans(a) | Index Rate(b) | Industry | Notional Amount | Fair Value(c) | Unrealized Appreciation / (Depreciation) | |||||||||||
Senior Secured Second Lien Debt | ||||||||||||||||
Asurion, LLC, L+750, 1.00% LIBOR Floor, 3/3/2021 | 1 Month LIBOR | Services: Consumer | 7,772 | 8,044 | 272 | |||||||||||
Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(d) | 6 Month LIBOR | High Tech Industries | 9,798 | 7,594 | (2,204 | ) | ||||||||||
GOBP Holdings, Inc., L+825, 1.00% LIBOR Floor, 10/21/2022 | 3 Month LIBOR | Retail | 3,940 | 4,010 | 70 | |||||||||||
Mergermarket USA, Inc., L+650, 1.00% LIBOR Floor, 2/4/2022 | 3 Month LIBOR | Services: Business | 6,965 | 6,842 | (123 | ) | ||||||||||
Onex Carestream Finance LP, L+850, 1.00% LIBOR Floor, 12/7/2019 | 3 Month LIBOR | Healthcare & Pharmaceuticals | 13,600 | 11,318 | (2,282 | ) | ||||||||||
Pelican Products, Inc., L+825, 1.00% LIBOR Floor, 4/11/2021 | 3 Month LIBOR | Chemicals, Plastics & Rubber | 8,050 | 7,830 | (220 | ) | ||||||||||
PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022 | 1 Month LIBOR | Retail | 4,973 | 4,636 | (337 | ) | ||||||||||
Securus Technologies Holdings, Inc., L+775, 1.25% LIBOR Floor, 4/30/2021 | 3 Month LIBOR | Telecommunications | 1,002 | 977 | (25 | ) | ||||||||||
Total Senior Secured Second Lien Debt | 56,100 | 51,251 | (4,849 | ) | ||||||||||||
Total | $ | 407,847 | $ | 392,445 | $ | (15,402 | ) |
Interest Rate | Interest Amount | |||||||||||||||||||
Issuer of Underlying Loan | Investment Type | Cash | PIK | All-in-Rate | Cash | PIK | Total | |||||||||||||
Smile Brands Group, Inc.(f) | Senior Secured First Lien Debt | 7.50% | 1.50% | 9.00% | $ | 233 | $ | 41 | $ | 274 | ||||||||||
Southcross Holdings Borrower LP(g) | Senior Secured First Lien Debt | 3.50% | 5.50% | 9.00% | $ | 1 | $ | 1 | $ | 2 |
Financing Arrangement | Type of Financing Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||||||||||||||||||||
JPM Credit Facility | Term Loan Credit Facility | L+3.10% | $ | 550,000 | $ | 25,000 | May 15, 2024 | |||||||||||||||||||||||||
2026 Notes(1) | Note Purchase Agreement | 4.50% | 125,000 | — | February 11, 2026 | |||||||||||||||||||||||||||
UBS Facility | Repurchase Agreement | L+3.375% | 100,000 | 50,000 | November 19, 2023 | |||||||||||||||||||||||||||
More Term Loan(2) | Term Loan Facility Agreement | 5.20% | 30,000 | — | September 30, 2024 | |||||||||||||||||||||||||||
$ | 805,000 | $ | 75,000 |
Arrangement | Type of Arrangement | Rate | Amount Outstanding | Amount Available | Maturity Date | |||||||||
Citibank Credit Facility | Revolving Credit Facility | L+2.00% | $ | 281,698 | $ | 43,302 | March 29, 2019 | |||||||
JPM Credit Facility | Term Loan Credit Facility | L+3.50% | 224,423 | 577 | August 23, 2020 | |||||||||
UBS Facility | Repurchase Agreement | L+3.50% | 125,000 | — | May 19, 2020 |
Three Months Ended September 30, 2017 | Period from March 29, 2017 to September 30, 2017 | |||||||
Stated interest expense | $ | 1,953 | $ | 3,860 | ||||
Non-usage fee | 173 | 356 | ||||||
Amortization of deferred financing costs | 174 | 330 | ||||||
Total interest expense | $ | 2,300 | $ | 4,546 | ||||
Weighted average interest rate(1) | 3.54 | % | 3.50 | % | ||||
Average borrowings | $ | 234,416 | $ | 233,042 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||
Stated interest expense | $ | 4,275 | $ | 4,685 | $ | 9,093 | $ | 7,721 | $ | 19,069 | ||||||||||||||||||||||
Amortization of deferred financing costs | 487 | 357 | 1,164 | 509 | 1,582 | |||||||||||||||||||||||||||
Non-usage fee | 149 | 74 | 368 | 137 | 509 | |||||||||||||||||||||||||||
Total interest expense | $ | 4,911 | $ | 5,116 | $ | 10,625 | $ | 8,367 | $ | 21,160 | ||||||||||||||||||||||
Weighted average interest rate(1) | 3.40 | % | 4.04 | % | 3.48 | % | 4.34 | % | 3.90 | % | ||||||||||||||||||||||
Average borrowings | $ | 515,934 | $ | 465,205 | $ | 540,470 | $ | 357,603 | $ | 493,122 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||
Stated interest expense | $ | 2,770 | $ | 7,978 | ||||
Amortization of deferred financing costs | 222 | 660 | ||||||
Non-usage fee | 1 | 3 | ||||||
Total interest expense | $ | 2,993 | $ | 8,641 | ||||
Weighted average interest rate(1) | 4.74 | % | 4.61 | % | ||||
Average borrowings | $ | 224,423 | $ | 224,423 |
Three Months Ended June 30, 2021 | For the Period from February 11, 2021 through June 30, 2021 | |||||||||||||
Stated interest expense | $ | 1,422 | $ | 2,188 | ||||||||||
Amortization of deferred financing costs | 132 | 204 | ||||||||||||
Total interest expense | $ | 1,554 | $ | 2,392 | ||||||||||
Weighted average interest rate(1) | 4.50 | % | 4.50 | % | ||||||||||
Average borrowings | $ | 125,000 | $ | 125,000 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||
Stated interest expense | $ | 893 | $ | 1,908 | $ | 1,795 | $ | 4,611 | $ | 6,732 | ||||||||||||||||||||||
Non-usage fee | 95 | — | 189 | — | 16 | |||||||||||||||||||||||||||
Amortization of deferred financing costs | — | 125 | — | 359 | 360 | |||||||||||||||||||||||||||
Total interest expense | $ | 988 | $ | 2,033 | $ | 1,984 | $ | 4,970 | $ | 7,108 | ||||||||||||||||||||||
Weighted average interest rate(1) | 3.98 | % | 4.92 | % | 3.94 | % | 5.17 | % | 4.81 | % | ||||||||||||||||||||||
Average borrowings | $ | 100,000 | $ | 152,747 | $ | 100,000 | $ | 176,374 | $ | 137,978 |
Three Months Ended September 30, 2017 | Period from May 19, 2017 to September 30, 2017 | |||||||
Stated interest expense | $ | 1,480 | $ | 2,009 | ||||
Amortization of deferred financing costs | 147 | 219 | ||||||
Total interest expense | $ | 1,627 | $ | 2,228 | ||||
Weighted average interest rate(1) | 4.74 | % | 4.72 | % | ||||
Average borrowings | $ | 125,000 | $ | 113,519 |
For the Period from April 14, 2021 through June 30, 2021 | ||||||||
Stated interest expense | $ | 312 | ||||||
Amortization of deferred financing costs | 63 | |||||||
Total interest expense | $ | 375 | ||||||
Weighted average interest rate(1) | 5.20 | % | ||||||
Average borrowings | $ | 30,000 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Non-usage fee | $ | — | $ | 46 | $ | 65 | $ | 147 | |||||||
Amortization of deferred financing costs | — | 51 | 63 | 177 | |||||||||||
Stated interest expense | — | 44 | — | 44 | |||||||||||
Total interest expense | $ | — | $ | 141 | $ | 128 | $ | 368 | |||||||
Weighted average interest rate(1) | — | 8.62 | % | — | 18.25 | % | |||||||||
Average borrowings | $ | — | $ | 4,109 | $ | — | $ | 1,380 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||
Stated interest expense | $ | — | $ | 802 | $ | — | $ | 3,171 | $ | 3,171 | ||||||||||||||||||||||
Non-usage fee | — | 111 | — | 288 | 288 | |||||||||||||||||||||||||||
Amortization of deferred financing costs | — | 1,379 | — | 1,551 | 1,551 | |||||||||||||||||||||||||||
Total interest expense | $ | — | $ | 2,292 | $ | — | $ | 5,010 | $ | 5,010 | ||||||||||||||||||||||
Weighted average interest rate(1) | — | 3.13 | % | — | 3.72 | % | 3.72 | % | ||||||||||||||||||||||||
Average borrowings | $ | — | $ | 110,939 | $ | — | $ | 183,774 | $ | 91,385 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||
Stated interest expense | $ | — | $ | 566 | $ | — | $ | 1,928 | $ | 1,928 | ||||||||||||||||||||||
Amortization of deferred financing costs | — | 1,415 | — | 1,544 | 1,544 | |||||||||||||||||||||||||||
Non-usage fee | — | 20 | — | 87 | 87 | |||||||||||||||||||||||||||
Total interest expense | $ | — | $ | 2,001 | $ | — | $ | 3,559 | $ | 3,559 | ||||||||||||||||||||||
Weighted average interest rate(1) | — | 3.81 | % | — | 4.50 | % | 4.50 | % | ||||||||||||||||||||||||
Average borrowings | $ | — | $ | 61,609 | $ | — | $ | 88,451 | $ | 43,984 |
June 30, 2021(1) | December 31, 2020(2) | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | — | $ | — | $ | 1,407,224 | $ | 1,407,224 | $ | — | $ | — | $ | 1,223,268 | $ | 1,223,268 | |||||||||||||||||||||||||||||||
Senior secured second lien debt | — | — | 141,710 | 141,710 | — | — | 151,506 | 151,506 | |||||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | — | — | 14,095 | 14,095 | — | — | 12,131 | 12,131 | |||||||||||||||||||||||||||||||||||||||
Unsecured debt | — | — | 5,508 | 5,508 | — | — | 5,464 | 5,464 | |||||||||||||||||||||||||||||||||||||||
Equity | 3,045 | — | 92,357 | 95,402 | 2,409 | — | 75,913 | 78,322 | |||||||||||||||||||||||||||||||||||||||
Short term investments | 48,484 | — | — | 48,484 | 73,597 | — | — | 73,597 | |||||||||||||||||||||||||||||||||||||||
Total Investments | $ | 51,529 | $ | — | $ | 1,660,894 | $ | 1,712,423 | $ | 76,006 | $ | — | $ | 1,468,282 | $ | 1,544,288 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Senior secured first lien debt | $ | — | $ | — | $ | 1,079,520 | $ | 1,079,520 | $ | — | $ | — | $ | 489,913 | $ | 489,913 | |||||||||||||||
Senior secured second lien debt | — | — | 402,459 | 402,459 | — | — | 434,347 | 434,347 | |||||||||||||||||||||||
Collateralized securities and structured products - debt | — | — | 28,284 | 28,284 | — | — | 38,114 | 38,114 | |||||||||||||||||||||||
Collateralized securities and structured products - equity | — | — | 29,588 | 29,588 | — | — | 34,648 | 34,648 | |||||||||||||||||||||||
Unsecured debt | — | — | 7,331 | 7,331 | — | — | 16,851 | 16,851 | |||||||||||||||||||||||
Equity | — | — | 3,863 | 3,863 | — | — | 5,107 | 5,107 | |||||||||||||||||||||||
Short term investments | 140,810 | — | — | 140,810 | 70,498 | — | — | 70,498 | |||||||||||||||||||||||
Total Investments | $ | 140,810 | $ | — | $ | 1,551,045 | $ | 1,691,855 | $ | 70,498 | $ | — | $ | 1,018,980 | $ | 1,089,478 | |||||||||||||||
Total return swap | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (15,402 | ) | $ | (15,402 | ) | |||||||||||||
Credit default swap | — | — | — | — | — | 46 | — | 46 | |||||||||||||||||||||||
Total Derivatives | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 46 | $ | (15,402 | ) | $ | (15,356 | ) | |||||||||||||
Total Investments and Derivatives | $ | 140,810 | $ | — | $ | 1,551,045 | $ | 1,691,855 | $ | 70,498 | $ | 46 | $ | 1,003,578 | $ | 1,074,122 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||
Beginning balance, March 31, 2021 | $ | 1,255,426 | $ | 154,626 | $ | 13,840 | $ | 5,493 | $ | 91,409 | $ | 1,520,794 | |||||||||||||||||||||||||||||
Investments purchased(2)(3) | 224,407 | 614 | — | — | 2,843 | 227,864 | |||||||||||||||||||||||||||||||||||
Net realized (loss) gain | (341) | — | — | — | 805 | 464 | |||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 4,756 | (877) | 920 | 11 | 3,362 | 8,172 | |||||||||||||||||||||||||||||||||||
Accretion of discount | 2,555 | 174 | — | 4 | — | 2,733 | |||||||||||||||||||||||||||||||||||
Sales and principal repayments(3) | (79,579) | (12,827) | (665) | — | (6,062) | (99,133) | |||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2021 | $ | 1,407,224 | $ | 141,710 | $ | 14,095 | $ | 5,508 | $ | 92,357 | $ | 1,660,894 | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2021(1) | $ | 6,482 | $ | (815) | $ | 920 | $ | 11 | $ | 4,076 | $ | 10,674 |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2020 | $ | 1,223,268 | $ | 151,506 | $ | 12,131 | $ | 5,464 | $ | 75,913 | $ | 1,468,282 | |||||||||||||||||||||||||||||||||||
Investments purchased(2)(3) | 413,433 | 1,641 | — | — | 4,141 | 419,215 | |||||||||||||||||||||||||||||||||||||||||
Net realized (loss) gain | (1,414) | — | — | — | 805 | (609) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation | 19,674 | 1,053 | 2,782 | 37 | 17,560 | 41,106 | |||||||||||||||||||||||||||||||||||||||||
Accretion of discount | 5,557 | 341 | — | 7 | — | 5,905 | |||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments(3) | (253,294) | (12,831) | (818) | — | (6,062) | (273,005) | |||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2021 | $ | 1,407,224 | $ | 141,710 | $ | 14,095 | $ | 5,508 | $ | 92,357 | $ | 1,660,894 | |||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2021(1) | $ | 17,778 | $ | (218) | $ | 2,782 | $ | 37 | $ | 18,507 | $ | 38,886 |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total Return Swap | Total | ||||||||||||||||||||||||
Beginning balance, June 30, 2017 | $ | 1,062,513 | $ | 413,690 | $ | 29,113 | $ | 30,190 | $ | — | $ | 3,554 | $ | — | $ | 1,539,060 | |||||||||||||||
Investments purchased | 215,514 | 61,505 | — | — | 7,331 | 853 | — | 285,203 | |||||||||||||||||||||||
Net realized (loss) gain | (5,600 | ) | 2,805 | (5 | ) | — | — | — | 67 | (2,733 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 5,400 | (3,079 | ) | 253 | (328 | ) | (2 | ) | (544 | ) | — | 1,700 | |||||||||||||||||||
Accretion of discount | 1,825 | 690 | 13 | — | 2 | — | — | 2,530 | |||||||||||||||||||||||
Sales and principal repayments | (200,132 | ) | (73,152 | ) | (1,090 | ) | (274 | ) | — | — | (67 | ) | (274,715 | ) | |||||||||||||||||
Ending balance, September 30, 2017 | $ | 1,079,520 | $ | 402,459 | $ | 28,284 | $ | 29,588 | $ | 7,331 | $ | 3,863 | $ | — | $ | 1,551,045 | |||||||||||||||
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2017(1) | $ | 1,205 | $ | (1,434 | ) | $ | 253 | $ | (328 | ) | $ | (2 | ) | $ | (544 | ) | $ | — | $ | (850 | ) |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total Return Swap | Total | ||||||||||||||||||||||||
Beginning balance, December 31, 2016 | $ | 489,913 | $ | 434,347 | $ | 38,114 | $ | 34,648 | $ | 16,851 | $ | 5,107 | $ | (15,402 | ) | $ | 1,003,578 | ||||||||||||||
Investments purchased | 951,502 | 179,814 | — | — | 8,420 | 1,025 | — | 1,140,761 | |||||||||||||||||||||||
Net realized (loss) gain | (8,883 | ) | 4,256 | 2 | (451 | ) | 163 | — | (13,789 | ) | (18,702 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 10,240 | 564 | 823 | 1,116 | 437 | (2,269 | ) | 15,402 | 26,313 | ||||||||||||||||||||||
Accretion of discount | 4,768 | 1,940 | 60 | — | 31 | — | — | 6,799 | |||||||||||||||||||||||
Sales and principal repayments | (368,020 | ) | (218,462 | ) | (10,715 | ) | (5,725 | ) | (18,571 | ) | — | 13,789 | (607,704 | ) | |||||||||||||||||
Ending balance, September 30, 2017 | $ | 1,079,520 | $ | 402,459 | $ | 28,284 | $ | 29,588 | $ | 7,331 | $ | 3,863 | $ | — | $ | 1,551,045 | |||||||||||||||
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2017(1) | $ | 10,033 | $ | 1,612 | $ | 596 | $ | 1,116 | $ | (2 | ) | $ | (2,269 | ) | $ | — | $ | 11,086 |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, March 31, 2020 | $ | 1,274,325 | $ | 201,165 | $ | 10,972 | $ | 4,800 | $ | 46,455 | $ | 1,537,717 | ||||||||||||||||||||||||||||||||||||||
Investments purchased(2)(3) | 59,458 | 558 | — | — | 8,106 | 68,122 | ||||||||||||||||||||||||||||||||||||||||||||
Net realized loss | (10,290) | (2) | — | — | — | (10,292) | ||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 11,588 | 1,408 | 733 | (4) | (3,869) | 9,856 | ||||||||||||||||||||||||||||||||||||||||||||
Accretion of discount | 1,580 | 252 | — | 4 | — | 1,836 | ||||||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments(3) | (98,405) | (10,183) | (413) | — | — | (109,001) | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2020 | $ | 1,238,256 | $ | 193,198 | $ | 11,292 | $ | 4,800 | $ | 50,692 | $ | 1,498,238 | ||||||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2020(1) | $ | 1,623 | $ | 1,408 | $ | 733 | $ | (4) | $ | (3,869) | $ | (109) |
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total | |||||||||||||||||||||||||||||||||||
Beginning balance, December 31, 2019 | $ | 1,351,767 | $ | 248,253 | $ | 7,212 | $ | 14,182 | $ | 4,900 | $ | 56,886 | $ | 1,683,200 | |||||||||||||||||||||||||||
Investments purchased(2)(3) | 236,612 | 912 | — | — | — | 8,717 | 246,241 | ||||||||||||||||||||||||||||||||||
Net realized loss | (14,485) | (1) | — | — | — | — | (14,486) | ||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation | (73,442) | (15,807) | — | (2,287) | (108) | (14,911) | (106,555) | ||||||||||||||||||||||||||||||||||
Accretion of discount | 6,269 | 740 | — | — | 8 | — | 7,017 | ||||||||||||||||||||||||||||||||||
Sales and principal repayments(3) | (268,465) | (40,899) | (7,212) | (603) | — | — | (317,179) | ||||||||||||||||||||||||||||||||||
Ending balance, June 30, 2020 | $ | 1,238,256 | $ | 193,198 | $ | — | $ | 11,292 | $ | 4,800 | $ | 50,692 | $ | 1,498,238 | |||||||||||||||||||||||||||
Change in net unrealized depreciation on investments still held as of June 30, 2020(1) | $ | (74,886) | $ | (15,261) | $ | — | $ | (2,287) | $ | (108) | $ | (14,911) | $ | (107,453) |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total Return Swap | Total | ||||||||||||||||||||||||
Beginning balance, June 30, 2016 | $ | 168,798 | $ | 431,875 | $ | 40,288 | $ | 34,397 | $ | 28,275 | $ | 72 | $ | (27,601 | ) | $ | 676,104 | ||||||||||||||
Investments purchased | 255,919 | 40,108 | — | — | — | 5,540 | — | 301,567 | |||||||||||||||||||||||
Net realized gain | 153 | 226 | — | — | — | — | 8,188 | 8,567 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 2,372 | 8,736 | 1,625 | 848 | 1,369 | (2 | ) | 9,527 | 24,475 | ||||||||||||||||||||||
Accretion of discount | 339 | 208 | 27 | — | 32 | — | — | 606 | |||||||||||||||||||||||
Sales and principal repayments | (14,022 | ) | (21,721 | ) | (5,000 | ) | (856 | ) | — | — | (8,188 | ) | (49,787 | ) | |||||||||||||||||
Ending balance, September 30, 2016 | $ | 413,559 | $ | 459,432 | $ | 36,940 | $ | 34,389 | $ | 29,676 | $ | 5,610 | $ | (18,074 | ) | $ | 961,532 | ||||||||||||||
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2016(1) | $ | 1,987 | $ | 8,712 | $ | 1,625 | $ | 848 | $ | 1,369 | $ | (2 | ) | $ | 9,868 | $ | 24,407 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||
Senior Secured First Lien Debt | Senior Secured Second Lien Debt | Collateralized Securities and Structured Products - Debt | Collateralized Securities and Structured Products - Equity | Unsecured Debt | Equity | Total Return Swap | Total | ||||||||||||||||||||||||
Beginning balance, December 31, 2015 | $ | 104,187 | $ | 453,713 | $ | 41,663 | $ | 24,604 | $ | 26,740 | $ | — | $ | (34,900 | ) | $ | 616,007 | ||||||||||||||
Investments purchased | 337,712 | 94,931 | — | 10,000 | 2,704 | 5,615 | — | 450,962 | |||||||||||||||||||||||
Net realized gain | 268 | 799 | — | — | 11 | — | 23,799 | 24,877 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 991 | 10,395 | 195 | 2,169 | 2,842 | (5 | ) | 16,826 | 33,413 | ||||||||||||||||||||||
Accretion of discount | 692 | 574 | 82 | — | 94 | — | — | 1,442 | |||||||||||||||||||||||
Sales and principal repayments | (30,291 | ) | (100,980 | ) | (5,000 | ) | (2,384 | ) | (2,715 | ) | — | (23,799 | ) | (165,169 | ) | ||||||||||||||||
Ending balance, September 30, 2016 | $ | 413,559 | $ | 459,432 | $ | 36,940 | $ | 34,389 | $ | 29,676 | $ | 5,610 | $ | (18,074 | ) | $ | 961,532 | ||||||||||||||
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2016(1) | $ | (421 | ) | $ | 8,495 | $ | 135 | $ | 2,169 | $ | 2,842 | $ | (5 | ) | $ | 14,399 | $ | 27,614 |
June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 1,068,244 | Discounted Cash Flow | Discount Rates | 5.5% | — | 30.7% | 10.1% | ||||||||||||||||||||||||||||||||||||
276,321 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
26,496 | Market Comparable Approach | Revenue Multiple | 1.90x | N/A | ||||||||||||||||||||||||||||||||||||||||
25,827 | EBITDA Multiple | 4.50x | — | 10.50x | 8.09x | |||||||||||||||||||||||||||||||||||||||
10,336 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 115,064 | Discounted Cash Flow | Discount Rates | 8.0% | — | 18.0% | 10.5% | |||||||||||||||||||||||||||||||||||||
26,538 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
108 | Market Comparable Approach | EBITDA Multiple | 7.75x | N/A | ||||||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 14,095 | Discounted Cash Flow | Discount Rates | 10.5% | — | 17.0% | 12.3% | |||||||||||||||||||||||||||||||||||||
Unsecured debt | 5,508 | Discounted Cash Flow | Discount Rates | 16.4% | N/A | |||||||||||||||||||||||||||||||||||||||
Equity | 21,604 | Market Comparable Approach | EBITDA Multiple | 4.50x | — | 32.50x | 12.73x | |||||||||||||||||||||||||||||||||||||
19,077 | Revenue Multiple | 0.60x | — | 2.29x | 1.46x | |||||||||||||||||||||||||||||||||||||||
10,422 | $ per kW | $325.00 | N/A | |||||||||||||||||||||||||||||||||||||||||
38,627 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
2,286 | Discount for Lack of Marketability | Expected Volatility | 30.0% | N/A | ||||||||||||||||||||||||||||||||||||||||
339 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
2 | Options Pricing Model | Expected Volatility | 70.0% | — | 85.0% | 70% | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,660,894 |
September 30, 2017 | ||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||
Senior secured first lien debt | $ | 697,598 | Discounted Cash Flow | Discount Rates | 5.7% | - | 51.9% | 9.8% | ||||||||
361,263 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||
20,659 | Market Comparable Approach | EBITDA Multiple | 3.50x | - | 9.00x | 6.45x | ||||||||||
Revenue Multiple | 0.75x | - | 1.00x | 0.88x | ||||||||||||
Senior secured second lien debt | 204,912 | Broker Quotes | Broker Quotes | N/A | N/A | |||||||||||
188,147 | Discounted Cash Flow | Discount Rates | 8.3% | - | 26.8% | 10.4% | ||||||||||
9,400 | Market Comparable Approach | EBITDA Multiple | 7.50x | - | 8.50x | 7.74x | ||||||||||
Collateralized securities and structured products - debt | 28,284 | Discounted Cash Flow | Discount Rates | 7.5% | - | 11.0% | 9.9% | |||||||||
Collateralized securities and structured products - equity | 29,588 | Discounted Cash Flow | Discount Rates | 14.0% | - | 15.0% | 14.7% | |||||||||
Unsecured debt | 7,331 | Discounted Cash Flow | Discount Rates | N/A | 13.1% | |||||||||||
Equity | 3,827 | Market Comparable Approach | EBITDA Multiple | 4.75x | - | 20.00x | 7.82x | |||||||||
Revenue Multiple | 0.50x | - | 0.75x | 0.57x | ||||||||||||
36 | Options Pricing Model | Expected Volatility | 31.0% | - | 32.0% | 31.5% | ||||||||||
Total | $ | 1,551,045 |
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 881,684 | Discounted Cash Flow | Discount Rates | 5.5% | — | 36.2% | 11.0% | ||||||||||||||||||||||||||||||||||||
305,974 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
21,920 | Market Comparable Approach | Revenue Multiple | 2.33x | N/A | ||||||||||||||||||||||||||||||||||||||||
9,361 | EBITDA Multiple | 2.50x | N/A | |||||||||||||||||||||||||||||||||||||||||
4,329 | Other(2) | Other(2) | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 121,865 | Discounted Cash Flow | Discount Rates | 8.7% | — | 17.3% | 11.9% | |||||||||||||||||||||||||||||||||||||
25,763 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
2,305 | Market Comparable Approach | EBITDA Multiple | 4.75x | N/A | ||||||||||||||||||||||||||||||||||||||||
1,573 | Revenue Multiple | 0.20x | N/A | |||||||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 12,131 | Discounted Cash Flow | Discount Rates | 12.0% | — | 18.0% | 13.5% | |||||||||||||||||||||||||||||||||||||
Unsecured debt | 5,464 | Discounted Cash Flow | Discount Rates | 16.5% | N/A | |||||||||||||||||||||||||||||||||||||||
Equity | 39,644 | Market Comparable Approach | EBITDA Multiple | 3.00x | — | 18.50x | 10.13x | |||||||||||||||||||||||||||||||||||||
11,634 | Revenue Multiple | 0.20x | — | 2.33x | 1.56x | |||||||||||||||||||||||||||||||||||||||
7,988 | $ per kW | $271.50 | N/A | |||||||||||||||||||||||||||||||||||||||||
16,481 | Discounted Cash Flow | Discount Rates | 18.5% | N/A | ||||||||||||||||||||||||||||||||||||||||
163 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||
3 | Options Pricing Model | Expected Volatility | 60.0% | — | 70.0% | 70.0% | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,468,282 |
December 31, 2016 | ||||||||||||||||
Fair Value | Valuation Techniques/ Methodologies | Unobservable Inputs | Range | Weighted Average(1) | ||||||||||||
Senior secured first lien debt | $ | 417,736 | Discounted Cash Flow | Discount Rates | 6.0% | - | 21.3% | 16.5% | ||||||||
61,846 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||
10,331 | Market Comparable Approach | EBITDA Multiple | 4.00x | - | 6.00x | 4.78x | ||||||||||
Senior secured second lien debt | 291,189 | Discounted Cash Flow | Discount Rates | 8.5% | - | 20.6% | 10.5% | |||||||||
129,219 | Broker Quotes | Broker Quotes | N/A | N/A | ||||||||||||
13,939 | Market Comparable Approach | EBITDA Multiple | 6.50x | - | 9.50x | 8.09x | ||||||||||
Revenue Multiple | 0.65x | - | 0.90x | 0.65x | ||||||||||||
Collateralized securities and structured products - debt | 38,114 | Discounted Cash Flow | Discount Rates | 7.8% | - | 11.0% | 10.1% | |||||||||
Collateralized securities and structured products - equity | 34,648 | Discounted Cash Flow | Discount Rates | 9.3% | - | 17.0% | 13.8% | |||||||||
Unsecured debt | 16,851 | Broker Quotes | Broker Quotes | N/A | N/A | |||||||||||
Equity | 4,946 | Market Comparable Approach | EBITDA Multiple | 3.75x | - | 10.50x | 7.23x | |||||||||
161 | Options Pricing Model | Expected Volatility | N/A | 36.2% | ||||||||||||
Total return swap | (1,002 | ) | Discounted Cash Flow | Discount Rates | 5.1% | - | 14.6% | 7.3% | ||||||||
(14,400 | ) | Broker Quotes | Broker Quotes | N/A | N/A | |||||||||||
Total | $ | 1,003,578 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||
Professional fees | $ | 1,213 | $ | 613 | $ | 2,478 | $ | 910 | $ | 1,490 | |||||||||||||||||||
Transfer agent expense | 253 | 260 | 675 | 655 | 1,189 | ||||||||||||||||||||||||
Valuation expense | 269 | 285 | 521 | 561 | 999 | ||||||||||||||||||||||||
Accounting and administration costs | 175 | 137 | 412 | 283 | 680 | ||||||||||||||||||||||||
Printing and marketing expense | 355 | 103 | 399 | 118 | 378 | ||||||||||||||||||||||||
Insurance expense | 137 | 115 | 269 | 223 | 489 | ||||||||||||||||||||||||
Director fees and expenses | 111 | 113 | 214 | 229 | 450 | ||||||||||||||||||||||||
Dues and subscriptions | 27 | 67 | 196 | 149 | 342 | ||||||||||||||||||||||||
Other expenses | 27 | 22 | 92 | 57 | 336 | ||||||||||||||||||||||||
Total general and administrative expense | $ | 2,567 | $ | 1,715 | $ | 5,256 | $ | 3,185 | $ | 6,353 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Valuation expense | $ | 463 | $ | 125 | $ | 989 | $ | 350 | |||||||
Transfer agent expense | 321 | 307 | 947 | 926 | |||||||||||
Professional fees | 147 | 680 | 943 | 1,284 | |||||||||||
Dues and subscriptions | 223 | 177 | 630 | 621 | |||||||||||
Director fees and expenses | 125 | 69 | 327 | 207 | |||||||||||
Insurance expense | 102 | 105 | 309 | 271 | |||||||||||
Printing and other related costs | 59 | 177 | 291 | 520 | |||||||||||
Due diligence fees | 87 | 120 | 145 | 401 | |||||||||||
Other expenses | 276 | 132 | 639 | 364 | |||||||||||
Total general and administrative expense | $ | 1,803 | $ | 1,892 | $ | 5,220 | $ | 4,944 |
Unfunded Commitments | September 30, 2017(1) | December 31, 2016(1) | ||||||
DFC Global Facility Borrower II LLC(2) | $ | 22,800 | $ | — | ||||
Lonestar Prospects, Ltd.(2) | 18,985 | — | ||||||
CF Entertainment Inc. | 5,000 | — | ||||||
Accruent, LLC(2) | 4,238 | — | ||||||
Ministry Brands, LLC(2) | 3,537 | 5,274 | ||||||
Moss Holding Company(2) | 3,278 | — | ||||||
Visual Edge Technology, Inc.(2) | 2,878 | — | ||||||
Elemica Holdings, Inc.(2) | 2,500 | 2,500 | ||||||
Studio Movie Grill Holdings, LLC(2) | 2,156 | 4,127 | ||||||
PDI TA Holdings, Inc.(2) | 1,833 | — | ||||||
Woodstream Corporation(2) | 1,553 | — | ||||||
Teledoc, Inc.(2) | 1,250 | — | ||||||
Island Medical Management Holdings, LLC(2) | 1,188 | — | ||||||
Adams Publishing Group, LLC | 1,136 | — | ||||||
Ivy Hill Middle Market Credit Fund VIII, Ltd.(2) | 1,111 | 1,111 | ||||||
GTCR-Ultra Acquisition, Inc.(2) | 992 | — | ||||||
Covenant Surgical Partners, Inc.(2) | 562 | — | ||||||
Frontline Technologies Group Holdings LLC(2) | 540 | — | ||||||
American Media, Inc.(2) | 296 | 711 | ||||||
Tennessee Merger Sub, Inc.(3) | — | 10,254 | ||||||
ABG Intermediate Holdings 2 LLC | — | 1,119 | ||||||
Total | $ | 75,833 | $ | 25,096 |
Unfunded Commitments | June 30, 2021(1) | December 31, 2020(1) | ||||||||||||
Genesis Healthcare, Inc. | $ | 35,000 | $ | — | ||||||||||
West Dermatology Management Holdings, LLC | 7,655 | 7,655 | ||||||||||||
Williams Industrial Services Group, Inc. | 5,000 | 5,000 | ||||||||||||
Rogers Mechanical Contractors, LLC | 4,808 | — | ||||||||||||
BCP Great Lakes Fund LP | 3,406 | 2,135 | ||||||||||||
Instant Web, LLC | 2,704 | 2,704 | ||||||||||||
Geon Performance Solutions, LLC | 2,586 | 2,586 | ||||||||||||
Coyote Buyer, LLC | 2,500 | 2,500 | ||||||||||||
Appalachian Resource Company, LLC | 2,500 | 2,500 | ||||||||||||
Moss Holding Company | 2,232 | 2,232 | ||||||||||||
Foundation Consumer Healthcare, LLC | 2,094 | 4,211 | ||||||||||||
NWN Parent Holdings LLC | 1,800 | — | ||||||||||||
Anthem Sports & Entertainment Inc. | 1,750 | 1,333 | ||||||||||||
Extreme Reach, Inc. | 1,744 | 1,744 | ||||||||||||
Mimeo.com, Inc. | 1,250 | 1,000 | ||||||||||||
AMCP Staffing Intermediate Holdings III, LLC | 1,142 | 1,370 | ||||||||||||
RA Outdoors, LLC | 1,049 | — | ||||||||||||
Invincible Boat Company | 798 | — | ||||||||||||
CircusTrix Holdings, LLC | 180 | 2,898 | ||||||||||||
American Media, LLC | 85 | — | ||||||||||||
Palmetto Solar, LLC | — | 3,262 | ||||||||||||
Total | $ | 80,283 | $ | 43,130 |
Three Months Ended June 30, | Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2020 | |||||||||||||||||||||||||
Capital structuring and other fees | $ | 790 | $ | 109 | $ | 1,084 | $ | 224 | $ | 968 | |||||||||||||||||||
Amendment fees | 90 | 628 | 674 | 1,117 | 3,550 | ||||||||||||||||||||||||
Administrative agent fees | — | — | 55 | — | 25 | ||||||||||||||||||||||||
Total | $ | 880 | $ | 737 | $ | 1,813 | $ | 1,341 | $ | 4,543 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Amendment fees | $ | 984 | $ | 112 | $ | 1,979 | $ | 156 | |||||||
Commitment fees | 182 | 42 | 672 | 293 | |||||||||||
Total | $ | 1,166 | $ | 154 | $ | 2,651 | $ | 449 |
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||
2021 | 2020 | 2020 | ||||||||||||||||||
Per share data:(1) | ||||||||||||||||||||
Net asset value at beginning of period | $ | 7.75 | $ | 8.40 | $ | 8.40 | ||||||||||||||
Results of operations: | ||||||||||||||||||||
Net investment income | 0.32 | 0.31 | 0.69 | |||||||||||||||||
Net realized and net change in unrealized gains (losses)(2) | 0.36 | (1.10) | (0.78) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations(2) | 0.68 | (0.79) | (0.09) | |||||||||||||||||
Shareholder distributions: | ||||||||||||||||||||
Distributions from net investment income | (0.26) | (0.18) | (0.56) | |||||||||||||||||
Net decrease in net assets resulting from shareholders' distributions | (0.26) | (0.18) | (0.56) | |||||||||||||||||
Capital share transactions: | ||||||||||||||||||||
Issuance of common stock above net asset value(3) | — | — | — | |||||||||||||||||
Repurchases of common stock(4) | — | — | — | |||||||||||||||||
Net increase in net assets resulting from capital share transactions | — | — | — | |||||||||||||||||
Net asset value at end of period | $ | 8.17 | $ | 7.43 | $ | 7.75 | ||||||||||||||
Shares of common stock outstanding at end of period | 113,297,189 | 113,311,355 | 113,293,723 | |||||||||||||||||
Total investment return-net asset value(5) | 9.00 | % | (9.47) | % | (0.94) | % | ||||||||||||||
Net assets at beginning of period | $ | 878,256 | $ | 952,563 | $ | 952,563 | ||||||||||||||
Net assets at end of period | $ | 925,880 | $ | 842,430 | $ | 878,256 | ||||||||||||||
Average net assets | $ | 903,354 | $ | 882,484 | $ | 875,846 | ||||||||||||||
Ratio/Supplemental data: | ||||||||||||||||||||
Ratio of net investment income to average net assets(6) | 4.02 | % | 4.03 | % | 8.99 | % | ||||||||||||||
Ratio of gross operating expenses to average net assets(6)(7) | 4.21 | % | 5.21 | % | 9.72 | % | ||||||||||||||
Ratio of net operating expenses to average net assets(6) | 4.21 | % | 5.21 | % | 9.72 | % | ||||||||||||||
Portfolio turnover rate(8) | 18.43 | % | 12.42 | % | 22.99 | % | ||||||||||||||
Asset coverage ratio(9) | 2.15 | 2.13 | 2.21 |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Per share data:(1) | ||||||||
Net asset value at beginning of period | $ | 9.11 | $ | 8.71 | ||||
Results of operations: | ||||||||
Net investment income(2) | 0.52 | 0.30 | ||||||
Net realized gain and net change in unrealized appreciation on investments(3) | 0.06 | 0.17 | ||||||
Net realized gain and net change in unrealized appreciation on total return swap | 0.01 | 0.39 | ||||||
Net increase in net assets resulting from operations(3) | 0.59 | 0.86 | ||||||
Shareholder distributions: | ||||||||
Distributions from net investment income | (0.50 | ) | (0.30 | ) | ||||
Distributions from net realized gains | (0.05 | ) | (0.25 | ) | ||||
Net decrease in net assets from shareholders' distributions | (0.55 | ) | (0.55 | ) | ||||
Capital share transactions: | ||||||||
Issuance of common stock above net asset value(4) | — | — | ||||||
Repurchases of common stock(5) | — | — | ||||||
Net increase in net assets resulting from capital share transactions | — | — | ||||||
Net asset value at end of period | $ | 9.15 | $ | 9.02 | ||||
Shares of common stock outstanding at end of period | 114,440,741 | 107,920,075 | ||||||
Total investment return-net asset value(6) | 6.68 | % | 10.25 | % | ||||
Net assets at beginning of period | $ | 999,763 | $ | 904,326 | ||||
Net assets at end of period | $ | 1,047,187 | $ | 973,191 | ||||
Average net assets | $ | 1,020,019 | $ | 922,031 | ||||
Ratio/Supplemental data: | ||||||||
Ratio of net investment income to average net assets(7) | 5.69 | % | 3.47 | % | ||||
Ratio of gross operating expenses to average net assets(8) | 4.28 | % | 2.37 | % | ||||
Ratio of expenses (before recoupment of expense support) to average net assets(9) | 4.28 | % | 2.30 | % | ||||
Ratio of net expense recoupments to average net assets(10) | — | 0.07 | % | |||||
Ratio of net operating expenses to average net assets | 4.28 | % | 2.37 | % | ||||
Portfolio turnover rate(11) | 46.07 | % | 20.04 | % | ||||
Asset coverage ratio(12) | 2.66 | 2.85 |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Three Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Activity | Investment Portfolio | Total Return Swap | Total | Investment Portfolio | Total Return Swap | Total | Net Investment Activity | 2021 | 2020 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases and drawdowns | Purchases and drawdowns | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 215,196 | $ | — | $ | 215,196 | $ | 255,919 | $ | 211 | $ | 256,130 | Senior secured first lien debt | $ | 221,361 | $ | 24,246 | $ | 347,992 | |||||||||||||||||||||||||||||||||||||||||||||||||
Senior secured second lien debt | 61,464 | — | 61,464 | 40,108 | — | 40,108 | Senior secured second lien debt | — | — | 4,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured debt | 7,331 | — | 7,331 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 853 | — | 853 | 5,540 | — | 5,540 | Equity | 737 | 1,626 | 7,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and principal repayments | (274,648 | ) | — | (274,648 | ) | (41,599 | ) | (245,657 | ) | (287,256 | ) | Sales and principal repayments | (96,828) | (74,851) | (543,167) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net portfolio activity | $ | 10,196 | $ | — | $ | 10,196 | $ | 259,968 | $ | (245,446 | ) | $ | 14,522 | Net portfolio activity | $ | 125,270 | $ | (48,979) | $ | (183,534) |
June 30, 2021 | ||||||||||||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||
Senior secured first lien debt | $ | 1,430,846 | $ | 1,407,224 | 84.0 | % | ||||||||||||||
Senior secured second lien debt | 160,631 | 141,710 | 8.5 | % | ||||||||||||||||
Collateralized securities and structured products - equity | 14,487 | 14,095 | 0.8 | % | ||||||||||||||||
Unsecured debt | 5,675 | 5,508 | 0.3 | % | ||||||||||||||||
Equity | 100,712 | 107,017 | 6.4 | % | ||||||||||||||||
Subtotal/total percentage | 1,712,351 | 1,675,554 | 100.0 | % | ||||||||||||||||
Short term investments(2) | 48,484 | 48,484 | ||||||||||||||||||
Total investments | $ | 1,760,835 | $ | 1,724,038 | ||||||||||||||||
Number of portfolio companies | 132 | |||||||||||||||||||
Average annual EBITDA of portfolio companies | $61.1 million | |||||||||||||||||||
Median annual EBITDA of portfolio companies | $49.0 million | |||||||||||||||||||
Purchased at a weighted average price of par | 97.91 | % | ||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(3) | 8.50 | % |
September 30, 2017 | |||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | |||||||||
Senior secured first lien debt | $ | 1,069,271 | $ | 1,079,520 | 69.6 | % | |||||
Senior secured second lien debt | 404,788 | 402,459 | 26.0 | % | |||||||
Collateralized securities and structured products - debt | 28,818 | 28,284 | 1.8 | % | |||||||
Collateralized securities and structured products - equity | 31,537 | 29,588 | 1.9 | % | |||||||
Unsecured debt | 7,333 | 7,331 | 0.5 | % | |||||||
Equity | 5,857 | 3,863 | 0.2 | % | |||||||
Subtotal/total percentage | 1,547,604 | 1,551,045 | 100.0 | % | |||||||
Short term investments(2) | 140,810 | 140,810 | |||||||||
Total investments | $ | 1,688,414 | $ | 1,691,855 | |||||||
Number of portfolio companies | 161 | ||||||||||
Average annual EBITDA of portfolio companies | $82.9 million | ||||||||||
Median annual EBITDA of portfolio companies | $49.0 million | ||||||||||
Purchased at a weighted average price of par | 95.95 | % | |||||||||
Gross annual portfolio yield based upon the purchase price(3) | 9.15 | % |
(1)Represents |
December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio | Total Return Swap | Total | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | Notional Amount of Underlying TRS Loans | Fair Value of Underlying TRS Loans | Percentage of Underlying TRS Loans | Cost/Notional Amount(1) | Fair Value | Percentage | Investments Cost(1) | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||||||||||||||||||
Senior secured first lien debt | $ | 489,904 | $ | 489,913 | 48.1 | % | $ | 351,747 | $ | 341,194 | 86.9 | % | $ | 841,651 | $ | 831,107 | 58.9 | % | Senior secured first lien debt | $ | 1,266,564 | $ | 1,223,268 | 81.8 | % | ||||||||||||||||||||||||
Senior secured second lien debt | 437,240 | 434,347 | 42.6 | % | 56,100 | 51,251 | 13.1 | % | 493,340 | 485,598 | 34.4 | % | Senior secured second lien debt | 171,480 | 151,506 | 10.1 | % | ||||||||||||||||||||||||||||||||
Collateralized securities and structured products - debt | 39,471 | 38,114 | 3.7 | % | — | — | — | 39,471 | 38,114 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
Collateralized securities and structured products - equity | 37,713 | 34,648 | 3.4 | % | — | — | — | 37,713 | 34,648 | 2.5 | % | Collateralized securities and structured products - equity | 15,305 | 12,131 | 0.8 | % | |||||||||||||||||||||||||||||||||
Unsecured debt | 17,290 | 16,851 | 1.7 | % | — | — | — | 17,290 | 16,851 | 1.1 | % | Unsecured debt | 5,668 | 5,464 | 0.4 | % | |||||||||||||||||||||||||||||||||
Equity | 4,832 | 5,107 | 0.5 | % | — | — | — | 4,832 | 5,107 | 0.4 | % | Equity | 118,638 | 103,405 | 6.9 | % | |||||||||||||||||||||||||||||||||
Subtotal/total percentage | 1,026,450 | 1,018,980 | 100.0 | % | 407,847 | 392,445 | 100.0 | % | 1,434,297 | 1,411,425 | 100.0 | % | Subtotal/total percentage | 1,577,655 | 1,495,774 | 100.0 | % | ||||||||||||||||||||||||||||||||
Short term investments(2) | 70,498 | 70,498 | — | — | 70,498 | 70,498 | Short term investments(2) | 73,597 | 73,597 | ||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 1,096,948 | $ | 1,089,478 | $ | 407,847 | $ | 392,445 | $ | 1,504,795 | $ | 1,481,923 | Total investments | $ | 1,651,252 | $ | 1,569,371 | ||||||||||||||||||||||||||||||||
Number of portfolio companies | Number of portfolio companies | 103 | 49 | 141(3) | Number of portfolio companies | 119 | |||||||||||||||||||||||||||||||||||||||||||
Average annual EBITDA of portfolio companies | Average annual EBITDA of portfolio companies | $49.9 million | $200.7 million | $94.7 million | Average annual EBITDA of portfolio companies | $67.3 million | |||||||||||||||||||||||||||||||||||||||||||
Median annual EBITDA of portfolio companies | Median annual EBITDA of portfolio companies | $42.7 million | $66.0 million | $50.4 million | Median annual EBITDA of portfolio companies | $53.2 million | |||||||||||||||||||||||||||||||||||||||||||
Purchased at a weighted average price of par | Purchased at a weighted average price of par | 95.87 | % | 98.96 | % | 96.73 | % | Purchased at a weighted average price of par | 98.18 | % | |||||||||||||||||||||||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(4) | 9.99 | % | 6.73 | % | 9.07 | % | |||||||||||||||||||||||||||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(3) | Gross annual portfolio yield based upon the purchase price(3) | 8.28 | % |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Interest Rate Allocation | Investments Cost | Investments Fair Value | Percentage of Investment Portfolio | Investments Cost | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||||||||||||
Floating interest rate investments | $ | 1,504,684 | $ | 1,465,704 | 87.5 | % | $ | 1,347,194 | $ | 1,284,282 | 85.9 | % | ||||||||||||||||||||||||||
Fixed interest rate investments | 109,169 | 110,355 | 6.6 | % | 126,962 | 124,816 | 8.3 | % | ||||||||||||||||||||||||||||||
Non-income producing equity | 63,856 | 65,231 | 3.9 | % | 66,086 | 52,505 | 3.5 | % | ||||||||||||||||||||||||||||||
Other income producing investments | 34,642 | 34,264 | 2.0 | % | 37,413 | 34,171 | 2.3 | % | ||||||||||||||||||||||||||||||
Total investments | $ | 1,712,351 | $ | 1,675,554 | 100.0 | % | $ | 1,577,655 | $ | 1,495,774 | 100.0 | % |
September 30, 2017 | |||||||||||
Interest Rate Allocation | Investments Cost | Investments Fair Value | Percentage of Investment Portfolio | ||||||||
Floating interest rate investments | $ | 1,444,100 | $ | 1,446,737 | 93.3 | % | |||||
Fixed interest rate investments | 66,474 | 71,233 | 4.6 | % | |||||||
Other income producing investments | 31,537 | 29,588 | 1.9 | % | |||||||
Non-income producing equity | 5,493 | 3,487 | 0.2 | % | |||||||
Total investments | $ | 1,547,604 | $ | 1,551,045 | 100.0 | % |
December 31, 2016 | |||||||||||||||||||||||||||||||||
Investment Portfolio | Total Return Swap | Total | |||||||||||||||||||||||||||||||
Interest Rate Allocation | Investments Cost | Investments Fair Value | Percentage of Investment Portfolio | Notional Amount of Underlying TRS Loans | Fair Value of Underlying TRS Loans | Percentage of Underlying TRS Loans | Cost/Notional Amount | Fair Value | Percentage | ||||||||||||||||||||||||
Floating interest rate investments | $ | 936,846 | $ | 931,214 | 91.4 | % | $ | 407,847 | $ | 392,445 | 100.0 | % | $ | 1,344,693 | $ | 1,323,659 | 93.8 | % | |||||||||||||||
Fixed interest rate investments | 47,059 | 48,011 | 4.7 | % | — | — | — | 47,059 | 48,011 | 3.4 | % | ||||||||||||||||||||||
Other income producing investments | 37,713 | 34,648 | 3.4 | % | — | — | — | 37,713 | 34,648 | 2.4 | % | ||||||||||||||||||||||
Non-income producing equity | 4,832 | 5,107 | 0.5 | % | — | — | — | 4,832 | 5,107 | 0.4 | % | ||||||||||||||||||||||
Total investments | $ | 1,026,450 | $ | 1,018,980 | 100.0 | % | $ | 407,847 | $ | 392,445 | 100.0 | % | $ | 1,434,297 | $ | 1,411,425 | 100.0 | % |
September 30, 2017 | |||||||
Industry Classification | Investments at Fair Value | Percentage of Investment Portfolio | |||||
High Tech Industries | $ | 229,022 | 14.8 | % | |||
Healthcare & Pharmaceuticals | 222,843 | 14.4 | % | ||||
Services: Business | 209,615 | 13.5 | % | ||||
Media: Diversified & Production | 116,013 | 7.5 | % | ||||
Chemicals, Plastics & Rubber | 89,142 | 5.8 | % | ||||
Telecommunications | 72,967 | 4.7 | % | ||||
Services: Consumer | 64,137 | 4.1 | % | ||||
Media: Advertising, Printing & Publishing | 61,147 | 3.9 | % | ||||
Consumer Goods: Durable | 60,992 | 3.9 | % | ||||
Diversified Financials | 57,872 | 3.7 | % | ||||
Beverage, Food & Tobacco | 54,846 | 3.5 | % | ||||
Capital Equipment | 51,899 | 3.3 | % | ||||
Hotel, Gaming & Leisure | 45,990 | 3.0 | % | ||||
Automotive | 40,347 | 2.6 | % | ||||
Retail | 32,052 | 2.1 | % | ||||
Aerospace & Defense | 28,811 | 1.9 | % | ||||
Banking, Finance, Insurance & Real Estate | 27,296 | 1.8 | % | ||||
Energy: Oil & Gas | 25,904 | 1.7 | % | ||||
Consumer Goods: Non-Durable | 16,056 | 1.0 | % | ||||
Construction & Building | 16,048 | 1.0 | % | ||||
Transportation: Cargo | 9,844 | 0.6 | % | ||||
Media: Broadcasting & Subscription | 6,450 | 0.4 | % | ||||
Forest Products & Paper | 5,598 | 0.4 | % | ||||
Metals & Mining | 3,341 | 0.2 | % | ||||
Environmental Industries | 2,813 | 0.2 | % | ||||
Subtotal/total percentage | 1,551,045 | 100.0 | % | ||||
Short term investments | 140,810 | ||||||
Total investments | $ | 1,691,855 |
December 31, 2016 | |||||||||||||||||||||
Investment Portfolio | Total Return Swap | Total | |||||||||||||||||||
Industry Classification | Investments Fair Value | Percentage of Investment Portfolio | Fair Value of Underlying TRS Loans | Percentage of Underlying TRS Loans | Fair Value | Percentage | |||||||||||||||
High Tech Industries | $ | 217,339 | 21.3 | % | $ | 45,351 | 11.6 | % | $ | 262,690 | 18.6 | % | |||||||||
Services: Business | 126,869 | 12.5 | % | 66,733 | 17.0 | % | 193,602 | 13.7 | % | ||||||||||||
Healthcare & Pharmaceuticals | 118,337 | 11.6 | % | 70,176 | 17.9 | % | 188,513 | 13.4 | % | ||||||||||||
Diversified Financials | 72,762 | 7.1 | % | — | — | 72,762 | 5.2 | % | |||||||||||||
Media: Advertising, Printing & Publishing | 54,354 | 5.3 | % | 7,328 | 1.9 | % | 61,682 | 4.4 | % | ||||||||||||
Beverage, Food & Tobacco | 53,658 | 5.3 | % | — | — | 53,658 | 3.8 | % | |||||||||||||
Construction & Building | 39,137 | 3.8 | % | 14,269 | 3.6 | % | 53,406 | 3.8 | % | ||||||||||||
Chemicals, Plastics & Rubber | 27,253 | 2.7 | % | 25,701 | 6.5 | % | 52,954 | 3.7 | % | ||||||||||||
Capital Equipment | 51,155 | 5.0 | % | — | — | 51,155 | 3.6 | % | |||||||||||||
Hotel, Gaming & Leisure | 28,974 | 2.8 | % | 21,071 | 5.4 | % | 50,045 | 3.5 | % | ||||||||||||
Retail | 18,852 | 1.9 | % | 30,801 | 7.8 | % | 49,653 | 3.5 | % | ||||||||||||
Telecommunications | 35,411 | 3.5 | % | 13,775 | 3.5 | % | 49,186 | 3.5 | % | ||||||||||||
Automotive | 39,192 | 3.9 | % | — | — | 39,192 | 2.8 | % | |||||||||||||
Services: Consumer | 9,477 | 0.9 | % | 26,278 | 6.7 | % | 35,755 | 2.5 | % | ||||||||||||
Media: Diversified & Production | 23,100 | 2.3 | % | 7,277 | 1.8 | % | 30,377 | 2.1 | % | ||||||||||||
Banking, Finance, Insurance & Real Estate | 17,636 | 1.7 | % | 11,547 | 2.9 | % | 29,183 | 2.1 | % | ||||||||||||
Aerospace & Defense | 21,780 | 2.1 | % | 5,564 | 1.4 | % | 27,344 | 1.9 | % | ||||||||||||
Media: Broadcasting & Subscription | 9,776 | 1.0 | % | 10,013 | 2.6 | % | 19,789 | 1.4 | % | ||||||||||||
Energy: Oil & Gas | 12,803 | 1.3 | % | 4,570 | 1.2 | % | 17,373 | 1.2 | % | ||||||||||||
Consumer Goods: Durable | 1,000 | 0.1 | % | 15,942 | 4.1 | % | 16,942 | 1.2 | % | ||||||||||||
Metals & Mining | 11,349 | 1.1 | % | 3,528 | 0.9 | % | 14,877 | 1.1 | % | ||||||||||||
Energy: Electricity | 13,715 | 1.3 | % | — | — | 13,715 | 1.0 | % | |||||||||||||
Forest Products & Paper | — | — | 12,521 | 3.2 | % | 12,521 | 0.9 | % | |||||||||||||
Consumer Goods: Non-Durable | 8,611 | 0.8 | % | — | — | 8,611 | 0.6 | % | |||||||||||||
Containers, Packaging & Glass | 3,845 | 0.4 | % | — | — | 3,845 | 0.3 | % | |||||||||||||
Environmental Industries | 2,595 | 0.3 | % | — | — | 2,595 | 0.2 | % | |||||||||||||
Subtotal/total percentage | 1,018,980 | 100.0 | % | 392,445 | 100.0 | % | 1,411,425 | 100.0 | % | ||||||||||||
Short term investments | 70,498 | — | 70,498 | ||||||||||||||||||
Total investments | $ | 1,089,478 | $ | 392,445 | $ | 1,481,923 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Industry Classification | Investments Fair Value | Percentage of Investment Portfolio | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||
Healthcare & Pharmaceuticals | $ | 283,126 | 16.9 | % | $ | 298,944 | 19.9 | % | ||||||||||||||||||
Services: Business | 268,849 | 16.0 | % | 211,572 | 14.0 | % | ||||||||||||||||||||
Media: Diversified & Production | 127,105 | 7.6 | % | 108,078 | 7.2 | % | ||||||||||||||||||||
Chemicals, Plastics & Rubber | 124,017 | 7.4 | % | 141,654 | 9.5 | % | ||||||||||||||||||||
Services: Consumer | 112,840 | 6.7 | % | 85,254 | 5.7 | % | ||||||||||||||||||||
Media: Advertising, Printing & Publishing | 107,481 | 6.4 | % | 110,083 | 7.4 | % | ||||||||||||||||||||
High Tech Industries | 73,265 | 4.4 | % | 55,619 | 3.7 | % | ||||||||||||||||||||
Beverage, Food & Tobacco | 64,626 | 3.9 | % | 69,975 | 4.7 | % | ||||||||||||||||||||
Capital Equipment | 63,679 | 3.8 | % | 65,752 | 4.4 | % | ||||||||||||||||||||
Banking, Finance, Insurance & Real Estate | 53,168 | 3.2 | % | 41,211 | 2.8 | % | ||||||||||||||||||||
Retail | 45,543 | 2.7 | % | 29,312 | 2.0 | % | ||||||||||||||||||||
Aerospace & Defense | 42,331 | 2.5 | % | 35,751 | 2.4 | % | ||||||||||||||||||||
Consumer Goods: Durable | 42,219 | 2.5 | % | 7,417 | 0.5 | % | ||||||||||||||||||||
Telecommunications | 41,975 | 2.5 | % | 46,638 | 3.1 | % | ||||||||||||||||||||
Energy: Oil & Gas | 41,543 | 2.5 | % | 28,136 | 1.9 | % | ||||||||||||||||||||
Construction & Building | 41,064 | 2.5 | % | 34,653 | 2.3 | % | ||||||||||||||||||||
Hotel, Gaming & Leisure | 33,523 | 2.0 | % | 21,920 | 1.5 | % | ||||||||||||||||||||
Consumer Goods: Non-Durable | 32,534 | 1.9 | % | 15,757 | 1.1 | % | ||||||||||||||||||||
Diversified Financials | 25,710 | 1.5 | % | 37,214 | 2.5 | % | ||||||||||||||||||||
Forest Products & Paper | 21,699 | 1.3 | % | 21,686 | 1.4 | % | ||||||||||||||||||||
Transportation: Cargo | 17,960 | 1.1 | % | 19,001 | 1.3 | % | ||||||||||||||||||||
Metals & Mining | 11,297 | 0.7 | % | 10,147 | 0.7 | % | ||||||||||||||||||||
Subtotal/total percentage | 1,675,554 | 100.0 | % | 1,495,774 | 100.0 | % | ||||||||||||||||||||
Short term investments | 48,484 | 73,597 | ||||||||||||||||||||||||
Total investments | $ | 1,724,038 | $ | 1,569,371 |
Investment Rating | Description | |||||||
1 | Indicates the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit. | |||||||
2 | Indicates a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected. | |||||||
3 | Indicates that the risk to our ability to recoup the cost of such investment has increased since origination or acquisition, but full return of principal and interest or dividend is expected. A portfolio company with an investment rating of 3 requires closer monitoring. | |||||||
4 | Indicates that the risk to our ability to recoup the cost of such investment has increased significantly since origination or acquisition, including as a result of factors such as declining performance and noncompliance with debt covenants, and we expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment. | |||||||
5 | Indicates that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. Loss of interest or dividend and some loss of principal investment is expected, which would result in an overall negative internal rate of return on the investment. |
September 30, 2017 | |||||||
Investment Rating | Investments Fair Value | Percentage of Investment Portfolio | |||||
1 | $ | — | — | ||||
2 | 1,282,461 | 82.7 | % | ||||
3 | 207,746 | 13.4 | % | ||||
4 | 53,223 | 3.4 | % | ||||
5 | 7,615 | 0.5 | % | ||||
$ | 1,551,045 | 100.0 | % |
December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio | Total Return Swap | Total | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Investment Rating | Investments Fair Value | Percentage of Investment Portfolio | Fair Value of Underlying TRS Loans | Percentage of Underlying TRS Loans | Fair Value | Percentage | Investment Rating | Investments Fair Value | Percentage of Investment Portfolio | Investments Fair Value | Percentage of Investment Portfolio | ||||||||||||||||||||||||||||||||||||
1 | $ | — | — | $ | — | — | $ | — | — | 1 | $ | 122,894 | 7.3 | % | $ | 2,997 | 0.2 | % | |||||||||||||||||||||||||||||
2 | 963,477 | 94.6 | % | 342,620 | 87.3 | % | 1,306,097 | 92.5 | % | 2 | 1,265,640 | 75.5 | % | 1,173,191 | 78.5 | % | |||||||||||||||||||||||||||||||
3 | 50,942 | 5.0 | % | 34,657 | 8.8 | % | 85,599 | 6.1 | % | 3 | 279,814 | 16.7 | % | 309,930 | 20.7 | % | |||||||||||||||||||||||||||||||
4 | 4,561 | 0.4 | % | 12,798 | 3.3 | % | 17,359 | 1.2 | % | 4 | 6,394 | 0.4 | % | 9,210 | 0.6 | % | |||||||||||||||||||||||||||||||
5 | — | — | 2,370 | 0.6 | % | 2,370 | 0.2 | % | 5 | 812 | 0.1 | % | 446 | — | |||||||||||||||||||||||||||||||||
$ | 1,018,980 | 100.0 | % | $ | 392,445 | 100.0 | % | $ | 1,411,425 | 100.0 | % | $ | 1,675,554 | 100.0 | % | $ | 1,495,774 | 100.0 | % |
Investments Fair Value | Percentage of Investment Portfolio | |||||||||||||||||||
Senior secured first lien debt | $ | 1,403,204 | 87.7 | % | ||||||||||||||||
Senior secured second lien debt | 106,698 | 6.7 | % | |||||||||||||||||
Collateralized securities and structured products - equity | 13,597 | 0.9 | % | |||||||||||||||||
Unsecured debt | 5,508 | 0.3 | % | |||||||||||||||||
Equity | 69,610 | 4.4 | % | |||||||||||||||||
Subtotal/total percentage | 1,598,617 | 100.0 | % | |||||||||||||||||
Short term investments(2) | 141,386 | |||||||||||||||||||
Total investments | $ | 1,740,003 | ||||||||||||||||||
Number of portfolio companies | 128 | |||||||||||||||||||
Average annual EBITDA of portfolio companies | $62.3 million | |||||||||||||||||||
Median annual EBITDA of portfolio companies | $49.0 million | |||||||||||||||||||
Purchased at a weighted average price of par | 97.24 | % | ||||||||||||||||||
Gross annual portfolio yield based upon the purchase price(2) | 8.28 | % |
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||
2017 | 2016 | 2021 | 2020 | |||||||||||||||
Investment income | $ | 38,378 | $ | 18,733 | Investment income | $ | 38,021 | $ | 35,808 | |||||||||
Net operating expenses | 16,976 | 8,038 | Net operating expenses | 19,335 | 21,892 | |||||||||||||
Net investment income | 21,402 | 10,695 | Net investment income | 18,686 | 13,916 | |||||||||||||
Net realized (loss) gain on investments and foreign currency | (2,788 | ) | 379 | |||||||||||||||
Net realized gain (loss) on investments and foreign currency | Net realized gain (loss) on investments and foreign currency | 441 | (10,986) | |||||||||||||||
Net change in unrealized appreciation on investments | 1,700 | 14,948 | Net change in unrealized appreciation on investments | 8,842 | 13,657 | |||||||||||||
Net realized gain on total return swap | 67 | 8,188 | ||||||||||||||||
Net change in unrealized appreciation on total return swap | — | 9,527 | ||||||||||||||||
Net increase in net assets resulting from operations | $ | 20,381 | $ | 43,737 | Net increase in net assets resulting from operations | $ | 27,969 | $ | 16,587 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Management fees | $ | 8,243 | $ | 7,929 | |||||||
Administrative services expense | 697 | 806 | |||||||||
General and administrative | 2,567 | 1,715 | |||||||||
Interest expense | 7,828 | 11,442 | |||||||||
Total operating expenses | $ | 19,335 | $ | 21,892 | |||||||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Management fees | $ | 7,820 | $ | 5,187 | |||
Administrative services expense | 433 | 425 | |||||
General and administrative | 1,803 | 1,892 | |||||
Interest expense | 6,920 | 534 | |||||
Total operating expenses | 16,976 | 8,038 | |||||
Recoupment of expense support from CIG | — | — | |||||
Net operating expenses | $ | 16,976 | $ | 8,038 |
Three Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Professional fees | $ | 1,213 | $ | 613 | |||||||
Printing and marketing expense | 355 | 103 | |||||||||
Valuation expense | 269 | 285 | |||||||||
Transfer agent expense | 253 | 260 | |||||||||
Accounting and administration costs | 175 | 137 | |||||||||
Insurance expense | 137 | 115 | |||||||||
Director fees and expenses | 111 | 113 | |||||||||
Dues and subscriptions | 27 | 67 | |||||||||
Other expenses | 27 | 22 | |||||||||
Total general and administrative expense | $ | 2,567 | $ | 1,715 |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Valuation expense | $ | 463 | $ | 125 | |||
Transfer agent expense | 321 | 307 | |||||
Dues and subscriptions | 223 | 177 | |||||
Professional fees | 147 | 680 | |||||
Director fees and expenses | 125 | 69 | |||||
Insurance expense | 102 | 105 | |||||
Due diligence fees | 87 | 120 | |||||
Printing and other related costs | 59 | 177 | |||||
Other expenses | 276 | 132 | |||||
Total general and administrative expense | $ | 1,803 | $ | 1,892 |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Interest and other income from TRS portfolio | $ | 67 | $ | 9,426 | |||
Interest and other expense from TRS portfolio | — | (3,265 | ) | ||||
Net gain on TRS loan sales | — | 2,027 | |||||
Total | $ | 67 | $ | 8,188 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Investment income | $ | 101,768 | $ | 53,834 | |||
Net operating expenses | 43,691 | 21,834 | |||||
Net investment income | 58,077 | 32,000 | |||||
Net realized (loss) gain on investments and foreign currency | (4,983 | ) | 1,078 | ||||
Net change in unrealized appreciation on investments | 11,094 | 16,587 | |||||
Net realized (loss) gain on total return swap | (13,789 | ) | 23,799 | ||||
Net change in unrealized appreciation on total return swap | 15,402 | 16,826 | |||||
Net increase in net assets resulting from operations | $ | 65,801 | $ | 90,290 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Management fees | $ | 21,724 | $ | 14,311 | |||
Administrative services expense | 1,204 | 1,151 | |||||
General and administrative | 5,220 | 4,944 | |||||
Interest expense | 15,543 | 761 | |||||
Total operating expenses | 43,691 | 21,167 | |||||
Recoupment of expense support from CIG | — | 667 | |||||
Net operating expenses | $ | 43,691 | $ | 21,834 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Valuation expense | $ | 989 | $ | 350 | |||
Transfer agent expense | 947 | 926 | |||||
Professional fees | 943 | 1,284 | |||||
Dues and subscriptions | 630 | 621 | |||||
Director fees and expenses | 327 | 207 | |||||
Insurance expense | 309 | 271 | |||||
Printing and other related costs | 291 | 520 | |||||
Due diligence fees | 145 | 401 | |||||
Other expenses | 639 | 364 | |||||
Total general and administrative expense | $ | 5,220 | $ | 4,944 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Interest and other income from TRS portfolio | $ | 6,610 | $ | 32,693 | |||
Interest and other expense from TRS portfolio | (2,949 | ) | (10,307 | ) | |||
Net (loss) gain on TRS loan sales | (17,450 | ) | 1,413 | ||||
Total | $ | (13,789 | ) | $ | 23,799 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Investment income | $ | 74,324 | $ | 81,556 | |||||||
Net operating expenses | 38,039 | 45,979 | |||||||||
Net investment income | 36,285 | 35,577 | |||||||||
Net realized loss on investments and foreign currency | (3,687) | (15,182) | |||||||||
Net change in unrealized appreciation (depreciation) on investments | 45,085 | (109,720) | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 77,683 | $ | (89,325) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Management fees | $ | 16,026 | $ | 16,380 | |||||||
Administrative services expense | 1,381 | 1,200 | |||||||||
Subordinated incentive fee on income | — | 3,308 | |||||||||
General and administrative | 5,256 | 3,185 | |||||||||
Interest expense | 15,376 | 21,906 | |||||||||
Total operating expenses | $ | 38,039 | $ | 45,979 | |||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Professional fees | $ | 2,478 | $ | 910 | |||||||
Transfer agent expense | 675 | 655 | |||||||||
Valuation expense | 521 | 561 | |||||||||
Accounting and administration costs | 412 | 283 | |||||||||
Printing and marketing expense | 399 | 118 | |||||||||
Insurance expense | 269 | 223 | |||||||||
Director fees and expenses | 214 | 229 | |||||||||
Dues and subscriptions | 196 | 149 | |||||||||
Other expenses | 92 | 57 | |||||||||
Total general and administrative expense | $ | 5,256 | $ | 3,185 |
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||
Investment Portfolio | Total Return Swap Portfolio | Total Investment Portfolio | Percentage | Investment Portfolio | Total Return Swap Portfolio | Total Investment Portfolio | Percentage | |||||||||||||||||||||||
Net investment income | $ | 20,577 | $ | 67 | $ | 20,644 | 100.0 | % | $ | 55,191 | $ | 3,661 | $ | 58,852 | 96.3 | % | ||||||||||||||
Capital gains from the sale of assets(1)(2) | — | — | — | — | — | 2,286 | 2,286 | 3.7 | % | |||||||||||||||||||||
Total | $ | 20,577 | $ | 67 | $ | 20,644 | 100.0 | % | $ | 55,191 | $ | 5,947 | $ | 61,138 | 100.0 | % |
Basis Point Change in Interest Rates | (Decrease) Increase in Net Interest Income(1) | Percentage Change in Net Interest Income | ||||||||||||
No change to current base rate (0.13% as of June 30, 2021) | — | — | ||||||||||||
Up 50 basis points | (1,875) | (1.8) | % | |||||||||||
Up 100 basis points | (2,224) | (2.2) | % | |||||||||||
Up 200 basis points | 5,069 | 5.0 | % | |||||||||||
Up 300 basis points | 13,255 | 13.0 | % |
Change in Interest Rates | Increase (Decrease) in Net Interest Income(1) | Percentage Change in Net Interest Income | |||||
Down 100 basis points | $ | 1,290 | 1.2 | % | |||
Down 50 basis points | (1,585 | ) | (1.5 | )% | |||
Current base interest rate | — | — | |||||
Up 50 basis points | 4,276 | 4.0 | % | ||||
Up 100 basis points | 8,560 | 8.1 | % | ||||
Up 200 basis points | 17,126 | 16.1 | % | ||||
Up 300 basis points | 25,693 | 24.2 | % |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1 to April 30, 2021 | — | $ | — | — | — | |||||||||||||||||||||
May 1 to May 31, 2021 | — | — | — | — | ||||||||||||||||||||||
June 1 to June 30, 2021 | 640,277 | 8.07 | 640,277 | (1) | ||||||||||||||||||||||
Total | 640,277 | $ | 8.07 | 640,277 | (1) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||
July 1 to July 31, 2017 | 1,365,168 | $ | 9.10 | 1,365,168 | (1 | ) | |||||||
August 1 to August 31, 2017 | — | — | — | — | |||||||||
September 1 to September 30, 2017 | — | — | — | — | |||||||||
Total | 1,365,168 | $ | 9.10 | 1,365,168 | (1 | ) |
Exhibit Number | Description of Document | |||||||
2.1 | ||||||||
3.1 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.6 | ||||||||
Exhibit Number | Description of Document | |||||||
10.11 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 |
Exhibit Number | Description of Document | |||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
10.28 | ||||||||
10.29 | ||||||||
10.30 | ||||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 |
By: /s/ Michael A. Reisner | ||
Michael A. Reisner | ||
Co-Chief Executive Officer | ||
(Principal Executive Officer) |
By: /s/ Mark Gatto | ||
Mark Gatto | ||
Co-Chief Executive Officer | ||
(Principal Executive Officer) |
By: /s/ Keith S. Franz | ||
Keith S. Franz | ||
Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |